Supernus Pharmaceuticals, Inc.

supernus.com

What Do They Do?

Develops and sells medicines for central nervous system conditions, including ADHD, Parkinson’s disease and postpartum depression, to pharmaceutical wholesalers, specialty pharmacies and distributors.

How Do They Make Money?

It sells medicines to wholesalers, specialty pharmacies and distributors; a sale occurs when the customer takes ownership. It also earns license fees and sales-based royalties from partners and shares U.S. ZURZUVAE operating profits and losses equally with Biogen.

revenue

Segment	Share	How money arrives
Net product sales Sold outright	87% FY2022: 97%	Sold outright
Collaboration revenue (ZURZUVAE)	7.4%
Royalty, licensing, and other revenues Licensed	5.5% FY2022: 2.7%	Licensed

Who Are Their Customers?

Most product sales go to wholesalers, specialty pharmacies and distributors, which resell to pharmacies, hospitals and other buyers. Physicians and hospitals can buy MYOBLOC directly.

Do Revenues Turn Into Profits?

Not on paper. It lost $38.6M in FY2025, but brought in more cash than it spent: $46M of free cash flow.

Operating income, FY2025

−9% of revenue

▼ Now a loss vs FY2024 ($81.7M, 12%)

Net income, FY2025

−5% of revenue

▼ Now a loss vs FY2024 ($73.9M, 11%)

Free cash flow, FY2025

6% of revenue

▼ −73% vs FY2024 ($171.2M, 26%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +32%; vs $165.5M in Q2 FY2025
Net income: ▼ Now a loss; vs $22.5M in Q2 FY2025

Net product sales share of revenue vs 95.5% in Q2 FY2025

Aug 3, 2026 Raised full-year financial guidance The second-quarter results release says Supernus is raising its full-year financial guidance.
Aug 3, 2026 Agreed to merge with Indivior The proposed merger would make Supernus a wholly owned subsidiary of Indivior and requires stockholder and regulatory approvals.

Growing. Revenue grew 24% in 4 years, from $579.8M in FY2021 to $719M in FY2025, about 6% a year.

Postpartum depression treatment The older report describes depression as a product-development area; the latest report includes ZURZUVAE, an oral treatment for postpartum depression that Supernus and Biogen commercialize together in the U.S.

Osmolex ER discontinued The older report lists Osmolex ER as a product for Parkinson’s disease and drug-induced reactions; the latest report says its distribution ceased.

Revenue over time

Net product sales Collaboration revenue (ZURZUVAE) Royalty, licensing, and other revenues Royalty revenues Other Oxtellar XR Qelbree Trokendi XR GOCOVRI APOKYN

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments