Intrinsic value of Supernus Pharmaceuticals - SUPN

Previous Close

$39.00

  Intrinsic Value

$287.45

stock screener

  Rating & Target

str. buy

+637%

  Value-price divergence*

+313%

Previous close

$39.00

 
Intrinsic value

$287.45

 
Up/down potential

+637%

 
Rating

str. buy

 
Value-price divergence*

+313%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of SUPN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  46.26
  46.30
  42.17
  38.45
  35.11
  32.10
  29.39
  26.95
  24.75
  22.78
  21.00
  19.40
  17.96
  16.66
  15.50
  14.45
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.95
Revenue, $m
  215
  315
  447
  619
  837
  1,105
  1,430
  1,815
  2,264
  2,780
  3,364
  4,017
  4,738
  5,527
  6,384
  7,307
  8,293
  9,342
  10,453
  11,624
  12,853
  14,141
  15,488
  16,892
  18,355
  19,877
  21,460
  23,106
  24,816
  26,593
  28,440
Variable operating expenses, $m
 
  148
  210
  291
  393
  519
  672
  853
  1,064
  1,307
  1,581
  1,888
  2,227
  2,598
  3,001
  3,434
  3,898
  4,391
  4,913
  5,463
  6,041
  6,646
  7,279
  7,939
  8,627
  9,342
  10,086
  10,860
  11,664
  12,499
  13,367
Fixed operating expenses, $m
 
  64
  65
  67
  68
  70
  72
  74
  76
  77
  79
  81
  83
  85
  88
  90
  92
  94
  97
  99
  102
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
Total operating expenses, $m
  161
  212
  275
  358
  461
  589
  744
  927
  1,140
  1,384
  1,660
  1,969
  2,310
  2,683
  3,089
  3,524
  3,990
  4,485
  5,010
  5,562
  6,143
  6,750
  7,386
  8,048
  8,739
  9,457
  10,204
  10,981
  11,788
  12,626
  13,497
Operating income, $m
  54
  103
  172
  261
  375
  516
  686
  888
  1,125
  1,396
  1,704
  2,047
  2,428
  2,844
  3,296
  3,783
  4,303
  4,857
  5,443
  6,061
  6,711
  7,391
  8,102
  8,843
  9,616
  10,420
  11,256
  12,125
  13,029
  13,968
  14,943
EBITDA, $m
  56
  106
  176
  267
  383
  526
  699
  905
  1,145
  1,422
  1,734
  2,084
  2,471
  2,895
  3,355
  3,850
  4,380
  4,943
  5,540
  6,168
  6,829
  7,521
  8,244
  8,999
  9,785
  10,603
  11,454
  12,338
  13,257
  14,212
  15,205
Interest expense (income), $m
  0
  0
  2
  5
  8
  12
  17
  23
  31
  39
  49
  61
  73
  87
  102
  119
  136
  155
  175
  197
  219
  243
  268
  293
  320
  348
  378
  408
  440
  473
  507
Earnings before tax, $m
  50
  103
  170
  257
  367
  503
  669
  865
  1,094
  1,357
  1,654
  1,987
  2,355
  2,757
  3,194
  3,664
  4,167
  4,702
  5,268
  5,865
  6,491
  7,148
  7,834
  8,550
  9,295
  10,071
  10,878
  11,717
  12,589
  13,495
  14,437
Tax expense, $m
  -41
  28
  46
  69
  99
  136
  181
  233
  295
  366
  447
  536
  636
  744
  862
  989
  1,125
  1,270
  1,422
  1,583
  1,753
  1,930
  2,115
  2,308
  2,510
  2,719
  2,937
  3,164
  3,399
  3,644
  3,898
Net income, $m
  91
  75
  124
  187
  268
  368
  488
  631
  798
  990
  1,208
  1,450
  1,719
  2,013
  2,331
  2,675
  3,042
  3,432
  3,846
  4,281
  4,739
  5,218
  5,719
  6,241
  6,786
  7,352
  7,941
  8,554
  9,190
  9,851
  10,539

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  90
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  310
  322
  458
  634
  856
  1,131
  1,463
  1,858
  2,318
  2,846
  3,443
  4,111
  4,849
  5,658
  6,534
  7,479
  8,488
  9,562
  10,699
  11,897
  13,156
  14,474
  15,852
  17,289
  18,787
  20,345
  21,965
  23,650
  25,400
  27,219
  29,110
Adjusted assets (=assets-cash), $m
  220
  322
  458
  634
  856
  1,131
  1,463
  1,858
  2,318
  2,846
  3,443
  4,111
  4,849
  5,658
  6,534
  7,479
  8,488
  9,562
  10,699
  11,897
  13,156
  14,474
  15,852
  17,289
  18,787
  20,345
  21,965
  23,650
  25,400
  27,219
  29,110
Revenue / Adjusted assets
  0.977
  0.978
  0.976
  0.976
  0.978
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
Average production assets, $m
  13
  18
  26
  36
  49
  64
  83
  105
  131
  161
  195
  233
  275
  321
  370
  424
  481
  542
  606
  674
  745
  820
  898
  980
  1,065
  1,153
  1,245
  1,340
  1,439
  1,542
  1,650
Working capital, $m
  70
  -29
  -42
  -58
  -78
  -103
  -133
  -169
  -211
  -259
  -313
  -374
  -441
  -514
  -594
  -680
  -771
  -869
  -972
  -1,081
  -1,195
  -1,315
  -1,440
  -1,571
  -1,707
  -1,849
  -1,996
  -2,149
  -2,308
  -2,473
  -2,645
Total debt, $m
  4
  59
  131
  226
  345
  492
  670
  882
  1,128
  1,411
  1,732
  2,090
  2,485
  2,918
  3,388
  3,894
  4,436
  5,011
  5,621
  6,263
  6,938
  7,644
  8,383
  9,153
  9,956
  10,791
  11,660
  12,562
  13,501
  14,476
  15,489
Total liabilities, $m
  118
  173
  245
  340
  459
  606
  784
  996
  1,242
  1,525
  1,846
  2,204
  2,599
  3,032
  3,502
  4,008
  4,550
  5,125
  5,735
  6,377
  7,052
  7,758
  8,497
  9,267
  10,070
  10,905
  11,774
  12,676
  13,615
  14,590
  15,603
Total equity, $m
  192
  149
  212
  294
  397
  525
  679
  862
  1,075
  1,320
  1,598
  1,908
  2,250
  2,625
  3,032
  3,470
  3,939
  4,437
  4,964
  5,520
  6,104
  6,716
  7,355
  8,022
  8,717
  9,440
  10,192
  10,974
  11,786
  12,630
  13,507
Total liabilities and equity, $m
  310
  322
  457
  634
  856
  1,131
  1,463
  1,858
  2,317
  2,845
  3,444
  4,112
  4,849
  5,657
  6,534
  7,478
  8,489
  9,562
  10,699
  11,897
  13,156
  14,474
  15,852
  17,289
  18,787
  20,345
  21,966
  23,650
  25,401
  27,220
  29,110
Debt-to-equity ratio
  0.021
  0.390
  0.620
  0.770
  0.870
  0.940
  0.990
  1.020
  1.050
  1.070
  1.080
  1.100
  1.100
  1.110
  1.120
  1.120
  1.130
  1.130
  1.130
  1.130
  1.140
  1.140
  1.140
  1.140
  1.140
  1.140
  1.140
  1.140
  1.150
  1.150
  1.150
Adjusted equity ratio
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  91
  75
  124
  187
  268
  368
  488
  631
  798
  990
  1,208
  1,450
  1,719
  2,013
  2,331
  2,675
  3,042
  3,432
  3,846
  4,281
  4,739
  5,218
  5,719
  6,241
  6,786
  7,352
  7,941
  8,554
  9,190
  9,851
  10,539
Depreciation, amort., depletion, $m
  2
  3
  4
  6
  8
  10
  13
  17
  21
  26
  31
  37
  44
  51
  59
  67
  76
  86
  96
  107
  118
  130
  143
  156
  169
  183
  198
  213
  228
  245
  262
Funds from operations, $m
  75
  78
  128
  193
  276
  378
  501
  648
  819
  1,016
  1,238
  1,487
  1,762
  2,064
  2,390
  2,742
  3,118
  3,518
  3,942
  4,388
  4,857
  5,348
  5,861
  6,397
  6,955
  7,535
  8,139
  8,766
  9,419
  10,096
  10,801
Change in working capital, $m
  8
  -9
  -12
  -16
  -20
  -25
  -30
  -36
  -42
  -48
  -54
  -61
  -67
  -73
  -80
  -86
  -92
  -98
  -103
  -109
  -114
  -120
  -125
  -131
  -136
  -142
  -147
  -153
  -159
  -165
  -172
Cash from operations, $m
  67
  87
  140
  209
  296
  403
  531
  684
  861
  1,064
  1,293
  1,548
  1,830
  2,137
  2,470
  2,828
  3,210
  3,616
  4,045
  4,497
  4,971
  5,468
  5,987
  6,527
  7,091
  7,677
  8,286
  8,919
  9,578
  10,262
  10,972
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -6
  -8
  -10
  -13
  -17
  -21
  -26
  -31
  -37
  -44
  -51
  -59
  -67
  -76
  -86
  -96
  -107
  -118
  -130
  -143
  -156
  -169
  -183
  -198
  -213
  -228
  -245
New CAPEX, $m
  -2
  -6
  -8
  -10
  -13
  -16
  -19
  -22
  -26
  -30
  -34
  -38
  -42
  -46
  -50
  -53
  -57
  -61
  -64
  -68
  -71
  -75
  -78
  -81
  -85
  -88
  -92
  -95
  -99
  -103
  -107
Cash from investing activities, $m
  -36
  -8
  -11
  -14
  -19
  -24
  -29
  -35
  -43
  -51
  -60
  -69
  -79
  -90
  -101
  -112
  -124
  -137
  -150
  -164
  -178
  -193
  -208
  -224
  -241
  -257
  -275
  -293
  -312
  -331
  -352
Free cash flow, $m
  31
  80
  130
  195
  278
  379
  502
  648
  818
  1,013
  1,233
  1,479
  1,751
  2,048
  2,369
  2,716
  3,086
  3,479
  3,895
  4,333
  4,793
  5,275
  5,778
  6,303
  6,850
  7,419
  8,011
  8,626
  9,266
  9,930
  10,620
Issuance/(repayment) of debt, $m
  0
  55
  73
  94
  119
  147
  178
  211
  246
  283
  320
  358
  396
  433
  470
  506
  541
  576
  609
  642
  675
  707
  739
  770
  803
  835
  869
  903
  938
  975
  1,013
Issuance/(repurchase) of shares, $m
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  2
  55
  73
  94
  119
  147
  178
  211
  246
  283
  320
  358
  396
  433
  470
  506
  541
  576
  609
  642
  675
  707
  739
  770
  803
  835
  869
  903
  938
  975
  1,013
Total cash flow (excl. dividends), $m
  33
  134
  203
  289
  397
  527
  681
  860
  1,065
  1,296
  1,554
  1,837
  2,147
  2,481
  2,839
  3,222
  3,627
  4,054
  4,504
  4,975
  5,468
  5,982
  6,517
  7,074
  7,653
  8,255
  8,880
  9,529
  10,204
  10,905
  11,634
Retained Cash Flow (-), $m
  -104
  -47
  -63
  -82
  -103
  -128
  -154
  -183
  -213
  -245
  -277
  -310
  -343
  -375
  -407
  -438
  -469
  -498
  -527
  -556
  -584
  -612
  -639
  -667
  -695
  -723
  -752
  -782
  -812
  -844
  -877
Prev. year cash balance distribution, $m
 
  90
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  177
  140
  208
  294
  399
  526
  677
  851
  1,051
  1,276
  1,527
  1,804
  2,106
  2,432
  2,784
  3,158
  3,556
  3,977
  4,419
  4,884
  5,370
  5,878
  6,407
  6,958
  7,532
  8,128
  8,748
  9,392
  10,061
  10,757
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  170
  128
  181
  242
  309
  382
  457
  532
  604
  669
  725
  770
  801
  817
  817
  803
  774
  732
  680
  621
  555
  488
  420
  354
  293
  237
  188
  145
  110
  81
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Supernus Pharmaceuticals, Inc. is a pharmaceutical company focused on developing and commercializing products for the treatment of central nervous system diseases. The Company offers Oxtellar XR (extended-release oxcarbazepine) and Trokendi XR (extended-release topiramate), its two treatments for patients with epilepsy. In addition, it is developing multiple product candidates in psychiatry to address unmet medical needs and market opportunities for the treatment of impulsive aggression (IA) and for the treatment of attention deficit hyperactivity disorder (ADHD). It is developing SPN-810 (molindone hydrochloride) to treat IA in patients having ADHD. It is developing SPN-812 (viloxazine hydrochloride) as a candidate to treat patients having ADHD. The Company's neurology portfolio consists of Oxtellar XR and Trokendi XR, which are the first once-daily extended release oxcarbazepine and topiramate products, respectively, indicated for epilepsy in the United States market.

FINANCIAL RATIOS  of  Supernus Pharmaceuticals (SUPN)

Valuation Ratios
P/E Ratio 21.4
Price to Sales 9.1
Price to Book 10.2
Price to Tangible Book
Price to Cash Flow 29.1
Price to Free Cash Flow 30
Growth Rates
Sales Growth Rate 46.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 2.1%
Total Debt to Equity 2.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 36.5%
Ret/ On Assets - 3 Yr. Avg. 13.1%
Return On Total Capital 62.5%
Ret/ On T. Cap. - 3 Yr. Avg. 21.1%
Return On Equity 65%
Return On Equity - 3 Yr. Avg. 19%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 94.4%
Gross Margin - 3 Yr. Avg. 94.2%
EBITDA Margin 24.2%
EBITDA Margin - 3 Yr. Avg. 9.8%
Operating Margin 25.1%
Oper. Margin - 3 Yr. Avg. 9.6%
Pre-Tax Margin 23.3%
Pre-Tax Margin - 3 Yr. Avg. 7.6%
Net Profit Margin 42.3%
Net Profit Margin - 3 Yr. Avg. 13.3%
Effective Tax Rate -82%
Eff/ Tax Rate - 3 Yr. Avg. -28.4%
Payout Ratio 0%

SUPN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SUPN stock intrinsic value calculation we used $215 million for the last fiscal year's total revenue generated by Supernus Pharmaceuticals. The default revenue input number comes from 2016 income statement of Supernus Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SUPN stock valuation model: a) initial revenue growth rate of 46.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SUPN is calculated based on our internal credit rating of Supernus Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Supernus Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SUPN stock the variable cost ratio is equal to 47%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $62 million in the base year in the intrinsic value calculation for SUPN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Supernus Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Supernus Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SUPN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SUPN are equal to 5.8%.

Life of production assets of 6.3 years is the average useful life of capital assets used in Supernus Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SUPN is equal to -9.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $192 million for Supernus Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 49.602 million for Supernus Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Supernus Pharmaceuticals at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ Supernus shares decline on drug study change   [Sep-18-17 05:50PM  MarketWatch]
▶ These 4 Biotechs Just Moved Into Buy Zones; Is This Giant Next?   [Sep-01-17 07:45AM  Investor's Business Daily]
▶ Supernus tops Street 2Q forecasts   [12:23AM  Associated Press]
▶ 3 Growth Stocks for Sharp Investors   [Jun-25-17 07:43AM  Motley Fool]
▶ Biotech Stock With 50% Profit Margin Nears Buy Zone   [Jun-20-17 11:31AM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [Jun-12-17 11:56AM  Briefing.com]
▶ Supernus to Present at Jefferies Healthcare Conference   [Jun-01-17 04:22PM  GlobeNewswire]
▶ Biotech And Pharma Industry And Stock News   [02:59PM  Investor's Business Daily]
▶ Pharma Stock With Triple-Digit Growth Forming Blotchy Base   [May-24-17 12:12PM  Investor's Business Daily]
▶ Top 4 Pharmaceutical Stocks for 2017   [May-19-17 08:00AM  Investopedia]
▶ Want to Get in on Biotech? Check Out These 3 Stocks   [May-16-17 08:32AM  Motley Fool]
▶ Biotech Movers: Anika Up on Strong Analyst Ratings   [May-12-17 09:50AM  TheStreet.com]
▶ Supernus misses Street 1Q forecasts   [May-09-17 04:32PM  Associated Press]
▶ This Biotech Leader Breaks Out, Defying Sector Odds   [Apr-18-17 04:45PM  Investor's Business Daily]
▶ Supernus Drug Gets Label Expansion for Migraines   [Apr-06-17 11:58AM  Investopedia]
▶ 3 Highest Growth Stocks in the Market Today   [Mar-29-17 12:06PM  Motley Fool]
▶ Market Goes on a 'Buy the Dip' Trip   [Mar-27-17 01:17PM  at TheStreet]
▶ Ultragenyxs Seizure Drug Fails Study   [08:43AM  Investopedia]
▶ These Pharma Stocks Are Big Losers From Trump's Drug-Pricing Tweet   [Mar-07-17 04:25PM  Investor's Business Daily]
▶ 4 stocks to watch   [Dec-21-16 03:26PM  at MarketWatch]
Financial statements of SUPN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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