Supernus Pharmaceuticals, Inc. (SUPN) Q1 2026 Earnings Report, Transcript and Summary

Good afternoon, and welcome to Supernus Pharmaceuticals, Inc. first quarter 2026 financial results conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will follow at that time. As a reminder, this conference is being recorded. I would now like to turn the conference over to Peter Vozzo of ICR Health Care, Investor Relations representative for Supernus Pharmaceuticals, Inc. You may begin. Thank you. Good afternoon, everyone, and thank you for joining us today for Supernus Pharmaceuticals, Inc. first quarter 2026 financial results conference call.

Today, after the close of the market, the company issued a press release announcing these results. On the call with me today are Supernus Pharmaceuticals, Inc. Chief Executive Officer, Jack A. Khattar, and Chief Financial Officer, Timothy C. Dec. Today's call is being made available via the Investor Relations section of the company's website at ir.supernus.com. During the course of this call, management may make certain forward-looking statements regarding future events and the company's future performance. These forward-looking statements reflect Supernus Pharmaceuticals, Inc.'s current perspective on trends and information. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the Risk Factors section of the company's latest SEC filing. Actual results may differ materially from those projected in these forward-looking statements. For the benefit of those of you who may be listening to the replay, this call is being held and recorded on 05/05/2026. Since then, the company may have made additional announcements related to the topics discussed. Please reference the company's most recent press releases and current filings with the SEC. Supernus Pharmaceuticals, Inc. declines any obligation to update these forward-looking statements except as required by applicable securities laws. I will now turn the call over to Jack.

Thank you, Peter, and thanks everyone for taking the time to join us on today's call. Supernus Pharmaceuticals, Inc.'s first quarter results reflect a strong start to the year, including a 56% year-over-year increase in combined revenues of our growth products and an 11% year-over-year increase in adjusted operating earnings. Starting with Onepco, during the first quarter, Onepco generated net sales of $8.4 million, reflecting a partial benefit from the resumption of new patient initiations in February 2026. We are pleased with the rebound in the business since we resumed patient initiations, with some of the metrics in March reaching or even exceeding levels achieved before the supply constraints. For instance, prescriptions in March reached 463, exceeding the level reached in October 2025 before the supply constraints. Also, the number of prescribers in a single month with shipments to patients increased in March to the highest level since the launch of the product. Overall, more than 645 prescribers have submitted approximately 2,200 enrollment forms since the launch of the product through April 2026. We are also pleased with the progress with the second supplier on Onapro. We expect regulatory submission to the FDA in the third quarter of this year with potential approval before midyear 2027. Switching now to Zirzuve, Supernus Pharmaceuticals, Inc. reported $27.6 million in collaboration revenues in the first quarter. Full first quarter 2026 U.S. sales of XERZUVEY as reported by Biogen increased approximately 100% compared to the same period in 2025. In 2026, Zarzaur saw strong growth of 8,273% in rhythm prescriptions and number of prescribers respectively compared to the same period last year. Since launch, 85% of the prescriptions have come from routine prescribers and more than 29,000 patients have been treated with ZERZUVEC. Regarding KELLI, in the first quarter and as reported by IQVIA, prescriptions grew by 19% compared to the same period last year, outpacing the 10% growth in the total AHD market. Net sales of $78 million represented a strong 20% increase over the first quarter last year. Despite typical first quarter headwinds, Teledy's growth continues to be solid and is coming from both patient populations, with adult prescription growth of 27% and pediatric prescription growth of 15%. In addition, the total quarterly number of prescribers for Ikelebri reached a high of approximately 43,000, with adult prescribers for the first time surpassing the number of pediatric prescribers. Switching now to GOCOVRI for 2026, net sales reached $35.2 million, increasing by 15% compared to the same quarter in 2025. Total number of prescriptions grew by 7% in 2026 compared to the same period last year. Moving on to R&D, the follow-on Phase 2b randomized double-blind placebo-controlled trial with SPN-820 in approximately 200 adults with major depressive disorder is ongoing. This study will examine the safety and tolerability of SPN-820 and its efficacy at a dose of 2,400 milligram given intermittently twice per week as an adjunctive treatment to the current baseline antidepressant therapy. Our Phase 2b randomized double-blind placebo-controlled study of SPN-817 is also ongoing with a targeted enrollment of approximately 258 adult patients with treatment-resistant focal seizures. This trial utilizes 3 milligram and 4 milligram twice-daily doses. And for SPN-443, our novel stimulant ADHD product candidate, we expect to initiate a Phase 1 single ascending and multiple ascending dose study in adult healthy volunteers in 2026. Finally, corporate development will continue to be a top priority for us as we look for additional strategic opportunities to further strengthen our future growth and leadership position in CNS through revenue-generating products or late-stage pipeline product candidates. With that, I will now turn the call over to Tim.

Thank you, Jack. Good afternoon, everyone. As I review our first quarter 2026 results, please refer to today's press release and 10-Q that was filed earlier today. We achieved total revenue of $207.7 million for 2026, an increase of 39% compared to the same quarter last year. Total revenues were comprised of revenues from our commercial products including XERJUVEY, collaboration revenues, and royalty, licensing, and other revenues. Revenues from commercial products increased to $178 million, a 26% increase compared to the same quarter last year. This increase in revenues from commercial products was primarily due to the increase in net sales of our growth products, CalRit, GOCOVRI, and Anapco, as well as the addition of collaboration revenues from ZERZUDE. In addition, revenues from royalty and licensing and other revenues were $29.3 million. This includes $20 million of licensing revenues related to the achievement of a commercial milestone under the company's collaboration agreement with Shinobi. For 2026, combined R&D and SG&A expenses were $164.6 million as compared to $116.9 million for the same quarter last year. This increase was primarily due to an increase in SG&A expenses associated with the collaboration agreement with Biogen. Operating loss on a GAAP basis for 2026 was $8.3 million as compared to an operating loss of $10.3 million for the same quarter last year. The change was primarily due to higher revenues partially offset by an increase in SG&A expenses associated with the collaboration agreement with Biogen. GAAP net loss was $2.3 million for 2026, or net loss per share of $0.04, compared to GAAP net loss of $11.8 million, or $0.21 per diluted share, in the same period last year. On a non-GAAP basis, which excludes amortization of intangibles, share-based compensation, contingent consideration, and depreciation, adjusted operating earnings for 2026 were $28.7 million compared to $25.9 million in the same quarter of last year. As of 03/31/2026, the company had approximately $384 million in cash, cash equivalents, and marketable securities, compared to [inaudible] as of 12/31/2025. This increase was primarily due to cash generated from operations, the timing of Medicaid payments, and the Shinobi-related commercial milestones. The company's balance sheet remains strong with no debt, providing significant financial flexibility for potential M&A and other growth opportunities. Now turning to guidance. For full year 2026, the company reiterates its financial guidance for total revenues, combined R&D and SG&A expenses, and non-GAAP operating earnings. As such, we expect total revenues to range from $840 million to $870 million, comprised of commercial product revenues and royalty and licensing revenues. For full year 2026, we expect combined R&D and SG&A expenses to range from $620 million to $650 million. Overall, we expect full-year operating earnings in the range of $0 to $30 million. And finally, we expect non-GAAP operating earnings to range from $140 million to $170 million. Please refer to the earnings press release issued prior to this call that identifies the various ranges of reconciling items between GAAP and non-GAAP. With that, I will now turn the call back over to the operator for Q&A. Operator?

We will now open the call for questions. Thank you. At this time, we will conduct a question-and-answer session. As a reminder, to ask a question, you will need to press star-1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star-1-1 again. Please stand by. Our first question comes from Andrew Tsai from Jefferies. Your line is now open.

Hi. Thanks for the updates, and thanks for taking my questions. Specifically on NAPCO, it is great to see that you have 2,200 start forms now up from 1,800 in January. Ultimately, what percentage of those patients or start forms do you think will be ultimately converted to a paying patient? And can you remind us how many weeks it can take from a start form to a paying patient, how long that could take? Thank you. Yeah. On average, from the time you get a form until you have a shipment, you could lose somewhere in the 40% to 45% of these patients in the process for all kinds of reasons, whether it is a change in the medical condition of the patient over time, the insurance issue, any of these reasons. Or just lack of response; sometimes a lot of these forms do not have all the completed information, so you are calling the patient trying to get more information from them to be able to process it. Sometimes they just do not call back. And then, as far as the period of time, it could take several weeks as we go through this process over time. Of course, we are always looking at different bottlenecks and try to streamline and improve the process. But it is several weeks for somebody to have the form submitted until finally they get the product shipped. Got it. Thank you. And so following up on that, to get to your On APCO guidance, the high end of $75 million, mathematically, you are going to be needing more than 700 patients on therapy. So if I did 2,200, 50% conversion, that would be over 1,000 patients potentially on an—so it looks like you can get there. So can you remind us how many patients are still on Anapco today? And when could you expect most of those kind of hypothetical patients to get on drug? You know, should it be within the next three to six months then? Thank you. Yeah. I mean, the high end of our guidance is, you know, the $70 million—

You are thinking about it the right way. Yes. I mean, that could translate to somewhere around, on an average, about 700 patients that you need to have around 700 patients throughout the whole year, clearly, to give you the $70 million in sales. The thing is with the 2,200, you have to remember that is a number that is launch-to-date. That is not 2,200 in 2026, obviously. So it would be interesting to see how many we generate for this year and how many out of the 20 or whatever is left actually out of the 2,200. If we look at the backlog right now, we have probably somewhere around 570, give or take, patients in the queue. Versus last time we talked, it was around 700. So we are going through the backlog, and we are actually improving as time goes on. We are improving our number of patients that are being processed per week. Remember, I mean, we just restarted the whole machinery, so to speak, or the whole process started, you know, February, so to speak. So it has taken us—March we have been very happy with the progress the team has made through March, really getting us to very high levels. As I mentioned in my previous remarks, even exceeding performance metrics that were before the supply constraints. So things are really on the uptake. We are pretty happy with the rebound in the business, how we are processing these forms, how many of these forms we are able to translate into real patients and real shipments. But we maintain the guidance, of course, because we would like to see another full quarter. So Q1, as I mentioned in my remarks, was really a partial quarter. It was not really a full quarter. So let us see a full quarter and how quickly we can go through this backlog. In the first quarter, we only really benefited from March, so to speak. February was very partial and very minimal initiation in January. And therefore, it is not a true reflection of a full quarter with the business rebounding. But we are very happy with how things are moving along across several metrics, with the demand continuing to be strong, as you pointed out, with the 2,200 forms, but also with the way the team is processing these forms and minimizing the drop-offs and losses throughout the process. We feel pretty good, obviously, and that is why we did not change the guidance. So pretty good about the $45 to the $70 million guidance on that.

Very good. Thank you.

Thank you. Our next question comes from the line of David Amsellem from Piper Sandler. Your line is open.

Hi. Yes. This is Alex on for David. Thanks for taking our questions. First one, sort of jumping off of the last question regarding the guidance range for MAP Co and the assumptions to get to the top end of the range and the number of patients. Can you maybe speak to what you are seeing in terms of patient persistence for patients who are getting drug? And then secondly, regarding XERZUVEY, can you maybe speak to how you are thinking about the growth runway of the product? Thank you.

Yeah. Regarding the Xueve, as I mentioned in my remarks, we are really pleased with the performance of the product. If you look at the true fundamental metrics as far as prescriptions, number of prescribers, we are really broadening the prescriber base, and we have been very successful with our partner adviser in doing that. And, of course, the prescriptions grew a very healthy 82% in the quarter versus last year. As far as penetration, we are still in the real early innings on this product, as we mentioned in previous quarters. The potential of the product is fairly big. Every year, we have around 500,000 women who experience these symptoms. And as I mentioned again earlier, only 29,000 patients have been treated with ZERZURA since launching, and we are into year three right now. So we have a long way to go with Zanzuve, and we are very happy with the momentum of the brand. And, of course, we also started significant efforts on the DTC side and other programs. So we have pretty nice expectations of growth from the product. Regarding—if I understood your question on WinAPCO—is it really the patient and the kind of patient we are getting on Onepco? It looks like we are starting to get some feel for who is that patient. We do not have a complete full picture yet because, as you would imagine, with a new product, it evolves over time. But some of the early indicators: patients tend to be more on the younger side as far as age and/or the disease, meaning they have not been diagnosed for a long, long time. They tend to be active. From a physician perspective, they are looking for something different than levodopa/carbidopa. So that is the kind of patient profile that seems to be emerging right now as we speak on the oneposide.

Thank you. And then what are you seeing in terms of patient persistence for Panopco?

Yeah. It is a little bit too early for us because we got the disruption in the supply and so forth. Actually, we were pretty happy with the refills and how many patients stayed with us around the time of the supply constraint. We do have dropouts that are fairly consistent with the clinical study, maybe a little bit more. We are watching it very carefully. Typically, these dropouts occur when you have the titration and how well the titration has happened, because with apomorphine, you have to do titration very slowly and with starting with lower doses. You cannot jump in pretty quickly into high doses on apomorphine. So depending on how that is happening and how the patient is responding to that, once they go through that titration, they typically tend to stay with it and be pretty happy and pleased with it. And that has been the experience that historically has been in Europe.

Our next question comes from the line of Kristen Kluska from Cantor. I apologize.

It is okay. Hi, everyone. Congrats on a great start to calendar year 2026 here. Just on a NOPCO, as we think about the mid-2027 approval, how are you working with your partners out in Europe about thinking about what the demand might look like in 2027 onwards to be able to work with them to meet that criteria? And then when we think about the U.S. right now, in terms of the patients that are getting on therapy, given that these capacity strengths are still there to an extent, are you seeing that physicians are prioritizing certain patients over another just knowing that they might not be able to get their hands on enough supply for all of the patients they would want to treat?

Yeah. Regarding the last question, we have not detected anything specific that because of the previous supply chain they are using the product on a different patient or one patient versus another, so we cannot really at this point answer that question specifically. But overall, regarding your other part of the question on the supplier and 2027 demand and so forth, we do have a plan with our second supplier and also the current supplier, because depending on the timing as to when the second supplier comes in in 2027 to meet the demand of 2027, certainly. That is really how we align all that and lay over the current supply, the second supply, and look at the demand in total and make sure that we are covered from either one of them and/or both at the same time. The second supplier also, I should say, has multiples of the capacity that the current supplier has. So once the second supplier is online, we will feel pretty good about 2027. And I did mention once earlier we are even working on another supplier as a backup as well, in addition to the second supplier. So we are giving up a lot of the backups from a supply perspective to make sure we meet the demand not only in 2027, of course, and several years beyond.

Okay. Thanks. And then on XERZUVY, how are you seeing adoption in line with the prescribing? Meaning, are you seeing some patients are coming back for a second cycle of it? What percent of patients are completing the 14-day treatment course? I guess what I am trying to allude to is how close to the recommendations are you seeing this real time? Thanks again.

Yeah. So I think the claim—the people stick with the 14-day course therapy. It is a short-term therapy to start with, so it is unlikely that people are going to quit on it, especially when they start seeing the benefit early, pretty quickly by day three. That obviously even reinforces it and encourages them to finish the 14-day therapy. And with Xelube, obviously, it is a very different kind of business. You do not have refills, of course, unless mom gets pregnant again in another year or cycle, so to speak, and she happens to have also PPD a second time with the second pregnancy. But normally, there is no relapse or anything like that for them to come back and cycle through it again.

Thank you. And our next question comes from the line of Vishwesh Shah from TD Cowen. Line is now open.

Hi. Thank you. Congrats to you guys on another great quarter. So on Calibri, what are you seeing in terms of some of the adoption trends right now? You commented on some of the adults trying out Calgary, and so is that the shift in focus now, or what do you think will drive growth in adoption through the rest of the year? Thanks.

Yeah. We are actually very excited on Calgary and what we really saw in the first quarter. It is pretty interesting dynamics in a very positive way, specifically in the adult segment of the market. There are several things that I would pretty much emphasize on Calvi. Clearly, the adult growth has been outpacing pediatric growth for a number of quarters, actually. This is not the first quarter it happens. We are very pleased with the fact that the adult continues to grow because it is the biggest segment of the market naturally, and you want to penetrate that segment as much as possible and be very successful in it for the continued future growth of the product. For example, give you another metric: if you look at new prescriptions in 2026, adult again grew by 27%. This is in new prescriptions, not auto prescriptions. And these continue to be strong also with 16% growth. The interesting thing is we have been emphasizing adult. We have been putting a little bit more emphasis on adult, especially when you are out of the back-to-school season because we all pay, of course, the emphasis. We rotate the resources in the back-to-school season. Clearly, we put more of a push on pediatrics, but we do not neglect adults. And then when we are out of the back-to-school season, we try to take advantage of the growth in the adult market because, from a market point of view, in the total market, adult also continues to be the fastest segment that is growing. So we want to take advantage of that as well. We are pretty pleased with that. And as I mentioned earlier, this is for the first time now the number of prescribers in the adult have surpassed our number of prescribers in PDF. It really jumped pretty quickly, noticeably, in this first quarter, so we were very pleased to see that. Also, from the patient perspective, what is really happening, which we are encouraged about also, is the fact that the patient profile—and you would expect that typically in a brand as it stays on the market for a while, and now we are into year six, pretty much, in May—we are in year six of the brand. The patient profile is broadening, so it is not anymore some of the early low-hanging fruit that you are getting. What I mean by that is you are really getting a much broader types of patients into the franchise, and physicians are starting to think of so many different types of patients and needs out there that Calvi could be the answer for. For example, patients who, of course, are intolerant to stimulants. Something interesting emerging is patients are really looking for all-day coverage. A lot of the adults—we know it as a fact—when they use stimulants, even if they use controlled-release stimulants, so many of them have to supplement at the end of the day with immediate-release stimulant to give them that full-day coverage. But with Calvi, you do not need any of that. You just need to take it once a day, whether at night or in the morning, and it will give you full-day coverage. I think physicians, over time, as they have more experience with the product, are finding more ways to use Kaldi as a true solution for a lot of their patients. And then, of course, those who are partial responders to stimulants—I mean, stimulants work, but they do not work for everybody, and sometimes we forget that—and a lot of physicians are using it for those partial responders to the stimulants. Then the complex ADHD—and, of course, that comes with time as we generate more data around the product and the potential use of the product with comorbidities and so forth—more and more patients are starting to understand that Calendly could really play a role with these patients who have that, what we call, complex ADHD because of the serotonin modulation and the way you need multimodal activity and pharmacodynamic profile of Calgary. So a lot of very exciting things continue to happen there and really a lot of momentum in the brand.

Thanks so much for all the details. And then on NAPCO, what dynamics are you seeing between patients opting for Onabco versus Violet? So what kind of competitive dynamics are you seeing there?

Yeah. I mentioned very quickly—the first cutoff typically is patients who have been on levodopa/carbidopa, and the physician may not see any incremental additional benefit for the patient to stay on that drug, and therefore they could potentially benefit more from something else, a different drug, different mechanism, different molecule, and therefore they would go and turn to something like an apple. And vice versa, if the physician feels that the patient may still benefit from some levodopa/carbidopa maybe for another year or two and then they might consider Onepo. So they might go towards something like, buy something else instead of Onako. So that is the first type of thing that, obviously, the physician is assessing. And then, interesting from our research, it looks like our patient profile tends to be on the younger, active side, earlier in the disease, versus the Vylev patient tends to be a little bit more on the older side. We are trying to dig deeper into this to really understand what is behind some of that. Some of the folks who may need and have a very difficult time at night may choose Vylev because you put Vylev through the night. With our product, you get pretty much a similar efficacy on reducing OFF time, but you do not have to wear it 24 hours. But with Vylev, you have to wear it 24 hours to give you pretty much similar type of efficacy. So there are different patients that are emerging that could be really different candidates for either Onabco or Mylan.

Thank you. Our next question comes from Annabel Samimy from Stifel. Your line is now open.

Hi. This is Jack on for Annabel. Thanks for taking our questions, and congrats on the quarter. So on XERZUVEY, I know that there are the DTC campaign running right now. Included product has been doing very well overall. But do you have any additional insights or color on feedback from that and how patients are responding to the DTC campaign compared to maybe a more direct physician recommendation?

Yeah. Unfortunately, no, because it is really early to be able to have a good read. We just started it, and you need several months of data to get a meaningful read on a response, if you are getting a good response from the DTC. The only thing I can tell you is anecdotal feedback from physicians and from patients who have seen it. They really relate to it. The messages, the communication out of the commercial and so forth, we have received very positive feedback on that. But in the end, it has to turn into prescriptions, of course. That is really the key measure at the end of the day. It is pretty early for us right now to say anything as far as the impact of the campaign. But certainly, the effort there is clearly to provide significant education because this is a market that needs a lot of education on the consumer side as well as on the health care provider side. That is what we are trying to do. We have been building the market, and it takes a while to build the market. That is something that needs to be continued to be invested in. But again, initial signals, which are more anecdotal, seem to be positive.

No. Very helpful. And then just quickly, given your success with that collaboration, is your current M&A appetite kind of more focused on maybe something similar, like a revenue-generating partnership, or more on acquisition of wholly owned late-stage assets? Are there any shifting preferences there, or are you still kind of agnostic to any option?

Yeah. No. Our priority is revenue-generating assets that we can wholly own and, obviously, build and grow from whatever it is at the time we buy it. The second priority, if it is not revenue-generating, we are looking at assets that are fairly late stage. These assets could potentially be launched in, like, between a year to three years from the time we acquire them. That is really what we are very much focused on, and fairly agnostic in the CNS space and, of course, women’s health as well.

Hey, guys. Thanks for taking our question. I want to follow up on bringing the second supplier online for Onabco. Did you get a chance to meet with the FDA to get any sort of feedback or alignment on the path of getting the approval? Did any of the feedback help inform the cut timeline guidance you have provided today? What I am wondering is whether there is any accelerated path, like rolling submission, relative to your 3Q filing guidance. And I guess on the other side of things, on approval timeline, you guided to by mid-2027. I recall on the last earnings call you talked about review timeline could be arranged somewhere in the six- to nine-month range. So I am curious if you have any better clarity on the review timeline now if you have already met with the FDA, and I have a follow-up after that.

Yeah. Sure. Yes, we have been very much in touch with the FDA on an ongoing basis, and yes, the guidance we just gave today has been and is based on the discussions we have had with the FDA. So if we do file, which we said we are expecting to file in the third quarter, we expect the approval, again consistent with what we said before, could be six months to nine months. So that will fall at the upper end of the timeline in the nine months—that means midyear 2027. And if it does take only six months for review, that obviously will be earlier than that. So that is pretty consistent. The FDA was consistent with their feedback with all the discussions we have had with them. So depending when exactly we file—July, August, September, whatever—and then you add six months to it, or it could take nine months, that is really within that frame that we just gave today.

Great. And my follow-up is, obviously, the second supplier already has experience applying the product in Europe. But given the sometimes idiosyncratic nature of the agency handing out manufacturing issue citations and the second more broadly, can you talk about the confidence level of timely clearance of the second supplier?

I mean, we have no indication that something could happen that could really derail this timeline from that perspective. Clearly, once we submit the package, they have to review the data and so forth, and then they have to also schedule the inspection. As far as we know, they have been doing inspections, although it is outside the U.S. and in Europe. We are not aware of anything that could hinder that. That is why we continue to keep the timeline fluid, saying six to nine months, because of that specifically, but we are not aware of anything that could tell us that this could derail this thing completely and make it not an option for us at all. We are pretty confident that we should be able to meet that timeline and secure that second supply.

Okay. Great. Thanks so much for answering our question.

Thank you. I am showing no further questions at this time. I would now like to turn it back over to Peter Vozzo.

Thank you for joining us on this call today. 2026 is off to a great start. We have positive momentum across our business, and we continue to generate strong cash flows beyond the strength of our growth products and through the efficiency of our operations. We look forward to continued strong growth and execution on our growth products throughout the year. Thanks again for joining us this afternoon. We look forward to providing you with updates throughout the year.

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.