Supernus Pharmaceuticals (SUPN) used its appearance at the 12th Annual Cantor Fitzgerald Global Healthcare Conference to reaffirm its revenue ambitions and walk through the progress of key commercial and pipeline programs.
The company raised its 2024 revenue guidance to $860 million–$890 million and adjusted EBITDA outlook to $150 million–$180 million in August. Chief executive Jack Khattar pointed to a long-term revenue target of $1 billion by 2027, up from roughly $500 million in 2021.
Qelbree, the company’s ADHD non-stimulant, marked its fifth anniversary. Second-quarter prescription data showed adult use climbing 25% and pediatric prescriptions rising 14%. Khattar noted that approximately 40% of adult Qelbree prescriptions are combined with stimulant therapy. Phase IV data also revealed that Qelbree cut depression and anxiety symptoms by about half in ADHD patients who had those comorbid conditions—a notable finding given that the historical ADHD market remains roughly 90% stimulant and 10% non-stimulant.
ONAPGO, approved for postpartum depression and launched in April 2025, has been clearing a backlog of over 700 patients that accumulated after patient initiation was paused in October and November 2025 over supply constraints. Supply has been secured through 2027, and a second European partner is expected to come online by mid-2027, following a regulatory filing submitted in the quarter of the presentation. The company now guides ONAPGO revenue for 2024 at $55 million–$70 million, up from the $45 million–$70 million range initially set when reinitiating patients. Khattar estimated peak sales potential at $200 million–$300 million.
The merger with Indivior, proposed last year, is still expected to close in the fourth quarter of 2024. Khattar called the transaction “extremely exciting” without elaborating further.
On the pipeline front, Supernus highlighted SPN-820, an oral mTORC1 modulator designed for treatment-resistant depression with a rapid onset measured in hours, no hallucinogenic effects and no need for clinical supervision. A placebo-controlled phase II-B trial evaluating an intermittent dosing regimen—2,400 mg every three days—began in 2024, building on earlier phase I-B and phase II-B studies that tested a single 2,400 mg dose and 1,600 mg daily, respectively. Khattar said if the hypothesis proves correct, the drug “could be a truly a game changer in the depression market.” SPN-817, another candidate, is being developed as a seizure treatment with potential procognitive effects.
Shares of Supernus traded near their 52-week low around $42 on the day of the conference.
