SUPNSUPERNUS PHARMACEUTICALS, INC.

Pharmaceutical Preparations

Revenue: $719M; 8.6% YoY
Operating margin: -8.7%; 170% YoY
EBITDA: $29M; 82% YoY
Market cap: $2.4B
Employees: 778; $924K revenue each
Net debt / EBITDA: -5.2×; −$153M net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$13M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentYes
67% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeNo
$924K · 73rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 24th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 5.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$10M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$580M	$667M	$608M	$662M	$719M	8.6%
Operating income	$86M	$46M	−$5M	$82M	−$62M	176%
Net income	$53M	$61M	$1M	$74M	−$39M	152%
Operating cash flow	$127M	$117M	$111M	$172M	$47M	72%
Capex	—	$412K	$551K	$725K	$1M	85%
Stock-based comp	$18M	$18M	$27M	$28M	$33M	19%

Deal filings

Filed	Form	Acquirer	Price	Premium
Sep 11, 2026	DEFM14A	Indivior Pharmaceuticals, Inc.	$40.73	43.5%

13D filers

Filed	Filer	Form	Stake	Intent
Apr 25, 2019	Khattar Jack A.	SC 13D	5.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $10M · 20
Net: −$10M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$16M	$24M	198	125
FY2024	$13M	$9M	144	93
FY2023	$13M	$13M	115	94
FY2022	$10M	$11M	142	90
FY2021	$8M	$8M	116	100