Analyst Conference Summary

biotechnology

conference date: February 24, 2026 @ 1:30 PM Pacific Time
for quarter ending: December 31, 2025 (fourth quarter, Q4)

Forward-looking statements

Overview: Strong revenue ramp.

Basic data (GAAP):

Revenue was $212 million, up 10% sequentially from $192 million, and up 21% from $174 million year-earlier.

Net Income was negative $4 million, up sequentially from negative $45 million, and down from $15 million year-earlier.

EPS (Earnings per Share), diluted, were negative $0.07, up sequentially from negative $0.80, and down from $0.27 year-earlier.

Guidance:

Full year 2026 total revenues $840 to $870 million. Operating earnings of $0 to $30 million; Non-GAAP operating earnings $140 to $170 million.

Conference Highlights:

Jack Khattar, President and CEO, said "We made significant progress in 2025 against our strategic objectives, with record total revenues, including strong growth in combined revenues of our growth products, the successful acquisition of Sage Therapeutics, and the FDA's approval and launch of Onapgo for Parkinson's disease. In 2026, we are focused on continued progress of our key growth products, including resumption of new patient initiation for Onapgo, while advancing our pipeline of promising therapeutic candidates."

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. High growth rate over Sage Q4 2024 revenue results.

Looking for addition strategic opportunities, likely late-stage pipeline neuro products.

Sage early-stage assets have been evaluated. Some Supernus will develop internally, others will be partnered.

Onapgo for Parkinson's disease was launched in April 2025. Demand was greater than expected, so supply is inadequate. Working to increase the supply and adding new patient starts in 2026

Q4 had $48.5 million non-GAAP net income, about flat y/y.

SPN-817 is a novel AChE inhibitor for epilepsy. A Phase 2b trial is ongoing.

SPN-820 started a Phase 2b trial for major depressive disorder in Q4 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 2H 2026.

Cash and equivalents ended at $309 million, up sequentially from $281 million.

Total expenses were $216 million, consisting of: cost of good sold $23 million, R&D $28 million, SG&A $122 million, amortization $25 million, contingent consideration loss $18 million. Leaving operating earnings of negative $4 million. Interest and other income $2 million. Income tax expense $2 million.

Full year 2025 revenue was $719 million, up from $662 million in 2024. Net income was negative $39 million, down from $74 million year-earlier. GAAP EPS, diluted, was negative $0.68, down from $1.32 year-earlier. 2025 was impacted by acquisition-related costs of $48 million from the Sage acquisition.

Q&A (selective summary):

Supply capability? Onapgo supply should be sufficient through 2026. We will get a second supplier in 2027.

Onapgo capacity v. underlaying demand? We should be able to clear the current backlog, then the expected increase in new patients.

Priorities for new Sage pipeline? These are preclinical assets, so there is work to do before moving to the clinic. Our focus is on products in the market or in late stages of development.

Onapgo patient profile and pricing? Profile is patients who are failing oral therapies. Pricing $105,000 per year on average, but we are still gathering data, and it depends on frequency of use.

Q1 for Qelbree? The usual seasonality because of high deductibles, in the past it has tended to be flat q/q. Depends on prescription growth rate.

Second supplier is our European partner, they have experience. Plus we are looking at a potential third supplier. We are both working through the backlog and getting applications for new patients.

Zurzuvae? We are still in the launch phase. The market is being built, there is a lot of education work to do. Working to improve physician confidence, continuing Sage programs. We are only scratching the surface of the potential of this product for PPD. Still adding new prescribers, getting repeats from established prescribers.

OpenIcon Analyst Conference Summaries Main Page

Search

More Analyst Conference Pages: