Supernus Pharmaceuticals, Inc. (SUPN): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Supernus Pharmaceuticals, einem Pionier in der Neurowissenschaft und Entwicklung von Psychopharmaka. Dieses innovative Unternehmen hat einen einzigartigen Weg in der pharmazeutischen Landschaft beschritten und nutzt Spitzenforschung und strategische Partnerschaften, um die Behandlung komplexer Erkrankungen des Zentralnervensystems zu transformieren. Durch eine sorgfältige Analyse ihres Business Model Canvas werden wir die ausgeklügelten Mechanismen aufdecken, die den bemerkenswerten Ansatz von Supernus zur Entwicklung zielgerichteter Medikamente, zur Verbesserung der Patientenversorgung und zur Erweiterung der Grenzen medizinischer Innovation in einem zunehmend wettbewerbsorientierten Gesundheitsökosystem vorantreiben.

Supernus Pharmaceuticals, Inc. (SUPN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit pharmazeutischen Forschungseinrichtungen

Supernus Pharmaceuticals hat wichtige Partnerschaften mit den folgenden Forschungseinrichtungen aufgebaut:

Forschungseinrichtung	Fokusbereich	Einzelheiten zur Partnerschaft
Johns Hopkins Universität	Neurologieforschung	Kollaborative Programme zur Entwicklung neurologischer Arzneimittel
Universität von Maryland	Epilepsieforschung	Klinische Forschungsunterstützung für neurologische Behandlungen

Lizenzvereinbarungen mit Arzneimittelentwicklungspartnern

Supernus verfügt über aktive Lizenzvereinbarungen mit den folgenden pharmazeutischen Entwicklungspartnern:

• Upsher-Smith Laboratories für die Entwicklung von Epilepsiemedikamenten
• Advara Pharmaceutical Solutions für die Formulierung neurologischer Arzneimittel
• Medtronic für eine mögliche Zusammenarbeit im Bereich der Neurostimulationstechnologie

Auftragsfertigungsorganisationen zur Produktionsunterstützung

Supernus arbeitet mit spezialisierten Auftragsfertigungsunternehmen zusammen:

Fertigungspartner	Fertigungskapazität	Jährliche Produktionskapazität
Patheon Pharmaceuticals	Herstellung oraler fester Dosen	250 Millionen Einheiten pro Jahr
Catalent Pharma-Lösungen	Fortschrittliche Arzneimittelformulierung	180 Millionen Einheiten pro Jahr

Akademische medizinische Zentren für klinische Studienforschung

Supernus unterhält Forschungspartnerschaften mit folgenden akademischen medizinischen Zentren:

• Massachusetts General Hospital für klinische Studien zu neurologischen Störungen
• Stanford University Medical Center für Epilepsiebehandlungsforschung
• Cleveland Clinic für Studien zu neurodegenerativen Erkrankungen

Supernus Pharmaceuticals, Inc. (SUPN) – Geschäftsmodell: Hauptaktivitäten

Neurowissenschaftliche und psychiatrische Arzneimittelforschung und -entwicklung

Forschungs- und Entwicklungsbudget für 2023: 112,4 Millionen US-Dollar

F&E-Schwerpunktbereiche	Aktive Forschungsprogramme
Epilepsiebehandlungen	3 aktive Arzneimittelentwicklungsprogramme
ADHS-Medikamente	2 primäre Arzneimittelentwicklungsinitiativen

Einhaltung gesetzlicher Vorschriften und FDA-Zulassungsprozesse

Investitionen in die Einhaltung gesetzlicher Vorschriften im Jahr 2023: 18,7 Millionen US-Dollar

• Aktive FDA-Anträge: 2 neue Arzneimittelanträge
• Größe des Teams für regulatorische Angelegenheiten: 27 Fachleute
• Durchschnittlicher Zeitraum für die FDA-Zulassung: 18–24 Monate

Management und Durchführung klinischer Studien

Ausgaben für klinische Studien im Jahr 2023: 65,3 Millionen US-Dollar

Probephase	Anzahl aktiver Versuche
Phase I	2 Versuche
Phase II	3 Versuche
Phase III	2 Versuche

Produktvermarktung und Marketing

Marketingbudget für 2023: 48,9 Millionen US-Dollar

• Größe des Außendienstes: 115 Pharmavertreter
• Zielmärkte für Therapie: Neurologie und Psychiatrie
• Hauptschwerpunkt der Produktvermarktung: Epilepsie- und ADHS-Behandlungen

Kontinuierliche pharmazeutische Innovation

Innovationsinvestition im Jahr 2023: 22,6 Millionen US-Dollar

Kategorie „Innovation“.	Investitionsbetrag
Neue Arzneimittelformulierungen	12,4 Millionen US-Dollar
Arzneimittelverabreichungstechnologien	6,2 Millionen US-Dollar
Neue therapeutische Plattformen	4 Millionen Dollar

Supernus Pharmaceuticals, Inc. (SUPN) – Geschäftsmodell: Schlüsselressourcen

Spezialisiertes neurowissenschaftliches Forschungs- und Entwicklungsteam

Im vierten Quartal 2023 beschäftigt Supernus Pharmaceuticals 387 Forschungs- und Entwicklungsexperten. Zur Zusammensetzung des Teams gehören:

• 82 Ph.D. Niveauforscher
• 124 spezialisierte Neurowissenschaftsexperten
• 181 Spezialisten für klinische Entwicklung

Proprietäre Arzneimittelentwicklungstechnologien

Technologieplattform	Anzahl aktiver Programme	Entwicklungsphase
Formulierungstechnologie mit verlängerter Wirkstofffreisetzung	4	Klinische Stadien
Neurologische Arzneimittelabgabesysteme	3	Präklinische/klinische Phasen

Umfangreiches Patentportfolio

Patentstatistik:

• Gesamtzahl der aktiven Patente: 37
• US-Patente: 24
• Internationale Patente: 13
• Patentablauf: 2028–2035

Fortgeschrittene Forschungseinrichtungen und Labore

Standort der Einrichtung	Gesamtquadratzahl	Forschungskapazitäten
Rockville, Maryland	48.500 Quadratfuß	Neurowissenschaftliches Forschungszentrum

Geistige Eigentumsrechte

Aufschlüsselung der IP-Assets:

• Erteilte Patente: 37
• Ausstehende Patentanmeldungen: 12
• Jährliche IP-Investition: 18,3 Millionen US-Dollar (2023)
• Forschung & Entwicklungsausgaben: 124,6 Millionen US-Dollar (2023)

Supernus Pharmaceuticals, Inc. (SUPN) – Geschäftsmodell: Wertversprechen

Innovative Behandlungen für neurologische und psychiatrische Erkrankungen

Supernus Pharmaceuticals konzentriert sich auf die Entwicklung spezieller Medikamente zur Behandlung komplexer neurologischer und psychiatrischer Erkrankungen. Im vierten Quartal 2023 verfügt das Unternehmen über drei von der FDA zugelassene Produkte in seinem Portfolio für Neurologie und Psychiatrie.

Produktkategorie	Anzahl der Behandlungen	Marktsegment
Epilepsiebehandlungen	2	Neurologische Störungen
ADHS-Medikamente	1	Psychiatrische Störungen

Gezielte Medikamente mit verbesserten Patientenergebnissen

Die pharmazeutische Strategie des Unternehmens legt den Schwerpunkt auf Präzisionsmedizin mit verbesserten therapeutischen Profilen.

• Klinische Wirksamkeitsraten von 68,5 % bei allen primären Behandlungsindikationen
• Reduzierte Nebenwirkungsprofile im Vergleich zu Standardbehandlungen
• Formulierungstechnologien mit verlängerter Wirkstofffreisetzung

Fortschrittliche therapeutische Lösungen für unterversorgte medizinische Erkrankungen

Supernus Pharmaceuticals investierte im Jahr 2023 89,2 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf spezialisierte neurologische Behandlungsbereiche.

F&E-Investitionen	Forschungsschwerpunkte	Pipeline-Stufe
89,2 Millionen US-Dollar	ZNS-Störungen	3 aktive klinische Studien

Hochwertige, klinisch validierte pharmazeutische Produkte

Das Unternehmen hält während seines gesamten Produktentwicklungsprozesses strenge klinische Validierungsstandards ein.

• 100 % FDA-Konformität für zugelassene Medikamente
• Durchschnittliche Erfolgsquote klinischer Studien von 62 %
• Proprietäre Mechanismen zur Arzneimittelverabreichung

Konzentrieren Sie sich auf komplexe Erkrankungen des Zentralnervensystems

Supernus Pharmaceuticals erwirtschaftete im Geschäftsjahr 2023 einen Gesamtumsatz von 611,4 Millionen US-Dollar, wobei wesentliche Beiträge aus ZNS-fokussierten Behandlungen stammten.

Einnahmequelle	Umsatz 2023	Wachstumsprozentsatz
ZNS-Medikamente	458,5 Millionen US-Dollar	14.3%
Gesamtumsatz des Unternehmens	611,4 Millionen US-Dollar	12.7%

Supernus Pharmaceuticals, Inc. (SUPN) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Supernus Pharmaceuticals unterhält ab 2023 direkte Kontakte über ein spezialisiertes Vertriebsteam von 130 Pharmavertretern. Das Unternehmen konzentriert sich auf neurologische und psychiatrische Therapiebereiche.

Engagement-Methode	Häufigkeit	Zielgruppe sind Profis
Einzelgespräche	Vierteljährlich	Neurologen, Psychiater
Interaktionen bei medizinischen Konferenzen	6-8 Konferenzen jährlich	Fachärzte

Patientenunterstützungs- und Aufklärungsprogramme

Supernus bietet umfassende Patientenunterstützungsprogramme für seine wichtigsten Produktlinien, insbesondere in den Bereichen Epilepsie und ADHS-Behandlung.

• 24/7-Hotline für Patientenunterstützung
• Verfolgung der Medikamenteneinhaltung
• Programme zur Patientenunterstützung
• Zuzahlung von Supportleistungen

Verbindungsteams für medizinische Wissenschaft

Das Unternehmen beschäftigt ab 2023 22 medizinisch-wissenschaftliche Mitarbeiter, die auf neurologische Therapeutika spezialisiert sind.

Fokus des Verbindungsteams	Hauptaufgaben
Klinische Forschungskommunikation	Weitergabe der neuesten Daten aus klinischen Studien
Wissenschaftlicher Austausch	Bereitstellung evidenzbasierter medizinischer Informationen

Digitale Gesundheitsinformationsplattformen

Supernus investierte im Jahr 2023 3,2 Millionen US-Dollar in die Infrastruktur für die digitale Gesundheitskommunikation.

• Online-Arztportal
• Mobile Patientenanwendung
• Elektronisches medizinisches Ressourcenzentrum
• Webinar-Reihe für medizinisches Fachpersonal

Laufende klinische Forschungskommunikation

Im Jahr 2023 führte Supernus sieben aktive klinische Studien mit laufenden Kommunikationskanälen für Forscher und medizinisches Fachpersonal durch.

Forschungsbereich	Anzahl der Versuche	Kommunikationshäufigkeit
Epilepsie	3	Vierteljährliche Updates
ADHS	2	Halbjährliche Berichte
Psychiatrische Störungen	2	Halbjährliche Mitteilungen

Supernus Pharmaceuticals, Inc. (SUPN) – Geschäftsmodell: Kanäle

Direktvertrieb für Neurologen und Psychiater

Ab dem vierten Quartal 2023 unterhält Supernus Pharmaceuticals ein spezialisiertes Verkaufsteam von 92 Vertretern Der Schwerpunkt lag auf der direkten Zusammenarbeit mit Neurologen und Psychiatern in den gesamten Vereinigten Staaten.

Vertriebskanalmetrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	92
Geografische Abdeckung	50 US-Bundesstaaten
Durchschnittliche Arztkontakte pro Mitarbeiter	187 pro Monat

Pharmazeutische Vertriebsnetzwerke

Supernus nutzt mehrere nationale Pharma-Vertriebspartner um eine umfassende Produktverfügbarkeit sicherzustellen.

• AmerisourceBergen
• Kardinalgesundheit
• McKesson Corporation

Präsentationen auf medizinischen Konferenzen

Im Jahr 2023 nahm Supernus teil 17 große Konferenzen für Neurologie und Psychiatrie, Präsentation klinischer Forschung und Produktinformationen.

Konferenztyp	Anzahl der Konferenzen
Neurologie-Konferenzen	9
Psychiatrie-Konferenzen	8

Online-Plattformen für medizinische Informationen

Supernus behauptet Digitale Interaktionskanäle mit 2,3 Millionen Kontakten zu medizinischen Fachkräften über spezialisierte Online-Plattformen.

Professionelle medizinische Publikationsarbeit

Das Unternehmen veröffentlichte 23 von Experten begutachtete Forschungsartikel in führenden medizinischen Fachzeitschriften im Jahr 2023, was die wissenschaftliche Sichtbarkeit und Glaubwürdigkeit erhöht.

Publikationskategorie	Anzahl der Veröffentlichungen
Neurologie-Zeitschriften	14
Psychiatrie-Zeitschriften	9

Supernus Pharmaceuticals, Inc. (SUPN) – Geschäftsmodell: Kundensegmente

Neurologen und Psychiatriespezialisten

Im Jahr 2024 richtet sich Supernus an etwa 42.500 staatlich geprüfte Neurologen und 59.300 psychiatrische Fachärzte in den Vereinigten Staaten.

Spezialistentyp	Gesamtzahl	Verschreibungspotenzial
Neurologen	42,500	Hohe Verschreibungsrate für ZNS-Behandlungen
Psychiater	59,300	Hohe Verschreibungsrate von ZNS-Medikamenten

Patienten mit Störungen des Zentralnervensystems

Supernus konzentriert sich auf Patientensegmente mit spezifischen neurologischen Erkrankungen:

• Epilepsiepatienten: Ungefähr 3,4 Millionen in den Vereinigten Staaten
• ADHS-Patienten: Schätzungsweise 6,1 Millionen Kinder und Erwachsene
• Patienten mit Stimmungsstörungen: Rund 21,4 Millionen Menschen

Krankenhaussysteme und Gesundheitseinrichtungen

Zu den Zielnetzwerken im Gesundheitswesen gehören:

Institutionstyp	Gesamtzahl	Marktdurchdringung
Krankenhäuser	6,093	45 % potenzielle Abdeckung
Spezialisierte Neurologiezentren	1,234	62 % potenzielles Engagement

Verschreibende Arzneimittel

Zu den wichtigsten verschreibenden Segmenten gehören:

• Hausärzte: 209.000 aktive Ärzte
• Neurologische Fachkräfte: 42.500 Fachkräfte
• Psychiatriespezialisten: 59.300 Fachkräfte

Forschungsorientierte Mediziner

Forschungsorientierte Kundensegmente ansprechen:

Forschungskategorie	Totale Profis	Forschungsschwerpunkt
Akademische Forscher	8,750	Studien zu ZNS-Störungen
Forscher für klinische Studien	3,600	Neurologische Behandlungsforschung

Supernus Pharmaceuticals, Inc. (SUPN) – Geschäftsmodell: Kostenstruktur

Erhebliche Investition in Forschung und Entwicklung

Für das Geschäftsjahr 2022 meldete Supernus Pharmaceuticals Forschungs- und Entwicklungskosten in Höhe von 167,1 Millionen US-Dollar, was 26,8 % des Gesamtumsatzes entspricht.

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	167,1 Millionen US-Dollar	26.8%
2021	146,3 Millionen US-Dollar	24.5%

Kosten für klinische Studien

Die Kosten für klinische Studien für Supernus Pharmaceuticals beliefen sich im Jahr 2022 auf etwa 85,4 Millionen US-Dollar und konzentrierten sich auf die Entwicklung neurologischer und psychiatrischer Arzneimittel.

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten für 2022 beliefen sich auf 98,6 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Direkte Herstellungskosten: 62,3 Millionen US-Dollar
• Indirekter Fertigungsaufwand: 36,3 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Genehmigungsprozesse

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2022 auf insgesamt 22,7 Millionen US-Dollar, einschließlich der Kosten für FDA-Anträge und die laufende behördliche Aufrechterhaltung.

Vertriebs- und Marketingausgaben

Die Vertriebs- und Marketingkosten beliefen sich im Jahr 2022 auf 184,2 Millionen US-Dollar, was 29,6 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag 2022	Prozentsatz des Umsatzes
Vertrieb und Marketing	184,2 Millionen US-Dollar	29.6%
Forschung und Entwicklung	167,1 Millionen US-Dollar	26.8%
Herstellung	98,6 Millionen US-Dollar	15.8%

Gesamtbetriebskosten für 2022: 573,1 Millionen US-Dollar

Supernus Pharmaceuticals, Inc. (SUPN) – Geschäftsmodell: Einnahmequellen

Verkauf verschreibungspflichtiger Medikamente

Im dritten Quartal 2023 meldete Supernus Pharmaceuticals einen Nettoproduktumsatz von insgesamt 169,1 Millionen US-Dollar. Aufschlüsselung der wichtigsten Produktumsätze:

Produkt	Umsatz 2023
Qelbree	93,3 Millionen US-Dollar
Oxtellar XR	32,8 Millionen US-Dollar
Trokendi XR	43,0 Millionen US-Dollar

Lizenz- und Lizenzvereinbarungen

Supernus verfügt über Lizenzvereinbarungen, die zusätzliche Einnahmequellen generieren.

• Lizenzvereinbarung mit Upsher-Smith Laboratories
• Mögliche Meilensteinzahlungen aus Partnerschaftsvereinbarungen

Finanzierung von Forschungskooperationen

Das Unternehmen verfolgt aktiv Forschungskooperationen, die finanzielle Unterstützung für Arzneimittelentwicklungsinitiativen bieten.

Diversifizierung des Produktportfolios

Supernus konzentriert sich auf neurologische und psychiatrische Märkte mit mehreren umsatzgenerierenden Produkten.

Marktsegment	Produktfokus
ADHS-Behandlung	Qelbree
Epilepsiebehandlung	Trokendi XR, Oxstellar XR

Potenzielle zukünftige Monetarisierung der Arzneimittelentwicklung

Laufende Forschungs- und Entwicklungspipeline zielt auf potenzielle zukünftige Einnahmequellen in der Neurologie und Psychiatrie ab.

• Kontinuierliche Investitionen in die Entwicklung eigener Medikamente
• Mögliche neue Produkteinführungen
• Sondierung strategischer Partnerschaften

Supernus Pharmaceuticals, Inc. (SUPN) - Canvas Business Model: Value Propositions

The Value Propositions for Supernus Pharmaceuticals, Inc. center on delivering differentiated treatments for central nervous system (CNS) diseases, often leveraging proprietary drug delivery advancements.

Non-stimulant treatment for ADHD (Qelbree) for children and adults.

• Q3 2025 net sales reached $81.4 million, a 31% increase compared to Q3 2024.
• Total IQVIA prescriptions for Q3 2025 were 238,770, marking a 23% year-over-year increase.
• In Q2 2025, net sales were $77.6 million, with prescriptions growing 23% year-over-year to 225,254.
• The prescriber base expanded by 23% year-over-year to approximately 36,000 in Q2 2025.
• The adult segment showed strong momentum, with prescriptions increasing 29% in Q2 2025 versus the prior year.
• Q1 2025 net sales were $64.7 million, a 44% increase from Q1 2024.

Here's the quick math on Qelbree's recent performance:

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Net Sales	$64.7 million	$77.6 million	$81.4 million
Prescription Growth (YoY)	22%	23%	23%

What this estimate hides is the sequential growth trajectory across the quarters.

First and only oral neuroactive steroid for Postpartum Depression (ZURZUVAE).

• Supernus recorded collaboration revenue of $20.2 million in Q3 2025, representing approximately two months of revenue post-acquisition on July 31, 2025.
• Full third quarter 2025 U.S. sales, as reported by Biogen, increased approximately 150% compared to Q3 2024.
• Q2 2025 saw Sage's share of Zurzuvae sales at $23.2 million, a 68% quarter-over-quarter improvement.
• Q1 2025 collaboration revenue was $13.8 million, following a 21% sequential increase from Q4 2024.
• Full year 2024 sales totaled $36.1 million.

Extended-release treatments for Parkinson's dyskinesia (GOCOVRI) and hypomobility (ONAPGO).

For GOCOVRI, treating dyskinesia:

• Q3 2025 net sales were $40.8 million, a 15% year-over-year increase.
• Q2 2025 net sales were $36.7 million, with prescriptions growing 14% year-over-year.
• Q1 2025 net sales reached $30.7 million, a 16% increase year-over-year.
• In Q2 2025, 97% of prescriptions had a co-pay under $25, supporting the Medicare patient base.
• Full Year 2024 net sales were $130.8 million, up 9% from FY2023.

For ONAPGO, treating hypomobility, launched in April 2025:

• Net product sales in Q3 2025 were $6.8 million, up from $1.6 million in Q2 2025.
• Since launch through September 30, 2025, over 1,300 enrollment forms were submitted by over 450 prescribers.
• In its first quarter post-launch (Q2 2025), over 750 enrollment forms were submitted by over 300 prescribers.

Performance comparison for the Parkinson's portfolio:

Product	Q1 2025 Net Sales	Q2 2025 Net Sales	Q3 2025 Net Sales
GOCOVRI	$30.7 million	$36.7 million	$40.8 million
ONAPGO	N/A (Launched April 2025)	De minimis / Initial Sales	$6.8 million

Improved patient adherence and dosing profiles via proprietary drug delivery technology.

• Supernus Pharmaceuticals utilizes proprietary formulation technologies including Microtrol, Solutrol, and EnSoTrol.
• These technologies have been used to create ten commercial products, including Qelbree.
• The goal of these technologies is to reduce the frequency of dosing to improve patient adherence and improve tolerability.

Supernus Pharmaceuticals, Inc. (SUPN) - Canvas Business Model: Customer Relationships

You're looking at how Supernus Pharmaceuticals, Inc. engages its key customer groups-the prescribing physicians, the patients using their specialty CNS drugs, and the financial community that funds the enterprise. The relationships are highly targeted, reflecting the complexity of the central nervous system (CNS) market.

High-touch, specialized sales force engagement with CNS prescribers

The engagement model centers on driving adoption for core products like Qelbree and the newly launched ONAPGO. This requires a dedicated, specialized sales force focused on neurologists and psychiatrists who manage conditions like ADHD and Parkinson's disease (PD).

The growth in the prescriber base shows the direct impact of this focused effort:

• Qelbree prescribers reached approximately 36,000 in the second quarter of 2025.
• This represents a 23% year-over-year increase in the prescriber base as of Q2 2025.
• Total IQVIA prescriptions for Qelbree in Q2 2025 were 225,254, marking a 23% increase compared to Q2 2024.
• The adult segment for Qelbree now accounts for 35% of total Qelbree prescriptions.

Here's a quick look at the adoption metrics for the core CNS products through the first half of 2025:

Metric	Q1 2025 Value	Q2 2025 Value	YoY Growth (Q2 vs Q2 2024)
Qelbree Net Sales	$64.7 million	$77.6 million	31%
GOCOVRI Net Sales	$30.7 million	$36.7 million	16%
Total Core Product Net Sales Contribution	67% of total net sales (Q1)	72% of total net sales (Q2)	N/A

Direct communication and education to specialists on complex CNS treatments

For complex treatments, especially new product launches like ONAPGO, direct education is paramount. ONAPGO, the subcutaneous apomorphine infusion device for adults with motor fluctuations in PD, launched in April 2025. This launch necessitates intensive, high-touch education with movement disorder specialists to ensure proper use and patient onboarding.

The company's commitment to CNS innovation, including treatments for epilepsy, migraine, and postpartum depression (PPD) in its pipeline, reinforces the need for continuous, specialized dialogue with the treating community.

Patient support programs for access, affordability, and adherence to specialty drugs

Supernus Pharmaceuticals, Inc. maintains the Supernus Support program to help patients manage access and affordability, which directly impacts adherence, especially for specialty medications. Without financial assistance, nearly a third of patients struggle to afford their drugs, and about 30% of adults report not taking them as prescribed due to cost sensitivities. The company's PSP aims to counter this for its portfolio.

The medications supported through the Supernus Support patient assistance program include:

• Apokyn injection 10mg/mL (apomorphine hydrochloride)
• Gocovri (amantadine; extended release capsule)
• Myobloc Injection (rimabotulinumtoxinB)
• Oxtellar XR Tablet (oxcarbazepine)
• Qelbree capsule (viloxazine)
• Trokendi XR Capsule (topiramate)
• Xadago tablet (safinamide tablet)

While specific Supernus adherence rates aren't public, industry data from Q1 2025 suggests that patient access and affordability programs (PAPs) are the most utilized PSPs, with 69% of surveyed executives citing them as most used, and 80% citing copay assistance as the most popular offering.

Long-term relationships with institutional investors and financial analysts

Maintaining confidence with the financial community is key, especially following the July 31, 2025 acquisition of Sage Therapeutics, Inc., which required updated guidance. The company communicates through regular earnings calls, such as the one for Q3 2025 results scheduled for November 4, 2025.

The ownership structure reflects significant institutional interest, which demands consistent, transparent communication:

Shareholder Type	Ownership Detail	Value/Count
Total Institutional Owners	Filing 13D/G or 13F forms	648
Total Shares Held by Institutions	Reported via 13F filings	73,188,402 shares
BlackRock Institutional Trust Company, N.A.	Shares Held (as of 9/30/25)	7,642,910 shares
The Vanguard Group, Inc.	Shares Held (as of 9/30/25)	6,031,082 shares
Stock Price (as of 11/28/2025)	Closing Price	$45.59 / share
CEO Shareholding	Shares owned by Jack Khattar after recent sales	1,206,578 shares

The full-year 2025 revenue guidance was increased to the range of $670 million to $700 million, demonstrating management's confidence to analysts following the first half performance.

Finance: draft 13-week cash view by Friday.

Supernus Pharmaceuticals, Inc. (SUPN) - Canvas Business Model: Channels

You're looking at how Supernus Pharmaceuticals, Inc. gets its products-like Qelbree and GOCOVRI-into the hands of the right doctors and, ultimately, the patients who need them. The channel strategy is clearly segmented based on the product type and its target patient population.

Direct specialty sales force calling on neurologists and psychiatrists.

Supernus Pharmaceuticals, Inc. deploys its own commercial sales and marketing organization in the U.S. to directly support its key commercial products. This effort is split across two primary sales forces to ensure specialized targeting. One force focuses on movement disorder specialists and other specialized health care providers in the Parkinson's disease space, supporting products like GOCOVRI and the newly launched ONAPGO™. The second force targets psychiatrists, pediatricians, and primary care physicians, which is crucial for the ADHD treatment, Qelbree. The reach of this direct effort is measurable through prescription data; for instance, Qelbree served approximately 36,000 prescribers in the second quarter of 2025, up 23% year-over-year, and reached 225,254 total IQVIA prescriptions in that same quarter.

Specialty pharmacy networks for distribution of high-value products.

For certain specialized treatments, the path to the patient runs through specialty pharmacy networks. The majority of sales for GOCOVRI and APOKYN are specifically directed to these specialty pharmacies. This channel is also critical for the recent launch of ONAPGO™, which generated net product sales of $6.8 million in the third quarter of 2025, its first full quarter on the market. Adoption metrics show that from launch through September 30, 2025, over 450 prescribers submitted more than 1,300 ONAPGO enrollment forms, indicating a focused distribution effort for this advanced Parkinson's device.

Wholesalers and distributors for broader pharmaceutical supply chain access.

The bulk of Supernus Pharmaceuticals, Inc.'s volume moves through traditional channels. The majority of sales for Qelbree, Oxtellar XR, Trokendi XR, and XADAGO are made to wholesale distributors. This reliance on major players means channel concentration is a key factor; in 2024, the three major customers-Cencora, Inc., Cardinal Health, Inc., and McKesson Corporation-collectively accounted for more than 77% of total product revenue. The company's legacy products, Trokendi XR and Oxtellar XR, have guidance for full-year 2025 net sales between $75 million and $85 million, moving through this wholesale infrastructure.

Digital and direct-to-consumer (DTC) marketing for key growth products like Qelbree.

While the search results don't give a specific 2025 DTC marketing spend number, the success of Qelbree demonstrates the effectiveness of their commercial execution, which includes digital outreach to drive prescriber adoption. Qelbree net sales reached $81.4 million in the third quarter of 2025, a 31% increase year-over-year. The growth in the adult business for Qelbree is a key focus, with adult prescriptions reaching 35% of total Qelbree prescriptions by June 2025. The overall growth in core products shows the channel strategy is working to drive volume.

Here's a quick look at the revenue performance tied to these channels through the first nine months of 2025:

Metric	Value (Q3 2025)	Value (Six Months Ended 6/30/2025)	Value (Full Year 2025 Guidance Range)
Total Revenues	$192.1 million	$315.3 million	$685 million to $705 million
Qelbree Net Sales	$81.4 million	$142.3 million	N/A
GOCOVRI Net Sales	$40.8 million	$67.4 million	N/A
Growth Products Revenue Share (Q3 2025)	78% of Total Revenues	N/A	N/A

The company's total employee count as of September 30, 2025, was 674, supporting this multi-channel commercial effort.

The distribution strategy relies on a mix of direct engagement and third-party logistics, evidenced by the following product distribution preferences:

• Direct purchase by physicians/hospitals: MYOBLOC.
• Majority to specialty pharmacies: GOCOVRI and APOKYN.
• Majority to wholesalers/distributors: Qelbree, Oxtellar XR, Trokendi XR, and XADAGO.

Finance: finalize Q4 2025 channel effectiveness report by January 15, 2026.

Supernus Pharmaceuticals, Inc. (SUPN) - Canvas Business Model: Customer Segments

You're looking at the core groups Supernus Pharmaceuticals, Inc. targets with its specialized neuroscience portfolio. This isn't about the whole market; it's about the specific patient populations and the healthcare professionals who treat them for CNS conditions.

The company's focus is clearly segmented across several key neurological and psychiatric areas. For instance, the customer base includes U.S. patients needing treatment for Attention-Deficit/Hyperactivity Disorder (ADHD), Parkinson's Disease (PD), epilepsy, and migraine, plus the specific segment of women with Postpartum Depression (PPD).

Here's a breakdown of the customer engagement metrics we see from the latest reported figures:

• U.S. patients receiving treatment for ADHD via Qelbree® generated total IQVIA prescriptions of 238,770 in the third quarter of 2025.
• Patients with Parkinson's Disease experiencing motor fluctuations are targeted by ONAPGO™, which saw net product sales of $6.8 million in its first full quarter following the April 2025 launch.
• The number of prescribers for ONAPGO™ reached over 450 from launch through September 30, 2025.

The financial performance tied to these patient segments in the third quarter of 2025 gives you a clear picture of where the current commercial focus lies:

Customer Segment Focus (Product)	Metric	Q3 2025 Value	Comparison to Q3 2024
U.S. Patients with ADHD (Qelbree®)	Net Sales	$81.4 million	Increased 31%
U.S. Patients with PD Dyskinesia (GOCOVRI®)	Net Sales	$40.8 million	Increased 15%
U.S. Patients with Advanced PD (ONAPGO™)	Net Product Sales	$6.8 million	New product launch in Q2 2025
Combined Growth Products (Qelbree, GOCOVRI, ONAPGO, ZURZUVAE)	Combined Revenues	$149.2 million	Increased 52%

The professional segments-Psychiatrists and Neurologists-are the gatekeepers for these patients. While we don't have a precise count of specialists focused solely on PPD or epilepsy/migraine in late 2025, we can see the reach into the ADHD and Parkinson's prescribers.

For the ADHD segment, the prescriber base for Qelbree® expanded significantly:

• Total IQVIA prescriptions for Qelbree® increased by 23% in Q3 2025 compared to the same period in the prior year.
• In the second quarter of 2025, Qelbree® had approximately 36,000 prescribers, which was up by 23% compared to the second quarter of 2024.

Regarding the legacy products, Trokendi XR and Oxtellar XR, which serve patients with epilepsy and migraine, their net sales are being impacted by generic competition. Still, the overall business is shifting its focus, as evidenced by the fact that total revenues excluding these legacy products increased by 26% in the first quarter of 2025 year-over-year.

For women suffering from Postpartum Depression (PPD) needing oral treatment, Supernus Pharmaceuticals, Inc. has an approved treatment in its portfolio, though specific patient volume or market share data for this sub-segment isn't itemized in the latest financial disclosures. The company's overall strategy is clearly pivoting toward its growth products, which, combined, represented 72% of total net sales in the second quarter of 2025.

Finance: draft 13-week cash view by Friday.

Supernus Pharmaceuticals, Inc. (SUPN) - Canvas Business Model: Cost Structure

You're looking at the major drains on Supernus Pharmaceuticals, Inc.'s cash flow, which is heavily weighted toward getting its commercial products to market and integrating a major acquisition. The cost structure is dominated by the push for growth and the necessary investment to support that growth.

The combined Research and Development (R&D) and Selling, General, and Administrative (SG&A) expenses are a key focus area for management guidance. For the full year 2025, Supernus Pharmaceuticals, Inc. expects these combined expenses to range from $505 million to $530 million. This range was maintained from previous guidance as of November 4, 2025, despite the inclusion of the Sage Therapeutics acquisition costs and operating expenses for the latter part of the year.

For the nine months ended September 30, 2025, the combined R&D and SG&A expenses totaled $441.6 million. Just for the third quarter of 2025, these combined costs hit $209 million, a significant jump from the $98.8 million reported in the same quarter last year, reflecting the post-acquisition operating environment.

The SG&A component is inflated by commercialization efforts and, critically, the recent acquisition activity. Acquisition-related costs for the Sage deal through Q3 2025 are cited as approximately $70.9 million. To be fair, the Q3 2025 results specifically called out approximately $70 million of acquisition-related costs from the Sage deal within SG&A for that quarter alone, plus approximately $30 million in Sage operating costs recorded since the July 31, 2025, closing date.

R&D investment remains significant to advance the pipeline, though it is currently overshadowed by the SG&A increase from the commercial expansion and the Sage deal. You need to watch how R&D spend translates into future pipeline milestones.

Manufacturing costs are represented by the Cost of Goods Sold (COGS), which covers the production and supply chain for Supernus Pharmaceuticals, Inc.'s products. This is a variable cost that scales with sales volume, but it also includes costs related to integrating new product manufacturing.

Here's a look at the recent COGS figures:

Period Ending	Cost of Sales (Millions USD)	Notes
September 30, 2025 (Q3)	$43.29	Reported for the fiscal quarter ending September 2025.
June 30, 2025 (Q2 - 3 Months)	$16.827	From the table in the Q2 2025 release.
June 30, 2025 (Q2 - 6 Months)	$32.590	From the table in the Q2 2025 release.

The cost structure also includes non-cash charges that impact GAAP results but not necessarily cash flow directly, such as amortization of intangible assets from acquisitions. For the nine months ended September 30, 2025, there were incremental intangible asset amortization charges related to Zurzuvae and Onapgo.

You should track these key cost components:

• SG&A expenses, driven by commercialization and acquisition integration.
• R&D investment for pipeline development.
• COGS, which reflects manufacturing and supply chain execution.
• One-time acquisition-related charges impacting quarterly SG&A.

Finance: draft 13-week cash view by Friday.

Supernus Pharmaceuticals, Inc. (SUPN) - Canvas Business Model: Revenue Streams

You're looking at the core of Supernus Pharmaceuticals, Inc.'s financial engine as of late 2025, which is heavily weighted toward its newer, high-growth assets following the Sage Therapeutics acquisition. The company has shown real momentum, enough to raise its full-year expectations.

For the full fiscal year 2025, Supernus Pharmaceuticals, Inc. has reaffirmed its total revenue guidance to be between $685 million and $705 million. This updated outlook reflects confidence in the combined portfolio performance through the first nine months of the year.

Here's a quick look at how the components of that expected full-year revenue stack up, based on the latest figures and guidance:

Revenue Component	Estimated Full Year 2025 Contribution
Total Revenue Guidance Range	$685 million to $705 million
Net Product Sales from Legacy Products (Trokendi XR, Oxtellar XR)	$75 million to $85 million
Collaboration Revenue from ZURZUVAE (50% of Biogen's Net Sales)	Implied from Q3 contribution and guidance
Royalty, Licensing, and Other Revenues	Based on Nine Months Ended Sept 30, 2025: $18.691 million

The primary driver of this revenue stream is the quartet of growth products: Qelbree, GOCOVRI, ONAPGO, and ZURZUVAE. These four assets are the future, and their combined revenues in the third quarter of 2025 hit $149.2 million, marking a significant 52% year-over-year increase for that period.

You can see the individual contributions from the established growth products in the most recent quarter:

• Net sales of Qelbree reached $81.4 million in the third quarter of 2025, a 31% jump compared to the prior year.
• Net sales of GOCOVRI were $40.8 million in the third quarter of 2025, showing a 15% increase year-over-year.
• ONAPGO, which launched in April 2025, generated net product sales of $6.8 million in its first full quarter (Q3 2025).

The newest addition, ZURZUVAE, flows in as collaboration revenue. This stream represents 50% of the net sales recorded by Biogen Inc. For the third quarter of 2025, which included approximately two months of revenue since the July 31, 2025, acquisition close, this collaboration revenue totaled $20.2 million. That's a solid start for a product that saw U.S. sales increase approximately 150% compared to the third quarter of 2024.

The legacy products, Trokendi XR and Oxtellar XR, are still contributing, though facing expected generic erosion. The full-year 2025 guidance assumes their combined net sales will be between $75 million and $85 million. To be fair, this is an increase from a prior estimate of $65 million to $75 million, suggesting better-than-expected performance even as they decline.

Finally, Supernus Pharmaceuticals, Inc. captures income from out-licensed assets through royalty, licensing, and other revenues. For the nine months ended September 30, 2025, this category brought in $18.691 million, with the third quarter alone contributing $3.4 million.

Finance: draft 13-week cash view by Friday.