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, with Q4 2025 revenue at $211.6 million.

• Integrated the acquisition of Sage Therapeutics, expanding the product portfolio and pipeline, with $72.9 million in acquisition-related costs.

• ONAPGO received FDA approval and was launched in the Parkinson's market, overcoming initial supply constraints.

• Growth products accounted for 76% of Q4 2025 revenues, signaling a successful transition from legacy products.

• Cash and equivalents at year-end 2025 were $309 million, with no debt.

Financial highlights

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

• Q4 2025 GAAP operating loss was $4 million; non-GAAP adjusted operating earnings were $48.5 million.

• Full year 2025 GAAP net loss was $38.6 million, or $0.68 per diluted share; adjusted operating earnings were $158.7 million.

• Cash and equivalents decreased from $453.6 million at end of 2024 to $309 million at end of 2025, mainly due to Sage acquisition.

• Trokendi XR and Oxtellar XR net sales declined significantly year-over-year.

Outlook and guidance

• 2026 revenue guidance is $840 million–$870 million, with ONAPGO net sales expected between $45 million–$70 million.

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

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

• Trokendi XR and Oxtellar XR net sales for 2026 expected at $40 million–$50 million.