Supernus Pharmaceuticals (SUPN)
NASDAQ:SUPN
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Supernus Pharmaceuticals
(NASDAQ:SUPN)
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Rating:55Neutral
Price Target:
$52.00
▲(2.60% Upside)
Action:ReiteratedDate:04/08/26
The score is driven primarily by mixed financial performance (loss-making GAAP results and weaker cash flow vs. 2024 despite strong margins and positive FCF) and a neutral technical backdrop. These are partially offset by a relatively strong earnings-call outlook with upbeat 2026 revenue and non-GAAP profit guidance and continued growth-product momentum, while valuation is constrained by the negative P/E.
Positive Factors
Product Portfolio Momentum
Supernus's revenue mix has shifted toward multiple fast-growing branded CNS products (Qelbree, GOCOVRI, ZURZUVAE, ONAPGO). That diversification and demonstrated commercial traction support durable top-line growth, reduce single-product risk, and provide a scalable base for incremental R&D and marketing investment over the next several quarters.
Negative Factors
GAAP Profitability Deterioration
The swing to a GAAP net loss reflects higher amortization, acquisition-related charges and elevated operating spend. Persistent GAAP volatility undermines earnings quality and reduces retained earnings available for reinvestment; continued pressure could constrain long-term margin recovery if not offset by sustainable revenue gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Product Portfolio Momentum
Supernus's revenue mix has shifted toward multiple fast-growing branded CNS products (Qelbree, GOCOVRI, ZURZUVAE, ONAPGO). That diversification and demonstrated commercial traction support durable top-line growth, reduce single-product risk, and provide a scalable base for incremental R&D and marketing investment over the next several quarters.
Read all positive factors
Supernus Pharmaceuticals (SUPN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.92B
Dividend YieldN/A
Average Volume (3M)629.18K
Price to Earnings (P/E)―
Beta (1Y)0.59
Revenue Growth4.54%
EPS Growth-130.59%
CountryUS
Employees674
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.85
Shares Outstanding57,581,710
10 Day Avg. Volume491,986
30 Day Avg. Volume629,182
Financial Highlights & Ratios
PEG Ratio0.48
Price to Book (P/B)2.64
Price to Sales (P/S)3.90
P/FCF Ratio61.00
Enterprise Value/Market Cap0.97
Enterprise Value/Revenue3.94
Enterprise Value/Gross Profit4.60
Enterprise Value/Ebitda26.97
Forecast
1Y Price Target
$63.00Price Target Upside24.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.92
Revenue Forecast (FY)$865.01M
Supernus Pharmaceuticals Business Overview & Revenue Model
Company Description
Supernus Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the development and commercialization of products for the treatment of central nervous system (CNS) diseases in the United States. Its commercial products are Trokendi XR, an ...
How the Company Makes Money
Supernus primarily makes money by selling its branded prescription medicines in the United States, with revenue recognized based on product shipments to its customers (e.g., wholesalers and specialty pharmacies), net of estimated rebates, discount...
Supernus Pharmaceuticals Key Performance Indicators (KPIs)
Any
Net Sales by Product
Breaks down revenue by individual drugs and therapies, revealing which products drive Supernus’s topline and how concentrated its sales are. Heavy reliance on a few CNS products raises vulnerability to patent expirations, generic entry, or pricing pressure, while rising sales from recent launches or label expansions signal successful commercialization and potential for sustainable growth. Also highlights whether R&D and marketing investments are translating into real, repeatable revenue streams.
Breaks down revenue by individual drugs and therapies, revealing which products drive Supernus’s topline and how concentrated its sales are. Heavy reliance on a few CNS products raises vulnerability to patent expirations, generic entry, or pricing pressure, while rising sales from recent launches or label expansions signal successful commercialization and potential for sustainable growth. Also highlights whether R&D and marketing investments are translating into real, repeatable revenue streams.
Data provided by:
The Fly
The FlySupernus Pharmaceuticals Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call shows a predominantly positive commercial and strategic momentum: record FY2025 revenues ($719M), strong growth and market traction across the four growth products (notably Qelbree, ZURZUVAE, GOCOVRI and early ONAPGO uptake), clear pipeline advancement, and constructive 2026 revenue guidance ($840M–$870M). Offsetting these strengths are notable near-term headwinds from acquisition-related costs, higher R&D and SG&A that pushed FY2025 to a GAAP loss, a reduction in cash due to the Sage acquisition, and execution risks tied to ONAPGO supply continuity and gross-to-net pressures (e.g., Qelbree PBM bill). On balance the growth metrics, commercialization wins and forward guidance outweigh the financial/operational challenges.Positive Updates
Record Full-Year Revenue
Total revenues reached a record $719.0M for FY2025, driven by growth products and the Sage acquisition.
Negative Updates
GAAP Profitability Decline
GAAP operating loss of $62.3M for FY2025 compared to operating earnings of $81.7M in 2024; GAAP net loss of $38.6M (−$0.68/sh) for FY2025 vs net earnings of $73.9M ($1.32/sh) in 2024.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Revenue
Total revenues reached a record $719.0M for FY2025, driven by growth products and the Sage acquisition.
Read all positive updates
Company Guidance
For 2026 Supernus guided full‑year total revenues of $840 million to $870 million (which assumes approximately $45 million to $70 million of ONAPGO net sales), combined R&D and SG&A of $620 million to $650 million, GAAP operating income/(loss) of breakeven to a $30 million loss, and non‑GAAP adjusted operating earnings of $140 million to $170 million; management also reiterated Qelbree gross‑to‑net expectations of roughly 50%–55% for 2026, noted ONAPGO new‑patient initiation began in Q1, and the company closed 2025 with about $309 million of cash, cash equivalents and marketable securities and no debt.Supernus Pharmaceuticals Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
30
Negative
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 718.95M | 661.82M | 607.52M | 667.24M | 579.77M |
| Gross Profit | 644.39M | 583.91M | 523.74M | 580.02M | 504.71M |
| EBITDA | 41.00M | 178.28M | 90.04M | 153.36M | 129.19M |
| Net Income | -38.55M | 73.86M | 1.32M | 60.71M | 53.42M |
Balance Sheet | |||||
| Total Assets | 1.45B | 1.37B | 1.28B | 1.70B | 1.69B |
| Cash, Cash Equivalents and Short-Term Investments | 308.67M | 453.61M | 254.87M | 461.33M | 339.68M |
| Total Debt | 40.98M | 34.27M | 41.53M | 444.76M | 427.03M |
| Total Liabilities | 390.93M | 332.34M | 356.16M | 816.30M | 873.30M |
| Stockholders Equity | 1.06B | 1.04B | 921.52M | 886.20M | 815.85M |
Cash Flow | |||||
| Free Cash Flow | 45.99M | 171.23M | 110.53M | 116.41M | 125.08M |
| Operating Cash Flow | 47.33M | 171.95M | 111.08M | 116.83M | 127.13M |
| Investing Cash Flow | 4.11M | -189.87M | 268.73M | -216.66M | -81.91M |
| Financing Cash Flow | 9.13M | 12.19M | -397.88M | -10.48M | -130.42M |
Supernus Pharmaceuticals Technical Analysis
Positive
50.68
Price Trends
51.22
Positive
49.70
Positive
46.29
Positive
Market Momentum
-0.09
Negative
52.84
Neutral
65.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SUPN, the sentiment is Positive. The current price of 50.68 is above the 20-day moving average (MA) of 50.19, below the 50-day MA of 51.22, and above the 200-day MA of 46.29, indicating a bullish trend. The MACD of -0.09 indicates Negative momentum. The RSI at 52.84 is Neutral, neither overbought nor oversold. The STOCH value of 65.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SUPN.
Supernus Pharmaceuticals Risk Analysis
Supernus Pharmaceuticals disclosed 60 risk factors in its most recent earnings report. Supernus Pharmaceuticals reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Supernus Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $1.76B | 14.40 | 15.55% | ― | 48.87% | ― | |
61 Neutral | $924.19M | 12.76 | 12.76% | ― | -0.03% | -27.66% | |
55 Neutral | $2.92B | -72.78 | -3.67% | ― | 4.54% | -130.59% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $1.49B | -1.35 | -35.16% | 8.48% | -2.55% | 66.00% | |
46 Neutral | $1.13B | -3.30 | -11.92% | ― | 55.38% | ― |
* Healthcare Sector Average
SUPN
Supernus Pharmaceuticals
50.68
19.01
60.03%
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Supernus Pharmaceuticals Corporate Events
Business Operations and StrategyM&A Transactions
Supernus Acquires NV-5138 Asset in New Agreement
Positive
Apr 7, 2026
On April 1, 2026, Supernus Pharmaceuticals entered into an asset purchase agreement with Navitor Pharmaceuticals and its parent to acquire all rights, title, and interest in assets related to the compound NV-5138, or SPN-820, including intellectua...
Executive/Board Changes
Supernus boosts executive pay with new equity incentives
Positive
Feb 24, 2026
On February 18, 2026, Supernus Pharmaceuticals’ board approved Compensation Committee recommendations to raise base salaries and grant equity awards to its top executives, effective January 1, 2026, following an annual compensation review be...
Business Operations and StrategyM&A Transactions
Supernus Revises Merger Milestone Payment Obligations Agreement
Neutral
Jan 28, 2026
On January 22, 2026, Supernus Pharmaceuticals, Inc. amended its September 12, 2018 merger agreement with Reich Consulting Group, Inc.’s securityholder representative, specifically revising the timing and payment of certain milestone obligati...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.