SUPNSUPERNUS PHARMACEUTICALS, INC.
Pharmaceutical Preparations · $2.4B market cap · 778 employees
1.5×
More likely than average to be taken private
Top 9% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works
Takeover signals
What an activist or buyer would see: cheap, overpaid, diluted or under pressure.
5of 15 firedHow well they predict deals →
- Shareholder dissentYes67% lowest supportAny vote under 80% support
- Quiet on AIYes0.6 per 10K words · 24th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 5.2× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.4B market capMarket cap $500M–$5B
- Net insider sellingYes−$10M netNet sales over $10M in 12 months
10 other checks
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$13M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo9% of assetsOver 40% of assets
- Low revenue per employeeNo$924K · 73rd pctBottom quartile of its SIC industry
- Recurring revenueNo6 of 1010-K business scored 7+ of 10 for recurring revenue
- AI-rollup shapedNo0 of 1010-K business scored 5+ of 10 as an AI-rollup target
- Active 13DNo0 filingsActive-intent 13D in 18 months
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Nov 2, 2026 | 8-K | Indivior Pharmaceuticals, Inc. | — | — |
| Sep 11, 2026 | DEFM14A | Indivior Pharmaceuticals, Inc. | $40.73 | 43.5% |
| Aug 3, 2026 | 8-K | Indivior Pharmaceuticals Inc. | — | — |
Key numbers
- Revenue
- $719M
- 8.6% YoY
- Operating margin
- -8.7%
- 170% YoY
- EBITDA
- $29M
- 82% YoY
- Net debt / EBITDA
- -5.2×
- −$153M net debt
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| 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% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Apr 25, 2019 | Khattar Jack A. | SC 13D | 5.1% | Passive |
Insider trading
−$10Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $10M · 20 trades
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 |