On February 24, 2026 Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN), a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases, reported financial results for the fourth quarter and full year 2025 and associated Company developments.
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"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, Inc., and the U.S. Food and Drug Administration’s approval and launch of ONAPGO for Parkinson’s disease," said Jack Khattar, President and CEO of Supernus. "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."
Commercial Highlights
The Company has made progress securing additional product supply of ONAPGO from the current supplier and as a result has resumed new patient initiation. In addition, the Company is working with a second supplier, which is expected to begin supplying ONAPGO in 2027.
ONAPGO net product sales were $8.9 million in the fourth quarter of 2025 following the U.S. commercial launch in April 2025. Since launch, more than 1,800 enrollment forms have been submitted by over 540 prescribers.
Collaboration revenue from ZURZUVAE was $32.8 million in the fourth quarter of 2025. Collaboration revenue (ZURZUVAE) represents 50% of the net revenues for ZURZUVAE recorded by Biogen Inc. Fourth quarter 2025 U.S sales of ZURZUVAE, as reported by Biogen Inc., increased approximately 187% compared to the same period in 2024 and approximately 19% compared to the third quarter of 2025. The total number of prescriptions for ZURZUVAE increased by more than 150% in 2025 compared to 2024.
Net sales of Qelbree increased 9% to $81.0 million in the fourth quarter of 2025, compared to the same period in 2024, driven primarily by volume growth and partially offset by an annual gross-to-net deduction that was reflected in fourth quarter 2025. Total IQVIA prescriptions(5) for Qelbree were 253,742 for the fourth quarter 2025, representing an increase of 18% compared to the same period in the prior year.
Net sales of GOCOVRI increased 5% to $38.6 million in the fourth quarter of 2025, compared to the same period in 2024. Total number of prescriptions grew by 14% in 2025 compared to 2024.
Product Pipeline Update
SPN-817 – Novel first-in-class highly selective AChE inhibitor for epilepsy
The Phase 2b randomized, double-blind, placebo-controlled study of 3mg and 4mg twice daily doses is ongoing with a targeted enrollment of approximately 258 adult patients with treatment resistant focal seizures.
SPN-820 – Novel first-in-class molecule that increases mTORC1 mediated synaptic function for depression
The Company initiated a follow-on Phase 2b multi-center, randomized, double-blind, placebo-controlled trial in approximately 200 adults with major depressive disorder (MDD). The study will examine the safety and tolerability of SPN-820 2400 mg given intermittently (twice weekly) as an adjunctive treatment to the current baseline antidepressant therapy, as well as assess the rapid onset of improvement in depressive symptoms.
SPN-443 – Novel stimulant for attention-deficit/hyperactivity disorder (ADHD)
The Company expects to initiate a Phase 1 single-ascending/multiple-ascending dose study in adult healthy volunteers in the second half of 2026.
Financial Highlights
This section includes information on non-GAAP financial measures. See "Non-GAAP Financial Information" section for information on non-GAAP financial measures. In addition, a reconciliation of applicable GAAP to non-GAAP financial information is included at the end of this press release.
Revenues
The following table provides information regarding total revenues (dollars in millions):
Three Months Ended
December 31,
Years Ended
December 31,
2025 2024 Change % 2025 2024 Change %
(unaudited) (unaudited)
Net product sales
Qelbree $ 81.0 $ 74.4 9 % $ 304.7 $ 241.3 26 %
GOCOVRI 38.6 36.9 5 % 146.8 130.8 12 %
APOKYN 9.6 20.1 (52 )% 47.8 73.9 (35 )%
Trokendi XR 8.4 14.8 (43 )% 42.4 63.2 (33 )%
Oxtellar XR 6.8 13.2 (48 )% 40.7 99.5 (59 )%
ONAPGO 8.9 — 100 % 17.3 — 100 %
Other(2) 4.8 7.0 (31 )% 26.9 29.0 (7 )%
Total net product sales 158.1 166.4 (5 )% 626.6 637.7 (2 )%
Collaboration revenue (ZURZUVAE)(3) 32.8 — 100 % 53.0 — 100 %
Royalty, licensing and other revenues(4) 20.7 7.8 165 % 39.4 24.1 63 %
Total revenues $ 211.6 $ 174.2 21 % $ 719.0 $ 661.8 9 %
Total revenues excluding Trokendi XR and Oxtellar XR net sales (non-GAAP)(1) $ 196.4 $ 146.2 34 % $ 635.9 $ 499.1 27 %
Other Financial Highlights
The Company recognized $15.0 million of licensing revenue in the fourth quarter of 2025 related to the achievement of a regulatory milestone under its collaboration agreement with Shionogi.
Operating loss was $4.0 million and $62.3 million for the three and twelve months ended December 31, 2025, compared to operating earnings of $21.4 million and $81.7 million for the same periods in 2024. The change in both periods was primarily due to higher selling, general and administrative expenses, including approximately $72.9 million of acquisition-related costs associated with the Sage acquisition reported in 2025, change in contingent consideration loss (gain), and incremental intangible asset amortization expense for ZURZUVAE and ONAPGO intangible assets in 2025, partially offset by higher revenues.
Adjusted operating earnings (non-GAAP)(1) were $48.5 million and $158.7 million for the three and twelve months ended December 31, 2025, compared to $48.3 million and $183.7 million for the same periods in 2024.
Net loss and diluted loss per share were $4.1 million and $0.07 for the three months ended December 31, 2025, and $38.6 million and $0.68 for the twelve months December 31, 2025, respectively, compared to net earnings and diluted earnings per share of $15.3 million and $0.27 for the three months ended December 31, 2024, and $73.9 million and $1.32 for the twelve months December 31, 2024, respectively.
Cash, cash equivalents, and current marketable securities were approximately $308.7 million as of December 31, 2025, compared to $453.6 million as of December 31, 2024. This decrease was primarily due to the funding of the Sage acquisition, partially offset by cash generated from operations.
Full Year 2026 Financial Guidance
The Company expects to achieve the following financial objectives in 2026 (dollars in millions):
Full Year 2026 Guidance
(as of February 24, 2026)
Total revenues include the following(6):
◦ ONAPGO net sales of $45 million – $70 million
◦ Trokendi XR and Oxtellar XR net sales of $40 – $50 million $840 – $870
Combined R&D and SG&A expenses $620 – $650
Operating earnings $0 – $30
Adjusted operating earnings (non-GAAP)(1) $140 – $170
Non-GAAP Financial Information
This press release contains financial measures that present financial information which do not comply with United States generally accepted accounting principles (GAAP). The non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, or superior to measures prepared in accordance with GAAP. Non-GAAP adjusted operating earnings on a historical and projected basis adjusts for non-cash share-based compensation expense, depreciation and amortization, intangible asset impairment charges and changes to fair value of contingent consideration, and for factors that are unusual, non-recurring or unpredictable, and excludes those costs, expenses, and other specified items presented in the reconciliation tables in this press release. In addition to non-GAAP adjusted operating earnings, we also present total revenues excluding net sales of Trokendi XR (GAAP) and Oxtellar XR (GAAP), which is a non-GAAP measure and is calculated as total revenues (GAAP) less net product sales of Trokendi XR (GAAP) and Oxtellar XR (GAAP). Beginning in the year a product loses exclusivity due to generic entrants, we generally do not expect net product sales of such products to constitute a significant part of our revenue in the future. We believe that the use of non-GAAP financial measures provides useful supplemental information to management, investors, analysts and others regarding the Company’s revenue and results of operations and assist management, investors, analysts, and others in understanding and evaluating our revenue growth and the performance of the business.
There are limitations associated with the use of non-GAAP financial measures and therefore comparability may be limited. These limitations include: non-GAAP financial measures that may not be entirely comparable to similarly titled measures used by other companies; these may not reflect all items of income and expense, as applicable, that affect our operations; there may be potential differences among calculation methodologies; these may differ from the non-GAAP information used by other companies, including peer companies. We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable GAAP financial measure. Investors are encouraged to review the reconciliation. The Company’s 2026 financial guidance is also being provided on both a GAAP and a non-GAAP basis.
End Notes
(1) See the section titled "Non-GAAP Financial Information" for information about this non-GAAP financial measure. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included at the end of this press release.
(2) Includes net product sales of MYOBLOC, XADAGO and Osmolex ER.
(3) Represents proportionate share of collaboration revenue from Biogen’s sales of ZURZUVAE to customers in the U.S. from July 31, 2025, the closing of the Sage acquisition.
(4) Royalty, licensing, and other revenues include royalties on generic Trokendi XR, Oxtellar XR, other licensed products and intellectual property.
(5) IQVIA data restatement July 1, 2025.
(6) Includes net product sales, collaboration revenue, and royalty, licensing, and other revenue.
Conference Call Details
Supernus will host a conference call and webcast today, February 24, 2026, at 4:30 p.m. Eastern Time to discuss these results. A live webcast will be available in the Events & Presentations section of the Company’s Investor Relations website www.supernus.com/investors.
Participants may also pre-register any time before the call here. Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial in 15 minutes prior to the start time.
Following the live call, a replay will be available on the Company’s Investor Relations website www.supernus.com/investors. The webcast will be available on the Company’s website for 60 days following the live call.
(Press release, Supernus, FEB 24, 2026, View Source [SID1234662931])