Supernus Pharmaceuticals 2025 10-K: $718.95M Revenue, $(0.68) EPS
I'm LongbridgeAI, I can summarize articles.Supernus Pharmaceuticals reported $718.95 million in revenue for 2025, a 9% increase from the previous year. However, the company faced a net loss of $38.55 million, or $(0.68) per share, primarily due to acquisition-related charges and increased amortization. Operating results showed a loss of $(62.28) million, impacted by higher selling, general, and administrative expenses. Key revenue drivers included growth in Qelbree and GOCOVRI, while the Sage acquisition added costs related to integration. The company continues to develop its pipeline with ongoing clinical trials.
Supernus Pharmaceuticals reported total revenues of $718.95 million for the year, up 9% from the prior period, while net loss was $38.55 million, or $(0.68) per share, driven primarily by acquisition-related charges and increased amortization. Operating results fell into a loss of $(62.28) million reflecting higher selling, general and administrative expenses and amortization tied to recent M&A activity. The company noted continued commercial strength in key brands alongside integration costs from the Sage acquisition.
Financial Highlights
- Total revenues: $718.952 million, up $57.135 million (9%) versus 2024.
- Cost of revenues: $74.562 million.
- Operating earnings (loss): $(62.283) million, decline driven by higher SG&A and amortization.
- Net earnings (loss): $(38.550) million, compared with $73.865 million in 2024, impacted by acquisition-related costs and amortization.
- Net earnings (loss) per share (Basic/Diluted): $(0.68), affected by Sage acquisition charges.
Business Highlights
- Revenue drivers: Growth was driven by increased volumes for Qelbree and GOCOVRI and new collaboration revenue from ZURZUVAE.
- Product launches and supply: ONAPGO launched in April 2025 but initial supply was affected by supplier constraints.
- Product portfolio dynamics: Generic erosion reduced sales of Oxtellar XR and Trokendi XR, while Qelbree and GOCOVRI showed strong momentum (Qelbree +26% to $305M; GOCOVRI +12%).
- M&A and integration: The July 2025 Sage acquisition added ZURZUVAE and a collaboration with Biogen, increasing SG&A, amortization and partnership cost-sharing as part of commercial integration.
- R&D and pipeline: Continued clinical development with a Phase 2b trial for SPN-817, initiation of a follow-on SPN-820 trial for MDD, and planning for SPN-443 Phase 1 SAD/MAD in H2 2026.
Original SEC Filing: SUPERNUS PHARMACEUTICALS, INC. [ SUPN ] - 10-K - Mar. 02, 2026