Inventory rose 143.1% year over year at Supernus Pharmaceuticals. Revenue rose 32.4%.
That is the oddest number in the company's latest filing, but not the only one. Supernus generated $219.1 million in revenue for the quarter ended June 30, up from $165.5 million a year earlier, while net income swung from a $22.5 million profit to a $58.4 million loss.
The business is selling more medicine. The accounting result is moving the other way. Operating margin fell from 7.3% to negative 26.5%, a 33.8 percentage-point drop, and diluted EPS went from $0.40 to negative $1.01.
Supernus says ONAPGO, launched in the second quarter of 2025, and Qelbree supplied the growth. ONAPGO contributed to the growth, while Qelbree gained from higher volume and price. APOKYN sales declined on lower volume, and Oxtellar XR and Trokendi XR continued to face generic erosion.
The revenue bridge is fairly clear. The loss bridge is heavier.
"The increase in net loss was primarily due to the impairment of an intangible asset and increase in research and development and selling, general, and administrative activities."
Supernus / 10-Q / Aug. 3, 2026
The impairment was tied to the APOKYN intangible asset. Research and development, selling and general expenses also rose, including costs connected to ONAPGO and Supernus' collaboration with Biogen. This is not a case of revenue shrinking into a loss. It is revenue growth arriving alongside a higher expense base and an impairment charge.
Supernus' cash balance still increased to $180.0 million from $144.7 million a year earlier. Cash generation from operations moved lower, though, and free-cash-flow margin fell 13.7 percentage points to 14.3%. Inventory and accounts receivable both grew faster than revenue, by 143.1% and 50.3%, respectively. Supernus does not disclose the cause of the inventory increase in the supplied filing facts.
Management has also described demand for ONAPGO as stronger than expected, with suppliers unable to fully meet it at the time of the company's November 2025 announcement:
"On November 4, 2025, we announced that due to stronger than expected demand for ONAPGO, supplier constraints were impacting our ability to fully meet this demand."
Supernus / 10-Q / Aug. 3, 2026
That disclosure gives the inventory number a specific operating backdrop, without resolving what portion reflects demand, availability, or the ordinary mechanics of launching a new drug. The current quarter shows the product contributing to sales, while the balance sheet shows more product and receivables sitting behind those sales.
Biogen is the useful supporting detail here because the collaboration is not just a name in the partner list. Supernus said its proportionate share of collaboration expenses, alongside professional, employee-related, and ONAPGO marketing costs, contributed to higher expenses. The filing also says a Shionogi collaboration produced $20.0 million of licensing revenue from a commercial milestone during the six months, a reminder that reported earnings can include lumpy partnership items as well as recurring product sales.
Supernus' next quarterly report is the factual checkpoint for two unresolved pieces: whether inventory and receivables continue to outpace revenue, and whether APOKYN-related charges or launch spending recur at the same scale.
Supernus is growing revenue, but its latest filing reports negative operating and net margins.