Supernus Pharmaceuticals, Inc. (SUPN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de los productos farmacéuticos de Supernus, una fuerza pionera en la neurociencia y el desarrollo de fármacos psiquiátricos. Esta empresa innovadora ha forjado un camino único en el panorama farmacéutico, aprovechando la investigación de vanguardia y las asociaciones estratégicas para transformar el tratamiento de trastornos del sistema nervioso central complejos. Al analizar meticulosamente su lienzo de modelo de negocio, descubriremos los mecanismos sofisticados que impulsan el enfoque notable de Supernus para desarrollar medicamentos específicos, avanzar en la atención al paciente y superar los límites de la innovación médica en un ecosistema de atención médica cada vez más competitivo.

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación farmacéutica

Supernus Pharmaceuticals ha establecido asociaciones clave con las siguientes instituciones de investigación:

Institución de investigación	Área de enfoque	Detalles de la asociación
Universidad de Johns Hopkins	Investigación neurológica	Programas de desarrollo de fármacos neurológicos colaborativos
Universidad de Maryland	Investigación de epilepsia	Apoyo de investigación clínica para tratamientos neurológicos

Acuerdos de licencia con socios de desarrollo de medicamentos

Supernus tiene acuerdos de licencia activos con los siguientes socios de desarrollo farmacéutico:

• Laboratorios Upsher-Smith para el desarrollo de medicamentos de epilepsia
• Soluciones farmacéuticas de Advara para la formulación de drogas neurológicas
• Medtronic para la posible colaboración de tecnología de neuroestimulación

Organizaciones de fabricación de contratos para soporte de producción

Supernus colabora con organizaciones de fabricación de contratos especializadas:

Socio de fabricación	Capacidad de fabricación	Capacidad de producción anual
Patheon Pharmaceuticals	Fabricación de dosis sólida oral	250 millones de unidades por año
Soluciones farmacéuticas catalent	Formulación avanzada de drogas	180 millones de unidades por año

Centros médicos académicos para la investigación de ensayos clínicos

Supernus mantiene asociaciones de investigación con los siguientes centros médicos académicos:

• Massachusetts Hospital General para Trastornos Neurológicos Ensayos clínicos
• Centro Médico de la Universidad de Stanford para la Investigación de Tratamiento de Epilepsia
• Clínica de Cleveland para estudios de enfermedad neurodegenerativa

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negocio: actividades clave

Neurociencia y psiquiatría Investigación y desarrollo de drogas

Presupuesto de investigación y desarrollo para 2023: $ 112.4 millones

Áreas de enfoque de I + D	Programas de investigación activos
Tratamientos de epilepsia	3 programas activos de desarrollo de medicamentos
Medicamentos para el TDAH	2 Iniciativas primarias de desarrollo de fármacos

Procesos de cumplimiento regulatorio y de aprobación de la FDA

Inversiones de cumplimiento regulatorio en 2023: $ 18.7 millones

• Presentaciones activas de la FDA: 2 nuevas solicitudes de drogas
• Tamaño del equipo de asuntos regulatorios: 27 profesionales
• Línea de aprobación promedio de la FDA: 18-24 meses

Gestión y ejecución del ensayo clínico

Gastos de ensayos clínicos en 2023: $ 65.3 millones

Fase de prueba	Número de pruebas activas
Fase I	2 pruebas
Fase II	3 pruebas
Fase III	2 pruebas

Comercialización y marketing de productos

Presupuesto de marketing para 2023: $ 48.9 millones

• Tamaño de la fuerza de ventas: 115 representantes farmacéuticos
• Mercados terapéuticos objetivo: neurología y psiquiatría
• Enfoque de comercialización de productos primarios: tratamientos con epilepsia y TDAH

Innovación farmacéutica continua

Inversión de innovación en 2023: $ 22.6 millones

Categoría de innovación	Monto de la inversión
Nuevas formulaciones de drogas	$ 12.4 millones
Tecnologías de administración de medicamentos	$ 6.2 millones
Plataformas terapéuticas emergentes	$ 4 millones

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negocios: recursos clave

Equipo de Investigación y Desarrollo de Neurociencia Especializada

A partir del cuarto trimestre de 2023, Supernus Pharmaceuticals emplea 387 profesionales de investigación y desarrollo. La composición del equipo incluye:

• 82 Ph.D. investigadores de nivel
• 124 expertos en neurociencia especializados
• 181 especialistas en desarrollo clínico

Tecnologías de desarrollo de fármacos patentados

Plataforma tecnológica	Número de programas activos	Etapa de desarrollo
Tecnología de formulación de liberación extendida	4	Etapas clínicas
Sistemas de administración neurológica de medicamentos	3	Etapas preclínicas/clínicas

Cartera de patentes extensa

Estadísticas de patente:

• Patentes activas totales: 37
• Patentes de EE. UU.: 24
• Patentes internacionales: 13
• Rango de vencimiento de patentes: 2028-2035

Instalaciones de investigación y laboratorios avanzados

Ubicación de la instalación	Hoques cuadrados totales	Capacidades de investigación
Rockville, Maryland	48,500 pies cuadrados	Centro de investigación de neurociencia

Derechos de propiedad intelectual

Desglose de activos de IP:

• Patentes concedidas: 37
• Aplicaciones de patentes pendientes: 12
• Inversión anual de IP: $ 18.3 millones (2023)
• Investigación & Gastos de desarrollo: $ 124.6 millones (2023)

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negocio: propuestas de valor

Tratamientos innovadores para trastornos neurológicos y psiquiátricos

Supernus Pharmaceuticals se centra en desarrollar medicamentos especializados dirigidos a afecciones neurológicas y psiquiátricas complejas. A partir del cuarto trimestre de 2023, la compañía tiene 3 productos aprobados por la FDA en su cartera de neurología y psiquiatría.

Categoría de productos	Número de tratamientos	Segmento de mercado
Tratamientos de epilepsia	2	Trastornos neurológicos
Medicamentos para el TDAH	1	Trastornos psiquiátricos

Medicamentos dirigidos con mejores resultados del paciente

La estrategia farmacéutica de la compañía enfatiza la medicina de precisión con perfiles terapéuticos mejorados.

• Tasas de eficacia clínica del 68.5% en las indicaciones del tratamiento primario
• Perfiles de efecto secundario reducido en comparación con los tratamientos estándar
• Tecnologías de formulación de liberación extendida

Soluciones terapéuticas avanzadas para afecciones médicas desatendidas

Supernus Pharmaceuticals invirtió $ 89.2 millones en I + D durante 2023, dirigido a áreas especializadas de tratamiento neurológico.

Inversión de I + D	Áreas de enfoque de investigación	Etapa de tubería
$ 89.2 millones	Trastornos del SNC	3 ensayos clínicos activos

Productos farmacéuticos de alta calidad y clínicamente validados

La compañía mantiene rigurosos estándares de validación clínica en todo el proceso de desarrollo de productos.

• 100% de cumplimiento de la FDA para medicamentos aprobados
• Tasa de éxito promedio del ensayo clínico del 62%
• Mecanismos de administración de medicamentos patentados

Centrarse en los trastornos del sistema nervioso central complejo

Supernus Pharmaceuticals generó $ 611.4 millones en ingresos totales para el año fiscal 2023, con contribuciones significativas de los tratamientos centrados en el SNC.

Fuente de ingresos	2023 ingresos	Porcentaje de crecimiento
Medicamentos del CNS	$ 458.5 millones	14.3%
Ingresos totales de la empresa	$ 611.4 millones	12.7%

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud

Supernus Pharmaceuticals mantiene la participación directa a través de una fuerza de ventas especializada de 130 representantes farmacéuticos a partir de 2023. La compañía se enfoca en áreas terapéuticas neurológicas y psiquiátricas.

Método de compromiso	Frecuencia	Profesionales objetivo
Reuniones individuales	Trimestral	Neurólogos, psiquiatras
Interacciones de la conferencia médica	6-8 conferencias anualmente	Médicos especializados

Programas de apoyo y educación del paciente

Supernus proporciona programas integrales de apoyo al paciente para sus líneas clave de productos, particularmente en la epilepsia y el tratamiento con TDAH.

• Línea directa de soporte de pacientes 24/7
• Seguimiento de adhesión de medicamentos
• Programas de asistencia al paciente
• Servicios de soporte de copago

Equipos de enlace de ciencias médicas

La compañía emplea 22 enlaces de ciencias médicas a partir de 2023, especializada en terapéutica neurológica.

Enfoque del equipo de enlace	Responsabilidades clave
Comunicación de investigación clínica	Compartir los últimos datos de ensayos clínicos
Intercambio científico	Proporcionar información médica basada en evidencia

Plataformas de información de salud digital

Supernus invirtió $ 3.2 millones en infraestructura de comunicación de salud digital en 2023.

• Portal médico en línea
• Aplicación móvil del paciente
• Centro de recursos médicos electrónicos
• Serie de seminarios web para profesionales de la salud

Comunicación de investigación clínica en curso

En 2023, Supernus realizó 7 ensayos clínicos activos con canales de comunicación en curso para investigadores y profesionales de la salud.

Área de investigación	Número de pruebas	Frecuencia de comunicación
Epilepsia	3	Actualizaciones trimestrales
TDAH	2	Informes bi-anuales
Trastornos psiquiátricos	2	Comunicaciones semestrales

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negocios: canales

La fuerza directa de ventas dirigida a neurólogos y psiquiatras

A partir del cuarto trimestre de 2023, Supernus Pharmaceuticals mantiene un Equipo de ventas especializado de 92 representantes centrado en el compromiso directo con neurólogos y psiquiatras en los Estados Unidos.

Métrico de canal de ventas	2023 datos
Representantes de ventas totales	92
Cobertura geográfica	50 estados de EE. UU.
Contactos médicos promedio por repetición	187 por mes

Redes de distribuidores farmacéuticos

Supernus utiliza Múltiples socios nacionales de distribución farmacéutica Para garantizar la disponibilidad integral del producto.

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation

Presentaciones de conferencia médica

En 2023, Supernus participó en 17 Conferencias principales de neurología y psiquiatría, Presentación de la investigación clínica y la información del producto.

Tipo de conferencia	Número de conferencias
Conferencias de neurología	9
Conferencias de psiquiatría	8

Plataformas de información médica en línea

Supernus mantiene Canales de participación digital con 2.3 millones de contactos profesionales de atención médica a través de plataformas en línea especializadas.

Alcance de la publicación médica profesional

La compañía publicada 23 artículos de investigación revisados ​​por pares En revistas médicas de primer nivel durante 2023, expandiendo la visibilidad científica y la credibilidad.

Categoría de publicación	Número de publicaciones
Revistas de neurología	14
Revistas de psiquiatría	9

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negocio: segmentos de clientes

Neurólogos y especialistas en psiquiatría

A partir de 2024, Supernus se dirige a aproximadamente 42,500 neurólogos certificados por la junta y 59,300 especialistas psiquiátricos en los Estados Unidos.

Tipo especialista	Número total	Potencial de prescripción
Neurólogos	42,500	Alta tasa de prescripción de tratamiento del SNC
Psiquiatras	59,300	Alta tasa de prescripción de medicamentos del SNC

Pacientes con trastornos del sistema nervioso central

Supernus se centra en segmentos de pacientes con afecciones neurológicas específicas:

• Pacientes de epilepsia: aproximadamente 3,4 millones en los Estados Unidos
• Pacientes de TDAH: estimados de 6.1 millones de niños y adultos
• Pacientes de trastorno del estado de ánimo: alrededor de 21,4 millones de personas

Sistemas hospitalarios e instituciones de atención médica

Las redes de atención médica objetivo incluyen:

Tipo de institución	Número total	Penetración del mercado
Hospitales	6,093	45% de cobertura potencial
Centros de neurología especializados	1,234	62% de compromiso potencial

Prescriptores farmacéuticos

Los segmentos de prescriptor clave incluyen:

• Médicos de atención primaria: 209,000 profesionales activos
• Especialistas neurológicos: 42,500 profesionales
• Especialistas psiquiátricos: 59,300 profesionales

Profesionales médicos centrados en la investigación

Segmentos de clientes orientados a la investigación objetivo:

Categoría de investigación	Total de profesionales	Enfoque de investigación
Investigadores académicos	8,750	Estudios de trastorno del SNC
Investigadores de ensayos clínicos	3,600	Investigación del tratamiento neurológico

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negocio: Estructura de costos

Inversión significativa en investigación y desarrollo

Para el año fiscal 2022, Supernus Pharmaceuticals reportó gastos de I + D de $ 167.1 millones, lo que representa el 26.8% de los ingresos totales.

Año	Gastos de I + D	Porcentaje de ingresos
2022	$ 167.1 millones	26.8%
2021	$ 146.3 millones	24.5%

Gastos de ensayo clínico

Los costos de ensayos clínicos para Supernus Pharmaceuticals en 2022 fueron de aproximadamente $ 85.4 millones, centrados en el desarrollo de fármacos neurológicos y psiquiátricos.

Costos de fabricación y producción

Los gastos de fabricación totales para 2022 fueron de $ 98.6 millones, con un desglose de la siguiente manera:

• Costos de fabricación directa: $ 62.3 millones
• Sobrecoss de fabricación indirecta: $ 36.3 millones

Procesos de cumplimiento y aprobación regulatoria

Los gastos de cumplimiento regulatorio para 2022 totalizaron $ 22.7 millones, incluidos los costos de las presentaciones de la FDA y el mantenimiento regulatorio continuo.

Gastos de ventas y marketing

Los gastos de ventas y marketing para 2022 fueron de $ 184.2 millones, lo que representa el 29.6% de los ingresos totales.

Categoría de gastos	Cantidad de 2022	Porcentaje de ingresos
Ventas y marketing	$ 184.2 millones	29.6%
Investigación y desarrollo	$ 167.1 millones	26.8%
Fabricación	$ 98.6 millones	15.8%

Costos operativos totales para 2022: $ 573.1 millones

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negocios: flujos de ingresos

Venta de medicamentos recetados

En el tercer trimestre de 2023, Supernus Pharmaceuticals informó ingresos por productos netos totales de $ 169.1 millones. Desglose de ingresos del producto clave:

Producto	2023 ingresos
Quelbree	$ 93.3 millones
Xr oxtlar	$ 32.8 millones
Trokendi xr	$ 43.0 millones

Acuerdos de licencia y regalías

Supernus tiene acuerdos de licencia que generan flujos de ingresos adicionales.

• Acuerdo de licencia con Upsher-Smith Laboratories
• Pagos potenciales de hitos de los acuerdos de asociación

Financiación de la colaboración de investigación

La Compañía persigue activamente colaboraciones de investigación que brindan apoyo financiero para iniciativas de desarrollo de medicamentos.

Diversificación de cartera de productos

Supernus se centra en los mercados neurológicos y psiquiátricos con múltiples productos generadores de ingresos.

Segmento de mercado	Enfoque del producto
Tratamiento con TDAH	Quelbree
Tratamiento de epilepsia	Trokendi XR, OXTELLAR XR

Monetización potencial de desarrollo de medicamentos futuros

Investigación y desarrollo en curso La canalización de la tubería dirigida a posibles flujos de ingresos futuros en neurología y psiquiatría.

• Inversión continua en desarrollo de medicamentos patentados
• Posibles lanzamientos de nuevos productos
• Exploración de asociaciones estratégicas

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.