Supernus Pharmaceuticals generated $719 million in total revenues in 2025, a record for the Rockville, Maryland-based CNS company and a 9 percent increase over the prior year. The result was the first full period in which Supernus carried four commercial growth products simultaneously, and combined revenues from Qelbree, GOCOVRI, ZURZUVAE, and ONAPGO reached $521.8 million, up 40 percent from 2024.
Institutional holders of the company include Loomis Sayles and Co., BlackRock, The Vanguard Group, and Armistice Capital.
Four Products, Different Growth Rates
Qelbree, a non-stimulant ADHD treatment, posted full-year net product sales of $304.7 million, a 26 percent increase from 2024 driven by prescription volume growth. GOCOVRI, which addresses dyskinesia in Parkinson’s disease patients on levodopa therapy, added $146.8 million, up 12 percent. Both products showed prescription count growth that outpaced net sales growth, a pattern shaped by contracting, rebates, and patient assistance programs that reduce net realized prices relative to list prices.
ZURZUVAE, a treatment for postpartum depression, entered the Supernus portfolio when the company completed its acquisition of Sage Therapeutics on July 31, 2025. Biogen commercializes the drug in the United States under a collaboration arrangement in which Supernus receives 50 percent of net revenues. U.S. ZURZUVAE sales grew approximately 187 percent in the fourth quarter of 2025 compared with the same quarter in 2024, and total prescription count rose more than 150 percent for the full year.
ONAPGO and a Gap in Parkinson’s Care
ONAPGO became the fourth commercial Supernus product when it entered the market in April 2025, nine weeks after the FDA approved it on February 4 of that year. The device delivers continuous subcutaneous infusion of apomorphine, a dopamine agonist, bypassing the gastrointestinal tract to provide direct stimulation of postsynaptic dopamine receptors. Continuous subcutaneous apomorphine infusion carries a 30-year clinical history in Europe; ONAPGO brought that delivery approach to the United States for the first time.
Motor fluctuations in advanced Parkinson’s disease, the condition ONAPGO treats, affect a large patient base with limited existing options. Nearly one million people in the United States live with Parkinson’s disease, and more than 10 million worldwide. Patients with advanced disease experience unpredictable and often debilitating shifts between periods of good motor control and periods of stiffness or involuntary movement that oral medications cannot consistently manage.
The Phase 3 TOLEDO trial enrolled 107 patients in a 12-week double-blind, placebo-controlled study. Active treatment produced a 2.6-hour daily reduction in OFF time versus 0.9 hours for placebo. Good ON time increased by 2.8 hours for the treatment group versus 1.1 hours for placebo. Patient global impression of change favored ONAPGO 79 percent to 24 percent.
ONAPGO’s first nine months on the commercial market generated $17.3 million in net product sales, with $8.9 million in the fourth quarter alone, up from $6.8 million in the third quarter. More than 1,800 enrollment forms had been submitted by over 540 prescribers by year-end.
2026 Outlook
Supernus guided full-year 2026 total revenues to $840 million to $870 million, approximately 17 percent to 21 percent growth from 2025. ONAPGO net sales alone are projected between $45 million and $70 million for 2026, more than doubling the 2025 total. Legacy products Trokendi XR and Oxtellar XR, both facing generic competition, carry a combined revenue forecast of $40 million to $50 million.
Two pipeline candidates extend the company’s CNS reach beyond the commercial portfolio. SPN-817, described as a first-in-class acetylcholinesterase inhibitor targeting treatment-resistant focal seizures, is in Phase 2b enrollment targeting approximately 258 patients. SPN-820, directed at major depressive disorder through a novel mTORC1 mechanism, entered Phase 2b in 2025.