Executive Summary

Q2 2025 delivered a clean beat vs Street: revenue $165.5M vs $154.1M consensus and Primary EPS $0.91 vs $0.47 consensus; GAAP diluted EPS was $0.40. Management raised FY25 revenue guidance to $670–$700M and updated operating loss guidance to reflect Sage deal costs . Results: Revenue +7.4% vs consensus; EPS beat driven by lower tax expense and strong growth products; legacy erosion persisted. S&P Global estimates noted below.*
Growth engines performed: Qelbree net sales +31% YoY to $77.6M; GOCOVRI +16% YoY to $36.7M; ONAPGO launched in April with >750 enrollment forms by quarter-end. Qelbree prescriptions +23% YoY to 225,254; adult share reached ~35% of TRx .
Guidance raised on top-line strength and consolidation of Sage Therapeutics (closed 7/31): FY25 revenue +$70M at mid-point to $670–$700M; non-GAAP adjusted operating earnings maintained at $105–$135M; GAAP operating loss widened to $(70)–$(80)M on acquisition-related costs and amortization .
Balance sheet remains a support: $522.6M in cash, cash equivalents, and current marketable securities; no debt, preserving flexibility for further BD/M&A .

What Went Well and What Went Wrong

What Went Well
- Growth product momentum: “continued strong sales growth of Qelbree and GOCOVRI…72% of total net sales in Q2” (CEO) . Qelbree net sales +31% YoY to $77.6M; prescribers ~36,000 (+23% YoY) .
- ONAPGO launch tracking ahead: >750 enrollment forms from >300 prescribers; >200 patients on therapy by July with ~20–25% already on refills (CEO, Q&A) .
- GOCOVRI supported by Medicare redesign: 97% of Medicare scripts had <$25 copay by June; retention held through deductibles, improving patient base quality (CEO) .
What Went Wrong
- Legacy erosion and mix: Oxtellar XR (-61% YoY) and Trokendi XR (-35% YoY) continued to drag, taking total net product sales down 3% YoY despite growth brands .
- Higher OpEx tied to growth/launch: Operating earnings fell to $12.1M from $22.6M YoY on higher selling/marketing (ONAPGO) and contingent consideration dynamics (Q1 and H1 headwind) .
- GAAP outlook steepens with Sage integration: FY25 GAAP operating loss widened to $(70)–$(80)M on $55–$60M acquisition costs and $10–$20M incremental amortization in 5 months post-close (CFO) .

Financial Results

Performance vs prior periods and consensus

Metric	Q4 2024	Q1 2025	Q2 2025
Total Revenue ($M)	$174.2	$149.8	$165.5
GAAP Diluted EPS ($)	$0.27	$(0.21)	$0.40
Operating Earnings ($M)	$21.4	$(10.3)	$12.1
Adjusted Operating Earnings, non-GAAP ($M)	$48.3	$25.9	$40.9
Total Rev ex-Trokendi & Oxtellar (non-GAAP, $M)	$146.2	$126.8	$142.7

Vs Estimates (S&P Global; marked with *)

Metric	Consensus*	Actual	Surprise
Q2 2025 Revenue ($M)	$154.1*	$165.5	+$11.4M (~+7.4%)
Q2 2025 Primary EPS ($)	$0.47*	$0.91*	+$0.44
Q1 2025 Revenue ($M)	$147.9*	$149.8	+$1.9M
Q1 2025 Primary EPS ($)	$0.37*	$0.44*	+$0.07
Q4 2024 Revenue ($M)	$155.3*	$174.2	+$18.9M
Q4 2024 Primary EPS ($)	$0.52*	$0.55*	+$0.03

Product net sales breakdown

Product Net Sales ($M)	Q2 2024	Q1 2025	Q2 2025
Qelbree	$59.4	$64.7	$77.6
GOCOVRI	$31.7	$30.7	$36.7
APOKYN	$17.3	$15.0	$12.8
Trokendi XR	$17.1	$12.8	$11.2
Oxtellar XR	$29.5	$10.2	$11.6
ONAPGO	—	—	$1.6
Other	$7.5	$8.6	$6.5
Royalty/Licensing/Other Rev	$5.8	$7.8	$7.5
Total Revenues	$168.3	$149.8	$165.5

KPIs

KPI	Q3 2024	Q1 2025	Q2 2025
Qelbree IQVIA TRx	194,025	214,908	225,254
Qelbree prescribers	—	34,416	~36,000
Qelbree adult share of TRx	—	—	~35%
GOCOVRI prescribers	—	—	~1,900
GOCOVRI Medicare <$25 copay	—	—	97% of Medicare TRx
ONAPGO enrollment forms	—	—	>750; >300 prescribers
ONAPGO patients on therapy	—	—	>200 by July (run-rate)

Note: Items with * are Values retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Revenues ($M)	FY 2025	$600–$630	$670–$700	Raised
Combined R&D and SG&A ($M)	FY 2025	$435–$460	$505–$530	Raised (Sage OpEx)
GAAP Operating Earnings (Loss) ($M)	FY 2025	$(15)–$10	$(70)–$(80)	Lowered (deal costs/amort.)
Adjusted Operating Earnings, non-GAAP ($M)	FY 2025	$105–$130	$105–$135	Maintained to Slightly Raised High End

Management attributed the updated outlook to strong 1H performance and the impact of Sage consolidation, including $55–$60M acquisition costs and $10–$20M incremental amortization in the last five months of 2025 (CFO) .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 2024)	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
Qelbree growth & adult expansion	60% YoY net sales; label update added serotonin 5-HT2C PD and lactation data	TRx +22% YoY; strong prescriber growth	TRx +23% YoY; adult TRx ~35%, adult growth outpacing pediatrics (29% vs 20%)	Positive acceleration & expanding adult mix
GOCOVRI access	Sustained growth	—	Medicare redesign drove 97% TRx with <$25 copay; better retention	Access tailwinds supporting growth
ONAPGO launch	FDA approval Feb; planned Q2 launch	Launch in April; early physician response encouraging	>750 enrollment forms; >300 prescribers; >200 patients by July; refills ramping	Strong early adoption
Sage/ZURZUVAE integration	—	—	Deal closed 7/31; ZURZUVAE Q2 revenue $23.2M, +68% vs Q1’s $13.8M; OBGYN ~70–80% of TRx; exploring psychiatry leverage with Biogen	Strategic revenue driver; integration underway
Legacy erosion	Trokendi/Oxtellar erosion noted	Continued erosion	Oxtellar -61% YoY; Trokendi -35% YoY	Ongoing headwind, shrinking mix
R&D execution	SPN-820 Phase 2a positive signals (open-label)	SPN-820 TRD P2b topline missed; assessing path; SPN-817 P2b planned	SPN-817 P2b ongoing; SPN-820 new P2b in MDD targeted by YE25; SPN-443 P1 done; indication by YE25	Pipeline advancing selectively

Management Commentary

“Our strong operating performance…was driven by continued strong sales growth of Qelbree and GOCOVRI…Our focus for the second half…remains on the launch of ONAPGO, the successful integration of Sage Therapeutics, and the continued performance of our growth products.” — Jack Khattar, CEO .
“We expect total revenues to range from $670M to $700M…We expect our non-GAAP operating earnings to range from $105M to $135M.” — Timothy Dec, CFO .
On ONAPGO launch funnel: “It takes time…these forms…to translate into actual shipments…slightly more than 200 patients on [therapy]…with 20–25% already getting refills.” — Jack Khattar .
On ZURZUVAE ramp: “In the second quarter they saw 36% growth in prescriptions…about 4,000 TRXs shipped…We’re excited about the momentum.” — Jack Khattar .

Q&A Highlights

Qelbree pricing and adult mix: Net price stayed “north of $300 per 30-day Rx”; gross-to-net improved vs Q1 and consistent with prior-year Q2; adult TRx now ~35% and grew 29% YoY vs pediatrics +20% (CEO) .
ONAPGO demand/reimbursement: >750 enrollment forms; >300 prescribers; >200 patients by July; reimbursement “going as smooth as you can expect for a launch,” with increasing authorizations (CEO) .
ZURZUVAE growth and channel: Q2 prescriptions +36% QoQ; 70–80% of TRx from OBGYNs; Supernus exploring psychiatry expansion with Biogen (CEO) .
Liquidity post-deal: Pro forma cash at close “between $240 and $260M”; no debt; continued flexibility for M&A (CFO) .

Estimates Context

Q2 2025: Revenue beat $165.5M vs $154.1M consensus; Primary EPS beat $0.91 vs $0.47. Beat driven by Qelbree/GOCOVRI strength, early ONAPGO contribution, and favorable tax in the quarter . S&P Global values used.*
Trajectory: Q1 2025 and Q4 2024 also beat on revenue and Primary EPS vs consensus, indicating estimate momentum may drift higher post-Q2 as ONAPGO ramps and ZURZUVAE consolidates.*
FY25: Company revenue guidance $670–$700M sits just below S&P Global FY25 revenue consensus $702.8M*, suggesting Street may trim slightly or await integration updates; non-GAAP operating earnings maintained at $105–$135M .