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Supernus Pharmaceuticals
(NASDAQ:SUPN)
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Rating:53Neutral
Price Target:
$44.00
▼(-3.00% Downside)
Action:Reiterated
Date:09/07/26
The score is held back primarily by unstable profitability (recent losses and deeply negative TTM results) and weakening free-cash-flow momentum, despite a conservative, low-leverage balance sheet and strong gross margins. Technicals also weigh on the score, with the stock trading below key moving averages and negative MACD. The proposed Indivior merger provides a moderate offset as a potential catalyst for improved scale and synergies, but closing and integration risks keep the impact contained.
Positive Factors
Revenue and gross margins
Steady multi-year revenue growth indicates continuing demand for Supernus’s CNS portfolio, while exceptionally strong gross margins show attractive product economics. Together, these features provide a durable foundation for funding commercial investment and supporting future profitability if operating execution improves.
Negative Factors
Unstable profitability
The shift from prior profits to substantial TTM losses shows that strong revenue and gross margins are not yet translating into dependable earnings. Persistent operating losses could restrict internal reinvestment, weaken returns on equity, and make financial performance more sensitive to execution and spending decisions.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and gross margins
Steady multi-year revenue growth indicates continuing demand for Supernus’s CNS portfolio, while exceptionally strong gross margins show attractive product economics. Together, these features provide a durable foundation for funding commercial investment and supporting future profitability if operating execution improves.
Read all positive factors
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.
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The Fly
The FlySupernus Pharmaceuticals (SUPN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.48B
Dividend YieldN/A
Average Volume (3M)628.21K
Price to Earnings (P/E)―
Beta (1Y)0.66
Revenue Growth24.85%
EPS Growth-264.42%
CountryUS
Employees778
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-1.92
Shares Outstanding58,224,144
10 Day Avg. Volume702,646
30 Day Avg. Volume628,210
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 Cap0.95
Enterprise Value/Revenue2.85
Enterprise Value/Gross Profit3.24
Enterprise Value/Ebitda-149.29
Forecast
1Y Price Target
$63.67Price Target Upside40.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)2.8
Revenue Forecast (FY)$875.68M
Supernus Pharmaceuticals Business Overview & Revenue Model
Company Description
Supernus Pharmaceuticals, Inc. is a biopharmaceutical firm dedicated to developing and marketing therapies for central nervous system (CNS) disorders within the United States. Its portfolio of marketed products includes Trokendi XR, an extended-re...
How the Company Makes Money
Supernus makes money primarily by selling its prescription medicines in the United States. Its core revenue stream is net product sales, which are driven by demand for its branded CNS products (notably Qelbree and GOCOVRI) and, to a lesser extent,...
Supernus Pharmaceuticals Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum across multiple products with robust revenue growth (total revenue +39% YoY; growth products +56% YoY), improving non-GAAP profitability, a healthy cash position (~$384M) and an advancing R&D pipeline. Offsetting these positives are meaningful increases in operating expenses (combined R&D and SG&A up ~40.8% YoY), ongoing GAAP losses (albeit reduced), supply constraints and conversion challenges for Onepco, and timing / regulatory risk related to bringing a second supplier online. Management reiterated full-year guidance ranges and emphasized continued focus on corporate development and supply backups. Overall, the positive top-line growth, improved profitability metrics, strong product-specific trends and solid balance sheet outweigh the near-term expense and supply risks.Positive Updates
Strong Overall Revenue Growth
Total revenue of $207.7 million in Q1 2026, up 39% year-over-year. Combined revenues of growth products increased 56% year-over-year. Revenues from commercial products were $178 million, up 26% year-over-year.
Negative Updates
Significant Increase in Operating Expenses
Combined R&D and SG&A expenses were $164.6 million in Q1 2026 versus $116.9 million in Q1 2025, an increase of approximately $47.7 million (≈40.8%), driven primarily by higher SG&A related to the Biogen collaboration. Full-year guidance expects combined R&D and SG&A of $620–$650 million, indicating sustained elevated spending.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Overall Revenue Growth
Total revenue of $207.7 million in Q1 2026, up 39% year-over-year. Combined revenues of growth products increased 56% year-over-year. Revenues from commercial products were $178 million, up 26% year-over-year.
Read all positive updates
Company Guidance
Supernus reiterated full‑year 2026 guidance expecting total revenues of $840–$870 million, combined R&D and SG&A of $620–$650 million, full‑year operating earnings of $0–$30 million and non‑GAAP operating earnings of $140–$170 million; management also signaled program timelines with an expected FDA submission for the second Onapro supplier in Q3 2026 and potential approval before mid‑2027, plans to initiate a Phase 1 study for SPN‑443 in 2026, and reported approximately $384 million in cash, cash equivalents and marketable securities as of 03/31/2026 with no debt.Supernus Pharmaceuticals Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
78
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 830.44M | 718.95M | 661.82M | 607.52M | 667.24M | 579.77M |
| Gross Profit | 731.41M | 644.39M | 583.91M | 523.74M | 580.02M | 504.71M |
| EBITDA | -15.87M | 42.53M | 178.28M | 90.04M | 153.36M | 129.19M |
| Net Income | -109.89M | -38.55M | 73.86M | 1.32M | 60.71M | 53.42M |
Balance Sheet | ||||||
| Total Assets | 1.43B | 1.45B | 1.37B | 1.28B | 1.70B | 1.69B |
| Cash, Cash Equivalents and Short-Term Investments | 372.07M | 308.67M | 453.61M | 254.87M | 461.33M | 339.68M |
| Total Debt | 40.17M | 40.98M | 34.27M | 41.53M | 444.76M | 427.03M |
| Total Liabilities | 396.88M | 390.93M | 332.34M | 356.16M | 816.30M | 873.30M |
| Stockholders Equity | 1.03B | 1.06B | 1.04B | 921.52M | 886.20M | 815.85M |
Cash Flow | ||||||
| Free Cash Flow | 18.79M | 45.99M | 171.23M | 110.53M | 116.41M | 125.08M |
| Operating Cash Flow | 19.91M | 47.33M | 171.95M | 111.08M | 116.83M | 127.13M |
| Investing Cash Flow | -14.73M | 4.11M | -189.87M | 268.73M | -216.66M | -81.91M |
| Financing Cash Flow | 31.51M | 9.13M | 12.19M | -397.88M | -10.48M | -130.42M |
Supernus Pharmaceuticals Technical Analysis
Negative
45.36
Price Trends
44.33
Negative
45.39
Negative
48.03
Negative
Market Momentum
-0.39
Negative
46.53
Neutral
37.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SUPN, the sentiment is Negative. The current price of 45.36 is above the 20-day moving average (MA) of 42.73, above the 50-day MA of 44.33, and below the 200-day MA of 48.03, indicating a bearish trend. The MACD of -0.39 indicates Negative momentum. The RSI at 46.53 is Neutral, neither overbought nor oversold. The STOCH value of 37.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.58B | 118.73 | 40.13% | ― | 81.49% | ― | |
62 Neutral | $719.15M | 14.44 | 15.96% | ― | 14.31% | 34.35% | |
56 Neutral | $4.23B | 12.62 | -216.13% | 22.69% | 13.55% | 305.85% | |
55 Neutral | $6.81B | 100.77 | 3.72% | ― | 10.79% | -81.14% | |
53 Neutral | $2.48B | -22.21 | -10.42% | ― | 24.85% | -264.42% | |
52 Neutral | $599.95M | -7.35 | 243.68% | ― | 22.56% | 5.86% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
SUPN
Supernus Pharmaceuticals
42.67
-5.71
-11.80%
ALKS
Alkermes
40.61
8.44
26.24%
COLL
Collegium Pharmaceutical
22.09
-9.95
-31.05%
INDV
Indivior
35.83
11.96
50.10%
AQST
Aquestive Therapeutics
4.78
-1.88
-28.23%
ETON
Eton Pharmaceuticals
55.21
37.13
205.37%
Supernus Pharmaceuticals Corporate Events
M&A TransactionsRegulatory Filings and Compliance
Supernus, Indivior Launch Communications on Proposed Merger
Positive
Aug 3, 2026
On August 3, 2026, Supernus Pharmaceuticals published a LinkedIn post and distributed internal emails and presentations to employees regarding its proposed merger of equals with Indivior Pharmaceuticals. The communications formally launch the comp...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Supernus and Indivior Announce Proposed Stock-for-Stock Merger
Positive
Aug 3, 2026
On August 3, 2026, Supernus Pharmaceuticals and Indivior Pharmaceuticals held a joint conference call and webcast to discuss their proposed stock‑for‑stock merger of equals, which would create a diversified CNS biopharmaceutical compan...
Business Operations and StrategyDividendsM&A TransactionsPrivate Placements and Financing
Supernus and Indivior Announce All-Stock Merger of Equals
Positive
Aug 3, 2026
On August 1, 2026, Supernus Pharmaceuticals and Indivior Pharmaceuticals agreed to an all-stock merger of equals that will combine their complementary central nervous system franchises into a new entity called Supernus, Inc. The combined company, ...
Executive/Board ChangesShareholder Meetings
Supernus Investors Approve Directors, Pay and Incentive Plan
Positive
Jun 18, 2026
On June 18, 2026, Supernus Pharmaceuticals held its annual meeting of stockholders, at which investors voted on director elections, executive compensation, auditor ratification and an amendment to the company’s equity incentive plan. Stockho...
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.