Despite maintaining gross margins near 90%, the company faces significant operating volatility, evidenced by a swing to a -31.4% operating margin in 2025Q3 due to aggressive commercialization spending.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 776.83M | 718.95M | 661.82M | 607.52M | 667.24M | 579.77M | 520.4M | 392.75M | 408.9M | 302.24M | 215M | 144.43M | 122.05M | 12.02M | 1.48M | 803K | 106K | 37.92M | 8.89M |
| Revenue Growth % | 16.29% | 8.63% | 8.94% | -8.95% | 15.09% | 11.41% | 32.5% | -3.95% | 35.29% | 40.57% | 48.87% | 18.34% | 915.43% | 712.09% | 84.31% | 657.55% | -99.72% | 326.65% | - |
| Cost of Goods Sold | 82.19M | 74.56M | 77.91M | 83.78M | 87.22M | 75.06M | 52.46M | 16.66M | 15.36M | 15.21M | 11.99M | 8.42M | 5.76M | 1.1M | 0 | 0 | -13.4M | -8.59M | 336 |
| COGS % of Revenue | - | 10.37% | 11.77% | 13.79% | 13.07% | 12.95% | 10.08% | 4.24% | 3.76% | 5.03% | 5.57% | 5.83% | 4.72% | 9.19% | - | - | -12645.28% | -22.65% | 0% |
| Gross Profit | 694.64M | 644.39M | 583.91M | 523.74M | 580.02M | 504.71M | 467.94M | 376.1M | 393.54M | 287.02M | 203.02M | 136M | 116.29M | 10.91M | 1.48M | 803K | 13.51M | 46.51M | 8.89M |
| Gross Margin % | 89.42% | 89.63% | 88.23% | 86.21% | 86.93% | 87.05% | 89.92% | 95.76% | 96.24% | 94.97% | 94.43% | 94.17% | 95.28% | 90.81% | 100% | 100% | 12745.28% | 122.65% | 100% |
| Gross Profit Growth % | - | 10.36% | 11.49% | -9.7% | 14.92% | 7.86% | 24.42% | -4.43% | 37.11% | 41.38% | 49.27% | 16.96% | 965.39% | 637.5% | 84.31% | -94.06% | -70.95% | 423.29% | - |
| Operating Expenses | 737.24M | 681.25M | 502.25M | 529.01M | 533.89M | 418.69M | 294.24M | 227.52M | 249.1M | 187.48M | 148.8M | 118.34M | 92.06M | 72.83M | 43.65M | 38.55M | 40.23M | 33.91M | 34.75M |
| OpEx % of Revenue | - | 94.76% | 75.89% | 87.08% | 80.02% | 72.22% | 56.54% | 57.93% | 60.92% | 62.03% | 69.21% | 81.94% | 75.43% | 606% | 2949.26% | 4801.37% | 37951.89% | 89.41% | 390.93% |
| Selling, General & Admin | 520.79M | 485.56M | 335.78M | 336.36M | 377.22M | 304.76M | 200.68M | 158.43M | 159.89M | 137.91M | 106.01M | 89.2M | 72.47M | 55.59M | 20.13M | 7.93M | 5.08M | 4.65M | 4.29M |
| SG&A % of Revenue | - | 67.54% | 50.74% | 55.37% | 56.53% | 52.56% | 38.56% | 40.34% | 39.1% | 45.63% | 49.31% | 61.76% | 59.38% | 462.52% | 1360.27% | 987.3% | 4792.45% | 12.26% | 48.23% |
| Research & Development | 118.75M | 106.23M | 108.8M | 91.59M | 74.55M | 90.47M | 75.96M | 69.1M | 89.21M | 49.58M | 42.79M | 29.14M | 19.59M | 17.25M | 23.52M | 30.63M | 35.15M | 29.26M | 30.46M |
| R&D % of Revenue | - | 14.78% | 16.44% | 15.08% | 11.17% | 15.6% | 14.6% | 17.59% | 21.82% | 16.4% | 19.9% | 20.17% | 16.05% | 143.48% | 1588.99% | 3814.07% | 33159.43% | 77.15% | 342.7% |
| Other Operating Expenses | 4M | 89.46M | 57.67M | 101.06M | 82.12M | 23.46M | 17.6M | 0 | 0 | 0 | -15K | 38K | 39K | 101K | 0 | 117K | 542K | 0 | 0 |
| Operating Income | -42.6M | -36.86M | 81.67M | -5.27M | 46.12M | 86.03M | 173.7M | 148.57M | 144.44M | 99.54M | 54.22M | 17.66M | 24.23M | -61.92M | -42.17M | -37.75M | -40.12M | 4.02M | -25.86M |
| Operating Margin % | -5.48% | -5.13% | 12.34% | -0.87% | 6.91% | 14.84% | 33.38% | 37.83% | 35.33% | 32.93% | 25.22% | 12.23% | 19.85% | -515.18% | -2849.26% | -4701.37% | -37851.89% | 10.59% | -290.93% |
| Operating Income Growth % | - | -145.14% | 1649.93% | -111.42% | -46.39% | -50.47% | 16.91% | 2.86% | 45.11% | 83.6% | 206.91% | -27.09% | 139.13% | -46.84% | -11.7% | 5.91% | -1099.08% | 115.53% | - |
| EBITDA | 28.58M | 54.7M | 162.08M | 79.59M | 131.67M | 118.62M | 191.84M | 158.8M | 151.51M | 107.67M | 56.62M | 18.59M | 25.16M | -61.18M | -41.3M | -36.87M | -38.94M | 5.09M | -24.75M |
| EBITDA Margin % | 3.68% | 7.61% | 24.49% | 13.1% | 19.73% | 20.46% | 36.86% | 40.43% | 37.05% | 35.63% | 26.33% | 12.87% | 20.61% | -509.01% | -2790.41% | -4591.91% | -36731.13% | 13.42% | -278.39% |
| EBITDA Growth % | -81.51% | -66.25% | 103.64% | -39.55% | 11% | -38.16% | 20.81% | 4.81% | 40.71% | 90.18% | 204.61% | -26.12% | 141.12% | -48.14% | -12% | 5.3% | -865.23% | 120.56% | - |
| D&A (Non-Cash Add-back) | 71.18M | 91.56M | 80.41M | 84.86M | 85.54M | 32.59M | 18.14M | 10.22M | 7.06M | 8.13M | 2.4M | 921K | 928K | 742K | 871K | 879K | 1.19M | 1.07M | 1.11M |
| EBIT | -54.77M | -49.03M | 97.87M | 5.18M | 67.81M | 96.6M | 192.4M | 170.19M | 144.44M | 99.54M | 54.22M | 20.84M | 24.83M | -84.42M | -42.71M | -37.6M | -39.47M | 4.14M | -24.8M |
| Net Interest Income | 8.83M | 13.25M | 16.2M | 8.04M | 14.62M | -12.85M | -5.05M | -1.08M | -4.27M | 1.08M | -3.62M | -4.09M | -5.27M | -7.55M | -3.46M | -1.83M | 107K | 122K | -7.62M |
| Interest Income | 8.83M | 13.25M | 16.2M | 10.45M | 21.69M | 10.57M | 18.7M | 21.62M | 13.84M | 2.65M | 1.48M | 681K | 348K | 299K | 120K | 31K | 107K | 122K | 1.06M |
| Interest Expense | 0 | 0 | 0 | 2.42M | 7.07M | 23.42M | 23.75M | 22.71M | 18.11M | 1.57M | 5.09M | 4.77M | 5.62M | 7.85M | 3.58M | 1.87M | 0 | 0 | 8.68M |
| Other Income/Expense | -6.55M | -12.17M | 16.2M | 8.04M | 14.62M | -12.85M | -5.05M | -1.08M | -4.27M | 1.08M | -3.85M | -6.23M | -4.36M | -30.35M | -4.12M | -1.72M | 649K | 122K | -7.62M |
| Pretax Income | -49.15M | -49.03M | 97.87M | 2.77M | 60.74M | 73.17M | 168.65M | 147.49M | 140.18M | 100.62M | 50.37M | 14.97M | 19.87M | -92.27M | -46.28M | -39.47M | -39.47M | 4.14M | -33.48M |
| Pretax Margin % | -6.33% | -6.82% | 14.79% | 0.46% | 9.1% | 12.62% | 32.41% | 37.55% | 34.28% | 33.29% | 23.43% | 10.37% | 16.28% | -767.73% | -3127.3% | -4915.32% | -37239.62% | 10.91% | -376.67% |
| Income Tax | -20.13M | -10.48M | 24M | 1.45M | 32K | 19.75M | 41.7M | 34.43M | 29.18M | 43.33M | -40.85M | 956K | 0 | 0 | 0 | -16.25M | -399K | 0 | 0 |
| Effective Tax Rate % | 40.96% | 21.37% | 24.53% | 52.47% | 0.05% | 26.99% | 24.72% | 23.35% | 20.82% | 43.07% | -81.11% | 6.39% | 0% | 0% | 0% | 41.16% | 1.01% | 0% | 0% |
| Net Income | -29.02M | -38.55M | 73.86M | 1.32M | 60.71M | 53.42M | 126.95M | 113.06M | 110.99M | 57.28M | 91.22M | 14.02M | 19.87M | -92.27M | -46.28M | 56M | -38.46M | 460K | -33.48M |
| Net Margin % | -3.74% | -5.36% | 11.16% | 0.22% | 9.1% | 9.21% | 24.39% | 28.79% | 27.14% | 18.95% | 42.43% | 9.7% | 16.28% | -767.73% | -3127.3% | 6974.22% | -36285.85% | 1.21% | -376.67% |
| Net Income Growth % | -146.87% | -152.19% | 5512.84% | -97.83% | 13.64% | -57.92% | 12.29% | 1.86% | 93.76% | -37.2% | 550.83% | -29.47% | 121.53% | -99.36% | -182.65% | 245.6% | -8461.52% | 101.37% | - |
| Net Income (Continuing) | -29.02M | -38.55M | 73.86M | 1.32M | 60.71M | 53.42M | 126.95M | 113.06M | 110.99M | 57.28M | 91.22M | 13.94M | 19.87M | -92.27M | -46.28M | -23.23M | -39.08M | 4.14M | -33.48M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.19M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.50 | -0.68 | 1.32 | 0.02 | 1.04 | 0.98 | 2.36 | 2.10 | 2.05 | 1.08 | 1.76 | 0.28 | 0.32 | -2.90 | -2.65 | 3.64 | -2.78 | -0.21 | -2.42 |
| EPS Growth % | -146.09% | -151.52% | 5469.62% | -97.72% | 6.12% | -58.47% | 12.38% | 2.44% | 89.81% | -38.64% | 528.57% | -12.5% | 111.03% | -9.43% | -172.8% | 230.94% | -1223.81% | 91.32% | - |
| EPS (Basic) | - | -0.68 | 1.34 | 0.02 | 1.13 | 1.01 | 2.41 | 2.16 | 2.13 | 1.13 | 1.84 | 0.29 | 0.47 | -2.90 | -2.65 | 3.64 | -2.78 | -0.21 | -2.42 |
| Diluted Shares Outstanding | 57.65M | 56.45M | 55.96M | 55.51M | 61.68M | 54.36M | 53.69M | 53.82M | 54.1M | 53.3M | 51.71M | 51.16M | 50.58M | 31.85M | 17.44M | 13.86M | 13.86M | 13.86M | 13.86M |
| Basic Shares Outstanding | 57.65M | 56.45M | 55.1M | 54.54M | 53.67M | 53.1M | 52.62M | 52.41M | 51.99M | 50.76M | 49.47M | 47.49M | 42.26M | 31.82M | 17.44M | 13.86M | 13.86M | 13.86M | 13.86M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and generic erosion
As reported in recent financial statements, Supernus achieved a 38.6% year-over-year revenue increase in 2026Q1, yet this growth remains inconsistent, reflecting the company's ongoing struggle to balance the rapid expansion of its ADHD franchise against the inevitable decline of its legacy epilepsy product portfolio.
The revenue trajectory appears heavily dependent on the successful market penetration of Qelbree, which introduces significant quarterly variability. Investors should monitor whether this growth can sustain momentum as generic competition continues to pressure the established epilepsy assets.
Based on reported figures, Supernus maintains a robust gross margin profile consistently near 90%, yet this structural strength is currently overshadowed by significant operating margin fluctuations, which dropped to -31.4% in 2025Q3 due to aggressive investment in commercializing new CNS product launches.
The company's ability to sustain such high gross margins suggests strong pricing power and efficient manufacturing, but the lack of consistent operating profitability indicates that these gains are being fully reinvested. This pattern warrants further investigation into whether the current sales force scale is appropriate for the long-term revenue potential of the portfolio.
According to recent SEC filings, Supernus has struggled to achieve meaningful operating leverage, as SG&A expenses frequently outpace gross profit growth, leading to erratic operating income that swung from a $40.8M profit in 2024Q3 to a $60.2M loss in 2025Q3.
The high fixed-cost nature of the CNS sales force appears to be the primary driver of this inefficiency, as the company attempts to capture market share in crowded therapeutic categories. Until the revenue base scales sufficiently to absorb these marketing costs, operating margins will likely remain sensitive to any minor fluctuations in top-line performance.
As indicated by quarterly data, reported net income is frequently distorted by non-cash charges and stock-based compensation, with 2025Q3 showing a net loss of $45.1M despite a gross profit of $173.1M, suggesting that GAAP earnings may not accurately reflect the company's underlying operational health.
Investors should look past the headline net income figures, which are heavily impacted by acquisition-related amortization and periodic spikes in compensation expenses. A focus on adjusted cash flow metrics may provide a clearer picture of the company's ability to generate value during this transition phase.
Based on the provided income statement data, the company's reliance on high-cost commercialization efforts to offset legacy product erosion creates a precarious financial narrative, as evidenced by the negative operating margins observed in four of the last ten quarters.
Short-sellers may focus on the potential for margin compression if Qelbree fails to achieve its projected market share, especially given the competitive intensity of the ADHD space. The company's future profitability appears contingent on a successful pivot that has yet to be fully validated by consistent bottom-line results.
Quick answers to the most common questions about buying SUPN stock.
For fiscal year 2025, Supernus Pharmaceuticals, Inc. (SUPN) reported total revenue of $719.0M. This represents a 7988.1% increase compared to $8.9M in 2008.
Supernus Pharmaceuticals, Inc. (SUPN) reported a net loss of $38.5M for the fiscal year ending 2025.
Supernus Pharmaceuticals, Inc. (SUPN) reported an operating income of $-36.9M, resulting in an operating profit margin of -5.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Supernus Pharmaceuticals, Inc. (SUPN) generated $644.4M in gross profit for the year, representing a gross profit margin of 89.6%. This demonstrates the company's core pricing power and production efficiency.