Supernus Pharmaceuticals Inc. (SUPN), a biopharmaceutical company focused on central nervous system (CNS) diseases, announced financial results for the fourth quarter and full year ended December 31, 2025, and provided guidance for 2026.
Fourth Quarter 2025 Results
Total revenue, which includes product sales, collaboration revenue, royalty, licensing and other revenue, rose to $211.6 million, up 21% from $174.2 million in Q4 2024.
Net product sales were $158.1 million compared to $166.4 million in the prior-year quarter, reflecting declines in legacy products offset by growth in newer therapies. Collaboration revenue from ZURZUVAE was $32.8 million, following strong uptake reported by Biogen. Royalty, licensing and other revenues grew sharply to $20.7 million, up 165% year-over-year, from $7.8 million a year ago.
Operating loss was $3.9 million, compared to operating earnings of $21.4 million in Q4 2024, reflecting higher SG&A acquisition-related costs.
Adjusted operating earnings (non-GAAP) were $48.5 million, essentially flat versus $48.3 million in Q4 2024.
Net loss was $4.1 million, or $0.07 per share, compared to net income of $15.3 million, or $0.27 per share, in Q4 2024.
Fiscal Year 2025 Results
Total revenues reached $719.0 million, up 9% from $661.8 million in 2024.
Operating loss was $62.3 million, compared to operating earnings of $81.7 million in 2024, impacted by $72.9 million in acquisition-related costs tied to the Sage Therapeutics acquisition.
Adjusted operating earnings (non-GAAP) were $158.7 million, down from $183.7 million in 2024.
Net loss was $38.6 million, or $0.68 per share, versus net income of $73.9 million, or $1.32 per share, in 2024.
The company's cash, cash equivalents and marketable securities stood at $308.7 million at year-end, down from $453.6 million in 2024, reflecting acquisition funding.
Pipeline Updates
•SPN-817- Phase 2b trial ongoing in treatment-resistant focal seizures.
•SPN-820- Phase 2b trial initiated in major depressive disorder, evaluating rapid onset of symptom improvement.
•SPN-443- Phase 1 trial for attention-deficit/hyperactivity disorder (ADHD) expected to begin in the second half of 2026.
Outlook
For the full year of 2026, Supernus projects:
•Total revenues of $840 million- $870 million, compared to $719.0 million in 2025.
•Operating earnings (GAAP) of $0 million to $30 million, compared to a loss of $62.3 million in 2025.
•Adjusted operating earnings (non-GAAP) of $140 million -$170 million, compared to $158.7 million in 2025.
SUPN has traded between $29.16 and $57.65 over the past year. The stock closed Tuesday's session at $53.30, up 5.15%. In afterhours trading Wednesday, the stock is up 5.63% at $56.30.
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