Supernus Pharmaceuticals’ Earnings Call: Growth Amid Challenges

Supernus Pharmaceuticals ((SUPN)) has held its Q3 earnings call. Read on for the main highlights of the call.

Supernus Pharmaceuticals’ recent earnings call painted a mixed picture for investors. While the company reported strong growth in key products and an optimistic financial outlook, these positives were overshadowed by significant operating losses and supply constraints for Onapgo. Despite these challenges, Supernus remains focused on future growth opportunities.

Strong Growth Products Performance

Supernus Pharmaceuticals highlighted the impressive performance of its key products—Qelbree, GOCOVRI, Zurzuvae, and Onapgo—which together accounted for approximately 78% of total revenues. Notably, Qelbree achieved a 23% growth in prescriptions and a 31% increase in net sales compared to the same period last year, showcasing its robust market presence.

Onapgo Sales Surge

Onapgo experienced a remarkable sales surge, generating net sales of $6.8 million in the third quarter, a significant increase from $1.6 million in the second quarter. This growth underscores the product’s rising demand, although supply constraints have posed challenges in meeting this demand.

Zurzuvae Collaboration Revenue

The collaboration revenue from Zurzuvae reached $20.2 million in the third quarter of 2025, with U.S. sales increasing approximately 150% compared to the same period in 2024. This substantial growth reflects the successful collaboration efforts and market expansion for Zurzuvae.

Positive Financial Outlook

Supernus Pharmaceuticals updated its full-year 2025 financial guidance, raising the expected total revenue range to $685 million to $705 million, up from the previous range of $670 million to $700 million. This optimistic outlook indicates confidence in the company’s growth trajectory.

Operating Losses Due to Acquisition Costs

The company reported an operating loss of $60.2 million on a GAAP basis for the third quarter of 2025. This loss was primarily attributed to higher SG&A expenses, including $70 million in acquisition-related costs from the Sage acquisition, highlighting the financial impact of strategic investments.

Supply Constraints for Onapgo

Despite the strong demand for Onapgo, the company faced supplier constraints that impacted its ability to meet demand and paused delivery to new patients. Addressing these supply chain issues is crucial for sustaining Onapgo’s growth momentum.

Decreased Cash Reserves

As of September 30, 2025, Supernus Pharmaceuticals reported approximately $281 million in cash, cash equivalents, and marketable securities, a decrease from $454 million as of December 31, 2024. This reduction was primarily due to the funding of the Sage acquisition, reflecting the company’s strategic investment decisions.

Forward-Looking Guidance

In its forward-looking guidance, Supernus Pharmaceuticals emphasized the robust performance of its growth products, which accounted for a significant portion of total revenues. The company expects total revenue for 2025 to range between $685 million and $705 million, with non-GAAP operating earnings projected between $125 million and $145 million. These forecasts underscore the company’s confidence in its continued growth and market expansion.

In summary, Supernus Pharmaceuticals’ earnings call revealed a company navigating both opportunities and challenges. While strong product performance and an optimistic financial outlook are promising, the impact of operating losses and supply constraints cannot be overlooked. Investors will be keenly watching how Supernus addresses these hurdles while capitalizing on growth opportunities.