SUPERNUS PHARMACEUTICALS, INC. Q1 FY2025 earnings call

• Core products: Qelbree and GOCOVRI driving double-digit revenue growth; Qelbree had record prescriptions in March 2025, GOCOVRI saw growth due to reduced Medicare co-pays.
• ONAPGO launch: First subcutaneous apomorphine infusion device for Parkinson's launched with strong initial response, over 75% of sales territories generated patient enrollment forms.
• Pipeline: Plan to initiate Phase IIb trial for SPN-820 in MDD; completed pharmacokinetic study of SPN-443, lead indication to be disclosed by end 2025.
• Corporate development: Prioritizing strategic opportunities for future growth.
• Tariffs: MYOBLOC, XADAGO, Oxtellar XR at risk due to manufacturing outside US; others shielded from tariffs.

Total revenues excluding Trokendi XR and Oxtellar XR increased by 26% in Q1 2025. Qelbree and GOCOVRI collectively accounted for 67% of total net sales. Qelbree had 22% growth in prescriptions and 44% in net sales, with March 2025 prescriptions at an all-time high of 75,277. GOCOVRI had 12% growth in prescriptions and 16% in net sales, with Medicare co-pays significantly reduced. Trokendi XR and Oxtellar XR combined net sales were down 46% in Q1 2025, with guidance for combined net sales in 2025 between $65 million to $75 million.

• Full year 2025 total revenues expected to range from $600 million to $630 million.
• Combined R&D and SG&A expenses expected to range from $435 million to $460 million.
• Full year 2025 GAAP operating earnings loss in range of $15 million GAAP operating loss to $10 million GAAP operating earnings; non-GAAP operating earnings range from $105 million to $130 million.

• Tariffs: Impact on MYOBLOC, XADAGO, Oxtellar XR due to manufacturing outside US; potential impact depends on inventory levels, order timing, country of origin of raw materials, and applicable tariffs.

Q: Could you just please remind us the key growth drivers for Qelbree in 2025? And is it fair that 2025 will be more about volume than price? Or could sales still be driven by volume and price?

A: Regarding Qelbree, growth is combined volume and a little bit of price. Majority of growth is based on volume and growth in prescriptions. March came in really high with all-time high of 75,000 plus prescriptions which are 25% growth versus last year.

Q: For SPN-820, when could we possibly expect data readout from the study?

A: At best case, we'll probably start the study before year-end 2025 and need a good 1.5 years to finish the study and get data depending on recruitment.

Q: So could you provide maybe some more details around reimbursement discussions and how we should think about the trajectory of launch for ONAPGO? Are there any points of differentiation that physicians are immediately looking towards compared to something like AbbVie's pump?

A: Regarding reimbursement, we expect a very good level of enrollment forms to end up going through. Product differentiation: apomorphine is a different molecule; our pump can be used as an add-on to oral levodopa/carbidopa unlike others that replace it completely.

Q: For SPN-820, was there anything you were able to gather from the Phase II in treatment-resistant depression that could either maybe revive that program and/or give you some extra comfort on the Phase IIb in major depressive disorder?

A: We didn't see anything that points to the fact that it's an indication-driven difference. Key difference is the dosing regimen; we're going after MDD with a follow-on study but not giving up on TRD.

Q: On Qelbree, do you have a sense of the proportion of naive patients that are getting on an ADHD medication for the first time and they're deciding on taking Qelbree. And then you previously mentioned the combination use within the adult population being around 35% to 40% of the prescription. Has this changed?

A: Around 32%-33% are completely naive first-line treatment on Qelbree. Combination use is still around between 35% and 40% in adult being in combination.