SUPN Q2 Deep Dive: Growth Drivers Shift to New Portfolio as Legacy Products Fade

Specialty pharmaceutical company Supernus Pharmaceuticals (NASDAQ:SUPN) reported Q2 CY2025 results topping the market’s revenue expectations, but sales fell by 1.7% year on year to $165.5 million. The company’s full-year revenue guidance of $685 million at the midpoint came in 5.3% above analysts’ estimates. Its non-GAAP profit of $0.91 per share was 94.8% above analysts’ consensus estimates.

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StockStory’s Take

Supernus Pharmaceuticals delivered a quarter that saw revenue surpass Wall Street’s expectations, despite a year-over-year decline. The market responded positively as management highlighted the ongoing transition away from legacy products, with Qelbree, GOCOVRI, and the new ONAPGO launch emerging as the company’s growth engines. CEO Jack Khattar emphasized that the second quarter marked a turning point, with over 70% of net sales now coming from these core products. Notably, Qelbree’s continued prescription growth, especially within the adult segment, and strong early demand for ONAPGO helped offset erosion from older brands. Khattar stated, “The second quarter of 2025 represents a turning point for Supernus and the beginning of a new phase of accelerated growth.”

Looking forward, Supernus’ raised full-year guidance is underpinned by confidence in its expanded product portfolio and the recent acquisition of Sage Therapeutics. Management expects the addition of ZURZUVAE, a treatment for postpartum depression, to further diversify revenues and drive mid- to long-term growth. Khattar described the acquisition as a “major step for Supernus in accelerating its mid- to long-term revenue growth and cash flow.” The company is also investing in clinical trials for pipeline candidates, aiming to sustain momentum as it integrates Sage’s assets and leverages its strong cash position to pursue additional strategic opportunities.

Key Insights from Management’s Remarks

Management attributed the quarter’s results to prescription growth in its lead products, successful launch execution, and the completion of a transformative acquisition.

• Qelbree’s prescription momentum: Qelbree saw 23% prescription growth year-over-year, outperforming the overall ADHD market and benefiting from broader prescriber adoption, especially among adults, where the brand’s share of prescriptions reached 35%.
• GOCOVRI’s improved access: GOCOVRI prescriptions grew 14%, with management citing improved Medicare patient retention due to lower co-pays and reduced discontinuations typically seen from insurance deductible resets at the start of the year.
• ONAPGO launch progress: The April launch of ONAPGO, a subcutaneous apomorphine infusion for advanced Parkinson’s disease, exceeded internal expectations, with over 750 patient enrollment forms and more than 300 prescribers engaged by the end of the quarter.
• Legacy product transition: The decline in older brands, Trokendi XR and Oxtellar XR, was largely offset by the performance of newer products, with these legacy products now representing just 7% of total net sales. Management highlighted that the transition away from these products is essentially complete.
• Sage Therapeutics acquisition: The acquisition added ZURZUVAE, a postpartum depression therapy, to the portfolio. Management expects this move to not only drive additional revenue growth but also open up new areas for commercial expansion, particularly in women’s health.

Drivers of Future Performance

Supernus expects its performance over the next year to be driven by its diversified portfolio, new product launches, and integration of Sage Therapeutics.

• ZURZUVAE integration and expansion: Management believes adding ZURZUVAE will provide significant diversification and growth, especially as the company explores broader commercial reach in both OB/GYN and psychiatry channels in collaboration with Biogen.
• Pipeline investments: The company is investing in multiple clinical trials, including a Phase IIb study for SPN-820 in major depressive disorder and ongoing work on SPN-817 for treatment-resistant focal seizures, aiming to fuel long-term growth beyond the current portfolio.
• Ongoing portfolio transition: The continued decline of legacy products is expected, but management is confident that sustained momentum from Qelbree, GOCOVRI, ONAPGO, and the addition of ZURZUVAE will offset this headwind and support profitability.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will watch (1) the integration and revenue contribution from ZURZUVAE post-acquisition, (2) continued prescription growth and market share gains for Qelbree and ONAPGO, and (3) progress in clinical trials for pipeline assets like SPN-820 and SPN-443. Expansion into women’s health and successful execution of the legacy product transition will also be key factors to monitor.

Supernus Pharmaceuticals currently trades at $41.24, up from $37.53 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free).

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