Supernus Pharmaceuticals Inc Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew say - Jeffreys Institute - Analyst : Nice execution this quarter and thanks for taking my questions. I wanted to ask on an ONAPGO sounds like it's off to a strong start. And so if you guys could have met all the patient demand this quarter, there are no supply constraints. How many more patients would have received on ONAPGO and where would the sales have been? Thanks.

Question: Andrew say - Jeffreys Institute - Analyst : Thank you. And secondly, as a follow-up just to manage street expectations, is the supply constraint in such a way where we should be thinking that Q4 might be softer relative to Q3, or could it still grow and Because you still have a supply, I guess. Like I'm trying to gauge whether there's a potential bolus in Q4 or whether it could actually be softer actually. I don't know how to think about it, but any color would be helpful.

Question: Andrew say - Jeffreys Institute - Analyst : Okay, sounds like a good problem to have, thank you.

Question: Stacy Koo - TD Cohen - Analyst : Hey there, Hi, thanks so much for taking our questions, and a nice quarter. Congrats on a nice quarter. Some follow-ups on an ONAPGO. First, maybe walk through for us what the rate limiting steps are. And then more specifically, what is the high and low end in terms of the amount of time that you think you'll need to resolve this issue, so just some type of range, as you're talking about all these different details which we very much appreciate. So that's the first question. And then the second, of course, I love was approved ahead of an ONAPGO, but is given this really high patient demand and seems like the inability to address. What the patients are asking for, are we going to expect this to persist, or are they going to be absorbed by the competitor? So that's the second question. And then third, maybe just off topic from ONAPGO, maybe just help us understand margins. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2025 / 9:30PM, SUPN.OQ - Q3 2025 Supernus Pharmaceuticals Inc Earnings Call They have looked pretty healthy for this quarter, so just help us understand where they're going to settle as more products are coming forward versus where they are currently. Thanks so much.

Question: Stacy Koo - TD Cohen - Analyst : Okay, and just to confirm, when you talk about capacity, are you talking about the device or the actual API? Just help us understand what is the supply limitation.

Question: Stacy Koo - TD Cohen - Analyst : Okay, understood thank you.

Question: David Amselen - Piper Sandler - Analyst : Thanks. So I have an ONAPGO question and then also a ZURZUVAE question. So on ONAPGO , just coming back to the previous question about potential lost business to the competitor, have you, I guess the question here is what have you heard in the field regarding that. And I guess in real time, can you give us a sense of how much of your Patients that where PEFs have already been submitted, do you expect to keep is that, the vast majority, is it something less? Just help us understand how to think about that and the potential for lost business with some more granularity. So that's number one. And then secondly on ZURZUVAE, can you tell us how many reps you have detailing the product, your plans for Salesforce expansion. And also the your willingness, I guess, and motivation to try to acquire the other 50% of the asset that your partner has. How are you thinking about that? Thank you.

Question: David Amselen - Piper Sandler - Analyst : All right, thanks Jack.

Question: Pavin Patel - BFA Securities - Analyst : Hey, great, thanks for taking my questions. First, on net pricing, I know ONAPGO [inaudible], can you talk about, how we should think about the current gross net deductions versus steady state? And given 2/3 of the patient segment is Medicare, would you expect a 35% gross net deduction, or could pricing look better, on a steady state basis and if you can speak to that person. Deduction looks like currently and then second question I think Jack at a recent burger conference you mentioned from a BD perspective that you would look at assets with synergies to the recent Sage acquisition. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2025 / 9:30PM, SUPN.OQ - Q3 2025 Supernus Pharmaceuticals Inc Earnings Call Can you provide some more details on that? Does that mean women's health, which is historically a very tough competitive space to play in, or other assets like depression? Thank you.

Question: Pavin Patel - BFA Securities - Analyst : And if I could just ask a follow-up question as well. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2025 / 9:30PM, SUPN.OQ - Q3 2025 Supernus Pharmaceuticals Inc Earnings Call On Abby's call their R&D had walked us through some key differences between Violev and ONAPGO, and our own work shows that even though Violle is expected to capture the bulk of share here, there's a patient segment, in which patients would benefit from ONAPGO therapy. Maybe if you can help us better understand what is that niche that you're hoping to carve out and what's the messaging here from your sales force to the movement disorder specialists that treat these patients. Thank you.

Question: Pavin Patel - BFA Securities - Analyst : Thank you.

Question: Annabelle Samimi - Stifle - Analyst : Hi, thanks for taking my questions and again good quarter. Just going back to ONAPGO and the reception to it, physicians are clearly interested in the pomorphine molecule or else this wouldn't have seen such high demand. So when you think of the patients that are going on treatment or enrolling, filling out the inpatient enrollment forms, are these patients, that have already been on some form of apomorphine and is there. I guess a temporary option to lock them into treatment with apomorphine while you're getting supply up and running so that you can sort of not lose them to a potential we (adopa carbidopa pump). Can you just talk about the dynamics there for for a minute if there's a middle ground there until until they get on board and you have the capacity?

Question: Annabelle Samimi - Stifle - Analyst : Okay, got it. And and just I know that one other point of differentiation you've always pointed to is the safety. Is that resonating with physicians at all, or they're mostly focused on the type of molecule that that they want to move forward with as far as next stage of treatment?

Question: Annabelle Samimi - Stifle - Analyst : Got it. And then just one other question going back to expanding into the OBGYN space, clearly it's an interesting area as a first point of contact, and, I, I'm just wondering if you. Expanding into the spaces, has there been any resistance from from Biogen here or are they on board with this potential ex expansion, and do you have any sense of timing when that can happen?

Question: Annabelle Samimi - Stifle - Analyst : No into the OBGYN market. As a target audience.

Question: Annabelle Samimi - Stifle - Analyst : Yeah.

Question: Annabelle Samimi - Stifle - Analyst : Yeah, no, I was referring specifically to ZURZUVAE and a timing on is there any timing on that or that's just a future goal.

Question: Annabelle Samimi - Stifle - Analyst : Okay, got it. That's great thank you.