Supernus Pharmaceuticals (SUPN) Q4 2025 earnings summary

Executive summary

• Achieved record total revenues of $719 million for 2025, driven by strong growth in Qelbree, GOCOVRI, Zurzuvae, and ONAPGO, and successful integration of Sage Therapeutics.

• Growth products accounted for $521.8 million in 2025, up 40% year-over-year, and 76% of Q4 revenues.

• ONAPGO launched in the Parkinson's market, overcame supply constraints, and resumed new patient initiations.

• Sage acquisition expanded the portfolio and pipeline, with ongoing prioritization of revenue-generating and late-stage assets.

• Cash and equivalents at year-end were $308.7 million, down from $454 million, mainly due to the Sage acquisition.

Financial highlights

• Q4 2025 total revenue was $211.6 million, up 21% year-over-year; full year 2025 total revenue reached $719 million, up 27% from 2024.

• Q4 GAAP operating loss was $4 million; non-GAAP adjusted operating earnings were $48.5 million, flat year-over-year.

• Full year 2025 GAAP net loss was $38.6 million, or $0.68 per diluted share, compared to net earnings of $73.9 million in 2024.

• Adjusted operating earnings (non-GAAP) for 2025 were $158.7 million.

• Cash and equivalents decreased from $453.6 million at end of 2024 to $308.7 million at end of 2025, mainly due to Sage acquisition.

Outlook and guidance

• 2026 total revenue expected between $840 million and $870 million, including $45 million-$70 million from ONAPGO.

• Combined R&D and SG&A expenses for 2026 projected at $620 million-$650 million.

• 2026 non-GAAP operating earnings expected in the range of $140 million-$170 million.

• ONAPGO supply secured for 2026, with second supplier expected online in 2027.

• Trokendi XR and Oxtellar XR net sales expected at $40 million-$50 million in 2026.