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Sage Therapeutics, Inc. SAGE reported a loss of $1.01 per share for the first quarter of 2025, wider than the Zacks Consensus Estimate of a loss of 99 cents. The company had reported a loss of $1.80 per share in the year-ago quarter.
Revenues in the first quarter totaled $14.1 million, up from $7.9 million reported in the year-ago period. Revenues slightly missed the Zacks Consensus Estimate of $14.2 million. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
SAGE markets its new depression drug Zurzuvae (zuranolone) in partnership with drug giant Biogen BIIB. Zurzuvae, the first and only oral treatment indicated for adults with postpartum depression (PPD), was approved in August 2023 and was commercially launched in December 2023.
Year to date, shares of Sage Therapeutics have rallied 40% against the industry’s decline of 4%.
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More on SAGE's Q1 Earnings
Total revenues in the reported quarter comprised collaboration revenues – related party and other collaboration revenues.
Collaboration revenues from the sale of Zurzuvae were $13.8 million in the first quarter, increasing 21% on a sequential basis.
Sage Therapeutics and partner Biogen equally share profits and losses for the commercialization of Zurzuvae in the United States. In ex-U.S. markets, Biogen records product sales (excluding Japan, Taiwan and South Korea, where Shionogi holds the rights) and pays royalties to SAGE.
Per Sage Therapeutics, more than 3,000 prescriptions were shipped and delivered during the quarter, representing an increase of 22% sequentially.
Research & development (R&D) expenses were $22.8 million, down 68.2% from the year-ago quarter’s levels. The downside was due to recent restructuring measures, including reduced headcount and lower spending on early-stage pipeline programs and discontinuation of ongoing clinical studies.
Selling, general and administrative expenses (SG&A) increased 9.5% from the prior-year quarter’s figure to $57.6 million. The upside was due to higher commercialization cost and legal expenses associated with the strategic alternatives review process.
The company had $424 million in cash, cash equivalents and marketable securities as of March 31, 2025 compared with $504 million as of Dec. 31, 2024. This cash balance, combined with expected funding from collaboration revenues and potential savings from the recent reorganization, is expected to support SAGE’s ongoing operations into mid-2027.
2025 Guidance
The company anticipates operating expenses to substantially decline in 2025 compared with 2024. SAGE also expects the Zurzuvae joint commercialization investment to increase in 2025.