second quarter 2026
Filed Aug 3, 2026Supernus reported 32% total-revenue growth, raised full-year 2026 guidance, and recorded a $54.9 million APOKYN intangible asset impairment charge.
Growth products and total revenue grew strongly and the company raised revenue and adjusted operating earnings guidance, but a $54.9 million APOKYN impairment drove a $58.0 million operating loss and $58.4 million net loss, while legacy product sales declined.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $219.1 million | – | 32% |
| Total revenuesGAAP | $426.8 million | – | 35% |
| Total net product salesGAAP | $165.7 million | – | 5% |
| Total net product salesGAAP | $316.5 million | – | 5% |
| Total revenues from commercial productsnon-GAAP | $201.1 million | – | 27% |
| Total revenues from commercial productsnon-GAAP | $379.5 million | – | 27% |
| Royalty, licensing and other revenuesGAAP | $18.0 million | – | 141% |
| Royalty, licensing and other revenuesGAAP | $47.3 million | – | 209% |
| Operating lossGAAP | $58.0 million | – | – |
| Adjusted operating earningsnon-GAAP | $31.2 million | – | – |
| Net lossGAAP | $58.4 million | – | – |
| Diluted loss per shareGAAP | $1.01 | – | – |
| Cash, cash equivalents, and current marketable securitiesGAAP | approximately $372.1 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| QelbreeDriven primarily by volume growth. | $89.2 million | – | 15% |
| GOCOVRITotal number of prescriptions grew by 9% in the second quarter of 2026 compared to the same period last year. | $37.6 million | – | 2% |
| ONAPGOSince the launch in April 2025, and through the end of July 2026, approximately 2,600 enrollment forms have been submitted by approximately 720 prescribers. | $13.5 million | – | 745% |
| Trokendi XRDriver not specified. | $8.4 million | – | (25)% |
| Oxtellar XRDriver not specified. | $8.8 million | – | (25)% |
| APOKYNDriver not specified. | $6.3 million | – | (51)% |
| OtherIncludes net product sales of MYOBLOC, XADAGO and Osmolex ER. | $1.9 million | – | (71)% |
| Collaboration revenue (ZURZUVAE)Represents 50% of the net revenues for ZURZUVAE recorded by Biogen Inc.; second quarter 2026 U.S. sales of ZURZUVAE, as reported by Biogen Inc., increased approximately 53% compared to the same period in 2025. | $35.4 million | – | 100% |
Full Year 2026 outlook
- Revenue$860 million - $890 million
- Operating expensesCombined R&D and SG&A expenses of $630 million - $660 million
- NoteONAPGO net sales of $55 million - $70 million
- NoteTrokendi XR and Oxtellar XR net sales of $50 million - $60 million
- NoteOperating earnings (loss) of $(20) million - $(50) million
- NoteAdjusted operating earnings (non-GAAP) of $150 million - $180 million
What drove it
- Combined revenues of the Company's four growth products were $175.7 million in the second quarter 2026, an increase of 52% compared to the same period last year.
- Qelbree total IQVIA prescriptions were 264,545 for the second quarter 2026, an increase of 17% compared to the same period last year; adult and pediatric prescription growth was 25% and 14%, respectively.
- The total number of prescriptions for ZURZUVAE increased by 62% in the second quarter of 2026 compared to the same period last year.
- The company remains on-track to submit a regulatory filing to the FDA for a second supplier for ONAPGO in the third quarter of 2026, with potential FDA approval by mid-year 2027.
- The company announced an agreement to combine with Indivior Pharmaceuticals, Inc. in an all-stock merger of equals.
Concerns
- The company recorded a non-cash $54.9 million intangible asset impairment charge related to APOKYN in the second quarter of 2026.
- Selling, general, and administrative expenses increased in association with the collaboration agreement with Biogen Inc.
- Trokendi XR, Oxtellar XR, APOKYN, and Other net product sales declined 25%, 25%, 51%, and 71%, respectively, compared to the same period in 2025.
- Full-year operating earnings (loss) guidance is $(20) million - $(50) million, compared with previous guidance of $0 million - $30 million.
What to watch
- Regulatory submission to the FDA for a second ONAPGO supplier in the third quarter of 2026 and potential FDA approval by mid-year 2027.
- ONAPGO net sales performance against full-year guidance of $55 million - $70 million.
- Trokendi XR and Oxtellar XR net sales performance against full-year guidance of $50 million - $60 million.
- Progress of the Phase 2b studies for SPN-817 and SPN-820.
- Initiation of the Phase 1 study for SPN-443 in the second half of 2026.
- Developments related to the proposed all-stock merger of equals with Indivior Pharmaceuticals, Inc.
Balance sheet and cash flow
- Cash, cash equivalents, and current marketable securities were approximately $372.1 million as of June 30, 2026, compared to $308.7 million as of December 31, 2025.
- The increase was primarily due to cash generated from operations.
Analysis
Supernus delivered $219.1 million of total revenues in the second quarter of 2026, up 32% from $165.5 million in the same period in 2025. Total revenues from commercial products, a non-GAAP measure, were $201.1 million, up 27%, while combined revenue from the four growth products reached $175.7 million, up 52%. The revenue mix included $35.4 million of ZURZUVAE collaboration revenue, which represents 50% of net revenues recorded by Biogen, alongside growth in Qelbree, GOCOVRI, and ONAPGO.
Qelbree remained the largest reported product, with net sales of $89.2 million, up 15%, driven primarily by volume growth. Qelbree total IQVIA prescriptions were 264,545, up 17%, with adult and pediatric prescription growth of 25% and 14%, respectively. ONAPGO net product sales were $13.5 million, compared with $1.6 million in the same period in 2025, and ZURZUVAE prescriptions increased 62%. GOCOVRI grew 2% to $37.6 million, while Trokendi XR, Oxtellar XR, APOKYN, and Other product sales declined.
Reported profitability was affected by a non-cash $54.9 million intangible asset impairment charge related to APOKYN and higher selling, general, and administrative expenses associated with the Biogen collaboration agreement. The company recorded a GAAP operating loss of $58.0 million, compared with operating earnings of $12.1 million in the same period in 2025, and a GAAP net loss of $58.4 million, or $1.01 per diluted share. Adjusted operating earnings were $31.2 million, compared with $40.9 million in the prior-year period.
Liquidity increased to approximately $372.1 million of cash, cash equivalents, and current marketable securities as of June 30, 2026, compared with $308.7 million as of December 31, 2025. The company attributed the increase primarily to cash generated from operations. No share repurchases, dividends, debt balances, operating cash flow, or free cash flow amounts were reported in the provided document.
Management raised full-year 2026 total-revenue guidance to $860 million - $890 million and adjusted operating earnings guidance to $150 million - $180 million. The company also guided to ONAPGO net sales of $55 million - $70 million and Trokendi XR and Oxtellar XR net sales of $50 million - $60 million. Attention will center on continued growth-product execution, the planned third-quarter 2026 FDA submission for a second ONAPGO supplier, progress across the pipeline, and the proposed all-stock merger of equals with Indivior Pharmaceuticals, Inc.
Management, verbatim
Our first-half 2026 results reflect the continued strength and sustained momentum of our growth products and continued execution on our commercial strategy.
Jack Khattar, President and CEO of Supernus
As we look to the remainder of the year, we remain focused on disciplined execution and prudent capital allocation, and we believe we are well positioned to build on this momentum.
Jack Khattar, President and CEO of Supernus
We are excited about the future of Supernus, even more so following the recent agreement to merge with Indivior Pharmaceuticals, Inc. The combination of these two businesses will form a well-positioned CNS company with a unique profile of scale, growth, and flexibility to pursue additional business development opportunities.
Jack Khattar, President and CEO of Supernus
Not in the filing
stated, not guessed- Gross profit and gross margin, including GAAP and non-GAAP measures.
- Operating expenses by line item, including research and development expense and selling, general, and administrative expense.
- Income tax expense or benefit and effective tax rate.
- Operating cash flow and free cash flow.
- Debt, borrowing facilities, and net debt.
- Capital return information, including share repurchases and dividends.
- GAAP and non-GAAP gross-margin guidance.
- Tax-rate guidance.
- Prior-quarter comparisons for reported revenue, earnings, EPS, and product-sales metrics.
- Full six-month operating income, net income, EPS, cash flow, and margin metrics.
- A separate previous-release outlook section for formal actual-versus-prior-guidance comparison.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.