SUPNNasdaqPharmaceutical PreparationsUS GAAP · USD

Supernus Pharmaceuticals, Inc

Supernus Pharmaceuticals is a U.S.-based biopharmaceutical company focused on developing and commercializing medicines for central nervous system diseases. Its portfolio includes approved and marketed therapies for ADHD, Parkinson’s disease-related movement disorders, epilepsy, migraine, postpartum depression, cervical dystonia, and chronic sialorrhea, along with a pipeline of CNS product candidates.

Revenue719m USD
+8.6 %y/y
Operating profit (EBIT)-62.3m USD
−176.3 %y/y
EBIT margin-8.7%
−21.0 ppy/y
Net income-38.6m USD
−152.2 %y/y
Free cash flow46.0m USD
−73.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2000200400600800m USD2020: 520 m USD2020: EBIT 174 m USD20202021: 580 m USD2021: EBIT 86 m USD20212022: 667 m USD2022: EBIT 46 m USD20222023: 608 m USD2023: EBIT -5.3 m USD20232024: 662 m USD2024: EBIT 82 m USD20242025: 719 m USD2025: EBIT -62 m USD2025719-62
RevenueOperating profit (EBIT)

Business

Share of revenue
Commercial neuroscience products80 %

Approved and marketed medicines for ADHD, Parkinson’s disease, epilepsy, migraine, dystonia, and sialorrhea.

Specialty pharmacy products15 %

Products distributed mainly through specialty pharmacies, including therapies for movement disorders and postpartum depression.

Collaboration revenue3 %

Revenue from partnered products such as ZURZUVAE under commercialization or profit-sharing arrangements.

Pipeline and development programs2 %

Clinical-stage CNS candidates such as SPN-817, SPN-820, and SPN-443.

Products

Reported · share of revenue
42.4%20.4%17.3%FY2025100 %
  • Qelbree42.4 %
  • GOCOVRI20.4 %
  • Collaboration Revenue7.4 %
  • APOKYN6.6 %
  • Trokendi Xr5.9 %
  • Other17.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Supernus sells primarily to pharmaceutical wholesalers, specialty pharmacies, and distributors, which then supply pharmacies, hospitals, and other healthcare customers. Some products are also purchased directly by physicians and hospitals, while certain therapies are distributed through specialty pharmacy channels because of patient support, access, and handling requirements.

Pharmaceutical wholesalers

Buy the majority of product sales for several brands and distribute into the broader pharmacy channel.

Specialty pharmacies

Buy and dispense therapies such as GOCOVRI, APOKYN, ONAPGO, and ZURZUVAE where patient support matters.

Distributors

Handle product flow for brands sold through channel partners, especially in broad commercial access markets.

Physicians and hospitals

Purchase certain products directly, including MYOBLOC, for in-office or institutional use.

Government and public payors

Indirectly consume products through downstream channels and influence access, rebates, and reimbursement.

Strategy

Supernus is focused on expanding its neuroscience franchise through commercial execution in ADHD and movement disorders while advancing a pipeline of CNS candidates. The company also uses business development and acquisitions to add marketed assets and broaden its portfolio, as shown by its Sage Therapeutics transaction and the addition of ZURZUVAE.

Expand commercial CNS franchiseShort term

The company depends on branded product sales, so growth in core franchises supports scale and portfolio durability.

Advance pipeline candidatesMedium term

Clinical programs create future product opportunities and reduce reliance on older brands.

Add assets through business developmentMedium term

Acquisitions and collaborations can quickly expand the commercial portfolio and pipeline.

Replace products facing exclusivity lossShort term

Patent expirations can erode legacy revenue, so portfolio renewal is important for continuity.

Geography

Supernus is headquartered in Rockville, Maryland and operates as a U.S.-based company with commercial activity centered in the United States. The business is exposed to U.S. reimbursement, FDA regulation, and domestic channel concentration, while some supply and vendor relationships extend outside the United States.

Risks

Supernus faces concentration in a few commercial products and channel partners, making revenue sensitive to prescription trends, reimbursement, and wholesaler purchasing patterns. The company also faces regulatory, patent, supply-chain, and acquisition-related risks that are common in specialty pharmaceuticals and can affect launches, margins, and asset values.

Sorted by severity
Regulatory and reimbursement pressureHigh

FDA requirements and payor coverage decisions can affect approval timing, pricing, and patient access.

ExposureU.S. FDAMedicaidThird-party payors
Customer concentrationHigh

Three wholesalers accounted for more than 15% each of product revenue, creating dependence on a few channel partners.

ExposureCencoraCardinal HealthMcKesson
Patent and exclusivity lossHigh

Loss of exclusivity on legacy products can sharply reduce revenue as generic competition enters.

ExposureTrokendi XROxtellar XRXADAGO
Supply chain and vendor dependenceMedium

The company relies on third-party manufacturers and suppliers, including non-U.S. vendors, for active ingredients and drug substances.

Exposure: API and clinical manufacturing supply

Integration and valuation risk from acquisitionsMedium

Business combinations require purchase accounting judgments and can create goodwill or intangible asset impairment exposure.

ExposureSage acquisitionAcquired assetsContingent consideration

Accounting

Judgemental items
Revenue deductions and returns

Product sales are recorded net of rebates, discounts, and estimated returns, so reserve estimates directly affect revenue.

Impact: Quarterly revenue and gross-to-net adjustments

Medicaid rebate accruals

Long lag times between sale and state Medicaid invoicing can require revisions to prior-period accruals.

Impact: Earnings volatility and reserve true-ups

Business combination accounting

The Sage acquisition requires fair value allocation across acquired assets, liabilities, goodwill, and contingent consideration.

Impact: Purchase accounting, amortization, and future impairment risk

Impairment of definite-lived intangibles

Legacy products and acquired rights may need impairment testing if expected cash flows decline.

Impact: Non-cash charges to operating results

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026