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Here are 1-3 brief analogies for Supernus Pharmaceuticals (SUPN):

• A smaller Jazz Pharmaceuticals specializing in Central Nervous System (CNS) disorders.
• A Horizon Therapeutics (pre-acquisition) focused on acquiring, optimizing, and commercializing drugs primarily for CNS conditions.

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• Qelbree (viloxazine extended-release): A non-stimulant medication approved for the treatment of Attention-Deficit/Hyperactivity Disorder (ADHD) in children, adolescents, and adults.
• Trokendi XR (topiramate extended-release): An extended-release medication used for the treatment of epilepsy and for the prophylactic treatment of migraine headaches.
• Oxtellar XR (oxcarbazepine extended-release): An extended-release medication indicated for the treatment of partial-onset seizures in patients with epilepsy.
• Apokyn (apomorphine hydrochloride injection): An injectable medication used for the acute, intermittent treatment of "off" episodes in patients with Parkinson's disease.
• Xadago (safinamide): An add-on treatment for Parkinson's disease patients experiencing "off" episodes while on levodopa therapy.

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Supernus Pharmaceuticals (symbol: SUPN) primarily sells its pharmaceutical products to other companies, specifically large pharmaceutical wholesale distributors, specialty pharmacies, and managed care organizations.

According to their latest 10-K filing for the fiscal year ended December 31, 2023, three major customers collectively accounted for approximately 91% of Supernus's total product sales. These key customers are:

• AmerisourceBergen Corporation (symbol: ABC)
• Cardinal Health, Inc. (symbol: CAH)
• McKesson Corporation (symbol: MCK)

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Jack A. Khattar, President, CEO and Secretary

Jack A. Khattar is the founder of Supernus Pharmaceuticals, Inc. and has served as its President, CEO, and Director since 2005. From 1999 to 2005, he held various positions, including Board member, President, and CEO of Shire Laboratories Inc., the drug delivery subsidiary of Shire plc, where he also served on Shire plc's Executive Committee from 1999 to 2004. Prior to that, Mr. Khattar was an Executive Officer and Chairman of the Management Committee at CIMA Labs Inc., a drug delivery company, responsible for business development, corporate alliances, and strategic planning. Before joining CIMA in 1995, he held marketing and business development roles at Merck & Co., Novartis, Playtex, and Kodak. He currently serves on the Board of Directors of Prevacus, Inc., a privately held biotechnology company, and as Chairman of the Board of scPharmaceuticals, a publicly traded biotechnology company.

Timothy C. Dec, Senior Vice President of Finance, Chief Financial Officer

Timothy C. Dec has served as the Chief Financial Officer and Senior Vice President of Finance for Supernus Pharmaceuticals since 2021, bringing over 35 years of experience in accounting and finance, including in the healthcare industry. Prior to joining Supernus, he served as Chief Financial Officer at OpGen, Inc. His previous experience also includes roles as Senior Vice President and Chief Financial Officer of Clubwidesports, LLC, Fortress International Group Inc., and Presidio Networked Solutions, as well as Senior Vice President, Chief Accounting Officer and Treasurer of Broadwing Corporation.

Padmanabh P. Bhatt, Ph. D., Senior Vice President of Intellectual Property and Chief Scientific Officer

Padmanabh P. Bhatt has served as Senior Vice President of Intellectual Property and Chief Scientific Officer since March 2012, having previously been Vice President of Pharmaceutical Sciences beginning in 2005. Before Supernus, Dr. Bhatt was Vice President of Advanced Drug Delivery at Shire Laboratories, Inc. from 2003 to 2005, and Vice President of Research and Development and Chief Technology Officer at Point Biomedical Corporation from 2001 to 2003. He also held various positions at ALZA (now a Johnson & Johnson company) from 1996 to 2001.

Jonathan Rubin, MD, MBA, Chief Medical Officer and Senior Vice President of Research & Development

Jonathan Rubin has been the Chief Medical Officer and Senior Vice President of Research & Development at Supernus Pharmaceuticals, Inc. since January 1, 2021. He initially joined the company on February 10, 2020, as Senior Vice-President, Clinical Research and Medical Affairs.

Todd Horich, Ph.D., Senior Vice President, Commercial Operations, Marketing, & Market Access

Todd Horich has played an integral leadership role in building out the organization, integrating corporate acquisitions, and successfully launching products such as Trokendi XR®, Oxtellar XR®, and Qelbree® for Supernus. Prior to joining Supernus, Dr. Horich held various positions of increasing responsibility with Novartis Pharmaceuticals Inc. and Director-level positions with Vanda Pharmaceuticals and Medimmune, Inc.

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Supernus Pharmaceuticals (SUPN) faces several key risks to its business, primarily stemming from intense competition and the inherent challenges of the pharmaceutical industry.

1. Competition, Generic Entry, and Patent Challenges: Supernus is highly vulnerable to generic competition and ongoing patent disputes. The company is involved in various patent infringement lawsuits to protect its proprietary drug formulations, such as those against Creekwood Pharmaceuticals and Appco Pharma for central nervous system (CNS) drugs, and in the past, against Torrent Pharmaceuticals for Trokendi XR. Regulatory bodies like the Federal Trade Commission (FTC) have also intervened, siding with generic manufacturers and alleging that Supernus has employed strategies to hinder the market entry of cheaper generic alternatives, notably for its Parkinson's drug Apokyn and its associated pen injector. This risk is amplified by the fact that core products like Qelbree and GOCOVRI constitute a significant portion (67%) of Supernus's net sales, making the company susceptible if their market exclusivity diminishes or if competitors introduce similar drugs.
2. Supply Chain Constraints and Product Launch Issues: Recent product launches have faced operational hurdles, specifically supply issues. Onapgo, identified as a new growth product, has experienced supply constraints which analysts have noted as a "near-term headwind." These supply problems pose a risk of patient loss to competitors and could negatively impact sales, thereby hindering the expected revenue growth from newly launched products.
3. Reliance on a Limited Number of Products, Pipeline Success, and Profitability Pressures: The company's financial performance is heavily reliant on the commercial success of a few key products, with Qelbree and GOCOVRI being major revenue drivers. Any clinical setbacks or delays for pipeline candidates, such as SPN-820 or SPN-443, could undermine future growth prospects, potentially leading to research and development write-offs and impacting earnings. Furthermore, Supernus has faced profitability challenges, reporting negative operating and net margins, and elevated selling, general, and administrative (SG&A) along with research and development (R&D) expenses, partly due to acquisition-related costs. These factors contribute to persistent GAAP operating losses and highlight the financial pressures associated with maintaining and expanding its product portfolio in a competitive market.

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Ongoing and increasing generic competition for its key epilepsy products, Trokendi XR and Oxtellar XR, which historically generated a significant portion of Supernus's revenue. While generics for Trokendi XR have already entered the market, the full impact of this erosion, combined with the more recent or impending generic entry for Oxtellar XR following its patent expiry, represents a clear and material threat to the company's established revenue streams as market share continues to shift to lower-cost alternatives.

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Supernus Pharmaceuticals (SUPN) operates in the biopharmaceutical industry, focusing on developing and commercializing treatments for central nervous system (CNS) diseases, including neurological and psychiatric disorders. The addressable markets for their main products are as follows:

• Qelbree (viloxazine extended-release): Approved for Attention-Deficit/Hyperactivity Disorder (ADHD). The global ADHD market was estimated at nearly $15 billion per annum. More conservatively, the U.S. market for ADHD is estimated at $7.5 billion per annum. In 2024, the U.S. attention deficit hyperactivity disorder market size was estimated at USD 10.31 billion and is projected to reach USD 13.88 billion by 2033, growing at a CAGR of 3.3% from 2025 to 2033. The overall ADHD market was valued at USD 9.6 billion in 2023 and is expected to reach USD 13.6 billion by 2034, with a CAGR of 3.23% during 2024-2034. The non-stimulant ADHD market is forecast to expand faster than any subcategory through 2030, with a 7.45% CAGR.
• Gocovri: Used for dyskinesia in Parkinson's Disease (PD) patients receiving levodopa-based therapy, and for OFF episodes in PD. The global Parkinson's disease market was expected to yield $5.26 billion in sales in 2022, with the U.S. market contributing $2.33 billion. The Parkinson's disease market is projected to grow at a CAGR of 5.8% during 2020–2034.
• Oxtellar XR (extended-release oxcarbazepine): Indicated for the treatment of epilepsy. The global oxcarbazepine market size is estimated at $1.5 billion in 2025, with a projected Compound Annual Growth Rate (CAGR) of 5% from 2025 to 2033. North America and Europe represent the largest market segments.
• Apokyn (apomorphine hydrochloride injection): Used for the acute treatment of hypomobility in advanced Parkinson's disease (PD). The global Apomorphine Hydrochloride Market is expected to rise to USD 0.33727 billion in 2025, eventually reaching USD 0.5504 billion by 2034, expanding at a CAGR of 6.31% from 2025 to 2034. The global apomorphine hydrochloride market was valued at approximately USD 277.70 million in 2023 and is projected to reach USD 363.00 million by 2033, indicating a CAGR of 3.90%. The global Apomorphine Hydrochloride Injection market size was $996 million in 2021, reached $1453 million by the end of 2025, and is projected to become $3092.1 million by 2033, growing at a CAGR of 9.9% during 2025 to 2033. The North America Apomorphine Hydrochloride Injection Market Sales Revenue is projected to reach $550.687 million in 2025 and $1100.77 million by 2033, with the United States at $415.218 million in 2025 and $810.168 million by 2033. The global dopamine agonist market, which includes Apokyn, was estimated at USD 1.31 billion in 2024 and is projected to grow at a CAGR of 5.70% from 2025 to 2030.
• Trokendi XR (extended-release topiramate): Used for the prophylaxis of migraine and the treatment of epilepsy. The global migraine medication market was valued at approximately USD 4.2 billion in 2022, anticipated to grow at a CAGR of 4.2% through 2030. The epilepsy treatment market was valued at USD 5.3 billion in 2022.
• Myobloc (rimabotulinumtoxinB): For the treatment of cervical dystonia and chronic sialorrhea in adults. The global botulinum toxin market size, which includes Myobloc, was USD 8.4 billion in 2022 and is estimated to reach USD 17.3 billion by 2032, growing at a CAGR of 7.7% from 2023 to 2032. North America led the Myobloc market in 2024.
• Xadago (safinamide): An adjunctive treatment to levodopa/carbidopa in PD patients with hypomobility. This falls under the broader Parkinson's disease market, detailed above.
• Onapgo (SPN-830): An apomorphine infusion device for the continuous treatment of motor fluctuations ("off" episodes) in Parkinson's disease. The Parkinson's disease market is estimated to be worth over $8 billion globally by 2026. The global Apomorphine Hydrochloride Market (as detailed under Apokyn) is also relevant.
• Zurzuvae: For postpartum depression. Market size for this product could not be specifically identified in the provided search results.

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Expected Drivers of Future Revenue Growth for Supernus Pharmaceuticals (SUPN)

• Continued Growth of Key Products: Supernus Pharmaceuticals anticipates ongoing revenue growth from its established key products, Qelbree and GOCOVRI. Qelbree, an ADHD medication, has demonstrated robust performance with significant increases in net sales and prescription growth year-over-year. Similarly, GOCOVRI, used for Parkinson's disease, continues to show strong net sales growth and an expanding prescriber base.
• Ramp-up and Supply Resolution for ONAPGO: The recently launched product, ONAPGO (for Parkinson's disease), has experienced strong initial demand that has exceeded expectations since its introduction in April 2025. While the company has faced temporary supply constraints, resolving these bottlenecks and increasing manufacturing capacity will be a significant driver of revenue growth as Supernus aims to meet the high patient demand.
• Collaboration Revenue from ZURZUVAE: The strategic acquisition of Sage Therapeutics, completed on July 31, 2025, has introduced ZURZUVAE into Supernus's product portfolio. This collaboration is already contributing substantial revenue, with U.S. sales of ZURZUVAE increasing significantly in Q3 2025 compared to the previous year. This expansion into women's health is expected to be a sustained revenue stream.
• Advancement and Launch of Pipeline Products: Supernus has a promising pipeline of product candidates that could fuel future revenue. SPN-830 (for Parkinson's disease) is awaiting FDA approval, with a target date in early 2025. Additionally, SPN-820 for treatment-resistant depression and SPN-817 for epilepsy have shown positive Phase 2a data, with plans for Phase 2b studies commencing by the end of 2024 or in 2025 and 2026. The progression and potential commercialization of these and other pipeline assets like SPN-443 (for ADHD) represent significant growth opportunities.
• Strategic Acquisitions and Market Expansion: Supernus Pharmaceuticals is actively pursuing strategic opportunities to strengthen its market position and diversify its portfolio. The company aims to leverage its existing infrastructure to explore deals in new therapeutic areas, such as women's health and rare central nervous system (CNS) disorders. This inorganic growth strategy, exemplified by the Sage acquisition, is expected to broaden its market reach and revenue base.

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Share Issuance

• Supernus Pharmaceuticals issued common stock related to employee stock purchase plans and share-based awards, net of taxes withheld, totaling approximately $12.19 million in 2024.
• For the six months ended June 30, 2024 and 2023, the issuance of common stock related to employee stock purchase plans and share-based awards, net of taxes withheld, amounted to $1.57 million for each period.
• During the nine months ended September 30, 2024, the company's issuance of common stock related to employee stock purchase plans and share-based awards, net of taxes withheld, was approximately $1.81 million.

Outbound Investments

• In November 2021, Supernus Pharmaceuticals acquired Adamas Pharmaceuticals for an aggregate of approximately $400 million in cash at closing, plus contingent value rights (CVRs) worth up to an additional $50 million, strengthening its Parkinson's disease portfolio.
• In June 2020, Supernus made cash payments of approximately $300 million for the acquisition of the CNS portfolio of US WorldMeds, adding products such as APOKYN, XADAGO, and MYOBLOC to its portfolio.
• In 2020, Supernus paid $25 million to Navitor Pharmaceuticals upon executing a development and option agreement for SPN-820, a product candidate for treatment-resistant depression.

Capital Expenditures

• Supernus Pharmaceuticals reported capital expenditures of $3.69 million in 2020, $2.05 million in 2021, $0.41 million in 2022, $0.55 million in 2023, and $0.73 million in 2024.