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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Supernus Pharmaceuticals reported revenue of $719M in the fiscal year ended Dec 2025, up 8.6% from the year before. Operating income was −$62M, an operating margin of −8.7%, and net income was −$39M. Operating cash flow of $47M less capital expenditure of $1M left free cash flow of $46M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 580 | 667 | 608 | 662 | 719 |
| Cost of revenue | 75.1 | 87.2 | 83.8 | 77.9 | 74.6 |
| Gross profit | 505 | 580 | 524 | 584 | 644 |
| Research & development | 90.5 | 74.6 | 91.6 | 109 | 106 |
| Selling, general & admin | 305 | 377 | 336 | 322 | 486 |
| Operating income | 86.0 | 46.1 | −5.3 | 81.7 | −62.3 |
| Interest expense | 19.7 | 7.1 | 2.4 | 0.0 | 0.0 |
| Pre-tax income | 73.2 | 60.7 | 2.8 | 97.9 | −49.0 |
| Income tax | 19.8 | 0.0 | 1.5 | 24.0 | −10.5 |
| Net income | 53.4 | 60.7 | 1.3 | 73.9 | −38.6 |
| Diluted EPS | 0.98 | 1.04 | 0.02 | 1.32 | −0.68 |
| Diluted shares | 54.4 | 61.7 | 55.5 | 56.0 | 56.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 203 | 93.1 | 75.1 | 69.3 | 128 |
| Receivables | 149 | 165 | 144 | 142 | 188 |
| Inventory | 86.0 | 91.5 | 77.4 | 54.3 | 112 |
| Current assets | 602 | 734 | 493 | 686 | 644 |
| Net PP&E | 17.0 | 15.2 | 13.5 | 11.5 | 10.5 |
| Goodwill | 118 | 117 | 117 | 117 | 125 |
| Total assets | 1,689 | 1,703 | 1,278 | 1,368 | 1,453 |
| Payables | 9.3 | 10.5 | 2.0 | 4.6 | 2.7 |
| Deferred revenue | 0.0 | 0.0 | 0.0 | 0.0 | 3.1 |
| Current liabilities | 315 | 688 | 290 | 292 | 338 |
| Short-term debt | 0.0 | – | – | – | – |
| Long-term debt | 379 | – | – | – | – |
| Total liabilities | 873 | 816 | 356 | 332 | 391 |
| Shareholders' equity | 816 | 886 | 922 | 1,036 | 1,062 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 127 | 117 | 111 | 172 | 47.3 |
| Capital expenditure | – | 0.4 | 0.6 | 0.7 | 1.3 |
| Free cash flow | – | 116 | 111 | 171 | 46.0 |
| Depreciation & amortisation | 32.6 | 85.5 | 84.9 | 80.4 | 91.6 |
| Stock-based compensation | 17.9 | 17.6 | 26.8 | 27.8 | 33.1 |
| Acquisitions | 1.0 | 0.0 | 0.0 | 0.0 | 293 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.1% | −8.9% | 8.9% | 8.6% |
| Operating income growth (YoY) | – | −46.4% | −111.4% | – | −176.3% |
| EPS growth (YoY) | – | 6.1% | −98.1% | 6500.0% | −151.5% |
| Gross margin | 87.1% | 86.9% | 86.2% | 88.2% | 89.6% |
| Operating margin | 14.8% | 6.9% | −0.9% | 12.3% | −8.7% |
| Net margin | 9.2% | 9.1% | 0.2% | 11.2% | −5.4% |
| Return on equityBlank when equity is negative | 6.5% | 6.9% | 0.1% | 7.1% | −3.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.3% | 4.5% | −0.5% | 7.6% | −5.6% |
| Free cash flow margin | – | 17.4% | 18.2% | 25.9% | 6.4% |
| Cash conversion (CFO ÷ net income) | 2.38x | 1.92x | 84.4x | 2.33x | −1.23x |
| Receivable days | 94 | 91 | 87 | 78 | 95 |
| Inventory days | 418 | 383 | 337 | 254 | 551 |
| Payable days | 45 | 44 | 9 | 21 | 13 |
| Interest cover | 4.37x | 6.52x | −2.18x | – | – |
| Debt ÷ equity | 0.46x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 176 | – | – | – | – |
| Current ratio | 1.91x | 1.07x | 1.70x | 2.35x | 1.90x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.