Supernus Pharmaceuticals reported third‑quarter 2025 revenue of $192.1 million, up 9% year‑over‑year and $10.04 million above the consensus estimate of $182.06 million. The lift was driven by strong sales of its flagship products Qelbree ($81.4 million, +31% YoY) and Gocovri ($40.8 million, +15% YoY), as well as collaboration revenue from the newly acquired ZURZUVAE. The company’s first full commercial quarter for ONAPGO added $6.8 million, but a temporary supply constraint limited new patient initiations, tempering growth in that segment.
Supernus posted a GAAP net loss of $0.80 per share, missing the consensus estimate of $0.14. The loss was largely attributable to $110 million in one‑time acquisition‑related costs from the Sage Therapeutics deal and a jump in combined R&D and SG&A expenses to $209 million from $98.8 million in Q3 2024. In contrast, adjusted earnings per share rose to $1.01, beating the $0.82 estimate by $0.19 (23%). The adjusted figure reflects core operating performance and demonstrates margin resilience despite the GAAP hit.
Segment analysis shows that Qelbree and Gocovri together generated a 52% increase in revenue to $149.2 million, while legacy products Trokendi XR and Oxtellar XR now account for only 7% of total net sales. ZURZUVAE’s contribution added a fourth growth driver, and ONAPGO’s supply constraint has paused new patient initiations but current patient sales remain robust.
Management raised its full‑year 2025 revenue outlook to $685–$705 million from the prior $670–$700 million range, signaling confidence in sustained demand for its growth portfolio and the integration of Sage. Operating and adjusted operating earnings guidance were also increased, reflecting expectations of improved profitability as the company scales its high‑margin products and manages integration costs.
CEO Jack Khattar emphasized that the quarter’s performance was driven by momentum from Qelbree and Gocovri, collaboration revenue from ZURZUVAE, and the early launch of ONAPGO. He noted that the company’s focus for the remainder of the year and into 2026 will be on the performance of its four growth products and high‑level operating performance to deliver long‑term value. Khattar also acknowledged the ONAPGO supply constraint is fluid and the company is working to increase production.
Analysts maintained buy ratings for Supernus, with TD Cowen and Bank of America Securities keeping buy calls and price targets of $60 and $65 respectively. The stock’s positive reaction in regular trading reflected the revenue beat and raised guidance, while aftermarket trading saw a slight decline as investors weighed the GAAP loss and ongoing supply issues.
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