Supply Constraint Lifts, Supernus Delivers Strong Q1 with ONAPGO Rebound

Q1 revenue jumps 39% as ONAPGO resumes patient initiations, Qelbree adult traction builds, and ZURZUVAE grows ~100% YoY.

SUPN · Earnings Call · 2026-05-05

From Constraint to Recovery

Supernus Pharmaceuticals enters 2026 with a compelling growth narrative, as the company shakes off the supply constraints that plagued ONAPGO in 2025. CEO Jack A. Khattar opened the Q1 call with a confident tone, citing “a 56% year-over-year increase in combined revenues of our growth products and an 11% year-over-year increase in adjusted operating earnings” — Jack A. Khattar, Chief Executive Officer · 2026-05-05. Total revenue reached $207.7 million, a 39% increase year-over-year, driven by strong commercial product sales and a $20 million licensing milestone from Shionogi. The commercial product portfolio, including current supplier-backed growth, is clearly firing on all cylinders. The headline story is ONAPGO's rebound. The company resumed new patient initiations in February after a supply hiccup, and the recovery is tangible. ONAPGO net sales were $8.4 million in the quarter, and March prescriptions hit 463, exceeding pre-constraint levels.

If we look at the backlog right now, we have probably somewhere around 570, give or take, patients in the queue. Versus last time we talked, it was around 700. So we are going through the backlog, and we are actually improving as time goes on.
Jack A. Khattar, Chief Executive Officer · 2026-05-05

This improvement is critical, as it signals that the company is not only clearing the queue but also converting enrollment forms into paying patients more efficiently. The supply constraint that limited 2025 is now a fading memory, and management is focused on long-term capacity. The second supplier is expected to file with the FDA in Q3 2026, with potential approval before mid-2027, adding multiple capacity to the existing current supplier. This is a strategic pivot from a year ago, when the company was scrambling to preserve inventory. In the November 2025 call, Jack had said, “we are very committed, obviously, to this product. And we have about slightly more than 400 patients.” — Jack Khattar, Chief Executive Officer · 2025-11-05 Now, with the supply pipeline secured, the focus is on fully capturing the pent-up demand.

Qelbree: Adult Segment Steps Up

Beyond ONAPGO, Qelbree continues to be a growth engine, particularly in the adult segment. Management highlighted that adult prescriptions grew 27% in Q1, outpacing pediatric growth of 15%. For the first time, adult prescribers surpassed pediatric prescribers, a milestone that reflects the brand's broadening reach. “The patient profile is broadening, so it is not anymore some of the early low-hanging fruit that you are getting.” — Jack A. Khattar, Chief Executive Officer · 2026-05-05 This is a positive secular trend, as the adult ADHD market is the largest segment and offers significant headroom. The patient profile shift suggests that Qelbree is increasingly seen as a versatile non-stimulant option for patients who need all-day coverage or who are partial responders to stimulants. With the back-to-school season approaching, the company is well-positioned to sustain momentum.

ZURZUVAE and Pipeline: Building Momentum

ZURZUVAE, the postpartum depression therapy, is delivering spectacular growth. Collaboration revenues were $27.6 million in Q1, with U.S. sales up approximately 100% year-over-year. The partnership with Biogen is showing its strength, and the company is investing in DTC campaigns to educate the market. While management notes it is too early to measure the impact, the anecdotal feedback is positive. The growth runway is substantial—only 29,000 patients have been treated to date, versus an annual incidence of 500,000 women with PPD symptoms. In the February 2026 call, Jack had outlined the capacity plan: “the second supplier is actually our own partner in Europe. So they have their own manufacturing facility, and that's the same facility that produces product for the European market.” — Jack Khattar, CEO · 2026-02-25 While that comment was about ONAPGO, it underscores the company's disciplined approach to scaling. On the pipeline front, SPN-820 and SPN-817 are progressing, with data expected in 2027, and SPN-443 is slated for a Phase 1 start this year.

Financial Position and Outlook

Financially, Supernus is in a strong position. The company ended Q1 with $384 million in cash and no debt, providing flexibility for M&A. Total revenue of $207.7M is well above the run rate needed to hit the full-year guidance of $840-$870 million. Management reiterated all guidance ranges, signaling confidence. The balance sheet strength allows them to pursue strategic acquisitions, with a preference for revenue-generating assets or late-stage pipeline products in CNS and women's health. The stock has pulled back 9.5% in the last 90 days, but the fundamental trajectory suggests the market may be underestimating the recovery. As Jack noted, “For full year 2026, the company reiterates its financial guidance for total revenues, combined R&D and SG&A expenses, and non-GAAP operating earnings.” — Timothy C. Dec, Chief Financial Officer · 2026-05-05 With the supply issue resolved, ONAPGO is set to be a major contributor, and the rest of the portfolio is firing on all cylinders. Supernus is a name to watch as it emerges from a challenging 2025 with a renewed growth trajectory.