Demand and volumemixed · 4 filings
“On November 4, 2025, we announced that due to stronger than expected demand for ONAPGO, supplier constraints were impacting our ability to fully meet this demand.”10-Q · Aug 3, 2026 ↗
Supernus Pharmaceuticals, Inc.
SUPN
Market read
Supernus Pharmaceuticals, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
What changed
- Revenue increased 38.6% versus the comparable filing period.
Company-0.1% todayVolume comparison unavailable
Market group0 of 1 activeCNS Pharmaceuticals · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- ONAPGO demand was described as stronger than expected, while supplier constraints limited Supernus' ability to fully meet it.
- The accretion of a Sage contingent value right (CVR) to the full milestone payment occurred with approval of ZURZUVAE for MDD in Japan.
Invalidation: The isolated read changes if SUPN's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 38.6% versus the comparable filing period.
- The operating loss narrowed by 1.9M.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- ONAPGO demand was described as stronger than expected, while supplier constraints limited Supernus' ability to fully meet it.
- The accretion of a Sage contingent value right (CVR) to the full milestone payment occurred with approval of ZURZUVAE for MDD in Japan.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements134
Verified relationships13
Evidence supporting the case
- Latest annual revenue changed +8.6% year over year.
- Pricing and mix has repeated favorable evidence across 3 filings.
Evidence challenging the case
- Operating margin changed -21.0 percentage points in the latest annual period.
- Net margin changed -16.5 percentage points in the latest annual period.
- Restructuring and cost reductions has repeated adverse evidence across 3 filings.
Questions before a position
- EV/sales is 34% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
41.666m-17.4%12m-9.8%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$579.8M+11.4%$0.98+1.2%
2022-12-31$667.2M+15.1%$1.04+13.5%
2023-12-31$607.5M-8.9%$0.02-10.0%
2024-12-31$661.8M+8.9%$1.32+0.8%
2025-12-31$719.0M+8.6%$-0.68+0.9%
What management says matters
Persistent and emerging business drivers
Supply chain and availabilitymixed · 4 filings
“On November 4, 2025, we announced that due to stronger than expected demand for ONAPGO, supplier constraints were impacting our ability to fully meet this demand.”10-Q · Aug 3, 2026 ↗
Pricing and mixpositive · 3 filings
“The increase was primarily attributable to higher Qelbree sales and unfavorability in government programs as a result of product price increases in the first quarter of 2025.”10-K · Mar 2, 2026 ↗
Product pipeline and R&Dmixed · 3 filings
“The increase in net loss was primarily due to the impairment of an intangible asset and increase in research and development and selling, general, and administrative activities.”10-Q · Aug 3, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.3× · EV/sales 3.1×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
41.66-0.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for SUPN. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-05-05 against the comparable filing from 2025-05-06.
OperationsconstructiveEvidence score +3
liquidityneutralEvidence score 0
valuationmixed
What improved
- Revenue increased 38.6% versus the comparable filing period.
- The operating loss narrowed by 1.9M.
What weakened
No thresholded deterioration was identified.
Filing receipts
“The decrease in net loss was primarily due to an increase in total revenues due to the addition of revenues from ONAPGO and ZURZUVAE products, as well as licensing revenue from the achievement of a commercial milestone under our collaboration agreement with Shionogi.”
“The increase in cash flows provided by operating activities was primarily due to the decrease in net loss as well as changes in working capital.”
“The increase was primarily due to an increase in clinical program costs on SPN-817, which includes the $10.0 million expense to former Biscayne security holders, and the Company's share of R&D expenses from the collaboration arrangement with Biogen which was acquired through the Sage Acquisition in July 2025, partially offset by decreased clinical program costs on SPN-820.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind SUPN
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
BIIBBiogen Inc.partnerMay 5, 2026 ▾
“The Company and our collaboration partner, Biogen, are jointly commercializing ZURZUVAE in the U.S.”
SGIOFFiling-linked namecustomerMar 2, 2026 ▾
“The Company concluded that Shionogi meets the definition of a customer because the Company is delivering intellectual property and know-how rights for the zuranolone program in support of 120 Table of Contents Supernus Pharmaceuticals, Inc.”
Depended on by
BIIBBiogen Inc.partnerApr 29, 2026 ▾
“COLLABORATION PROFIT SHARING/(LOSS REIMBURSEMENT) Collaboration profit sharing/(loss reimbursement) includes Samsung Bioepis' 50.0% share of the profit or loss related to our biosimilars 2013 commercial agreement with Samsung Bioepis and collaboration profit…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 13 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
SUPN is currently a Leader in the organic co-movement group CNS Pharmaceuticals. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for SUPN; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.