Supernus (NASDAQ: SUPN) posts 39% revenue growth and reaffirms 2026 outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Supernus Pharmaceuticals reported strong growth for the first quarter of 2026, with total revenues of $207.7 million, up 39% from $149.8 million a year earlier. Revenues from commercial products, including collaboration revenue from ZURZUVAE, reached $178.4 million, a 26% increase.
Growth was driven by key CNS products: Qelbree net sales rose 20% to $77.9 million, GOCOVRI grew 15% to $35.2 million, ONAPGO generated $8.4 million after launch, and ZURZUVAE collaboration revenue contributed $27.6 million. The company posted a GAAP net loss of $2.3 million (or $0.04 per share), narrowed from $11.8 million, while non-GAAP adjusted operating earnings improved to $28.7 million. Cash, cash equivalents, and current marketable securities increased to $384.2 million as of March 31, 2026. Supernus reiterated its full-year 2026 guidance, including total revenues of $840–$870 million and non-GAAP adjusted operating earnings of $140–$170 million.
Positive
- Total revenues grew 39% year over year to $207.7 million, indicating strong top-line momentum across Supernus’s CNS portfolio.
- Growth products performed strongly, with Qelbree net sales up 20% to $77.9 million, GOCOVRI up 15% to $35.2 million, ONAPGO contributing $8.4 million, and ZURZUVAE collaboration revenue at $27.6 million.
- Profitability metrics improved, as GAAP net loss narrowed to $2.3 million while non-GAAP adjusted operating earnings increased to $28.7 million from $25.9 million.
- Liquidity strengthened with cash, cash equivalents, and current marketable securities rising to $384.2 million as of March 31, 2026.
Negative
- None.
Insights
Strong Q1 revenue growth, expanding growth brands, and reaffirmed 2026 guidance.
Supernus delivered Q1 2026 revenues of $207.7M, up 39% year over year, powered by its growth portfolio. Qelbree grew 20% to $77.9M, GOCOVRI rose 15% to $35.2M, ONAPGO added $8.4M, and ZURZUVAE collaboration revenue reached $27.6M.
Despite higher R&D and SG&A, including spending on SPN‑817 and the Biogen collaboration, the GAAP net loss narrowed to $2.3M while non‑GAAP adjusted operating earnings increased to $28.7M. Cash and current marketable securities climbed to $384.2M as of March 31, 2026, providing funding for pipeline programs SPN‑817, SPN‑820, and SPN‑443.
The company reiterated full‑year 2026 guidance, including total revenues of $840–$870M and non‑GAAP adjusted operating earnings of $140–$170M. Future disclosures on the planned FDA submission for a second ONAPGO supplier in Q3 2026 and potential approval by mid‑2027 will help clarify long‑term supply and growth for that franchise.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenues Q1 2026: $207.7 million
Revenues from commercial products: $178.4 million
Qelbree net sales: $77.9 million
+5 more
8 metrics
Total revenues Q1 2026
$207.7 million
Three months ended March 31, 2026; up 39% year over year
Revenues from commercial products
$178.4 million
Non-GAAP; Q1 2026 vs $142.0 million in Q1 2025
Qelbree net sales
$77.9 million
Q1 2026 net product sales; 20% higher than Q1 2025
ZURZUVAE collaboration revenue
$27.6 million
Proportionate share of U.S. sales in Q1 2026
Adjusted operating earnings
$28.7 million
Non-GAAP; Q1 2026 vs $25.9 million in Q1 2025
GAAP net loss
$2.3 million
Q1 2026 net loss; improved from $11.8 million in Q1 2025
Cash and current marketable securities
$384.2 million
As of March 31, 2026; up from $308.7 million at December 31, 2025
2026 total revenue guidance
$840–$870 million
Full-year 2026 outlook reaffirmed as of February 24, 2026
Key Terms
non-GAAP, collaboration revenue, contingent consideration, Phase 2b randomized, double-blind, placebo-controlled study, +2 more
6 terms
non-GAAP financial
"This section includes information on non-GAAP financial measures."
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
collaboration revenue financial
"Collaboration revenue from ZURZUVAE was $27.6 million in the first quarter of 2026."
Payments a company receives from business partners under joint development, commercialization, or licensing agreements—often including upfront fees, milestone payments and a share of product sales—earned as part of a formal collaboration. Investors care because this income can validate a company’s technology, boost cash flow and reduce the cost of bringing products to market, but it is often lumpy and contingent on future milestones and partner performance, so it affects revenue predictability and valuation.
contingent consideration financial
"partially offset by an increase in ... change in contingent consideration loss in the 2026 period"
Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.
Phase 2b randomized, double-blind, placebo-controlled study medical
"The Phase 2b randomized, double-blind, placebo-controlled study of 3mg and 4mg twice daily doses is ongoing"
adjusted operating earnings financial
"Adjusted operating earnings (non-GAAP)(1) were $28.7 million in the first quarter of 2026"
Adjusted operating earnings are a company’s profit from its regular business activities after removing one-time, unusual or non-core items (like restructuring charges, asset sales, or litigation costs) so you see the underlying performance. Investors use this figure like a trimmed-down view of earnings—similar to judging a car’s fuel efficiency without counting one-off repair bills—to compare companies and assess whether operating results are sustainable.
royalty, licensing, and other revenues financial
"Royalty, licensing and other revenues (5) | 29.3 | | | 7.8 | | | 274%"
Earnings Snapshot
Total revenues: $207.7 million · Guidance included
Q1 2026
Total revenues
$207.7 million
+39% YoY
Net product sales
$150.8 million
+6% YoY
Adjusted operating earnings (non-GAAP)
$28.7 million
+$2.8 million YoY
GAAP net loss
$2.3 million
improved from $11.8 million loss
Guidance
For full-year 2026, Supernus reiterates total revenues of $840–$870 million, GAAP operating earnings of $0–$30 million, and non-GAAP adjusted operating earnings of $140–$170 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of Principal Executive Offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: (301 ) 838-2500
Not Applicable
(Former name or former address, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Exchange Act
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 5, 2026, Supernus Pharmaceuticals, Inc. (“Supernus” or the “Company”) issued a press release regarding its financial results for the first quarter ended March 31, 2026. A copy of this press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
As previously announced, Supernus is hosting a conference call at 4:30 p.m. Eastern Time on Tuesday, May 5, 2026, to present the business and financial results. A live webcast is available at www.supernus.com. The webcast will be archived on the Company’s website for 60 days following the live call.
The information in Items 2.02 (including Exhibit 99.1) is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date of this report, except as shall be expressly set forth by specific reference in such filing.
This Current Report on Form 8-K contains “forward-looking statements” that do not convey historical information, but relate to predicted or potential future events, such as statements of our plans, strategies and intentions. These statements can often be identified by the use of forward-looking terminology such as “believe,” “expect,” “intend,” “may,” “will,” “should,” or “anticipate” or similar terminology. All statements other than statements of historical facts included in this Current Report on Form 8-K are forward-looking statements. All forward-looking statements speak only as of the date of this Current Report on Form 8-K. Except for Supernus’ ongoing obligations to disclose material information under the federal securities laws, Supernus undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition to the risks and uncertainties of ordinary business operations and conditions in the general economy and the markets in which Supernus competes, the forward-looking statements of Supernus contained in this Current Report on Form 8-K are also subject to various risks and uncertainties, including those set forth in Item 1A, “Risk Factors,” in Supernus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025 which the Company filed on March 2, 2026, and other risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit | Description | ||||
| 99.1 | Press Release dated May 5, 2026 filed as an Exhibit pursuant to Item 2.02 hereof. | ||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | ||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SUPERNUS PHARMACEUTICALS, INC. | ||||||||
| DATED: May 5, 2026 | By: | /s/ Timothy C. Dec | ||||||
| Timothy C. Dec Senior Vice President and Chief Financial Officer | ||||||||
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Exhibit 99.1
Supernus Announces First Quarter 2026 Financial Results
•Total revenues were $207.7 million in the first quarter 2026, a 39% increase compared to same period last year.
•Combined revenues of the Company's four growth products increased to $149.1 million in the first quarter 2026, representing an increase of 56% compared to the same period last year. This strong growth was driven by an increase in net sales of Qelbree® and GOCOVRI®, and the addition of sales from ZURZUVAE® and ONAPGO™.
•Regulatory submission to the FDA for second supplier for ONAPGO expected in third quarter 2026, with potential approval by mid-year 2027.
•The Company reiterates full year 2026 financial guidance.
ROCKVILLE, Md., May 5, 2026 – Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN), a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases, today announced financial results for the first quarter 2026 and associated Company developments.
“Our first quarter results reflect a strong start to the year, including a 56% year-over-year increase in combined revenues of our growth products,” said Jack Khattar, President and CEO of Supernus. “We have positive momentum across our business, and I look forward to continued strong growth and execution of our key products throughout the year.”
Commercial Highlights
•ONAPGO net product sales were $8.4 million in the first quarter of 2026, reflecting resumption of new patient initiation in February 2026. Since the launch in April 2025, and through the end of April 2026, approximately 2,200 enrollment forms have been submitted by more than 645 prescribers. The Company expects to file a regulatory submission to the U.S. Food and Drug Administration (FDA) for a second supplier for ONAPGO in the third quarter of 2026, with potential FDA approval for the second supplier by mid-year 2027.
•Collaboration revenue from ZURZUVAE was $27.6 million in the first quarter of 2026. Collaboration revenue represents 50% of the net revenues for ZURZUVAE recorded by Biogen Inc. First quarter 2026 U.S sales of ZURZUVAE, as reported by Biogen Inc., increased approximately 100% compared to the same period in 2025. The total number of prescriptions for ZURZUVAE increased by 82% in the first quarter of 2026 compared to the same period last year.
•Net sales of Qelbree increased 20% to $77.9 million in the first quarter of 2026, compared to the same period in 2025, driven primarily by volume growth. Total IQVIA prescriptions(6) for Qelbree were 254,824 for the first quarter 2026, representing an increase of 19% compared to the same period last year. The total number of prescribers reached an all-time high of approximately 43,000 in the first quarter of 2026.
•Net sales of GOCOVRI increased 15% to $35.2 million in the first quarter of 2026, compared to the same period in 2025. Total number of prescriptions grew by 7% in the first quarter of 2026 compared to the same period last year.
Product Pipeline Update
SPN-817 – Novel first-in-class highly selective AChE inhibitor for epilepsy
•The Phase 2b randomized, double-blind, placebo-controlled study of 3mg and 4mg twice daily doses is ongoing with a targeted enrollment of approximately 258 adult patients with treatment resistant focal seizures.
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SPN-820 – Novel first-in-class molecule that increases mTORC1 mediated synaptic function for depression
•The Phase 2b multi-center, randomized, double-blind, placebo-controlled trial in approximately 200 adults with major depressive disorder (MDD). The study will examine the safety and tolerability of SPN-820 2400 mg given intermittently (twice weekly) as an adjunctive treatment to the current baseline antidepressant therapy, as well as assess the rapid onset of improvement in depressive symptoms.
SPN-443 – Novel stimulant for attention-deficit/hyperactivity disorder (ADHD)
•The Company expects to initiate a Phase 1 single-ascending/multiple-ascending dose study in adult healthy volunteers in the second half of 2026.
Financial Highlights
This section includes information on non-GAAP financial measures. See "Non-GAAP Financial Information" section for information on non-GAAP financial measures. In addition, a reconciliation of applicable GAAP to non-GAAP financial information is included at the end of this press release.
Revenues
The following table provides information regarding total revenues (dollars in millions):
| Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | Change % | |||||||||||||||
| (unaudited) | |||||||||||||||||
| Net product sales | |||||||||||||||||
| Qelbree | $ | 77.9 | $ | 64.7 | 20% | ||||||||||||
| GOCOVRI | 35.2 | 30.7 | 15% | ||||||||||||||
Trokendi XR® | 9.5 | 12.8 | (26)% | ||||||||||||||
| ONAPGO | 8.4 | — | 100% | ||||||||||||||
APOKYN® | 7.7 | 15.0 | (48)% | ||||||||||||||
Oxtellar XR® | 7.4 | 10.2 | (27)% | ||||||||||||||
Other(2) | 4.7 | 8.6 | (46)% | ||||||||||||||
Total net product sales | 150.8 | 142.0 | 6% | ||||||||||||||
Collaboration revenue (ZURZUVAE) (3) | 27.6 | — | 100% | ||||||||||||||
Total revenues from commercial products (Non-GAAP) (1) (4) | 178.4 | 142.0 | 26% | ||||||||||||||
Royalty, licensing and other revenues(5) | 29.3 | 7.8 | 274% | ||||||||||||||
| Total revenues | $ | 207.7 | $ | 149.8 | 39% | ||||||||||||
Total revenues from commercial products (non-GAAP)(1)(4) represent revenues from our product sales to customers and through our collaboration agreement with Biogen.
Other Financial Highlights
•The Company recognized $20.0 million of licensing revenue in the first quarter of 2026 related to the achievement of a commercial milestone under its collaboration agreement with Shionogi.
•Operating loss was $8.3 million for the first quarter of 2026, compared to an operating loss of $10.3 million for the same period in 2025. The change was primarily due to higher revenues and a lower change in contingent consideration loss in the 2026 period, partially offset by an increase in selling, general, and administrative expenses associated with the collaboration agreement with Biogen Inc., an increase in research and development costs related to clinical program costs
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on SPN-817, which includes a $10.0 million expense to former Biscayne security holders, and an increase in intangible asset amortization expense for ZURZUVAE and ONAPGO intangible assets in 2026.
•Adjusted operating earnings (non-GAAP)(1) were $28.7 million in the first quarter of 2026, compared to $25.9 million for the same period in 2025.
•Net loss and diluted loss per share were $2.3 million and $0.04 for the first quarter of 2026, respectively, compared to net loss and diluted loss per share of $11.8 million and $0.21 for the same period in 2025.
•Cash, cash equivalents, and current marketable securities were approximately $384.2 million as of March 31, 2026, compared to $308.7 million as of December 31, 2025. This increase was primarily due to cash generated from operations and the aforementioned commercial milestone.
Full Year 2026 Financial Guidance
For the full year 2026, the Company reiterates its full year financial guidance as set forth below (dollars in millions):
Current Guidance (as of February 24, 2026) | ||||||||
Total revenues include the following(7): ◦ONAPGO net sales of $45 million - $70 million ◦Trokendi XR and Oxtellar XR net sales of $40 - $50 million | $840 - $870 | |||||||
| Combined R&D and SG&A expenses | $620 - $650 | |||||||
Operating earnings | $0 - $30 | |||||||
Adjusted operating earnings (non-GAAP)(1) | $140 - $170 | |||||||
Non-GAAP Financial Information
This press release contains financial measures that present financial information which do not comply with United States generally accepted accounting principles (GAAP). The non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, or superior to measures prepared in accordance with GAAP. Non-GAAP adjusted operating earnings on a historical and projected basis adjusts for non-cash share-based compensation expense, depreciation and amortization, intangible asset impairment charges and changes to fair value of contingent consideration, and for factors that are unusual, non-recurring or unpredictable, and excludes those costs, expenses, and other specified items presented in the reconciliation tables in this press release. We also present total revenues excluding net sales of Trokendi XR (GAAP) and Oxtellar XR (GAAP), which is a non-GAAP measure and is calculated as total revenues (GAAP) less net product sales of Trokendi XR (GAAP) and Oxtellar XR (GAAP). Beginning in the year a product loses exclusivity due to generic entrants, we generally do not expect net product sales of such products to constitute a significant part of our revenue in the future. We also present total revenues from commercial products, which is also a non-GAAP measure and is calculated as the combined total of total net product sales (GAAP) and collaboration revenues (GAAP). We believe that the use of non-GAAP financial measures provides useful supplemental information to management, investors, analysts and others regarding the Company's revenue and results of operations and assist management, investors, analysts, and others in understanding and evaluating our revenue growth and the performance of the business.
There are limitations associated with the use of non-GAAP financial measures and therefore comparability may be limited. These limitations include: non-GAAP financial measures that may not be entirely comparable to similarly titled measures used by other companies; these may not reflect all items of income and expense, as applicable, that affect our operations; there may be potential differences among calculation methodologies; these may differ from the non-GAAP information used by other companies, including peer companies. We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable GAAP financial measure. Investors are encouraged to review the reconciliation. The Company's 2026 financial guidance is also being provided on both a GAAP and a non-GAAP basis.
| End Notes | ||||||||||||||
(2) Includes net product sales of MYOBLOC®, XADAGO® and Osmolex ER®.
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(3) Represents proportionate share of collaboration revenue from Biogen’s sales of ZURZUVAE to customers in the U.S. from July 31, 2025, the closing of the acquisition of Sage Therapeutics, Inc.
(4) Total revenues from commercial products, a non-GAAP measure, represents revenues from our product sales to customers and through our collaboration agreement with Biogen.
(5) Royalty, licensing, and other revenues include royalties on generic Trokendi XR, Oxtellar XR, other licensed products and intellectual property.
(6) IQVIA data restatement July 1, 2025.
(7) Includes net product sales, collaboration revenue, and royalty, licensing, and other revenue.
Conference Call Details
Supernus will host a conference call and webcast today, May 5, 2026, at 4:30 p.m. Eastern Time to discuss these results. A live webcast will be available in the Events & Presentations section of the Company's Investor Relations website www.supernus.com/investors.
Participants may also pre-register any time before the call here. Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial in 15 minutes prior to the start time.
Following the live call, a replay will be available on the Company's Investor Relations website www.supernus.com/investors. The webcast will be available on the Company's website for 60 days following the live call.
About Supernus Pharmaceuticals, Inc.
Supernus Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases.
Our diverse neuroscience portfolio includes approved treatments for attention-deficit hyperactivity disorder (ADHD), dyskinesia in Parkinson's disease (PD) patients receiving levodopa-based therapy, hypomobility in PD, postpartum depression (PPD), epilepsy, migraine, cervical dystonia, and chronic sialorrhea. We are developing a broad range of novel product candidates for CNS disorders.
For more information, please visit www.supernus.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not convey historical information but relate to predicted or potential future events that are based upon management's current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, the Company's ability to sustain and increase its profitability; the Company's ability to raise sufficient capital to fully implement its corporate strategy; the implementation of the Company's corporate strategy; the Company's future financial performance and projected expenditures; the Company's ability to increase the number of prescriptions written for each of its products, and the products of its subsidiaries; the Company's ability to increase its net revenue from its products, and the products of its subsidiaries; the Company's ability to commercialize its products, and the products of its subsidiaries; the Company's ability to enter into future collaborations with pharmaceutical companies and academic institutions or to obtain funding from government agencies; the Company's product research and development activities, including the timing and progress of the Company's clinical trials, and projected expenditures; the Company's ability to receive, and the timing of any receipt of, regulatory approvals to develop and commercialize the Company's product candidates; the Company's ability to protect its intellectual property and the intellectual property of its subsidiaries and operate its business without infringing upon the intellectual property rights of others; the Company's expectations regarding federal, state and foreign regulatory requirements; the therapeutic benefits, effectiveness and safety of the Company's product candidates; the accuracy of the Company's estimates of the size and characteristics of the markets that may be addressed by its product candidates; the Company's ability to increase its manufacturing capabilities for its products and product candidates; the Company's projected markets and growth in markets; the Company's product formulations and patient needs and potential funding sources; the Company's staffing needs; changes to laws and regulations applicable to our industry, the impact of macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs; and other risk factors set forth from time to time in the Company's filings with the Securities and Exchange Commission made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
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Supernus Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
| March 31, | December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 184,869 | $ | 128,448 | |||||||
| Marketable securities | 199,372 | 180,222 | |||||||||
| Accounts receivable, net | 182,183 | 187,802 | |||||||||
| Inventories, net | 87,062 | 82,385 | |||||||||
| Prepaid expenses and other current assets | 78,094 | 65,325 | |||||||||
| Total current assets | 731,580 | 644,182 | |||||||||
| Restricted cash | 1,450 | 1,450 | |||||||||
| Property and equipment, net | 10,042 | 10,531 | |||||||||
| Intangible assets, net | 549,712 | 569,456 | |||||||||
| Goodwill | 120,668 | 124,882 | |||||||||
| Deferred income tax assets, net | 30,820 | 38,351 | |||||||||
| Other assets | 56,453 | 63,796 | |||||||||
| Total assets | $ | 1,500,725 | $ | 1,452,648 | |||||||
| Liabilities and stockholders' equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable and accrued liabilities | $ | 101,244 | $ | 107,800 | |||||||
| Accrued product returns and rebates | 189,720 | 161,097 | |||||||||
| Contingent consideration, current portion | — | 31,052 | |||||||||
| Other current liabilities | 82,965 | 38,222 | |||||||||
| Total current liabilities | 373,929 | 338,171 | |||||||||
| Contingent consideration, long-term | 206 | 206 | |||||||||
| Operating lease liabilities, long-term | 30,267 | 30,365 | |||||||||
| Other liabilities | 19,518 | 22,192 | |||||||||
| Total liabilities | 423,920 | 390,934 | |||||||||
| Stockholders' equity | |||||||||||
Common stock, $0.001 par value; 130,000,000 shares authorized; 58,039,721 and 57,457,462 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 58 | 57 | |||||||||
| Additional paid-in capital | 561,419 | 543,825 | |||||||||
| Accumulated other comprehensive loss, net of tax | (255) | (44) | |||||||||
| Retained earnings | 515,583 | 517,876 | |||||||||
| Total stockholders' equity | 1,076,805 | 1,061,714 | |||||||||
| Total liabilities and stockholders' equity | $ | 1,500,725 | $ | 1,452,648 | |||||||
Supernus Pharmaceuticals, Inc.
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Condensed Consolidated Statements of Loss
(in thousands, except share and per share data)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (unaudited) | |||||||||||
| Revenues | |||||||||||
| Net product sales | $ | 150,753 | $ | 141,988 | |||||||
| Collaboration revenue (ZURZUVAE) | 27,643 | — | |||||||||
| Royalty, licensing, and other revenues | 29,309 | 7,836 | |||||||||
| Total revenues | 207,705 | 149,824 | |||||||||
| Costs and expenses | |||||||||||
Cost of revenues(a) | 23,391 | 15,763 | |||||||||
| Research and development | 39,438 | 26,927 | |||||||||
| Selling, general and administrative | 125,173 | 89,944 | |||||||||
| Amortization of intangible assets | 25,644 | 19,786 | |||||||||
| Contingent consideration loss | 2,391 | 7,660 | |||||||||
| Total costs and expenses | 216,037 | 160,080 | |||||||||
| Operating loss | (8,332) | (10,256) | |||||||||
| Other income (expense) | |||||||||||
| Interest and other income, net | 2,382 | 4,425 | |||||||||
| Total other income (expense), net | 2,382 | 4,425 | |||||||||
| Loss before income taxes | (5,950) | (5,831) | |||||||||
| Income tax expense (benefit) | (3,657) | 5,996 | |||||||||
| Net loss | $ | (2,293) | $ | (11,827) | |||||||
| Loss per share | |||||||||||
| Basic | $ | (0.04) | $ | (0.21) | |||||||
| Diluted | $ | (0.04) | $ | (0.21) | |||||||
| Weighted average shares outstanding | |||||||||||
| Basic | 57,647,548 | 55,864,692 | |||||||||
| Diluted | 57,647,548 | 55,864,692 | |||||||||
(a) Excludes amortization of intangible assets.
7
Supernus Pharmaceuticals, Inc.
Reconciliations of GAAP to Non-GAAP Financial Information
(unaudited)
Reconciliation of GAAP Total revenues to Non-GAAP Total revenues excluding Trokendi XR and Oxtellar XR net sales
An itemized reconciliation between total revenues on a GAAP basis and total revenues excluding Trokendi XR and Oxtellar XR net sales, a non-GAAP measure, is as follows (dollars in millions):
| Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | Change % | |||||||||||||||
Total revenues (GAAP)(a) | $ | 207.7 | $ | 149.8 | 39% | ||||||||||||
| Adjustments: | |||||||||||||||||
| Trokendi XR net product sales | (9.5) | (12.8) | (26)% | ||||||||||||||
| Oxtellar XR net product sales | (7.4) | (10.2) | (27)% | ||||||||||||||
Total revenues excluding Trokendi XR and Oxtellar XR net sales (non-GAAP) | $ | 190.8 | $ | 126.8 | 50% | ||||||||||||
___________________________________________
(a) Includes net product sales, collaboration revenue, and royalty, licensing, and other revenues.
Reconciliation of GAAP Net Product Sales to Non-GAAP Revenues from Commercial Products
An itemized reconciliation between Net product sales on a GAAP basis and total revenues from commercial products, a non-GAAP measure, is as follows (dollars in millions):
| Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | Change % | |||||||||||||||
Net product sales (GAAP) | $ | 150.8 | $ | 142.0 | 6% | ||||||||||||
| Adjustments: | |||||||||||||||||
Collaboration revenue (ZURZUVAE) | 27.6 | — | 100% | ||||||||||||||
Total revenues from commercial products | $ | 178.4 | $ | 142.0 | 26% | ||||||||||||
Total revenues from commercial products, a non-GAAP measure, represents revenues from our product sales to customers and through our collaboration agreement with Biogen.
Reconciliation of GAAP Operating Earnings (Loss) to Non-GAAP Adjusted Operating Earnings
An itemized reconciliation between operating earnings (loss) on a GAAP basis and adjusted operating earnings on a non-GAAP basis is as follows (dollars in millions):
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating loss - As Reported (GAAP) | $ | (8.3) | $ | (10.3) | |||||||
| Adjustments: | |||||||||||
| Amortization of intangible assets | 25.6 | 19.8 | |||||||||
Share-based compensation | 8.5 | 8.1 | |||||||||
| Contingent consideration loss (gain) | 2.4 | 7.7 | |||||||||
| Depreciation | 0.5 | 0.6 | |||||||||
| Operating earnings - As Adjusted (non-GAAP) | $ | 28.7 | $ | 25.9 | |||||||
8
Non-GAAP adjusted operating earnings adjusts for non-cash items, which include amortization of intangible assets, share-based compensation expense, change in fair value of contingent consideration, and depreciation.
Reconciliation of Full Year 2026 Financial Guidance - GAAP Operating Earnings to Non-GAAP Adjusted Operating Earnings
An itemized reconciliation between projected operating earnings on a GAAP basis for the full year 2026 and projected adjusted operating earnings on a non-GAAP basis for the full year 2026 is as follows (dollars in millions):
Full Year 2026 Guidance (as of February 24, 2026) | ||||||||
Operating earnings - GAAP | $0 - $30 | |||||||
Adjustments: | ||||||||
| Amortization of intangible assets | $105 | |||||||
Share-based compensation | $35 | |||||||
Contingent consideration loss | $2 | |||||||
| Depreciation | $3 | |||||||
| Operating earnings - As Adjusted (non-GAAP) | $140 - $170 | |||||||
CONTACTS:
Jack A. Khattar, President and CEO
Timothy C. Dec, Senior Vice President and CFO
Supernus Pharmaceuticals, Inc.
(301) 838-2591
or
INVESTOR CONTACT:
Peter Vozzo
ICR Healthcare
(443) 213-0505
peter.vozzo@icrhealthcare.com
9
FAQ
How did Supernus Pharmaceuticals (SUPN) perform financially in Q1 2026?
Supernus reported total revenues of $207.7 million in Q1 2026, a 39% increase year over year. Growth was driven by higher sales of Qelbree, GOCOVRI, ONAPGO, and collaboration revenue from ZURZUVAE, while adjusted operating earnings rose to $28.7 million.
Which products drove revenue growth for Supernus Pharmaceuticals (SUPN) in Q1 2026?
Revenue growth came mainly from Supernus’s four growth products. Qelbree net sales increased 20% to $77.9 million, GOCOVRI rose 15% to $35.2 million, ONAPGO generated $8.4 million, and ZURZUVAE collaboration revenue contributed $27.6 million in the quarter.
How strong is Supernus Pharmaceuticals’ (SUPN) cash position after Q1 2026?
As of March 31, 2026, Supernus held $384.2 million in cash, cash equivalents, and current marketable securities, up from $308.7 million at year-end 2025. The increase reflects cash generated from operations and a $20.0 million licensing milestone.
What 2026 financial guidance did Supernus Pharmaceuticals (SUPN) reiterate?
For full-year 2026, Supernus reaffirmed total revenue guidance of $840–$870 million. The company also reiterated guidance for GAAP operating earnings of $0–$30 million and non-GAAP adjusted operating earnings of $140–$170 million, alongside specified ONAPGO and legacy brand sales ranges.
What is the outlook for ONAPGO and ZURZUVAE at Supernus Pharmaceuticals (SUPN)?
ONAPGO delivered $8.4 million in net sales in Q1 2026, with a regulatory submission for a second supplier expected in Q3 2026 and potential FDA approval by mid-2027. ZURZUVAE generated $27.6 million in collaboration revenue, reflecting growing U.S. sales reported by Biogen.