Supernus Pharmaceuticals Inc 2025年度报告

Dear Supernus Stockholder, We had an outstanding 2025 with significant progress made against our strategic objectives. The companyachieved record total revenues of $719 million, delivered strong growth of 40% in revenues from our growthproducts, successfully executed and integrated the acquisition of Sage Therapeutics, Inc. (SAGE), obtainedU.S. Food and Drug Administration (FDA) approval of ONAPGO, and launched the product in theParkinson’s disease market. We now have four growth products providing a solid foundation for a newphase of accelerated growth for the Company. Additionally, we continue to advance our pipeline and explorecorporate development opportunities while generating strong cash flows behind the strength of ourexpanded product portfolio and the efficiency of our operations. Our Four Growth Products Supernus has a diversified portfolio of growth products where our future success is not solely dependent onone single product. With these products, Qelbree®, GOCOVRI®, ZURZUVAE®and ONAPGO®representing over 70% of 2025 total revenues, we have made significant progress against our strategicobjectives and are positioned for additional future growth. For ONAPGO, despite the announced supply constraints in late 2025, demand continued to be healthy,with more than 540 prescribers submitting over 1,800 enrollment forms since product launch through theend of January 2026. We have made progress in resolving the supply constraints with the current supplierwhich has allowed us to resume new patient initiation while continuing to serve our existing ONAPGO patientswith maintenance therapy allowing ONAPGO to be well-positioned for continued growth in 2026. ZURZUVAE, which came with the Sage acquisition, demonstrated strong brand performance, with adoubling of prescribers and a 150% increase in total prescriptions in 2025 compared to 2024. ZURZUVAEis a unique and well-differentiated product providing further diversification for our revenue base. It is thefirst and only FDA-approved oral medicine indicated for the treatment of postpartum depression in adults.We look forward to continuing to work with our partners, Biogen Inc., and Shionogi, to provideZURZUVAE to patients outside the US market. 2025 was another year marked by robust performance for Qelbree, with net sales exceeding $300 million forthe year and delivering 26% growth compared to 2024, and total annual prescriptions growing by 21%, asreported by IQVIA. As a well-differentiated product that is a non-controlled medication, Qelbree provides anovel and unique treatment option for the millions of pediatric and adult patients who suffer from attention-deficit/hyperactivity disorder (ADHD). GOCOVRI continues to perform and grow, with 12% growth in net sales and 14% growth in prescriptionscompared to 2024, demonstrating its unique position in the marketplace as the only product approved to treatboth OFF episodes and dyskinesia. Additional Highlights and Achievements Regarding our pipeline, in February 2025, we disclosed that the Phase 2b study of SPN-820 dosing adultswith treatment-resistant depression with up to 1600 mg daily did not demonstrate a statistically significantimprovement on the primary and secondary endpoints versus placebo. The safety profile of SPN-820 in thisstudy was consistent with previous clinical trials showing few adverse events. For further evaluation, weinitiated a follow-on Phase 2b randomized, double-blind, placebo-controlled trial with SPN-820 inapproximately 200 adults with major depressive disorder. This study will examine the safety and tolerabilityof SPN-820 and its efficacy at a dose of 2400 mg given intermittently twice per week as an adjunctivetreatment to the current baseline antidepressant therapy. SPN-817, a novel first-in-class highly selective AChE inhibitor for epilepsy, is currently being evaluated in aPhase 2b randomized, double-blind, placebo-controlled study with targeted enrollment of approximately 258 adult patients with treatment resistant focal seizures. This trial utilizes 3mg and 4mg twice daily doses.And finally, for SPN-443, a novel stimulant for ADHD, we expect to initiate a Phase 1 single-ascending/multiple-ascending dose study in adult healthy volunteers in the second half of 2026. 2026 Key Milestones 2025 was a special year for Supernus. We marked our 20-year anniversary and the completion of oursuccessful transition from our legacy products, Trokendi XR®and Oxtellar XR®. We achieved record totalrevenues, and positioned Supernus for sustainable long-term growth. With our four growth products, pipelineof promising potential therapies and strong balance sheet, we remain focused on three key strategic areas: •Driving significant growth for ZURZUVAE and ONAPGO, two products that were launched fairlyrecently (December 2023 and April 2025, respectively) and that have demonstrated meaningful growthpotential in significant markets.•Continued healthy growth from Qelbree and GOCOVRI to maximize their