SUPNSupernus Pharmaceuticals, Inc.
Is the business good?
The checks split: nothing decisive, though margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is SUPN?
Supernus Pharmaceuticals, Inc. keeps −16% of every revenue dollar as operating profit, against 9.5% for the median Drug Manufacturers - Specialty & Generic name.
Operating margin · Drug Manufacturers - Specialty & Generic median 9.5% · 12 months to Q2 2026
- Share count, year on year
- +2.5%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 15%
R&D as % of revenue
- Gross margin
- 88%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 33% |
| FY2021 | 15% |
| FY2022 | 6.9% |
| FY2023 | −0.87% |
| FY2024 | 12% |
| FY2025 | −8.7% |
Details›
- Gross margin12 months to Q2 2026
- 88%
- Operating margin12 months to Q2 2026
- −16%
- Net margin12 months to Q2 2026
- −13%
- Free cash flow margin
- 2.3%
- R&D as % of revenue
- 15%
- Revenue, trailing twelve months
- $830M
- Free cash flow, trailing twelve months
- $19M
- Net income, trailing twelve months
- −$110M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from SUPN and who it buys from, as the companies report it.
- All major customers90%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; SUPN’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Drug Manufacturers, Specialty & Generic
Ranks #20 of 39 by RyuScore