Supernus Pharmaceuticals, Inc. · NASDAQ:SUPN

Supernus Pharmaceuticals — Merger or Acquisition (June 2025)

16 slides from Supernus Pharmaceuticals's merger presentation, Jun 16, 2025

1. Slide 1: Acquisition of Sage Therapeutics, Inc.

   © 2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. Acquisition of Sage Therapeutics, Inc. June 16, 2025

2. Slide 2: Safe Harbor Statement

   ©2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. 2 This presentation and other matters discussed today or answers that may be given to questions asked include forward - looking statements within the meaning of the federal securities laws. These statements, among other things, relate to Supe

3. Slide 3: Participants

   ©2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. 3 Jack Khattar President and CEO Timothy Dec Senior Vice President, CFO Bryan Roecklein, Ph.D Senior Vice President, Corporate Development Jonathan Rubin, M.D., MBA Senior Vice President, Research and Development, Chief Medical Officer Partic

4. Slide 4: Financial Overview of Transaction & Timeline

   ©2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. 4 Financial Overview of Transaction & Timeline Notes: 1. Calendar year net sales for the Biogen reported portion of U.S. ZURZUVAE® net sales recorded by Supernus 2. First commercial sale to a third - party customer after regulatory approval f

5. Slide 5: Expansion of Our Innovative Psychiatry Portfolio

   ©2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. 5 Expansion of Our Innovative Psychiatry Portfolio Strengthens Leading Psychiatry Portfolio New Growth Catalyst Diversifies and Increases Revenue Base and Cash Flow Synergies from Overlap with Existing Infrastructure Strengthens Internal R&D

6. Slide 6: ZURZUVAE is the First & Only Oral Treatment Specifically Indicated for PPD

   ©2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. 6 ZURZUVAE is the First & Only Oral Treatment Specifically Indicated for the Treatment of Women with PPD Potential for Rapid & Sustained Improvement ▪ In the SKYLARK and ROBIN Studies, an improvement in depressive symptoms vs. placebo was see

7. Slide 7: PPD Poses a Substantial Burden to Patients and Their Families

   ©2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. 7 PPD Poses a Substantial Burden to Patients and Their Families The COVID - 19 Pandemic had a significant effect on perinatal mental health outcomes 12 - 14 The economic burden associated with perinatal depression is vast and impacts patients

8. Slide 8: Successful Launch Provides Foundation for Continued Momentum and Accelerated Growth

   ©2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. 8 Successful Launch Provides Foundation for Continued Momentum and Accelerated Growth Successful Launch Foundation ZURZUVAE U.S. Collaboration Revenue Since Launch 4 4 4 4 4 4 50% of collaboration revenue reported by Biogen shown $ in million

9. Slide 9: Supernus Optimally Positioned to Execute Commercially

   ©2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. 9 Supernus Optimally Positioned to Execute Commercially While Potentially Expanding the Opportunity Psychiatry PCP OBGYN Build upon successful launch strategy with strong penetration in OBGYN prescribers while expanding reach to additional pr

10. Slide 10: Building for the Long-Term with Four Growth Drivers

    ©2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. 10 Building for the Long - Term with Four Growth Drivers PARKINSON’S PSYCHIATRY / OBGYN With this transaction 4 4 4 4 4 Launched April 2025 4 4 4 4 4 Historical Net Revenue Historical Net Revenue $ in millions $ in millions ZURZUVAE presents

11. Slide 11: Expansion of Leading Pipeline of CNS and Psychiatry Programs

    ©2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. 11 Expansion of Leading Pipeline of CNS and Psychiatry Programs for Sustained Innovation and Growth Commercial Portfolio Pipeline Approved Phase III Phase II Phase I Preclinical Discovery Indication Product Epilepsy SPN - 817 Depression SPN -

12. Slide 12: Four Growth Drivers & Diversified CNS Portfolio

    © 2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. Four Growth Drivers & Diversified CNS Portfolio Qelbree ® , ONAPGO , ZURZUVAE ® , GOCOVRI ® Innovative Pipeline in CNS Positioned For Long - Term Growth 12

13. Slide 13: Q&A

    © 2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. Q&A 13

14. Slide 14: Appendix

    © 2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. Appendix 14

15. Slide 15: Additional Information About the Tender Offer and Where to Find It

    ©2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. 15 Additional Information About the Tender Offer and Where to Find it • The tender offer for the outstanding common stock of Sage Therapeutics, Inc. (“Sage”) has not been commenced. This presentation does not constitute a recommendation, an o

16. Slide 16: Prescribing Information for ZURZUVAE

    ©2025 Supernus Pharmaceuticals, Inc. All Rights Reserved. 16 Prescribing Information for ZURZUVAE U.S. Prescribing Information Indication • ZURZUVAE is indicated for the treatment of adults with postpartum depression (PPD) Dosing and Administration • 50 mg taken orally once daily in the evening for

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