Supernus Pharmaceuticals
SUPN on Nasdaq. Supernus Pharmaceuticals sells medicines for brain and nerve diseases to patients and doctors. Market value $2.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Health care stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.75 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 76 of 100. Price score: 4 of 100. Our list needs 70 on quality and 60 on price.
$42.83 a share, 6% above its 1-year low
Over the past year the price has ranged from $40.51 to $59.68.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $19 million in the past 12 months, $46 million in the year to December 2025.
| Revenue | |||||
| Revenue | $520m | $580m | $667m | $662m | $719m |
| Operating margin | |||||
| Operating margin | 33.4% | 14.8% | 6.9% | 12.3% | -8.7% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive4 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 10.6% a year
- Buying back its own sharesNo, 9% more shares since 2020
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $219 million last quarter, up 32% on a year ago.
- A loss of $58 million, after a profit of $22 million a year ago.
- It loses 16 cents on each $1 of sales, after keeping 10 cents a year earlier.
- Spare cash over the past 12 months: $19 million, down from $186 million.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $176m |
| December 2024 | $174m |
| March 2025 | $150m |
| June 2025 | $165m |
| September 2025 | $192m |
| December 2025 | $212m |
| March 2026 | $208m |
| June 2026 | $219m |
| Quarter to | Amount |
|---|---|
| September 2024 | $38m |
| December 2024 | $15m |
| March 2025 | -$12m |
| June 2025 | $22m |
| September 2025 | -$45m |
| December 2025 | -$4m |
| March 2026 | -$2m |
| June 2026 | -$58m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
6 long-term investors we follow own it, up from 5 last quarter. 333 funds in all.
- Third Avenue ManagementMatthew Fine
- Value
- $7m
- Share of fund
- 1.1%
- Polaris Capital ManagementBernard Horn
- Value
- $1m
- Share of fund
- <0.1%
- LSV Asset ManagementJosef Lakonishok
- Value
- $284,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Third Avenue ManagementMatthew Fine | $7m | 1.1% | |
| Bruce & Co.R. Jeffrey Bruce | $7m | 1.9% | Added |
| Royce & AssociatesChuck Royce | $2m | <0.1% | Cut |
| Polaris Capital ManagementBernard Horn | $1m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $345,197 | <0.1% | New |
| LSV Asset ManagementJosef Lakonishok | $284,000 | <0.1% |
Largest holders overall
- BlackRock$435mAdded
- Millennium Management$179mAdded
- Vanguard Portfolio Management$154mAdded
- Armistice Capital$123mAdded
- Vanguard Capital Management$117mAdded
- State Street$114mAdded
- Nomura Asset Management International$111mAdded
- Dimensional Fund Advisors LP$97mCut
- Geode Capital Management$73mCut
- Stephens Investment Management Group$69mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor14.7%Since 31 March 2025
- Millennium Management LLCPassive investorat least 6.6%+0.9 pts(filed with 3 related holders)Since 30 June 2026
- Vanguard Portfolio ManagementPassive investor5.7%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.0%Since 31 March 2026
- Armistice Capital, LLCPassive investorat least 4.8%−0.2 pts(filed with 1 related holder)Since 31 December 2025
- Dimensional Fund Advisors LPPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.7% | 31 March 2025 | |
Millennium Management LLC Passive investor | at least 6.6%+0.9 pts (filed with 3 related holders) | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 5.7% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.0% | 31 March 2026 | |
Armistice Capital, LLC Passive investor | at least 4.8%−0.2 pts (filed with 1 related holder) | 31 December 2025 | |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $15m, $13m of it under preset trading plans.
- Bhatt Padmanabh P.Sr. VP of IP, CSOSoldunder a preset trading plan
- Date
- 18 March 2026
- Shares
- 7,250
- Price
- $49.60
- Value
- $359,621
- Bhatt Padmanabh P.Sr. VP of IP, CSOSoldunder a preset trading plan
- Date
- 17 March 2026
- Shares
- 50,000
- Price
- $50.30
- Value
- $3m
- Bhatt Padmanabh P.Sr. VP of IP, CSOSoldunder a preset trading plan
- Date
- 16 March 2026
- Shares
- 50,000
- Price
- $50.28
- Value
- $3m
- Khattar Jack A.President, CEO, DirectorSoldunder a preset trading plan
- Date
- 13 March 2026
- Shares
- 35,000
- Price
- $50.38
- Value
- $2m
- Hudson Frederick M.DirectorSold
- Date
- 12 March 2026
- Shares
- 5,369
- Price
- $50.61
- Value
- $271,725
- Horich William ToddSVP, Commercial OperationsSold
- Date
- 10 March 2026
- Shares
- 4,439
- Price
- $55.00
- Value
- $244,145
- Horich William ToddSVP, Commercial OperationsSold
- Date
- 9 March 2026
- Shares
- 4,438
- Price
- $54.00
- Value
- $239,652
- Mottola FrankSVP, Chief Tech. Ops. OfficerSold
- Date
- 9 March 2026
- Shares
- 1,623
- Price
- $53.65
- Value
- $87,074
- GEMAYEL GEORGESDirectorSold
- Date
- 6 March 2026
- Shares
- 8,787
- Price
- $53.00
- Value
- $465,711
- GEMAYEL GEORGESDirectorSold
- Date
- 5 March 2026
- Shares
- 10,000
- Price
- $53.71
- Value
- $537,100
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 March 2026 | Bhatt Padmanabh P. Sr. VP of IP, CSO | Sold under a preset trading plan | 7,250 | $49.60 | $359,621 |
| 17 March 2026 | Bhatt Padmanabh P. Sr. VP of IP, CSO | Sold under a preset trading plan | 50,000 | $50.30 | $3m |
| 16 March 2026 | Bhatt Padmanabh P. Sr. VP of IP, CSO | Sold under a preset trading plan | 50,000 | $50.28 | $3m |
| 13 March 2026 | Khattar Jack A. President, CEO, Director | Sold under a preset trading plan | 35,000 | $50.38 | $2m |
| 12 March 2026 | Hudson Frederick M. Director | Sold | 5,369 | $50.61 | $271,725 |
| 10 March 2026 | Horich William Todd SVP, Commercial Operations | Sold | 4,439 | $55.00 | $244,145 |
| 9 March 2026 | Horich William Todd SVP, Commercial Operations | Sold | 4,438 | $54.00 | $239,652 |
| 9 March 2026 | Mottola Frank SVP, Chief Tech. Ops. Officer | Sold | 1,623 | $53.65 | $87,074 |
| 6 March 2026 | GEMAYEL GEORGES Director | Sold | 8,787 | $53.00 | $465,711 |
| 5 March 2026 | GEMAYEL GEORGES Director | Sold | 10,000 | $53.71 | $537,100 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.