Supernus Pharmaceuticals, Inc. (NASDAQ: SUPN) reported fourth‑quarter 2025 revenue of $211.6 million, a 21% year‑over‑year increase that exceeded the consensus estimate of $196.69 million by $14.9 million. The growth was driven by a 45% rise in combined revenue from the company’s four growth products—Qelbree, GOCOVRI, ZURZUVAE, and ONAPGO—which together accounted for roughly 76% of total revenue.
GAAP earnings per share for the quarter were –$0.07, beating the analyst estimate of –$0.21. The positive beat was largely attributable to disciplined cost management and the absence of one‑time acquisition charges that had impacted the prior year. Adjusted operating earnings, which exclude non‑recurring items, reached $48.5 million, underscoring the company’s improving operating performance despite a GAAP operating loss of $62.3 million for the year.
Revenue growth was concentrated in the growth‑product portfolio. Qelbree and GOCOVRI each saw double‑digit increases, while ZURZUVAE and ONAPGO contributed 45% year‑over‑year growth. The company’s acquisition of Sage Therapeutics in July 2025 added ZURZUVAE to its lineup, boosting the overall growth mix and supporting the strong revenue trajectory. Operating margin contracted to –1.9% in Q4 from 12.3% in the same quarter last year, largely due to higher SG&A expenses related to the Sage acquisition and ongoing supply‑chain investments.
For 2026, Supernus raised its full‑year revenue guidance to $840 million–$870 million, up from the prior guidance of $810 million–$850 million. Operating earnings are now projected at $0 million–$30 million, and adjusted operating earnings are expected to reach $140 million–$170 million, reflecting confidence in continued product demand and cost discipline. The guidance signals a strategic focus on scaling the growth‑product portfolio while managing integration costs from recent acquisitions.
In a statement, President and CEO Jack Khattar said, “We made significant progress in 2025 against our strategic objectives, with record total revenues, including strong growth in combined revenues of our growth products, the successful acquisition of Sage Therapeutics, Inc., and the U.S. Food and Drug Administration’s approval and launch of ONAPGO for Parkinson’s disease.” He added that in 2026 the company will focus on continued progress of its key growth products, including resumption of new patient initiation for ONAPGO, while advancing its pipeline of promising therapeutic candidates.
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