Supernus Pharmaceuticals Inc (SUPN) 2025 Q3 法說會逐字稿

Hi. Good afternoon and welcome to the Supernus Pharmaceuticals third quarter 2025 Financial results conference call. [Operator Instructions]

I will now turn the conference over to Peter Vozzo of ICR Healthcare, investor relations representative for Supernus Pharmaceuticals. You may now begin.

Thank you, Raven. Good afternoon, everyone, and thank you for joining us today for Supernus Pharmaceuticals third quarter 2025 Financial results conference call. Today, after the close of the market, the company issued a press release announcing these results.

On the calls made today are Supernus's Chief Executive Officer; Jack A. Khattar, Chief Financial Officer; Timothy C. Dec. Today's call is being made available via the investor relations section of the company's website at www.ir.supernus.com.

During the course of this call, management may make certain forward statements regarding future events and the company's future performance. These forward-looking statements reflect the current's current perspective on existing trends in 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. After results may differ materially from those projected in these forward-looking statements.

For the benefit of those who may be listening to the replay, this call is being held and recorded on November 4, 2025. 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 declined any obligation to update these four statements except as required by applicable securities laws. I now through the call of the jack.

Thank you, Peter. Supernus delivered strong operating results in the third quarter, reflecting continued momentum from Calvary and recovery, collaboration revenues from the ZURZUVAE, and an encouraging start to the launch of ONAPGO.

With these four growth products, we have built a solid foundation for a new phase of accelerated growth for the company. During the third quarter of 2025, these four growth products accounted for approximately 78% of total revenues.

Starting with UNERO during the third quarter of 2025, ONAPGO generated net sales of USD6.8 million up from USD1.6 million in the second quarter.

From launch through September 30, 2025, more than 1,300 enrollment forms were submitted by over 450 prescribers.

Initial feedback from prescribers has been positive regarding the product and its performance. In addition, prescribers appreciate the high level of service provided by Supernus in its circle of care program.

Due to stronger than expected demand for ONAPGO, supplier constraints are impacting the company's ability to fully meet this demand. As a result of this supply imbalance, the company is prioritizing care for patients currently on ONAPGO.

This requires pausing delivery to patients who have not started ONAPGO. The company is working to build adequate inventory and resume new patient initiation as soon as possible and will provide timely updates as progress is made in resolving the supply constraint.

Switching now to their ZURZUVAE, collaboration revenue from theirzube was USD20.2 million in the third quarter of 2025, representing approximately two months of collaboration revenue since the closing of the Sage acquisition on July 31, 2025.

Full third quarter of 2025 US sales of their zuve as reported by our partner Biogen increased approximately 150% compared to the same period in 2024 and approximately 19% compared to the second quarter of 2025.

We anticipate that the integration of Sage will be substantially completed by the end of this year. We continue to expect potential synergies up to 200 million on an annual basis by mid 2026.

Regarding Kelberry, the brand had another robust performance in the third quarter of 2025 with 23% growth in prescriptions as reported by IQVIA and 31% growth in net sales compared to the same period last year.

The total ADHD market continues to experience healthy growth with an increase of 12% in prescriptions in the third quarter of 2025 compared to the third quarter of 2024.

Prescription growth for the same period in the adult segment was 16% outspacing the 5% growth in the pediatric segment.

Qelbree had a strong back to school season with pediatric prescriptions growing by 19% in the third quarter compared to the same period last year, while at the same time posting robust third quarter prescription growth in adults of 32%.

In addition, the number of prescribers in the third quarter grew by 18% compared to the same period last year. Switching to GOCOVRI, the product continues its strong performance on the back of the momentum it had in the first half of this year.

Net sales grew by 15% in the third quarter of 2025 compared to the same period last year, behind growth in prescriptions and number of prescribers.

Moving on to R&D for our SPN 443 program, we have selected ADHD as the lead indication. We expect to initiate a phase one single ascending, multiple ascending dose study in adult healthy volunteers in 2026.

We are on track to initiate a follow on phase 2b multi-center randomized double blind placebo control trial with SPN 820 and approximately 200 adults with major depressive disorder by the end of 2025.

The study will examine the safety and tolerability of SPNA20 and its efficacy at a dose of 2,400 mg given intermittently twice per week as an adjunctive treatment in the current baseline antidepressant therapy.

Our phase to be randomized double blind placebo control study of SPN 817 is ongoing with a targeted enrollment of approximately 258 adult patients with treatment resistant focal seizures. This trial utilizes 3mg and 4mg twice daily doses.

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 additional 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 third quarter of 2025 results, please refer to today's press release that was issued earlier today. Total revenue for the third quarter of 2025 was USD192.1 million compared to USD175.7 million in the same quarter last year.

Total revenue in the third quarter of 2025 was comprised of net product sales of USD168.5 million, collaboration revenues associated with the ZURZUVAE of USD20.2 million and royalty, licensing, and other revenues of USD3.4 million.

Please note, collaboration revenues represent approximately 50% of the sales of ZURZUVAE reported by Biogen.

During the third quarter of 2025, collaboration revenues represented approximately two months of sales reported by Supernus from the closing of the Sage acquisition on July 31, 2025.

Excluding net product sales of XR and Oxstellar XR, total revenue for the third quarter of 2025 increased 30% compared to the same quarter last year.

This increase was primarily due to the increase in net product sales of our grow products, Qelbree and GOCOVRI, as well as from the launch of ONAPGO in April 2025 and the addition of collaboration revenues from ZURZUVAE.

For the third quarter of 2025, combined R&D and SG&A expenses were USD209 million as compared to USD98.8 million for the same quarter last year.

Operating loss on a GAAP basis for the third quarter of 2025 was USD60.2 million as compared to operating earnings of USD40.9 million for the same quarter last year.

The change was primarily due to higher SGA expenses, which included approximately USD70 million of acquisition-related costs from the Sage acquisition, approximately USD30 million of Sage operating cost in Q3 2025, and incremental in tangible asset amortization from ZURZUVAE and ONAPGO.

GA net loss was USD45.1 million for the third quarter of 2025 or a loss of USD0.80 per diluted share. Compared to GAAP net earnings of USD38.5 million or USD0.69 per diluted share in the same quarter last year.

On a non-GAAP basis, which excludes amortization intangibles, share-based compensation, contingent consideration, depreciation, and acquisition-related cost, adjusted operating earnings for the third quarter of 2025 was USD41.9 million compared to USD67.7 million in the same quarter of the prior year.

Total revenues for the nine months ended September 30, 2025 were USD507.4 million compared to USD487.7 million in the same period last year. Total revenues were comprised of net product sales of USD468.5 million.

ZURZUVAE related collaboration revenues of USD20.2 million and royalty licensing and other revenues of USD18.7 million.

Excluding net product sales of Trokendi XR and Oxtellar XR, total revenues for the nine months and September 30, 2025 increased 25% compared to the same period last year.

Combined R&D and SP expenses for the nine months ended September 30, 2025 were USD441.6 million as compared to USD322.3 million for the same period last year.

The change was primarily due to higher SG&A expenses, which includes approximately USD70 million of acquisition-related costs from the Sage acquisition and USD30 million related to Sage operating costs recorded since the closing of the acquisition on July 31.

Operating loss on a GAAP basis for the nine months ended September 30, 2025 was USD58.3 million as compared to operating earnings of USD160.3 million for the same period last year.

GAAP net loss was USD34.4 million for the nine months ended September 30th, 2025 or a loss of USD0.61 per diluted share compared to GAAP net earnings of USD58.5 million or USD1.05 per diluted share in the same period last year.

On a non-GAAP basis. Which excludes amortization intangibles to share-based compensation, contingent consideration, depreciation, and acquisition-related cost. Adjusted operating earnings were USD110.2 million compared to USD135.4 million for the same period last year.

As of September 30, 2025, the company had approximately USD281 million in cash equivalents, and marketable securities, compared to USD454 million as of December 31, 2024.

The decrease was primarily due to the funding of the Sage acquisition, partially offset by cash generated from operations. The company's balance sheet remains strong with no debt and significant financial flexibility for potential M&A or other growth opportunities.

And as Jack mentioned, the integration stage is on track and will be substantially complete by year end.

Now turning to guidance, we're updating our full year 2025 financial guidance primarily to reflect Spar's strong performance in the first nine months of the year.

We expect total revenue to range from USD685 million to USD705 million from the previous range of USD670 million to USD700 million comprised of net product sales, resumed collaboration revenues, and royalty and licensing revenues.

Note that total revenue guidance for full year 2025 assumes approximately USD75 million to USD85 million of combined net sales of any XR and stellar XR, up from USD65 million to USD75 million previously.

For the full year 2025, we expect combined R&D and SG&A expenses to range from USD505 million to USD530 million unchanged from the previous range.

Overall, we expect full year 2025 operating loss in the range of USD65 million to USD75 million. Compared to the previous range of an operating loss of USD70 million to USD80 million.

And finally we expect non-GAAP operating earnings to range from USD125 million to USD145 million from the previous guidance of USD105 million to USD135 million.

Please refer to the earnings press release issued prior to this call that identifies the various ranges of reconciling guidance between GAAP and non-GAAP.

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

Thank you. [Operator Instructions][Operator Instructions]

Our first question will come from Andrew say with the Jeffreys Institute.

Nice execution this quarter and thanks for taking my questions.

I wanted to ask on an ONAPGO sounds like it's off to a strong start. And so if you guys could have met all the patient demand this quarter, there are no supply constraints.

How many more patients would have received on ONAPGO and where would the sales have been? Thanks.

Yeah, Andrew, I'll take that.

It's a little bit hard, to project these numbers, obviously, as far as to exactly the number of patients we would have had, but the big picture here is the product has been doing amazingly well, exceeding, all expectations from a demand perspective and the response from the physician community, the, Parkinson's community has been phenomenal.

And we are very committed obviously to this product, and our key focus right now is to make sure we take care of our existing patients, and we have about a slightly more than 400 patients, so we've had significant growth also in the number of patients obviously from the last quarter.

And as I mentioned earlier, I mean, the feedback regarding the product has been really good.

The high level of service we are providing patients and physicians is very much noticeable and very much appreciated in the marketplace because these products need and patients need the attention and the care and that's what we're trying to do here.

So regarding the supply issue, I mean, we will deal with it, that is something we'll be able to overcome, no question about it. We're very committed to ONAPGO in the long-term as a product. And as I mentioned, I mean, the opportunity here is vast.

If you look at the European experience, epomorphine infusion devices, have been available for more than two decades actually and have served and helped thousands and thousands of patients.

And our intention is nothing less than duplicating that kind of success in the US because we know there are a lot of patients in the US who need and could really, take advantage of a product like this, so.

So that's really where we are, but definitely, I mean, we're very much focused on, addressing the supply constraint and hopefully we'll be able to, get everybody who's in the in the pipeline, so to speak, and start initiating patients again.

Thank you. And secondly, as a follow-up just to manage street expectations, is the supply constraint in such a way where we should be thinking that Q4 might be softer relative to Q3, or could it still grow and Because you still have a supply, I guess.

Like I'm trying to gauge whether there's a potential bolus in Q4 or whether it could actually be softer actually. I don't know how to think about it, but any color would be helpful.

I mean the situation changes by the hour because we're working, around the clock literally with our supplier trying to, line up more batches line up more deliveries so it's really and it's a very fluid situation.

But since you asked the question, I mean, earlier way back when we launched, people ask me is ONAPGO built into the annual guidance?

And I said, yes, it's in the high single-digit, for the year and obviously we're pretty much already there in a way with the third quarter, cumulative, year-to-date we have about 8.4 million.

Certainly we'll have shipments in the fourth quarter, no question about it. It's really hard for me now to tell you today.

Is it going to be higher? Is it going to be slightly lower, a little bit more lower, because we truly don't know yet and we don't have a clear picture at this point.

Okay, sounds like a good problem to have, thank you.

We will now hear from Stacy Koo from TD Cohen.

Hey there, Hi, thanks so much for taking our questions, and a nice quarter. Congrats on a nice quarter. Some follow-ups on an ONAPGO.

First, maybe walk through for us what the rate limiting steps are. And then more specifically, what is the high and low end in terms of the amount of time that you think you'll need to resolve this issue, so just some type of range, as you're talking about all these different details which we very much appreciate.

So that's the first question. And then the second, of course, I love was approved ahead of an ONAPGO, but is given this really high patient demand and seems like the inability to address.

What the patients are asking for, are we going to expect this to persist, or are they going to be absorbed by the competitor? So that's the second question.

And then third, maybe just off topic from ONAPGO, maybe just help us understand margins.

They have looked pretty healthy for this quarter, so just help us understand where they're going to settle as more products are coming forward versus where they are currently. Thanks so much.

Yeah, sure, yeah, I mean, the key rate limiting steps or issues, the constraints we're talking about, it's really a lot of it is capacity again because of the significant demand.

It's a high-quality problem, but obviously we need to address it and make sure we catch up because to your second question, we know patients when we have the enrollment forms, clearly there is a period of time anyway that happens before initiation.

But we do have patients waiting for initiation, so obviously we're working very diligently, to do this as quickly as possible so we can initiate and go back to initiating patients.

But we're trying to preserve right now the inventory we have and of course we have deliveries coming in, but we're trying to preserve that inventory for people who are already on therapy because obviously these are existing patients we need to take care of.

So the patients, a lot of them I guess will wait. Some of them may end up going somewhere else. That's okay because once we are back on track, I mean again back to the fact that the product is a great product.

It's something that is very much needed in this marketplace specifically because apomorphine is a molecule that treats Parkinson's like no any other molecule. It's not another levodopa carbidopa.

It's very much differentiated and there is a need for it, so we will be able to go through this situation and get back on track at some point.

As far as the margins on ONAPGO will end up being pretty close, similar to [inaudible] from a manufacturing perspective, gross margins because it's under the same setup and partnership with our partner in Europe who is the licensed source. So it's very similar to the Apoin setup.

Okay, and just to confirm, when you talk about capacity, are you talking about the device or the actual API? Just help us understand what is the supply limitation.

Oh yeah, sure, yeah, the issue is related more to the cartridge, the filling of the cartridges.

So that's on the pumps, we have no issues with the pump. It's more scheduling, getting enough, production time. At the CRO, specifically on the cartridges, the drug cartridge.

Okay, understood thank you.

Sure.

Thank you. Our next question comes from David Amselen from Piper Sandler. Your line is now open.

Thanks. So I have an ONAPGO question and then also a ZURZUVAE question.

So on ONAPGO , just coming back to the previous question about potential lost business to the competitor, have you, I guess the question here is what have you heard in the field regarding that.

And I guess in real time, can you give us a sense of how much of your Patients that where PEFs have already been submitted, do you expect to keep is that, the vast majority, is it something less?

Just help us understand how to think about that and the potential for lost business with some more granularity. So that's number one. And then secondly on ZURZUVAE, can you tell us how many reps you have detailing the product, your plans for Salesforce expansion.

And also the your willingness, I guess, and motivation to try to acquire the other 50% of the asset that your partner has. How are you thinking about that? Thank you.

Yeah, starting with ONAPGO, I mean, as far as the potential loss, this is a fairly recent, situation we're dealing with, so it's not like we've had a long time to evaluate or we've had a lot of feedback, from the field around, this issue.

So it's a little bit hard for me obviously to predict what the potential loss. But again, at the end of the day, big picture, given how good this product is and the need for it.

Of course you're always concerned you're going to lose some of your patience to competitors or other products obviously out there.

But if these patients really need a product like this, once we come back and we do have the inventory, we have good confidence that we can get a lot of these patients back into the into the product and so forth.

And we're talking because basically of experience. I mean, the patients who are ONAPGO, the experience we've seen in Europe for more than two decades, as I mentioned earlier, the differentiation of the molecule versus, the other treatments out there.

That really speaks volume for the need for a product like this, but not only the need, but also the validation from a clinical and medical perspective that this is a product that really helps patients out there.

So all these factors hopefully will obviously limit, reduces, minimizes any potential loss, for patients as time goes on.

So regarding the ZURZUVAE number of reps, I mean we haven't really disclosed that. The Biogen hasn't disclosed it, but it's really as far as, I mean this is a specialty area, OBGYN, so you could in a way guess how big this sales force can be obviously there's a limited number of OBGYNs you can go after in the US.

And the expansion, I mean, it just happened in the fourth quarter of last year into the first quarter, of this year. So we just had the expansion, we meaning Sage and buy our partner Biogen.

And I think obviously we're starting to see a lot of the fruits of that expansion given that the product and the growth of the product it's great performance so far.

Would we consider more expansion? I mean, everything is always, open as an option for us. Certainly that is something we will have to discuss with our partner Biogen in making these type of decisions.

Now typically, on our products on Supernus, as you guys probably well know and remember, I mean, we typically take expansions one step at a time.

Make sure the first extension we got the return on it. It is really proving to be a wise approach and then whether it verifies, another extension or not.

And we'll approach this the same way and we'll discuss it with our, partner as far as potential future expansions and then as far as our willingness to get the other 50%, I mean.

I mean, look, we're extremely happy with the 50% we own, the 50% we purchase on its own merited the deal that we did, obviously again, we have a great relationship with our partner Biogen.

I mean anything could be discussed at any time, so I never say no, but I can give you a definite answer clearly that we will definitely get it or not.

So but I mean this product is a great product and the potential. 50% on its own is a great opportunity for us. The 100%, yeah, will be a bigger opportunity, that's for sure.

All right, thanks Jack.

Sure.

Thank you. Our next question comes from Pavin Patel from BFA Securities. Your line is now open.

Hey, great, thanks for taking my questions. First, on net pricing, I know ONAPGO [inaudible], can you talk about, how we should think about the current gross net deductions versus steady state?

And given 2/3 of the patient segment is Medicare, would you expect a 35% gross net deduction, or could pricing look better, on a steady state basis and if you can speak to that person.

Deduction looks like currently and then second question I think Jack at a recent burger conference you mentioned from a BD perspective that you would look at assets with synergies to the recent Sage acquisition.

Can you provide some more details on that? Does that mean women's health, which is historically a very tough competitive space to play in, or other assets like depression?

Thank you.

Yeah, sure. Regarding the price, I mean, all I can tell you at this point because obviously this is, it moves and it will move around as the launch gets more cemented, as the reimbursement things are more in place as time goes on.

I mean, on a whack basis we expect the annual, cost for a patient's probably going to be. Around USD105 to (USD100, USD1000) very much in line, with the other products in the space.

So as far as the gross to net, another quarter or so will give us a little bit more of a better assessment as to where it might be heading.

It is not very high, so your numbers are not too far off. It might be a little bit lower than that, but we'll see where it lands eventually and hopefully we'll be able to give people a little bit more guidance.

On the BD side. We are, as I mentioned in my prepared remarks, we are very much focused on more potential acquisitions and doing BD.

And our priorities haven't really changed as far as what type of assets, meaning commercial stage, will be our top priority, whether that is. In CNS across neurology, psychiatry.

And now of course to your point across women's health, given that that's another vertical that we just now have within the company, we have a great infrastructure, from a commercial perspective.

So if we can find something in women's health that makes a lot of sense, absolutely that is something we will be considering. But aside from that, clearly in neurology, whether it's neurologist, psychiatry, or movement disorder specialists, that is also synergistic with Parkinson's.

So all these areas are obviously things that we look at, and we're very open to rare diseases as well because again from patient support we have great infrastructure around the Parkinson's franchise that we have and great services so we can clearly execute very well around rare diseases as well.

So we're very focused on all that. Clearly the women's health opens up a whole new area for us that before the Sage acquisition was not, something we would have looked at obviously probably more seriously.

But it's an interesting acquisition that we did with Sage that it gave us another vertical that we can look at and it got us there through a CNS product.

So yeah, I mean it really increases the number of opportunities in general. I mean, and we're starting to really look at women's health. Yes, you might be right. I mean, the number of opportunities may not be too numerous out there, but with time and diligence we'll probably be able to find something.

Only time will tell clearly.

And if I could just ask a follow-up question as well.

On Abby's call their R&D had walked us through some key differences between Violev and ONAPGO, and our own work shows that even though Violle is expected to capture the bulk of share here, there's a patient segment, in which patients would benefit from ONAPGO therapy.

Maybe if you can help us better understand what is that niche that you're hoping to carve out and what's the messaging here from your sales force to the movement disorder specialists that treat these patients.

Thank you.

Yeah, sure, and and I looked at, what Abby mentioned at their earnings call, and we try not to make comparisons obviously because there are no head to head trials, so it's unfair to any of the products to make such kind of, comparisons.

We just tell people, look at the labels on both products and make your own conclusions, so to speak, but at the end of the day to us what really matters is How has it been used and what's the feedback you're getting from the marketplace?

I mean, that's really what differentiates your product versus another product is the performance of that product.

The level of service we are providing, that surrounds that product clearly and, as I mentioned earlier, I mean apomorphine is apomorphine and it has incredible characteristics from a mechanistic perspective, how it works, it's a very unique molecule that penetrates the brain and it doesn't have any protein competition.

So in other words, it has great penetration. It doesn't need, metabolic inversion, and it acts like dopamine. So typically the metabolic conversion for those of you are very close to Parkinson's are typically done by the presynaptic neurons and as time goes on, what happens to these neurons, right?

So when you have a molecule that acts exactly like dopamine and really penetrates the brain very well and directly acts on the post synaptic dopamine receptors. And at the same time it has structurally it's very similar to dopamine.

I mean that's really a great molecule and not too many drugs in the Parkinson's space have that clearly from a mechanism point of view and so forth. So that strongly differentiates apomorphine, from the other molecules.

And again, as I mentioned, as far as our service, I mean, I could say we have maybe best in class service surrounding our patients, taking care of our patients, making sure we have great initiation, training, follow-ups, titration, all that is done in person and nurses that really surround, our patients with care, so.

Thank you.

Thank you. Our next question comes from Annabelle Samimi from Stifle. Your line is now open.

Hi, thanks for taking my questions and again good quarter. Just going back to ONAPGO and the reception to it, physicians are clearly interested in the pomorphine molecule or else this wouldn't have seen such high demand.

So when you think of the patients that are going on treatment or enrolling, filling out the inpatient enrollment forms, are these patients, that have already been on some form of apomorphine and is there.

I guess a temporary option to lock them into treatment with apomorphine while you're getting supply up and running so that you can sort of not lose them to a potential we (adopa carbidopa pump).

Can you just talk about the dynamics there for for a minute if there's a middle ground there until until they get on board and you have the capacity?

Yeah, I mean they're very different products. Apocan and ONAPGO. Apocan clearly is for acute treatment, of acute episodes.

It's a single bolus injection, so to speak. Now ONAPGO has that capability of giving you Ebola injection, but if you're trying to give an ONAPGO patient an Apocan product, Apocan is not going to give you, of course, the continuous infusion, so to speak.

So it's a little bit, there are different products, clearly. From a medical perspective, I mean, the physician will have to decide, is Apocan or would Apocan be helpful, for that patient, I mean that will be decided by the physician, of course, on a case by case scenario.

As far as the typical patient we're getting on ONAPGO, yes, some of them are used to apomorphine, have used apomorphine before, because we know we have actually Apocan patients who are on ONAPGOand they have gotten or some of the forms are on patients, from Apocan.

So we, yes, the answer is yes. It's not a huge portion. It's we estimate it's somewhere in the 15% 17%. It's coming from Apocan.

So yes, these patients would be. Would have had exposure on apomorphine, either used to it or what have you, and obviously.

And we've said historically you might remember, people were asking me about cannibalization and potential of cannibalization on Apocan we always said, those patients who potentially are taking maybe three injections a day or four injections a day, they may choose to put a pump instead of doing multiple injections a day.

So. And that portion of the business, we always estimated it probably in the 15%, domain.

Okay, got it. And and just I know that one other point of differentiation you've always pointed to is the safety. Is that resonating with physicians at all, or they're mostly focused on the type of molecule that that they want to move forward with as far as next stage of treatment?

Yeah, I mean, clearly again back to making comparisons and so forth. I mean if you look at the, side effects and the labels of both products, obviously there are big differences in key areas, across the label.

And physicians, of course, I mean they've had they've had scenarios probably some patients have some of these reactions whether on ONAPGO or onyleb or vice versa or what have you.

So I mean. At the end of the day, the things that are really driving what we believe are driving, and, on a recent survey, I mean we looked at it and it says basically that the top reasons that is driving physicians to prescribe number one is the significant improvement, they are expecting and would expect from ONAPGO.

For any daily good on time, I mean that's really the top reason they look at and consider when they're considering an ONAPGO.

And then the second is really the positive impact on the quality of life, this product, and a lot of these, are based on, of course, our data, the clinical studies and so forth from the products that's resonating with these physicians.

So the sustained also improvement through like a week 52. So a lot of these messages we're getting back from the surveys we're doing as to what are the top reasons they think about and the top reasons why they will be considering prescribing kind of ties into the data on the product and the efficacy of the product.

Got it. And then just one other question going back to expanding into the OBGYN space, clearly it's an interesting area as a first point of contact, and, I, I'm just wondering if you.

Expanding into the spaces, has there been any resistance from from Biogen here or are they on board with this potential ex expansion, and do you have any sense of timing when that can happen?

So you mean expansion of Supernus into other areas in women's health.

No into the OBGYN market. As a target audience.

Yeah. On ZURZUVAE.

Yeah.

Yeah, I mean, as far as the expansion of our current sales force on ZURZUVAE definitely, I mean that is something we will work very closely with Biogen, no question about it, I mean.

All the decisions around this is a great and has been a great partnership, with Biogen across the board, so that is something we will work and we'll have to work very closely with them.

As far as us Supernus expanding into, women's health into other areas with different brands in women's health, obviously that is more of an independent decision that we can take on our own.

Yeah, no, I was referring specifically to ZURZUVAE and a timing on is there any timing on that or that's just a future goal.

Yeah, I mean we don't have any specific, I mean we treat ZURZUVAE like we treat our brands. I mean we're constantly evaluating, we look at it periodically, do we need to expand the sales force, if so how big, how small of an expansion.

So I mean we're constantly doing that across all our brands. So I don't have a specific timing.

Now we just got an expansion that just happened basically beginning of this year, more or less we meaning us and Biogen on ZURZUVAE, right?

So we're evaluating that, did that make a huge impact? Obviously it is making an impact, as you can see from, the results quarter over quarter, of course, in addition to the fact we have a lot of other programs happening, it's not just the sales force.

So that is a continuous evaluation. I don't have a specific timing to tell you, definitely we'll do it in '26 or mid '26 or '27. I truly don't have that.

Okay, got it. That's great thank you.

Sure.

I am showing no further questions at this time. I would now like to turn it back over to Mr. Jack Khattar for closing remarks.

Thank you for joining us on this call today. Supernus has a diversified portfolio of growth products where our future success is not solely dependent on one single product.

Qelbree's success to date and future growth is augmented by continued growth from GOCOVRI and early growth from ZURZUVAE and ONAPGO, two products that were launched less than two years ago and that have significant market opportunities.

Regarding ONAPGO, the company will provide timely updates as progress is made in resolving the supply constraint. We are very focused on these four products and on advancing our pipeline.

The position us as a long-term growth company while generating strong cash flows behind the strength of our expanded product portfolio and through the efficiency of our operations.

Thanks again for joining us this afternoon.

Perfect. I will now close, thank you so much for the conference today. This does conclude the program. You may now disconnect.