Recent sales figures for the depression treatment Zurzuvae are validating Supernus Pharmaceuticals’ strategic acquisition of Sage Therapeutics. Data released by partner Biogen reveals the drug experienced significant commercial momentum in the final quarter of 2025, prompting analysis on its potential to become a core profit driver for its new parent company.
- Q4 2025 Revenue: $66 million
- Growth Rate: Increased from $23 million in the prior-year period
- Cost Synergies: Projected annual savings of up to $200 million
- Earnings Impact: Acquisition expected to be accretive to earnings per share starting in 2026
A Transaction Forged in Strategic Rejection
The current sales performance follows a notable corporate narrative. Sage Therapeutics’ board previously rejected an unsolicited $469 million takeover bid from Biogen in January 2025, deeming the offer insufficient. Instead, the company reached an agreement with Supernus Pharmaceuticals in June of that year.
The deal was finalized on July 31, 2025. Supernus paid approximately $8.50 per share in cash. With the inclusion of contingent value rights (CVRs), the total transaction value could ultimately reach $795 million. Sage now operates as a wholly-owned subsidiary within the Supernus corporate structure.
Quarterly Performance Demonstrates Market Traction
According to the financial details published by Biogen, Zurzuvae generated $66 million in revenue during the fourth quarter of 2025. This represents a substantial increase from the $23 million recorded in the same quarter a year earlier, solidifying the drug’s position. It remains the only FDA-approved oral therapy specifically for postpartum depression (PPD).
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The collaboration with Biogen continues to be a cornerstone of its commercial rollout. Biogen’s management noted that growth products, including Zurzuvae, contributed to a combined revenue figure approaching $1 billion for the full year 2025. This growth helps offset revenue declines from the company’s older products facing generic competition.
Portfolio Diversification and Financial Integration
The acquisition has allowed Supernus to broaden its central nervous system disease portfolio significantly. Under the existing partnership terms, Supernus receives 50% of the net U.S. sales of Zurzuvae achieved by Biogen.
Supernus leadership anticipates the Sage acquisition will begin contributing positively to earnings per share within the current 2026 fiscal year. This projection is based not only on continued revenue growth but also on the realization of planned cost synergies, estimated at up to $200 million annually.
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