SUPERNUS PHARMACEUTICALS, INC.SUPN

SUPERNUS PHARMACEUTICALS, INC. Segments Disclosure

10-KFiled Mar 2, 20262 min read
Segment Reporting
The Company operates in one operating segment and therefore has only one reportable segment. The Company derives revenue primarily from sales of its commercial products in the U.S.

The Company's chief operating decision maker (CODM) is the chief executive officer. The Company manages the business activities on a consolidated basis. The CODM assesses performance of the Company, and decides how to allocate resources based on net earnings (loss), which is reported in the consolidated statement of earnings (loss) as Net earnings (loss)
and allocates resources on a consolidated basis. The CODM uses net earnings (loss) to decide whether to reinvest profits into the Company's current products or into other research and development initiatives for the Company's product candidates. Net earnings (loss) is also used to monitor budget versus actual results.

The measure of the reportable segment assets is reported on the balance sheet as total assets.

The accounting policies of the reportable segment are the same as those described in Note 2, Summary of Significant Accounting Policies.
The following table shows the segment revenue, significant segment expenses and net earnings (loss) (dollars in thousands):
Year Ended December 31,
202520242023
Total revenues
$718,952 $661,817 $607,521 
Less: Significant Segment Expenses:
Cost of revenues
74,562 77,906 83,779 
Selling209,695 153,105 149,955 
Marketing78,956 74,188 79,231 
General and administrative(a)
123,987 94,289 107,175 
Acquisition-related expenses(b)
72,925 — — 
Research and development expenses


External development program expenses:
ONAPGO
1,883 1,641 3,825 
SPN-82010,075 27,042 12,311 
SPN-81715,727 9,837 9,397 
Qelbree11,411 15,819 11,101 
ZURZUVAE
2,145 — — 
Early-stage programs and other expenses
20,926 16,352 20,467 
Total external development program expenses
62,167 70,691 57,101 
Internal employee-related expenses
44,068 38,105 34,492 
Total research and development expenses
106,235 108,796 91,593 
Other segment items(c)
91,142 79,668 94,472 
Net earnings (loss)
$(38,550)$73,865 $1,316 
______________________________
(a) Excludes Sage Acquisition expenses which are presented in the separate line item, Acquisition-related expenses, in the table above.

(b) Sage Acquisition related expenses includes primarily transaction costs incurred, post-combination employee-related expenses incurred by the Company, share-based compensation expense for Sage incurred to accelerate the vesting of certain equity awards under the terms of the Merger Agreement, and share-based compensation expense for Sage equity awards that also had a CVR right (accounted for under employee compensation accounting model), which was deemed probable of achievement in the fourth quarter of 2025.

(c) Other segment items include amortization of intangible assets, intangible asset impairment charges, contingent consideration loss (gain), net interest and other income, and income tax expense, whose amounts are disclosed in the consolidated statement of earnings (loss).

Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Feb 25, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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