Quality Investor

Supernus Pharmaceuticals, Inc.

Rank #104Startup

SUPN · Nasdaq · Healthcare

Supernus Pharmaceuticals, Inc. (SUPN) — Rank #104 by gross profitability (GP/assets 0.45) · ROE -3.7% · Piotroski F-Score N/A.

As-of 2026-09-28 · CIK 0001356576 · all metrics point-in-time as of the filing date.

About

Supernus Pharmaceuticals, Inc., a biopharmaceutical company, engages in the development and commercialization of products for the treatment of central nervous system (CNS) diseases in the United States.

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It offers Qelbree, a non-stimulant indicated for the treatment of attention-deficit hyperactivity disorder (ADHD); GOCOVRI for the treatment of dyskinesia and levodopa/carbidopa in patients with Parkinson's Disease (PD); Oxtellar XR, an extended-release oxcarbazepine product indicated for the monotherapy treatment of partial onset epilepsy seizures; and APOKYN for the acute and intermittent treatment of hypomobility or off episodes in patients with advanced PD. It also provides Trokendi XR, an extended release topiramate product indicated for the treatment of epilepsy, as well as for the prophylaxis of migraine headache; XADAGO for the treatment of levodopa/carbidopa in patients with PD experiencing off episodes; and MYOBLOC, a Type B toxin product indicated for the treatment of cervical dystonia and chronic sialorrhea. In addition, the company develops ONAPGO, which received FDA approval, for the treatment of motor fluctuations in adults with advanced PD; SPN-817, a first-in-class selective acetylcholinesterase inhibitor, which is in Phase 2 clinical trial, for the treatment of epilepsy, partial seizures, Dravet syndrome, and Lennox-Gaustaut syndrome; SPN-820, a small molecule in Phase 2 clinical trial for treating resistant depression; and SPN-443, a stimulant in Phase 1 trial for the treatment of ADHD/CNS. It markets and sells its products through pharmaceutical wholesalers, specialty pharmacies, and distributors. It has a development agreement with Navitor Inc. for the conduct of Phase 2 clinical program of SPN-820. Supernus Pharmaceuticals, Inc.

was incorporated in 2005 and is based in Rockville, Maryland.

Industry
Drug Manufacturers - Specialty & Generic
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/S is the primary valuation lens for pre-profit companies.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

778

Industry

Drug Manufacturers - Specialty & Generic

Exchange

Nasdaq

Signal Flags

2 red
Operating margin decliningOperating margin lower than prior year
Valuation convergenceEPS declining, shares diluting, and revenue growth decelerating simultaneously

Quality Profile

Profitability

1/1 pass
GP / assets
0.45
Return on equity
-3.7%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.38
Current ratio
2.08×
Net cash
$179.95M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
4.6%

Growth

2/2 pass
Revenue growth
8.6%
Piotroski F-Score
N/A
Share dilution
0.9%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

Burn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.

Profitability

Gross profitability (GP / assets)

0.45

Primary signal (Novy-Marx).

7th of 12 SIC 2834 peers

Return on equity

-3.7%

Gross margin

89.6%

1st of 12 SIC 2834 peers

Revenue growth (YoY)

8.6%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

2.5%

Revenue CAGR (5Y)

6.7%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.38

2nd of 12 SIC 2834 peers (best = lowest)

Current ratio

2.08×

9th of 12 SIC 2834 peers

Quick ratio

1.13×

Net cash

$179.95M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 16 years of history

Strong
2008-2009 (GFC)
N/AN/A
2020 (COVID)
32.5%Grew through it
Worst year on record(any fiscal year, not recession-limited)
-8.9%Mild decline

Cash-flow health

Free cash flow

$45.99M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

2.19

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

4.6%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20202025
Hypergrowth
Op. Leverage
Value
Startup