Supernus Pharmaceuticals closed out 2025 with total revenue of $719 million, a 9% increase over 2024 and the highest annual total in the Rockville, Maryland, company’s history. The headline number understates how much the underlying business changed during the year. Four newer products, Qelbree, GOCOVRI, ZURZUVAE, and ONAPGO, combined for $521.8 million in sales, up 40% from 2024, while the company’s two older anticonvulsants absorbed a third straight year of generic erosion.
Institutional investors have watched that transition closely. Armistice Capital LLC trimmed its Supernus position by 2.5% during the fourth quarter, ending the period with 2,764,000 shares valued at roughly $137.4 million, or about 1.6% of the hedge fund’s reported portfolio. Other holders moved the opposite direction over the same stretch. Millennium Management LLC increased its stake by more than 370%, adding roughly 112,900 shares, and AQR Capital Management LLC grew its position by 35.2%, while Royal Bank of Canada added to a smaller holding as well (same source). The divergence points to a stock in which the investment case has shifted from a two-drug franchise facing patent expiration to a four-product growth story, yet different funds price it in differently.
Qelbree and GOCOVRI Carry the Base
Qelbree, a non-stimulant treatment for attention-deficit hyperactivity disorder, remains the largest single contributor to Supernus revenue. Net sales reached $304.7 million for the year, up 26%, with fourth-quarter prescriptions rising 18% to 253,742. Net sales growth of 9% in the fourth quarter trailed that prescription growth, a gap the company attributed in part to an annual gross-to-net deduction. Volume outrunning realised revenue is a common pattern in speciality pharmaceuticals once rebates and patient assistance programs scale alongside a drug’s reach; it doesn’t necessarily signal softer demand.
GOCOVRI, used to treat dyskinesia in Parkinson’s disease patients on levodopa therapy, posted $146.8 million in net sales for the year, a 12% increase, with full-year prescription volume up 14%.
A Collaboration Product and a New Device
ZURZUVAE entered the portfolio on July 31, 2025, when Supernus completed its acquisition of Sage Therapeutics. The drug, approved for postpartum depression, is sold in the United States by Biogen under an arrangement that pays Supernus 50% of the net revenue Biogen books on it. Fourth-quarter collaboration revenue reached $32.8 million, and Biogen’s underlying U.S. sales of the drug rose approximately 187% year over year in the quarter, with total prescriptions up more than 150% for the full year.
ONAPGO, the fourth growth product, launched in April 2025 following FDA approval that February as the first subcutaneous apomorphine infusion device cleared for motor fluctuations in adults with advanced Parkinson’s disease. The condition it targets affects a share of the nearly one million Americans, and more than 10 million people worldwide, living with Parkinson’s. As oral levodopa loses consistency later in the disease, patients cycle into OFF periods when motor symptoms return despite treatment. In a 107-patient Phase 3 trial known as TOLEDO, those on ONAPGO experienced a 2.6-hour daily reduction in OFF time versus 0.9 hours for placebo, and a 2.8-hour increase in good ON time versus 1.1 hours for placebo, with 79% reporting improvement in their overall condition compared with 24% on placebo.
“Continuous subcutaneous apomorphine infusion already has a proven and established 30-year history in Europe, where it has helped deliver more consistent control of motor fluctuations for thousands of patients,” said Rajesh Pahwa, a professor of neurology at the University of Kansas School of Medicine and a clinical trial investigator for ONAPGO, at the time of the drug’s approval.
ONAPGO generated $17.3 million in its first nine months on the market, including $8.9 million in the fourth quarter. More than 1,800 enrollment forms had been submitted by upward of 540 prescribers by year-end, an early indicator that the commercial ramp has not yet reached full pace.
Guidance and the Products Still in Development
Supernus has guided for 2026 total revenue of $840 million to $870 million, a range that implies growth of roughly 17% to 21% over 2025. Within that range, the company projects ONAPGO net sales of $45 million to $70 million, which would more than double last year’s total, while Trokendi XR and Oxtellar XR, the two products facing generic competition, are guided toward a combined $40 million to $50 million, down from $83.1 million in 2025.
“We made significant progress in 2025 against our strategic objectives, with record total revenues, including strong growth in combined revenues of our growth products, the successful acquisition of Sage Therapeutics, Inc., and the U.S. Food and Drug Administration’s approval and launch of ONAPGO for Parkinson’s disease,” said Jack Khattar, president and chief executive of Supernus. “In 2026, we are focused on continued progress of our key growth products, including resumption of new patient initiation for ONAPGO, while advancing our pipeline of promising therapeutic candidates.”
Two clinical programs sit behind the commercial portfolio. SPN-817, an acetylcholinesterase inhibitor for treatment-resistant focal seizures, is enrolling roughly 258 patients in a Phase 2b study. SPN-820, aimed at major depressive disorder through an mTORC1 mechanism, entered its own Phase 2b trial of about 200 patients in 2025. Neither program is reflected in the 2026 guidance range.
Supernus counts Armistice Capital, Millennium Management, AQR Capital Management, and other institutional holders among its shareholders, a group that includes funds adding to their positions in the most recent quarter and at least one, Armistice, trimming. The mix reflects a broader pattern across speciality pharmaceutical names working through patent cliffs: some funds price in the legacy decline, others price in the growth products replacing it, and the resulting positioning can diverge even when every investor is reading the same earnings release.