Supernus Pharmaceuticals’ first quarter saw a positive market response, as management attributed the revenue growth to robust demand for its key growth products and the resumption of new patient initiations for Onepco. CEO Jack Khattar highlighted the strong rebound for Onepco, noting that prescription activity in March surpassed pre-supply constraint levels. The company also pointed to notable performance from Zirzuve and Kelli, with broader prescriber adoption and expanding patient reach. Management credited the recovery in Onepco and the continued expansion of their CNS portfolio as central to the quarter’s outperformance.
Is now the time to buy SUPN? Find out in our full research report (it’s free for active Edge members).
Supernus Pharmaceuticals (SUPN) Q1 CY2026 Highlights:
- Revenue: $207.7 million vs analyst estimates of $192.9 million (38.6% year-on-year growth, 7.7% beat)
- Adjusted EPS: $0.21 vs analyst expectations of $0.28 (24.5% miss)
- Adjusted EBITDA: $54.83 million vs analyst estimates of $27.5 million (26.4% margin, 99.4% beat)
- The company reconfirmed its revenue guidance for the full year of $855 million at the midpoint
- Operating Margin: -4%, up from -6.8% in the same quarter last year
- Market Capitalization: $2.87 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Supernus Pharmaceuticals’s Q1 Earnings Call
-
Andrew Tsai (Jefferies) asked about the Onepco patient conversion rate and time to therapy. CEO Jack Khattar explained that the conversion rate is typically around 40-45%, with process improvements underway to shorten the onboarding time.
-
Alex (Piper Sandler, for David Amsellem) inquired about patient persistence and the growth runway for XERZUVEY. Khattar stated that the product is still in the early stages of market penetration, with significant headroom given the large eligible population.
-
Kristen Brianne Kluska (Cantor) questioned supply prioritization and European demand planning for Onapro. Khattar clarified that current supply suffices until the second supplier is approved and that contingency planning is in place to meet 2027 demand.
-
Vishwesh Shah (TD Cowen) asked about Kelli’s adoption trends in adults and the evolving patient profile. Khattar described the shift toward adult usage, driven by the need for all-day coverage and intolerance to stimulants.
-
Annabel Samimy (Stifel) probed the impact of DTC campaigns for XERZUVEY and the company’s M&A appetite. Khattar said it is too early to quantify campaign effects but reaffirmed a preference for revenue-generating assets or late-stage pipeline candidates in CNS and women’s health.
Catalysts in Upcoming Quarters
In future quarters, the StockStory team will be watching (1) the approval timeline and onboarding progress for the second Onapro supplier, (2) prescription growth and patient conversion rates for Onepco and Kelli, and (3) clinical milestones in the SPN-820 and SPN-817 trials. Additionally, we will assess the impact of direct-to-consumer campaigns and any new licensing or collaboration agreements as signposts of execution.
Supernus Pharmaceuticals currently trades at $49.42, in line with $49.19 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).
High-Quality Stocks for All Market Conditions
ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively.
Find out which 5 stocks it's flagging for this month - FREE. Get Our Top 5 Growth Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.
