SUPERNUS PHARMACEUTICALS, INC. (SUPN) FY2025 10-K Annual Report
SUPERNUS PHARMACEUTICALS, INC. (SUPN) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
SUPERNUS PHARMACEUTICALS, INC. FY2025 10-K Analysis
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
SUPERNUS PHARMACEUTICALS, INC. FY2025 Key Financial MetricsXBRL
Revenue
$719M
▲ +8.6% YoY
Net Income
-$39M
▼ -152.2% YoY
Operating Margin
-8.7%
▼ -2100bp YoY
Net Margin
-5.4%
▼ -1652bp YoY
ROE
-3.6%
▼ -1076bp YoY
Total Assets
$1.5B
▲ +6.2% YoY
EPS (Diluted)
$-0.68
▼ -151.5% YoY
Operating Cash Flow
$47M
▼ -72.5% YoY
Source: XBRL data from SUPERNUS PHARMACEUTICALS, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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