Deep Dive: Zurzuvae in PPD: The Commercial Story You MUST Look At + Very Positive Survey Results

Research evidence excerpt

Deep Dive: Zurzuvae in PPD: The Commercial Story You MUST Look At + Very Positive Survey Results

Biotechnology | Biotechnology

EQUITY RESEARCH Deep Dive: Zurzuvae in PPD: The Commercial Story July 8, 2026

You MUST Look At + Very Positive Survey Results Companies mentioned

Ticker Price Rating Target

Why Write This Report? BIIB $205.70 Overweight $206.00

SUPN $47.94 Overweight $67.00 ●Recall SUPN took on Zurzuvae for postpartum depression (PPD)

Prev - - $63.00 following the acquisition of Sage Therapeutics last year. The product is

Prices are as of 07/07/26. jointly commercialized by Biogen and Supernus.

Research Analysts:

Kristen Kluska ●With this piece, we set out to better understand the PPD market, the

212-915-1927 unmet need and where Zurzuvae fits in the treatment landscape.

Kristen.Kluska@cantor.com

Eric Schmidt ●Our physician survey (discussed below) strengthened our conviction

212-294-7724 in Zurzuvae's commercial opportunity, with overwhelmingly positive

Eric.Schmidt@cantor.com physician sentiment supporting continued adoption.

Ayan Hussein, PhD

212-915-1122 ●Despite this, our valuation indicates that the market currently

Ayan.Hussein@cantor.com assigns relatively little value to Zurzuvae, creating meaningful upside

Ross Fladeland potential. 212-915-1803

ross.fladeland@cantor.com ●Based on our proprietary physician survey and analysis, we have

Alexa Deemer Conzola, MD increased our peak market penetration assumptions for Zurzuvae, 212-610-2242

Alexa.Deemer@cantor.com resulting in a PT of $67 for SUPN shares, up from $63.

What's Postpartum Depression?

●Postpartum depression is a common and underdiagnosed condition

that affects women during pregnancy and the first year following

childbirth.