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1. Company Snapshot

1.a. 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 extended release topiramate product indicated for the treatment of epilepsy, as well as for the prophylaxis of migraine headache; and Oxtellar XR, an extended release oxcarbazepine for the monotherapy treatment of partial onset epilepsy seizures in adults and children between 6 to 17 years of age.The company's commercial products also comprise Qelbree, a selective norepinephrine reuptake inhibitor indicated for the treatment of attention-deficit hyperactivity disorder (ADHD) in pediatric patients 6 to 17 years of age; APOKYN for the acute intermittent treatment of hypomobility or off episodes in patients with advanced Parkinson's Disease (PD); XADAGO for treating levodopa/carbidopa in patients with PD experiencing off episodes; MYOBLOC, a Type B toxin product indicated for the treatment of cervical dystonia and sialorrhea in adults; GOCOVRI for the treatment of dyskinesia in patients with PD; and Osmolex ER for the treatment of Parkinson's disease and drug-induced extrapyramidal reaction in adult patients.


In addition, its product candidates include Qelbree (SPN-812), which has completed Phase III clinical trials that is used for the treatment of ADHD; SPN-830, a late-stage drug/device combination product candidate for the prevention of off episodes in PD patients; SPN-817, a novel product candidate in Phase I clinical trials for the treatment of severe epilepsy; SPN-820, a product candidate in Phase II clinical trials for treating resistant depression; and SPN-443 and SPN-446, which are in preclinical stage for treating CNS.The company markets and sells its products through pharmaceutical wholesalers, specialty pharmacies, and distributors.The company was incorporated in 2005 and is headquartered in Rockville, Maryland.

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1.b. Last Insights on SUPN

The recent performance of Supernus Pharmaceuticals, Inc. has been negatively impacted by a series of events. The company's Phase 2b study of SPN-820 for treatment-resistant depression failed to meet its primary endpoint, showing no significant improvement over placebo. This disappointing result has led to a flurry of investigations into potential securities law violations, with several law firms commencing probes into the matter. The investigations, which are ongoing, have raised concerns among investors and may have contributed to the company's recent struggles.

1.c. Company Highlights

2. Supernus Pharmaceuticals' Q3 2025 Earnings: A Strong Performance Amidst Supply Constraints

Supernus Pharmaceuticals reported total revenue of $192.1 million for Q3 2025, a 9.3% increase from $175.7 million in the same quarter last year. The company's EPS came in at $1.01, beating estimates of $0.82. Combined R&D and SG&A expenses were $209 million, compared to $98.8 million for the same quarter last year, resulting in an operating loss on a GAAP basis of $60.2 million. The company's financial performance was driven by the continued momentum from its growth products, including Qelbree, GOCOVRI, Zurzuvae, and Onapgo.

Publication Date: Nov -18

📋 Highlights
  • Q3 Revenue Growth: Total revenue rose to $192.1 million in Q3 2025, up from $175.7 million in Q3 2024.
  • Onapgo Sales Surge: Net sales jumped from $1.6 million in Q2 to $6.8 million in Q3 due to strong demand, though supply constraints persist.
  • Full-Year Guidance Raised: Revenue forecast updated to $685–$705 million for 2025, reflecting outperformance in first 9 months.
  • Operating Loss Widened: GAAP operating loss reached $60.2 million in Q3 2025, compared to a $40.9 million profit in Q3 2024.
  • Supply Chain Constraints: Onapgo’s bottleneck is cartridge filling capacity, not the pump, with efforts ongoing to scale production.

Revenue Growth Drivers

The company's revenue growth was driven by the strong performance of its growth products, with Onapgo generating net sales of $6.8 million in Q3 2025, up from $1.6 million in Q2 2025. The initial feedback from prescribers has been positive, with Jack Khattar stating that the product has been doing "amazingly well, exceeding all expectations from a demand perspective." However, the company is facing supply constraints, which are impacting its ability to fully meet demand.

Supply Constraints and Future Outlook

The supply constraint is related to the cartridge filling process, and the company is working around the clock to resolve the issue. Jack Khattar mentioned that the situation is "very fluid" and that the company is prioritizing care for patients currently on Onapgo. The company is updating its full-year 2025 financial guidance, expecting total revenue to range from $685 million to $705 million, up from the previous range of $670 million to $700 million.

Valuation Metrics

Supernus Pharmaceuticals' current valuation metrics indicate that the market is pricing in significant growth expectations. The company's P/S Ratio is 0.01, and the EV/EBITDA is -2727.78, indicating that the market is expecting significant future growth. Analysts estimate next year's revenue growth at 23.4%, which may be achievable given the company's diversified portfolio of growth products.

Conclusion on Growth Prospects

Supernus Pharmaceuticals has a diversified portfolio of growth products, including Qelbree, GOCOVRI, Zurzuvae, and Onapgo. The company's future success is not dependent on a single product, and its pipeline is advancing to position the company for long-term growth. With a strong financial performance in Q3 2025 and a promising outlook, Supernus Pharmaceuticals is well-positioned to deliver on its growth prospects.

3. NewsRoom

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Supernus Pharmaceuticals to Participate in the Bank of America Securities 2025 CNS Therapeutics Virtual Conference

Dec -03

Source: globenewswire.com

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Commonwealth of Pennsylvania Public School Empls Retrmt SYS Acquires 1,161 Shares of Supernus Pharmaceuticals, Inc. $SUPN

Nov -27

Source: defenseworld.net

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Supernus Pharmaceuticals to Participate in the Piper Sandler 37th Annual Healthcare Conference

Nov -21

Source: globenewswire.com

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Rep. Gilbert Ray Cisneros, Jr. Sells Off Shares of Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN)

Nov -21

Source: defenseworld.net

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Bank of New York Mellon Corp Purchases 11,877 Shares of Supernus Pharmaceuticals, Inc. $SUPN

Nov -19

Source: defenseworld.net

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Envestnet Asset Management Inc. Increases Stake in Supernus Pharmaceuticals, Inc. $SUPN

Nov -17

Source: defenseworld.net

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Supernus to Participate in the 2025 Jefferies Global Healthcare Conference in London

Nov -12

Source: globenewswire.com

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Supernus Pharmaceuticals, Inc. (SUPN) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.00%)

6. Segments

Treatment of Central Nervous System Diseases

Expected Growth: 7.0%

Supernus Pharmaceuticals' 7.0% growth in treating Central Nervous System Diseases is driven by increasing prevalence of neurological disorders, growing demand for novel therapies, and the company's strong pipeline of innovative products, including Trokendi XR and Oxtellar XR, which address unmet needs in epilepsy and migraine treatment.

7. Detailed Products

Trokel

A treatment for epilepsy, Trokel is an oral solution of topiramate, an anticonvulsant medication.

Oxtellar XR

An extended-release tablet formulation of oxcarbazepine, an anticonvulsant medication.

Aptiom

An oral tablet formulation of eslicarbazepine acetate, an anticonvulsant medication.

Qelbree

A non-stimulant medication for the treatment of attention deficit hyperactivity disorder (ADHD).

8. Supernus Pharmaceuticals, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Supernus Pharmaceuticals, Inc. has a moderate threat of substitutes due to the presence of alternative treatments and generic drugs in the market.

Bargaining Power Of Customers

Supernus Pharmaceuticals, Inc. has a low bargaining power of customers due to the specialized nature of its products and limited customer base.

Bargaining Power Of Suppliers

Supernus Pharmaceuticals, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers and the company's dependence on a few key suppliers.

Threat Of New Entrants

Supernus Pharmaceuticals, Inc. has a high threat of new entrants due to the growing demand for CNS-focused pharmaceuticals and the increasing trend of pharmaceutical companies expanding into new markets.

Intensity Of Rivalry

Supernus Pharmaceuticals, Inc. operates in a highly competitive industry with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 4.31%
Debt Cost 8.97%
Equity Weight 95.69%
Equity Cost 8.97%
WACC 8.97%
Leverage 4.51%

11. Quality Control: Supernus Pharmaceuticals, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Supernus Pharmaceuticals

A-Score: 5.3/10

Value: 2.6

Growth: 6.0

Quality: 7.6

Yield: 0.0

Momentum: 9.0

Volatility: 6.7

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Amphastar Pharmaceuticals

A-Score: 4.8/10

Value: 7.1

Growth: 8.8

Quality: 8.0

Yield: 0.0

Momentum: 0.0

Volatility: 4.7

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Journey Medical

A-Score: 4.0/10

Value: 6.6

Growth: 3.3

Quality: 4.3

Yield: 0.0

Momentum: 8.0

Volatility: 2.0

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PetIQ

A-Score: 3.5/10

Value: 3.6

Growth: 7.8

Quality: 3.1

Yield: 0.0

Momentum: 5.0

Volatility: 1.7

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Aytu BioPharma

A-Score: 3.4/10

Value: 9.6

Growth: 4.8

Quality: 4.4

Yield: 0.0

Momentum: 1.0

Volatility: 0.7

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Alimera Sciences

A-Score: 2.5/10

Value: 2.4

Growth: 4.7

Quality: 2.3

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

45.84$

Current Price

45.84$

Potential

-0.00%

Expected Cash-Flows