Q2 2025 Supernus Pharmaceuticals Inc Earnings Call

Peter Vozzo: Good day, and thank you for standing by. Welcome to the SUPERNUS PHARMACEUTICALS second quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. Instructions will follow at that time. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Peter Vozzo of ICR Healthcare, Investor Relations Representative for SUPERNUS Pharmaceuticals. You may begin.

Timothy Dec: Thank you, Gerald. Good afternoon, everyone, and thank you for joining us today for SUPERNUS Pharmaceuticals' second quarter 2025 financial results conference call. Today, after the closed market, the company issued a press release announcing these results. On the call with me today are SUPERNUS' Chief Executive Officer, Jack Khattar, and Chief Financial Officer, Timothy Dec. This call is being made available via the Investor Relations section of the company's website at ir.supernus.com. During the course of this call, management may make certain forward-looking statements regarding future events and the company's future performance. These forward-looking statements reflect SUPERNUS' current perspective on existing trends and information. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties including those noted in the risk factor section of the company's latest SEP filings. Actual results may differ materially from those suggested in these forward-looking statements.

Good day, and thank you for standing by. Welcome to the spis. Pharmaceutical second quarter, 2025 Financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. Instructions will follow at that time, please be advised. That today's conference is being recorded. I would now like to turn the conference over to your first Speaker today. Peter vazo of icr healthcare investor relations representative for sopranos Pharmaceuticals. You may begin.

Thank you, Gerald. Good afternoon, everyone. And thank you for joining us today. For supervised Pharmaceuticals with second quarter, 2025 Financial results conference call today after the close of markets. The company issued, a press release, announcing these results. On the call with me today are supposed to keep executive officer, Jack guitar, and Chief Financial Officer Tim death.

This call is being made available via the Investor Relations section of the company's website at irs.com.

During the course of this call management may make certain forward-looking statements regarding future events and the company's future performance. These forward-looking statements for Collective purposes. Current perspective on existing Trends to information

And he said, forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the risk factor section of the company's latest SEC filings.

Timothy Dec: For the benefit of those of you who may be listening to the replay, this call is being held and recorded on August 5th, 2025. But since then, the company may have made additional announcements relating to the topics discussed. These reference the company's most recent press releases and current filings with the SEC. SUPERNUS declines any obligation to update these forward-looking statements except as required by applicable securities laws. Announcing the call will be Jack.

Actual result, May differ materially from those subjective in these forward-looking states for the benefits of those of you may be listening to the replay, this call is being held and recorded on August 5th 2022. But since then, the company may have made additional announcements related to the topics discussed

Jack Khattar: Thank you, Peter. SUPERNUS continues to execute well against its growth plan and had a strong and very active second quarter. In April, we launched Namepril, the first and only subcutaneous apomorphine infusion device for the treatment of motor fluctuations in adults with advanced Parkinson's disease. In June, we announced the acquisition of Sage Therapeutics, which closed on July 31. In addition, we generated strong operating results driven by the robust performance of Qelbree and Gokaviri. The second quarter of 2025 represents a turning point for SUPERNUS and the beginning of a new phase of accelerated growth. We consider the transition from NDXR and OxalXR to be substantially complete, as each product represented only 7% of total net sales in the second quarter, while our growth drivers, Qelbree, Gokaviri, and Namepril combined represented 73% of our total net sales.

Use the reference, the company's most recent press releases and current filings with the SEC. Supersedes declines in the obligation to update these tours, link and statements except as required by applicable securities laws. I'll ask for the call of your check.

Thank you. Vo. Uh, support us continues to execute well against this growth plan, and have a strong and very active second quarter,

In April, we launched a Maco, the first and only shop you then is April 1st and infusion device for the treatment of motor fluctuations and adults with Advanced Parkinson's disease in June, we announced the acquisition of sage Therapeutics, which glows on July 31st.

In addition, we generated strong operating results driven by the robust performance of Kelby and vocabulary.

The second quarter of 2025 represents a turning point for supers and the beginning of a new phase of accelerated growth.

Jack Khattar: Moving forward with the addition of Zerxuve, our fourth growth driver, we expect NDXR's and OxalXR's share of our portfolio to be reduced even further. Starting with our first growth driver, Qelbree, the brand entered its fifth year on the market and had another robust performance with 23% growth in prescriptions as reported by IQdia and 31% growth in net sales. Qelbree had another quarter expanding its base of prescribers with approximately 36,000 prescribers in the second quarter of 2025, up by 23% compared to the same period last year. After posting 25% growth in IQdia prescription in '24 versus '23, Qelbree continued to show steady, strong growth during the first half of 2025, with prescriptions increasing 23% compared to the same period in 2024. Qelbree's 23% growth outpaced both the ADHD market, which grew by 9%, and the non-stimulant segment, which grew by 11%.

We consider the transition from Truck NDSR and Australia to be substantially complete, as each product represented only 7% of total net sales in the second quarter. Meanwhile, our growth drivers, Calgary Vocabulary and OnePlus, combined represented 73% of our total net sales.

Moving forward with the additional observ, our fourth growth driver, we expect to can the exhaust and accelerate exhaust share of our portfolio to be with use even further.

And 31% growth in net sales, Kelly had another quarter expanding its base of prescribers with approximately 36,000 prescribers in the second quarter of 2025 up by 23% compared to the same period last year.

After posting 25% growth in Ikea prescriptions in 2024 versus 2023, Calgary continued to show steady, strong growth during the first half of 2025, with prescriptions increasing by 23% compared to the same period in 2024.

Jack Khattar: In addition to growth in the pediatric business, Qelbree experienced high growth in the adult business, increasing 29% in the second quarter compared to last year. By the end of June 2025, the adult business had reached 35% of total Qelbree prescriptions compared to approximately 32% for the year 2024. Switching to our second growth driver, Gokaviri continued its strong performance on the back of the momentum it had in the first quarter. Prescriptions for the second quarter of 2025 increased by 14%, and net sales increased by 16% compared to the same quarter last year. The number of prescribers reached a new high in the quarter to approximately 1,900 prescribers. In the first half of this year, Gokaviri benefited from the Medicare redesign, and by June 2025, 97% of Gokaviri Medicare prescriptions had a copay that was less than $25 compared to only 77% in 2024.

Calgary's 23% growth outpaced both the ADHD Market which grew by 9% and the non-stimulant segment which grew by 11%

In addition to growth in the Pediatric business, tell the experience high growth in the adult business, increasing 29% in the second quarter compared to last year.

By the end of June 2025, the adult business had reached 35% of total calorie prescriptions compared to approximately 32% for the year 2024.

Switching to our second growth driver recovery, continues. Its own performance on the back of the momentum, it had in the first quarter.

Prescriptions for the second quarter of 2025 increased by 14%, and net sales increased by 16% compared to the same quarter last year.

The number of prescribers reached a new high in the quarter to approximately 1900 prescribers in the first half of this year. Go recovery benefited from the Medicare redesign

Jack Khattar: The average Gokaviri Medicare copay declined by 42% and 80% year over year for the first quarter and second quarter of 2025, respectively. Unlike previous years, patient retention rates held up this year despite the deductible resets. With a more robust patient base this year, we are uniquely positioned to continue growing the brand with new patients rather than having to recapture previous patients that may have discontinued due to the high beginning of the year deductibles. Moving to our third growth driver, Namepril, the launch is off to a terrific start, exceeding our expectations. We launched Namepril in April, utilizing our existing Parkinson's disease sales force and support network. Through the end of June, we have more than 750 patient enrollment forms submitted by more than 300 prescribers.

And by June 2025, 97% of recovery Medicare prescriptions had a co-pay that was less than $25, compared to only 77% in 2024.

The average recovery Medicare co-pay declined by 42% and 80% year-over-year for first quarter and second quarter of 2025 respectively.

Unlike previous year's patient retention rates held up this year despite the deductible resets.

With a more robust patient base. This year, we are uniquely positioned to continue growing. The brand with new patients, rather than having to recapture previous patients, that may have the skin continued due to the high beginning of the year. The doctor was

Moving to our third growth driver on Apple. The launch is after a terrific start exceeding, our expectations

We launched an echo in April, utilizing our existing Parkinson's, disease sales, force, and support network.

Jack Khattar: Finally, regarding Zerxuve, our fourth growth driver, we are excited to have completed the acquisition of Sage Therapeutics, which represents a major step for SUPERNUS in accelerating its mid to long-term revenue growth and cash flow. Zerxuve is a unique and well-differentiated product that is early in its launch and that provides further diversification for our revenue base. The product has been successfully launched by Sage and its partner, Biogen, in the US, with 2025 second quarter net revenues, as reported by Sage, reaching $23.2 million, up from $13.8 million, as reported by Sage in the first quarter of 2025, representing a 68% increase. We will be focused on integrating the business and working closely with our partners, Biogen and Shinogen, to ensure the continued success and growth of Zerxuve.

Through the end of June, we have received more than 750 patient enrollment forms submitted by more than 300 prescribers.

Finally regarding their zouves, our fourth growth driver, we are excited to have completed. The acquisition of sage Therapeutics, which represents a major step for supers and accelerating. Its mid to long-term Revenue growth and cash flow.

The zoo is a unique and well-differentiated product that is early in its launch and provides further diversification for our revenue base.

The product has been successfully launched by sage and its partner Buys in. In the US with 2025 second quarter, net revenues as reported by Sage reaching 23.2 million up from 13.8 million as reported by sage in the first quarter of 2025, representing a 68% increase.

Jack Khattar: Moving on to R&D, we are on track to initiate a follow-on phase 2B multicenter randomized double-blind placebo control trial with SBNA20 in approximately 200 adults with major depressive disorder by the end of 2025. This study will examine the safety and tolerability of SBNA20 and its efficacy at a dose of 2,400 milligrams given intermittently twice per week as an adjunctive treatment to the current baseline antidepressant therapy. Our phase 2B randomized double-blind placebo controlled study of 817 is ongoing with a targeted enrollment of approximately 258 adult patients with treatment-resistant focal seizures. This trial utilizes 3 milligram and 4 milligram twice daily doses. As we mentioned previously, we completed a pharmacokinetic study of two oral formulations of SBN443 in healthy adults. Both formulations of SBN443 showed adequate bioavailability and were well tolerated. SBN443 is our new stimulant-like product candidate for ADHD and other CNS disorders.

We will be focused on integrating the business and working closely with our partners. Bargain and Shinobi to ensure the continued success and growth of their Zoo.

Moving on to R&D, we are on track to initiate a follow-on place to be, multi-center randomized, double blind, Placebo control trial with spna 20 in approximately, 200, adults with major depressive disorder by the end of 2025.

This study will examine the safety and tolerability of SDA 20 and its efficacy, as well as those of 2400 mg given in terminally twice per week as an adjunctive treatment to the current baseline. And by the present period,

Our face to be randomized, double blind, Placebo control. Study of 817 is ongoing with a targeted enrollment of approximately 258. Adult patients with treatment resistance focal seizures this far, utilizes 3, mg and 4 milligram twice daily doses.

Of ESPN, 443 shows adequate by availability and we're well tolerated.

Jack Khattar: The company expects to disclose a lead indication for the product candidate by the end of 2025. Finally, despite the completion of the recent acquisition of Sage, corporate development will continue to be a top priority for us as we look for additional strategic opportunities to further strengthen our future growth through additional revenue-generating products or late-stage pipeline product candidates. With that, I will now turn the call over to Tim.

SPN. 443 is our new, stimulant light to Granite candidates for ADHD and other CNS disorders. The company expects to disclose and need indication for the product candidate, by the end of 2025,

Timothy Dec: Thank you, Jack. Good afternoon, everyone. As I review our second quarter of 2025 results, please refer to today's press release and 10Q that were filed earlier today. Total revenue for the second quarter of 2025 was $165 million compared to $168 million in the same quarter last year. Total revenue in the second quarter of 2025 was comprised of net product sales of $158 million and royalty, licensing, and other revenues of $7 million. Excluding net product sales of TRICENDI XR and OXALAR XR, total revenues for the second quarter of 2025 increased 17% compared to the same quarter last year. This increase was primarily due to an increase in net sales of our core products, Qelbree, Gokaviri, and Namepril. For the second quarter of 2025, combined R&D and SG&A expenses were $116 million as compared to $112 million for the same quarter last year.

Finally, despite the completion of the recent acquisition of stage corporate development will continue to be a top priority for us. As we look for additional strategic opportunities to further, strengthen our future growth through additional Revenue generating products or late stage white wine product candidates with that. I will now turn the call over to 10

Thank you Jack. Good afternoon, everyone.

As I review our second quarter of 2025 results, please refer to today's press release and 102 that were found earlier today.

Total revenue for the second quarter of 2025 was 165 million compared to 168 million in the same quarter last year.

Total revenue in the second quarter of 2025 was comprised of net product, sales of 158 million and royalty licensing and other revenues of 7 million.

Excluding that product sales or trendy XR and oxtellar XR total revenues for the second quarter of 2025 increased 17% compared to the same quarter last year.

This increase was primarily due to increase in net sales of our core products.

Calgary go Calgary and anapo.

Timothy Dec: Operating earnings on a GAAP basis for the second quarter of 2025 were $12 million as compared to $23 million for the same quarter last year. The decrease was primarily due to higher sales and marketing expenses related to the Namepril launch. GAAP net earnings were $22 million for the second quarter of 2025, or $0.40 per diluted share, compared to GAAP net earnings of $20 million, or $0.36 per diluted share in the same quarter last year. On a non-GAAP basis, which excludes amortization and tangibles, share-based compensation, contingent consideration, and depreciation, adjusted operating earnings for the second quarter of 2025 were $41 million, compared to $45 million in the same quarter of the prior year. Total revenues for the six months ended June 30, 2025, were $315 million, compared to $312 million in the same period last year.

For the second quarter of 2025 combined R&D and sgna expenses were 116 million as compared to 10012 million for the same quarter last year.

Operating earnings on a gap basis for the second quarter of 2025 or 12 million as compared to 23 million for the same quarter last year.

The decrease was primarily due to higher sales and marketing expenses related to the amount. Go launch

Gaap. Net earnings were 22 million for the second quarter of 2025 or 40 cents per diluted share.

Compared to GAAP, net earnings were $20 million, or 36 cents per diluted share, in the same quarter last year.

On a non-dependent basis, which excludes annualization and tangibles, share based, compensation contingent consideration and appreciation adjusted operating earnings for the second quarter of 2025 was 41 million.

Compared to 45 million the same quarter of the prior year.

Timothy Dec: Total revenues were comprised of net product sales of $300 million and royalty, licensing, and other revenues of $15 million. Net product sales were flat compared to last year. The increase in net product sales of our core products, Qelbree and Gokaviri, were generally offset by decreases in product sales of ADKEN and the generic erosion of TRICENDI XR and OXALAR XR. Excluding net product sales of TRICENDI XR and OXALAR XR, total revenues for the six months ended June 30, 2025 increased 21% compared to the same period last year. Again, the increase was primarily due to the increase in net product sales of our core products, Qelbree, Gokaviri, and now ADKEN. Combined R&D and SG&A expenses for the six months ended June 30, 2025, were $233 million, as compared to $224 million for the same period last year.

Total revenues for the six months ended June 30, 2025, were $315 million, compared to $312 million in the same period last year.

Total revenues were comprised of net product sales of $300 million and royalty licensing and other revenues of $15 million.

That product sales were flat compared to last year.

The increase in that product sales of our corporate products Calvary and go cry, were generally offset by decreases in product sales of 8, to 10 and the generic erosion of tendi, XR and upstone XR.

Excluding that product sales of trendy XR and accelerate XR total revenues for the 6 months. Ended June 30th 2025 increased 21%, compared to the same period last year.

Again, the increase was primarily due to the increase in net product sales of our core products. Calgary GoCovery. And now, again,

Timothy Dec: Operating earnings on a GAAP basis for the six months ended June 30, 2025, were $2 million, as compared to $19 million for the same period last year. The decrease in operating earnings was primarily due to a change in the fair value of contingent consideration and higher selling and marketing expenses associated with the Namepril launch. GAAP net earnings were $11 million for the six months ended June 30, 2025, or $0.19 per diluted share, compared to $20 million or $0.36 per diluted share in the same period last year. On a non-GAAP basis, which excludes amortization and tangibles, share-based compensation, contingent consideration, and depreciation, adjusted operating earnings were $67 million, compared to $68 million the same period last year. As of June 30, 2025, the company had approximately $523 million in cash, cash equivalents, and marketable securities, compared to $454 million as of December 31, 2024.

Combined, R&D and sgna expenses for the 6 months end of June 30th 2025 or 233 million as compared to 224 million for the same period last year.

Operating earnings on a gap basis. For the 6 months. Ended June 30th 2025, we're 2 million as compared to 19 million for the same period last year.

The decrease in operating earnings was primarily due to a change in the fair value of contingent consideration and higher selling and marketing expenses associated with the national launch.

Gaap. Net earnings were 11 million for the 6 months. Ended June 30th 2025 or 19 cents per diluted share compared to 20 million or 36 cents per delivery. The chair in the same period last year.

On a non-gaap basis, which excludes amortization and tangibles share based, compensation contingent consideration and appreciation adjusted operating earnings were 67 million compared to 68 million.

The same period last year.

Timothy Dec: The increase is primarily due to cash generated from operations. We used a portion of our current cash on hand to fund the acquisition of Sage, which was completed on July 31. Following the acquisition, the company continues to have a strong balance sheet with no debt and significant financial flexibility for potential M&A or other growth opportunities. Now turning to guidance, we are updating our full year of 2025 financial guidance primarily to reflect SUPERNUS' strong performance in the first half of the year and the impact of the Sage acquisition starting August 1st. We expect total revenues to range from $670 million to $700 million, up from the previous range of $600 million to $630, comprised of net product sales and royalty and licensing revenues.

Compared to $454 million as of December 31, 2024, the increase is primarily due to cash generated from operations.

We use a portion of our current cash on hand, to fund the acquisition of sage, which was completed on July 31st.

Following the acquisition, the company continues to have a strong balance sheet with no debt and significant financial flexibility for potential m&a.

Or other growth opportunities.

Now turning you guys, we are updating our full year 2025 Financial guidance, primarily to to reflect supremacist. Strong performance in the first half of the year and the impact of the sage acquisition starting August 1st.

We expect total revenues to range from 670 million to 700 million.

Up from the previous range of, 600 million to 630.

Timothy Dec: Note that total revenue guidance for the full year 2025 assumes approximately $65 million to $70 million of combined net sales of TRICENDI XR and OXALAR XR, which remains unchanged. For the full year 2025, we expect combined R&D and SG&A expenses to range from $505 million to $530 million, up from the previous range of $435 million to $460 million. The increase is primarily due to the inclusion of Sage OPEX for the final five months of 2025. Overall, we expect full year 2025 operating loss in the range of $70 million to $80 million, compared to the previous range of $10 million operating earnings to an operating loss of $15 million.

Comprised of net product sales and royalty, and Licensing revenues.

Note that total revenues guidance for the full year 2025 is approximately $65 million to $70 million of combined net sales of Truck and the XR, and a Stellar XR, which remains unchanged.

For the full year 2025.

We expect combined R&D and sgna expenses to range from 505 million to 530 million.

Up from the previous range of 435 million to 460 million.

The increase is primarily due to inclusion of sage Opex for the final 5 months of 2025.

Overall, we expect full year 2025 operating loss in the range of 70 million to 80 million

Timothy Dec: This change is due to the inclusion of two items: $55 million to $60 million in Sage acquisition-related costs and an estimate of $10 million to $20 million in increased non-cash amortization related to the Sage acquisition for the final five months of 2025. And finally, we expect our non-GAAP operating earnings to range from $105 million to $135 million, which is relatively consistent from the previous guidance. Please refer to the earnings press release issued prior to this call that identifies the various ranges of reconciling items between GAAP and non-GAAP. With that, I will now turn the call back over to the operator for Q&A.

compared to the previous range of 10 million, operating earnings to an operating loss of 15 million,

This change is due to the inclusion of two items.

55 to 60 million in Sage pack, AC acquisition related costs and an estimate of 10 to 20 million, increased non-cash, cameras and related to the saved acquisition for the final 5 months.

Of 2025.

And finally, we expect our non-gaap operating earnings to range from 105 million to 135 million.

Which is relatively consistent from the previous guidance.

Please refer to the earnings press release issue, prior to this. Call that identifies the various ranges of reconciling items between death and non-gaap.

With that, I will now turn the call back over to the operator for Q&A.

Peter Vozzo: Thank you. At this time, we will conduct a question and answer session. As a reminder, to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, just press star 11 again. Please stand by while we compile the Q&A roster. One moment, please. Our first question comes from Stacy Kuh of TD Cowan. The floor is yours.

Thank you. At this time. We will conduct a question and answer session.

As a reminder, to ask a question, you will need to press star 1 1 on your telephone and wait for your name to be announced to withdraw your question. Just press star 1 1. Again please, stand by while we compile the Q&A roster,

1 moment, please.

Our first question comes from Stacy coup of TD Cowen. The floor is yours.

Stacy Ku: Hey, thanks so much for taking our questions and congratulations on a great quarter. First question is on Qelbree. Can you just talk about what kind of net pricing dynamics we saw in the quarter and maybe how we should think about the quarterly, let's say, net pricing for Qelbree moving forward? In addition, maybe provide an update on the Qelbree launch progress in the adult segment and maybe that understandable focus on the back-to-school season for Q3. So that's the first question. The second question is on OPAGO. Just help us understand the 750 enrollment forms and 300 prescribers of ON OPAGO and what we're seeing in Q2 in terms of sales.

Hey um, thanks so much for taking our questions and congratulations on a great quarter.

Uh, first question is on kalbarri.

Can you just talk about what kind of net pricing Dynamics? We saw on the quarter and maybe how we should think about. Um the quarterly, let's say net pricing for kelp removing forward. Um and addition maybe provide on that date on the kalri, launch progress and the adult segment and maybe that understandable focus on the back to school season for Q3. So that's the first question. Um, the second question is on a POS.

Stacy Ku: Just help us understand reimbursement timelines to getting coverage patients on maybe paid drug or just help us understand that clear demand that we're seeing as it relates for ON OPAGO versus maybe even AbbVie's ViaLab when we look at kind of the sales they've reported and the type of demand they're seeing. So that's our second question. Thanks so much.

So, just help us understand, um, the 750 enrollment forms and 300 prescribers of anap Pago. Um, and, and what we're seeing in Q2, in terms of sales just to help us understand reimbursement, timelines to getting coverage, uh, patients on maybe paid drug or uh, just helping help us understand that, that clear, um, demand that we're seeing as it relates for anap, Pago versus maybe even abies Vive. When we look at kind of the sales, they've reported in the type of demand they're seeing. So that's our second question. Thanks so much.

Jack Khattar: Yeah, starting with Qelbree, if you look at the net pricing, it continues to be north of the $300 per prescription for a 30-day prescription. The gross per net, as we made a previous commentary in previous quarters, we expected it to improve, obviously, versus the first quarter, and it did. Actually, it was pretty much around the same level it was in the second quarter of last year, so we're fairly consistent with that. And regarding your question on the adult segment, as I mentioned in my prepared remarks, the adult business, which we've been investing in clearly because of the size of that segment and its importance for the health of the brand and its continued growth, is starting to show some traction. Now the business is about 35% of the total prescriptions of Qelbree. Adult prescriptions grew by 29% compared to about 20% for pediatrics.

Stayed consistent with that.

Jack Khattar: So pediatrics grew very well, of course, by 20%, but the adult performed a little bit more with 29% growth. Having said that, of course, it's also a lower base, so percentage-wise, it's going to show that anyway. But we're very pleased with the continuous growth on the adult. And then we're very happy that Qelbree actually performed pretty well during the summertime. And we think some of that is also because of the increased growth in the adult side because adult patient population does not get impacted as much with the seasonality that we see on the pediatric side. So given the high growth on the adult business, it helped us go through summer fairly. In the business, we look at the prescriptions of Qelbree they held up really nicely during the summer months versus typically they could potentially decline.

Um, and, um, for joining the, your question on the adult segment, as I mentioned, my, uh, prepared remarks, uh, the dog business, which we've been investing in, uh, clearly because of the size of the assignment. And it's important, you know, for the health of the brand and its continued growth, uh, starting to, you know, show some traction. Uh, now, the business is about 35% of the total, uh, prescriptions of Calgary, um, adult prescriptions Blue by 29% compared to about 20% for Pediatrics. So, Pediatrics grew very well, of course, by 20%, but the adult performed, a little bit more with 29%, uh growth. Um, having said that, of course, it's also a lower base. So percentage wise is going to show that anyway but we're very pleased with the continued growth and the adult. Um, and then uh, we're very happy that Calgary actually worked on pretty well during the summer time. And we thank some of that is also because of the

Jack Khattar: So we're very happy with the fact that we're now in the back-to-school season with a very good momentum behind the brand and a much stronger position than we've ever been to continue to push through. So we're looking for hopefully even a much stronger second half for the brand. So on Namepril, the 750 enrollment forms, you know these are the forms that are submitted by our prescribers. And it takes time for these forms to eventually get adjudicated. Everything gets processed for them to translate into actual shipments. And that's where, in the end, you'll see some. So the key thing is it's like a funnel. You're going to keep filling in the forms because eventually you're going to lose some of them. And that's typical in the industry.

Uh, increased growth in the adult side because adult patient population does not get impacted as much with the seasonality that we see on the Pediatric side. So, given the high growth on the adult business. It helps us go through some of, uh, fairly, you know, I mean, the business. We look at the prescriptions of candidly, they held up really nicely during the summer months versus typically, they could potentially decline. Uh, so we're very happy with the fact that we

You know, in the back of schools, even, you know, with a very good momentum behind the brand and a much stronger position than we've ever been, you know, to continue to push through. Uh, so we're looking for hopefully, uh, even a much stronger, second hand for the brand.

So on on that go, um the 750 involvement forms, you know, these are the forms that are submitted by our prescribers. Um,

Jack Khattar: In all specialty products, you lose a good portion of these forms, and they don't all translate into actual patients. Right now, and this is this number is probably around the end of July, so it's not in this end of second quarter, but by the end of July, we estimate we have about slightly more than 200 patients on Namepril. So we're very excited about that. So we have a very good number of patients who are getting the product. A good portion of those, a little bit north of 20, 25%, are already getting refills, starting to get refills. So the momentum is really starting to build up behind the product, given that we just launched it a couple of months ago, late in April. So we're very happy about that. And also very happy about the fact that we have more than 300 prescribers.

And it takes time, you know, for these phones to eventually get adjudicated, everything gets processed for them to translate into actual shipments. Um, and that's where in the end, you know, you'll see so. So the key thing is it's like a funnel. You got to keep filling in the forms because eventually you're going to lose some of them and that's typical in the industry. In all Specialty Products, you lose a good portion of these form and they don't all translate into actual patients. Uh, right now, uh and this is this number is probably around the end of July, so it's not in this end of the second quarter, but by the end of July, uh, we estimate we have about a slightly more than 200 patients on on that code. So we're very excited about that. Um, so we have a very good number of patients, who are getting the product. Um, a good portion also, uh, a little bit north of 20, 25% are already getting refills, starting to get refills.

Uh, so the momentum is really starting to build up behind the product, given that we just launched it, you know, a couple of months ago.

late, you know, uh, in

code.

Jack Khattar: And we estimate about 50% of the prescribers are actually repeat prescribers. So everything is really pointing in the right direction for the very long launch on Namepril.

Um, so we're very happy about that and also very handy about the fact that we have, you know, more than 300 prescribers.

Stacy Ku: Wonderful. And just to confirm, those 200 patients that you're saying, slightly more than 200, that are on ON OPAGO, you guys are getting reimbursement for that, or is there more of a, let's say, specialty pharmacy purchasing program that's ongoing?

Um and we estimate about 50% of the prescribers are actually repeat first drivers. So everything is really pointing in the right direction, for the very strong launch on on Echo.

Jack Khattar: No, I mean, from a reimbursement coverage point of view, that is going as smooth as you can expect for the launch. We're going to always have bumps on the way, but we're pretty happy with the amount of prescriptions that are going through, getting authorized. So we're working the system as time goes on. We work any kinks in it, but we're very happy with that and the amount of patients that are getting the shipments for the product.

Wonderful and and just to confirm those 200 patients that you're saying, slightly more than 200 um that are on on a an app code. They're they're getting you guys are getting reimbursement for that. Or is there more of a? Let's say Specialty, Pharmacy, bridging program. That's ongoing.

Stacy Ku: Okay. Understood.

No. I mean from a reimbursement coverage point of view that is going as smooth as we can expect. For the launch, we're going to always have bumps on the way but we're pretty happy with the amount of um you know prescriptions that are going through getting authorized. So you're working in the system as time goes on we work any kinks in it uh but we're very happy with that and the amount of patients that are getting the shipments for the product.

Understood.

Peter Vozzo: Thank you for your question. Our next question comes from Andrew Sy from Jeffries. The floor is yours.

Thank you for your question.

Our next question comes from Andrew Tsai, from Jeffrey's. The floor is yours.

Andrew Tsai: Hey, congrats on the quarter. This is John on for Andrew. Thanks for taking my question. So we saw Zerxuve Q2 sales accelerate meaningfully quarter over quarter. Were there any one-time events driving that sales growth, or was it all mostly organic? And then do you expect that pace of growth to continue going forward into Q3 and Q4? And then maybe just broadly speaking, what do you think about the peak sales opportunity and ultimately what could be your appetite in looking at Zerxuve and like MDD or any other CNS indications in the future? Or should we really be thinking that we focus on the launch and kind of keep the pipeline shelved for now? Thanks.

Hey, uh, congrats on the quarter. Uh, this is John on for Andrew, thanks for taking my question. Uh, so we saw Q2 sales accelerate meaningfully quarter over quarter. Were there any 1 time events, driving that sales growth, or was it all mostly organic and then, do you expect that pace of growth to continue going forward into Q3 and Q4

Or any other CNS indications in the future, or should we really be thinking that you'll be focused on the launch and and kind of keep the pipeline shelf for now? Thanks?

Jack Khattar: Yeah, the only thing I can really speak about Zerxuve, given that we've just closed on the transaction, and we'll be coordinating, of course, messages and what we do from a public disclosure perspective with our partners, Biogen, but I can give you a little bit more color given what Sage has reported. So based on what Sage has reported, in the second quarter, they saw 36% growth in the prescriptions. About 44,000 TRXs were shipped to women with PPD. I mean, that is a very strong, healthy growth. And if you recall, in the first quarter, actually, they grew by 22% versus the fourth quarter of last year. So we're really excited about the momentum that the brand is picking up.

Yeah. The only thing I can really speak about is we were given that we just closed on the uh transaction and will be coordinating of course messages and what we do from a public disclosure perspective with our partner advising. But I can

Give you a little bit more color given, uh, you know what stage actually reported. So based on what stages reported uh,

Jack Khattar: Clearly, that is also a benefit of some of the expansion that the two partners have done, Biogen and Sage, at that time with the expansion of the sales force and the continued investment behind the brand. So we're pretty pleased with the strong growth in the business on a unit basis. And obviously, that is being reflected, of course, in the dollar. On the dollar side, you know again, as I said, we just closed on the deal, so we need a couple of days to a little bit understand if there is any shift in inventory or anything there else that may have benefited the dollar amount. I don't have a really clear answer for you at this point. But clearly, what's more important is the shipments and the prescriptions, and that's what we're very focused on at this point.

In the second quarter, they saw, you know, 36% growth, um, in the prescriptions, uh, about 40, uh, 4,000 trxs were shipped to women with PPD, I mean, that is a very strong healthy growth. And, um, if you recall in the first quarter, actually, they do by 22% versus the fourth quarter of last year. So we, we really excited about the momentum that the brand is picking up, uh, clearly. Um, that is also the benefit of some of the expansion that, uh, the the 2 Partners have done by you and Sage at that time with the expansion of the sales force and the continued, uh, investment behind the brand. So we're pretty pleased with the, uh, strong growth, uh, in the business on a unit basis. And obviously, that is being, uh, reflected of course, in the Dollar on the dollar side, you know. Uh again as I said, we just closed on the deal. So we need a couple of days to a little bit understand and there is any shift in inventory.

Jack Khattar: As far as peak sales of the brand itself, again, we haven't made any specific public commentary. The only thing I can tell you, which is public information, of course, everybody knows the milestones we have with the purchase of Sage. So we will be very happy to pay all these milestones and the CDRs that we have on the deal. And that gives you some idea for what the brand, you know, the level of sales that we're thinking, and we will be working very hard to achieve, you know, for this product. I'll just remind folks that these milestones or the sales numbers are actually 50% of what the total brand would be because that would be the net revenues as reported by SUPERNUS for these CDRs.

On anything else that may have benefited the dollar amount, but I don't have a really clear answer for you at this point. Uh, but clearly what's more important is the shipments and the prescriptions, and that's what we're very focused on at this point.

Jack Khattar: And then finally, regarding any potential future indications or anything specific with that, again, I'm not at any specific liberty at this point to talk about the future plans of the product until we sit down, you know, and talk to our partner, Biogen, regarding the potential of the brand. But certainly, we're in it for the long haul and we're in it to build as big of a product as possible here to serve as many patients.

Um as far as, you know, Peak sales of the of the brand itself, again we haven't made any specific public comment there is the only thing I can tell you which of public information. Of course, everybody knows the Milestone. We have with the purchase of sales, so we will be very happy to pay all these milestones and the cvrs that we have on the deal and that gives you some idea for, you know, what the brand you know, or the level of sales that we're thinking and we will be working very hard with achieve. Um, you know, for this product, I'll just remind folks that these milestones for the sales numbers are actually 50% of what the total brand would be because that would be uh, the net revenues as a reported by Superman's, uh, in 4D CEO.

Uh, and then finally regarding any potential future indications or anything specific with that again, I'm not that any specific Liberty at this point to talk about the future plans of the product, until we sit down, you know, and, uh, and talk to our partners. Bye again. Regarding the potential of the brand, but certainly within it, we're in it for the long run. And we end up to build as big of a product as possible here to serve as meditations.

Peter Vozzo: Great. Thank you so much. Thank you for your question. Our next question comes from Kristen Kaliska from Cantor Fitzgerald. The floor is yours.

Great, thank you so much.

Thank you for your question.

Our next question comes from Kristen Calissa from Cantor Fitzgerald. The floor is yours.

David Amsellem: Hi, everyone. Congrats on a great quarter. Two questions for me. The first is just on Qelbree. Obviously, in Q2, you introduced a lot of new sales launch initiatives. So I'm curious, with all the new prescribers that are coming on board, what are some of the key reasons doctors are wanting to try this option? And how much of the recent launch has been dictated by doctors offering this to patients versus patients asking their doctors about it?

Hi, everyone. Congrats on a great quarter.

Kelberi, obviously, in Q2 you introduced a lot of new sales launch initiatives. So, I'm curious, with all the new prescribers that are coming on board, what are some of the key reasons that doctors are wanting to try this option? How much of the recent launch has been dictated by doctors offering this to patients versus patients asking their doctors about it?

Jack Khattar: Yeah, it's really a combination of all that, Kristen. There is no one specific initiative that is really driving the strong performance of the brand. Clearly, at the beginning of the year, what I believe you're referring to is the new label that we got or changes in the labels that were very, very favorable for the product from the perspective of first really clarifying and providing more information about the mechanism of action of Qelbree, which separates the product significantly versus a lot of these options that are out there, specifically with its activity and modulation of the serotonin. And that really differentiates the product and explains also a lot of its activity and how it treats ADHD and the way patients feel when they get the product.

Yeah, it it's uh, it's really a combination of all, all that Christian, uh, there's no 1 specific initiative. That is really driving the strong performance of the brand. Um, clearly at the beginning of the year, what I believe you're referring to is the new label, uh, that we got or changes on the labels that were, uh, very, very favorable for the product from the prospective of first really clarifying and providing more information about the mechanism of action of Caribbean, which separates the products significantly versus a lot of these options that are out there specifically for this activity and modulation.

Jack Khattar: So a lot of the time we spend in the first quarter, of course, also in the second quarter, educating physicians about the change in the label, the mechanism of action. We spend a lot of time in pushing the adult business, as I mentioned earlier. So we're doing a lot of things on different fronts, and a lot of these things tie together. The change also in the addition of the lactation data, you know, that is also important for patients, female patients who are in the adulthood and so forth. So a lot of things tie together. And all these initiatives have converged and really produced the results that we've seen behind the brand. And now with the back-to-school season, clearly, we would shift some of the emphasis back on the pediatric side, conveying the most advantage of the momentum of the back-to-school season.

Jack Khattar: So that would be great for us in the third quarter to continue with the push for the product to hopefully, as I mentioned earlier, that we finish even stronger in the second half, even stronger than the first half.

Um, so we're doing a lot of things, uh, on different fronts and some a lot and a lot of these things tie together, um, the change also, and the addition of the lactation data, you know, that is also important uh, for patients female patients who are in the adulthood and so forth. So a lot of things tied together, and all these initiatives, um, Can merged and really produced the results that we've been, uh, you know, we've seen behind the brand, uh, and now with the back to school season and really, we will shift some of the emphasis back on the Pediatric, side to being the, you know, the most advantage of, of the momentum of the back to school season. Um, so that would be great for us in the third quarter, uh, to continue with the push for the product to hopefully, as I mentioned earlier, that we finish even stronger in the second, the second half even stronger than the first half.

David Amsellem: Thank you so much for that. And then with the Sage deal closed now, can you give us a rough sense of what that pro forma cash looks like? I know they did have a good amount of cash left on their balance sheet at all. And just on the sense of the future M&A or in-licensing opportunities, should we expect there to be more focus specifically in the OBGYN space as you build the sales force and do the work there for PPD? Thanks again.

Thank you so much for that. And then, with the sage deal closed now, can you give us a rough sense of what that proforma cash looks like. I know they did have a good amount of cash left on their balance sheet at all, and just on the sense of the future.

M&a or in licensing opportunities. Should we expect there to be um more focused specifically in the OBGYN space as you build these, the Salesforce and do the work there? For PPD, thanks again.

Jack Khattar: Yeah, sure. I'll take the latter part of the question and allow the rest to come to talk specifically about the cash. From a corporate development perspective, strategy perspective, our top priorities are pretty much still the same. First, starting with revenue-generating products that could continue to build our commercial footprint, NCNS. And now, as you mentioned, given that now we're getting into the OBGYN space, definitely women's health will be an area that we will be looking at very seriously. And it opens up a whole area for us, an additional growth opportunity for us. So we would be looking at both areas, as always, CNS, neurology, psychiatry, but also now with OBGYN. And as far as the size of the transaction, all depends on a case-by-case scenario and the type of products we're bringing in.

Yeah sure I'll take the the 11 part of the question and then I'll ask them to talk specifically about the cash. Um, for me, corporate development perspective, strategy perspective. Our path priorities are pretty much still the same first.

Jack Khattar: And also regarding the balance sheet, I'll let Tim now comment concerning your question about the cash, the pro forma cash position.

Timothy Dec: Yeah, as I mentioned in my prepared remarks, we still have a strong balance sheet. At the time of close, our cash is between 240 and 269.

Starting with, you know, Revenue generating products that could continue to build our, you know, commercial, uh, footprint uh, ncns. And now, as you mentioned given that, now we're getting into the OBGYN space so that any woman's health will be an area that we will be looking at very seriously. Uh, and it opens up the ball, you know, area for us and additional growth opportunity for us. So we will be looking at both areas as always, CNS neurology. Psychiatry. Uh, but also now with OBGYN, um, and as far as the, you know, size of the transaction, all depends on a Case by case scenario, the type of products we're bringing in um and also regarding the balance sheet. I'll let them now comment. Uh you know, concerning your question about the cash the performance cash position.

Yeah, as I mentioned my prepared, March we still have a strong balance sheet. Um, at the time of, uh, the close, our cash is between 2:40 and 2699.

Jack Khattar: So that should clearly give us a continued flexibility, given that we still have a very strong and healthy balance sheet overall.

David Amsellem: Thank you so much.

so that should you know, clearly give us a continuous flexibility uh given that we still have a very strong and and healthy balance between overall

Thank you so much.

Peter Vozzo: Thank you for your question. Our next question comes from Annabelle Sanami from Stifel. The floor is yours.

Thank you for your question.

Our next question comes from Annabelle. Tsunami from Stifle. The floor is yours.

Andrew Tsai: Hi, this is Jack on for Annabelle. Thanks for taking our questions. So on the topic of the OBGYN, you've noted that this is the best area for expansion for Zerxuve. But your real point of leverage historically has been psychiatry. So how do you plan on balancing these two? What type of investment do you need to make to kind of reach these prescribers? And does Biogen need to kind of get on board with that decision?

Hi. This is Jack on for Annabelle, thanks for taking our questions. Um, so on the topic of the OBGYN, you've noticed this is the best area for expansion for 00, um, but your real point of Leverage, historically has been Psychiatry. So how do you plan on balancing these 2? Um, what type of investment do you need to make to kind of reach these prescribers and does bioen need to kind of get on board with that decision?

Jack Khattar: At this point, currently, so far, what we've seen is that 70% to 80% of the prescriptions are generated by OBGYNs. So clearly, you know the business is heavily skewed, which makes a lot of sense, of course, given the patient journey, where it starts and where it ends and so forth. And the remainder of the prescription, you know, 20% or so, is in the psychiatry space. So that's not too small, clearly. That is an area where we will be exploring. Again, we will explore that together with our partner, Biogen, to see how we can, if there is a chance here, to potentially take advantage of our strong presence in psychiatry. Does it make sense? Can we expand further in the psychiatry space? So you bet, I mean, that is something we will be talking about with our partner.

At this point currently so far, it would be seen as a 70 to 80 of the prescriptions are generated by OBGYNs.

So clearly, you know, you know, the business is heavily skewed, which makes a lot of sense, of course, given the patient Journey where where it starts and where it ends on so forth.

Jack Khattar: And any decisions will have to be made, of course, jointly as to what kind of expansion, if there is any expansion, investment, or whatever it is, where we can explore that avenue and further improve and increase the reach so we can reach patients who go to the psychiatry office. So that is clearly an area we will be exploring as we move forward.

And the remainder of the prescription, you know, 20% or so, uh, is in the Psychiatry space. So that's not too small. Clearly, that is an area where we will be exploring. Again, we will explore that together with our partner margin, uh, to see how we can. If there is a chance, you could potentially take advantage of our strong presence in Psychiatry. Does it make sense? Could we expand further in the psychiatric space? So, uh, you bet I mean that is something we will be talking about with our partner and any decisions will have to be made, of course, jointly as to what kind of expansion if there is any expansion, uh investment or whatever it is where we can explore that Avenue, and further, um, you know, improve and increase the reach. So we can reach patients who go to the psychiatric office. So, that is clearly an area, we will be exploring as we move forward.

Andrew Tsai: Thanks. And then one more from us. Just wanted to understand the dosing dynamics for Qelbree and adults a little bit better. Is there still the same level of combination usage with stimulants? And if so, why is that so persistent? I would think that would kind of defeat the purpose and advantage of Qelbree being a non-stimulant in that case.

thanks, and then

Um 1 more from us. Um just wanted to understand the dosing Dynamics for Calgary and adults a little bit better. Is there still the same level of combination usage with stimulants and if so why is that so persistent? I I would think that would kind of defeat the purpose and advantage of Calgary being a non-stimulant. In that case,

Jack Khattar: Yeah, it's actually driven by the stimulants themselves and how nasty they can be, of course. Otherwise, why would a physician be considering to switch or add Qelbree or switch to Qelbree, right? That means there is a problem. There is something that the patient is struggling with. And the stimulant on its own is not really doing what it's supposed to do, meaning address the symptoms that the patient is going through. So instead of completely taking the patient off the stimulant, which has a lot of issues with it when you do that, withdrawals, a lot of patients feel withdrawal and suffer from all kinds of symptoms when you cut them off completely from the amphetamines or methylphenidates. What physicians try to do is taper off the dose of the stimulant over time and then, as time goes on, increase the dose of Qelbree.

Yeah, it's actually driven by.

the stimulants themselves, and how

Nasty, they can be, of course. Otherwise why would the physician be considering to switch or add Cal? Let's switch to calculate. That means there is a problem. There is something that the nation is struggling with.

And the stimulant on its own is not really doing what it's supposed to do. Meaning, you know, at the rest of the symptoms that the patient is going through

Jack Khattar: And therefore, the use of Qelbree in combination with the stimulants perhaps would continue to be the case. You know, physicians like to do that because they don't want to take patients off completely, very quickly, very suddenly off the stimulants. And they like to iterate up on Qelbree and add it. And therefore, the reason why we see a very good, healthy level of use as a combination, it continues to be around the 40% of adult prescriptions and to be combination use. In pediatric, it's less so. It's about 20%, we estimate, of the pediatric prescriptions or combination. So that dynamic continues to be the case.

So instead of completely taking the patient off the stimulant which has a lot of issues with it. When you do that withdrawals, a lot of patients feel withdrawal and you know, suffer from all kinds of symptoms when you cut them off completely um from the amphetamines or metal candidates, what Physicians try to do is paper off the dose of the stimulant all the time and then as time goes on, increase the dose of chemical and therefore the use of Kelvin in combination with the stimulants perhaps will will continue to be the

Jack Khattar: And then eventually, what happens with the patient as they're off the stimulant, actually, a lot of them, interestingly, you know, they find out that they don't have to add any more two prescriptions or two stimulants that they used to take because a lot of them used to take a controlled release, let's say, amphetamine, and then later in the day, they need to supplement with an immediate release because even the extended release doesn't cover and give them the full coverage for the full day. With Qelbree, what they're finding out is that with one pill, that's all what they have to do is take Qelbree once a day, and it truly gives them full 24-hour coverage. So Qelbree has a lot of advantages, clearly, by giving them the full day coverage without having to take two different products.

Case, you know uh Physicians like to do that because they don't want to take patients off completely letting quickly, let it suddenly of the stimulants and they like to like straight up on Calvary and add it. And therefore the reason why we see uh, you know, a very good healthy level of use as a combination, it continues to be around the 40% of adult prescriptions uh in to be combination use uh in pediatric, it's less. So it's about 20%, we estimate of the uh pediatric prescriptions or combination. Um, so that Dynamic continues to be the case. Uh and then eventually what happens with the patient as the of these? Stimulant actually a lot of them interestingly you know they find out that they don't have to have any more 2 prescriptions or 2 stimulus that they used to take because a lot of them used to take the control release, let's say amphetamine and then later in the day they need to supplement with an immediate release because they even the

Jack Khattar: And of course, a very different profile continues to have good efficacy, and that's why people continue to use it. And actually, in adults, I mean, the satisfaction is pretty high among physicians who have tried Qelbree and continue to add more patients in their offices, adding more patients on Qelbree.

Extended release doesn't cover and give them the full coverage for the full day with Kelby, what they're finding out. Is that with 1 pill is, that's all what they have to do is say every once a day and it truly gives them a full 24 hour, uh, our coverage. Uh, so Kelly has a lot of advantages, clearly, by giving them the full day coverage, without having to take 2 different products. And of course, uh, a very different profile continues to have good efficacy and that's why people

People continue to use it and actually, and evolves. I mean the satisfaction is pretty high among Physicians. Uh, who have tried to tell the and continue to add more patients in their, um, you know, offices adding more patients on category.

Peter Vozzo: Very helpful. Thanks for the explanation. Thank you for your question. Our last question comes from David M. Settlem from Piper Sandler. The floor is yours.

Very helpful. Thanks for the explanation.

Thank you for your question.

Our last question comes from David and selim from Piper Sandler. The floor is yours.

David Amsellem: Hi, thanks for taking our question. This is Alex on for David. Can you please talk to your commercial infrastructure to support Zerxuve in postpartum depression, particularly in terms of headcount and how many practitioners it's targeting and anything you plan to do differently than Sage? Thank you.

Hi, thanks for taking our questions. This is Alex on for David. Uh, can you please talk to your commercial infrastructure to support zeru in postpartum, depression, particularly, in terms of headcount and how many practitioners it's targeting and anything you plan to do differently than Sage? Thank you.

Jack Khattar: Yeah, at this point, unfortunately, I'm not at liberty in getting into the details of the infrastructure, the sales force, the number of the, and so forth, again, until we have some time to discuss with our partner, Biogen. So we will reserve that till later. We're happy to provide any color later if that is something that our partner would like to talk about publicly. So for now, we can't make, unfortunately, any comments on that.

Publicly. So for now we can't make unfortunately any comments on that.

David Amsellem: Okay. Thank you.

Okay.

Peter Vozzo: Thank you for your question. This concludes the question and answer session. I would now like to turn it back to Jack Khattar for closing remarks.

Thank you for your question.

This concludes the question and answer session, I would now like to turn it back to Jack Carter for closing remarks.

Jack Khattar: Thank you for joining us to learn about our second quarter 2025 operating performance and highlights. The company continues to execute well, setting the stage to make 2025 as the year when we complete the transition from our legacy products to KendixR and OXALAR XR. With the addition of Zerxuve, the launch of ON OPGO, and the continued robust growth of Qelbree and Gokaviri, we have just entered a new phase in our history, a phase of renewed and accelerated growth and profitability. Our strengthened portfolio of four core growth drivers will position us to further accelerate the growth in revenues and earnings. We are also focused on generating strong cash flows behind the strength of our expanded product portfolio and through the efficiency of our operations. Thanks again for joining us this afternoon. We look forward to updating you on our next call.

Thank you for joining us to learn about our second for 2025 operating performance on Highlights. The company continues to execute. Well, setting the stage to make 2025 as the year when we can complete the transition from our Legacy products to 106 and of Stellar exhaust.

With the addition of the zouves, the launch of unacco and the continuous robust growth of Calgary and Recovery. We have just entered the new phase in our history, a phase of renewed and accelerated growth. And profitability, our strengthened portfolio of 4 core growth drivers with position us to further accelerate the growth in revenues and earnings.

We are also focused on generating strong, cash, flows behind the strength of our expanded product portfolio and through the efficiency of our operations. Thanks again for joining us this afternoon, we look forward to updating you on our next call.

Peter Vozzo: Thank you for your participation in today's conference. This does conclude the program. You may now them.

Thank you for your participation. In today's conference, this does conclude the program. You may now disconnect