Supernus Pharmaceuticals Inc (SUPN) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Supernus Pharmaceuticals second-quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Peter Vozzo of ICR Healthcare, Investor Relations representative for Supernus Pharmaceuticals. You may begin.

您好，感謝您的支持。歡迎參加 Supernus Pharmaceuticals 2025 年第二季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言人，ICR Healthcare 的 Peter Vozzo，他是 Supernus Pharmaceuticals 的投資者關係代表。你可以開始了。

Thank you, Gerald. Good afternoon, everyone, and thank you for joining us today for Supernus Pharmaceuticals second quarter 2025 financial results conference call. Today, after the close of market, the company issued a press release announcing these results. On the call with me today are Supernus Chief Executive Officer, Jack Khattar; and Chief Financial Officer, Tim Dec. Today's call is being made available via the Investor Relations section of the company's website at ir.supernus.com.

謝謝你，傑拉爾德。大家下午好，感謝您今天參加 Supernus Pharmaceuticals 2025 年第二季財務業績電話會議。今天，收盤後，該公司發布新聞稿宣布了這些結果。今天與我一起參加電話會議的還有 Supernus 執行長 Jack Khattar 和財務長 Tim Dec。今天的電話會議可透過公司網站 ir.supernus.com 的投資者關係部分取得。

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 current perspective on existing 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 filings.

在本次電話會議期間，管理階層可能會對未來事件和公司未來業績做出某些前瞻性陳述。這些前瞻性陳述反映了 Supernus 對現有趨勢和資訊的當前觀點。任何此類前瞻性陳述均不保證未來的業績，並涉及風險和不確定性，包括公司最新美國證券交易委員會文件的風險因素部分中指出的風險和不確定性。

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 August 5, 2025. But 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 declines any obligation to update these forward-looking statements, except as required by applicable securities laws. I'll now turn the call over to Jack.

實際結果可能與這些前瞻性陳述中的預測有重大差異。為了讓那些可能正在收聽重播的人受益，本次通話於 2025 年 8 月 5 日舉行並錄音。但自那時起，該公司可能已經發布了與討論主題相關的其他公告。請參考該公司最新的新聞稿和向美國證券交易委員會提交的最新文件。Supernus 不承擔更新這些前瞻性聲明的任何義務，除非適用的證券法要求。我現在將電話轉給傑克。

Thank you, Peter. Supernus continues to execute well against its growth plan and had a strong and very active second quarter. In April, we launched ONAPGO, the first and only subcutaneous apomorphine infusion device for the treatment of motor fluctuations in adults with advanced Parkinson's disease. In June, we announced the acquisition of Sage Therapeutics, which closed on July 31. In addition, we generated strong operating results driven by the robust performance of Qelbree and GOCOVRI.

謝謝你，彼得。Supernus 繼續順利執行其成長計劃，第二季表現強勁且非常活躍。今年 4 月，我們推出了 ONAPGO，這是第一個也是唯一一個用於治療晚期帕金森氏症成人運動波動的皮下阿撲嗎啡輸注裝置。6 月，我們宣布收購 Sage Therapeutics，並於 7 月 31 日完成收購。此外，在 Qelbree 和 GOCOVRI 強勁表現的推動下，我們取得了強勁的經營業績。

The second quarter of 2025 represents a turning point for Supernus and the beginning of a new phase of accelerated growth. We consider the transition from Trokendi XR and Oxtellar XR to be substantially complete as each product represented only 7% of total net sales in the second quarter, while our growth drivers, Qelbree, GOCOVRI and ONAPGO combined represented 73% of our total net sales.

2025年第二季是Supernus的轉捩點，也是加速成長新階段的開始。我們認為 Trokendi XR 和 Oxtellar XR 的過渡已基本完成，因為每種產品在第二季度僅佔總淨銷售額的 7%，而我們的成長動力 Qelbree、GOCOVRI 和 ONAPGO 合計占我們總淨銷售額的 73%。

Moving forward with the addition of ZURZUVAE, our fourth growth driver, we expect Trokendi XR and Oxtellar XR share of our portfolio to be reduced even further. Starting with our first growth driver, Qelbree, the brand entered its fifth year on the market and had another robust performance with 23% growth in prescriptions as reported by IQVIA and 31% growth in net sales. Qelbree had another quarter expanding its base of prescribers with approximately 36,000 prescribers in the second quarter of 2025, up by 23% compared to the same period last year.

隨著我們的第四大成長動力 ZURZUVAE 的加入，我們預計 Trokendi XR 和 Oxtellar XR 在我們產品組合中的份額將進一步減少。從我們的第一個成長動力 Qelbree 開始，該品牌進入了上市的第五個年頭，並再次取得了強勁的表現，據 IQVIA 報告，其處方量增長了 23%，淨銷售額增長了 31%。Qelbree 的處方者基礎在本季又有所擴大，2025 年第二季處方者數量約為 36,000 名，與去年同期相比增加了 23%。

After posting 25% growth in IQVIA prescriptions in '24 versus '23, Qelbree continued to show steady strong growth during the first half of 2025 with prescriptions increasing 23% compared to the same period in 2024. Qelbree's 23% growth outpaced both the ADHD market, which grew by 9% and the nonstimulant segment, which grew by 11%.

繼 2024 年 IQVIA 處方量較 2023 年增長 25% 之後，Qelbree 在 2025 年上半年持續保持強勁增長勢頭，處方量較 2024 年同期增長 23%。Qelbree 23% 的成長率超過了 ADHD 市場（9% 的成長率）和非興奮劑市場（11% 的成長率）。

In addition to growth in the pediatric business, Qelbree experienced high growth in the adult business, increasing 29% in the second quarter compared to last year. By the end of June 2025, the adult business had reached 35% of total Qelbree prescriptions compared to approximately 32% for the year 2024. Switching to our second growth driver, GOCOVRI, continued its strong performance on the back of the momentum it had in the first quarter.

除了兒科業務的成長外，Qelbree 的成人業務也實現了高速成長，第二季與去年相比成長了 29%。到 2025 年 6 月底，成人業務已佔 Qelbree 總處方的 35%，而 2024 年這一比例約為 32%。轉向我們的第二個成長動力，GOCOVRI 在第一季的勢頭推動下繼續保持強勁表現。

Prescriptions for the second quarter of 2025 increased by 14% and net sales increased by 16% compared to the same quarter last year. The number of prescribers reached a new high in the quarter to approximately 1,900 prescribers. In the first half of this year, GOCOVRI benefited from the Medicare redesign. And by June 2025, 97% of GOCOVRI Medicare prescriptions had a co-pay that was less than $25 compared to only 77% in 2024. The average GOCOVRI Medicare co-pay declined by 42% and 80% year-over-year for first quarter and second quarter of 2025, respectively.

2025年第二季的處方量與去年同期相比成長了14%，淨銷售額成長了16%。本季開處方者數量達到新高，約 1,900 名。今年上半年，GOCOVRI 受惠於醫療保險的重新設計。到 2025 年 6 月，97% 的 GOCOVRI Medicare 處方的自付額將低於 25 美元，而 2024 年這一比例僅為 77%。2025 年第一季和第二季度，GOCOVRI Medicare 平均共同支付金額較去年同期分別下降了 42% 和 80%。

Unlike previous years, patient retention rates held up this year despite the deductible resets. With a more robust patient base this year, we are uniquely positioned to continue growing the brand with new patients rather than having to recapture previous patients that may have discontinued due to the high beginning of the year deductibles.

與往年不同的是，儘管免賠額重新設定，但今年患者的保留率仍然保持不變。由於今年患者基礎更加穩固，我們擁有獨特的優勢，可以繼續透過新患者發展品牌，而不必重新爭取那些可能由於年初免賠額過高而停止治療的舊患者。

Moving to our third growth driver, ONAPGO. The launch is off to a terrific start, exceeding our expectations. We launched ONAPGO in April, utilizing our existing Parkinson's disease sales force and support network. Through the end of June, we have more than 750 patient enrollment forms submitted by more than 300 prescribers.

轉向我們的第三個成長動力，ONAPGO。這次發布會開局非常順利，超出了我們的預期。我們利用現有的帕金森氏症銷售隊伍和支援網絡於 4 月推出了 ONAPGO。截至 6 月底，我們已收到 300 多名處方醫生提交的 750 多份病患登記表。

Finally, regarding ZURZUVAE, our fourth growth driver, we are excited to have completed the acquisition of Sage Therapeutics, which represents a major step for Supernus in accelerating its mid-to long-term revenue growth and cash flow. ZURZUVAE is a unique and well-differentiated product that is early in its launch and that provides further diversification for our revenue base.

最後，關於我們的第四個成長動力 ZURZUVAE，我們很高興完成對 Sage Therapeutics 的收購，這對 Supernus 加速其中長期收入成長和現金流而言是重要一步。ZURZUVAE 是一款獨特且差異化的產品，剛剛推出，為我們的收入基礎提供了進一步的多樣化。

The product has been successfully launched by Sage and its partner, Biogen, in the US with 2025 second quarter net revenues as reported by Sage reaching $23.2 million, up from $13.8 million as reported by Sage in the first quarter of 2025, representing a 68% increase.

該產品已由 Sage 及其合作夥伴 Biogen 在美國成功推出，Sage 報告 2025 年第二季淨收入達到 2,320 萬美元，高於 Sage 在 2025 年第一季報告的 1,380 萬美元，增幅達 68%。

We will be focused on integrating the business and working closely with our partners, Biogen and Shionogi to ensure the continued success and growth of ZURZUVAE. Moving on to R&D. We are on track to initiate a follow-on Phase IIb multicenter randomized double-blind placebo-controlled trial with SPN-820 in approximately 200 adults with major depressive disorder by the end of 2025.

我們將專注於整合業務並與我們的合作夥伴 Biogen 和 Shionogi 密切合作，以確保 ZURZUVAE 的持續成功和發展。繼續進行研發。我們計劃在 2025 年底前對約 200 名患有重度憂鬱症的成年人啟動 SPN-820 的後續 IIb 期多中心隨機雙盲安慰劑對照試驗。

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 IIb randomized, double-blind, placebo-controlled study of 817 is ongoing with a targeted enrollment of approximately 258 adult patients with treatment resistant focal seizures.

本研究將檢驗 SPN-820 的安全性和耐受性，以及每週兩次間歇服用 2,400 毫克劑量作為目前基線抗憂鬱療法的輔助治療的療效。我們正在進行的 IIb 期隨機、雙盲、安慰劑對照研究（817 例）旨在招募約 258 名患有難治性局部癲癇的成年患者。

This trial utilizes 3-milligram and 4-milligram twice daily doses. As we mentioned previously, we completed a pharmacokinetic study of two oral formulations of SPN-443 in healthy adults. Both formulations of SPN-443 showed adequate bioavailability and were well tolerated. SPN-443 is our new stimulant-like product candidate for ADHD and other CNS disorders. The company expects to disclose a lead indication for the product candidate by the end of 2025.

本次試驗採用每日兩次 3 毫克和 4 毫克的劑量。正如我們之前提到的，我們在健康成人中完成了兩種口服 SPN-443 製劑的藥物動力學研究。SPN-443 的兩種配方均表現出足夠的生物利用度並且耐受性良好。SPN-443 是我們針對 ADHD 和其他中樞神經系統疾病的新型興奮劑類候選產品。該公司預計將在 2025 年底前披露該產品候選藥物的先導適應症。

Finally, despite the completion of the recent acquisition of Sage, corporate development will continue to be a top priority for us as we look for additional strategic opportunities to further strengthen our future growth through additional revenue-generating products or late-stage pipeline product candidates.

最後，儘管最近完成了對 Sage 的收購，但企業發展仍將是我們的首要任務，因為我們正在尋找其他策略機會，透過額外的創收產品或後期產品候選來進一步加強我們未來的成長。

With that, I will now turn the call over to Tim.

說完這些，我現在將電話轉給提姆。

Thank you, Jack. Good afternoon, everyone. As I review our second quarter 2025 results, please refer to today's press release and 10-Q that were filed earlier today. Total revenue for the second quarter of 2025 was $165 million compared to $168 million in the same quarter last year. Total revenue in the second quarter of 2025 was comprised of net product sales of $158 million and royalty, licensing and other revenues of $7 million.

謝謝你，傑克。大家下午好。當我回顧我們 2025 年第二季的業績時，請參閱今天的新聞稿和今天早些時候提交的 10-Q。2025 年第二季總營收為 1.65 億美元，去年同期為 1.68 億美元。2025 年第二季的總收入包括 1.58 億美元的淨產品銷售額以及 700 萬美元的特許權使用費、授權和其他收入。

Excluding net product sales of Trokendi XR and Oxtellar XR, total revenues for the second quarter of 2025 increased 17% compared to the same quarter last year. This increase was primarily due to the increase in net sales of our core products, Qelbree, GOCOVRI and ONAPGO.

不包括 Trokendi XR 和 Oxtellar XR 的淨產品銷售額，2025 年第二季的總收入與去年同期相比成長了 17%。這一成長主要歸因於我們的核心產品 Qelbree、GOCOVRI 和 ONAPGO 的淨銷售額成長。

For the second quarter of 2025, combined R&D and SG&A expenses were $116 million as compared to $112 million for the same quarter last year. Operating earnings on a GAAP basis for the second quarter of 2025 were $12 million as compared to $23 million for the same quarter last year. The decrease was primarily due to higher sales and marketing expenses related to the ONAPGO launch.

2025 年第二季度，研發與銷售、一般及行政費用合計為 1.16 億美元，去年同期為 1.12 億美元。2025 年第二季以 GAAP 計算的營業利潤為 1,200 萬美元，而去年同期為 2,300 萬美元。下降的主要原因是與 ONAPGO 推出相關的銷售和行銷費用增加。

GAAP net earnings were $22 million for the second quarter of 2025 or $0.40 per diluted share compared to GAAP net earnings of $20 million or $0.36 per diluted share in the same quarter last year. On a non-GAAP basis, which excludes amortization of intangibles, share-based compensation, contingent consideration and depreciation, adjusted operating earnings for the second quarter of 2025 was $41 million compared to $45 million in the same quarter of the prior year.

2025 年第二季 GAAP 淨收益為 2,200 萬美元，即每股攤薄收益 0.40 美元，而去年同期 GAAP 淨收益為 2,000 萬美元，即每股攤薄收益 0.36 美元。以非公認會計準則計算，不包括無形資產攤銷、股權激勵、或有對價和折舊，2025 年第二季調整後營業收入為 4,100 萬美元，而去年同期為 4,500 萬美元。

Total revenues for the six months ended June 30, 2025, were $315 million compared to $312 million in the same period last year. Total revenues were comprised of net product sales of $300 million and royalty, licensing and other revenues of $15 million. Net product sales were flat compared to last year.

截至 2025 年 6 月 30 日的六個月總收入為 3.15 億美元，而去年同期為 3.12 億美元。總收入包括 3 億美元的淨產品銷售額以及 1500 萬美元的特許權使用費、許可和其他收入。淨產品銷售額與去年同期持平。

The increase in net product sales of our core products, Qelbree and GOCOVRI were generally offset by decreases in product sales of APOKYN and the generic erosion of Trokendi XR and Oxtellar XR. Excluding net product sales of Trokendi XR and Oxtellar XR, total revenues for the six months ended June 30, 2025, increased 21% compared to the same period last year.

我們的核心產品 Qelbree 和 GOCOVRI 的淨產品銷售額的成長通常被 APOKYN 的產品銷售額的下降以及 Trokendi XR 和 Oxtellar XR 的仿製藥侵蝕所抵消。不包括 Trokendi XR 和 Oxtellar XR 的淨產品銷售額，截至 2025 年 6 月 30 日的六個月的總收入與去年同期相比增長了 21%。

Again, the increase was primarily due to the increase in net product sales of our core products, Qelbree, GOCOVRI and now APOKYN. Combined R&D and SG&A expenses for the six months ended June 30, 2025, were $233 million as compared to $224 million for the same period last year. Operating earnings on a GAAP basis for the six months ended June 30, 2025, were $2 million as compared to $19 million for the same period last year.

再次，成長主要歸因於我們的核心產品 Qelbree、GOCOVRI 和現在的 APOKYN 的淨產品銷售額的成長。截至 2025 年 6 月 30 日的六個月內，研發和銷售、一般及行政費用總計為 2.33 億美元，而去年同期為 2.24 億美元。截至 2025 年 6 月 30 日的六個月，以 GAAP 計算的營業利潤為 200 萬美元，而去年同期為 1,900 萬美元。

The decrease in operating earnings was primarily due to a change in the fair value of contingent consideration and higher selling and marketing expenses associated with the ONAPGO launch. GAAP net earnings were $11 million for the six months ended June 30, 2025, or $0.19 per diluted share compared to $20 million or $0.36 per diluted share in the same period last year.

營業收入的下降主要是由於或有對價的公允價值變化以及與 ONAPGO 推出相關的銷售和行銷費用增加所致。截至 2025 年 6 月 30 日的六個月，GAAP 淨收益為 1,100 萬美元，即每股攤薄收益 0.19 美元，而去年同期為 2,000 萬美元，即每股攤薄收益 0.36 美元。

On a non-GAAP basis, which excludes amortization of intangibles, share-based compensation, contingent consideration and depreciation, adjusted operating earnings were $67 million compared to $68 million in the same period last year.

以非公認會計準則計算，不包括無形資產攤銷、股權激勵、或有對價和折舊，調整後的營業利潤為 6,700 萬美元，而去年同期為 6,800 萬美元。

As of June 30, 2025, the company had approximately $523 million in cash, cash equivalents and marketable securities compared to $454 million as of December 31, 2024. The increase is primarily due to cash generated from operations.

截至 2025 年 6 月 30 日，該公司擁有約 5.23 億美元的現金、現金等價物和有價證券，而截至 2024 年 12 月 31 日為 4.54 億美元。成長主要源自於經營活動產生的現金。

We used a portion of our current cash on hand to fund the acquisition of Sage, which was completed on July 31. Following the acquisition, the company continues to have a strong balance sheet with no debt and significant financial flexibility for potential M&A or other growth opportunities.

我們使用了部分現有現金來資助對 Sage 的收購，該收購於 7 月 31 日完成。收購後，該公司繼續擁有強勁的資產負債表，沒有債務，並具有顯著的財務靈活性，可用於潛在的併購或其他成長機會。

Now turning to guidance. We are updating our full year 2025 financial guidance primarily to reflect Supernus' strong performance in the first half of the year and the impact of the Sage acquisition starting August 1. We expect total revenues to range from $670 million to $700 million, up from the previous range of $600 million to $630 million, comprised of net product sales and royalty and licensing revenues.

現在轉向指導。我們正在更新 2025 年全年財務指引，主要是為了反映 Supernus 在上半年的強勁表現以及 8 月 1 日開始的 Sage 收購的影響。我們預計總收入將在 6.7 億美元至 7 億美元之間，高於先前的 6 億美元至 6.3 億美元，包括淨產品銷售額以及特許權使用費和授權收入。

Note that total revenue guidance for the full year 2025 assumes approximately $65 million to $70 million of combined net sales of Trokendi XR and Oxtellar XR, which remains unchanged. For the full year 2025, we expect combined R&D and SG&A expenses to range from $505 million to $530 million, up from the previous range of $435 million to $460 million.

請注意，2025 年全年總收入指引假設 Trokendi XR 和 Oxtellar XR 的總淨銷售額約為 6,500 萬至 7,000 萬美元，這一數字保持不變。對於 2025 年全年，我們預計研發和銷售、一般及行政費用總額將在 5.05 億美元至 5.3 億美元之間，高於先前的 4.35 億美元至 4.6 億美元。

The increase is primarily due to inclusion of Sage OpEx for the final five months of 2025. Overall, we expect full year 2025 operating loss in the range of $70 million to $80 million compared to the previous range of $10 million operating earnings to an operating loss of $15 million. This change is due to the inclusion of two items: $55 million to $60 million in Sage acquisition-related costs and an estimate of $10 million to $20 million in increased noncash amortization related to the Sage acquisition for the final five months of 2025.

成長的主要原因是納入了 2025 年最後五個月的 Sage OpEx。整體而言，我們預計 2025 年全年營業虧損將在 7,000 萬美元至 8,000 萬美元之間，而先前預期的範圍是營業收入 1,000 萬美元至營業虧損 1,500 萬美元。這項變更是由於納入了兩項內容：5,500 萬至 6,000 萬美元的 Sage 收購相關成本，以及 2025 年最後五個月與 Sage 收購相關的非現金攤銷預計將增加 1,000 萬至 2,000 萬美元。

And finally, we expect our non-GAAP operating earnings to range from $105 million to $135 million, which is relatively consistent from the previous guidance. 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.

最後，我們預計非公認會計準則營業利潤將在 1.05 億美元至 1.35 億美元之間，與先前的預期基本一致。請參閱本次電話會議之前發布的收益新聞稿，其中列出了 GAAP 和非 GAAP 之間的各種調整項目範圍。

With that, I will now turn the call back over to the operator for Q&A.

說完這些，我現在將把電話轉回給接線生進行問答。

Thank you. At this time, we will conduct the question-and-answer session (Operator Instructions).

謝謝。此時，我們將進行問答環節（操作員指令）。

Stacy Ku, TD Cowen.

史黛西·庫 (Stacy Ku)，考恩 (Cowen) TD。

Hey, thanks so much for taking our questions and congratulations on a great quarter. First question is on Qelbree. Can you just talk about what kind of net pricing dynamics we saw in the quarter and maybe how we should think about the quarterly, let's say, net pricing for Qelbree moving forward? In addition, maybe provide an update on the Qelbree launch progress in the adult segment and maybe that understandable focus on the back-to-school season for Q3. So that's the first question.

嘿，非常感謝您回答我們的問題，並祝賀您本季取得如此出色的成績。第一個問題是關於 Qelbree 的。您能否談談我們在本季度看到了什麼樣的淨定價動態，以及我們應該如何看待 Qelbree 未來的季度淨定價？此外，也許可以提供有關 Qelbree 在成人領域的推出進展的最新消息，並且也許可以理解地關注第三季度的返校季節。這是第一個問題。

The second question is on ONAPGO. Just help us understand the 750 enrollment forms and 300 prescribers of ONAPGO and what we're seeing in Q2 in terms of sales, just help me understand reimbursement, timelines to getting coverage patients on maybe paid drug or just help us understand that clear demand that we're seeing as it relates for ONAPGO versus maybe even AbbVie's VYALEV when we look at kind of the sales they've reported and the type of demand they're seeing. So that's our second question. Thanks so much.

第二個問題是關於 ONAPGO 的。只是幫助我們了解 ONAPGO 的 750 份登記表和 300 名處方者，以及我們在第二季度看到的銷售情況，只是幫助我了解報銷情況、讓患者獲得付費藥物保險的時間表，或者只是幫助我們了解我們所看到的與 ONAPGO 相關的明確需求，甚至是與 AbbVie 的 VYALEV 相關的需求，當我們查看他們報告的銷售情況和我們所看到的需求。這是我們的第二個問題。非常感謝。

Yeah. Starting with Qelbree. If you look at the net pricing, it continues to be north of the $300 per prescription for a 30-day prescription. The gross to net, as we've made previous commentary in previous quarters, we expected it to improve, obviously, versus the first quarter, and it did. Actually, it was pretty much around the same level it was in the second quarter of last year.

是的。從 Qelbree 開始。如果你看一下淨價，你會發現 30 天的處方藥價格仍然高於每張 300 美元。正如我們在前幾季所做的評論一樣，我們預計毛利與淨利之比顯然會比第一季有所改善，事實也確實如此。實際上，它與去年第二季度的水平基本相同。

So it stayed consistent with that. And your question on the adult segment, as I mentioned in my prepared remarks, the adult business, which we've been investing in clearly because of the size of that segment and its importance for the health of the brand and its continued growth is starting to show some traction. Now the business is about 35% of the total prescriptions of Qelbree.

因此它與此保持一致。至於您關於成人市場的問題，正如我在準備好的發言中提到的那樣，我們一直在投資成人業務，顯然是因為該市場的規模及其對品牌健康和持續增長的重要性，並且開始顯示出一些吸引力。目前該業務約佔 Qelbree 總處方量的 35%。

Adult prescriptions grew by 29% compared to about 20% for pediatrics. So pediatrics grew very well, of course, by 20%, but the adult performed a little bit more with 29% growth. Having said that, of course, it's also a lower base. So percentage-wise, it's going to show that anyway. But we're very pleased with the continued growth on the adult. And then we're very happy that Qelbree actually performed pretty well during the summertime.

成人處方增加了 29%，而兒科處方增加了約 20%。當然，兒科的成長非常好，成長了 20%，但成人的成長速度稍快一些，達到了 29%。話雖如此，當然，這也是一個較低的基數。所以從百分比來看，無論如何它都會顯示這一點。但我們對成年人的持續成長感到非常高興。我們很高興看到 Qelbree 在夏季表現出色。

And we think some of that is also because of the increased growth in the adult side because adult patient population does not get impacted as much with the seasonality that we see on the pediatric side. So given the high growth on the adult business, it helped us go through summer fairly -- I mean, the business, if you look at the prescriptions of Qelbree, they held up really nicely during the summer months versus typically, they could potentially decline.

我們認為，部分原因還在於成人患者數量的增長，因為成人患者群體不像兒科患者那樣受到季節性的影響。因此，考慮到成人業務的高成長，它幫助我們順利度過了夏季——我的意思是，如果你看看 Qelbree 的處方，你會發現它們在夏季表現得非常好，而通常情況下，它們可能會下降。

So we're very happy with the fact that we're now in the back-to-school season with a very good momentum behind the brand and a much stronger position than we've ever been to continue to push through. So we're looking for, hopefully, even a much stronger second half for the brand.

因此，我們很高興看到現在正值開學季，品牌發展勢頭良好，並且比以往任何時候都更加強大，可以繼續前進。因此，我們希望該品牌下半年能夠表現得更強勁。

So on ONAPGO, the 750 enrollment forms, these are the forms that are submitted by our prescribers. And it takes time for these forms to eventually get adjudicated, everything gets processed for them to translate into actual shipments.

因此，在 ONAPGO 上，有 750 份登記表，這些都是由我們的處方人員提交的表格。這些表格最終需要時間才能得到裁決，所有流程都需要經過處理才能轉化為實際的貨物。

And that's where in the end, you'll see. So the key thing is it's like a funnel. You've got to keep filling in the forms because eventually, you're going to lose some of them, and that's typical in the industry in all specialty products, you lose a good portion of these forms and they don't all translate into actual patients. Right now, and this is -- this number is probably around the end of July. So it's not in this end of second quarter.

最終您就會明白這一點。所以關鍵是它就像一個漏斗。你必須繼續填寫表格，因為最終你會丟失其中一些表格，這在所有專業產品行業中都很常見，你會丟失很大一部分錶格，而且它們並不會全部轉化為實際的患者。現在，這個數字大概是在七月底左右。所以它不在第二季末。

But by the end of July, we estimate we have about slightly more than 200 patients on ONAPGO. So we're very excited about that. So we have a very good number of patients who are getting the product. A good portion also a little bit north of 20%, 25% are already getting refills, starting to get refills. So the momentum is really starting to build up behind the product, given that we just launched it a couple of months ago, late in April.

但到 7 月底，我們估計 ONAPGO 上的患者人數將略多於 200 人。所以我們對此感到非常興奮。因此，我們有大量的患者正在使用該產品。相當一部分人（略高於 20%）、25% 的人已經獲得續杯，或開始獲得續杯。因此，考慮到我們幾個月前（四月底）才剛推出該產品，該產品的勢頭確實開始增強。

So we're very happy about that and also very happy about the fact that we have more than 300 prescribers. And we estimate about 50% of the prescribers are actually repeat prescribers. So everything is really pointing in the right direction for a very strong launch on ONAPGO.

因此，我們對此感到非常高興，同時也對我們擁有 300 多名處方人員感到非常高興。我們估計大約 50% 的開處方者實際上是重複開處方者。因此，一切都朝著正確的方向發展，ONAPGO 將強勢推出。

Wonderful. And just to confirm, those 200 patients that you're saying, slightly more than 200 that are on ONAPGO, they're getting -- you guys are getting reimbursement for that? Or is there more of a, let's say, specialty pharmacy bridging program that's ongoing?

精彩的。只是為了確認一下，你所說的 200 名患者，略多於 200 名接受 ONAPGO 治療的患者，他們得到了——你們得到了報銷嗎？或者是否有更多正在進行的專業藥局銜接計劃？

No. I mean from a reimbursement coverage point of view, that is going as smooth as you can expect for a launch. We're going to always have bumps on the way, but we're pretty happy with the amount of prescriptions that are going through getting authorized. So you're working the system as time goes on, we work any kinks in it, but we're very happy with that and the amount of patients that are getting the shipments for the product.

不。我的意思是，從報銷範圍的角度來看，這對發布來說就像你所期望的那樣順利。我們前進的道路上總是會遇到一些坎坷，但我們對獲得授權的處方數量感到非常滿意。因此，隨著時間的推移，您將不斷完善系統，我們將解決其中的任何問題，但我們對此感到非常滿意，並且收到產品的患者數量也很多。

Okay, understood.

好的，明白了。

Andrew Tsai, Jefferies.

安德魯‧蔡（Andrew Tsai），傑富瑞集團（Jefferies）。

Hey, congrats on the quarter. This is John on for Andrew. Thanks for taking my question. So we saw ZURZUVAE Q2 sales accelerate meaningfully quarter-over-quarter. Were there any onetime events driving that sales growth? Or was it all mostly organic?

嘿，恭喜本季。這是約翰，代替安德魯。感謝您回答我的問題。因此，我們看到 ZURZUVAE 第二季的銷售額較上季大幅成長。是否有任何一次性事件推動了銷售成長？或者說，這一切基本上都是有機的？

And then do you expect that pace of growth to continue going forward into Q3 and Q4? And then maybe just broadly speaking, what do you think about the peak sales opportunity? And ultimately, what could be your appetite in looking at ZURZUVAE and like MDD or any other CNS indications in the future? Or should we really be thinking that you'll be focused on the launch and kind of keep the pipeline shelf for now? Thanks.

那麼您是否預計這種成長速度將在第三季和第四季持續保持？那麼從廣義上講，您對高峰銷售機會有何看法？最後，您對 ZURZUVAE 以及未來 MDD 或任何其他 CNS 適應症有何興趣？或者我們真的應該認為你會專注於發布並暫時保留管道架？謝謝。

Yeah. The only thing I can really speak about ZURZUVAE, given that we just closed on the transaction, and we'll be coordinating, of course, messages and what we do from a public disclosure perspective with our partner, Biogen, but I can give you a little bit more color given what Sage has reported.

是的。鑑於我們剛剛完成交易，我唯一能談論的是 ZURZUVAE，當然，我們將與我們的合作夥伴 Biogen 協調資訊以及我們從公開披露的角度所做的事情，但根據 Sage 的報道，我可以給你更多的細節。

So based on what Sage has reported, in the second quarter, they saw 36% growth in the prescriptions, about 4,000 TRxs were shipped to women with PPD. I mean that is a very strong healthy growth. And if you recall, in the first quarter, actually, they grew by 22% versus the fourth quarter of last year.

根據 Sage 的報告，第二季度，他們的處方量增加了 36%，約有 4,000 份 TRx 被發送給患有 PPD 的女性。我的意思是，這是一個非常強勁的健康成長。如果你還記得的話，第一季度，與去年第四季度相比，它們實際上成長了 22%。

So we're really excited about the momentum that the brand is picking up. Clearly, that is also the benefit of some of the expansion that the two partners have done, Biogen and Sage at that time with the expansion of the sales force and the continued investment behind the brand.

因此，我們對該品牌的發展勢頭感到非常興奮。顯然，這也是兩家合作夥伴 Biogen 和 Sage 當時進行的一些擴張帶來的好處，包括擴大銷售團隊並持續投資該品牌。

So we're pretty pleased with the strong growth in the business on a unit basis. And obviously, that is being reflected, of course, in the dollar. On the dollar side, again, as I said, we just closed on the deal. So we need a couple of days to a little bit understand if there is any shift in inventory or anything there else that may have benefited the dollar amount.

因此，我們對業務單位的強勁成長感到非常滿意。顯然，這當然也反映在美元上。在美元方面，正如我所說，我們剛剛完成交易。因此，我們需要幾天時間來了解庫存是否有任何變化，或其他任何可能對美元金額產生影響的因素。

I don't have a really clear answer for you at this point. But clearly, what's more important is the shipments and the prescriptions, and that's what we're very focused on at this point. As far as peak sales of the brand itself, again, we haven't made any specific public commentary. The only thing I can tell you with some public information, of course, everybody knows the milestones we have with the purchase of Sage.

目前我還沒有明確的答案給你。但顯然，更重要的是發貨和處方，這也是我們目前非常關注的。至於品牌本身的峰值銷售情況，我們還沒有做出任何具體的公開評論。我唯一能告訴你的是一些公開訊息，當然，每個人都知道我們收購 Sage 所取得的里程碑。

So we would be very happy to pay all these milestones and the CVRs that we have on the deal. And that gives you some idea for what the brand or the level of sales that we're thinking, and we will be working very hard to achieve for this product.

因此，我們非常樂意支付交易中的所有里程碑費用和 CVR。這可以讓您了解我們正在考慮的品牌或銷售水平，我們將竭盡全力實現產品的目標。

I'll just remind folks that these milestones or the sales numbers are actually 50% of what the total brand would be because that would be the net revenues as reported by Supernus for these CVRs. And then finally, regarding any potential future indications or anything specific with that. Again, I'm not at any specific liberty at this point to talk about the future plans of the product until we sit down and talk to our partner, Biogen, regarding the potential of the brand.

我只是想提醒大家，這些里程碑或銷售數字實際上只佔整個品牌的 50%，因為那將是 Supernus 報告的這些 CVR 的淨收入。最後，關於任何潛在的未來跡像或任何具體內容。再次強調，在我們與合作夥伴 Biogen 坐下來討論該品牌的潛力之前，我現在沒有特別的自由來談論該產品的未來計劃。

But certainly, we're in it for the long haul, and we're in it to build as big of a product as possible here to serve as many patients.

但可以肯定的是，我們會長期堅持下去，我們會在這裡打造盡可能大的產品來服務盡可能多的患者。

Great, thank you so much.

太好了，非常感謝。

Kristen Kluska, Cantor Fitzgerald.

克里斯汀·克魯斯卡，坎托·費茲傑拉。

Hi, everyone. Congrats on a great quarter. Two questions for me. The first is just on Qelbree. Obviously, in 2Q, you introduced a lot of new sales launch initiatives. So I'm curious with all the new prescribers that are coming on board, what are some of the key reasons doctors are wanting to try this option?

大家好。恭喜本季取得優異成績。我有兩個問題。第一個就在 Qelbree 上。顯然，在第二季度，你們推出了許多新的銷售啟動計畫。所以我很好奇，對於所有新加入的處方者來說，醫生們想要嘗試這種選擇的主要原因是什麼？

And how much of the recent launch has been dictated by doctors offering this to patients versus patients asking their doctors about it?

最近推出的這種藥物有多少是由醫生提供給病人的，有多少是病人向醫生詢問的？

Yeah. It's really a combination of all that, Kristen. There is no one specific initiative that is really driving the strong performance of the brand. Clearly, at the beginning of the year, what I believe you're referring to is the new label that we got or changes in the labels that were very, very favorable for the product from the perspective of, first, really clarifying and providing more information about the mechanism of action of Qelbree, which separates the product significantly versus a lot of these options that are out there, specifically with its activity and modulation of the serotonin.

是的。這確實是所有這些因素的結合，克里斯汀。沒有任何一項具體的舉措能夠真正推動該品牌的強勁表現。顯然，在年初，我相信您指的是我們獲得的新標籤或標籤的變化，這些變化從以下角度對產品非常有利：首先，真正澄清並提供有關 Qelbree 作用機制的更多信息，這使該產品與市面上的許多選擇有顯著區別，特別是在其活性和對血清素的調節方面。

And that really differentiates the product and explains also a lot of its activity and how it treats ADHD and the way patients feel when they get the product. So a lot of the time we spent in the first quarter, of course, also in the second quarter, educating physicians about the change in the label, the mechanism of action. We spend a lot of time in pushing the adult business, as I mentioned earlier. So we're doing a lot of things on different fronts. And a lot of these things tie together. The change also in the addition of the lactation data.

這確實使產品與眾不同，也解釋了它的許多活性、它如何治療 ADHD 以及患者獲得產品時的感受。因此，我們在第一季度，當然也在第二季度，花了大量時間向醫生講解標籤的變化和作用機制。正如我之前提到的，我們花了很多時間來推動成人業務。因此我們在不同的方面做了很多事情。很多這些事情都是相互連結的。這項變化也體現在增加了哺乳數據。

That is also important for patients, female patients who are in the adulthood and so forth. So a lot of things tie together. And all these initiatives have converged and really produced the results that we've seen behind the brand. And now with the back-to-school season, clearly, we will shift some of the emphasis back on the pediatric side to take the most advantage of the momentum of the back-to-school season.

這對於患者、成年女性患者等也很重要。所以很多事情都是連在一起的。所有這些舉措都匯聚在一起，並真正產生了我們在品牌背後看到的成果。現在正值開學季，顯然，我們將把重點轉移到兒科方面，以充分利用開學季的勢頭。

So that will be great for us in the third quarter to continue with the push for the product to hopefully, as I mentioned earlier, that we finish even stronger in the second -- the second half even stronger than the first half.

因此，這對於我們在第三季度繼續推動產品發展大有裨益，正如我之前提到的，希望我們在第二季度取得更好的成績——下半年甚至比上半年更加強勁。

Thank you so much for that color. And then with the Sage deal closed now, can you give us a rough sense of what that pro forma cash looks like? I know they did have a good amount of cash left on their balance sheet at all. And just on the sense of the future M&A or in-licensing opportunities, should we expect there to be more focused specifically in the OB/GYN space as you build the sales force and do the work there for PPD? Thanks again.

非常感謝那個顏色。現在 Sage 交易已經結束，您能否大致告訴我們預計現金狀況如何？我知道他們的資產負債表上確實還剩下大量現金。僅從未來併購或授權機會的角度來看，我們是否應該期望在建立銷售團隊並為 PPD 開展工作時，更加專注於婦產科領域？再次感謝。

Yeah, sure. I'll take the latter part of the question, and then I'll ask Tim to talk specifically about the cash. From a corporate development perspective, strategy perspective, our top priorities are pretty much still the same. First, starting with revenue-generating products that could continue to build our commercial footprint in CNS. And now, as you mentioned, given that now we are getting into the OB/GYN space, definitely women's health will be an area that we will be looking at very seriously.

是的，當然。我將回答問題的後半部分，然後請蒂姆具體談談現金問題。從企業發展角度和策略角度來看，我們的首要任務基本上還是一樣的。首先，從能夠產生收入的產品開始，繼續在 CNS 領域建立我們的商業足跡。現在，正如您所提到的，鑑於我們現在進入婦產科領域，女性健康肯定是我們非常重視的領域。

And it opens up a whole area for us an additional growth opportunity for us. So we will be looking at both areas as always, CNS, neurology, psychiatry, but also now with OB/GYN. And as far as the size of the transaction, all depends on a case-by-case scenario of the type of products we're bringing in. And also regarding the balance sheet, I'll let Tim now comment concerning your question about the cash, the pro forma cash position.

它為我們開闢了一個全新的領域，為我們提供了額外的成長機會。因此，我們將一如既往地關注兩個領域：中樞神經系統、神經病學、精神病學，現在也關注婦產科。至於交易規模，則完全取決於我們引進的產品類型的具體情況。另外關於資產負債表，我現在請提姆就你關於現金、備考現金狀況的問題發表評論。

Yeah. As I mentioned in my prepared remarks, we still have a strong balance sheet. At the time of close, our cash is between $240 million and $260 million.

是的。正如我在準備好的發言中提到的，我們的資產負債表仍然強勁。交易結束時，我們的現金在 2.4 億美元至 2.6 億美元之間。

So that should clearly give us a continued flexibility given that we still have a very strong and healthy balance sheet overall.

鑑於我們整體上仍然擁有非常強勁和健康的資產負債表，這顯然應該為我們提供持續的靈活性。

Thank you so much.

太感謝了。

Annabel Samimy, Stifel.

安娜貝爾·薩米米 (Annabel Samimy)，Stifel。

Hi, this is Jack on for Annabel. Thanks for taking our questions. So on the topic of the OB/GYNs, you've noted that this is the best area for expansion for ZURZUVAE. But your real point of leverage historically has been psychiatry. So how do you plan on balancing these two? What type of investment do you need to make to kind of reach these prescribers?

大家好，我是傑克，為安娜貝爾服務。感謝您回答我們的問題。因此，關於婦產科的話題，您已經注意到這是 ZURZUVAE 擴展的最佳領域。但從歷史上看，你真正的優勢在於精神醫學。那麼您打算如何平衡這兩者？您需要進行哪些類型的投資才能接觸到這些開處方者？

And does Biogen need to kind of get on board with that decision?

那麼 Biogen 是否需要參與這項決定呢？

I mean at this point, currently, so far, what we've seen is that 70% to 80% of the prescriptions are generated by OB/GYNs. So clearly, the business is heavily skewed, which makes a lot of sense, of course, given the patient journey, where it starts and where it ends and so forth. And the remainder of the prescription, 20% or so, is in the psychiatry space. So that's not too small. Clearly, that is an area where we will be exploring.

我的意思是，目前，到目前為止，我們看到 70% 到 80% 的處方是由婦產科醫生開出的。顯然，業務嚴重失衡，當然，考慮到患者的就診過程，從哪裡開始，在哪裡結束等等，這很有道理。其餘處方（約 20%）用於精神科領域。所以這並不是太小。顯然，這是我們將要探索的領域。

Again, we will explore that together with our partner, Biogen, to see how we can -- if there is a chance here to potentially take advantage of our strong presence in psychiatry. Does it make sense? Could we expand further in the psychiatry space? So you bet. I mean, that is something we will be talking about with our partner and any decisions will have to be made, of course, jointly as to what kind of expansion, if there is any expansion, investment or whatever it is, where we can explore that avenue and further improve and increase the reach so we can reach patients who go to the psychiatry office.

再次，我們將與我們的合作夥伴 Biogen 一起探索這一點，看看我們如何能夠——是否有機會利用我們在精神病學領域的強大影響力。這有意義嗎？我們能在精神醫學領域進一步拓展嗎？所以你打賭。我的意思是，我們將與我們的合作夥伴討論這個問題，當然，任何決定都必須共同做出，例如進行何種擴張，如果有任何擴張、投資或其他什麼，我們可以在哪裡探索這條途徑，進一步改善和擴大覆蓋範圍，以便我們能夠接觸到去精神病學辦公室的患者。

So that is clearly an area we will be exploring as we move forward.

因此，這顯然是我們未來將要探索的領域。

Thanks. And then [Tim], one more from us. Just wanted to understand the dosing dynamics for Qelbree in adults a little bit better. Is there still the same level of combination usage with stimulants? And if so, why is that so persistent? I would think that would kind of defeat the purpose and advantage of Qelbree being a nonstimulant in that case.

謝謝。然後[Tim]，我們再說一個。只是想更了解 Qelbree 在成人中的給藥動態。與興奮劑的合併使用程度是否還是一樣的？如果是這樣，那為什麼它如此持久？我認為在這種情況下這會在某種程度上違背 Qelbree 作為非興奮劑的目的和優勢。

Yeah. It's actually driven by the stimulants themselves and how nasty they can be, of course, otherwise, why would the physician be considering to switch or add Qelbree, he won't switch to Qelbree, right? That means there is a problem. There is something that the patient is struggling with. And the stimulant on its own is not really doing what it's supposed to do, meaning address the symptoms that the patient is going through.

是的。當然，這實際上是由興奮劑本身以及它們的危害所驅動的，否則，醫生為什麼會考慮更換或添加 Qelbree，他不會更換為 Qelbree，對吧？這意味著有問題。病人正在為某件事苦苦掙扎。而興奮劑本身並沒有真正發揮其應有的作用，即解決患者正在經歷的症狀。

So instead of completely taking the patient off the stimulant, which has a lot of issues with it when you do that, withdrawals, a lot of patients feel withdrawal and suffer from all kind of symptoms when you cut them off completely from the amphetamines or methylphenidates, what physicians try to do is taper off the dose of the stimulant over time and then as time goes on, increase the dose of Qelbree.

因此，醫生不會讓患者完全停止使用興奮劑，因為這樣做會產生很多問題，例如戒斷反應，當你完全停止使用安非他明或哌甲酯時，很多患者會感到戒斷反應並出現各種症狀，醫生會嘗試隨著時間的推移逐漸減少興奮劑的劑量，然後隨著時間的推移增加 Qelbree 的劑量。

And therefore, the use of Qelbree in combination with the stimulants perhaps will continue to be the case. Physicians like to do that because they don't want to take patients off completely very quickly, very suddenly off the stimulants. And they like to titrate up on Qelbree and add it, and therefore, the reason why we see a very good healthy level of use as a combination. It continues to be around the 40% of adult prescriptions to be combination use.

因此，Qelbree 與興奮劑的結合使用或許會持續下去。醫生喜歡這樣做，因為他們不想讓病人突然完全停止服用興奮劑。他們喜歡對 Qelbree 進行滴定並添加它，因此，我們看到這種組合具有非常好的健康使用水平。成人處方中仍有約 40% 的藥物需要合併使用。

In pediatric, it's less so. It's about 20%, we estimate of the pediatric prescriptions are combination. So that dynamic continues to be the case. And then eventually, what happens with the patient as they're off the stimulant, actually, a lot of them, interestingly, they find out that they don't have to have any more two prescriptions or two stimulants that they used to take because a lot of them used to take a controlled release, let's say, amphetamine.

在兒科，情況就沒那麼嚴重了。我們估計兒科處方中約有20%是組合用藥。因此這種動態將繼續存在。然後最終，當患者停止使用興奮劑時會發生什麼情況？實際上，有趣的是，他們中的許多人發現他們不需要再服用兩種處方藥或兩種他們過去服用的興奮劑，因為他們中的許多人過去服用的是控釋藥物，例如安非他明。

And then later in the day, they need to supplement with an immediate release because even the extended release doesn't cover and give them the full coverage for the full day. With Qelbree, what they're finding out is that with one pill, that's all what they have to do is take Qelbree once a day, and it truly gives them a full 24-hour coverage. So Qelbree has a lot of advantages clearly by giving them the full day coverage without having to take two different products.

然後當天晚些時候，他們需要補充立即釋放的藥物，因為即使是延長釋放也無法覆蓋一整天。透過服用 Qelbree，他們發現，只需服用一顆藥丸，每天一次，就能真正獲得 24 小時的全面保障。因此，Qelbree 顯然具有許多優勢，因為它可以為顧客提供全天的覆蓋，而無需服用兩種不同的產品。

And of course, a very different profile, continues to have good efficacy, and that's why people continue to use it. And actually, in adults, I mean, the satisfaction is pretty high among physicians who have tried Qelbree and continue to add more patients in their offices, adding more patients on Qelbree.

當然，儘管其特性非常不同，但仍具有良好的功效，這就是人們繼續使用它的原因。實際上，對於成年人來說，嘗試過 Qelbree 並繼續在其辦公室增加更多患者、增加更多使用 Qelbree 的患者醫生的滿意度相當高。

Very helpful. Thanks for the explanation.

非常有幫助。謝謝你的解釋。

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆、派珀·桑德勒。

Hi, thanks for taking our question. This is Alex on for David. Can you please talk to your commercial infrastructure to support ZURZUVAE in postpartum depression, particularly in terms of headcount and how many practitioners it's targeting? And anything you plan to do differently than Sage? Thank you.

您好，感謝您回答我們的問題。這是亞歷克斯為大衛表演的。您能否談談支持 ZURZUVAE 治療產後憂鬱症的商業基礎設施，特別是員工人數和目標從業人員數量？您計劃做什麼與 Sage 不同的事情嗎？謝謝。

Yeah. At this point, unfortunately, I'm not at liberty in getting into the details of the infrastructure, the sales force, the number and so forth, again, until we have some time to discuss with our partner, Biogen. So we will reserve that till later. We're happy to provide any color later if that is something that our partner would like to talk about publicly. So for now, we can't make, unfortunately, any comments on that.

是的。遺憾的是，目前我還不能透露有關基礎設施、銷售人員、數量等細節，直到我們有時間與我們的合作夥伴 Biogen 進行討論。因此我們將保留這項權利，留到以後再說。如果我們的合作夥伴願意公開談論此事，我們很樂意稍後提供任何資訊。因此，很遺憾，目前我們無法對此發表任何評論。

Okay. Thank you.

好的。謝謝。

This concludes the question-and-answer session. I would now like to turn it back to Jack Khattar for closing remarks.

問答環節到此結束。現在我想請傑克·卡特爾致最後總結。

Thank you for joining us to learn about our second quarter 2025 operating performance and highlights. The company continues to execute well, setting the stage to make 2025 as the year when we complete the transition from our legacy products, Trokendi XR and Oxtellar XR. With the addition of ZURZUVAE, the launch of ONAPGO and the continued robust growth of Qelbree and GOCOVRI, we have just entered a new phase in our history, a phase of renewed and accelerated growth and profitability. Our strengthened portfolio of 4 core growth drivers would position us to further accelerate the growth in revenues and earnings. We are also focused on generating strong cash flows behind the strength of our expanded product portfolio and through the efficiency of our operations.

感謝您加入我們，了解我們 2025 年第二季的營運表現和亮點。該公司繼續表現良好，為 2025 年完成從傳統產品 Trokendi XR 和 Oxtellar XR 的過渡奠定了基礎。隨著 ZURZUVAE 的加入、ONAPGO 的推出以及 Qelbree 和 GOCOVRI 的持續強勁增長，我們剛剛進入了歷史的新階段，即重新開始並加速增長和盈利的階段。我們強化的四大核心成長動力組合將使我們能夠進一步加快收入和獲利的成長。我們也致力於透過擴大產品組合的實力和提高營運效率來產生強勁的現金流。

Thanks again for joining us this afternoon. We look forward to updating you on our next call.

再次感謝您今天下午加入我們。我們期待在下次通話中向您通報最新情況。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。