SUPN Filings — Supernus Pharmaceuticals, Inc. - FilingSpy
SUPN
Supernus Pharmaceuticals, Inc.
A maker of brain and nervous-system medicines, Supernus develops and sells branded treatments for ADHD, Parkinson's disease, epilepsy, and postpartum depression—brands like Qelbree, GOCOVRI, Trokendi XR, and ZURZUVAE. It began in 2005 as a spin-out of Shire Laboratories, founded by Jack Khattar, who then bought the very business he had led. Its name comes from Latin for "from above," a fitting label for a company born out of the lab it once ran.
Supernus posts a $58.0M operating loss as a $54.9M APOKYN impairment charge overwhelms 32% revenue growth.
rose 32% to $219.1 million, but a $54.9 million charge for APOKYN drove a $58.0 million operating loss. Qelbree grew 15% to $89.2 million and new ZURZUVAE added $35.4 million, while ONAPGO contributed $13.5 million in its first full quarter of unconstrained supply. The APOKYN and a 33% increase in R&D spending turned strong top-line growth into a net loss of $58.4 million.
Key takeaways
Total rose 32% to $219.1 million, driven by 15% growth in Qelbree to $89.2 million, $35.4 million in new ZURZUVAE from the Sage Therapeutics acquisition, and $13.5 million in ONAPGO sales following the resolution of supplier constraints.
Operating loss was $58.0 million, compared to a $12.1 million profit a year ago, as a $54.9 million non-cash charge for APOKYN and a 33% increase in R&D expenses to $29.5 million more than offset the increase.
Section summaries
Management's Discussion and Analysis
Total revenues rose 32% to $219.1M in Q2 2026, driven by ONAPGO launch, Qelbree growth, and ZURZUVAE collaboration revenue, while an APOKYN impairment charge drove a net loss.
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Total revenues increased 32% to $219.1M in Q2 2026, driven by ONAPGO net product sales of $13.5M, 15% growth in Qelbree to $89.2M, and $35.4M in new ZURZUVAE collaboration .
Net product sales of APOKYN fell 51% to $6.3M, and Trokendi XR and Oxtellar XR each declined 25% due to , partially offsetting growth from newer products.
fell 5.2 percentage points to 84.6%, as the addition of lower-margin diluted the product mix despite Qelbree's growth.
SG&A expenses rose 43% to $133.6 million, driven by costs tied to the Biogen collaboration, the ONAPGO launch, and higher professional and employee-related expenses.
Cash and marketable securities totaled $372.1 million at quarter-end, with of negative $4.8 million for the quarter, bringing the first-half total to $61.7 million, down from $89.1 million a year ago.
What changed
ONAPGO supplier constraints flagged in Q3 2025 were resolved, allowing new patient starts to resume and contributing $13.5 million in sales, up from $8.4 million in Q1 2026.
The Sage Therapeutics integration continued, with ZURZUVAE reaching $35.4 million in its second full quarter of contribution, up from $27.6 million in Q1 2026.
The APOKYN intangible asset was written down by $54.9 million, reflecting a deterioration in product performance that had not been flagged in prior quarters.
The US WorldMeds Partners lawsuit over the $27.7 million withheld milestone payment resulted in a summary judgment against the company, with fees and costs still in dispute.
What to watch
Whether ONAPGO's quarterly sales can continue to scale now that supplier constraints are resolved and new patient starts have resumed.
The trajectory of ZURZUVAE and whether the Sage acquisition's contribution to the stabilizes or grows beyond the current quarterly run rate.
The outcome of the Sage Chemical/TruPharma antitrust trial scheduled for January 2027, which could result in damages related to APOKYN.
The progress of the consolidated Qelbree ANDA litigation, where discovery closes in November 2027 and the 30-month FDA stay expires in October 2028.
A $54.9M for APOKYN and a 33% increase in R&D expenses to $29.5M, primarily for SPN-817, contributed to a net loss for the quarter.
SG&A expenses surged 43% to $133.6M, driven by the Biogen collaboration, ONAPGO launch costs, and higher professional and employee-related expenses.
Cash and marketable securities totaled $372.1M at quarter-end, with of $61.7M for the first half of 2026, down from $89.1M a year ago due to the net loss and changes.
Quantitative and Qualitative Disclosures About Market Risk
Market risk is limited to investment portfolio and variable-rate credit line; no currency or commodity hedges are used.
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Cash, equivalents, and marketable securities totaled $372.1M at June 30, 2026, invested in investment-grade instruments with maturities of four years or less.
The company believes an interest-rate increase would not significantly impact realizable investment values because securities are generally held to maturity and have short durations.
Variable-rate borrowing under the Credit Line exposes the company to higher interest costs and collateral maintenance risk if the portfolio value declines.
The Credit Line is an that can be terminated by the lender at any time, potentially accelerating repayment.
Foreign exchange risk arises from non-U.S. clinical trials, but the company does not hedge currency exposure and nearly all liabilities are USD-denominated.
Inflation may raise labor and vendor costs; the company tries to mitigate this through supplier partnerships and direct procurement management.
Supernus is defending Qelbree patents against multiple generic ANDA filers, now consolidated, and faces antitrust, insurance, and merger-related litigation.
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Nine generic drug makers filed ANDAs seeking to market generic Qelbree before patent expiry, and Supernus sued each for infringement on six .
All Qelbree patent lawsuits have been consolidated for pretrial purposes as In re Viloxazine, with discovery set to close November 17, 2027, and no trial date set.
The 30-month statutory stays triggered by timely complaints prevent FDA approval of the generic ANDAs until October 2, 2028.
In the Sage Chemical antitrust case over APOKYN, the court denied dismissal of most claims, and a jury trial is scheduled for January 25, 2027.
A Delaware court granted to US WorldMeds Partners on its claim for a $27.7 million withheld milestone payment, with fees and costs still in dispute.
The company is also involved in insurance coverage disputes, a dismissed-and-appealed insurance case, and Sage-related securities class action and derivative litigation with no estimable loss.
Any investment in our business involves a high degree of risk. Before making an investment decision, you should carefully consider the information we include in this Quarterly Report on Form 10-Q, including our condensed consolidated financial statements and related notes; the a…
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Any investment in our business involves a high degree of risk. Before making an investment decision, you should carefully consider the information we include in this Quarterly Report on Form 10-Q, including our condensed consolidated financial statements and related notes; the additional information in the other reports we file with the Securities and Exchange Commission; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 and quarterly report on Form 10-Q for the period ended June 30, 2026. These risks may result in material harm to our business and our financial condition and results of operations. If a material, adverse event was to occur, the market price of our common stock may decline, and you could lose part or all of your investment.