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Sage Therapeutics, Inc. (SAGE)·Q2 2025 Earnings Summary

Executive Summary

  • Revenue acceleration: Total revenues reached $31.66M, driven by ZURZUVAE collaboration revenue of $23.21M (+68% q/q) and >4,000 prescriptions shipped (+36% q/q), indicating strengthening commercial execution in PPD .
  • Loss narrowed: Net loss improved to $49.65M (EPS -$0.79) from $62.21M (EPS -$1.01) in Q1, as R&D spend remained materially lower year over year following 2024/2023 restructuring .
  • No earnings call amid pending acquisition: Sage did not host a Q2 call given the Supernus tender offer; transaction expected to close in Q3 2025, a near-term stock catalyst alongside improving ZURZUVAE momentum .
  • Liquidity and coverage: Cash/cash equivalents/marketable securities were $366M (vs. $424M in Q1), with >95% Commercial/Medicaid lives covered or a path to coverage, supporting further commercial scale-up .

What Went Well and What Went Wrong

What Went Well

  • Collaboration revenue growth and demand momentum: ZURZUVAE collaboration revenue rose to $23.2M (+68% q/q), with >4,000 prescriptions shipped (+36% q/q) and >13,500 since launch, evidencing improved commercial traction in PPD .
  • Favorable access and prescriber mix: ~80% of scripts from OBGYNs; ~80% of patients received ZURZUVAE as first new treatment; >95% lives covered or with a path to coverage; these dynamics support sustained adoption .
  • One-time cost reversal: Cost of revenues were -$0.1M due to a one-time reversal of previously accrued regulatory expenses ($0.6M), demonstrating disciplined cost management within commercialization activities .
  • Management tone: “Our second quarter results reflect revenue acceleration driven by increased investment, strong execution, and growing momentum behind ZURZUVAE…” — Barry Greene, CEO .

What Went Wrong

  • Elevated SG&A: SG&A rose to $62.0M (vs. $57.6M in Q1 and $56.0M y/y), reflecting higher commercialization efforts and professional fees from strategic alternatives review, a drag on operating leverage near term .
  • Continued losses despite improvement: Net loss remained sizable at $49.7M, limiting near-term profitability despite revenue growth and lower R&D y/y .
  • Reduced transparency: No Q2 earnings call due to the pending Supernus transaction, limiting detail on near-term trajectory, guidance specifics, and launch cohort analysis .

Financial Results

MetricQ4 2024Q1 2025Q2 2025
Total Revenues ($USD Millions)$12.815 $14.063 $31.660
Loss from Operations (EBIT) ($USD Millions)$(102.195) $(67.455) $(53.969)
EBIT Margin %-797.7% (=(102.195/12.815)) -480.0% (=(67.455/14.063)) -170.5% (=(53.969/31.660))
Net Loss ($USD Millions)$(95.778) $(62.214) $(49.652)
Net Income Margin %-747.5% (=(95.778/12.815)) -442.6% (=(62.214/14.063)) -156.8% (=(49.652/31.660))
Diluted EPS ($USD)$(1.56) $(1.01) $(0.79)
Segment Revenue Breakdown ($USD Millions)Q4 2024Q1 2025Q2 2025
Product Revenue, net$0.442 $0.000 $0.000
Collaboration Revenue – Related Party (ZURZUVAE)$11.426 $13.827 $23.209
Other Collaboration Revenue$0.947 $0.236 $8.451
Total Revenues$12.815 $14.063 $31.660
YoY ComparisonQ2 2024Q2 2025
Total Revenues ($USD Millions)$8.654 $31.660
Collaboration Revenue – Related Party ($USD Millions)$7.420 $23.209
Other Collaboration Revenue ($USD Millions)$0.634 $8.451
Product Revenue, net ($USD Millions)$0.600 $0.000
Diluted EPS ($USD)$(1.70) $(0.79)
Net Loss ($USD Millions)$(102.854) $(49.652)
KPIsQ4 2024Q1 2025Q2 2025
Prescriptions shipped (units)~2,500 >3,000 >4,000
Cumulative prescriptions since launch>6,600 N/A>13,500
OBGYN share of prescriptions~80% ~80% ~80%
“First new treatment” share>70% >70% ~80%
Coverage (Commercial+Medicaid)>95% N/A>95%

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayFY 2025“Support operations to mid-2027” (Q4 2024) “Support operations to mid-2027” (Q1 2025) Maintained
Operating Expenses (2025 vs. 2024)FY 2025“Overall operating expenses will substantially decrease in 2025 vs 2024” (Q4 2024) “Overall operating expenses will substantially decrease in 2025 vs 2024” (Q1 2025) Maintained
Earnings Call PracticeQ2 2025Calls held in prior quarters (Q4/Q1) No Q2 call due to pending Supernus transaction Withdrawn for quarter
Transaction Close Timing2025N/ASupernus acquisition expected to close in Q3 2025 New disclosure in Q2

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024 and Q1 2025)Current Period (Q2 2025)Trend
Product performance (ZURZUVAE)Q4: $11.4M collab rev; ~2,500 shipments; >6,600 for 2024 $23.2M collab rev; >4,000 shipments; >13,500 since launch Accelerating revenue and prescriptions
Prescriber mix & accessOBGYN ~80%; >90% aided awareness; >95% coverage OBGYN ~80%; ~80% first new treatment; >95% coverage Stable prescriber mix; strong payer access
R&D execution / pipelineFocused pipeline; SAGE-319 MAD readout late 2025; SAGE-324 evaluation ongoing SAGE-319 MAD readout late 2025; SAGE-817/SAGE-039 NAM work; SAGE-324 indication evaluation Focus remains on selective programs
Regulatory/legal / M&AStrategic alternatives review ongoing (Q4, Q1) Pending Supernus acquisition; expected close Q3 2025 Transition to acquirer-led structure
Legacy productsSunset ZULRESSO by 12/31/2024 No net ZULRESSO revenue in Q2 2025 Transition complete
Communications cadenceQ4/Q1 calls hosted No Q2 call Reduced disclosure this quarter

Management Commentary

  • “Our second quarter results reflect revenue acceleration driven by increased investment, strong execution, and growing momentum behind ZURZUVAE, underscoring our collective commitment to advancing care for women with postpartum depression.” — Barry Greene, CEO .
  • “As we work with Supernus to complete the transaction, we take pride in the progress made to date and remain focused on the important work of helping more patients.” — Barry Greene, CEO .
  • Business update: Supernus to acquire Sage for $8.50 per share cash plus up to $3.50 per share in CVRs (aggregate up to ~$12.00 per share), with closing expected in Q3 2025 .

Q&A Highlights

  • No Q&A this quarter; Sage did not host a conference call or webcast due to the pending Supernus transaction .

Estimates Context

  • Wall Street consensus estimates via S&P Global were unavailable due to a CIQ mapping issue for the ticker; therefore, we cannot quantify beats/misses vs Street for Q2 2025 at this time (S&P Global consensus unavailable).
  • Given accelerating collaboration revenue and shipments, consensus for the back half may need to reflect stronger ZURZUVAE uptake; however, formal revision analysis is deferred until S&P data access is restored .

Key Takeaways for Investors

  • ZURZUVAE commercial momentum is building: collaboration revenue +68% q/q and >4,000 shipments in Q2, supported by OBGYN adoption (~80%) and broad payer coverage (>95%) .
  • Loss trajectory improving: net loss contracted to $49.7M (EPS -$0.79) with EBIT margin improving as scale emerges; further SG&A leverage will be key post-transaction .
  • Cost discipline continues: negative cost of revenues in Q2 from one-time $0.6M regulatory accrual reversal; R&D remains materially lower y/y following 2024/2023 reorganization .
  • Structural catalyst: Supernus acquisition expected to close in Q3 2025; CVR-linked upside tied to net sales milestones creates future optionality .
  • Visibility gap: no Q2 call reduced transparency; watch for integration updates and post-close commercial plans to assess trajectory and margin path .
  • Near-term focus: sustaining prescriber growth and adherence, maintaining high access, and converting awareness into prescriptions to drive H2 revenue scaling .
  • Risk factors: continued execution needed to achieve standard-of-care status in PPD; market size assumptions, reimbursement/process friction, and competitive dynamics remain monitored variables .