Sage Therapeutics (SAGE) Piper Sandler 36th Annual Healthcare Conference summary

Commercial performance and market dynamics

• Zurzuvae revenue grew 49% quarter-over-quarter, surpassing $22 million and over 2,000 prescriptions shipped in the quarter, helping more than 4,000 women since launch.

• OB-GYNs are increasingly diagnosing and prescribing Zurzuvae frontline, with over 70% of scripts now coming from this group.

• Diagnosis rates for postpartum depression remain below epidemiological expectations, indicating significant growth potential as awareness and screening improve.

• Coverage for Zurzuvae is strong, with 90% of commercial and government payers providing favorable terms, and a liberal free goods program supports access.

• The majority of prescriptions are written within six months postpartum, with rapid symptom relief reported by patients.

Sales force strategy and expansion

• The sales force was expanded in the current quarter, resulting in increased impact and new prescribers.

• Investment in non-personal promotion and sales force will continue to grow, with a 2025 plan expected to be significantly larger than 2024.

• Once OB-GYNs begin prescribing Zurzuvae, they tend to write multiple scripts, indicating strong adoption and repeat use.

• The process for obtaining Zurzuvae is streamlined, with most patients receiving the drug within a week of prescription.

Market opportunity and financial outlook

• The addressable market is estimated at 500,000 women annually with postpartum depression, with current treatment rates around 100,000.

• Blockbuster potential is anticipated if diagnosis and treatment rates increase, with positive cash flow expected by 2026.

• No specific revenue guidance for 2025 was provided, but continued quarter-over-quarter growth is expected.

• Cash runway extends well into 2026, supporting both commercialization and pipeline development.