Supernus Pharmaceuticals, Inc.

Supernus reported first-quarter 2026 total revenue of $207.7 million, up 39% year over year. Commercial product revenue was $178 million, up 26%, and royalty/licensing/other revenue was $29.3 million, including $20 million of licensing revenue tied to a Shunovi commercial milestone. Combined R&D and SG&A expenses were $164.6 million versus $116.9 million last year. GAAP operating loss was $8.3 million, compared with a loss of $10.3 million a year ago; GAAP net loss was $2.3 million, or $0.04 per share, versus $11.8 million, or $0.21 per diluted share. Adjusted operating earnings were $28.7 million versus $25.9 million last year. On the product side, Qelbree net sales were $78 million, up 20%; GOCOVRI net sales were $35.2 million, up 15%; ONAPGO net sales were $8.4 million; and ZURZUVAE collaboration revenue was $27.6 million. Cash, cash equivalents and marketable securities were about $384 million at March 31, 2026, up from $309 million at December 31, 2025. For full-year 2026, management reiterated revenue guidance of $840 million to $870 million, combined R&D and SG&A of $620 million to $650 million, operating earnings of $0 million to $30 million, and non-GAAP operating earnings of $140 million to $170 million.

Jack Khattar said the quarter reflected a strong start to 2026, pointing to a 56% year-over-year increase in combined revenues from growth products and an 11% increase in adjusted operating earnings. He highlighted continued momentum in Qelbree, ZURZUVAE and GOCOVRI, and said ONAPGO demand improved materially after supply issues eased. He also stressed that corporate development remains a top priority, with a focus on revenue-generating assets or late-stage CNS pipeline opportunities.

Tim Dec said the quarter included $207.7 million of total revenue, $164.6 million of combined R&D and SG&A expense, and adjusted operating earnings of $28.7 million. He noted the company had about $384 million in cash, cash equivalents and marketable securities at quarter-end, helped by cash from operations, Medicaid timing, and Shunovi milestone payments. He reiterated full-year 2026 guidance: revenue of $840 million to $870 million, combined R&D and SG&A of $620 million to $650 million, GAAP operating earnings of $0 million to $30 million, and non-GAAP operating earnings of $140 million to $170 million.

Analysts focused on ONAPGO conversion rates, patient persistence, and the path to the high end of guidance, and Khattar said roughly 40% to 45% of start forms can be lost before shipment and that the backlog was about 570 patients, down from around 700 previously. On ONAPGO supply, he said the company is in ongoing discussions with the FDA, expects to file for the second supplier in the third quarter, and still sees approval timing as 6 to 9 months after filing. Questions also covered ZURZUVAE’s runway and DTC campaign; Khattar said the brand is still early in penetration, has treated more than 29,000 patients since launch, and it is too early to judge the DTC impact. For Qelbree, he said adult growth is outpacing pediatrics and the patient base is broadening beyond early adopters.