Analyst Conference Summary

biotechnology

conference date: May 5, 2026 @ 1:30 PM Pacific Time
for quarter ending: March 31, 2026 (first quarter, Q1)

Forward-looking statements

Overview: Strong revenue growth.

Basic data (GAAP):

Revenue was $208 million, down 2% sequentially from $212 million, and up 39% from $150 million year-earlier.

Net Income was negative $2 million, up sequentially from negative $4 million, and up from negative $12 million year-earlier.

EPS (Earnings per Share), diluted, were negative $0.04, up sequentially from negative $0.07, and up from negative $0.21 year-earlier.

Guidance:

For 2026 total revenue $840 to $870 million. Operating earnings $0 to $30 million. Non-GAAP operating earnings $140 to $170 million.

Conference Highlights:

Jack Khattar, President and CEO, said "Our first quarter results reflect a strong start to the year, including a 56% year-over-year increase in combined revenues of our growth products. We have positive momentum across our business, and I look forward to continued strong growth and execution of our key products throughout the year."

In Q1 2026 recieved $20 million for achieving a milestone in the Shionogi collaboration agreement.

Looking for opportunities to expand the pipeline with late stage products.

Onapgo resumed new patient initiations in February 2026. Onapgo for Parkinson's disease was launched in April 2025. Demand was greater than expected, so supply was inadequate. Worked to increase the supply and by end of March had reached a new high point for prescriptions.

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

SPN-820 Phase 2b trial for major depressive disorder is ongoing.

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.

Non-GAAP net operating income was $28.7 million, down from sequentially from $48.5 million, and up y/y from $25.9 million.

Cash and equivalents ended at $384 million, up sequentially from $309 million. No debt.

Total expenses were $216 million, consisting of: cost of good sold $23 million, R&D $39 million, SG&A $125 million, amortization $25 million, contingent consideration loss $2 million. Leaving operating earnings of negative $8 million. Interest and other income $2 million. Income tax benefit $4 million.

Q&A (selective summary):

Onapgo start forms to paying patients? Could lose 40% to 45% of patients in the process. They take several weeks. We are trying to streamline the process. High end of guidance is $70 million per year, or about 700 patients full-year. Our backlog is now about 570, down from 700, as we go through the backlog. We are happy with the rebound and are maintaining guidance, as Q1 was not a full quarter.

Onapgo patient persistence? Type of patient tends to be younger and newly diagnosed, active patients who are looking for something different from L-DOPA. Too early to see how persistence is, we have had dropouts, but also refills. Dropouts are dependent on titration and patient response.

Zurzuvae growth rate? We are really pleased, number of prescribers is growing, prescriptions are growing, just beginning to penetrate the market, about 500,000 patients per year.

Onapgo mid-2027 approval, demand outlook in Europe? We have a plan for a second supplier in 2027, with higher capacity. Looking at a potential third supply.

Zurzuvae patient compliance? It is a short term therapy, 14 days, so quiting should be minimal. No refills are done.

Qelbree outlook? We are very excited. Q1 was very positive. Adult growth is faster than pediatric growth. 27% increase in new prescriptions in Q1. We are in year 6 of the brand, the patient profile is broadening. Patients are looking for all-day coverage, as an improvement over stimulants.

Acquisition strategy? We prefer to own. We prefer revenue-generating or late-stage assets in CNS space and women's health.

OpenIcon Analyst Conference Summaries Main Page

Search

More Analyst Conference Pages: