Supernus Pharmaceuticals ended 2025 with $719 million in total revenues, a record and a 9% increase over the prior year.
But the headline figure understates the compositional shift underway at the Rockville, Maryland-based CNS specialist. The year marked the first full period in which Supernus carried four commercial growth products simultaneously, and their collective performance drove the more telling comparison: combined revenues from Qelbree, GOCOVRI, ZURZUVAE, and ONAPGO reached $521.8 million, up 40% from 2024.
Armistice Capital, a healthcare-focused fund, holds a position in Supernus Pharmaceuticals alongside other institutional investors that have tracked the company’s expansion from an epilepsy-focused specialty pharma into a diversified CNS platform.
A Portfolio Built on Four Growth Products
Qelbree, the company’s non-stimulant ADHD treatment, generated $304.7 million in full-year net product sales, a 26% increase over 2024 driven primarily by prescription volume growth.
GOCOVRI, which treats dyskinesia in Parkinson’s disease patients on levodopa therapy, contributed $146.8 million for the year, up 12%.
Both products showed prescription-count growth that outpaced net sales growth, a pattern consistent with gross-to-net dynamics in specialty pharma, where contracting, rebates, and patient assistance programs can compress realized prices even as underlying demand expands.
ZURZUVAE joined the portfolio on July 31, 2025, when Supernus completed its acquisition of Sage Therapeutics. The product, developed for postpartum depression, is commercialized in the U.S. by Biogen under a collaboration arrangement in which Supernus Pharmaceuticals receives 50% of net revenues. U.S. sales of ZURZUVAE grew approximately 187% in Q4 2025 compared to the same quarter in 2024, and the total prescription count rose more than 150% for the full year.
For Supernus, the transaction added an immediately accretive revenue stream and access to the Sage CNS discovery platform.
ONAPGO and the Parkinson’s Motor Fluctuation Market
ONAPGO entered the market in April 2025, nine weeks after the FDA approved the device on February 4, 2025. It was the first and only subcutaneous apomorphine infusion device cleared for the treatment of motor fluctuations in adults with advanced Parkinson’s disease. Its first-year commercial trajectory reflects the realities of a specialty launch in a condition that requires extensive physician education and patient onboarding infrastructure.
The therapeutic gap the device addresses is well-documented. As Parkinson’s disease progresses and oral levodopa therapy loses consistency, in part because of variable gastrointestinal absorption and the resulting pulsatile stimulation of dopamine pathways, patients alternate between periods of controlled mobility and OFF episodes, intervals in which medication is no longer providing adequate benefit and motor symptoms return.
Nearly one million people in the United States and more than ten million worldwide live with Parkinson’s disease, and patients at advanced stages have few non-surgical options for sustained motor control.
ONAPGO delivers continuous subcutaneous infusion of apomorphine, a dopamine agonist. The subcutaneous route bypasses the gastrointestinal tract and delivers direct stimulation of postsynaptic dopamine receptors. Continuous subcutaneous apomorphine infusion carries a 30-year clinical history in Europe; ONAPGO brings that delivery modality to the U.S. market for the first time.
The Phase 3 TOLEDO trial, a 12-week, double-blind, placebo-controlled study enrolling 107 patients, established the product’s efficacy profile. Patients on active treatment experienced a 2.6-hour daily reduction in OFF time versus 0.9 hours for placebo; GOOD ON time increased by 2.8 hours versus 1.1 hours. Patient global impression of change favored ONAPGO 79% to 24%.
In its first nine months of commercial availability, ONAPGO generated $17.3 million in net product sales, with $8.9 million recorded in Q4 2025 alone, up from $6.8 million in Q3.
More than 1,800 enrollment forms had been submitted by over 540 prescribers by year-end.
Institutional Context and the 2026 Outlook
The combination of ONAPGO’s early commercial traction, ZURZUVAE’s prescription momentum, and continued volume growth in Qelbree drew institutional attention through 2025 and into 2026. Armistice Capital holds a position in Supernus as part of its CNS portfolio. Other institutional holders include Loomis Sayles & Co., BlackRock, and The Vanguard Group. Supernus Pharmaceuticals occupies a standard position in the mid-cap healthcare universe tracked by both active managers and index-linked strategies.
Full-year 2026 guidance calls for total revenues of $840 million to $870 million, approximately 17% to 21% growth over 2025. ONAPGO net sales are projected at $45 million to $70 million for the year, more than doubling the 2025 total on the expectation that prescriber expansion and the supply resolution will accelerate patient enrollment.
Legacy products Trokendi XR and Oxtellar XR, both facing generic competition, are forecast to contribute a combined $40 million to $50 million.
The pipeline adds further optionality. SPN-817, a first-in-class AChE inhibitor targeting treatment-resistant focal seizures, is in Phase 2b enrollment with a target of approximately 258 patients. SPN-820, directed at major depressive disorder through a novel mTORC1 mechanism, entered Phase 2b in 2025.
Neither program is built into near-term revenue forecasts, but both address CNS conditions where Supernus has clinical history and existing commercial infrastructure.
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