Filing Flows › Supernus Pharmaceuticals (SUPN) › Q4 2025
Supernus Pharmaceuticals (SUPN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Supernus Pharmaceuticals (SUPN) reported revenue of $212M for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and +10% from the quarter before. Operating margin was -1.9%, net loss $4.1M (1.9% of revenue).
Supernus Pharmaceuticals, Q4 2025: revenue $212M (+22% year over year), operating margin -1.9%, net loss $4.1M, operating cash flow $19.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $212M | +10% | +21% |
| Operating profit | −$3.9M | — | — |
| Net earnings | −$4.1M | — | — |
| Operating cash flow | $19.9M | — | -55% |
| Free cash flow | $19.4M | — | -56% |
What changed
Revenue was $211.6M in Q4 2025, up 21% year over year and up 10% from the previous quarter. Qelbree was the largest line at 38% of revenue.
Operating costs exceeded revenue by $3.9M, an operating margin of -1.9%. Total costs grew 41% against revenue growth of 21%. The fastest-growing cost line was Other operating costs (+127%). The quarter ended with a net loss of $4.1M, narrower than the previous quarter's $45.1M loss. Non-operating items added $2.0M, -106% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $19.9M (down 55% year over year). Non-cash charges added back $25.0M of depreciation and amortization and $9.7M of share-based compensation. Working capital and other items used $10.7M. Capital expenditures of $427K left free cash flow of $19.4M.
Questions
What was Supernus Pharmaceuticals' revenue in the fourth quarter 2025?
Supernus Pharmaceuticals (SUPN) reported revenue of $212M for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and +10% from the quarter before.
Was Supernus Pharmaceuticals profitable in the fourth quarter 2025?
Operating loss was $3.9M (-1.9% of revenue) and net loss $4.1M.