Supernus Pharmaceuticals’ first quarter results were met with a negative market reaction, despite revenue and non-GAAP profit exceeding Wall Street’s expectations. Management attributed the quarter’s performance to strong prescription growth in core products, particularly Qelbree and GOCOVRI, which offset declines in legacy drugs Trokendi XR and Oxtellar XR. CEO Jack Khattar highlighted Qelbree’s “all-time high” in monthly prescriptions and emphasized the impact of expanded prescriber adoption alongside favorable Medicare policy changes boosting GOCOVRI. However, management also acknowledged increased operating expenses driven by clinical program investments and milestone payments related to new product launches.
Is now the time to buy SUPN? Find out in our full research report (it’s free).
Supernus Pharmaceuticals (SUPN) Q1 CY2025 Highlights:
- Revenue: $149.8 million vs analyst estimates of $147.9 million (4.3% year-on-year growth, 1.3% beat)
- Adjusted EBITDA: $46.28 million vs analyst estimates of $49.3 million (30.9% margin, 6.1% miss)
- The company reconfirmed its revenue guidance for the full year of $615 million at the midpoint
- Operating Margin: -6.8%, down from -2.2% in the same quarter last year
- Market Capitalization: $1.95 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 Supernus Pharmaceuticals’s Q1 Earnings Call
- Andrew Tsai (Jefferies): Asked about the balance between volume and price as Qelbree’s key growth drivers in 2025. CEO Jack Khattar replied that growth would be primarily volume-driven, supplemented by a small price increase.
- Stacy Ku (TD Cowen): Inquired about Qelbree’s Q1 pricing dynamics and the infrastructure for ONAPGO’s patient access. Khattar explained seasonal gross-to-net pressure and expressed confidence in ONAPGO’s established support systems for patient onboarding.
- Annabel Samimy (Stifel): Sought details on ONAPGO’s reimbursement and product differentiation versus AbbVie’s competing pump. Khattar highlighted ONAPGO’s unique mechanism and support services, emphasizing add-on therapy potential.
- David Amsellem (Piper Sandler): Questioned ONAPGO’s competitive positioning and future plans for SPN-443. Khattar pointed to early positive feedback for ONAPGO and noted ongoing assessment of SPN-443’s lead indication.
- Kristen Kluska (Cantor Fitzgerald): Asked about the proportion of Qelbree’s new users and the persistence of combination therapy in adults. Khattar stated that about one-third of patients are first-time ADHD users, while combination use in adults remains around 35%–40%.
Catalysts in Upcoming Quarters
In the upcoming quarters, the StockStory team will be closely watching (1) the pace of ONAPGO adoption and the conversion rate from patient enrollment forms to active prescriptions, (2) sustained prescription momentum for Qelbree and GOCOVRI, particularly in light of changing Medicare dynamics, and (3) progression of clinical trials for pipeline assets such as SPN-820 and SPN-443. Execution in these areas will be key to tracking Supernus’ ability to offset legacy product declines and deliver long-term growth.
Supernus Pharmaceuticals currently trades at $31.20, down from $32.44 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).
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