Xcopri's Strong Q1 Sales Validate Focal Epilepsy Opportunity – XENE, RAPP, PRAX

Research evidence excerpt

Xcopri's Strong Q1 Sales Validate Focal Epilepsy Opportunity – XENE, RAPP, PRAX

USA | Biotechnology EquityMayResearch17, 2026

Exhibit 5 - Mapping the Historical andXcopri's Strong Q1 Sales Validate Focal Epilepsy

Projected Sales Trajectory of Selected

Epilepsy DrugsOpportunity – XENE, RAPP, PRAX

WW Revenues ($M) for Selected AEDs, CY00-CY28E Current Year

$2,000

$1,800

$1,600

$1,400Xcopri's Q1 US focal epilepsy sales rose +15% Q/Q to a record high $135M Years

$1,000

($M),

$800($540M run rate) vs Q4:25's $118M. 2026 sales are expected to reach Calendar $1,200 $600 Xcopri Revenue

$400

$200$550-580M (reiterated), with increased marketing and DTC ads to drive TRx $0

BriviactOxtellar (brivaracetam)XR (oxcarbazepine) VimpatAptiom (lacosamide)(eslicarbazepine) KeppraFycompa(levetiracetam)(perampanel) TrileptalXcopri (cenobamate)(oxcarbazepine)growth. In a crowded space, Xcopri's upward Q/Q trajectory signals continued .

Source: Jefferies, FactSet, Company reports

appetite for new/differentiated assets, incl XENE's AZK (Kv7), RAPP's RAP-219 Xcopriof $550-580M2026 estimate is the midpoint of company guidance

(TARPy8 AMPA), PRAX's vorma (NaV), SUPN's SPN-817 (AChEi).

** See back page for thoughts on PRAX and SUPN **

Xcopri, launched in the US in May '20, posted Q1:26 sales of $135M ($540M run rate). (1)

While TRx grew by a more modest +2% Q/Q, overall sales grew by +15% Q/Q, as Q4 was affected

by GTN headwinds and inventory drawdown (seasonality). Q1 was also aided by a +3% WAC

price hike (effective Jan 1, '26). (2) NBRx is at record highs, which should boost TRx. (3) Xcopri's

'26 sales guidance of $550-580M reaffirmed. (4) Sponsor seeks "market leadership" via tailored

HCP marketing & a DTC campaign relaunch. (5) In '26, Xcopri will file sNDAs in pediatric focal