Supernus Pharmaceuticals, Inc. (SUPN) Stock Price & How to Invest

Supernus Pharmaceuticals develops and sells prescription medicines for central nervous system conditions: ADHD, epilepsy, Parkinson's disease and, more recently, postpartum depression. The commercial model is straightforward specialty pharma. Supernus owns or licenses the products, runs its own US sales force calling on neurologists and psychiatrists, and books the revenue net of rebates and channel discounts. Its growth engine is Qelbree, a non-stimulant ADHD treatment that did ~$89 million in net sales in the second quarter of 2026 (up ~15%), alongside GOCOVRI for Parkinson's dyskinesia (~$38 million), ONAPGO, a continuous subcutaneous apomorphine infusion launched in 2025 (~$14 million), and collaboration revenue from ZURZUVAE for postpartum depression (~$35 million), which Supernus acquired when it bought Sage Therapeutics in mid-2025 and which it splits 50/50 with Biogen. Working against that are the legacy products: Trokendi XR and Oxtellar XR each fell ~25% year over year, APOKYN fell ~51%, and other older products fell ~71%.

The financial picture after the second-quarter report is a company whose reported numbers and adjusted numbers say different things. Second-quarter revenue was ~$219 million, up ~32%, and management raised full-year 2026 guidance to ~$860 million to ~$890 million in revenue and ~$150 million to ~$180 million in adjusted operating earnings. On a GAAP basis the same quarter produced a ~$58 million net loss, driven by a ~$55 million non-cash impairment of the APOKYN intangible plus ~$25 million of ongoing intangible amortization, and the full-year GAAP outlook was cut to an operating loss of ~$20 million to ~$50 million. The balance sheet holds ~$372 million in cash and marketable securities with no meaningful debt at the Supernus level. On top of that sits the August 2026 agreement to merge with Indivior, maker of the opioid-use-disorder treatment SUBLOCADE, in an all-stock deal targeting ~$2.2 billion of combined revenue, ~$888 million of EBITDA and ~$125 million of annual cost synergies, with closing targeted for the fourth quarter of 2026.

The deal has since moved close to completion. Stockholders of both companies approved it on October 15, 2026, and on September 17, 2026 Indivior declared the ~$8.13 per share special cash dividend to its own holders of record on October 30, payable only if the merger closes, and said it expects the merger to close on November 2, 2026, with the dividend paid by November 6. Because the exchange ratio is fixed, a SUPN share is now in practice a claim on 1.5401 shares of the combined company, and its price has drifted lower with that pairing: SUPN closed at ~$38.44 on October 16, 2026, down ~22% year to date, ~23% over twelve months and ~20% over three months, for a market value of ~$2.2 billion. Supernus's own third-quarter report, with consensus at ~$221 million of revenue and ~$0.56 of adjusted EPS, is scheduled for November 3, 2026, the day after the expected close.

The legacy portfolio is shrinking faster than it looks on a consolidated line: Trokendi XR and Oxtellar XR are guided to only ~$50 million to ~$60 million combined for 2026, APOKYN halved year over year and took a ~$55 million impairment, and every dollar lost there has to be replaced before growth shows up in total revenue. Qelbree's US new-chemical-entity exclusivity ran out in April 2026 and Supernus received Paragraph IV notices from multiple generic filers in 2025, so the patents running from 2029 to 2035 now have to be defended in court rather than assumed. The merger itself carries real execution risk: both sets of stockholders approved it on October 15, 2026, but it still has to satisfy its remaining closing conditions, adds leverage through the pre-closing special dividend, and hands Supernus holders a minority position in a business whose largest product serves opioid use disorder, a category with its own reimbursement and legal history. GAAP profitability is currently negative and management's own guidance sees a full-year operating loss, so the ~9x forward earnings multiple on 2027 consensus rests on adjusted figures that exclude impairments and amortization. Pipeline outcomes have disappointed before, including the SPN-820 miss in treatment-resistant depression in early 2025, and SPN-817 and SPN-820 remain in Phase 2b. With the expected close only weeks away, the near-term risk is mostly about the combined company: SUPN holders will own a minority of a more leveraged business, and the stock's ~20% slide over three months shows the market pricing that pairing rather than Supernus's standalone quarter.

4 analysts publish price targets on SUPN, averaging $60.50 against a $41.92 price as of November 2026, or +44.3%. The published targets run from $55.00 to $67.00, a narrow spread, and the ratings split 3 buy, 1 hold, 0 sell. Over the last six months there has been 1 raise and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full SUPN forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Supernus Pharmaceuticals, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Qelbree as the volume anchor in ADHD. Qelbree is the largest single product at ~$89 million in quarterly net sales and grew ~15% year over year. The most optimistic published target, $67.00, assumes this works close to its best case.

The case against. The legacy portfolio is shrinking faster than it looks on a consolidated line: Trokendi XR and Oxtellar XR are guided to only ~$50 million to ~$60 million combined for 2026, APOKYN halved year over year and took a ~$55 million impairment, and every dollar lost there has to be replaced before growth shows up in total revenue. The most pessimistic target, $55.00, is roughly what SUPN is worth if this bites instead.

Read the full bull and bear case on SUPN, including what would have to change to break either one. Walnut is not an investment adviser.

No. Supernus Pharmaceuticals, Inc. (SUPN) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Supernus Pharmaceuticals, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$830M
• Q2 2026 revenue: ~$219M, up ~32% year over year; adjusted EPS ~$0.53 vs ~$0.51 consensus
• FY2026 revenue guidance: ~$860M to ~$890M
• FY2026 adjusted operating earnings guidance: ~$150M to ~$180M
• Net income (TTM): ~-$110M, or ~-$1.92 per share
• Forward P/E: ~8.9x on ~$4.30 consensus 2027 EPS
• Market cap / cash: ~$2.2B market cap, ~$372M cash, ~$40M debt
• Next report: Q3 2026 on November 3; consensus ~$221M revenue, ~$0.56 EPS

At ~$38.44 per share the market values Supernus at about 2.7 times trailing sales and under 9 times consensus 2027 earnings, a discount to profitable specialty pharma peers that reflects legacy-product decay and, above all, the pending merger. The GAAP loss is largely non-cash, coming from a ~$55 million APOKYN impairment and ~$25 million per quarter of intangible amortization. Because the Indivior exchange ratio is fixed at 1.5401 shares and closing is expected on November 2, 2026, the practical value of a Supernus share now moves with Indivior's price far more than with Supernus's own results.

Other names that sit close to SUPN: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get SUPN exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so SUPN sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where SUPN fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

SUPN is a growing CNS portfolio wrapped in two open questions, whether the new products outrun the legacy decline and whether the Indivior merger delivers the scale and synergies it promises. With closing expected on November 2, 2026 and a fixed 1.5401 exchange ratio, the SUPN price now largely tracks Indivior's.

Whether SUPN is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is SUPN a buy or a sell?, and where the stock could go from here in the SUPN stock forecast.

For income investors, whether SUPN pays a dividend and how the payout looks is covered in does SUPN pay a dividend? And to weigh SUPN against a peer, read the full side-by-side comparisons: SUPN vs ABBV and SUPN vs AMRX.