Supernus Turns to Profit as Indivior Merger Nears Close

The Tip Desk · November 1, 2026 · 3 min read

Third-quarter revenue hit a record $226.8 million, up 18%, and the company posted $20.9 million of net earnings, or $0.35 a share, versus a $45.1 million loss a year earlier.

Supernus Pharmaceuticals (SUPN), a biopharmaceutical company focused on central nervous system diseases, reported record third-quarter 2026 revenues of $226.8 million, an 18% increase from a year earlier, and swung to net earnings of $20.9 million, or $0.35 a share diluted, from a net loss of $45.1 million, or $0.80 a share, in the third quarter of 2025.

GAAP operating earnings were $21.2 million, compared with an operating loss of $60.2 million a year earlier. The company said the three-month improvement was primarily due to higher revenues and a decrease in selling, general and administrative expenses from the absence of acquisition-related costs tied to the Sage Therapeutics deal in the third quarter of 2025. Adjusted operating earnings, a non-GAAP measure, were $55.2 million.

Growth products carried the quarter. Combined revenues of Qelbree, GOCOVRI, ZURZUVAE and ONAPGO rose to $192.2 million, up 29% from a year earlier. President and Chief Executive Officer Jack Khattar said year-to-date total revenue growth of 29% showed continued momentum across the commercial portfolio.

ONAPGO net product sales were $17.1 million, up 151% from $6.8 million a year earlier, after $13.5 million in the second quarter. The company said more than 400 enrollment forms were submitted in the third quarter and prescriptions grew 17% from the second quarter. The FDA recognized seven years of orphan-drug exclusivity for ONAPGO in motor fluctuations in advanced Parkinson’s disease. Supernus also submitted a supplemental New Drug Application for a second supplier, with potential FDA approval by mid-year 2027.

Collaboration revenue from ZURZUVAE was $41.7 million, up 107% from $20.2 million a year earlier, after $35.4 million in the second quarter. The collaboration share is 50% of Biogen’s U.S. net revenues for the product. Biogen reported third-quarter U.S. sales of ZURZUVAE up about 53% from a year earlier; prescriptions rose 43%.

Qelbree net sales were $90.8 million, up 12% from $81.4 million a year earlier, after $89.2 million in the second quarter. The company said the increase was driven primarily by volume growth. IQVIA prescriptions were 282,887, up 18% from a year earlier. GOCOVRI net sales reached an all-time high of $42.6 million, up 4% from $40.8 million a year earlier, after $37.6 million in the second quarter.

Total net product sales were $178.6 million, up 6% from a year earlier. Trokendi XR net sales were $10.2 million. Oxtellar XR net sales were $8.0 million, down 34% from $12.1 million a year earlier. APOKYN net sales were $6.5 million, down 38% from $10.4 million. Other net product sales were $3.4 million, down 52% from $7.0 million. Royalty, licensing and other revenues were $6.5 million, up 91% from $3.4 million.

Cash, cash equivalents and current marketable securities were about $359.5 million as of September 30, 2026, compared with $308.7 million as of December 31, 2025. The company said the increase was primarily due to cash generated from operations.

Shareholders of Supernus and Indivior Pharmaceuticals approved the all-stock merger on October 15, 2026. The combination, to be named Supernus, Inc., is expected to close on November 2, 2026, and the company said it expects $125 million in annual cost synergies. Supernus, Inc. is expected to trade on the Nasdaq Global Market under the ticker SUPN on November 3, 2026.

As a stand-alone company, Supernus raised full-year 2026 total revenue guidance to $875 million–$900 million from $860 million–$890 million. GAAP operating loss guidance was raised to $(5) million–$(40) million from $(20) million–$(50) million. Adjusted operating earnings guidance was raised to $160 million–$180 million from $150 million–$180 million. The company said that if the merger closes on November 2, 2026, it will operate as a combined company and the stand-alone guidance will no longer apply.