Supernus Pharmaceuticals (SUPN) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues rose 39% year-over-year to $207.7 million, driven by strong growth in Qelbree, GOCOVRI, ONAPGO, and ZURZUVAE, with combined revenues from growth products up 56%.

• Net loss narrowed to $2.3 million from $11.8 million in Q1 2025, with diluted loss per share improving to $0.04 from $0.21.

• The Sage Therapeutics acquisition in July 2025 expanded the CNS portfolio, adding ZURZUVAE and new collaboration revenues.

• Product launches and supply chain improvements supported ONAPGO sales recovery after prior constraints, with March prescriptions exceeding pre-constraint levels and net sales of $8.4 million.

• ZURZUVAE collaboration revenues reached $27.6 million, with U.S. sales up 100% year-over-year.

Financial highlights

• Net product sales increased 6% to $150.8 million, with Qelbree up 20% to $77.9 million and GOCOVRI up 15% to $35.2 million.

• Royalty, licensing, and other revenues surged to $29.3 million, including a $20 million milestone from Shionogi.

• Adjusted operating earnings (non-GAAP) were $28.7 million, up from $25.9 million year-over-year.

• Cash, cash equivalents, and marketable securities totaled $384.2 million as of March 31, 2026.

• Operating loss (GAAP) improved to $8.3 million from $10.3 million year-over-year.

Outlook and guidance

• Full-year 2026 revenue guidance reiterated at $840–$870 million, with adjusted operating earnings (non-GAAP) projected at $140–$170 million.

• Combined R&D and SG&A expenses expected at $620–$650 million.

• Full-year operating earnings projected at $0–$30 million (GAAP).

• ONAPGO sales guidance maintained at $45–$70 million for 2026.

• Management expects continued revenue growth from Qelbree, ONAPGO, and ZURZUVAE, with ongoing investments in R&D and commercialization.