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01/11 11:51
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reflects strong financial performance with increased net earnings and a healthy cash position. Product launches, particularly ONAPGO and Qelbree, show promising growth and market acceptance. The company’s optimistic guidance, strategic focus on CNS and women's health, and successful reimbursement processes are positive indicators. Despite some concerns about operating earnings and management's lack of specific details on ZURZUVAE, the overall sentiment is positive, especially with new product momentum and strategic partnerships. Given the market cap, a positive stock price movement between 2% to 8% is expected.
Total Revenue (Q2 2025) $165 million, a decrease from $168 million in the same quarter last year. The decline was primarily due to the decrease in net product sales of Trokendi XR and Oxtellar XR, despite a 17% increase in total revenues excluding these two products.
Net Product Sales (Q2 2025) $158 million, contributing to the total revenue. The increase in net sales of core products like Qelbree, GOCOVRI, and ONAPGO offset the decline in sales of Trokendi XR and Oxtellar XR.
Qelbree Net Sales (Q2 2025) 31% growth year-over-year, driven by a 23% increase in prescriptions and expansion in the adult ADHD market.
GOCOVRI Net Sales (Q2 2025) 16% growth year-over-year, supported by a 14% increase in prescriptions and improved Medicare co-pay conditions.
ONAPGO Launch Performance Exceeded expectations with over 750 patient enrollment forms submitted by more than 300 prescribers since its launch in April 2025.
ZURZUVAE Net Revenues (Q2 2025) $23.2 million, a 68% increase from $13.8 million in Q1 2025, attributed to its successful launch by Sage and Biogen.
R&D and SG&A Expenses (Q2 2025) $116 million, up from $112 million in the same quarter last year, primarily due to higher sales and marketing expenses related to the ONAPGO launch.
Operating Earnings (Q2 2025) $12 million, down from $23 million in the same quarter last year, mainly due to increased sales and marketing expenses for ONAPGO.
GAAP Net Earnings (Q2 2025) $22 million or $0.40 per diluted share, up from $20 million or $0.36 per diluted share in the same quarter last year, reflecting improved profitability.
Non-GAAP Adjusted Operating Earnings (Q2 2025) $41 million, a decrease from $45 million in the same quarter last year, due to higher operating expenses.
Cash, Cash Equivalents, and Marketable Securities (June 30, 2025) $523 million, up from $454 million as of December 31, 2024, primarily due to cash generated from operations.
Launch of ONAPGO: ONAPGO, a subcutaneous apomorphine infusion device for advanced Parkinson's disease, was launched in April 2025.
Acquisition of Sage Therapeutics: Supernus acquired Sage Therapeutics, adding ZURZUVAE to its portfolio, which had $23.2 million in Q2 2025 net revenues.
Performance of Qelbree: Qelbree saw a 23% growth in prescriptions and 31% growth in net sales in Q2 2025, with strong growth in both pediatric and adult markets.
Performance of GOCOVRI: GOCOVRI prescriptions increased by 14% and net sales by 16% in Q2 2025, with improved Medicare co-pay affordability.
Market expansion with ZURZUVAE: ZURZUVAE, launched by Sage and Biogen, provides diversification and growth opportunities for Supernus.
Revenue growth from core products: Excluding Trokendi XR and Oxtellar XR, total revenues increased by 17% in Q2 2025 due to strong performance of Qelbree, GOCOVRI, and ONAPGO.
R&D advancements: Initiation of Phase IIb trials for SPN-820 and ongoing trials for SPN-817 and SPN-443, targeting CNS disorders.
Strategic acquisition of Sage Therapeutics: The acquisition strengthens Supernus' portfolio and accelerates mid- to long-term revenue growth.
Focus on corporate development: Supernus aims to pursue additional strategic opportunities for revenue-generating products or late-stage pipeline candidates.
Revenue Decline in Legacy Products: The transition from Trokendi XR and Oxtellar XR has led to a significant decline in their contribution to total net sales, now representing only 7% of total net sales. This decline could impact overall revenue stability if growth drivers fail to compensate.
Increased Operating Expenses: Higher sales and marketing expenses, particularly related to the ONAPGO launch, have led to a decrease in operating earnings. Combined R&D and SG&A expenses have also increased year-over-year, which could pressure profitability.
Integration Risks from Sage Acquisition: The acquisition of Sage Therapeutics introduces potential challenges in integrating operations, aligning strategies, and managing partnerships with Biogen and Shionogi. These risks could impact the success of ZURZUVAE and overall financial performance.
Dependence on Growth Drivers: The company’s revenue is increasingly reliant on a few growth drivers (Qelbree, GOCOVRI, ONAPGO, and ZURZUVAE). Any underperformance or market challenges for these products could significantly impact financial results.
Economic and Market Risks: Economic uncertainties and market conditions, such as changes in Medicare policies or competitive pressures in the ADHD and Parkinson’s disease markets, could adversely affect product performance and revenue.
R&D and Pipeline Risks: Ongoing R&D efforts, including trials for SPN-820 and SPN-443, carry inherent risks of failure or delays, which could impact future growth and return on investment.
Guidance Adjustment and Operating Loss: The updated guidance reflects an expected operating loss for 2025, primarily due to Sage acquisition-related costs and increased noncash amortization. This could signal financial strain if not managed effectively.
Revenue Guidance for 2025: Total revenues are expected to range from $670 million to $700 million, up from the previous range of $600 million to $630 million. This includes approximately $65 million to $70 million of combined net sales of Trokendi XR and Oxtellar XR.
R&D and SG&A Expenses for 2025: Combined R&D and SG&A expenses are projected to range from $505 million to $530 million, up from the previous range of $435 million to $460 million. The increase is primarily due to the inclusion of Sage OpEx for the final 5 months of 2025.
Operating Loss for 2025: The company expects a full-year operating loss in the range of $70 million to $80 million, compared to the previous guidance of $10 million operating earnings to an operating loss of $15 million. This change is attributed to $55 million to $60 million in Sage acquisition-related costs and an estimated $10 million to $20 million in increased noncash amortization related to the Sage acquisition.
Non-GAAP Operating Earnings for 2025: Non-GAAP operating earnings are expected to range from $105 million to $135 million, which is relatively consistent with the previous guidance.
SPN-820 Phase IIb Trial: A follow-on Phase IIb trial for SPN-820 in adults with major depressive disorder is planned to start by the end of 2025. The study will evaluate safety, tolerability, and efficacy as an adjunctive treatment.
SPN-817 Phase IIb Trial: The ongoing Phase IIb trial for SPN-817 targets approximately 258 adult patients with treatment-resistant focal seizures, utilizing 3-mg and 4-mg twice-daily doses.
SPN-443 Development: The company plans to disclose a lead indication for SPN-443, a new stimulant-like product candidate for ADHD and other CNS disorders, by the end of 2025.
The selected topic was not discussed during the call.
The earnings call reveals several negative indicators: increased operating loss guidance due to Sage acquisition costs, cash reserves depletion, and unresolved supply constraints for Onapgo. Although revenue guidance was raised, the uncertainty surrounding Q4 sales and evasive management responses in the Q&A suggest potential risks. The stock is likely to react negatively, especially given the small-cap market cap, which typically shows higher volatility.
The earnings call reflects strong financial performance with increased net earnings and a healthy cash position. Product launches, particularly ONAPGO and Qelbree, show promising growth and market acceptance. The company’s optimistic guidance, strategic focus on CNS and women's health, and successful reimbursement processes are positive indicators. Despite some concerns about operating earnings and management's lack of specific details on ZURZUVAE, the overall sentiment is positive, especially with new product momentum and strategic partnerships. Given the market cap, a positive stock price movement between 2% to 8% is expected.
The earnings call shows mixed results. Financial performance is slightly positive with revenue and sales growth, but the GAAP net loss and operating loss raise concerns. The Q&A section highlights management's positive outlook on growth drivers and product differentiation, yet lacks clarity on certain operational aspects. No new partnerships or share repurchase programs were announced. The market cap suggests limited volatility, leading to a neutral prediction for stock price movement.
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