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Supernus Pharmaceuticals, Inc.
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NASDAQ: SUPN Healthcare Pharma 🔎 Screen
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$2.2B
Market Cap
—
P/E
0.51
PEG
3.7%
ROCE
-10.5%
ROE
0.04
D/E
1.1%
OPM
-26.2%
% from 52W High
29
α RS
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About

Supernus Pharmaceuticals, Inc., a biopharmaceutical company, engages in the development and commercialization of products for the treatment of central nervous system (CNS) diseases in the United States. It offers Qelbree, a non-stimulant indicated for the treatment of attention-deficit hyperactivity disorder (ADHD); GOCOVRI for the treatment of dyskinesia and levodopa/carbidopa in patients with Parkinson's Disease (PD); Oxtellar XR, an extended-release oxcarbazepine product indicated for the monotherapy treatment of partial onset epilepsy seizures; and APOKYN for the acute and intermittent treatment of hypomobility or off episodes in patients with advanced PD. It also provides Trokendi XR, an extended release topiramate product indicated for the treatment of epilepsy, as well as for the prophylaxis of migraine headache; XADAGO for the treatment of levodopa/carbidopa in patients with PD experiencing off episodes; and MYOBLOC, a Type B toxin product indicated for the treatment of cervical dystonia and chronic sialorrhea. In addition, the company develops ONAPGO, which received FDA approval, for the treatment of motor fluctuations in adults with advanced PD; SPN-817, a first-in-class selective acetylcholinesterase inhibitor, which is in Phase 2 clinical trial, for the treatment of epilepsy, partial seizures, Dravet syndrome, and Lennox-Gaustaut syndrome; SPN-820, a small molecule in Phase 2 clinical trial for treating resistant depression; and SPN-443, a stimulant in Phase 1 trial for the treatment of ADHD/CNS. It markets and sells its products through pharmaceutical wholesalers, specialty pharmacies, and distributors. It has a development agreement with Navitor Inc. for the conduct of Phase 2 clinical program of SPN-820. Supernus Pharmaceuticals, Inc. was incorporated in 2005 and is based in Rockville, Maryland.

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📈 Growth Pattern
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⭐ Superinvestors Holding SUPN
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 1.71M $88.1M 0.14% Mar 2026
Steve Cohen Point72 Asset Management 1.32M $68.2M 0.09% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Supernus Q1 2026 total revenue $207.7M, up 39% YoY, growth products up 56%.
Revenue & Profitability
Total revenue for Q1 2026 was $207.7 million, a 39% increase versus Q1 2025. GAAP net loss was $2.3 million (loss per share $0.04), compared to a loss of $11.8 million ($0.21 per share) last year. Adjusted operating earnings (non-GAAP) were $28.7 million, up from $25.9 million in the prior year quarter. Commercial product revenue grew 26% to $178 million.
Outlook
Management sees strong demand tailwinds, with ONAPGO enrollment forms reaching 2,200 and ZURZUVAE U.S. sales growing ~100% year-over-year. Qelbree outpaced the total ADHD market (19% script growth vs 10% market growth). Full-year 2026 guidance maintained: total revenue $840M-$870M, non-GAAP operating earnings $140M-$170M. Typical Q1 headwinds but strong momentum expected to continue.
Growth Drivers
Key growth drivers include ONAPGO's rebound after supply constraints (March scripts at 463, exceeding pre-constraint levels), ZURZUVAE expansion via DTC campaign and repeat prescribers (85% of scripts), Qelbree's adult segment (27% prescription growth, adult prescribers surpassing pediatric), and GOCOVRI 15% net sales growth. Pipeline programs (SPN-820, SPN-817, SPN-443) offer future upside.
Balance Sheet & CapEx
Capital expenditure guidance was not separately provided. Combined R&D and SG&A expenses guidance for 2026 is $620M-$650M. The company is investing in supply chain capacity for ONAPGO via a second supplier (regulatory submission Q3 2026, potential approval mid-2027) and a backup supplier.
Margins
Adjusted operating earnings (non-GAAP) for Q1 2026 were $28.7 million, an 11% increase versus $25.9 million in Q1 2025. GAAP operating loss improved to $8.3 million from a loss of $10.3 million. The increase in SG&A expenses was primarily due to the Biogen collaboration. Full-year non-GAAP operating earnings guidance is $140M-$170M.
Key Risks
Risks include ongoing supply constraints for ONAPGO (only partial benefit in Q1 from resumption), potential drop-off of 40-45% of enrollment forms before shipment, and FDA approval timeline for the second supplier (6-9 months). Competition from VYALEV and titration-related patient dropout for ONAPGO were also noted. Forward-looking statements carry inherent risks.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 & Merger 2026-08-03
A merger of equals will create a CNS biopharma leader with $2.2B in pro forma revenue, five key growth products, and $125M in annual cost synergies. SUBLOCADE will be the largest revenue driver, and the combined company will have strong financial flexibility for future growth.
Q1 2026 Q1 2026 2026-05-05
Q1 2026 delivered strong revenue growth, driven by ONAPGO's rebound, robust Qelbree and ZURZUVAE performance, and improved operating results. Guidance for 2026 was reiterated, with a solid cash position and no debt supporting future growth.
Q4 2025 Q4 2025 2026-02-24
Record 2025 revenues of $719 million were driven by strong growth in Qelbree, GOCOVRI, Zurzuvae, and ONAPGO, with successful integration of Sage Therapeutics and resolution of ONAPGO supply constraints. 2026 guidance projects continued double-digit revenue growth and robust product demand.
Q3 2025 Q3 2025 2025-11-04
Q3 2025 saw strong revenue growth from key products, with ONAPGO, Qelbree, GOCOVRI, and ZURZUVAE driving 78% of total revenues. Guidance for 2025 was raised, though ONAPGO supply constraints are limiting new patient starts. Cash remains strong with no debt.
Q2 2025 Q2 2025 2025-08-05
Q2 2025 saw robust growth from Qelbree, GOCOVRI, and ONAPGO, now 73% of net sales, while legacy products declined. Revenue guidance for 2025 was raised following the Sage acquisition, with ZURZUVAE showing strong early momentum. Cash position remains strong post-acquisition.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Information Sources:
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