Supernus Pharmaceuticals Reports Strong Third Quarter 2025 Results

Jack Khattar, President and CEO of Supernus, expressed optimism regarding the company's operational results. "Our strong operating results continued into the third quarter of 2025, reflecting continued momentum from Qelbree and GOCOVRI, collaboration revenue from ZURZUVAE, and an encouraging start to the launch of ONAPGO," he stated.

The subcutaneous apomorphine infusion device, ONAPGO, designed for treating motor fluctuations in adults with advanced Parkinson’s disease, generated net product sales of $6.8 million in its first full quarter post-launch. The company reported over 1,300 enrollment forms submitted by more than 450 prescribers since its launch in April 2025. However, due to an overwhelming demand for ONAPGO, Supernus is currently facing supplier constraints, which has necessitated the prioritization of care for existing patients over new patient initiation.

Supernus recorded collaboration revenue of $20.2 million from ZURZUVAE, attributable to approximately two months of revenue since the acquisition of Sage on July 31, 2025. This figure marks a significant increase, with U.S. sales reported by Biogen rising by approximately 150% year-over-year and 19% compared to the previous quarter.

Qelbree, a treatment for attention-deficit hyperactivity disorder (ADHD), saw net sales increase by 31% year-over-year, reaching $81.4 million. The total number of IQVIA prescriptions for Qelbree rose to 238,770, reflecting a 23% increase compared to the same period in 2024. Similarly, GOCOVRI sales increased by 15% to $40.8 million, driven by a growing number of prescriptions and prescribers.

Supernus reported total revenues of $192.1 million for the third quarter of 2025, marking a 9% increase compared to $175.7 million in the same quarter of 2024. Notably, the company’s total net product sales slightly declined by 1% year-over-year, primarily due to significant drops in sales for Trokendi XR and Oxtellar XR.

The company reported an operating loss of $60.2 million for the quarter, a significant decline from operating earnings of $40.9 million for the same period last year. This shift was largely attributed to increased selling, general, and administrative expenses, including approximately $70 million in acquisition-related costs associated with the Sage acquisition.

Adjusted operating earnings for the third quarter were $41.9 million, down from $67.7 million in the prior year. The net loss for the quarter was $45.1 million, equating to a diluted loss per share of $0.80, contrasting with net earnings of $38.5 million and a diluted earnings per share of $0.69 for the same period in 2024.

As of September 30, 2025, Supernus had cash, cash equivalents, and current marketable securities totaling approximately $281.2 million, a decrease from $453.6 million at the end of 2024. This decline is primarily attributed to funding the Sage acquisition.

Supernus continues to advance its product pipeline, with several promising candidates in various stages of development:

Supernus has updated its financial guidance for the full year 2025, projecting total revenues of $685 million to $705 million, an increase from the previous estimate of $670 million to $700 million. The company anticipates combined research and development and SG&A expenses of $505 million to $530 million and an operating loss between $65 million and $75 million.

Supernus Pharmaceuticals has demonstrated robust commercial performance in Q3 2025, bolstered by strong sales from key products and a strategic acquisition that expands its market reach. While the company faces challenges related to operational costs and supply constraints, its forward-looking guidance and ongoing product development initiatives signal a commitment to long-term growth and shareholder value. Investors and analysts will be keen to monitor the company's progress as it continues to navigate the evolving biopharmaceutical landscape.