Intrinsic value of Supernus Pharmaceuticals - SUPN

Previous Close

$38.00

  Intrinsic Value

$279.80

stock screener

  Rating & Target

str. buy

+636%

Previous close

$38.00

 
Intrinsic value

$279.80

 
Up/down potential

+636%

 
Rating

str. buy

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
  46.20
  42.08
  38.37
  35.03
  32.03
  29.33
  26.90
  24.71
  22.74
  20.96
  19.37
  17.93
  16.64
  15.47
  14.43
  13.48
  12.63
  11.87
  11.18
  10.57
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
Revenue, $m
  215
  314
  447
  618
  834
  1,102
  1,425
  1,808
  2,255
  2,767
  3,348
  3,996
  4,712
  5,496
  6,347
  7,262
  8,241
  9,283
  10,384
  11,546
  12,766
  14,043
  15,379
  16,772
  18,223
  19,733
  21,303
  22,935
  24,631
  26,394
  28,226
Variable operating expenses, $m
 
  148
  210
  290
  392
  518
  670
  850
  1,060
  1,301
  1,573
  1,878
  2,215
  2,583
  2,983
  3,413
  3,873
  4,363
  4,881
  5,427
  6,000
  6,600
  7,228
  7,883
  8,565
  9,274
  10,012
  10,779
  11,577
  12,405
  13,266
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
  357
  460
  588
  742
  924
  1,136
  1,378
  1,652
  1,959
  2,298
  2,668
  3,071
  3,503
  3,965
  4,457
  4,978
  5,526
  6,102
  6,704
  7,335
  7,992
  8,677
  9,389
  10,130
  10,900
  11,701
  12,532
  13,396
Operating income, $m
  54
  103
  172
  261
  374
  514
  683
  885
  1,120
  1,389
  1,695
  2,036
  2,414
  2,828
  3,276
  3,759
  4,276
  4,825
  5,407
  6,020
  6,664
  7,339
  8,044
  8,780
  9,546
  10,343
  11,173
  12,035
  12,931
  13,862
  14,830
EBITDA, $m
  56
  106
  176
  266
  382
  524
  696
  901
  1,140
  1,415
  1,726
  2,073
  2,458
  2,878
  3,335
  3,826
  4,352
  4,911
  5,503
  6,126
  6,782
  7,468
  8,186
  8,934
  9,714
  10,525
  11,369
  12,246
  13,158
  14,105
  15,090
Interest expense (income), $m
  0
  0
  2
  5
  8
  12
  17
  23
  31
  39
  49
  60
  73
  86
  102
  118
  135
  154
  174
  195
  218
  241
  266
  291
  318
  346
  375
  405
  436
  469
  503
Earnings before tax, $m
  50
  103
  170
  256
  366
  502
  666
  861
  1,089
  1,350
  1,646
  1,976
  2,341
  2,741
  3,175
  3,641
  4,140
  4,671
  5,233
  5,825
  6,447
  7,098
  7,778
  8,488
  9,228
  9,997
  10,798
  11,630
  12,494
  13,393
  14,327
Tax expense, $m
  -41
  28
  46
  69
  99
  135
  180
  233
  294
  365
  444
  534
  632
  740
  857
  983
  1,118
  1,261
  1,413
  1,573
  1,741
  1,916
  2,100
  2,292
  2,492
  2,699
  2,915
  3,140
  3,373
  3,616
  3,868
Net income, $m
  91
  75
  124
  187
  267
  366
  486
  629
  795
  986
  1,201
  1,443
  1,709
  2,001
  2,317
  2,658
  3,022
  3,410
  3,820
  4,252
  4,706
  5,181
  5,678
  6,196
  6,736
  7,298
  7,882
  8,490
  9,121
  9,777
  10,459

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
  457
  633
  854
  1,128
  1,458
  1,851
  2,308
  2,833
  3,426
  4,090
  4,823
  5,626
  6,496
  7,433
  8,435
  9,501
  10,629
  11,818
  13,066
  14,374
  15,741
  17,166
  18,652
  20,197
  21,804
  23,475
  25,211
  27,015
  28,890
Adjusted assets (=assets-cash), $m
  220
  322
  457
  633
  854
  1,128
  1,458
  1,851
  2,308
  2,833
  3,426
  4,090
  4,823
  5,626
  6,496
  7,433
  8,435
  9,501
  10,629
  11,818
  13,066
  14,374
  15,741
  17,166
  18,652
  20,197
  21,804
  23,475
  25,211
  27,015
  28,890
Revenue / Adjusted assets
  0.977
  0.975
  0.978
  0.976
  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
  0.977
Average production assets, $m
  13
  18
  26
  36
  48
  64
  83
  105
  131
  161
  194
  232
  273
  319
  368
  421
  478
  538
  602
  670
  740
  815
  892
  973
  1,057
  1,144
  1,236
  1,330
  1,429
  1,531
  1,637
Working capital, $m
  70
  -29
  -42
  -57
  -78
  -102
  -133
  -168
  -210
  -257
  -311
  -372
  -438
  -511
  -590
  -675
  -766
  -863
  -966
  -1,074
  -1,187
  -1,306
  -1,430
  -1,560
  -1,695
  -1,835
  -1,981
  -2,133
  -2,291
  -2,455
  -2,625
Total debt, $m
  4
  58
  131
  225
  344
  490
  668
  878
  1,123
  1,404
  1,723
  2,078
  2,471
  2,901
  3,368
  3,870
  4,407
  4,979
  5,583
  6,220
  6,890
  7,590
  8,323
  9,087
  9,883
  10,712
  11,573
  12,469
  13,399
  14,366
  15,371
Total liabilities, $m
  118
  172
  245
  339
  458
  604
  782
  992
  1,237
  1,518
  1,837
  2,192
  2,585
  3,015
  3,482
  3,984
  4,521
  5,093
  5,697
  6,334
  7,004
  7,704
  8,437
  9,201
  9,997
  10,826
  11,687
  12,583
  13,513
  14,480
  15,485
Total equity, $m
  192
  149
  212
  293
  396
  523
  677
  859
  1,071
  1,314
  1,590
  1,898
  2,238
  2,610
  3,014
  3,449
  3,914
  4,408
  4,932
  5,483
  6,063
  6,670
  7,304
  7,965
  8,654
  9,371
  10,117
  10,892
  11,698
  12,535
  13,405
Total liabilities and equity, $m
  310
  321
  457
  632
  854
  1,127
  1,459
  1,851
  2,308
  2,832
  3,427
  4,090
  4,823
  5,625
  6,496
  7,433
  8,435
  9,501
  10,629
  11,817
  13,067
  14,374
  15,741
  17,166
  18,651
  20,197
  21,804
  23,475
  25,211
  27,015
  28,890
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
  267
  366
  486
  629
  795
  986
  1,201
  1,443
  1,709
  2,001
  2,317
  2,658
  3,022
  3,410
  3,820
  4,252
  4,706
  5,181
  5,678
  6,196
  6,736
  7,298
  7,882
  8,490
  9,121
  9,777
  10,459
Depreciation, amort., depletion, $m
  2
  3
  4
  6
  8
  10
  13
  17
  21
  25
  31
  37
  43
  51
  58
  67
  76
  85
  96
  106
  118
  129
  142
  154
  168
  182
  196
  211
  227
  243
  260
Funds from operations, $m
  75
  78
  128
  193
  275
  376
  499
  645
  816
  1,011
  1,232
  1,479
  1,753
  2,052
  2,376
  2,725
  3,098
  3,495
  3,916
  4,358
  4,823
  5,311
  5,820
  6,351
  6,904
  7,480
  8,079
  8,701
  9,348
  10,020
  10,718
Change in working capital, $m
  8
  -9
  -12
  -16
  -20
  -25
  -30
  -36
  -42
  -48
  -54
  -60
  -67
  -73
  -79
  -85
  -91
  -97
  -102
  -108
  -113
  -119
  -124
  -130
  -135
  -140
  -146
  -152
  -158
  -164
  -170
Cash from operations, $m
  67
  87
  140
  209
  295
  401
  529
  681
  857
  1,059
  1,286
  1,540
  1,819
  2,124
  2,455
  2,810
  3,189
  3,592
  4,018
  4,466
  4,937
  5,429
  5,944
  6,480
  7,039
  7,620
  8,225
  8,853
  9,505
  10,184
  10,889
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -6
  -8
  -10
  -13
  -17
  -21
  -25
  -31
  -37
  -43
  -51
  -58
  -67
  -76
  -85
  -96
  -106
  -118
  -129
  -142
  -154
  -168
  -182
  -196
  -211
  -227
  -243
New CAPEX, $m
  -2
  -6
  -8
  -10
  -13
  -16
  -19
  -22
  -26
  -30
  -34
  -38
  -42
  -45
  -49
  -53
  -57
  -60
  -64
  -67
  -71
  -74
  -77
  -81
  -84
  -88
  -91
  -95
  -98
  -102
  -106
Cash from investing activities, $m
  -36
  -8
  -11
  -14
  -19
  -24
  -29
  -35
  -43
  -51
  -59
  -69
  -79
  -88
  -100
  -111
  -124
  -136
  -149
  -163
  -177
  -192
  -206
  -223
  -238
  -256
  -273
  -291
  -309
  -329
  -349
Free cash flow, $m
  31
  80
  130
  195
  277
  378
  501
  646
  815
  1,008
  1,227
  1,471
  1,741
  2,036
  2,355
  2,699
  3,066
  3,456
  3,869
  4,303
  4,760
  5,238
  5,737
  6,258
  6,800
  7,365
  7,952
  8,562
  9,196
  9,855
  10,540
Issuance/(repayment) of debt, $m
  0
  54
  73
  94
  119
  147
  177
  210
  245
  281
  318
  356
  393
  430
  467
  502
  537
  571
  605
  637
  669
  701
  733
  764
  796
  828
  861
  895
  931
  967
  1,005
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
  54
  73
  94
  119
  147
  177
  210
  245
  281
  318
  356
  393
  430
  467
  502
  537
  571
  605
  637
  669
  701
  733
  764
  796
  828
  861
  895
  931
  967
  1,005
Total cash flow (excl. dividends), $m
  33
  134
  202
  289
  395
  525
  678
  856
  1,060
  1,289
  1,545
  1,827
  2,134
  2,466
  2,822
  3,201
  3,603
  4,027
  4,473
  4,941
  5,429
  5,939
  6,470
  7,022
  7,596
  8,193
  8,813
  9,457
  10,126
  10,822
  11,545
Retained Cash Flow (-), $m
  -104
  -47
  -63
  -81
  -103
  -127
  -153
  -182
  -212
  -243
  -276
  -308
  -340
  -372
  -404
  -435
  -465
  -495
  -523
  -552
  -579
  -607
  -634
  -662
  -689
  -717
  -746
  -775
  -806
  -837
  -870
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
  139
  207
  293
  398
  524
  674
  847
  1,046
  1,270
  1,519
  1,794
  2,093
  2,418
  2,766
  3,138
  3,533
  3,950
  4,389
  4,850
  5,332
  5,836
  6,361
  6,907
  7,476
  8,068
  8,682
  9,321
  9,985
  10,675
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
 
  169
  128
  180
  241
  308
  381
  455
  530
  601
  666
  721
  765
  796
  812
  812
  797
  769
  727
  676
  616
  552
  484
  417
  352
  291
  235
  186
  144
  109
  80
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 20.9
Price to Sales 8.8
Price to Book 9.9
Price to Tangible Book
Price to Cash Flow 28.3
Price to Free Cash Flow 29.2
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 46.2% 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 50.657 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

▶ Why Biotech Sage Therapeutics Is Overvalued   [Nov-17-17 02:43PM  Investopedia]
▶ Supernus tops Street 3Q forecasts   [Nov-06-17 05:49PM  Associated Press]
▶ Supernus Pharma Tops Third-Quarter Sales, Earnings Views   [05:29PM  Investor's Business Daily]
▶ Analysts Latest Recommendations for AbbVie   [Oct-26-17 09:10AM  Market Realist]
▶ 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]
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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