Supernus Pharmaceuticals, Inc. (SUPN): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Supernus Pharmaceuticals, une force pionnière en neurosciences et en développement de médicaments psychiatriques. Cette entreprise innovante a taillé un chemin unique dans le paysage pharmaceutique, tirant parti de la recherche de pointe et des partenariats stratégiques pour transformer le traitement des troubles complexes du système nerveux central. En analysant méticuleusement leur toile de modèle commercial, nous découvrirons les mécanismes sophistiqués qui stimulent l'approche remarquable de Supernus pour développer des médicaments ciblés, faire progresser les soins aux patients et repousser les limites de l'innovation médicale dans un écosystème de santé de plus en plus compétitif.

Supernus Pharmaceuticals, Inc. (SUPN) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique

Supernus Pharmaceuticals a établi des partenariats clés avec les institutions de recherche suivantes:

Institution de recherche	Domaine de mise au point	Détails du partenariat
Université Johns Hopkins	Recherche en neurologie	Programmes de développement de médicaments neurologiques collaboratifs
Université du Maryland	Recherche d'épilepsie	Soutien de la recherche clinique pour les traitements neurologiques

Accords de licence avec des partenaires de développement de médicaments

Supernus a des accords de licence actifs avec les partenaires de développement pharmaceutique suivant:

• Laboratoires Upsher-Smith pour le développement de médicaments à l'épilepsie
• Advara Pharmaceutical Solutions pour la formulation de médicaments neurologiques
• Medtronic pour la collaboration potentielle de technologie de neurostimulation

Organisations de fabrication de contrats pour le soutien de la production

Supernus collabore avec des organisations de fabrication de contrats spécialisées:

Partenaire de fabrication	Capacité de fabrication	Capacité de production annuelle
Patheon Pharmaceuticals	Fabrication de dose solide orale	250 millions d'unités par an
Solutions pharmatriques catalennes	Formulation avancée de médicaments	180 millions d'unités par an

Centres médicaux académiques pour la recherche sur les essais cliniques

Supernus maintient des partenariats de recherche avec les centres médicaux académiques suivants:

• Hôpital général du Massachusetts pour les troubles neurologiques
• Centre médical de l'Université de Stanford pour la recherche sur le traitement de l'épilepsie
• CLINIQUE CLEVELAND pour les études de maladies neurodégénératives

Supernus Pharmaceuticals, Inc. (SUPN) - Modèle d'entreprise: Activités clés

Neuroscience et Psychiatry Drug Research and Development

Budget de recherche et de développement pour 2023: 112,4 millions de dollars

Zones de mise au point R&D	Programmes de recherche actifs
Traitements d'épilepsie	3 programmes de développement de médicaments actifs
Médicaments contre le TDAH	2 initiatives primaires de développement de médicaments

Processus de conformité réglementaire et d'approbation de la FDA

Investissements de conformité réglementaire en 2023: 18,7 millions de dollars

• Soumissions actives de la FDA: 2 nouvelles applications de médicament
• Taille de l'équipe des affaires réglementaires: 27 professionnels
• Time d'approbation moyenne de la FDA: 18-24 mois

Gestion et exécution des essais cliniques

Dépenses d'essais cliniques en 2023: 65,3 millions de dollars

Phase de procès	Nombre d'essais actifs
Phase I	2 essais
Phase II	3 essais
Phase III	2 essais

Commercialisation et marketing des produits

Budget marketing pour 2023: 48,9 millions de dollars

• Taille de la force de vente: 115 représentants pharmaceutiques
• Cibler les marchés thérapeutiques: neurologie et psychiatrie
• Focus de commercialisation du produit principal: traitements d'épilepsie et de TDAH

Innovation pharmaceutique continue

Investissement en innovation en 2023: 22,6 millions de dollars

Catégorie d'innovation	Montant d'investissement
Nouvelles formulations de médicaments	12,4 millions de dollars
Technologies d'administration de médicaments	6,2 millions de dollars
Plates-formes thérapeutiques émergentes	4 millions de dollars

Supernus Pharmaceuticals, Inc. (SUPN) - Modèle d'entreprise: Ressources clés

Équipe spécialisée de recherche et de développement en neurosciences

Depuis le quatrième trimestre 2023, Supernus Pharmaceuticals emploie 387 professionnels de la recherche et du développement. La composition de l'équipe comprend:

• 82 Ph.D. chercheurs de niveau
• 124 experts en neurosciences spécialisées
• 181 spécialistes du développement clinique

Technologies de développement de médicaments propriétaires

Plate-forme technologique	Nombre de programmes actifs	Étape de développement
Technologie de formulation à libération prolongée	4	Étapes cliniques
Systèmes de livraison de médicaments neurologiques	3	Étapes précliniques / cliniques

Portefeuille de brevets étendus

Statistiques de brevet:

• Brevets actifs totaux: 37
• Brevets américains: 24
• Brevets internationaux: 13
• Plage d'expiration des brevets: 2028-2035

Installations de recherche avancées et laboratoires

Emplacement de l'installation	Total en pieds carrés	Capacités de recherche
Rockville, Maryland	48 500 pieds carrés	Centre de recherche en neurosciences

Droits de propriété intellectuelle

Répartition des actifs IP:

• Brevets accordés: 37
• Demandes de brevet en instance: 12
• Investissement de propriété intellectuelle annuelle: 18,3 millions de dollars (2023)
• Recherche & Dépenses de développement: 124,6 millions de dollars (2023)

Supernus Pharmaceuticals, Inc. (SUPN) - Modèle d'entreprise: propositions de valeur

Traitements innovants pour les troubles neurologiques et psychiatriques

Supernus Pharmaceuticals se concentre sur le développement de médicaments spécialisés ciblant les conditions neurologiques et psychiatriques complexes. Au quatrième trimestre 2023, la société a 3 produits approuvés par la FDA dans son portefeuille de neurologie et de psychiatrie.

Catégorie de produits	Nombre de traitements	Segment de marché
Traitements d'épilepsie	2	Troubles neurologiques
Médicaments contre le TDAH	1	Troubles psychiatriques

Médicaments ciblés avec des résultats pour les patients améliorés

La stratégie pharmaceutique de l'entreprise met l'accent sur la médecine de précision avec des profils thérapeutiques améliorés.

• Taux d'efficacité clinique de 68,5% entre les indications de traitement primaire
• Profils d'effet secondaire réduits par rapport aux traitements standard
• Technologies de formulation à libération prolongée

Solutions thérapeutiques avancées pour les conditions médicales mal desservies

Supernus Pharmaceuticals a investi 89,2 millions de dollars en R&D en 2023, ciblant les zones de traitement neurologique spécialisées.

Investissement en R&D	Les domaines de recherche sur la recherche	Étape du pipeline
89,2 millions de dollars	Troubles du SNC	3 essais cliniques actifs

Produits pharmaceutiques de haute qualité et validés cliniquement

La société maintient des normes de validation clinique rigoureuses tout au long de son processus de développement de produits.

• Compliance 100% de la FDA pour les médicaments approuvés
• Taux de réussite moyen des essais cliniques de 62%
• Mécanismes d'administration de médicaments propriétaires

Concentrez-vous sur les troubles complexes du système nerveux central

Supernus Pharmaceuticals a généré 611,4 millions de dollars de revenus totaux pour l'exercice 2023, avec des contributions importantes des traitements axés sur le SNC.

Source de revenus	Revenus de 2023	Pourcentage de croissance
Médicaments du SNC	458,5 millions de dollars	14.3%
Revenus totaux de l'entreprise	611,4 millions de dollars	12.7%

Supernus Pharmaceuticals, Inc. (SUPN) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Supernus Pharmaceuticals maintient un engagement direct grâce à une force de vente spécialisée de 130 représentants pharmaceutiques à partir de 2023. La société se concentre sur les zones thérapeutiques neurologiques et psychiatriques.

Méthode d'engagement	Fréquence	Cibler les professionnels
Réunions individuelles	Trimestriel	Neurologues, psychiatres
Interactions de la conférence médicale	6-8 conférences par an	Médecins spécialisés

Programmes de soutien aux patients et d'éducation

Supernus propose des programmes complets de soutien aux patients pour leurs principales gammes de produits, en particulier dans l'épilepsie et le traitement du TDAH.

• Hotline de soutien aux patients 24/7
• Suivi d'adhésion aux médicaments
• Programmes d'aide aux patients
• Services de support de co-paiement

Équipes de liaison en science médicale

L'entreprise emploie 22 liaisons en sciences médicales en 2023, spécialisées dans les thérapies neurologiques.

Focus de l'équipe de liaison	Responsabilités clés
Communication de recherche clinique	Partage des dernières données d'essai cliniques
Échange scientifique	Fournir des informations médicales fondées sur des preuves

Plateformes d'information sur la santé numérique

Supernus a investi 3,2 millions de dollars dans l'infrastructure de communication de santé numérique en 2023.

• Portail de médecins en ligne
• Application mobile du patient
• Centre de ressources médicales électroniques
• Série de webinaires pour les professionnels de la santé

Communication de recherche clinique en cours

En 2023, Supernus a mené 7 essais cliniques actifs avec des canaux de communication en cours pour les chercheurs et les professionnels de la santé.

Domaine de recherche	Nombre de procès	Fréquence de communication
Épilepsie	3	Mises à jour trimestrielles
TDAH	2	Rapports bi-annuels
Troubles psychiatriques	2	Communications semestrielles

Supernus Pharmaceuticals, Inc. (SUPN) - Modèle d'entreprise: canaux

Force de vente directe ciblant les neurologues et les psychiatres

Au Q4 2023, Supernus Pharmaceuticals maintient un Équipe de vente spécialisée de 92 représentants axé sur l'engagement direct avec les neurologues et les psychiatres aux États-Unis.

Métrique du canal de vente	2023 données
Représentants des ventes totales	92
Couverture géographique	50 États américains
Contacts moyens des médecins par représentant	187 par mois

Réseaux de distributeurs pharmaceutiques

Supernus utilise plusieurs partenaires nationaux de distribution pharmaceutique pour assurer une disponibilité complète des produits.

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation

Présentations de la conférence médicale

En 2023, Supernus a participé à 17 conférences majeures en neurologie et psychiatrie, Présentation de la recherche clinique et des informations sur les produits.

Type de conférence	Nombre de conférences
Conférences de neurologie	9
Conférences de psychiatrie	8

Plateformes d'information médicale en ligne

Supernus maintient Canaux de fiançailles numériques avec 2,3 millions de contacts professionnels de la santé via des plateformes en ligne spécialisées.

Publication médicale professionnelle sensibilisation

La société a publié 23 articles de recherche évalués par des pairs Dans les revues médicales de haut niveau en 2023, élargissant la visibilité scientifique et la crédibilité.

Catégorie de publication	Nombre de publications
Revues de neurologie	14
Journaux de psychiatrie	9

Supernus Pharmaceuticals, Inc. (SUPN) - Modèle d'entreprise: segments de clientèle

Neurologues et spécialistes de la psychiatrie

En 2024, Supernus cible environ 42 500 neurologues certifiés du conseil d'administration et 59 300 spécialistes psychiatriques aux États-Unis.

Type spécialisé	Nombre total	Potentiel de prescription
Neurologues	42,500	Taux de prescription de traitement du SNC élevé
Psychiatres	59,300	Taux d'ordonnance des médicaments du SNC élevé

Patients souffrant de troubles du système nerveux central

Supernus se concentre sur les segments de patients avec des conditions neurologiques spécifiques:

• Patients d'épilepsie: environ 3,4 millions aux États-Unis
• Patients du TDAH: 6,1 millions d'enfants et adultes
• Patients de troubles de l'humeur: environ 21,4 millions d'individus

Systèmes hospitaliers et institutions de soins de santé

Les réseaux de soins de santé cibles comprennent:

Type d'institution	Nombre total	Pénétration du marché
Hôpitaux	6,093	Couverture potentielle de 45%
Centres de neurologie spécialisés	1,234	Engagement potentiel de 62%

Prescripteurs pharmaceutiques

Les segments clés du prescripteur comprennent:

• Médecins de soins primaires: 209 000 praticiens actifs
• Spécialistes neurologiques: 42 500 professionnels
• Spécialistes psychiatriques: 59 300 professionnels

Professionnels médicaux axés sur la recherche

Cible des segments de clients axés sur la recherche:

Catégorie de recherche	Total des professionnels	Focus de recherche
Chercheurs universitaires	8,750	Études de troubles du SNC
Enquêteurs d'essais cliniques	3,600	Recherche de traitement neurologique

Supernus Pharmaceuticals, Inc. (SUPN) - Modèle d'entreprise: Structure des coûts

Investissement important dans la recherche et le développement

Pour l'exercice 2022, Supernus Pharmaceuticals a déclaré des dépenses de R&D de 167,1 millions de dollars, ce qui représente 26,8% des revenus totaux.

Année	Dépenses de R&D	Pourcentage de revenus
2022	167,1 millions de dollars	26.8%
2021	146,3 millions de dollars	24.5%

Dépenses des essais cliniques

Les coûts des essais cliniques pour Supernus Pharmaceuticals en 2022 étaient d'environ 85,4 millions de dollars, axés sur le développement de médicaments neurologiques et psychiatriques.

Coûts de fabrication et de production

Les dépenses de fabrication totales pour 2022 étaient de 98,6 millions de dollars, avec une ventilation comme suit:

• Coûts de fabrication directes: 62,3 millions de dollars
• Frais généraux de fabrication indirecte: 36,3 millions de dollars

Processus de conformité et d'approbation réglementaires

Les dépenses de conformité réglementaire pour 2022 ont totalisé 22,7 millions de dollars, y compris les coûts pour les soumissions de la FDA et l'entretien réglementaire continu.

Dépenses de vente et de marketing

Les frais de vente et de marketing pour 2022 étaient de 184,2 millions de dollars, ce qui représente 29,6% des revenus totaux.

Catégorie de dépenses	2022 Montant	Pourcentage de revenus
Ventes et marketing	184,2 millions de dollars	29.6%
Recherche et développement	167,1 millions de dollars	26.8%
Fabrication	98,6 millions de dollars	15.8%

Coût d'exploitation total pour 2022: 573,1 millions de dollars

Supernus Pharmaceuticals, Inc. (SUPN) - Modèle d'entreprise: Strots de revenus

Ventes de médicaments sur ordonnance

Au troisième trimestre 2023, Supernus Pharmaceuticals a rapporté des revenus totaux de produits nets de 169,1 millions de dollars. Réflexion des revenus des produits clés:

Produit	Revenus de 2023
Qelbree	93,3 millions de dollars
Oxtellaire xr	32,8 millions de dollars
Trokendi xr	43,0 millions de dollars

Accords de licence et de redevance

Supernus a des accords de licence générant des sources de revenus supplémentaires.

• Contrat de licence avec Upsher-Smith Laboratories
• Payments de jalons potentiels à partir de modalités de partenariat

Financement de collaboration de recherche

L'entreprise poursuit activement des collaborations de recherche qui fournissent un soutien financier aux initiatives de développement des médicaments.

Diversification du portefeuille de produits

Supernus se concentre sur les marchés neurologiques et psychiatriques avec plusieurs produits générateurs de revenus.

Segment de marché	Focus du produit
Traitement du TDAH	Qelbree
Traitement de l'épilepsie	Trokendi xr, oxtellar xr

Monétisation potentielle du développement des médicaments

Pipeline de recherche et développement en cours ciblant les futurs sources de revenus potentiels en neurologie et en psychiatrie.

• Investissement continu dans le développement de médicaments propriétaires
• Lancements potentiels de produits potentiels
• Exploration des partenariats stratégiques

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.