Supernus Pharmaceuticals Inc at Bank of America CNS Therapeutics Conference (Virtual) Transcript

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

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : So the company most recently did BD deal for the acquisition of Sage. And now that we're a full quarter into the Sage integration, can you provide some more granularity on the realization of the $200 million in annualized synergies? And are these savings coming mostly from SG&A? And have you done the work in order to go through the R&D programs and figure out what's going to be eliminated versus what you're considering continued development?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : And then with regards to the lead asset, ZURZUVAE, I think historically, there might have been sometimes a periodic disconnect between script demand and then the reported revenue due to inventory dynamics. So maybe if you could just help us understand how this evolved in 3Q and how you expect this to evolve moving forward?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : And then I guess like just on the point about the upsizing of the sales force, can you help us understand the magnitude of that? And how you see that in a steady state scenario? And then what specialties are these sales reps targeting? Is it just the OB/GYNs? Or are there other specialties that are new sources of patient adds?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : And then, I guess you mentioned that it's mostly demand driven. So in terms of the gross to net adjustments, should we expect that to be steady from here? Or are you expecting them to evolve as payer coverage expands? Or is payer coverage already at a steady state level and it should be just steady from here?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : And so like of that 500,000 women per year who have PPD symptoms, like what percent would you say are currently diagnosed? And what do you see that -- how do you see that diagnosis rate improving over the next 12 to 18 months?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay. Great. Maybe we can switch over to Qelbree next, which is the largest asset for the company by revenue. And so I guess just going through the last 3Q results, I'm wondering how did the pediatric segment perform relative to the adult segment? I know the adult segment is framed as more of the untapped opportunity, right? So just wondering how we should think about that?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : So just on this topic of growth drivers for Qelbree, maybe with the genericization of Vyvanse and ongoing shortages of various stimulants, have you seen an acceleration in switching to Qelbree? And is that still a tailwind to the business?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : And then I guess like in terms of the current source of business in terms of switch patients versus treatment-naive patients for Qelbree, what's the mix for that look like? And has that shifted in the past quarter at all?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : I guess like in terms of -- if you were to break down the two-patient categories as nonstimulants and stimulants, like what are the key reasons that patients on other nonstimulants might switch over to Qelbree? And then the same question for stimulants. I guess like some of the feedback that we've gotten from KOLs is like the adults, they'll go on these stimulants because they need more higher efficacy benefit, but then they get that afternoon crash, right? And then for nonstimulants, I guess just if you could frame what the key differentiation is relative to other nonstimulants, which I guess the nonstimulant share of the market is small. So it's an opportunity for them to grow the pie, but maybe there is also some share gains from switches from other nonstimulants, too. So --

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Great. Maybe we can shift to ONAPGO and GOCOVRI next. So I think this is one of the key focus areas for investors, right, because this is a high-growth asset. And so with regards to supply, I think your commentary at recent broker conferences has been that the supplier, which is used by STADA has dedicated capacity for fill/finish for another product, right, which limits ONAPGO supply. So maybe can you, one, help us understand the decision-making process from the supplier here? And then I have a follow-up to that as well.

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Yeah. So I guess just a two-part follow-up. So first, I guess, when I was looking through the EU regulatory filings, I noticed that the contract manufacturer there was Laboratoire Aguettant. So I'm just wondering whether that's the EU manufacturer that's used in the apomorphine that's marketed in the EU historically? And if that's the opportunity with the second supplier? And then the second part of the question is what's the time line for filing a prior approval supplement? Has that already been done? And what's the progress in terms of certifying an additional manufacturing facility?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : And so the current manufacturing facility that's US-based. Is that correct?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Great. That's super helpful. So now that ONAPGO has been on the market for a few months, can you share any details regarding the discontinuation rate?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : And then are there any patients that are on the waiting, which I think like was 1,300 right at the 3Q results who have decided to then go on to VYALEV instead? And is this a dynamic that you're tracking?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : And then when you have the inventory on hand, I think the period of time that it was good for, I think, for the label is like 12 months, right? And then in the EU version, I think the product is -- inventory is good for 24 months. So is this potentially a change to the label that you might explore to have the inventory be good for a longer period of time so that you can maybe stockpile more inventory in the future when the supply constraint is resolved? Or how should we think about further down the line remediations of supply chain resiliency?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : And then, I think you alluded to this earlier that enrollment forms continue to be added. So maybe if you can just speak to the volume of those enrollment adds, enrollment form adds. Is the level of demand continuing to be maybe not as high as before, but meaningful so that there is a patient bolus that's still available when you resolve the supply constraint?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : And then, in terms of like the reimbursement, so the patients that were on the drug at 3Q, I think it was 400 patients. What percent of those were on paid drug versus free drug? And should we expect revenue recognition per patient to improve over time? Maybe this speaks to the evolving payer coverage of ONAPGO, whether there's still work to be done there?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : And then on GOCOVRI, I think this product continued to grow right in 3Q despite generic entrants maybe for other amantadine products. So what's driving this durability? Is it the dyskinesia indication? Or is it broader use in the OFF episodes?

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Yeah. Maybe we could shift to the pipeline in the last few minutes that we have here. So thinking on SPN-820, I think you've had mixed results in TRD and you've initiated a study in MDD. Maybe if you can speak to what gives you confidence in the mechanism of action for the broader MDD population. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 8:20PM, SUPN.OQ - Supernus Pharmaceuticals Inc at Bank of America CNS Therapeutics Conference (Virtual)

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay. That's super helpful. And then moving to SPN-817, which I think will be the last question given we're coming up at time. You mentioned some open-label data for SPN-817 in the past as well. So maybe if you could provide some more color on the safety profile of this asset, particularly the adverse events that maybe you've seen in the maintenance phase.

Question: Pavan Patel - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Great. Thank you so much for the time today. I really appreciate it.