Supernus Pharmaceuticals Inc (SUPN) 2025 Q4 法說會逐字稿

Good afternoon and welcome to Supernus Pharmaceuticals fourth quarter and full year 2025 financial results conference call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session.

Instructions will follow at this time. As a reminder, this conference is being recorded. I would now like to hand the conference over to Peter Vozzo of ICR Healthcare, investor relations representative for Supernus Pharmaceuticals. You may now begin.

Thank you, Antoine. Good afternoon, everyone, and thank you for joining us today for Supernus Pharmaceuticals fourth quarter and full year 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's Chief Executive Officer Jack Khattar and Chief Financial Officer Tim Dec.

These calls 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-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 guaranteed of future performance and involve risks and uncertainties, including those noted in the risk factors section of the company's latest SEC filings.

Actual results may differ materially from those projected in this forward-looking statement. For the benefit of those of you who may be listening to the replay, this call is being held and recorded on February 24, 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 declined any obligation to update these forward-looking statements except as required by applicable securities laws. I will now pass the call to Jack.

Thank you, Peter.

Supernus had a remarkable 2025 with significant progress made against our strategic objectives. The company achieved record total revenues of USD719 million delivered strong growth of 40% in revenues from our four growth products, successfully executed an integrated acquisition of Sage Therapeutics, obtain the FDA approval of ONAPGO and launch ONAPGO in the Parkinson's market.

Our financial performance in 2025 once again underscored our emphasis on growing our core business despite the loss of exclusivity on both Trokendi XR and Oxtellar XR.

With our four growth products Qelbree, GOCOVRI, ZURZUVAE, and ONAPGO, we have built a solid foundation for a new phase of accelerated growth for Supernus.

During the fourth quarter of 2025, revenues from these four growth products accounted for approximately 76% of total revenues.

Starting with ONAPGO during the fourth quarter of 2025, ONAPGO generated net sales of USD8.9 million up from USD6.8 million in the third quarter of 2025 and finished its first year on the market with USD17.3 million in total net sales.

Demand for the product continues to be healthy despite the announced supply constraints, with more than 540 prescribers submitting over 1800 enrollment forms since the launch of the product and through the end of January 2026.

We have been focused on resolving the supply constraints that we discussed on our third quarter 2025 earnings call. Progress with the current supplier has been made, allowing us to resume new patient initiation while continuing to service our existing ONAPGO patients with maintenance therapy.

Our current outreach effort of verifying health benefits and coverage includes more than 700 patients whose forms are currently in the queue for processing.

In the fourth quarter of 2025, prescriptions grew by 29.6%, and the number of prescribers grew by 28% compared to the third quarter of 2025.

Switching now to ZURZUVAE, the brand had strong performance in 2025 with USD32.8 million in collaboration revenues in the fourth quarter and USD53 million for the five-month period since the closing of the Sage acquisition on July 31, 2025.

Full fourth quarter 2025 US sales of ZURZUVAE as reported by Biogen increased approximately 187% compared to the same period in 2024 and approximately 19% compared to the third quarter of 2025.

The number of prescribers in 2025 doubled compared to 2024, with more than 70% being repeat prescribers.

Total prescriptions in 2025 increased by more than 150% compared to 2024.

Regarding Qelbree, the product had another year of robust performance with 21% growth in total annual prescriptions in 2025 compared to 2024 and as reported by IQVIA.

Qelbree exceeded USD300 million in net sales for the year 2025, delivering 26% growth compared to 2024.

In 2025, the brand delivered double-digit prescription growth of 29% and 18% in both the adult and pediatric patient populations respectively.

For the fourth quarter of 2025, total descriptions increased by 18% compared to the same period in 2024, while net sales increased by 9% as net sales were impacted by an annual gross to net deduction.

This was due to an unexpected bill of USD4 million received from one of the PBMs covering the full year of 2025 and which was fully reflected in the fourth quarter.

For a full year 2025, gross to net for Qelbree ended up at approximately 49%.

Our expectation for 2026 continues to be consistent with our previously disclosed target of 50% to 55%.

Switching now to GOCOVRI for a full year 2025, net sales reached USD146 million, increasing by 12% compared to 2024, and total annual prescriptions reached an all-time high of approximately 67,000, growing by 14% compared to 2024.

The brand finished 2025 with strong prescription growth of 16% in the fourth quarter compared to the same period last year and with net sales of USD38.6 million.

Moving on to R&D, we initiated a follow-on phase 2B randomized double-blind placebo-controlled trial with SPN-820 in approximately 200 adults with major depressive disorder. This study will examine the safety and tolerability of SPN-820 and its efficacy at a dose of 2400 mg, given intermittently twice per week as an adjunctive treatment to the current baseline antidepressant therapy.

Our stage 2B randomized double blind placebo-controlled study of SPN-817 is ongoing with a targeted enrollment of approximately 258 adult patients with treatment resistant focal seizures. This trial utilizes 3 mg and 4 mg twice daily doses.

And for our SPN-443 program, we expect to initiate a phase 1 single ascending and multiple ascending dose study in adult healthy volunteers in the second half of this year.

We have completed our evaluation of the early stage pipeline assets from the Sage acquisition. As a result, we will retain certain assets for internal development, and we will be seeking partnerships for the remaining assets.

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 fourth quarter and full year 2025 results, please refer to today's press release that was filed earlier today.

We achieved record total revenue of USD211.6 million for the fourth quarter of 2025, an increase of 21% compared to the same quarter last year.

Excluding net product sales of Trokendi XR and Oxtellar XR, total revenue for the fourth quarter of 2025 increased 34% compared to the same quarter last year.

Total revenue in the fourth quarter of 2025 was comprised of net product sales of USD158.1 million, collaboration revenues associated with ZURZUVAE of USD32.8 million and royalty licensing and other revenues of USD20.7 million.

This includes USD15 million of licensing revenue recognized in the fourth quarter of 2025 related to the achievement of the regulatory milestone under our collaboration agreement with Shionogi.

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

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

For the fourth quarter of 2025, combined R&D and the SG&A expenses were USD150.2 million as compared to USD108.1 million for the same quarter last year.

Operating loss on a GAAP basis for the fourth quarter of 2025 was USD4 million as compared to operating earnings of USD21.4 million for the same quarter last year.

The change was primarily due to higher Sage operating costs in the fourth quarter of 2025 and incremental and tangible asset amortization for ZURZUVAE and ONAPGO.

GAAP net loss was USD4.1 million for the fourth quarter of 2025, or loss of $0.07 per diluted share.

Compared to GAAP net earnings of USD15.3 million, or $0.27 per diluted share in the same quarter last year.

On a non-GAAP basis, which excludes amortization and tangibles, share-based compensation, contingent consideration, depreciation, and acquisition-related costs, adjusted operating earnings for the fourth quarter of 2025 was USD48.5 million compared to USD48.3 million in the same quarter of last year.

Total revenues for the full year 2025 were a record USD719 million, excluding net product sales of Trokendi XR and Oxtellar XR. Total revenue for the full year 2025 increased 27% compared to last year.

Total revenues were comprised of net product sales of USD626.6 million, ZURZUVAE related collaboration revenues of USD53 million and royalty and licensing and other revenues of USD39.4 million, including the aforementioned USD15 million of licensing revenue received due to a regulatory milestone.

During 2025, collaboration revenues represented sales reported by Supernus since the close of the Sage acquisition on July 30, 2025.

Combined R&D and SG&A expenses for the 12 months in December 31, 2025, were $591.8 million as compared to $430.4 million last year.

The change was primarily due to higher SG&A expenses, including approximately $73 million of acquisition-related costs from the Sage acquisitions and approximately $50 million relating to Sage operating costs recorded since the closing of the acquisition.

Operating loss on a GAAP basis for the full year of 2025 was $62.3 million as compared to operating earnings of $81.7 million for 2024.

GAAP net loss was 38.6 million for the full year 2025, or a loss of $0.68 per diluted share.

Compared to a GAAP net earnings of $73.9 million or $1.32 per diluted share in 2024.

On a GAAP no basis, which again excludes amortizations and tangibles, share-based compensation, contingent consideration, depreciation, and acquisition-related cost, adjusted operating earnings were $158.7 million compared to $183.7 million for last year.

As of December 31, 2025, the company had approximately $309 million in cash, cash equivalents, and marketable securities compared to $454 million as of December 31, 2024.

The decrease in our cash is primarily due to the funding of the Sage acquisition offset by cash generated from operations.

The company's balance sheet remains strong with no debt and significant financial flexibility for potential M&A and other growth opportunities.

Now turning to 2026 guidance, for full year 2026, we expect total revenues to range from $840 million to $870 million comprised of net product sales, ZURZUVAE collaboration revenues, and royalty and licensing revenues.

Note: Total revenue guidance for full year 2026 assumes approximately $45 million to $70 million of net sales from ONAPGO.

As Jack mentioned, new patient initiation for ONAPGO begin in the first quarter of this year.

For the full year 2026, we expect combined R&D and SGAA expenses to range from $620 million to $650 million.

Overall, we expect full year 2025 operating and the operating income loss in the range of breakeven to a loss of $30 million.

And finally, we expect non-GAAP operating earnings to range from $140 million to $170 million.

Please refer to the Supernus 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 to the operator for Q&A operator.

(Operator instructions)

Andrew Tsai, Jefferies.

Hey guys, this is John Cox on behalf of Andrew Tsai. Congrats on the quarter and thanks for taking my question.

So, just so we understand, the current supplier supply $45 million to $70 million of sales, and to get to that $70 million, can that be done by the current supplier, or does the high end require you to lock in the second supplier, say, like earlier than 2027?

Yeah, for the current supplier, they'll be able to, the plan is to get us supply through 2026. So certainly, that will cover us for the guidance that we gave, the $45 million to $70 million, and then we expect the second supplier to provide us product in 2027. Now regardless of when in 2027 the second supplier comes in, the current supplier will be there for us to be able to bridge, to the second supplier. So the plan is that we would have continuity of supply between the two suppliers with the current one covering 2026, maybe a little bit in 2027 depending on when the new supplier comes online.

Okay, thanks. And then maybe one more if I can on ONAPGO, to get to that second supplier, what kind of data, assuming non-clinical, would ultimately be needed to obtain, FDA approval? Is that kind of the ultimate dating factor here? Thanks.

Yes, typically, you'll have to produce some batches at the new site or new supplier. You produce some stability data, key basic data. You put a package together, submit it to the FDA, and on an average, I mean, it could be 6 months review, 9 months review. We will get more clarity, fairly soon in the next month or so, and then based on that. We will expect the approval hopefully. So, that's typically the timeline and the kind of package. So, the answer is yes, there will be no clinical, study or data that you need to provide.

Great, thanks so much. Congrats again.

David Amselen, Piper Sandler.

Thanks. So two for me. First, on ONAPGO, and I apologize if I missed this. I just want to clarify, so with the additional capacity, how much of underlying demand.

Can you meet or maybe ask another way, can you fully clear the backlog, if you will, with the additional capacity that you now have in place? So that's number one.

And then secondly, regarding the R&D organization with the integration of Sage, you mentioned you're taking on some early-stage products and just wondering out loud. You know how you're thinking about prioritizing those, especially relative to your legacy pipeline assets and when we might get some updates on what you're going to bring forward into the clinic there. Thank you.

Yeah, regarding on ONAPGO, the current supplier will certainly help us clear the backlog, through the continuous supply that we will be able to have throughout 2026 and more than just the backlog, of course, and because we are initiating new patients. And not just with the current situation, meaning the 1800 forms or 700 patients in the process. Of course, that number will continue to be refilled during the year as we continue to grow the number of forms and so forth. So, we expect the current supplier to be able not only to clear the backlog, but also, of course, continue to provide for whatever needs we have throughout 2026 until we get, the second supplier online.

As far as the Sage R&D programs and so forth, I mean these are really early stage assets, so for now we will be doing some, early pre-clinical work, things like this, to verify, the activity, the mechanism of action, the selection of an indication, and so forth. So there will be a lot of pre-clinical type of work that has to be done on these assets. So as far as prioritizing them within, the portfolio that we have, we look at every product separately on its own merits from a timing perspective, market opportunity, ROI, and so forth. So I mean they will go through the same process of prioritization from a portfolio perspective.

Okay, thanks. And if I may just sneak in a follow-up, does that mean with the early-stage assets you have and with your mid-stage assets in the pipeline, your BD focus is really more focused on market-ready and commercial stage, assets. Is that a good way to think about it?

Yeah, that is correct. We are focused on revenue generating, situations, products on the market, and potentially late stage, pipeline assets, so, products that are in the pipeline that are at a later stage than our own pipeline, so they can get us to the marketplace or give us some other product launches somewhere, between 27 and 30, 31 time frame, that would be something that would be ideal for us.

All right, thank you, Jack.

Stacy Koo, TD Cowan.

Hey there, thanks so much for taking our questions. Congratulations on earnings update and the ONAPGO supply update. So, first, just as we think about the ONAPGO guidance for the year, and the patient demand that clearly all the analysts are trying to triangulate around, maybe first, could you talk about the learnings on the patient profile since launch, maybe talk about the frequency of use that you're seeing.

What we're trying to understand, better understand, obviously there's going to be a range, but how should we be thinking about the potential net pricing for a year of treatment? So that's the first question.

And then when it comes to the resumption of the new patient initiation for ONAPGO, should we be thinking about that 1800 enrollment forms as reflecting a more limited, writing from clinicians despite the supply disruption? Just a bit of a point of clarification for our second question.

And then the third, as we're just again trying to understand the enrollment forms, as the sales force is going back to the clinicians and patients, what kind of dynamics are you seeing in terms of ONAPGO demand and switches to [Violet] since our understanding is that the behind the scenes the commercial reimbursement and infrastructure was kind of continuing even though we didn't know whether there's going to be supply or not.

Happy to clarify the next question. Thanks.

Okay. Hopefully I'll get all of them. I'll see the first one. As far as the profile, of the patient, I mean, these are folks that are advanced in the disease. A lot of the oral medications are not enough anymore, so they continue to have, certainly a lot of episodes during the day. And they're not really well controlled, with the [dopa carbidopa] and with any of the other adjunctive oral therapy that they're taking.

And therefore, they would be, and in the physician's mind, they would be good candidates for the subcutaneous continuous, infusion for something that is different than [levodopa], [carbidopa]. If that is the case, and that's what the physician is looking for, and therefore they would choose something like ONAPGO, apomorphine as a molecule, as a drug, for that patient.

As far as the potential, moving forward and where the net pricing is going to land, I mean, clearly the product has been on the market for a fairly short period of time, only 8 months or 9 months.

Certainly, that will over time, will calibrate depending on what we end up doing, if we do any contracting and so forth, but we talked historically about on an average it's probably $105,000 to $100,000 per year on a [WAC] basis, per patient. Now that certainly assumes a certain usage, which we're starting to get a better feel for. I don't have the data as much as I would like to before I, say, that's exactly how people are using the product and how frequently they're using it. But the $100,000 typically assumes about a cartridge a day, give or take, to get to that price or cost per year, per patient.

And then the next question I believe was basically on the 1800 forms and so forth. I, if I really understood the question, I mean, think about it, that's like a funnel, that's like a bucket of all the demand. So that's why we try to give you this number to give you an idea of what the demand is and then clearly. As we process these forms, as eventually as patients get the shipments, eventually, you're going to lose some forms or some patients on the way.

I mean, that's typical in any process, or any specialty type of product. Typically that's what happens. And you could lose certain patients in the process for many different reasons as whether it's incomplete information, you can never finish the form or complete it. You'll be surprised sometimes how many phone calls you have to make, whether to the patient or to the doctor's office to even complete the form so that you can start processing it. And then when the hub starts processing the form, and then doing the adjudication for insurance reimbursement, you could lose some patients there.

And then as time goes on, a patient may change their mind or their situation might change, medical situation. So, for all these factors, clearly, the 1800 don't necessarily end up being 1800 patients at the end of the day.

And I don't know what was it. I don't know if there is another question after that. No.

No, that, that's understood. I think we were hoping to hear whether or not, more of these enrollment forms were being processed for reimbursement while we're waiting for the supply to be replenished, but understood.

Just one quick follow-up to your answer on the first net pricing piece then, what kind of grossness would you have expected for a specialty product?

For a product and I mean we've been in this space. I mean, typically it's, its range is somewhere between 20 and 30% depending on the core, right? Because Q1 is typically on the higher end and then it decreases over time, and then the cycle starts again. I mean that's typically the range, 20% to 30%. If I'm, if I were to guess, it's a pure guess at this point based on our experience in the category.

Got it. And then, last, if you, if you may, if we could sneak, one in on Qelbree, just the Q1 dynamics, in light of the normal seasonality and maybe some of the one-time impacts this winter, just curious, how you all are thinking about, the following quarter for Qelbree.

Seasonality on Qelbree.

Correct for Q1.

I mean Q1, typically it's not a seasonality because of school or anything. Typically it's your typical seasonality from an insurance point of view, and that's not just Qelbree. I mean all products in general because of the high deductibles that patients are facing.

So, I mean, for the last couple of years, I think we were more like flattish from a prescription or maybe went up a little bit. So, I mean, it's going to fluctuate. I'm not saying that's exactly what will happen this quarter. But I mean, you'll have, you get some pressure. Now, we also, calibrate some of the copay, business rules, so we can help patients as much as possible in Q1. We typically do that to offset some of that pressure. So sometimes we're pretty successful and actually prescriptions do grow nicely in Q1, so we'll see where we land, but nothing really unusual, I guess I have to say versus previous years.

Okay, incredibly helpful.

Thank you so much.

Kristen Kluska, Cantor Fitzgerald.

Hi Jack and Tim, congrats on a great quarter of revenues and progress here on ONAPGO and the second supplier. I wanted to ask if you can provide a little bit more color about the profile of the supplier. So for instance, if we see in 2027, 2028 that demand is continuing to outpace how you're thinking. About it internally, are they going to be the type of supplier that can be flexible and add more capacity for your product, how important has that component been in your decision making when it comes to who's going to be best to supply this product?

Yeah, the second supplier is actually our own partner in Europe, so they have their own manufacturing facility, and that's the same facility that produces product for the European market. So it's exactly the same product and obviously they have significant experience in making the product. Capacity wise, they have significant capacity, much larger capacity than the current supplier. And we're also, I have discussions with the third supplier. So I mean our plans obviously is we're going to secure the supply for the long-term. This is not just one year situation.

We want to make sure that should the demand be as large as everybody is expecting, clearly, we will have enough supply to meet that demand. So that's really the plan that we have in place and we are executing on. And that's why we feel pretty confident, to the extent we can, obviously, that 2027 we should be really good with the second supply and even beyond that.

Okay, thanks, and you had mentioned earlier that you'll have more clarity in a month or so. Is that just on what you'll exactly need to show in terms of more process runs or any comparability work stability data, excuse me, that you need to conduct prior to getting that approved on board? Is that my understanding?

Yeah, I mean, in the next month or so we will be having more communication with the FDA, so we'll have more clarity what are the different pieces.

Again, the product is exactly the same product as is in the US, European and US. There are some differences in like specifications and things like this, but from a production point of view, it's exactly the same product. So we feel pretty good. But again, until we have that discussion, it will be difficult for us to know the exact timing and the extent of the package itself.

Okay, and then at what point during this cycle are you going to be comfortable enough telling physicians, hey, we're going to have more supply in x months from now so you can kind of get patients towards this therapy again. I know you've talked about the fact that this community has been really supportive of you for the fact that you've worked hard for these patients. You've had four drugs approved for this community. So, I'm just trying to understand at what point they can kind of give the patients the green light that you don't have to wait much longer solutions coming.

I mean, that in a way, it's now happening, meaning, we have already communicated to physicians that we are back to normal, so to speak. We will be processing forms. We will be initiating, new patients. We will be sending shipments to patients. So, we want them to continue to submit forms as they have. I mean, it was really remarkable the support we got from the physician community. Last time we thought we had 1,300 forms, even despite the supply constraint, we were up to 1,800, as I mentioned in my prepared remarks.

So the physicians continue to think of ONAPGO as a really real treatment for a lot of the patients, and they're with us, and they'll continue to serve their patients. So, we're pretty much at normal now, I can't say normal, because we have to work through the backlog. So, I mean, things don't happen like overnight, where overnight you're going to initiate another 700 patients, right?

So, it's going to be over time that, given the capacity we have, you have to think about nurses, initiations, all that. So, we will be able to provide, a little bit more update later on, by May, clearly, but as far as, Keeping the demand and being able to serve our patients, we are in that position right now.

Thanks, Jack. Glad to hear these are coming together.

Pavin Patel, BOA.

Hey, Jack and Tim. So first, congrats on the supply constraint resolution. I think this is the best-case scenario. So really happy for both you and the patients. I know our own survey work has shown that the demand for this product is really strong among both, movement disorder specialists and patients. So, my first question is, as you work through initiating these 700 patients out of the queue, should we expect a temporary drag on ONAPGO's gross to nets in the first half of 2026? And will a significant portion of these patients require bridge supply or quick start programs while their benefits are being, verified?

And then I guess just like a modeling question, can we do more than $70 million with the supply that you're current supplier is able to offer you assuming that data and the second supplier are not online in 2026.

And then just maybe one on ZURZUVAE since I think that's a topic worth hitting as well, I think the 70% repeat prescriber rate is pretty strong so maybe as you plan your commercial efforts in 2026, are you shifting your focus towards striving deeper? Penetration volume among those existing repeat prescribers, or is the priority going to be start being to expand the absolute number of OBGYNs and psychiatrists writing their first prescription.

Thank you.

Yeah, maybe I'll start with the last question on ZURZUVAE. Clearly, I mean, we are still, in the way we think about it, we are still launching the product, that's the mindset we always have with new products. Clearly, you're always launching and as we mentioned earlier, I mean this is a market that hasn't been really prepared a lot before the product was launched because the initial indication was supposed to be MDD instead of PPD. So basically, the product was launched and the market is being built at the same time.

So we still have a lot of work to do in building the market medication wise, the brain actually enjoys a very high awareness, but we need to turn that awareness into action. We need to turn that awareness into confidence by physicians, and to have the courage to actually screen, diagnose and treat PPD.

So we will continue a lot of the great programs, that Virgin and Sage had actually, had started way back when they launched the product and into 2025 we will continue a lot of these type of programs into 2026 and actually this year in 2026, and some people may have already seen the commercial, we have DTC efforts as well.

To educate as well the consumer and make more and more women and mothers, comfortable in talking about their condition and come forward and seek treatment because there is treatment and they can really feel much better.

After taking a product that is only a 14 day treatment and not waiting too long for it to actually kick in within, only within day three. So, a lot of activity behind ZURZUVAE because we're only scratching the surface at this point as far as the potential of this product. I mean, launched to date, we treated around 20,000 plus patients that's it. And, as some of you probably recall, every year you have 500,000 women who actually experience symptoms of PPDs, and only about half of them get diagnosed and then 60% to 70% of those are treated. So, there's a lot of people there who need help and what can really help them, pretty well.

As far as current prescribers or new prescribers, I mean, like every other product, when it's still early in the launch, you're certainly getting a lot of new prescribers, clearly, from a reach perspective and also as time goes on, you can have more frequency on these, physicians.

And certainly those prescribers who are current prescribers, actually the data shows us that 70% of the prescribers are repeat writers. So clearly, we are getting a lot of business from the current prescribers.

That speaks for, of course, also the high satisfaction level with the product and how it's performing. So once the physician actually takes that first step, and has the confidence, the conviction and the courage to diagnose and treat. And once they see the result from the first patient, they tend to be repeat riders, and that's really very encouraging, for the product at this stage.

Moving on to, ONAPGO, I mean, could we do more than, $70 million?

That is always potential, I mean that that is also, could happen. I don't know right now, but everything we have today, all the information we have as far as demand and everything, got us to the point where we believe the range is really $45 million to $70 million. Could it be that we could go above $70 million? I truly don't know right now. Otherwise, we would have had a higher end if we had. Comfort that we could go above that, so we feel pretty good right now where we stand on echo and the supply situation and, that's so the guidance that we gave is really to help folks to see where the goalposts are on both ends.

Thanks Jack. And then just on the gross to nets in the first half of '26, do you think that.

I'm sorry, on ONAPGO. Yeah, I mean for ONAPGO on the gross net, as I mentioned earlier, I mean it's probably going to be somewhere in the 20% to 30%, again, higher in Q1 typically and lower, as the year goes on, because typically Q1 you're going to have, More incentives and things like that, will pressure the growth of that.

Thank you.

Thank you.

Annabelle Samimi, Stifle.

Hi, this is Jack on for Annabelle. Thanks for taking our questions and congrats again on the quarter. Just quickly on the, for the CNS pipeline products for 817 and 820, did you have anything you can give us on the pace of enrollment there for either trial, and when we might be expecting top-line data? And then on BD.

Are there any particular areas of focus you're looking at for new products? I know you've mentioned previously possibly broadening scope outside of CNS, potentially expanding into other areas like in women's health now that you have ZURZUVAE. Have those priorities changed at all? And are you looking more at stand-alone specialty commercial products or small portfolios of assets?

Yeah, regarding the, CNS, the pipeline on 817 and 820. I mean, 820, we just basically initiated the trial, so that's still early as far as enrollment, but you would expect an MDD trial to recruit much quicker than typically an epilepsy trial. So, for 820 and 817, both trials, we're looking at data sometime in 2027. It's not going to be this year.

Hopefully as time goes on, we'll have a much better trajectory, specifically on 817 because epilepsy trials tend to be much slower from a recruitment point of view. And also, these are multi-center trials, specifically the one in 817, which is also geographically extends beyond the US, so typically those are also, could potentially be slower, so. But data is not going to be any time before, 2027. As time goes on, maybe in May or August this year, we'll be able to give you a better feel. Is it first half, second half, first quarter, fourth quarter, whatever, we'll update folks as time goes on.

As far as BD absolutely. I mean, our focus has been CNS. We continue to be CNS, and we're agnostic, whether that's neurology or psychiatry. And yes, we did say historically that we are willing to go outside CNS and obviously the Sage acquisition in a way, overlapped on both. It is a CNS product, but it got us into women's health, so clearly that's an area we are looking at right now, and our priorities will continue to be revenue generating, cash flow generating opportunities.

And if there are any assets there that are pipeline assets, our preference would be more on later stage assets again that could potentially give us the new product launches in the 2027 to 2030, 2031-time frame.

So that's really the prioritization that we have and what we're working towards from that perspective.

And as Tim said, we have a nice clean data sheet, so we have flexibility on whether, the transaction is a product, is it a company, is it a portfolio product, so I mean, that gives us some flexibility there obviously.

Great. Thanks so much.

Thank you.

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

Thank you for joining us on this call today. 2025 was a special year for Supernus. It marked our 20-year anniversary and the completion of our successful transition from our legacy products to Trokendi XR and Oxtellar XR. In 2025, Supernus delivered one of its best performances ever with record revenues of $719 million behind the robust performance of its growth portfolio consisting of Qelbree, GOCOVRI, ZURZUVAE, and ONAPGO.

Supernus has now a diversified portfolio of growth products where our future success is not solely dependent on one single product. We expect to see continued healthy growth from Qelbree and GOCOVRI augmented by significant growth from ZURZUVAE and ONAPGO, two products that have been on the market for 2 years or less and have a significant market opportunity.

In addition to our 4 growth products, we continue to advance our pipeline and to explore corporate development opportunities to position Supernus as a long-term growth company while generating at the same time 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. 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.