SUPERNUS PHARMACEUTICALS, INC.SUPN

SUPERNUS PHARMACEUTICALS, INC. Revenue Disclosure

10-KFiled Mar 2, 20262 min read
Disaggregated Revenues
The following table provides information regarding total revenues (dollars in thousands):
 Year Ended December 31,
 202520242023
Net product sales   
Qelbree$304,654 $241,273 $140,192 
GOCOVRI146,824 130,824 119,637 
Oxtellar XR40,700 99,464 113,404 
APOKYN47,771 73,926 75,083 
Trokendi XR42,421 63,201 94,336 
ONAPGO17,254 — — 
Other(1)
26,912 29,008 31,281 
Total net product sales626,536 637,696 573,933 
Collaboration revenue (ZURZUVAE)52,996 — — 
Royalty, licensing, and other revenues39,420 24,121 33,588 
Total revenues$718,952 $661,817 $607,521 
______________________________
(1) Includes net product sales of MYOBLOC, XADAGO and Osmolex ER.
We recognized $15.0 million of licensing revenue for the year ended December 2025 related to the achievement of a regulatory milestone under our collaboration agreement with Shionogi.
In December 2023, the Company submitted to the FDA a notification of discontinuance to withdraw Osmolex ER from distribution. Distribution of Osmolex ER ceased on April 1, 2024.
The Company recognized noncash royalty revenues of $4.0 million for the year ended December 31, 2023. The Company no longer recognizes noncash royalty revenue as ownership of the royalty rights reverted back to the Company during the second quarter of 2023 (see Note 2, Summary of Significant Accounting Policies).
Adjustments related to prior year sales in 2025 and 2024 was less than 4% of net product sales for each respective period. The majority of the adjustment is attributable to Qelbree, reflecting favorable actual returns experienced in 2025 and 2024. As a result, the Company changed its estimated provision for product returns based on the most recent experience. In 2023, adjustments related to prior year sales amounted to less than 1% of net product sales.
The following table shows the percentage of net product sales to total net product sales:
Percentage of Net Product Sales
Year Ended December 31,
202520242023
Qelbree49%38%24%
GOCOVRI23%20%21%
Oxtellar XR6%16%20%
APOKYN8%12%13%
Trokendi XR7%10%16%
ONAPGO3%—%—%
Other(1)
4%4%6%
Total100%100%100%
______________________________
(1) Includes net product sales of MYOBLOC, XADAGO and Osmolex ER.

The Company does not currently own or operate manufacturing facilities for the commercial production of any of our commercial products. The Company currently depends on third-party contract manufacturing organizations (CMOs), who offer a comprehensive range of contract manufacturing and packaging services, in various countries for the supply of API, finished goods for our commercial products. For most of our commercial products, we rely on single source suppliers to produce and package final dosage forms for our products and raw materials, including API.
On November 4, 2025, the Company announced that due to stronger than expected demand for ONAPGO, supplier constraints are impacting the Company's ability to fully meet this demand. ONAPGO is manufactured in Europe, supplied to us by our ONAPGO licensing partner, and packaged in the U.S. by a third-party CMO. The Company relies on single source suppliers to produce and package final dosage forms for ONAPGO.

Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Feb 25, 2025
2023Feb 27, 2024
2022Mar 9, 2023
2021Apr 13, 2022
2020Mar 8, 2021
2019Feb 28, 2020
2018Mar 1, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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