Supernus Pharmaceuticals, Inc. (SUPN) Stock

Supernus Pharmaceuticals, Inc. (SUPN) is a Healthcare stock trading at $45.91 (as of 2026-08-21), with a market capitalization of $2.66B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Supernus Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing treatments for central nervous system diseases in the United States. Its products include Trokendi XR and Oxtellar XR for epilepsy and migraine, Qelbree for pediatric ADHD, and several therapies for Parkinson’s disease and related movement disorders.

Understand Supernus Pharmaceuticals, Inc.: how it makes money

Supernus Pharmaceuticals develops and commercializes central nervous system disease treatments in the United States, selling extended release epilepsy and migraine medicines (including Trokendi XR and Oxtellar XR) and earning additional income from collaborations and royalties.

Even with very high gross margin (88.7%), Supernus has reported a negative operating margin (-4.0%), so the key structural question is whether its high gross margin revenue mix (commercial product sales plus collaboration and royalty income) can consistently cover operating costs.

Business quality (Weak): High gross margin but negative operating margin, indicating that revenue mix and cost control are both crucial to profitability.

Bull case

Multiple revenue streams: Latest-quarter revenue includes both commercial product net sales (for example, Calvary 0.07B, Calgary 0.06B, Oxtellar XR 0.03B) and non-product income such as collaboration revenue (Zerzuve Collaboration Revenues 0.03B) and royalties and licensing (0.02B).
Strong gross margin profile: Reported gross margin is 88.7%, which supports the idea that, at the gross profit level, the company can generate meaningful profit before operating expenses.

Bear case

Operating losses in the period: Operating margin is -4.0%, meaning operating costs outweighed gross profit in the latest quarter.
Greater dependence on collaboration and royalty timing: A meaningful portion of revenue comes from collaboration and royalty and licensing categories (for example, Zerzuve Collaboration Revenues 0.03B and Royalty, Licensing, and Other Revenues 0.02B), which can be sensitive to deal activity and recognition timing.
Unclear contribution from commercial products beyond named items: The provided operating KPI candidate list shows 'Revenue from Commercial Products' as 0.0B, even though the business description states multiple commercial products, which highlights potential reporting or classification complexity for investors.

Valuation — source: SEC EDGAR (first-party)
Price	$45.91
Market Cap	$2.66B
Price / Book	2.58
Price / Sales	3.22
FCF Yield	8.3%
DCF Value (model)	$95.69
DCF Upside vs Price	108.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$718.95M
Net Margin	-5.4%
Revenue Growth (YoY)	8.6%
EPS Growth (YoY)	-150.7%
FCF Growth (YoY)	-73.1%

Financial Health — source: SEC EDGAR
Altman Z-Score	5.16 (safe)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($454.73M)
Institutional Holders Tracked	10
Congressional Trades (recent)	5

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Jack A. Khattar
Employees	674
Country	US
IPO Date	2012-05-01

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.