Supernus Pharmaceuticals, Inc. (SUPN): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo intrincado dos farmacêuticos de Supernus, uma força pioneira em neurociência e desenvolvimento de medicamentos psiquiátricos. Esta empresa inovadora criou um caminho único no cenário farmacêutico, alavancando pesquisas de ponta e parcerias estratégicas para transformar o tratamento de distúrbios complexos do sistema nervoso central. Ao analisar meticulosamente sua tela de modelo de negócios, descobriremos os mecanismos sofisticados que impulsionam a notável abordagem do Supernus para o desenvolvimento de medicamentos direcionados, promovendo o atendimento ao paciente e ultrapassar os limites da inovação médica em um ecossistema de assistência médica cada vez mais competitivo.

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa farmacêutica

A Supernus Pharmaceuticals estabeleceu as principais parcerias com as seguintes instituições de pesquisa:

Instituição de pesquisa	Área de foco	Detalhes da parceria
Universidade Johns Hopkins	Pesquisa em neurologia	Programas colaborativos de desenvolvimento de medicamentos neurológicos
Universidade de Maryland	Pesquisa de epilepsia	Apoio à pesquisa clínica para tratamentos neurológicos

Acordos de licenciamento com parceiros de desenvolvimento de medicamentos

Supernus possui acordos de licenciamento ativos com os seguintes parceiros de desenvolvimento farmacêutico:

• Laboratórios Upsher-Smith para Desenvolvimento de Medicamentos para Epilepsia
• Soluções farmacêuticas Adavara para formulação neurológica de drogas
• Medtronic para potencial colaboração em tecnologia de neuroestimulação

Organizações de manufatura contratadas para suporte à produção

Supernus colabora com organizações de fabricação de contratos especializados:

Parceiro de fabricação	Capacidade de fabricação	Capacidade de produção anual
Pathon Pharmaceuticals	Fabricação de dose sólida oral	250 milhões de unidades por ano
Soluções farmacêuticas catalentas	Formulação avançada de medicamentos	180 milhões de unidades por ano

Centros Médicos Acadêmicos de Pesquisa de Trial Clínica

Supernus mantém parcerias de pesquisa com os seguintes centros médicos acadêmicos:

• Hospital Geral de Massachusetts para Ensaios Clínicos de Transtorno Neurológico
• Centro Médico da Universidade de Stanford para pesquisa de tratamento de epilepsia
• Clínica de Cleveland para estudos de doenças neurodegenerativas

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de drogas em neurociência e psiquiatria

Orçamento de pesquisa e desenvolvimento para 2023: US $ 112,4 milhões

Áreas de foco em P&D	Programas de pesquisa ativa
Tratamentos de epilepsia	3 programas ativos de desenvolvimento de medicamentos
Medicamentos de TDAH	2 iniciativas primárias de desenvolvimento de medicamentos

Processos de conformidade regulatória e aprovação da FDA

Investimentos de conformidade regulatória em 2023: US $ 18,7 milhões

• Envios ativos da FDA: 2 novos pedidos de drogas
• Time da equipe de assuntos regulatórios: 27 profissionais
• Cronograma médio de aprovação da FDA: 18-24 meses

Gerenciamento e execução de ensaios clínicos

Despesas de ensaios clínicos em 2023: US $ 65,3 milhões

Fase de teste	Número de ensaios ativos
Fase I.	2 ensaios
Fase II	3 ensaios
Fase III	2 ensaios

Comercialização e marketing de produtos

Orçamento de marketing para 2023: US $ 48,9 milhões

• Tamanho da força de vendas: 115 representantes farmacêuticos
• Mercados terapêuticos -alvo: neurologia e psiquiatria
• Foco de comercialização de produtos primários: Epilepsia e tratamentos de TDAH

Inovação farmacêutica contínua

Investimento de inovação em 2023: US $ 22,6 milhões

Categoria de inovação	Valor do investimento
Novas formulações de drogas	US $ 12,4 milhões
Tecnologias de administração de medicamentos	US $ 6,2 milhões
Plataformas terapêuticas emergentes	US $ 4 milhões

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negócios: Recursos -chave

Equipe especializada de pesquisa e desenvolvimento de neurociência

A partir do quarto trimestre 2023, a Supernus Pharmaceuticals emprega 387 profissionais de pesquisa e desenvolvimento. A composição da equipe inclui:

• 82 Ph.D. pesquisadores de nível
• 124 especialistas em neurociência especializados
• 181 especialistas em desenvolvimento clínico

Tecnologias proprietárias de desenvolvimento de medicamentos

Plataforma de tecnologia	Número de programas ativos	Estágio de desenvolvimento
Tecnologia de formulação de liberação estendida	4	Estágios clínicos
Sistemas de administração de medicamentos neurológicos	3	Estágios pré-clínicos/clínicos

Extenso portfólio de patentes

Estatísticas de patentes:

• Total de patentes ativas: 37
• Patentes dos EUA: 24
• Patentes internacionais: 13
• Faixa de expiração de patentes: 2028-2035

Instalações de pesquisa e laboratórios avançados

Localização da instalação	Mágua quadrada total	Capacidades de pesquisa
Rockville, Maryland	48.500 pés quadrados	Centro de Pesquisa em Neurociência

Direitos de Propriedade Intelectual

A quebra de ativos IP:

• Patentes concedidas: 37
• Aplicações de patentes pendentes: 12
• Investimento anual de IP: US $ 18,3 milhões (2023)
• Pesquisar & Despesas de desenvolvimento: US $ 124,6 milhões (2023)

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negócios: proposições de valor

Tratamentos inovadores para distúrbios neurológicos e psiquiátricos

A Supernus Pharmaceuticals se concentra no desenvolvimento de medicamentos especializados direcionados a condições neurológicas e psiquiátricas complexas. A partir do quarto trimestre de 2023, a empresa possui 3 produtos aprovados pela FDA em seu portfólio de neurologia e psiquiatria.

Categoria de produto	Número de tratamentos	Segmento de mercado
Tratamentos de epilepsia	2	Distúrbios neurológicos
Medicamentos de TDAH	1	Distúrbios psiquiátricos

Medicamentos direcionados com resultados aprimorados do paciente

A estratégia farmacêutica da empresa enfatiza medicina de precisão com perfis terapêuticos aprimorados.

• Taxas de eficácia clínica de 68,5% nas indicações de tratamento primário
• Perfis reduzidos de efeito colateral em comparação com tratamentos padrão
• Tecnologias de formulação de liberação estendida

Soluções terapêuticas avançadas para condições médicas carentes

A Supernus Pharmaceuticals investiu US $ 89,2 milhões em P&D durante 2023, visando áreas de tratamento neurológico especializado.

Investimento em P&D	Áreas de foco de pesquisa	Estágio do pipeline
US $ 89,2 milhões	Distúrbios do SNC	3 ensaios clínicos ativos

Produtos farmacêuticos validados clinicamente de alta qualidade

A empresa mantém padrões rigorosos de validação clínica em seu processo de desenvolvimento de produtos.

• 100% de conformidade da FDA para medicamentos aprovados
• Taxa média de sucesso do ensaio clínico de 62%
• Mecanismos de administração de medicamentos proprietários

Concentre -se em distúrbios complexos do sistema nervoso central

A Supernus Pharmaceuticals gerou US $ 611,4 milhões em receita total para o ano fiscal de 2023, com contribuições significativas de tratamentos focados no SNC.

Fonte de receita	2023 Receita	Porcentagem de crescimento
Medicamentos do CNS	US $ 458,5 milhões	14.3%
Receita total da empresa	US $ 611,4 milhões	12.7%

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde

A Supernus Pharmaceuticals mantém o engajamento direto por meio de uma força de vendas especializada de 130 representantes farmacêuticos a partir de 2023. A empresa se concentra em áreas terapêuticas neurológicas e psiquiátricas.

Método de engajamento	Freqüência	Profissionais -alvo
Reuniões individuais	Trimestral	Neurologistas, psiquiatras
Interações da conferência médica	6-8 Conferências anualmente	Médicos especializados

Programas de apoio ao paciente e educação

A Supernus fornece programas abrangentes de apoio ao paciente para suas principais linhas de produtos, principalmente no tratamento de epilepsia e TDAH.

• 24/7 de apoio ao paciente linha direta
• Rastreamento de adesão à medicação
• Programas de assistência ao paciente
• Serviços de suporte co-pagamento

Equipes de ligação de ciências médicas

A empresa emprega 22 ligações de ciências médicas a partir de 2023, especializadas em terapêutica neurológica.

Foco na equipe de ligação	Responsabilidades importantes
Comunicação de pesquisa clínica	Compartilhando os últimos dados de ensaios clínicos
Troca científica	Fornecendo informações médicas baseadas em evidências

Plataformas de informações de saúde digital

A Supernus investiu US $ 3,2 milhões em infraestrutura de comunicação em saúde digital em 2023.

• Portal de Médicos Online
• Aplicação móvel do paciente
• Centro de Recursos Médicos Eletrônicos
• Série de webinar para profissionais de saúde

Comunicação de pesquisa clínica em andamento

Em 2023, Supernus conduziu 7 ensaios clínicos ativos com canais de comunicação em andamento para pesquisadores e profissionais de saúde.

Área de pesquisa	Número de ensaios	Frequência de comunicação
Epilepsia	3	Atualizações trimestrais
TDAH	2	Relatórios Bi-Anuais
Distúrbios psiquiátricos	2	Comunicações semestrais

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negócios: canais

Força de vendas direta direcionando neurologistas e psiquiatras

A partir do quarto trimestre 2023, a Supernus Pharmaceuticals mantém um Equipe de vendas especializada de 92 representantes focado no envolvimento direto com neurologistas e psiquiatras nos Estados Unidos.

Métrica do canal de vendas	2023 dados
Total de representantes de vendas	92
Cobertura geográfica	50 estados dos EUA
Contatos médicos médicos por representante	187 por mês

Redes de distribuidores farmacêuticos

Supernus utiliza Vários parceiros nacionais de distribuição farmacêutica para garantir a disponibilidade abrangente do produto.

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation

Apresentações da conferência médica

Em 2023, Supernus participou de 17 Conferências principais de neurologia e psiquiatria, apresentando pesquisas clínicas e informações sobre produtos.

Tipo de conferência	Número de conferências
Conferências de neurologia	9
Conferências de Psiquiatria	8

Plataformas de informações médicas online

Supernus mantém Canais de engajamento digital com 2,3 milhões de contatos profissionais de saúde através de plataformas online especializadas.

Publicação médica profissional divulgação

A empresa publicada 23 artigos de pesquisa revisados ​​por pares Em revistas médicas de primeira linha durante 2023, expandindo a visibilidade e credibilidade científica.

Categoria de publicação	Número de publicações
Revistas de neurologia	14
Revistas de psiquiatria	9

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

Neurologistas e especialistas em psiquiatria

A partir de 2024, Supernus tem como alvo aproximadamente 42.500 neurologistas certificados pela placa e 59.300 especialistas psiquiátricos nos Estados Unidos.

Tipo especializado	Número total	Potencial de prescrição
Neurologistas	42,500	Alta taxa de prescrição de tratamento do CNS
Psiquiatras	59,300	Alta taxa de prescrição de medicamentos do CNS

Pacientes com distúrbios do sistema nervoso central

Supernus se concentra nos segmentos de pacientes com condições neurológicas específicas:

• Pacientes de epilepsia: aproximadamente 3,4 milhões nos Estados Unidos
• Pacientes com TDAH: estimado 6,1 milhões de crianças e adultos
• Pacientes com transtorno de humor: cerca de 21,4 milhões de indivíduos

Sistemas hospitalares e instituições de saúde

As redes de assistência médica -alvo incluem:

Tipo de instituição	Número total	Penetração de mercado
Hospitais	6,093	45% de cobertura potencial
Centros de neurologia especializados	1,234	62% de envolvimento potencial

Prescritores farmacêuticos

Os principais segmentos de prescritores incluem:

• Médicos de cuidados primários: 209.000 profissionais ativos
• Especialistas neurológicos: 42.500 profissionais
• Especialistas psiquiátricos: 59.300 profissionais

Profissionais médicos focados em pesquisa

Segmentos de clientes orientados a pesquisas para pesquisa:

Categoria de pesquisa	Total de profissionais	Foco na pesquisa
Pesquisadores acadêmicos	8,750	Estudos de Transtorno do CNS
Investigadores de ensaios clínicos	3,600	Pesquisa em tratamento neurológico

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negócios: estrutura de custos

Investimento significativo em pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Supernus Pharmaceuticals registrou despesas de P&D de US $ 167,1 milhões, representando 26,8% da receita total.

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 167,1 milhões	26.8%
2021	US $ 146,3 milhões	24.5%

Despesas de ensaios clínicos

Os custos de ensaios clínicos para a Supernus Pharmaceuticals em 2022 foram de aproximadamente US $ 85,4 milhões, focados no desenvolvimento de medicamentos neurológicos e psiquiátricos.

Custos de fabricação e produção

As despesas totais de fabricação em 2022 foram de US $ 98,6 milhões, com um colapso da seguinte maneira:

• Custos de fabricação direta: US $ 62,3 milhões
• Indicação indireta de fabricação: US $ 36,3 milhões

Processos de conformidade e aprovação regulatórios

As despesas de conformidade regulatória de 2022 totalizaram US $ 22,7 milhões, incluindo custos para submissões da FDA e manutenção regulatória em andamento.

Despesas de vendas e marketing

As despesas de vendas e marketing de 2022 foram de US $ 184,2 milhões, representando 29,6% da receita total.

Categoria de despesa	2022 quantidade	Porcentagem de receita
Vendas e marketing	US $ 184,2 milhões	29.6%
Pesquisa e desenvolvimento	US $ 167,1 milhões	26.8%
Fabricação	US $ 98,6 milhões	15.8%

Custos operacionais totais para 2022: US $ 573,1 milhões

Supernus Pharmaceuticals, Inc. (SUPN) - Modelo de negócios: fluxos de receita

Vendas de medicamentos prescritos

No terceiro trimestre de 2023, a Supernus Pharmaceuticals registrou receitas totais de produtos líquidos de US $ 169,1 milhões. Principal Receita de Receita do Produto:

Produto	2023 Receita
Qelbree	US $ 93,3 milhões
OXTELLAR XR	US $ 32,8 milhões
Trokendi XR	US $ 43,0 milhões

Acordos de licenciamento e royalties

A Supernus possui acordos de licenciamento gerando fluxos de receita adicionais.

• Contrato de licenciamento com os Laboratórios Upsher-Smith
• Potenciais pagamentos marcantes de acordos de parceria

Financiamento de colaboração de pesquisa

A empresa busca ativamente colaborações de pesquisa que fornecem apoio de financiamento a iniciativas de desenvolvimento de medicamentos.

Diversificação do portfólio de produtos

A Supernus se concentra nos mercados neurológicos e psiquiátricos com vários produtos geradores de receita.

Segmento de mercado	Foco do produto
Tratamento com TDAH	Qelbree
Tratamento de epilepsia	Trokendi XR, Oxtellar XR

Potencial monetização futura de desenvolvimento de medicamentos

Pipeline de pesquisa e desenvolvimento em andamento direcionando possíveis fluxos futuros de receita em neurologia e psiquiatria.

• Investimento contínuo em desenvolvimento de medicamentos proprietários
• Potenciais lançamentos de novos produtos
• Exploração de parcerias 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.