SUPN earnings analysis
What we found in SUPN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Supernus posted strong top-line growth, with Q2 2026 revenue up 32% year over year to $219.1 million, driven by Qelbree, ONAPGO, ZURZUVAE collaboration revenue and licensing income. However, profitability deteriorated materially: gross margin fell to approximately 84.6%, operating margin to approximately -26.5%, and GAAP diluted EPS was a $1.01 loss, principally reflecting a $54.9 million APOKYN impairment. The company retained $373.5 million of cash, marketable securities and restricted cash, but operating cash flow fell to $61.7 million for the first half and the proposed merger entails significant prospective liquidity use.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue accelerated to $219.1M
- Q2 revenue rose 32% year over year to $219.1 million and increased about 5% sequentially from $208 million in Q1 2026. Growth was augmented by $35.4 million of ZURZUVAE collaboration revenue and $18.0 million of royalty/licensing revenue.
- Qelbree delivered double-digit growth
- Qelbree sales grew 15% to $89.2 million, supported by a 17% increase in prescriptions to 264,545. Adult prescriptions increased 25% and pediatric prescriptions increased 14%.
- ONAPGO launch scaled rapidly
- ONAPGO sales increased to $13.5 million from $1.6 million, a 745% year-over-year increase. Approximately 2,600 enrollment forms from about 720 prescribers had been submitted through July 2026.
- ZURZUVAE added a meaningful revenue stream
- ZURZUVAE collaboration revenue was $35.4 million, while Biogen-reported U.S. sales increased approximately 53% year over year and prescriptions increased 62%.
- Cash and investments rose to $373.5M
- Liquidity improved: cash, cash equivalents, marketable securities and restricted cash rose $63.4 million, or 20%, from year-end to $373.5 million at June 30, 2026. Management states $372.1 million of unrestricted cash and marketable securities is sufficient for at least the next 12 months.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- APOKYN impairment drove a GAAP loss
- GAAP diluted EPS was a loss of $1.01, versus income of $0.40 in Q2 2025 and a $0.04 loss in Q1 2026. The principal driver was a $54.9 million APOKYN intangible-asset impairment charge.
- Margins compressed sharply
- Gross margin fell to approximately 84.6% from 89.8% a year earlier, while operating margin declined to approximately -26.5% from 7.3%. Cost of revenues rose 101% to $33.7 million, and SG&A increased 43% to $133.6 million.
- Legacy franchise erosion continued
- Legacy-product erosion remained substantial: APOKYN sales fell 51% to $6.3 million, while Trokendi XR and Oxtellar XR each declined 25% to $8.4 million and $8.8 million, respectively. Management attributes the latter two declines to generic erosion.
- Operating cash flow declined
- Operating cash flow declined $27.4 million year over year to $61.7 million for the first six months of 2026, despite revenue growth; management attributes the decline to a larger net loss and working-capital changes. Capex was not separately disclosed, so free cash flow cannot be calculated from the filing.
- Merger could materially reduce liquidity
- The announced Indivior merger contemplates a $1.0 billion special cash dividend to Indivior holders, funded partly by a $650 million term-loan commitment and remaining combined-company cash. Supernus expects a significant reduction in cash and marketable securities if the transaction closes.
- Qelbree generic litigation remains active
- Qelbree faces active generic challenges: the filing describes multiple ANDA cases and an FDA approval stay only through October 2, 2028. The consolidated litigation’s discovery is scheduled to close November 17, 2027.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.01
- Gross margin
- 84.6%
- Operating margin
- -26.5%
- Segment
- Qelbree net product sales: $89.239 million, +15% year over year
- Segment
- GOCOVRI net product sales: $37.530 million, +2% year over year
- Segment
- ONAPGO net product sales: $13.546 million, +745% year over year
- Segment
- Trokendi XR net product sales: $8.411 million, -25% year over year
- Segment
- Oxtellar XR net product sales: $8.782 million, -25% year over year
- Segment
- APOKYN net product sales: $6.323 million, -51% year over year
- Segment
- Other products: $1.882 million, -71% year over year
- Segment
- ZURZUVAE collaboration revenue: $35.350 million
- Segment
- Royalty, licensing and other revenue: $17.995 million, +141% year over year
What they said about what is next.
The 10-Q MD&A does not provide explicit quantitative revenue or EPS guidance. It states ONAPGO’s second-supplier regulatory filing remains on track for Q3 2026, with potential FDA approval by mid-2027, and expects SPN-443 Phase 1 SAD/MAD studies to begin in the second half of 2026.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 5, 2026
- Supernus Pharmaceuticals reported a strong increase in revenue of 39% year-over-year, totaling $207.7 million in Q1 2026. Despite this growth, the company experienced a reported loss of $0.04 per share, falling short of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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