Supernus Pharmaceuticals, Inc. (SUPN): Business Model Canvas [Dec-2025 Updated]

You're digging into Supernus Pharmaceuticals, Inc.'s (SUPN) playbook, and honestly, the story is all about the strategic pivot following the Sage acquisition, aiming to diversify the CNS portfolio fast. As a former head analyst, I see a clear, high-stakes bet here: they are spending big-expecting combined R&D and SG&A to land between $505 million and $530 million for 2025-to power their revenue guidance of $685 million to $705 million, heavily reliant on ZURZUVAE and Qelbree. It's a classic pharma growth play hinging on flawless commercial execution of these new assets; you need to see exactly how their nine building blocks support this defintely aggressive transition below.

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

You're looking at the structure of Supernus Pharmaceuticals, Inc.'s key external relationships as of late 2025, which are critical for getting their CNS products to market and advancing their pipeline.

Biogen Inc. for co-commercialization of ZURZUVAE in the U.S.

The partnership with Biogen Inc. for ZURZUVAE is a significant revenue driver following the July 31, 2025 acquisition of Sage Therapeutics. Supernus Pharmaceuticals, Inc. receives 50% of the net revenues for ZURZUVAE recorded by Biogen Inc. in the U.S.. For the third quarter of 2025, this collaboration generated $20.2 million in revenue for Supernus Pharmaceuticals, Inc., covering approximately two months of sales post-acquisition.

The commercial performance under this partnership shows rapid uptake. Full third quarter 2025 U.S. sales of ZURZUVAE, as reported by Biogen Inc., increased approximately 150% compared to the same period in 2024 and approximately 19% compared to the second quarter of 2025. Before the acquisition, ZURZUVAE generated collaboration revenue of $36.1 million for the full year 2024. The deal structure also includes contingent value rights (CVRs) tied to future sales milestones, such as US sales hitting $250 million by 2027, $300 million by 2028, and $375 million by 2030. Supernus Pharmaceuticals, Inc. also anticipates potential synergies up to $200 million on an annualized basis by mid-2026 related to the Sage acquisition.

Contract Manufacturing Organizations (CMOs) for drug production and supply

Supernus Pharmaceuticals, Inc. relies entirely on external partners for manufacturing its products, as the company does not currently own or operate manufacturing facilities. This structure introduces specific risks, including the possibility of agreement breach by CMOs due to insolvency or other factors beyond Supernus Pharmaceuticals, Inc.'s control.

Clinical Research Organizations (CROs) for managing global clinical trials

The advancement of the pipeline involves contracting with external experts. Supernus Pharmaceuticals, Inc. may contract with clinical research organizations (CROs) and investigational sites globally for ongoing clinical trials. The company is actively developing product candidates, with topline data from a Phase IIb trial expected in the first half of 2025, and an initiated Phase II open-label study in subjects with major depressive disorder (MDD).

Specialty pharmacies and distributors for controlled substance fulfillment

Distribution relies heavily on established networks. The loss of any wholesale pharmaceutical distributors or wholesale and specialty pharmacy accounts could materially affect Supernus Pharmaceuticals, Inc.'s business. The U.S. distribution network is highly consolidated, with a small number of large wholesale distributors controlling a significant portion of access to pharmaceutical products. The broader specialty drug distribution market is projected to reach $275.36 billion in 2025, with major players accounting for an estimated 70% of the market, representing approximately $250 billion in annual revenue within the specialty drug sector.

Academic and research institutions for pipeline development

Pipeline advancement is supported through external scientific engagement. Supernus Pharmaceuticals, Inc.'s strategy includes advancing product candidates toward commercialization and leveraging its product research and development activities. The company's diverse neuroscience portfolio includes approved treatments and novel product candidates for various CNS disorders.

The reliance on external manufacturing and distribution partners can be summarized:

Partner Type	Key Operational Status/Metric	Associated Risk Factor
CMOs	Supernus Pharmaceuticals, Inc. does not own facilities.	Insolvency or inability of third party to conduct business.
CROs	May contract with sites globally for clinical trials.	Termination or non-renewal of agreement at an inconvenient time.
Distributors	Distribution network is marked by significant consolidation.	Material reduction in purchases from a few large wholesale customers.

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

You're looking at the core engine of Supernus Pharmaceuticals, Inc. as of late 2025, especially after the big July acquisition. This is where the action is, translating science into revenue.

Research and development (R&D) of novel CNS product candidates.

Supernus Pharmaceuticals, Inc. is actively managing its pipeline, with planned studies for programs like SPN-443, SPN-820, and SPN-817 scheduled for late 2025 and into 2026.

Commercialization and marketing of four key growth products (Qelbree, GOCOVRI, ONAPGO, ZURZUVAE).

The commercial execution is clearly driving top-line growth, with the four key products delivering significant combined revenue in the third quarter of 2025.

Key Growth Product	Q3 2025 Net Product Sales / Collaboration Revenue	Year-over-Year Net Sales Growth (Q3 2025 vs Q3 2024)	Key Metric Detail
Qelbree	$81.4 million	31%	Total IQVIA prescriptions: 238,770
GOCOVRI	$40.8 million	15%	Driven by growth in prescriptions and number of prescribers
ONAPGO	$6.8 million (Net Product Sales)	N/A (First full quarter post-launch April 2025)	Over 1,300 enrollment forms submitted by over 450 prescribers
ZURZUVAE (Collaboration Revenue)	$20.2 million (Represents approx. 2 months)	N/A (Collaboration revenue)	Biogen's U.S. sales increased approx. 150% vs. Q3 2024

The combined revenues for these four growth products reached $149.2 million in the third quarter of 2025, marking a 52% increase compared to the same period in 2024. Overall total revenues for Q3 2025 were $192.1 million.

Integration of Sage Therapeutics' assets and operations following the July 2025 acquisition.

The acquisition of Sage Therapeutics, Inc. closed on July 31, 2025, for total consideration up to approximately $795 million ($8.50 cash per share plus up to $3.50 per share CVR).

The integration activity is reflected in the financials:

• Expected annual cost synergies are up to $200 million.
• Third quarter 2025 Selling, General and Administrative expenses included approximately $70.0 million of acquisition-related costs from the Sage acquisition.
• The transaction is expected to be accretive in 2026.

Managing intellectual property (IP) and patent defense for commercialized drugs.

The business activity includes managing the impact of generic competition on older products.

• Royalty, licensing, and other revenues include royalties on generic Trokendi XR and Oxtellar XR.
• Generic erosion of Oxtellar XR began in September 2024.
• Supernus Pharmaceuticals, Inc. operates its business without infringing upon the intellectual property rights of others.

Regulatory affairs and compliance with the U.S. Food and Drug Administration (FDA).

A key recent regulatory success is the commercial product ZURZUVAE, which is the first and only FDA-approved oral medicine indicated for the treatment of postpartum depression in adults. The company maintains expectations regarding federal, state and foreign regulatory requirements for its portfolio.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Supernus Pharmaceuticals, Inc. (SUPN) relies on to drive its business in late 2025. These aren't just line items; they are the engine for their CNS focus.

The financial foundation remains solid, though it saw a planned reduction following a major transaction. Cash, cash equivalents, and marketable securities stood at approximately $281.2 million as of September 30, 2025. This figure reflects the funding used for the acquisition of Sage Therapeutics, Inc. on July 31, 2025, partially offset by cash generated from operations.

The intellectual property (IP) and proprietary technology are central to Supernus Pharmaceuticals, Inc.'s value proposition, especially in creating differentiated products.

• Proprietary drug development technologies for extended-release formulations, which have been used to create ten marketed products.
• Specific patent protection for Oxtellar XR® extends no earlier than 2027 via three issued U.S. patents, and Trokendi XR™ has protection via two issued U.S. patents.
• The company is actively defending its IP, as seen in litigation concerning Oxtellar XR patents set to expire on April 13, 2027.

The specialized CNS product portfolio is diverse, covering several neurological and psychiatric conditions. As of late 2025, Supernus Pharmaceuticals, Inc. has 9 products in the market.

Product/Category	Key Metric	Value/Detail
ZURZUVAE (PPD)	Collaboration Revenue (Q3 2025)	$20.2 million
ONAPGO (Parkinson's)	Net Product Sales (First Full Quarter, Q3 2025)	$6.8 million
Qelbree (ADHD)	Total IQVIA Prescriptions (Q1 2025)	214,908
Growth Products Revenue (Q3 2025)	Combined Net Sales (Qelbree, GOCOVRI, ZURZUVAE, ONAPGO)	Increased 52% to $149.2 million

To support these assets, Supernus Pharmaceuticals, Inc. maintains a dedicated U.S. sales force structure. They effectively target the relevant healthcare providers using specialized teams. Here's the quick math on the structure as recently reported:

• One sales force focuses on movement disorder specialists and other specialized health care providers in the Parkinson's area.
• The second sales force focuses on serving psychiatrists, supporting products like Qelbree.
• Total employee headcount grew from 652 in 2023 to 674 in 2024, reflecting organizational scaling to support growth.

The newest key resource is ZURZUVAE, the first and only oral medicine for Postpartum Depression (PPD), which was added via the Sage Therapeutics acquisition. This product immediately contributed collaboration revenues of $20.2 million in the third quarter of 2025. Finance: draft 13-week cash view by Friday.

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.