Supernus Pharmaceuticals NASDAQ: SUPN reported first-quarter 2026 results that management said reflected “a strong start to the year,” driven by growth across its key brands and collaboration-related revenue. Chief Executive Officer Jack Khattar highlighted a 56% year-over-year increase in combined revenues from the company’s “growth products” and an 11% year-over-year increase in adjusted operating earnings.
First-quarter revenue rose 39% year over year
Chief Financial Officer Tim Gannon said Supernus generated total revenue of $207.7 million in the first quarter of 2026, a 39% increase from the prior-year period. Commercial product revenue rose to $178 million, up 26% year over year, which Gannon attributed primarily to higher net sales from Qelbree, GOCOVRI, and ONAPGO, along with the addition of collaboration revenues tied to ZURZUVAE.
Royalty, licensing, and other revenue totaled $29.3 million and included $20 million in licensing revenue “related to the achievement of a commercial milestone” under Supernus’ collaboration agreement with Shionogi, Gannon said.
Expenses increased as the company integrated collaboration activities. Gannon reported combined R&D and SG&A expenses of $164.6 million, compared with $116.9 million a year ago, primarily due to higher SG&A associated with the Biogen collaboration.
On a GAAP basis, Supernus posted an operating loss of $8.3 million, compared with a GAAP operating loss of $10.3 million in the year-ago quarter. GAAP net loss narrowed to $2.3 million, or $0.04 per share, versus a net loss of $11.8 million, or $0.21 per diluted share, in the prior-year quarter.
On a non-GAAP basis, adjusted operating earnings were $28.7 million in the quarter, up from $25.9 million a year earlier, excluding amortization of intangibles, share-based compensation, contingent consideration, and depreciation.
ONAPGO rebounds after restart of patient initiations
Khattar said ONAPGO generated net sales of $8.4 million in the first quarter, reflecting only a partial benefit from the resumption of new patient initiations in February 2026 after earlier supply constraints. He said the company was encouraged by the rebound, noting that some March metrics “reached or even exceeding levels achieved before the supply constraints.”
Khattar pointed to March prescriptions of 463, which exceeded levels seen in October 2025 before supply constraints began. He also said the number of prescribers with shipments to patients in a single month rose in March to the highest level since launch. From launch through the end of April 2026, Khattar said more than 645 prescribers submitted about 2,200 enrollment forms.
In response to analyst questions about conversion from enrollment forms to paying patients, Khattar said that from the time a form is received to shipment, the company can “lose somewhere in the 40%-45%” of patients for reasons including changes in medical condition, insurance issues, incomplete forms, or lack of patient response. He said the process “could take several weeks,” adding that Supernus continues to identify bottlenecks and streamline the pathway.
Khattar also discussed ONAPGO’s backlog, saying the company had “probably somewhere around 570” patients in the queue, down from around 700 previously, and said processing capacity has improved since new initiations restarted in mid-to-late February. He reiterated ONAPGO net sales guidance of $45 million to $70 million for 2026 and said management wanted to see another full quarter of results given that first-quarter performance reflected “a partial quarter” of meaningful initiations.
On manufacturing, Khattar said Supernus expects to submit a regulatory filing to the FDA for a second ONAPGO supplier in the third quarter of 2026, with potential approval “before mid-year 2027.” Asked about FDA feedback and timing, he said the company has been in ongoing discussions with the agency and that the timeline provided was based on those conversations. He reiterated expectations for a six- to nine-month review, with mid-2027 reflecting the longer end of that range depending on filing timing. Khattar said Supernus had “no indication” that manufacturing-related issues would derail the timeline and noted that the second supplier has supplied the product in Europe. He also said the second supplier has “multiple” times the capacity of the current supplier and that the company is working on an additional backup supplier.
ZURZUVAE collaboration revenue and early-inning adoption
Supernus reported $27.6 million in collaboration revenue for ZURZUVAE in the first quarter. Khattar said full U.S. first-quarter sales of ZURZUVAE, as reported by Biogen, increased approximately 100% compared with the same quarter in 2025.
Khattar said written prescriptions increased 82% and the number of prescribers rose 73% versus the year-ago quarter. Since launch, he said 85% of prescriptions have come from repeat prescribers and more than 29,000 patients have been treated with ZURZUVAE.
Discussing runway, Khattar characterized the product as still being in the “early innings,” citing an estimate of roughly 500,000 women experiencing postpartum depression symptoms annually and noting that ZURZUVAE is now in its third year on the market. He said Supernus and partners have started “significant efforts” on direct-to-consumer advertising and other programs, though he said it was too early to quantify DTC impact beyond anecdotal positive feedback.
On treatment patterns, Khattar said patients generally complete the recommended 14-day course, noting that benefits can begin “pretty quickly by day three,” which can encourage completion. He also noted that ZURZUVAE is not a refill-driven product, and repeat use would generally depend on a future pregnancy and recurrence of postpartum depression.
Qelbree and GOCOVRI post double-digit sales growth
For Qelbree, Khattar said first-quarter net sales were $78 million, a 20% year-over-year increase. He cited IQVIA data showing prescriptions grew 19% versus the same period last year, outpacing 10% growth in the total ADHD market. Khattar said adult prescription growth was 27% and pediatric prescription growth was 15%, and he noted that total quarterly prescribers reached approximately 43,000, with adult prescribers surpassing pediatric prescribers for the first time.
In Q&A, Khattar said Supernus has been emphasizing the adult segment outside of the back-to-school season and described an expanding patient profile as the brand enters its sixth year. He highlighted use cases including patients intolerant to stimulants, patients seeking “all-day coverage,” partial responders to stimulants, and what he described as “complex ADHD.”
For GOCOVRI, Khattar reported first-quarter net sales of $35.2 million, up 15% year over year, and said total prescriptions increased 7% versus the year-ago quarter.
Pipeline update and 2026 guidance reiterated
Khattar said Supernus’ follow-on Phase IIb randomized, double-blind, placebo-controlled trial of SPN-820 in about 200 adults with major depressive disorder is ongoing. He said the study is evaluating safety, tolerability, and efficacy of a 2,400 mg dose given intermittently twice per week as an adjunct to baseline antidepressant therapy.
He also said a Phase IIb trial of SPN-817 is ongoing with targeted enrollment of approximately 258 adults with treatment-resistant focal seizures using 3 mg and 4 mg twice-daily doses. For SPN-443, a stimulant ADHD candidate, Khattar said the company expects to initiate a Phase I single-ascending and multiple-ascending dose study in healthy adult volunteers in the second half of 2026.
Khattar said corporate development remains a priority as Supernus looks for additional strategic opportunities in CNS through revenue-generating products or late-stage pipeline candidates. In Q&A, he said the company’s first priority is revenue-generating assets it can wholly own, followed by late-stage assets that could potentially launch “between a year to three years” after acquisition, adding that the company is “fairly agnostic” within CNS and also interested in women’s health.
Gannon said Supernus ended the quarter with approximately $384 million in cash, cash equivalents, and marketable securities, up from $309 million at the end of 2025, driven by cash from operations, Medicaid payment timing, and the Shionogi commercial milestone. He said the company has no debt and retains flexibility for potential M&A.
For full-year 2026, Supernus reiterated its guidance:
- Total revenues: $840 million to $870 million
- Combined R&D and SG&A expenses: $620 million to $650 million
- GAAP operating earnings: $0 million to $30 million
- Non-GAAP operating earnings: $140 million to $170 million
About Supernus Pharmaceuticals NASDAQ: SUPN
Supernus Pharmaceuticals, Inc, headquartered in Rockville, Maryland, is a specialty pharmaceutical company dedicated to developing and commercializing central nervous system (CNS) therapies. Since its founding in 2003, Supernus has focused on advancing treatments for neurological disorders, with an emphasis on improving patient quality of life through innovative dosage forms and sustained‐release formulations.
The company's marketed portfolio includes Trokendi XR and Oxtellar XR, extended‐release antiepileptic medications designed to maintain stable drug levels for seizure control, as well as Qelbree (viloxazine extended‐release capsules), approved for the treatment of attention‐deficit/hyperactivity disorder (ADHD) in pediatric and adult patients.
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