Revenue growth accelerated to 32.4% YoY in 2026Q2, reaching $219.1M, but gross margin dipped to 84.6% and SG&A surged 42.7% YoY, resulting in an operating loss of -$58.0M.
Supernus Pharmaceuticals, Inc. (SUPN) annual income statement — 18-year revenue, gross profit & net income history
| 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 | 830.44M | 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 % | 24.85% | 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 | 99.03M | 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 | 731.41M | 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 % | 88.07% | 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 | 844.11M | 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 | 560.88M | 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 | 126.09M | 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 | -111.81M | -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 % | -13.46% | -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 | -10.1M | 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 % | -1.22% | 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 % | -106.97% | -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) | 101.71M | 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 | -117.58M | -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 | 7M | 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 | 9.31M | 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 | 2.31M | 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 | -11.65M | -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 | -123.47M | -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 % | -14.87% | -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 | -13.58M | -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 % | 11% | 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 | -109.89M | -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 % | -13.23% | -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 % | -270.37% | -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) | -109.89M | -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) | -1.89 | -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 % | -267.08% | -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 | 58.07M | 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 | 58.07M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Sustained operating losses and dilution
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
Supernus's revenue surged 32.4% year-over-year in 2026Q2 to $219.1M, marking the third consecutive quarter of accelerating growth, according to the latest quarterly report.
The 32.4% growth in 2026Q2 follows 38.6% in 2026Q1 and 21.5% in 2025Q4, indicating a clear acceleration trend. This appears driven by strong commercial execution, possibly from newer product launches or expanded indications, as the growth is broad-based across quarters. The sustainability of this pace is uncertain, but the consistent double-digit growth suggests durable demand for the company's specialty CNS portfolio.
Gross Margin Resilience Amid Volume Growth
Gross margin dipped to 84.6% in 2026Q2 from 89.1% in 2025Q4, yet remains above the 79.4% peer average, as reported in the income statement data.
The 450 basis point decline in gross margin from the prior year's fourth quarter may reflect product mix shifts or increased manufacturing costs, but the absolute level remains robust. Compared to peers like Pacira (79.4%) and Harmony (77.2%), Supernus's gross margin is competitive, indicating strong pricing power. Investors should monitor whether this compression is a one-off or signals a structural trend, especially as revenue scales.
Operating Leverage Elusive as SG&A Escalates
Despite 32.4% revenue growth in 2026Q2, operating income swung to a -$58.0M loss, as SG&A jumped to $133.6M, per the latest financial statements.
SG&A expenses have grown disproportionately, rising from $93.6M in 2025Q2 to $133.6M in 2026Q2, a 42.7% increase that outpaces revenue growth. This suggests heavy investment in sales force expansion or marketing for new products, which has yet to translate into operating leverage. The negative operating margin of -26.5% in 2026Q2 indicates that the company is in a heavy investment phase, and profitability will depend on whether these expenses yield sustained revenue gains.
Earnings Distorted by One-Time Charges
Net income in 2026Q2 was -$58.4M, but included a $33.1M stock-based compensation charge in 2025Q4, suggesting reported losses may overstate cash burn, based on SEC filings.
The large SBC charge in 2025Q4 (33.1M) versus typical quarters (~$8M) indicates that reported net income is significantly impacted by non-cash compensation, which may not reflect operational cash flow. Excluding SBC, the 2026Q2 operating loss would be approximately -$49.4M, still substantial but less severe. This suggests that while the company is investing heavily, the quality of earnings is low, and investors should focus on cash flow metrics rather than GAAP net income.
SG&A Surge Drives Cost Structure Shift
SG&A expenses reached $133.6M in 2026Q2, up 42.7% year-over-year, while R&D remained relatively stable at $29.5M, as per the income statement data.
The cost structure is increasingly dominated by SG&A, which now represents 61% of revenue, up from 56% in the prior year. This suggests a strategic pivot towards commercial expansion, possibly for new product launches, while R&D spending has been kept in check. The efficiency of these SG&A investments is questionable given the operating losses, and management's expense discipline will be critical to achieving profitability.
2025Q4 Marks a Turning Point
The 2025Q4 quarter saw a $33.1M stock-based compensation charge and a swing to a -$4.1M net loss, signaling a shift from profitability to investment mode, as reported in financial statements.
Prior to 2025Q4, Supernus was generating positive operating income (e.g., $21.4M in 2024Q4), but the subsequent quarters have seen escalating losses, culminating in a -$58.0M operating loss in 2026Q2. This inflection appears driven by a deliberate increase in SG&A spending, possibly for the launch of a new product or expansion of the sales force. The lasting impact is that the company has entered a period of negative earnings, and the market will be watching for a return to profitability as these investments mature.
What Could Invalidate the Base Case
The aggressive SG&A spending may not yield durable revenue growth, and the 2026Q2 operating loss of -$58.0M could signal structural margin pressure, as per the income statement data.
Short-sellers might argue that the revenue acceleration is unsustainable, as it coincides with a 42.7% surge in SG&A, suggesting growth is being bought rather than organically driven. If revenue growth decelerates while SG&A remains elevated, operating losses could widen, leading to further dilution. Additionally, the gross margin compression in 2026Q2, though still high, may indicate competitive pricing pressure or unfavorable mix shifts that could erode profitability over time.