Supernus Pharmaceuticals, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenues reached $226.8 million for the three months ended September 30, 2026, an 18% increase year-over-year compared to $192.1 million.
• Total revenues for the nine months ended September 30, 2026, were $653.5 million, a 29% increase year-over-year compared to $507.4 million.
• Net product sales were $178.6 million for the quarter (6% increase) and $495.0 million for the nine-month period (6% increase).
• Collaboration revenue from ZURZUVAE was $41.7 million for the quarter (107% increase) and $104.7 million for the nine-month period (419% increase).
• Royalty, licensing, and other revenues were $6.5 million for the quarter (91% increase) and $53.8 million for the nine-month period (188% increase).
• Operating earnings were $21.2 million for the quarter compared to an operating loss of $60.2 million in the prior year period; for the nine months, operating loss was $45.1 million compared to $58.3 million in the prior year.
• Adjusted operating earnings (non-GAAP) were $55.2 million for the quarter (up from $41.9 million) and $115.2 million for the nine months (up from $110.2 million).
• Net earnings were $20.9 million ($0.35 diluted EPS) for the quarter, compared to a net loss of $45.1 million ($0.80 diluted loss per share); for the nine months, net loss was $39.8 million ($0.69 diluted loss per share) compared to $34.4 million ($0.61 diluted loss per share).
• Cash, cash equivalents, and current marketable securities totaled approximately $359.5 million as of September 30, 2026, up from $308.7 million as of December 31, 2025.

Guidance and Future Outlook:

• Full-year 2026 total revenue guidance was raised to $875–$900 million (from $860–$890 million).
• Full-year 2026 GAAP operating earnings (loss) guidance was raised to $(5)–$(40) million (from $(20)–$(50) million).
• Full-year 2026 non-GAAP adjusted operating earnings guidance was raised to $160–$180 million (from $150–$180 million).
• Guidance assumes the company operates as a stand-alone entity; guidance will no longer apply if the merger with Indivior closes on November 2, 2026.
• Guidance includes projected ONAPGO net sales of $60–$65 million and Trokendi XR and Oxtellar XR net sales of $60–$67 million.

Business Segments and Product Lines:

• Combined revenues from the four growth products (Qelbree, GOCOVRI, ZURZUVAE, and ONAPGO) increased 29% year-over-year to $192.2 million in the third quarter.
• ONAPGO net sales were $17.1 million in the quarter (151% increase), with 400+ enrollment forms submitted and prescriptions growing 17% sequentially; the FDA recognized seven years of orphan-drug exclusive approval, and an sNDA for a second supplier was submitted with potential approval by mid-2027.
• ZURZUVAE collaboration revenue was $41.7 million; U.S. sales reported by Biogen increased approximately 53% year-over-year, and total prescriptions increased 43% year-over-year.
• Qelbree net sales increased 12% to $90.8 million, driven by volume growth; total IQVIA prescriptions reached 282,887 (18% increase), with adult and pediatric prescription growth of 25% and 16%, respectively.
• GOCOVRI net sales grew 4% to $42.6 million, reaching an all-time high, with a 4% increase in prescriptions.
• Trokendi XR net sales were $10.2 million (2% increase) and Oxtellar XR net sales were $8.0 million (34% decrease).
• APOKYN net sales were $6.5 million (38% decrease).
• Pipeline updates: SPN-817 (epilepsy) Phase 2b study is ongoing; SPN-820 (depression) Phase 2b trial is ongoing; SPN-443 (ADHD) Phase 1 study expected to initiate by end of 2026.

Market and Competitive Landscape:

• The company operates in the central nervous system (CNS) biopharmaceutical sector.
• ZURZUVAE sales growth is reported in collaboration with Biogen Inc.
• The company holds orphan-drug exclusive approval for ONAPGO for the treatment of motor fluctuations in adults with advanced Parkinson's disease.

Risks and Challenges:

• Risks include the possibility that the proposed merger with Indivior may not be completed, competing offers, failure to satisfy merger conditions or receive regulatory approvals, and transaction-related business disruptions.
• Risks include the potential for stockholder litigation, diversion of management attention, fixed exchange ratio risks, and failure to realize anticipated synergies or cost savings.
• Risks include difficulties in integrating businesses, retaining key employees, sustaining profitability, raising capital, and regulatory approval timelines for product candidates.
• Risks include macroeconomic factors, changes in laws and regulations, and the ability to protect intellectual property.

Management Commentary and Tone:

• Jack Khattar, President and CEO, stated that strong operating execution delivered 29% year-to-date revenue growth, showing continued momentum across the commercial portfolio.
• Management expressed confidence in closing the merger with Indivior, which is expected to create a diverse CNS biopharmaceutical leader positioned to serve more patients and deliver long-term shareholder value.
• The tone indicates confidence in the commercial portfolio's momentum and the strategic value of the upcoming merger.

Other Key Points:

• Supernus entered into an all-stock merger agreement with Indivior Pharmaceuticals, Inc. on August 3, 2026.
• Shareholders of both companies approved the merger on October 15, 2026.
• The merger is expected to close on November 2, 2026, with the combined company named Supernus, Inc., trading under the ticker "SUPN" on November 3, 2026.
• The merger is expected to realize $125 million in annual cost synergies.
• The combined company will be listed on the Nasdaq Global Market.
• Selling, general, and administrative expenses decreased in the third quarter of 2026 compared to the prior year, primarily due to the absence of acquisition-related costs associated with the Sage acquisition in Q3 2025.
• Impairment charges were $1.5 million for the quarter and $56.5 million for the nine months ended September 30, 2026.