SUPN · Supernus Pharmaceuticals, Inc.

Supernus Pharmaceuticals delivered a robust start to 2026 with Q1 total revenues of $207.7 million, reflecting a 39% year-over-year increase driven by strong performance across its growth products portfolio, which generated $149.1 million, up 56%. Key drivers included Qelbree net sales rising 20% to $77.9 million on 19% prescription growth and a record 43,000 prescribers; GOCOVRI up 15% to $35.2 million; ZURZUVAE collaboration revenue of $27.6 million from Biogen's sales that doubled year-over-year; and new ONAPGO sales of $8.4 million following February resumption of patient initiations, with 2,200 enrollment forms from 645 prescribers since April 2025 launch. Offsetting declines in legacy products like APOKYN (-48%) and Trokendi XR (-26%) were partially mitigated by $29.3 million in royalty and licensing revenues, including a $20 million Shionogi milestone. GAAP operating loss narrowed to $8.3 million from $10.3 million, aided by higher revenues despite rises in SG&A from Biogen collaboration, R&D on SPN-817 (including $10 million Biscayne payment), and amortization; non-GAAP adjusted operating earnings grew 11% to $28.7 million. Net loss improved to $2.3 million ($0.04/share) from $11.8 million ($0.21/share). Balance sheet strengthened with cash at $384.2 million, up from $308.7 million year-end, supporting pipeline advances like ongoing SPN-817 Phase 2b epilepsy trial, SPN-820 Phase 2b depression study, and planned SPN-443 Phase 1 in H2 2026. The company plans FDA submission for ONAPGO second supplier in Q3 2026, targeting mid-2027 approval. Reaffirmation of FY2026 guidance—revenues $840-870 million, adjusted operating earnings $140-170 million—signals confidence in sustained momentum, with CEO Jack Khattar highlighting positive business execution.