Detailed financial statements for Supernus Pharmaceuticals, Inc. (SUPN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Supernus Pharmaceuticals, Inc. is a biopharmaceutical firm dedicated to developing and marketing therapies for central nervous system (CNS) disorders within the United States. Its portfolio of marketed products includes Trokendi XR, an extended-release topiramate formulation prescribed for both epilepsy management and migraine prevention.
Analysis Summary
Supernus Pharmaceuticals, Inc. reported revenue of $719.0M in the most recent fiscal year, growing at a 5-year CAGR of 6.7%.
Trailing-twelve-month margins: gross margin 88.1%, operating margin -13.5%, net margin -13.2%. Free cash flow grew at -19.4% CAGR over 5 years.
At the current price of $42.76, SUPN has negative trailing earnings (P/E not meaningful) and an ROE of -10.42%. Market capitalisation stands at $2.5B.
Balance sheet quality for SUPN: current ratio of 1.9, net cash position of $267.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $215.0M | $302.2M | $408.9M | $392.8M | $520.4M | $579.8M | $667.2M | $607.5M | $661.8M | $719.0M |
| Cost of Revenue | $12.0M | $15.2M | $15.4M | $16.7M | $52.5M | $75.1M | $87.2M | $83.8M | $77.9M | $74.6M |
| Gross Profit | $203.0M | $287.0M | $393.5M | $376.1M | $467.9M | $504.7M | $580.0M | $523.7M | $583.9M | $644.4M |
| Research & Development | $42.8M | $49.6M | $89.2M | $69.1M | $76.0M | $90.5M | $74.6M | $91.6M | $108.8M | $106.2M |
| Selling, General & Admin | $106.0M | $137.9M | $159.9M | $158.4M | $200.7M | $304.8M | $377.2M | $336.4M | $335.8M | $485.6M |
| Operating Expenses | $148.8M | $187.5M | $249.1M | $227.5M | $294.2M | $418.7M | $533.9M | $529.0M | $502.2M | $681.3M |
| Operating Income | $54.2M | $99.5M | $144.4M | $148.6M | $173.7M | $86.0M | $46.1M | -$5.3M | $81.7M | -$36.9M |
| EBITDA | $56.6M | $107.7M | $151.5M | $180.4M | $210.5M | $129.2M | $153.4M | $90.0M | $178.3M | $42.5M |
| Interest Expense | $5.1M | $1.6M | $18.1M | $22.7M | $23.8M | $23.4M | $7.1M | $2.4M | 0 | 0 |
| Pre-tax Income | $50.4M | $100.6M | $140.2M | $147.5M | $168.6M | $73.2M | $60.7M | $2.8M | $97.9M | -$49.0M |
| Income Tax | -$40.9M | $43.3M | $29.2M | $34.4M | $41.7M | $19.8M | $32,000 | $1.5M | $24.0M | -$10.5M |
| Net Income | $91.2M | $57.3M | $111.0M | $113.1M | $127.0M | $53.4M | $60.7M | $1.3M | $73.9M | -$38.5M |
| EPS | $1.84 | $1.13 | $2.13 | $2.16 | $2.41 | $1.01 | $1.13 | $0.02 | $1.34 | $-0.68 |
| EPS (Diluted) | $1.76 | $1.08 | $2.05 | $2.10 | $2.36 | $0.98 | $1.04 | $0.02 | $1.32 | $-0.68 |
| Shares Outstanding (Diluted) | $51.7M | $53.3M | $54.1M | $53.8M | $53.7M | $54.4M | $61.7M | $55.5M | $56.0M | $56.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $192.1M | $211.6M | $207.7M | $219.1M |
| Gross Profit | $173.1M | $188.6M | $184.3M | $185.4M |
| Operating Income | -$60.2M | $13.8M | -$7.4M | -$58.0M |
| EBITDA | -$33.1M | $26.7M | $20.2M | -$29.6M |
| Net Income | -$45.1M | -$4.1M | -$2.3M | -$58.4M |
| EPS | $-0.80 | $-0.07 | $-0.04 | $-1.01 |
| EPS (Diluted) | $-0.80 | $-0.07 | $-0.04 | $-1.01 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $90.1M | $100.3M | $192.2M | $181.4M | $288.6M | $203.4M | $93.1M | $75.1M | $69.3M | $128.4M |
| Short-term Investments | 0 | $39.7M | $163.8M | $165.7M | $133.9M | $136.2M | $368.2M | $179.8M | $384.3M | $180.2M |
| Receivables | $41.5M | $65.6M | $102.9M | $87.3M | $140.9M | $148.9M | $165.5M | $144.2M | $142.1M | $187.8M |
| Inventory | $16.8M | $16.3M | $25.7M | $26.6M | $48.3M | $86.0M | $91.5M | $77.4M | $54.3M | $82.4M |
| Total Current Assets | $151.4M | $228.5M | $493.5M | $472.6M | $630.4M | $601.6M | $734.2M | $493.1M | $686.1M | $644.2M |
| Property, Plant & Equipment | $4.3M | $5.1M | $4.1M | $17.1M | $37.8M | $17.0M | $15.2M | $13.5M | $11.5M | $10.5M |
| Goodwill | 0 | 0 | 0 | 0 | $77.9M | $117.5M | $117.0M | $117.0M | $117.0M | $124.9M |
| Intangible Assets | $16.5M | $36.0M | $31.4M | $24.8M | $364.3M | $784.7M | $702.5M | $599.9M | $521.9M | $569.5M |
| Total Assets | $309.6M | $424.5M | $977.8M | $1.16B | $1.50B | $1.69B | $1.70B | $1.28B | $1.37B | $1.45B |
| Accounts Payable | $8.1M | $6.8M | $3.2M | $10.1M | $6.1M | $9.3M | $10.5M | $2.0M | $4.6M | $2.7M |
| Short-term Debt | 0 | $4.3M | $2.2M | 0 | 0 | 0 | $402.0M | 0 | 0 | 0 |
| Total Current Liabilities | $80.7M | $123.0M | $161.4M | $160.6M | $245.1M | $315.4M | $688.0M | $290.2M | $292.4M | $338.2M |
| Long-term Debt | $4.2M | $22.3M | $329.5M | $345.2M | $361.8M | $379.3M | 0 | 0 | 0 | 0 |
| Total Liabilities | $117.8M | $157.0M | $524.8M | $564.9M | $759.2M | $873.3M | $816.3M | $356.2M | $332.3M | $390.9M |
| Retained Earnings | -$84.3M | -$26.8M | $86.5M | $199.5M | $326.5M | $379.9M | $481.2M | $482.6M | $556.4M | $517.9M |
| Total Equity | $191.8M | $267.5M | $453.0M | $595.4M | $744.9M | $815.9M | $886.2M | $921.5M | $1.04B | $1.06B |
| Total Debt | $4.2M | $26.5M | $329.5M | $378.4M | $414.3M | $427.0M | $444.8M | $41.5M | $34.3M | $41.0M |
| Net Debt | -$86.0M | -$113.5M | -$26.6M | $31.4M | -$8.2M | $87.3M | -$16.6M | -$213.3M | -$419.3M | -$267.7M |
| Working Capital | $70.7M | $105.5M | $332.1M | $312.1M | $385.3M | $286.2M | $46.2M | $202.9M | $393.7M | $306.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $151.4M | $128.4M | $184.9M | $180.0M |
| Total Assets | $1.42B | $1.45B | $1.50B | $1.43B |
| Total Liabilities | $370.1M | $390.9M | $423.9M | $396.9M |
| Total Equity | $1.05B | $1.06B | $1.08B | $1.03B |
| Total Debt | $42.2M | $41.0M | $40.9M | $40.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $91.2M | $57.3M | $111.0M | $113.1M | $127.0M | $53.4M | $60.7M | $1.3M | $73.9M | -$38.5M |
| Depreciation & Amortization | $2.4M | $8.1M | $7.1M | $6.7M | $18.1M | $32.6M | $85.5M | $84.9M | $80.4M | $90.0M |
| Stock-based Compensation | $5.9M | $8.4M | $11.3M | $14.8M | $16.6M | $17.9M | $17.6M | $26.8M | $27.8M | $33.1M |
| Change in Working Capital | $8.4M | $23.7M | -$4.7M | $613,000 | -$36.5M | $3.6M | -$24.2M | -$9.1M | -$2.1M | -$75.2M |
| Operating Cash Flow | $66.8M | $114.6M | $129.0M | $143.1M | $138.4M | $127.1M | $116.8M | $111.1M | $172.0M | $47.3M |
| Capital Expenditure | -$1.6M | -$2.0M | -$844,000 | -$2.7M | -$3.4M | -$2.0M | -$412,000 | -$551,000 | -$725,000 | -$1.3M |
| Acquisitions | 0 | 0 | 0 | 0 | -$313.5M | -$311.7M | -$14,000 | 0 | 0 | -$293.1M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $65.2M | $112.6M | $128.1M | $140.4M | $134.9M | $125.1M | $116.4M | $110.5M | $171.2M | $46.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$61.7M | $19.9M | $66.5M | -$4.8M |
| Capital Expenditure | -$129,000 | -$427,000 | 0 | -$568,000 |
| Free Cash Flow | -$61.8M | $19.4M | $66.5M | -$5.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $7.8M | $33.1M | $8.5M | $8.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +40.6% | +35.3% | -3.9% | +32.5% | +11.4% | +15.1% | -8.9% | +8.9% | +8.6% | |
| Net Income Growth (YoY) | -37.2% | +93.8% | +1.9% | +12.3% | -57.9% | +13.6% | -97.8% | +5,512.8% | -152.2% | |
| EPS Growth (YoY) | -38.6% | +88.5% | +1.4% | +11.6% | -58.1% | +11.9% | -97.9% | +5,460.2% | -150.7% | |
| Shares Change (YoY) | +3.1% | +1.5% | -0.5% | -0.2% | +1.2% | +13.5% | -10.0% | +0.8% | +0.9% | |
| FCF Growth (YoY) | +72.7% | +13.8% | +9.6% | -3.9% | -7.3% | -6.9% | -5.1% | +54.9% | -73.1% | |
| Gross Margin | 94.4% | 95.0% | 96.2% | 95.8% | 89.9% | 87.1% | 86.9% | 86.2% | 88.2% | 89.6% |
| Operating Margin | 25.2% | 32.9% | 35.3% | 37.8% | 33.4% | 14.8% | 6.9% | -0.9% | 12.3% | -5.1% |
| EBITDA Margin | 26.3% | 35.6% | 37.1% | 45.9% | 40.5% | 22.3% | 23.0% | 14.8% | 26.9% | 5.9% |
| Net Margin | 42.4% | 19.0% | 27.1% | 28.8% | 24.4% | 9.2% | 9.1% | 0.2% | 11.2% | -5.4% |
| FCF Margin | 30.3% | 37.3% | 31.3% | 35.7% | 25.9% | 21.6% | 17.4% | 18.2% | 25.9% | 6.4% |
| Effective Tax Rate | -81.1% | 43.1% | 20.8% | 23.3% | 24.7% | 27.0% | 0.1% | 52.5% | 24.5% | 21.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.26 | $2.11 | $2.37 | $2.61 | $2.51 | $2.30 | $1.89 | $1.99 | $3.06 | $0.81 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $49.5M | $50.8M | $52.0M | $52.4M | $52.6M | $53.1M | $53.7M | $54.5M | $55.1M | $56.5M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -10.42% |
| Return on Invested Capital | -9.12% |
| Return on Assets | -7.69% |
| Gross Margin | 88.07% |
| Operating Margin | -13.46% |
| Net Margin | -13.23% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 2.08 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 5.47 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.72 | 35.27 | 15.60 | 10.98 | 10.44 | 28.87 | 31.57 | 1,200.83 | 26.99 | -73.09 |
| P/B | 6.51 | 7.56 | 3.81 | 2.09 | 1.78 | 1.90 | 2.16 | 1.71 | 1.92 | 2.64 |
| P/S | 5.81 | 6.69 | 4.22 | 3.17 | 2.54 | 2.67 | 2.87 | 2.60 | 3.01 | 3.90 |
| Gross Margin | 94.4% | 95.0% | 96.2% | 95.8% | 89.9% | 87.1% | 86.9% | 86.2% | 88.2% | 89.6% |
| Operating Margin | 25.2% | 32.9% | 35.3% | 37.8% | 33.4% | 14.8% | 6.9% | -0.9% | 12.3% | -5.1% |
| Net Margin | 42.4% | 19.0% | 27.1% | 28.8% | 24.4% | 9.2% | 9.1% | 0.2% | 11.2% | -5.4% |
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