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Earnings analysis · 10-Q

SUPN earnings analysis

Filed August 3, 2026 · Our reading of the company's report

The latest report

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…

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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.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $16 Operating expenses $111 Left as operating profit $-27

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Where revenue came from

The business segments reported by the company.

Qelbree net product sales 40.7% GOCOVRI net product sales 17.1% ZURZUVAE collaboration revenue 16.1% Royalty 8.2% ONAPGO net product sales 6.2% Other segments 11.6%

Shares of the segments disclosed in this filing, largest first.

Reported figures

Earnings per share
$-1.01

What stood out

  • 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.

What to watch

  • 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.

Management's outlook

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.

Earlier filings 1

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 itself. Analysis can contain errors; check the source document for full context.