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Analyst Conference Summary
biotechnology
Supernus Pharmaceuticals
SUPN
conference date: February 24, 2026 @ 1:30 PM Pacific Time
for quarter ending: December 31, 2025 (fourth quarter, Q4)
Overview:
Basic data (GAAP):
Revenue was $ million, up % sequentially from $192 million, and up % from $ million year-earlier.
Net Income was $ million, down sequentially from negative $45 million, and down from $ million year-earlier.
EPS (Earnings per Share), diluted, were $, down sequentially from negative $0.80, and down from $ year-earlier.
Guidance:
Conference Highlights:
Jack Khattar, President and CEO, said ""
The acquisition of Sage Therapeutics was completed on July 31, 2025. Zurzuvae for PPD is the prize, as it is seeing rapid revenue growth. Is partnered with Biogen.
Looking for addition strategic opportunities, likely late-stage pipeline neuro products.
Onapgo for Parkinson's disease was launched in April 2025. Demand was greater than expected, so supply is inadequate. Working to increase the supply.
In April 2025, the Supernus launched Onapgo, a subcutaneous apomorphine infusion device for the treatment of motor fluctuations in adults with advanced Parkinson's disease. So far demand is exceeding expectations, with more than 750 enrollment forms submitted by more than 300 prescribers through the end of Q2 2025.
SPN-817 is a novel AChE inhibitor for epilepsy. A Phase 2b trial is ongoing.
SPN-820 will start a Phase 2b trial for major depressive disorder by the end of 2025.
SPN-443 completed a Phase 1 study of two oral formulations. ADHD was selected as the lead indication. A Phase 1 trial should start in 2026.
| therapy | Q4 2025 | Q3 2025 | Q4 2024 | y/y |
| Qelbree | $ | $81 | $ | % |
| Gocovri | 41 | % | ||
| Apokyn | 10 | % | ||
| Trokendi XR | 10 | % | ||
| Oxtellar XR | 12 | % | ||
| Onapgo | 7 | 0 | % | |
| Zurzuvae | 20 | 0 | % | |
| other | 7 | % | ||
| royalty, etc. | 3 | % | ||
Cash and equivalents ended at $ million, down sequentially from $281 million.
Total expenses were $ million, consisting of: cost of good sold $ million, R&D $ million, SG&A $ million, amortization $ million. Leaving operating earnings of negative $ million. Interest and other income $ million. Income tax benefit $ million.
Q&A (selective summary):
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Disclaimer: My analyst call summaries may include both condensations of statements made by company representatives and my own analysis. They are not covered by any warranty. I cannot guarantee anything said by company representatives is true. I try not to make errors, but it is possible. These are my personal notes which I share with other investors and which I use as the basis of my blog and Seeking Alpha articles.
Copyright 2026 William P. Meyers