Supernus Pharmaceuticals reported Q3 results that were above Wall Street’s revenue and profit expectations, but the market reacted negatively, reflecting concerns over execution challenges and forward guidance. Management attributed quarterly growth to robust demand for Qelbree and GOCOVRI, as well as initial contributions from Onapgo and collaboration revenue from Zurzuvae. CEO Jack Khattar acknowledged that supply constraints for Onapgo limited the company’s ability to fully meet patient demand, describing the issue as a “high-quality problem” but one that requires urgent resolution. Management also cited higher operating expenses related to the Sage acquisition as a key factor weighing on profitability.
Is now the time to buy SUPN? Find out in our full research report (it’s free for active Edge members).
Supernus Pharmaceuticals (SUPN) Q3 CY2025 Highlights:
- Revenue: $192.1 million vs analyst estimates of $182.1 million (9.3% year-on-year growth, 5.5% beat)
- Adjusted EPS: $0.61 vs analyst expectations of $0.82 (25.9% miss)
- Adjusted EBITDA: $66.71 million vs analyst estimates of $20 million (34.7% margin, significant beat)
- The company lifted its revenue guidance for the full year to $695 million at the midpoint from $685 million, a 1.5% increase
- Operating Margin: -31.4%, down from 23.2% in the same quarter last year
- Market Capitalization: $2.60 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Supernus Pharmaceuticals’s Q3 Earnings Call
- Lin Tsai (Jefferies LLC) asked how many more patients could have started Onapgo without supply constraints. CEO Jack Khattar said it was difficult to estimate but reiterated strong demand and commitment to resolving bottlenecks quickly.
- Stacy Ku (TD Cowen) pressed for specifics on the timing of resolving Onapgo’s supply issues. Khattar described capacity as the limiting factor and said efforts are focused on cartridge production, but would not commit to a resolution date.
- David Amsellem (Piper Sandler) questioned potential patient loss to competitors due to Onapgo shortages and asked about Supernus’ willingness to acquire full ownership of Zurzuvae. Khattar emphasized long-term patient retention and openness to expanding the partnership with Biogen.
- Pavan Patel (BofA Securities) sought clarity on Onapgo’s gross-to-net pricing trajectory and the types of business development assets being prioritized post-Sage acquisition. Khattar indicated that pricing is still stabilizing and reiterated interest in both CNS and women’s health opportunities.
- Annabel Samimy (Stifel) asked about physician feedback on Onapgo and strategies to retain patients during supply disruptions. Khattar highlighted positive clinical feedback, especially among those switching from Apokyn, and underscored the importance of service quality for retention.
Catalysts in Upcoming Quarters
In coming quarters, the StockStory team will closely monitor (1) progress in resolving Onapgo’s supply chain bottleneck and its impact on patient retention, (2) the pace of integration and realized synergies from the Sage acquisition, and (3) continued prescription growth for Qelbree and GOCOVRI. Advancements in pipeline programs and potential business development activity in women’s health or rare CNS disorders will also be important milestones.
Supernus Pharmaceuticals currently trades at $44.71, down from $57.08 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free for active Edge members).
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