Short answer
SUPERNUS PHARMACEUTICALS, INC. (SUPN) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $719M (+8.6% year over year) and net income of −$39M.
- Top risk flagged: Legal risk from potential claims or fines related to 2021 ransomware attack, fines or costs not yet estimable
FY2025 key financial metrics · XBRL
- Revenue
- $719M
- +8.6% YoY
- Net income
- −$39M
- −152.2% YoY
- Operating margin
- -8.7%
- −21.0 pp YoY
- EPS (diluted)
- −$0.68
- −151.5% YoY
- ROE
- -3.6%
- −10.8 pp YoY
- Operating cash flow
- $47M
- −72.5% YoY
Source: XBRL data from the SUPERNUS PHARMACEUTICALS, INC. (SUPN) FY2025 10-K on SEC EDGAR. USD.
SUPERNUS PHARMACEUTICALS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: pharmaceutical development and commercialization of prescription drugs
- New emphasis on compliance with 2025 Executive Orders targeting drug price transparency, expanded Medicare negotiations, and site-neutral payment policies
- Strategic shift toward adapting to Most Favored Nation pricing model aligning U.S. drug prices with lowest prices in developed countries
- Healthcare cost containment policies expected to create pricing pressure and reimbursement reductions in 2026
- Significant regulatory risk from government efforts to accelerate generics/biosimilars and import lower-cost medicines
Management Discussion & Analysis
- Total revenues $718.95M, up 9% YoY from $661.82M driven by Qelbree $304.65M (+26%) and new launch ONAPGO $17.25M
- Operating loss driven by SG&A $485.56M (51% increase YoY) and intangible amortization $89.46M (+15%); net loss ($38.55M) vs net income $73.87M in 2024
- Best segment: Qelbree net sales $304.65M (+$63.38M, +26%), worst: Oxtellar XR $40.7M (-$58.76M, -59%) impacted by generic erosion
- Cash flow: Operating cash flow $47.33M (down $124.62M YoY), investing cash flow +$4.1M improvement due to acquisition funding, financing flows $9.13M; cash and equivalents $128.45M, marketable securities $180.22M
- Forward outlook: supplier constraints on ONAPGO impacting supply, regulatory approval risks for suppliers, expectation of variability in profits due to competitive pressures and patent expirations
Risk Factors
- Legal risk from potential claims or fines related to 2021 ransomware attack, fines or costs not yet estimable
- Operational risk from increased ongoing IT security investments initiated post-2021 ransomware incident
- Cybersecurity vulnerability persists despite enhanced security measures and possibly inadequate insurance coverage
Generated from the filing text; verify against the original. How to read a 10-K
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