Achieved record 2025 revenues of $719 million, successfully transitioning the business model following the loss of exclusivity for legacy products Trokendi XR and Oxtellar XR.

Growth was primarily driven by a 40% revenue increase across four key products: Qelbree, GOCOVRI, ZURZUVAE, and ONAPGO, which now represent 76% of total revenues.

Successfully integrated the Sage Therapeutics acquisition, adding ZURZUVAE to the portfolio and establishing a strategic foothold in the women's health and postpartum depression (PPD) markets.

Managed ONAPGO supply constraints by prioritizing existing patient maintenance while preparing to resume new patient initiations in early 2026.

Attributed Qelbree's fourth-quarter net sales lag relative to prescription growth to an unexpected $4 million PBM bill covering the full year of 2025.

Maintained a disciplined R&D approach by retaining high-potential Sage assets for internal development while seeking external partnerships for early-stage pipeline candidates.

Projected 2026 total revenues of $840 million to $870 million, assuming ONAPGO contributes between $45 million and $70 million as supply stabilizes.

Anticipate Qelbree gross-to-net deductions to normalize between 50% and 55% for the full year 2026, consistent with previous long-term targets.

Strategic focus for 2026 involves clearing the ONAPGO patient backlog and transitioning to a second manufacturing supplier by 2027 to ensure long-term capacity.

M&A strategy remains prioritized toward revenue-generating assets or late-stage pipeline candidates that could launch between 2027 and 2031.

Clinical timelines for SPN-820 (depression) and SPN-817 (epilepsy) target top-line data readouts in 2027, with 820 expected to recruit faster due to the indication type.

Recorded $73 million in acquisition-related costs and $50 million in incremental operating costs associated with the Sage Therapeutics transaction in 2025.

Reported a GAAP operating loss of $62.3 million for 2025, largely due to one-time acquisition expenses and higher intangible asset amortization for new products.

Identified a 700-patient queue for ONAPGO awaiting benefit verification, representing a significant near-term revenue conversion opportunity as supply resumes.

Noted that while ONAPGO demand is high, the conversion of 1,800 enrollment forms to active patients is subject to typical specialty pharmacy attrition and reimbursement hurdles.

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Management confirmed the current supplier can meet the $45 million to $70 million guidance for 2026, with a second European supplier bridging the gap in 2027.

The FDA approval for the second site is expected to require stability and comparability data rather than new clinical trials, with a 6-to-9 month review cycle anticipated.

Management highlighted a 70% repeat prescriber rate, indicating high physician satisfaction once the initial 'courage' to diagnose PPD is established.

The 2026 strategy includes new DTC (Direct-to-Consumer) advertising to increase patient self-identification and drive action beyond simple brand awareness.

Supernus remains 'agnostic' between neurology and psychiatry but is now actively exploring further opportunities in women's health following the Sage deal.

The company is specifically targeting cash-flow-positive assets to leverage its debt-free balance sheet and $309 million cash position.

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