Supernus Pharmaceuticals (SUPN) Barclays 28th Annual Global Healthcare Conference summary

Key accomplishments and portfolio transformation

• Achieved record revenue in 2025, completing transition from legacy products losing exclusivity.

• Sage Therapeutics acquisition and addition of Zurzuvae marked a major portfolio expansion.

• ONAPGO launch exceeded expectations, driving strong demand despite supply constraints.

• Four main growth drivers—Qelbree, Gocovri, Zurzuvae, ONAPGO—delivered over 20% growth in Q4 2025.

• Stock price rose 80% in six months, reflecting market recognition of portfolio reconfiguration.

Product performance and differentiation

• Qelbree scripts grew 18% in Q4 and 21% for 2025, driven by its rapid onset and non-stimulant profile.

• Gocovri is uniquely approved for both OFF episodes and dyskinesia in Parkinson’s, with double-digit growth.

• Zurzuvae is the only oral treatment for postpartum depression, showing rapid onset and short therapy duration.

• ONAPGO’s strong launch revealed broader patient uptake than expected, with supply issues now addressed for 2026.

Commercial strategy and market opportunity

• Qelbree’s market share remains small relative to the ADHD market, indicating significant growth potential.

• Physician education and targeted marketing are key to shifting prescribing habits toward non-stimulants.

• Balanced growth expected across all four main products in 2026, with ONAPGO guided at $45M–$70M in sales.

• Zurzuvae’s market opportunity is large, with only 20,000 patients treated out of 500,000 annual cases.