The strong revenue growth from new products ZURZUVAE and ONAPGO validates the Sage Therapeutics acquisition. Traders should monitor ONAPGO's commercial ramp-up in 2026, as it's expected to generate $45-$70M in net sales. The resumption of patient initiation for ONAPGO is a positive catalyst. The significant gap between GAAP and non-GAAP earnings ($0-30M vs $140-170M) suggests substantial non-cash and acquisition-related expenses will continue in 2026.
Price Chart
Executive Summary
Supernus Pharmaceuticals reported record financial results for Q4 and full year 2025, with total revenues of $211.6 million (up 21% YoY) and $719.0 million (up 9% YoY) respectively. The growth was driven by strong performance from Qelbree and GOCOVRI, and new revenues from ZURZUVAE and ONAPGO following the Sage Therapeutics acquisition. The company provided 2026 guidance of $840-$870 million in total revenues and $140-$170 million in adjusted operating earnings.
Key Financial Metrics
Key Facts
- Record total revenues of $211.6M in Q4 2025 (21% YoY growth) and $719.0M for full year 2025 (9% YoY growth)
- Combined revenues from four growth products reached $161.3M in Q4 and $521.8M for full year, representing 45% and 40% YoY growth respectively
- ONAPGO net sales were $8.9M in Q4 following its April 2025 launch, with patient initiation resuming in Q1 2026
- Collaboration revenue from ZURZUVAE was $32.8M in Q4, with Biogen reporting 187% YoY growth in U.S. sales
- Full year 2026 guidance: $840-$870M total revenues, $0-$30M GAAP operating earnings, $140-$170M adjusted operating earnings
- Cash, cash equivalents, and current marketable securities were $308.7M at December 31, 2025
Financial Impact
Revenue growth of 21% in Q4 and 9% for full year 2025, with 2026 revenue guidance of $840-$870M representing 17-21% growth over 2025
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Qelbree | $81.0M | +9.0% |
| GOCOVRI | $38.6M | +5.0% |
| ZURZUVAE | $32.8M | — |
| ONAPGO | $8.9M | +100.0% |
Risk Factors
- GAAP operating loss of $4.0M in Q4 2025 compared to $21.4M operating earnings in Q4 2024
- Cash position decreased to $308.7M from $453.6M due to Sage acquisition funding
- Legacy products APOKYN, Trokendi XR, and Oxtellar XR showed significant revenue declines of 52%, 43%, and 48% respectively in Q4
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001356576-26-000004 |
| Document: supn-20260224.htm | 0001356576-26-000004 |
| Document: 0001356576-26-000004-index-headers.html | 0001356576-26-000004 |
| Document: 0001356576-26-000004-index.html | 0001356576-26-000004 |
| Document: 0001356576-26-000004.txt | 0001356576-26-000004 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 20d ago | DEFM14A | $41.49 $42.78 | ▲ +3.11% | ▲ +3.00% | $42.41 (+2.22%) |
Aug 3, 2026 8w ago | DEFA14A / 425 | $43.25 $46.88 | ▲ +8.39% | ▲ +8.49% | $42.41 (−1.94%) |
Aug 3, 2026 8w ago | 8-K | $43.25 $46.88 | ▲ +8.39% | ▲ +8.49% | $42.41 (−1.94%) |
Aug 3, 2026 8w ago | DEFA14A / 425 | $46.00 $47.07 | ▲ +2.33% | ▲ +0.30% | $42.41 (−7.80%) |
Aug 3, 2026 8w ago | 8-K | $46.00 $47.07 | ▲ +2.33% | ▲ +0.30% | $42.41 (−7.80%) |
Aug 3, 2026 8w ago | 8-K | $46.00 $47.07 | ▲ +2.33% | ▲ +0.30% | $42.41 (−7.80%) |
Aug 3, 2026 8w ago | DEFA14A / 425 / 8-K | $46.00 $47.07 | ▲ +2.33% | ▲ +0.30% | $42.41 (−7.80%) |
Jul 22, 2026 10w ago | 8-K | $47.19 $45.61 | ▼ −3.35% | ▼ −3.82% | $42.41 (−10.13%) |
Jul 22, 2026 10w ago | Press Release | $47.19 $45.61 | ▼ −3.35% | ▼ −3.82% | $42.41 (−10.13%) |
Jul 20, 2026 10w ago | Court Ruling | $47.42 $46.20 | ▼ −2.57% | ▼ −2.15% | $42.41 (−10.57%) |
US Market Status
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