At a glance
Supernus Pharmaceuticals Inc is worth $2.39B. Revenue grew 8.6% to $719.0M in fiscal 2025, at a loss; over 5 years it has grown 6.7% a year. It pays no dividend. The stock returned −22.7% over the past year with dividends reinvested and +6.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 26.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months after the low.
The business in plain English
Supernus Pharmaceuticals, based in Rockville, Maryland, develops and sells prescription medicines for central nervous system (CNS) conditions, meaning disorders of the brain and nerves. Its approved drugs treat attention-deficit hyperactivity disorder (ADHD), movement problems in Parkinson's disease, postpartum depression, epilepsy, migraine, cervical dystonia (painful neck muscle spasms) and chronic drooling. It sells mainly in the U.S. through its own sales and marketing teams. Its products reach patients through wholesalers, distributors and specialty pharmacies.
Qelbree, a non-stimulant ADHD capsule for adults and children 6 and older, was the biggest earner in the year ended December 31, 2025. It brought in $305 million, or 42.4% of $719 million in revenue. GOCOVRI, for Parkinson's patients taking levodopa, added 20.4%. APOKYN, a Parkinson's injection, and the epilepsy drugs Trokendi XR and Oxtellar XR each contributed between 5.7% and 6.6%. Royalties, licensing and other income added 5.5%. ONAPGO, a Parkinson's infusion launched in April 2025, added 2.4%.
On July 31, 2025, Supernus acquired Sage Therapeutics for $8.50 a share in cash, about $561 million in total. Sage shareholders also got a contingent value right worth up to $3.50 a share, paid only if sales and approval goals are met. The deal brought ZURZUVAE, the first FDA-approved oral medicine for postpartum depression. Biogen records its U.S. sales and shares profits and losses equally with Supernus. Supernus's share made up 7.4% of 2025 revenue.
Price history
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SUPN -22.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Qelbree | $304.7M | 42.4% |
| GOCOVRI | $146.8M | 20.4% |
| Collaboration revenue (ZURZUVAE) | $53.0M | 7.4% |
| APOKYN | $47.8M | 6.6% |
| Trokendi XR | $42.4M | 5.9% |
| Oxtellar XR | $40.7M | 5.7% |
| Royalty, licensing, and other revenues | $39.4M | 5.5% |
| Other | $26.9M | 3.7% |
| ONAPGO | $17.3M | 2.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $226.8M, up 18% from a year earlier, and net income was $20.9M.
- For fiscal 2025, revenue was $719.0M (+8.6% year over year; +6.7% a year from FY2020 to FY2025) with a -5.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.7% good |
|---|---|
| Operating margin | -8.7% weak |
| Free cash flow margin | 6.4% watch |
| Return on equity (FY2025) | -3.6% weak |
| Return on assets (FY2025) | -2.7% weak |
| Cash and investments | $175.9M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $520.4M | $127.0M | $134.9M |
| FY2021 | $579.8M | $53.4M | — |
| FY2022 | $667.2M | $60.7M | $116.4M |
| FY2023 | $607.5M | $1.3M | $110.5M |
| FY2024 | $661.8M | $73.9M | $171.2M |
| FY2025 | $719.0M | $-38.5M | $46.0M |
Valuation snapshot
| Market value | $2.39B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Supernus Pharmaceuticals’s market value went from $1.33B at the end of 2020 to $2.39B on Oct 28, 2026, up 80%; since the end of 2025 it is down 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.39B | -16.1% |
| 2025 | $2.85B | +42.7% |
| 2024 | $2.00B | +26.3% |
| 2023 | $1.58B | -18.0% |
| 2022 | $1.93B | +24.3% |
| 2021 | $1.55B | +17.0% |
| 2020 | $1.33B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SUPN price data to Oct 28, 2026 | -17.3% | -22.7% | +20.4% | +6.8% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -17.3% |
| 2025 | +37.4% |
| 2024 | +24.9% |
| 2023 | -18.9% |
| 2022 | +22.3% |
| 2021 | +15.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 3.4% over that stretch · deepest drop along the way 26%, back to its old high 3.3 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 15 sales ($9.0M), 9 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 16, 2026 | Padmanabh P. Bhatt Sr. VP of IP, CSO | sell (plan) | $1.7M |
| Mar 17, 2026 | Padmanabh P. Bhatt Sr. VP of IP, CSO | sell (plan) | $1.4M |
| Mar 13, 2026 | Jack A. Khattar President, CEO, Director | sell (plan) | $1.2M |
| Mar 17, 2026 | Padmanabh P. Bhatt Sr. VP of IP, CSO | sell (plan) | $1.1M |
| Mar 16, 2026 | Padmanabh P. Bhatt Sr. VP of IP, CSO | sell (plan) | $802K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.7% | Mar 31, 2025 |
| Integrated Core Strategies (US) LLC | 6.6% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.66% | Mar 31, 2026 |
| Millennium Management LLC | 5.3% | Jan 26, 2026 |
| Vanguard Capital Management | 5.03% | Mar 31, 2026 |
| Armistice Capital, LLC | 4.82% | Dec 31, 2025 |
| Dimensional Fund Advisors LP | 4.7% | Dec 31, 2025 |
ETFs with the most weight in SUPN
| IBRN iShares Neuroscience and Healthcare ETF | 4.58% |
| PJP Invesco Pharmaceuticals ETF | 2.95% |
| XPH SPDR S&P Pharmaceuticals ETF | 2.23% |
| ROSC Hartford Multifactor Small Cap ETF | 0.98% |
| IHE iShares U.S. Pharmaceuticals ETF | 0.83% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.72% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.65% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.56% |
What could go wrong
- Two drugs drive most of the sales. Qelbree produced 42.4% of 2025 revenue and GOCOVRI 20.4%, and the company depends on U.S. sales. Slower prescriptions or a safety problem with either drug would hit results hard.
- Generic copies have agreed entry dates. Settlements allow generic versions of GOCOVRI from June 2029 and XADAGO from December 2027, or sooner under some conditions. Cheaper generics usually take a large share of a brand's sales quickly.
- Sage deal and ZURZUVAE must deliver. Supernus paid about $561 million in cash for Sage. ZURZUVAE depends on teamwork with partner Biogen. Weak results could force write-downs of goodwill, the premium paid over the value of the assets acquired.
- Profits have turned into losses. Supernus warns that continued profitability is not assured. It posted a $38.6 million net loss in 2025 and a $58.4 million net loss in the quarter ended June 30, 2026.
- Pipeline drugs may fail or stall. Experimental treatments such as SPN-817 for seizures and SPN-820 for depression could fail clinical trials or face FDA delays or rejection. That would limit growth beyond the existing product line.
- Insurer coverage and pricing pressure. Sales depend on insurers and managed-care plans agreeing to pay for its drugs. Healthcare reform, cost-control laws and executive orders could cut coverage or the prices Supernus receives.
Recent events
- Listing notice from the exchange
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Change to shareholder rights; Change in control; Bylaws or fiscal year changed; Investor presentation or announcement
- Quarterly results released
- Major agreement ended
- Other company announcement
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Major agreement signed; Executive or board change; Other company announcement
- Quarterly results released
For income and retirement investors
Supernus has never paid a dividend, and its 10-K says it does not expect to pay one in the foreseeable future. Any return has to come from a rising share price, so the stock provides no income for investors who draw cash from their portfolios. It spent nothing on share repurchases (buybacks) from FY2021 to FY2025. Its share count grew 9.4% between August 2, 2021 and July 28, 2026, which shrank each existing owner's slice of the company.
In the 2022 market downturn, the shares fell 26% between April 7 and May 11, 2022. They regained that peak by August 19, about 3.3 months later. Over the market's full January-to-October slide, the stock gained 3.4%. Swings can be sharp: in the year to October 28, 2026, it lost 22.7% and at one point was 33.5% below its earlier peak. As a single company, Supernus carries more risk than a diversified fund spread across many stocks.
Questions investors ask
Does Supernus Pharmaceuticals pay a dividend?
No. Supernus has never paid a dividend. Its 10-K for the year ended December 31, 2025 says it does not expect to pay cash dividends in the foreseeable future, so shareholders gain only if the share price rises. The company also spent nothing on share buybacks from FY2021 through FY2025, so it returned no cash to shareholders in that period. Investors who rely on portfolio income would receive none from this stock.
How does Supernus Pharmaceuticals make money?
Supernus sells prescription drugs for brain and nervous system conditions, mainly in the U.S. Of its $719 million in revenue for 2025, the ADHD treatment Qelbree brought in 42.4% and the Parkinson's drug GOCOVRI 20.4%. The rest came from other Parkinson's and epilepsy drugs such as APOKYN, Trokendi XR, Oxtellar XR and ONAPGO. It also earned its 7.4% share of ZURZUVAE profits from a partnership with Biogen, plus royalties and licensing.
Is Supernus Pharmaceuticals profitable?
Not on its latest full-year results. Supernus lost $38.6 million, or $0.68 per diluted share, in 2025 after earning $73.9 million in 2024. Revenue still grew 8.6% to $719 million. The company produced about $46 million of free cash flow, which is the cash left after running the business and investing in equipment. In the quarter ended June 30, 2026, revenue rose 32.4% from a year earlier to $219 million, but the company posted a $58.4 million net loss.
When will Supernus drugs face generic competition?
Generic versions of XADAGO may launch from December 2027 and GOCOVRI from June 2029, or sooner under certain conditions. Those dates come from settlement agreements Supernus signed with third parties. GOCOVRI matters more because it produced 20.4% of 2025 revenue. Generics are cheaper copies that usually take a large share of a brand's sales once they arrive. Supernus lists generic competition among the main risks in its 10-K.
How has Supernus stock performed?
Returns have been uneven. As of October 28, 2026, the shares had returned 6.8% a year over five years (39% in total) and 20.4% a year over three years (74% in total). They fell 22.7% over the one-year period and 17.3% from the start of 2026 through October 28. Full calendar-year returns ranged from a 37.4% gain in 2025 to an 18.9% loss in 2023. These figures reflect price only, since Supernus pays no dividend.