Supernus Pharmaceuticals Q2 2025 Earnings Call Transcript

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Provided by Quartr
August 5, 2025

Key Takeaways

  • Positive Sentiment: Supernus’s core growth drivers KELVY and GOCOVRI accounted for 73% of total net sales in Q2, with KELVY net sales up 31% and GOCOVRI net sales up 16% year-over-year.
  • Positive Sentiment: The acquisition of Sage Therapeutics, closed July 31, adds ZERZUVEY to Supernus’s portfolio, with Q2 net revenues for the drug up 68% to $23.2 million.
  • Positive Sentiment: The launch of Onapco in April exceeded expectations, with over 750 patient enrollment forms submitted and more than 200 patients already receiving the treatment from 300 prescribers.
  • Negative Sentiment: GAAP operating earnings declined from $23 million in Q2 2024 to $12 million in Q2 2025, driven by higher sales and marketing expenses for the Anatco launch and Sage acquisition costs.
  • Positive Sentiment: Supernus raised its full‐year 2025 revenue guidance to $670–700 million, reflecting stronger core product performance and the impact of the Sage acquisition.
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Earnings Conference Call
Supernus Pharmaceuticals Q2 2025
00:00 / 00:00

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Operator

Good day, and thank you for standing by. Welcome to the Supernus Pharmaceuticals Second Quarter twenty twenty five Financial Results Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Instructions will follow at that time.

Operator

Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Peter Vazzo of ICR Healthcare, Investor Relations representative for Supernus Pharmaceuticals. You may begin.

Peter Vozzo
Managing Director at ICR

Thank you, Gerald. Good afternoon, and thank you for joining us today for Supernus Pharmaceuticals second quarter twenty twenty five financial results conference call. Today, after the close of market, the company issued a press release announcing these results. On the call with me today are Supernus' Chief Executive Officer, Jack Qatar and Chief Financial Officer, Tim Deck. This call is being made available via the Investor Relations section of the company's website at ir.supernus.com.

Peter Vozzo
Managing Director at ICR

During the course of this call, management may make certain forward looking statements regarding future events and the company's future performance. These forward looking statements reflect Supernus' current perspective on existing trends and information. Any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the Risk Factors section of the company's latest SEC filings. Actual results may differ materially from those projected in these forward looking statements. For the benefits of those of you who may be listening to the replay, this call is being held and recorded on 08/05/2025.

Peter Vozzo
Managing Director at ICR

Since then, the company may have made additional announcements related to the topics discussed. Use reference to company's most recent press releases and current filings with the SEC. Supernus declines any obligation to update these forward looking statements except as required by applicable securities laws. I'll now turn the call over to Jack.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Thank you, Peter. Suprones continues to execute well against its growth plan and had a strong and very active second quarter. In April, we launched Anatco, the first and only subcutaneous avomorphine infusion device for the treatment of motor fluctuations in adults with advanced Parkinson's disease. In June we announced the acquisition of Sage Therapeutics, which closed on July 31. In addition, we generated strong operating results, driven by the robust performance of KELBY and GOCOVRI.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

The 2025 represents a turning point for Supernus and the beginning of a new phase of accelerated growth. We consider the transition from Trokendi XR and Oxtellar XR to be substantially complete as each product represented only 7% of total net sales in the second quarter, while our growth drivers, Calgary, GOCOVRI and ONAPCO combined represented 73% of our total net sales. Moving forward with the addition of ZERZUVEY, our fourth growth driver, we expect Trokendi XR's and Oxtellar XR's share of our portfolio to be reduced even further. Starting with our first growth driver, KELLY, the brand entered its fifth year on the market and had another robust performance with 23% growth in prescriptions as recorded by IQVIA and 31% growth in net sales. Kelby had another quarter expanding its base of prescribers with approximately 36,000 prescribers in the 2025, up by 23% compared to the same period last year.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

After posting 25% growth in IQVIA prescriptions in '24 versus '23, CALBRI continued to show steady, strong growth during the 2025, with prescriptions increasing 23% compared to the same period in 2024. Kelby's 23% growth outpaced both the ADHD market, which grew by 9%, and the non stimulant segment, which grew by 11%. In addition to growth in the pediatric business, KELB experienced high growth in the adult business, increasing 29% in the second quarter compared to last year. By the June 2025, the adult business had reached 35% of total KELB prescriptions compared to approximately 32% for the year 2024. Switching to our second growth driver, GOCOVRI, continued its strong performance on the back of the momentum it had in the first quarter.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Prescriptions for the 2025 increased by 14% and net sales increased by 16% compared to the same quarter last year. The number of prescribers reached a new high in the quarter to approximately 1,900 prescribers. In the first half of this year, GOCOVRI benefited from the Medicare redesign. And by June 2025, ninety seven percent of GOCOVRI Medicare prescriptions had a copay that was less than $25 compared to only 77% in 2024. The average GOCOVRI Medicare copay declined by 4280% year over year for first quarter and 2025 respectively.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Unlike previous years, patient retention rates held up this year despite the deductible resets. With a more robust patient base this year, we are uniquely positioned to continue growing the brand with new patients rather than having to recapture previous patients that may have discontinued due to the high beginning of the year deductibles. Moving to our third growth driver, Onapco, the launch is off to a terrific start, exceeding our expectations. We launched Onapco in April, utilizing our existing Parkinson's disease sales force and support network. Through the June, we have more than seven fifty patient enrollment forms submitted by more than 300 prescribers.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Finally, regarding ZERZUVE, our fourth growth driver, we are excited to have completed the acquisition of Sage Therapeutics, which represents a major step for Supernus in accelerating its mid to long term revenue growth and cash flow. ZERZUVEY is a unique and well differentiated product that is early in its launch, and that provides further diversification for our revenue base. The product has been successfully launched by Sage and its partner, Biogen, in The U. S. With twenty twenty five second quarter net revenues as reported by Sage reaching $23,200,000 up from $13,800,000 as reported by Sage in the 2025, representing a 68% increase.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

We will be focused on integrating the business and working closely with our partners Biogen and Shinobi to ensure the continued success and growth of ZERZURE. Moving on to R and D, we are on track to initiate a follow on phase 2b multicenter, randomized, double blind, placebo controlled trial with SPN-eight twenty in approximately two hundred adults with major depressive disorder by the 2025. This study will examine the safety and tolerability of SCA20 and its efficacy at a dose of two thousand four hundred milligram given intermittently twice per week as an adjunctive treatment to the current baseline antidepressant therapy. Our phase 2b randomized double blind placebo controlled study of eight seventeen is ongoing with a targeted enrollment of approximately two fifty eight adult patients with treatment resistant focal seizures. This file utilizes three milligrams and four milligrams twice daily doses.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

As we mentioned previously, we completed a pharmacokinetic study of two oral formulations of SPN-four forty three in healthy adults. Both formulations of SPN-four forty three showed adequate bioavailability and were well tolerated. SPN-four forty three is our new stimulant like product candidate for ADHD and other CNS disorders. The company expects to disclose a lead indication for the product candidate by the 2025. Finally, despite the completion of the recent acquisition of Sage, corporate development will continue to be a top priority for us as we look for additional strategic opportunities to further strengthen our future growth through additional revenue generating products or late stage pipeline product candidates.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

With that, I will now turn the call over to Tim.

Timothy Dec
Timothy Dec
Senior VP & CFO at Supernus Pharmaceuticals

Thank you, Jack. Good afternoon, everyone. As I review our second quarter twenty twenty five results, please refer to today's press release and 10 Q that were filed earlier today. Total revenue for the 2025 was $165,000,000 compared to $168,000,000 in the same quarter last year. Total revenue in the 2025 was comprised of net product sales of $158,000,000 and royalty, licensing, and other revenues of $7,000,000 Excluding net product sales of Trokendi XR and Oxtellar XR, total revenues for the 2025 increased 17% compared to the same quarter last year.

Timothy Dec
Timothy Dec
Senior VP & CFO at Supernus Pharmaceuticals

This increase was primarily due to increase in net sales of our core products, KELRI, GOCOVRI and Anapco. For the 2025, combined R and D and SG and A expenses were $116,000,000 as compared to $112,000,000 for the same quarter last year. Operating earnings on a GAAP basis for the 2025 were $12,000,000 as compared to $23,000,000 for the same quarter last year. The decrease was primarily due to higher sales and marketing expenses related to the NAPCO launch. GAAP net earnings were 22,000,000 for the 2025 or $0.40 per diluted share, compared to GAAP net earnings of 20,000,000 or $0.36 per diluted share in the same quarter last year.

Timothy Dec
Timothy Dec
Senior VP & CFO at Supernus Pharmaceuticals

On a non GAAP basis, which excludes amortization, intangibles, share based compensation, contingent consideration and depreciation, adjusted operating earnings for the 2025 was $41,000,000 compared to $45,000,000 in the same quarter of the prior year. Total revenues for the six months ended 06/30/2025 were $315,000,000 compared to $312,000,000 in the same period last year. Total revenues were comprised of net product sales of $300,000,000 and royalty licensing and other revenues of 15,000,000 Net product sales were flat compared to last year. The increase in net product sales of our core products, CALBRII and GOCOVRI, were generally offset by decreases in product sales of Apoquin and the generic erosion of Trokendi XR and Oxtellar XR. Excluding net product sales of Trokendi XR and Oxtellar XR, total revenues for the six months ended 06/30/2025 increased 21% compared to the same period last year.

Timothy Dec
Timothy Dec
Senior VP & CFO at Supernus Pharmaceuticals

Again, the increase was primarily due to the increase in net product sales of our core products, Calvary, GOCOVRI, and now APICU. Combined R and D and SG expenses for the six months ended 06/30/2025 were $233,000,000 as compared to $224,000,000 for the same period last year. Operating earnings on a GAAP basis for the six months ended 06/30/2025 were $2,000,000 as compared to $19,000,000 for the same period last year. The decrease in operating earnings was primarily due to a change in the fair value of contingent consideration and higher selling and marketing expenses associated with the NAPVICO launch. GAAP net earnings were 11,000,000 for the six months ended 06/30/2025, or 19¢ per diluted share, compared to 20,000,000 or 36¢ per diluted share in the same period last year.

Timothy Dec
Timothy Dec
Senior VP & CFO at Supernus Pharmaceuticals

On a non GAAP basis, which excludes amortization, intangibles, share based compensation, contingent consideration and depreciation, adjusted operating earnings were $67,000,000 compared to $68,000,000 the same period last year. As of 06/30/2025, the company had approximately $523,000,000 in cash, cash equivalents and marketable securities, compared to $454,000,000 as of 12/31/2024. The increase is primarily due to cash generated from operations. We used a portion of our current cash on hand to fund the acquisition of Sage, which was completed on July 31. Following the acquisition, the company continues to have a strong balance sheet with no debt and significant financial flexibility for potential M and A or other growth opportunities.

Timothy Dec
Timothy Dec
Senior VP & CFO at Supernus Pharmaceuticals

Now turning to guidance. We are updating our full year 2025 financial guidance primarily to reflect Supernus' strong performance in the first half of the year and the impact of the Sage acquisition starting August 1. We expect total revenues to range from $670,000,000 to $700,000,000 up from the previous range of $600,000,000 to $6.30 comprised of net product sales and royalty and licensing revenues. Note that total revenue guidance for the full year 2025 assumes approximately 65,000,000 to 70,000,000 of combined net sales of Trokendi XR and Oxtellar XR, which remains unchanged. For the full year 2025, we expect combined R and D and SG and A expenses to range from $5.00 $5,000,000 to $530,000,000 up from the previous range of $435,000,000 to $460,000,000 The increase is primarily due to inclusion of Sage OpEx for the final five months of 2025.

Timothy Dec
Timothy Dec
Senior VP & CFO at Supernus Pharmaceuticals

Overall, we expect full year 2025 operating loss in the range of $70,000,000 to $80,000,000 compared to the previous range of $10,000,000 operating earnings to an operating loss of 15,000,000 This change is due to the inclusion of two items, 55,000,000 to 60,000,000 in Sage acquisition related costs, and an estimate of 10,000,000 to 20,000,000 in increased non cash amortization related to the Sage acquisition for the final five months of 2025. And finally, we expect our non GAAP operating earnings to range from 105,000,000 to 135,000,000, which is relatively consistent from the previous guidance. Please refer to the earnings press release issued prior to this call that identifies the various ranges of reconciling items between GAAP and non GAAP. With that, I will now turn the call back over to the operator for Q and A.

Operator

Thank you. At this time, we will conduct a question and answer One moment please.

Operator

Our first question comes from Stacy Ku of TD Cowen. The floor is yours.

Stacy Ku
Stacy Ku
Biotechnology Equity Research Analyst at Cowen

Hey, thanks so much for taking our questions and congratulations on a great quarter. First question is on KELBRE. Can you just talk about what kind of net pricing dynamics we saw in the quarter and maybe how we should think about the quarterly, let's say, net pricing for KELBRE moving forward? In addition, maybe provide an update on the KELBER launch progress in the adult segment and maybe that understandable focus on the back to school season for Q3. That's the first question.

Stacy Ku
Stacy Ku
Biotechnology Equity Research Analyst at Cowen

The second question is on APAGO. Just help us understand the seven fifty enrollment forms and 300 prescribers of APAGO and what we're seeing in Q2 in terms of sales. Just help us understand reimbursement, timelines to getting coverage, patients on maybe paid drug, or just help us understand that clear demand that we're seeing as it relates for Onepago versus maybe even AbbVie's Vilev when we look at kind of the sales they've reported and the type of demand they're seeing? That's our second question. Thanks so much.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Yes, starting with Calgary, if you look at the net pricing, it continues to be, you know, north of the $300 per prescription for a thirty day prescription. The gross to net, as we've made previous commentary in previous quarters, we expected to improve obviously versus the first quarter, and it did. Actually, it was pretty much around the same level it was in the second quarter of last year, so stayed consistent with that. And, regarding your question on the adult segment, as I mentioned in my prepared remarks, the adult business, which we've been investing in, clearly because of the size of that segment and its importance, for the health of the brand and its continued growth, is starting to show some traction. Now the business is about 35% of the total prescriptions of Calgary.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Adult prescriptions grew by 29% compared to about 20% for pediatrics. So pediatrics grew very well, of course, by 20%, but the adult performed a little bit more with 29% growth. Having said that, of course, it's also a lower base, so percentage wise it's gonna show that anyway. But we're very pleased with the continued growth on the adult. And then we're very happy that Calgary actually performed pretty well during the summertime, and we think some of that is also because of the increased growth in the adult side, because adult patient population does not get impacted as much with the seasonality that we see on the pediatric side.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

So given the high growth on the adult business, it helped us go through some fairly, you know, in the business, we look at the prescriptions of Cali, they held up really nicely during the summer months versus typically they could potentially decline. So we're very happy with the fact that we're now in the back to school season with a very good momentum behind the brand and a much stronger position than we've ever been, you know, to continue to push through. So we're looking for hopefully even a much stronger second half for the brand. So on that though, the seven fifty enrollment forms, you know, these are the forms that are submitted by our prescribers. And it takes time for these forms to eventually get adjudicated, everything gets processed for them to translate into actual shipments.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

And that's where in the end, you you'll see. The key thing is it's like a funnel, you got to keep filling in the forms because eventually you're going to lose some of them, and that's typical in the industry. In all specialty products, you lose a good portion of these forms and they don't all translate into actual patients. Right now, and this number is probably around the July, so it's not in this end of second quarter, but by the July, we estimate we have about slightly more than 200 patients on ASCO. So we're very excited about that.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

So we have a very good number of patients who are getting the product. A good portion also is a little bit north of twenty percent, twenty five percent are already getting refills, starting to get refills. So the momentum is really starting to build up behind the product, given that we just launched it a couple of months ago, late in April. So very happy about that. I'm also very happy about the fact that we have more than 300 prescribers.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

And we estimate about 50% of the prescribers are actually repeat prescribers. So everything is really pointing in the right direction for the very strong launch on an echo.

Stacy Ku
Stacy Ku
Biotechnology Equity Research Analyst at Cowen

Wonderful. And just to confirm, those 200 patients that you're saying, slightly more than 200 that are on opco, they're getting, you guys are getting reimbursement for that, or is there more of a, let's say, specialty pharmacy bridging program that's ongoing?

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

No, I mean, from a reimbursement coverage point of view, that is going as smooth as you can expect for a launch. We're gonna always have bumps on the way, but we're pretty happy with the amount of, you know, prescriptions that are going through, getting authorized. So you're working the system as time goes on, we work any kinks in it, but we're very happy with that and the amount of patients that are getting the shipments for the product. Understood.

Stacy Ku
Stacy Ku
Biotechnology Equity Research Analyst at Cowen

Thank you for your question.

Operator

Our next question comes from Andrew Tsai from Jefferies. The floor is yours.

John Cox
John Cox
Senior Research Associate at Jefferies

Hey, congrats on the quarter. This is John on for Andrew. Thanks for taking my question. So we saw XERXUVY Q2 sales accelerate meaningfully quarter over quarter. Were there any onetime events driving that sales growth?

John Cox
John Cox
Senior Research Associate at Jefferies

Or was it all mostly organic? And then do you expect that pace of growth to continue going forward into Q3 and Q4? And then maybe just broadly speaking, what do you think about the peak sales opportunity? And ultimately, what could be your appetite in looking at XERZUVEY and like MDD or any other CNS indications in the future? Or should we really be thinking that you'll be focused on the launch and kind of keep the pipeline shelf for now? Thanks.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Yeah, the only thing I can really speak about, Zuve, given that we just closed on the transaction, and we'll be coordinating, and we do from a public disclosure perspective with our partner Biogen, but I can give you a little bit more color given, you know, what Sage has reported. So based on what Sage has reported, in the second quarter they saw 36% growth in the prescriptions. About 4,000 TRXs were shipped to women with PPD. I mean, is a very strong healthy growth. And, if you recall in the first quarter, actually they grew by 22% versus the fourth quarter of last year.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

So we're really excited about the momentum that the brand is picking up. Clearly, that is also the benefit of some of the expansion that the two partners have done, Biogen and Sage, at that time with the expansion of the sales force and the continued investment behind the brand. So we're pretty pleased with the strong growth in the business on a unit basis. And obviously, that is being reflected, of course, in the dollar. On the dollar side, again, as I said, we just closed on the deal, so we need a couple of days to a little bit understand if there is any shift in inventory or anything there else that may have benefited the dollar amount.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

I don't have really clear answer for you at this point. But clearly, what's more important is the shipments and the prescriptions, and that's what we're very focused on at this point. As far as peak sales of the brand itself, again, we haven't made any specific public commentary. The only thing I can tell you is some public information. Of course, everybody knows the milestones we have with the purchase of Sage.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

So we will be very happy to pay all these milestones and the CVRs that we have on the deal. And that gives you some idea for, you know, what the brand, you know, or the level of sales that we're thinking, and we will be working very hard to achieve, you know, for this product. I'll just remind folks that these milestones or the sales numbers are actually 50% of what the total brand, would be, because that would be the net revenues as reported by Supernus for these CDRs. And then finally regarding any potential future indications or anything specific with that, again, I'm not at any specific liberty at this point to talk about the future plans of the product until we sit down, you know, and, and talk to our partner, Biogen, regarding the potential of the brand. But certainly within it, we're in it for the long haul and within it to build as big of a product as possible here to serve as many patients.

John Cox
John Cox
Senior Research Associate at Jefferies

Great. Thank you so much.

Operator

Thank you for your question. Our next question comes from Kristen Kaliska from Cantor Fitzgerald. The floor is yours.

Kristen Kluska
Equity Research Analyst at Cantor Fitzgerald

Hi, everyone. Congrats on a great quarter. Two questions for me. The first is just on KELBRI. Obviously, in 2Q, you introduced a lot of new sales launch initiatives.

Kristen Kluska
Equity Research Analyst at Cantor Fitzgerald

So I'm curious with all the new prescribers that are coming on board, What are some of the key reasons doctors are wanting to try this option and how much of the recent launch has been dictated by doctors offering this to patients versus patients asking their doctors about it?

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Yeah, it's really a combination of all that, Kristen. There is no one specific initiative that is really driving the strong performance of the brand. Clearly at the beginning of the year, what I believe you're referring to is the new label that we got or changes on the labels that were very, very favorable for the product from the perspective of first really clarifying and providing more information about the mechanism of action of Kelvin, which separates the product significantly versus a lot of these options that are out there, specifically with its activity and modulation of the serotonin. And that really differentiates the product and explains also a lot of its activity and how it treats ADHD and the way patients feel when they get the product. So a lot of the time we spend in the first quarter, of course, also in the second quarter, educating physicians about the change in the label, the mechanism of action.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

We spend a lot of time in pushing the adult business, as I mentioned earlier. So we're doing a lot of things on different fronts, and a lot of these things tie together. The change also in the addition of the lactation data, that is also important for patients, female patients who are in the adulthood and so forth. So a lot of things tied together. And all these initiatives have converged and really produced the results that we've seen behind the brand.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

And now with the back to school season, clearly we will shift some of the emphasis back on the pediatric side, the most advantage of the memento of the back to school season. So that would be great for us in the third quarter, to continue with the push for the product. Hopefully, as I mentioned earlier, that we finished even stronger in the second half, even stronger than the first half.

Kristen Kluska
Equity Research Analyst at Cantor Fitzgerald

Thank you so much for that. And then with the Sage deal closed now, can you give us a rough sense of what that pro form a cash looks like? I know they did have a good amount of cash left on their balance sheet at all. And just on the sense of the future M and A or in licensing opportunities, should we expect there to be more focused specifically in the OBGYN space as you build the sales force and do the work there for PPD? Thanks again.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Yeah, sure. I'll take the latter part of the question, and then I'll ask Tim to talk specifically about the cash. From a corporate development perspective, strategy perspective, our top priorities are pretty much still the same. First, starting with revenue generating products that could continue to build our commercial footprint in CNS. And now, as you mentioned, given that now we are getting into the OBGYN space, definitely women's health will be an area that we will be looking at very seriously.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

And it opens up a whole area for us, an additional growth opportunity for us. So we will be looking at both areas as always, CNS, neurology, psychiatry, but also now with OBGYN. And as far as the size of the transaction, all depends on a case by case scenario, the type of products we're bringing in. And also regarding the balance sheet, I'll let Tim now comment concerning your question about the cash, the pro form a cash position.

Timothy Dec
Timothy Dec
Senior VP & CFO at Supernus Pharmaceuticals

Yeah. As I mentioned in my prepared remarks, we still have a strong balance sheet. At the time of the close, our cash is between $2.40 and $260,000,000.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

So that should clearly give us a continued flexibility, given that we still have a very strong and healthy balance sheet overall.

Kristen Kluska
Equity Research Analyst at Cantor Fitzgerald

Thank you so much.

Operator

Thank you for your question. Our next question comes from Annabel Sanami from Stifel. The floor is yours.

Jack Padovano
Jack Padovano
Equity Research Associate - BioPharma at Stifel Financial Corp

Hi, this is Jack on for Annabel. Thanks for taking our questions. So on the topic of the OBGYNs, you've noted that this is the best area for expansion for XERZUVY, But your real point of leverage historically has been psychiatry. So how do you plan on balancing these two? What type of investment do you need to make to kind of reach these prescribers?

Jack Padovano
Jack Padovano
Equity Research Associate - BioPharma at Stifel Financial Corp

And does Biogen need to kind of get on board with that decision?

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

At this point currently, so far, what we've seen is that 70% to 80% of the prescriptions are generated by OBGYNs. So clearly, the business is heavily skewed, which makes a lot of sense, of course, given the patient journey, where it starts and where it ends and so forth. And the remainder of the prescription, 20% or so, is in the psychiatry space. So that's not too small, clearly. That is an area where we will be exploring.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Again, we will explore that together with our partner Biogen to see how we can, if there is a chance here to potentially take advantage of our strong presence in psychiatry, does it make sense, can we expand further in the psychiatry space? So you bet, I mean, that is something we will be talking about with our partner, and any decisions will have to be made, of course, jointly as to what kind of expansion, if there is any expansion, investment, or whatever it is, where we can explore that avenue and further improve and increase the reach, so we can reach patients who will go to the psychiatry office. So that is clearly an area we will be exploring as we move forward.

Jack Padovano
Jack Padovano
Equity Research Associate - BioPharma at Stifel Financial Corp

Thanks. And then one more from us. Just wanted to understand the dosing dynamics for CALBRE in adults a little bit better. Is there still the same level of combination usage with stimulants? And if so, why is that so persistent?

Jack Padovano
Jack Padovano
Equity Research Associate - BioPharma at Stifel Financial Corp

I I would think that would kind of defeat the purpose and advantage of KELBRE being a nonstimulant in that case.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Yeah. It's actually driven by the stimulants themselves and how nasty they can be, of course. Otherwise, why would a physician be considering to switch or add calorie or switch to calorie, right? That means there is a problem. There is something that the patient is struggling with.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

And the stimulant on its own is not really doing what it's supposed to do, meaning address the symptoms that the patient is going through. So instead of completely taking the patient off the stimulant, which has a lot of issues with it when you do that, withdrawals, a lot of patients feel withdrawal and suffer from all kinds of symptoms when you cut them off completely from the amphetamines or methylphenidates, what physicians try to do is taper off the dose of the stimulant over time, and then as time goes on, increase the dose of KELB. And therefore the use of KELB in combination with the stimulants perhaps continue to be the case. Physicians like to do that because they don't want to take patients off completely, very quickly, very suddenly off the stimulants. And they like to titrate on Kelvin and add it, and therefore the reason why we see a very good healthy level of use as a combination.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

It continues to be around the forty percent of adult prescriptions to be combination use. In pediatric, it's less so, it's about twenty percent we estimate of the pediatric prescriptions are combination. So that dynamic continues to be the case. And then eventually what happens with the patient as they're off the stimulant, actually a lot of them interestingly, you know, they find out that they don't have to have any more two prescriptions or two stimulants that they used to take. Because a lot of them used to take the controlled release, let's say amphetamine, and then later in the day they need to supplement with an immediate release because even the extended release doesn't cover and give them the full coverage for the full day.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

With KELRI, what they're finding out is that with one pill, that's all that they have to do is take KELRI once a day and it truly gives them a full twenty four hour coverage. So KELRI has a lot of advantages clearly by giving them the full day coverage without having to take two different products. And of course, a very different profile continues to have good efficacy and that's why people continue to use it. And actually, in adults, I mean, the satisfaction is pretty high among physicians who have tried KELBY and continue to add more patients in the offices, adding more patients on KELBY.

Jack Padovano
Jack Padovano
Equity Research Associate - BioPharma at Stifel Financial Corp

Very helpful. Thanks for the explanation.

Operator

Thank you for your question. Our last question comes from David Amsellem from Piper Sandler. The floor is yours.

Alex Riesemann
Alex Riesemann
Equity Research Analyst at Piper Sandler Companies

Hi. Thanks for taking our question. This is Alex on for David. Can you please talk to your commercial infrastructure to support XERJUVY in postpartum depression, particularly in terms of headcount and how many practitioners it's targeting, and anything you plan to do differently than Sage? Thank you.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Yeah. At this point, unfortunately, I'm not at liberty in getting into the details of the infrastructure, the sales force, the number of and so forth, again, until we have some time to discuss with our partner Biogen. So we will reserve that later. We're happy to provide any color later if that is something that our partner would like to talk about publicly. So for now, we can't make unfortunately any comments on that.

Alex Riesemann
Alex Riesemann
Equity Research Analyst at Piper Sandler Companies

Okay. Thank you.

Operator

Thank you for your question. This concludes the question and answer session. I would now like to turn it back to Jack Katter for closing remarks.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Thank you for joining us to learn about our second quarter twenty twenty five operating performance and highlights. The company continues to execute well, setting the stage to make 2025 as the year when we complete the transition from our legacy products to 10DXR and Oxtellar XR. With the addition of ZERZUVE, the launch of Onacto, and the continued robust growth of KELVY and GOCOVRI, we have just entered a new phase in our history, a phase of renewed and accelerated growth and profitability. Our strengthened portfolio of four core growth drivers would position us to further accelerate the growth in revenues and earnings. We are also focused on generating strong cash flows behind the strength of our expanded product portfolio and through the efficiency of our operations.

Jack Khattar
Jack Khattar
CEO, President & Director at Supernus Pharmaceuticals

Thanks again for joining us this afternoon. We look forward to updating you on our next call.

Operator

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

Executives
    • Jack Khattar
      Jack Khattar
      CEO, President & Director
    • Timothy Dec
      Timothy Dec
      Senior VP & CFO
Analysts
    • Peter Vozzo
      Managing Director at ICR
    • Stacy Ku
      Biotechnology Equity Research Analyst at Cowen
    • John Cox
      Senior Research Associate at Jefferies
    • Kristen Kluska
      Equity Research Analyst at Cantor Fitzgerald
    • Jack Padovano
      Equity Research Associate - BioPharma at Stifel Financial Corp
    • Alex Riesemann
      Equity Research Analyst at Piper Sandler Companies
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