Q2 Preview: Patient Uptake for Parkinson‘s Pump Should Grow in H2‘26

研报英文原文证据摘录

Q2 Preview: Patient Uptake for Parkinson‘s Pump Should Grow in H2‘26

USA | Specialty Pharmaceuticals

Supernus Pharmaceuticals Inc. EquityJulyResearch9, 2026

ESTIMATE CHANGEQ2 Preview: Patient Uptake for Parkinson's

RATING BUYPump Should Grow in H2:26

PRICE $47.94^

For Q2 EPS (est early Aug), we expect SUPN to report in-line revenues (vs

cons $206M) but slightly raise its 2026 sales guide of $840-870M (vs cons PRICE TARGET | % TO PT $65.00 | +36%

$862M), driven by Qelbree/Zurzuvae growth. Also, we foresee mgmt to tighten 52W HIGH-LOW $59.68 - $31.37

Onapgo's (Parkinson's pump) 2026 sales guidance of $45-70M (vs cons $60M). FLOAT (%) | ADV MM (USD) 91.3% | 37.93

Anecdotally, SUPN has addressed Onapgo's logistical bottlenecks and even MARKET CAP $2.8B

cleared the patient backlog, so sales growth will simply be predicated on TICKER SUPN ^Prior trading day's closing price unless otherwise

underlying demand. noted.

Big picture: 2026 total sales guidance of $840-870M represents a healthy sales uptick (up from FY (Dec) CHANGE TO JEFe JEF vs CONS

$719M Y/Y), driven by: (1) Qelbree (novel oral non-stimulant) in ADHD ($500-750M+ opportunity), 2026 2027 2026 2027

(2) Onapgo (subQ apomorphine pump), whose Parkinson's launch could reach mgmt's $200-300M REV NA NA NA NA

+ peak sales guide, and (3) Zurzuvae (oral GABA-PAM), whose PPD depression sales ($250M+ EPS <-1% NM NA NA

opportunity to SUPN) is proving to be significantly accretive in 2026. Y/Y revenue growth should

create operating leverage, enabling mgmt to seek more revenue-generating BD assets in CNS/

2026 ($) Q1A Q2 Q3 Q4 FY

women's health. Ultimately, stock action in H2:26 will be driven by the growth of these products -

EPS 0.15 0.16 0.33 0.48 1.11

including a pot'l acceleration of Onapgo's weekly TRx.