Supernus Pharmaceuticals (NASDAQ: SUPN) saw its stock price plummet 12.25% in pre-market trading on Wednesday, following the release of its third-quarter earnings report. The significant drop comes despite the company reporting revenues that exceeded analyst expectations, highlighting investor concerns over profitability and modest revenue growth.

For the third quarter of 2025, Supernus reported a loss of $0.80 per share, which, while better than the analyst consensus estimate of a $1.10 loss, represents a stark reversal from the $0.69 earnings per share reported in the same period last year. The company's quarterly sales came in at $192.103 million, beating the analyst estimate of $180.523 million and showing a 9.34% increase from the previous year. However, Supernus faces significant challenges, as evidenced by its operating loss of $60.231 million for the quarter.

The company's financial results were impacted by its recent acquisition of Sage Therapeutics, which contributed $20.2 million in collaboration revenue from ZURZUVAE. While Supernus raised its full-year 2025 revenue guidance to $685 million - $705 million, it also updated its 2025 operating loss guidance to $(65) million - $(75) million. Despite the growth in its product portfolio, including Qelbree, GOCOVRI, ZURZUVAE, and ONAPGO, which saw a combined revenue increase of 52%, the significant quarterly loss and the shift from profit to loss compared to the previous year appear to have shaken investor confidence, leading to the sharp pre-market decline.