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A Biogen that focuses on a wider array of Central Nervous System (CNS) diseases like epilepsy, ADHD, and Parkinson's.

Like Eli Lilly, but exclusively dedicated to brain and nerve disorders.

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• Trokendi XR: An extended-release topiramate product indicated for the treatment of epilepsy and for the prophylaxis of migraine headache.
• Oxtellar XR: An extended-release oxcarbazepine for the monotherapy treatment of partial onset epilepsy seizures.
• Qelbree: A selective norepinephrine reuptake inhibitor indicated for the treatment of attention-deficit hyperactivity disorder (ADHD) in pediatric patients.
• APOKYN: Used for the acute intermittent treatment of hypomobility or off episodes in patients with advanced Parkinson's Disease (PD).
• XADAGO: Treats levodopa/carbidopa in patients with Parkinson's Disease experiencing off episodes.
• MYOBLOC: A Type B toxin product indicated for the treatment of cervical dystonia and sialorrhea in adults.
• GOCOVRI: Treats dyskinesia in patients with Parkinson's Disease.
• Osmolex ER: Used for the treatment of Parkinson's disease and drug-induced extrapyramidal reaction in adult patients.

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• Pharmaceutical wholesalers
• Specialty pharmacies
• Distributors

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Jack A. Khattar, President, Chief Executive Officer, and Director

Mr. Khattar is the founder of Supernus Pharmaceuticals, Inc., serving as 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, and was a member of Shire plc's Executive Committee from 1999 to 2004. Before that, he was an Executive Officer and Chairman of the Management Committee at CIMA Labs Inc., a drug delivery company, where his responsibilities included business development, corporate alliances, and strategic planning. Prior to joining CIMA in 1995, he held several marketing and business development positions at Merck & Co., Novartis, Playtex, and Kodak across the United States, Europe, and the Middle East. He currently serves on the Board of Directors of Prevacus, Inc., a privately-held biotechnology company, and is Chairman of the Board of scPharmaceuticals and Cognition Therapeutics Inc., both publicly traded pharmaceutical companies. He also serves on the advisory board of New Rhein Healthcare, a private equity firm. He earned his BBA in Marketing from the American University of Beirut and an MBA from the Wharton School of the University of Pennsylvania.

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

Mr. Dec joined Supernus as Senior Vice-President of Finance in August 2021. He brings over 35 years of experience in accounting and finance, including chief financial officer or other senior financial executive roles at three publicly traded companies listed on Nasdaq, and with private equity-backed companies. Most recently, from April 2015 to July 2021, he served as Chief Financial Officer of OpGen, Inc., a Nasdaq-listed company. Prior to that, he was Senior Vice President and Chief Financial Officer for Clubwidesports, LLC, a start-up sports management software company, from January 2014 to April 2015. From August 2007 to December 2012, he was Senior Vice President and Chief Financial Officer of Fortress International Group, Inc., a publicly traded company. He also served as Senior Vice President, Chief Financial Officer of Presidio Networked Solutions, a private company, from June 2006 to August 2007, and as Senior Vice President, Chief Accounting Officer and Treasurer of Broadwing Corporation (formerly Corvis Corporation), a publicly traded company, from June 1999 to June 2006. He holds a B.S. in accounting from Mount St. Mary's University and an M.B.A. in finance from American University.

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

Dr. Bhatt has served as Senior Vice President of Intellectual Property and Chief Scientific Officer since March 2012, having joined Supernus in 2005 as Vice President of Pharmaceutical Sciences. His prior experience includes serving as Vice President of Advanced Drug Delivery at Shire Laboratories, Inc. (2003-2005), Vice President of Research and Development and Chief Technology Officer at Point Biomedical Corporation (2001-2003), and various roles at ALZA (now a Johnson & Johnson company) from Product Development Manager to Director of Technical Development (1996-2001).

Todd Horich, Ph.D., MBA, Senior Vice President of Marketing and Market Access, and Commercial Operations

Dr. Horich joined Supernus in 2010 as the first commercial employee and has been instrumental in building the commercial organization, integrating corporate acquisitions, and successfully launching key products like Trokendi XR®, Oxtellar XR®, and Qelbree®. He has served as Senior Vice President of Marketing and Market Access since May 2021, and Commercial Operations since December 2023. Prior to Supernus, he held increasing responsibilities at Novartis Pharmaceuticals Inc., and Director-level positions with Vanda Pharmaceuticals and Medimmune, Inc.

Bryan A. Roecklein, Ph.D., Vice President of Corporate Development

Dr. Roecklein joined Supernus in July 2015 as Vice President of Corporate Development. Before Supernus, he was a member of the U.S. Executive Team at Meda Pharmaceuticals, where he led the Corporate Development function. From 2001 to 2011, at MedPointe, then Meda Pharmaceuticals, Dr. Roecklein held various positions in Portfolio Management, New Product Planning, Marketing, Medical Education, and Commercial Development.

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Key Business Risks for Supernus Pharmaceuticals (SUPN)

1. Loss of Market Exclusivity/Patent Expiry: Supernus Pharmaceuticals relies on its proprietary commercial products, such as Trokendi XR, Oxtellar XR, Qelbree, and others, for its revenue. The eventual expiration of patents or other forms of market exclusivity for these key products would allow generic competitors to enter the market, leading to a significant decline in sales and profitability for Supernus's established portfolio. This "patent cliff" risk is inherent to the pharmaceutical industry and can substantially impact a company's financial performance once exclusivity is lost.
2. Clinical Trial Failures and Regulatory Approval Risk: Supernus has a pipeline of product candidates in various stages of development, including SPN-830 (late-stage for PD), SPN-817 (Phase I for epilepsy), and SPN-820 (Phase II for resistant depression). The success of these candidates is crucial for the company's long-term growth and future revenue streams. There is a high risk that these product candidates may fail to demonstrate efficacy or safety in clinical trials, experience delays, or fail to receive regulatory approval from agencies like the FDA. Such failures would result in substantial financial losses from research and development investments and hinder the introduction of new products to the market.
3. Intense Competition: Supernus operates in the central nervous system (CNS) disease market, which is characterized by intense competition. Its commercial products for conditions like epilepsy, migraine, ADHD, and Parkinson's Disease face competition from existing branded and generic therapies, as well as new treatments developed by other pharmaceutical companies. This competition can lead to pricing pressures, reduced market share, and increased marketing expenses, impacting the profitability of Supernus's current products and the potential market penetration of its pipeline candidates.

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Here are the addressable market sizes for Supernus Pharmaceuticals' main products:

• Trokendi XR (epilepsy): The U.S. epilepsy drug market size is accounted for USD 4.02 billion in 2025 and is projected to be worth around USD 6.38 billion by 2034. In 2024, the U.S. epilepsy treatment drugs market was valued at USD 3.1 billion and is projected to grow to USD 4.7 billion by 2034. The global epileptic seizures treatment market size is estimated at USD 12.56 billion in 2025, with the United States holding a significant share of USD 3.67 billion in 2025.
• Trokendi XR (migraine headache prophylaxis): The U.S. migraine treatment market was valued at USD 4.85 billion in 2024 and is projected to reach USD 12.08 billion by 2032. The global extended migraine prophylactics market size is estimated at USD 4.06 billion in 2025 and is predicted to increase to approximately USD 11.66 billion by 2034. North America dominated the extended migraine prophylactics market, holding 40% of the market share in 2024.
• Oxtellar XR (partial onset epilepsy seizures): This product addresses a segment of the broader epilepsy market. The focal seizures segment, which includes partial onset seizures, held the largest market share of 51% in 2024 within the U.S. epilepsy drug market. The overall U.S. epilepsy drug market information from Trokendi XR is also relevant here.
• Qelbree (ADHD): The U.S. attention deficit hyperactivity disorder (ADHD) market size was estimated at USD 10.31 billion in 2024 and is projected to reach USD 13.88 billion by 2033. Another estimate places the U.S. ADHD Therapeutics Market size at USD 5.47 billion in 2025, expected to reach USD 6.68 billion by 2035. The global ADHD therapeutics market size was valued at USD 15.8 billion in 2023 and is estimated to grow to USD 24.6 billion by 2032.
• APOKYN, XADAGO, GOCOVRI, and Osmolex ER (Parkinson's Disease related indications): The Parkinson's Disease treatment market in the U.S. was approximately USD 1.88 billion in 2023 and generated USD 1.94 billion in 2024, expected to reach USD 2.60 billion by 2030. The global Parkinson's disease diagnosis and treatment market is expected to increase from USD 7.49 billion in 2025 to USD 17.57 billion by 2035, with North America holding a major revenue share in 2025. Specifically for "off episodes" in Parkinson's disease, XADAGO is indicated for an estimated 1 million patients in the U.S. affected by Parkinson's disease. For levodopa-induced dyskinesia in Parkinson's disease (relevant for GOCOVRI), the U.S. market size was approximately USD 900 million in 2023, while the global market was around USD 1.5 billion in 2023.
• MYOBLOC (cervical dystonia): The Cervical Dystonia market size in the U.S. was approximately USD 222.2 million in 2022. Across the seven major markets (7MM: US, EU4, UK, and Japan), the market reached USD 156.5 million in 2024 and is expected to reach USD 288.3 million by 2035. The global cervical dystonia market is estimated to be valued at USD 281.5 million in 2025 and is expected to reach USD 428.9 million by 2032. North America is estimated to capture over 50.3% of the revenue share by 2035.
• MYOBLOC (sialorrhea): The global chronic sialorrhea treatment market size was valued at USD 0.735 billion in 2023 and is expected to grow to nearly USD 1.06 billion by 2030. The sialorrhea treatment market was valued at US$ 695.06 million in 2022 and is expected to reach US$ 1,042.37 million by 2030. The United States accounts for the highest market share of Sialorrhea among the 7MM. North America holds approximately 60% of the global market share.

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Supernus Pharmaceuticals (SUPN) anticipates several key drivers for its future revenue growth over the next two to three years, primarily stemming from the continued expansion of its core therapeutic portfolio, successful integration of recent acquisitions, and advancement of its pipeline.

Here are 4 expected drivers of future revenue growth:

1. Continued Strong Sales Growth of Key Commercial Products: Supernus expects significant revenue growth from its "four growth products": Qelbree, GOCOVRI, ZURZUVAE, and ONAPGO. These products collectively drove over 20% growth in Q4 2025 and accounted for approximately 76% of total revenues in that quarter. Qelbree (for ADHD) continues to demonstrate strong prescription growth, with a 29.6% increase in Q4 2025 and an expanding base of prescribers. GOCOVRI (for Parkinson's dyskinesia) is also a significant contributor to sales growth. Supernus has provided full-year 2026 revenue guidance ranging from $840 million to $870 million, indicating a projected growth of 32% to 37%.
2. Expansion and Increased Market Penetration for ZURZUVAE: Acquired through the Sage Therapeutics acquisition in 2025, ZURZUVAE (for postpartum depression) is a crucial growth driver with expectations for significant growth in a large, untapped market. The company reported $32.8 million in collaboration revenues from ZURZUVAE in Q4 2025 alone, and is planning a new direct-to-consumer campaign to raise awareness.
3. Increased Uptake and Resolved Supply for ONAPGO: ONAPGO (for Parkinson's off episodes), launched in April 2025, has experienced "incredible performance" and strong demand, despite initial supply constraints. Supernus has made progress in securing additional supply, with new patient initiation resuming in Q1 2026, and is working towards a second supplier by 2027 to meet demand. ONAPGO sales are projected to range from $45 million to $70 million in 2026.
4. Advancement and Potential Commercialization of Late-Stage Pipeline Assets: The company's pipeline offers future growth potential. Data readouts are anticipated in 2027 for SPN-817, a novel candidate in Phase 2b trials for treatment-resistant focal seizures, and SPN-820, a Phase 2b product candidate for major depressive disorder that is poised for significant impact. Additionally, Phase 1 trials for SPN-443, an ADHD stimulant, are scheduled for 2026.

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Capital Allocation Decisions for Supernus Pharmaceuticals (SUPN) (2021-2025)

Share Repurchases

• Supernus Pharmaceuticals engaged in share repurchase programs across 2024 and the first half of 2025, with repurchases exceeding $150 million.
• These share repurchase programs contributed to a reduction in the company's public float and a concentration of institutional ownership.
• An aggressive capital-return program, including share repurchases, led to a shift towards greater institutional concentration in Supernus's ownership from 2022 through mid-2025.

Share Issuance

• The company's shares outstanding have shown some fluctuations over the last few years, with reported figures ranging from approximately 0.054 billion at the end of 2021 to 0.057 billion by September 2025.
• Share issuances are related to share-based compensation expenses for employee stock purchase plans and various share-based awards.
• Insider activity indicates the acquisition of common stock through the settlement of performance share units and the exercise of stock options.

Outbound Investments

• In 2021, Supernus Pharmaceuticals completed the acquisition of Adamas Pharmaceuticals for $450 million.

Capital Expenditures

• Capital expenditures in the most recent reported quarter totaled approximately $0.13 million.
• While specific annual capital expenditure figures were not directly provided, they are a component in the calculation of Supernus Pharmaceuticals's free cash flow, which was $0.125 billion in 2021, $0.116 billion in 2022, $0.111 billion in 2023, and $0.171 billion in 2024.