Supernus Pharmaceuticals delivered a quarter that saw revenue surpass Wall Street’s expectations, despite a year-over-year decline. The market responded positively as management highlighted the ongoing transition away from legacy products, with Qelbree, GOCOVRI, and the new ONAPGO launch emerging as the company’s growth engines. CEO Jack Khattar emphasized that the second quarter marked a turning point, with over 70% of net sales now coming from these core products. Notably, Qelbree’s continued prescription growth, especially within the adult segment, and strong early demand for ONAPGO helped offset erosion from older brands. Khattar stated, “The second quarter of 2025 represents a turning point for Supernus and the beginning of a new phase of accelerated growth.”

Is now the time to buy SUPN? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Supernus Pharmaceuticals’s Q2 Earnings Call

• Stacy Ku (TD Cowen) asked about Qelbree’s net pricing trends and the adult segment’s growth. CEO Jack Khattar explained that Qelbree’s net pricing remained stable and adult prescriptions grew 29%, with adult patients now comprising 35% of total Qelbree use.
• Stacy Ku (TD Cowen) also inquired about ONAPGO enrollment and reimbursement. Khattar clarified that more than 200 patients are now on ONAPGO, with reimbursement progressing smoothly and a growing portion already receiving refills.
• John Robert Cox (Jefferies) sought clarity on ZURZUVAE’s sales surge and future growth. Khattar noted strong organic prescription growth and ongoing evaluation of future indications, but deferred detailed forward guidance pending discussions with Biogen.
• Kristen Brianne Kluska (Cantor Fitzgerald) questioned what drives prescriber adoption of Qelbree. Khattar attributed it to label updates, education on its mechanism of action, and targeted efforts to expand adult use.
• Jack Padovano (Stifel) asked about ZURZUVAE’s commercial strategy in OB/GYN vs. psychiatry. Khattar said 70-80% of ZURZUVAE prescriptions come from OB/GYNs, but future expansion into psychiatry will be evaluated with Biogen.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will watch (1) the integration and revenue contribution from ZURZUVAE post-acquisition, (2) continued prescription growth and market share gains for Qelbree and ONAPGO, and (3) progress in clinical trials for pipeline assets like SPN-820 and SPN-443. Expansion into women’s health and successful execution of the legacy product transition will also be key factors to monitor.

Supernus Pharmaceuticals currently trades at $41.24, up from $37.53 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).

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