Supernus Announces Third Quarter 2026 Financial Results
SUPERNUS PHARMACEUTICALS, INC. (SUPN) filed an SEC Form 8-K — Results of Operations and Financial Condition. Filed by: Supernus Pharmaceuticals, Inc. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 Subject Company: Supernus Pharmaceuticals, Inc. Commission File No.: 001-35518 Date: October 29, 2026
How this was made
The 30-second read
Why it matters
The earnings beat and merger announcement provide a fresh catalyst that could drive the stock higher ahead of the November closing.
Market read
First‑report earnings and merger news create a high‑impact trading opportunity for SUPN.
What to watch
Potential regulatory scrutiny of the merger and execution risk of cost synergies.
Supernus Announces Third Quarter 2026 Financial Results
Third-quarter total revenues increased 18% to a record $226.8 million, adjusted operating earnings increased to $55.2 million, and the Company raised stand-alone full-year 2026 revenue guidance to $875 - $900 million. Growth products and ZURZUVAE collaboration revenue drove the result, while legacy products including Oxtellar XR and APOKYN declined.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30GAAP | $226.8M | – | 18% |
| Total net product sales, three months ended September 30GAAP | $178.6M | – | 6% |
| Collaboration revenue (ZURZUVAE), three months ended September 30GAAP | $41.7M | – | 107% |
| Royalty, licensing and other revenues, three months ended September 30GAAP | $6.5M | – | 91% |
| Total revenues from commercial products, three months ended September 30non-GAAP | $220.3M | – | 17% |
| Total revenues excluding Trokendi XR and Oxtellar XR net sales, three months ended September 30non-GAAP | $208.6M | – | 23% |
| Cost of revenues, three months ended September 30GAAP | $27.02M | – | – |
| Research and development, three months ended September 30GAAP | $25.76M | – | – |
| Selling, general and administrative, three months ended September 30GAAP | $128.1M | – | – |
| Amortization of intangible assets, three months ended September 30GAAP | $23.22M | – | – |
| Impairment charges, three months ended September 30GAAP | $1.54M | – | – |
| Operating earnings (loss), three months ended September 30GAAP | $21.2M | – | – |
| Adjusted operating earnings, three months ended September 30non-GAAP | $55.2M | – | – |
| Net earnings (loss), three months ended September 30GAAP | $20.9M | – | – |
| Diluted earnings (loss) per share, three months ended September 30GAAP | $0.35 | – | – |
| Basic earnings (loss) per share, three months ended September 30GAAP | $0.36 | – | – |
| Total revenues, nine months ended September 30GAAP | $653.5M | – | 29% |
| Total net product sales, nine months ended September 30GAAP | $495M | – | 6% |
| Collaboration revenue (ZURZUVAE), nine months ended September 30GAAP | $104.7M | – | 419% |
| Royalty, licensing and other revenues, nine months ended September 30GAAP | $53.8M | – | 188% |
| Total revenues from commercial products, nine months ended September 30non-GAAP | $599.7M | – | 23% |
| Total revenues excluding Trokendi XR and Oxtellar XR net sales, nine months ended September 30non-GAAP | $601.2M | – | 37% |
| Cost of revenues, nine months ended September 30GAAP | $84.08M | – | – |
| Research and development, nine months ended September 30GAAP | $94.66M | – | – |
| Selling, general and administrative, nine months ended September 30GAAP | $386.9M | – | – |
| Amortization of intangible assets, nine months ended September 30GAAP | $74.20M | – | – |
| Impairment charges, nine months ended September 30GAAP | $56.46M | – | – |
| Contingent consideration loss, nine months ended September 30GAAP | $2.39M | – | – |
| Operating earnings (loss), nine months ended September 30GAAP | −$45.1M | – | – |
| Adjusted operating earnings, nine months ended September 30non-GAAP | $115.2M | – | – |
| Net earnings (loss), nine months ended September 30GAAP | −$39.8M | – | – |
| Diluted earnings (loss) per share, nine months ended September 30GAAP | $(0.69) | – | – |
| Basic earnings (loss) per share, nine months ended September 30GAAP | $(0.69) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Qelbree net product sales, third quarter 2026Driven primarily by volume growth. | $90.8M | – | 12% |
| GOCOVRI net product sales, third quarter 2026Net sales reached an all-time high; prescriptions grew by approximately 4%. | $42.6M | – | 4% |
| ONAPGO net product sales, third quarter 2026Demand continued to be healthy, with more than 400 enrollment forms submitted in the third quarter. | $17.1M | – | 151% |
| Trokendi XR net product sales, third quarter 2026No specific driver was reported. | $10.2M | – | 2% |
| Oxtellar XR net product sales, third quarter 2026No specific driver was reported. | $8M | – | (34)% |
| APOKYN net product sales, third quarter 2026No specific driver was reported. | $6.5M | – | (38)% |
| Other net product sales, third quarter 2026Includes net product sales of MYOBLOC, XADAGO and Osmolex ER. | $3.4M | – | (52)% |
| ZURZUVAE collaboration revenue, third quarter 2026Represents 50% of the net revenues for ZURZUVAE recorded by Biogen Inc.; Biogen-reported U.S. sales increased approximately 53% and prescriptions increased by 43%. | $41.7M | – | 107% |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Full Year 2026 Financial Guidance, as a stand-alone company outlook
- Revenue$875 - $900
- NoteONAPGO net sales of $60 million - $65 million
- NoteTrokendi XR and Oxtellar XR net sales of $60 million - $67 million
- NoteOperating Earnings (Loss) - GAAP $(5) - $(40)
- NoteOperating Earnings - As Adjusted (Non-GAAP) $160 - $180
- NoteAssuming the merger is completed on November 2, 2026, we will operate as a combined company, and the guidance above will no longer apply.
What drove it
- Combined revenues of the Company's four growth products increased to $192.2 million in the third quarter 2026, representing an increase of 29% compared to the same period last year.
- Higher revenues and the absence of acquisition-related costs associated with the acquisition of Sage in the third quarter of 2025 supported the improvement in third-quarter operating earnings.
- Qelbree total IQVIA prescriptions were 282,887 for the third quarter 2026, representing an increase of 18% compared to the same period last year.
- ONAPGO prescriptions grew by 17% compared to the second quarter 2026.
- The FDA recognized seven years of orphan-drug exclusive approval for ONAPGO.
Concerns
- Oxtellar XR net product sales declined (34)% and APOKYN net product sales declined (38)% in the third quarter of 2026 compared to the same period in 2025.
- Other net product sales declined (52)% in the third quarter of 2026 compared to the same period in 2025.
- The Company reported a nine-month GAAP operating loss of $(45.1) million and a nine-month net loss of $(39.8) million.
- Nine-month impairment charges were $ 56,460 (in thousands).
- The stand-alone full-year 2026 guidance will no longer apply if the Indivior merger is completed on November 2, 2026.
What to watch
- Expected closing of the merger with Indivior on November 2, 2026, and planned Nasdaq trading of Supernus, Inc. under the ticker symbol “SUPN” on November 3, 2026.
- Realization of the expected $125 million in annual cost synergies from the merger.
- Potential FDA approval by mid-year 2027 of the sNDA to add a second supplier for ONAPGO.
- Enrollment and progress of the Phase 2b studies for SPN-817 and SPN-820.
- Expected initiation by the end of 2026 of the Phase 1 single-ascending/multiple-ascending dose study for SPN-443.
Balance sheet and cash flow
- Cash and cash equivalents were $ 175,884 (in thousands) as of September 30, 2026, compared to $ 128,448 (in thousands) as of December 31, 2025.
- Marketable securities were $ 183,575 (in thousands) as of September 30, 2026, compared to $ 180,222 (in thousands) as of December 31, 2025.
- Cash, cash equivalents, and current marketable securities were approximately $359.5 million as of September 30, 2026, compared to $308.7 million as of December 31, 2025.
- The increase was primarily due to cash generated from operations.
- Total assets were $ 1,397,690 (in thousands) as of September 30, 2026, compared to $ 1,452,648 (in thousands) as of December 31, 2025.
- Total liabilities were $ 335,212 (in thousands) as of September 30, 2026, compared to $ 390,934 (in thousands) as of December 31, 2025.
Analysis
Supernus reported record third-quarter total revenues of $226.8 million, up 18% from $192.1 million. Total net product sales increased 6% to $178.6 million, while ZURZUVAE collaboration revenue more than doubled to $41.7 million. The Company reported that combined revenues of its four growth products increased 29% to $192.2 million, underpinning the quarter's revenue expansion.
Portfolio mix favored newer growth products. Qelbree net product sales increased 12% to $90.8 million, supported primarily by volume growth, and GOCOVRI reached an all-time high of $42.6 million, up 4%. ONAPGO net product sales were $17.1 million, with prescriptions up 17% versus the second quarter of 2026. ZURZUVAE collaboration revenue increased 107% to $41.7 million. These gains were partly offset by declining legacy products, including Oxtellar XR, APOKYN and Other net product sales.
Profitability improved substantially in the quarter. GAAP operating earnings were $21.2 million versus a GAAP operating loss of $(60.2) million in the prior-year period, and adjusted operating earnings rose to $55.2 million from $41.9 million. The Company attributed the GAAP operating improvement to higher revenues and lower selling, general and administrative expenses, including the absence of acquisition-related costs associated with the Sage acquisition in the third quarter of 2025. Nine-month GAAP results remained negative, with an operating loss of $(45.1) million and a net loss of $(39.8) million, including $ 56,460 (in thousands) of impairment charges.
Liquidity increased during the nine-month period. Cash, cash equivalents and current marketable securities were approximately $359.5 million as of September 30, 2026, compared to $308.7 million as of December 31, 2025, primarily due to cash generated from operations. The Company raised stand-alone full-year 2026 total-revenue guidance to $875 - $900 and guided to GAAP operating earnings (loss) of $(5) - $(40) and adjusted operating earnings of $160 - $180.
The principal near-term corporate event is the expected November 2, 2026 closing of the all-stock merger with Indivior. Management stated that stand-alone guidance will no longer apply following completion. The combined company is expected to realize $125 million in annual cost synergies, while product-specific milestones include a potential mid-year 2027 FDA approval for ONAPGO's second supplier and planned clinical progress across SPN-817, SPN-820 and SPN-443.
Management, verbatim
Our strong operating execution year-to-date delivered total revenue growth of 29%, which shows the continued momentum across our commercial portfolio, specifically our growth products.
Jack Khattar, President and Chief Executive Officer
We look forward to closing the merger with Indivior next week, which will create a diverse CNS biopharmaceutical leader positioned to serve more patients and deliver long-term value for shareholders.
Jack Khattar, President and Chief Executive Officer
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Capital expenditures were not reported.
- Debt was not reported as a balance-sheet line item.
- Share repurchases and dividends were not reported.
- Quarterly prior-quarter revenue, operating earnings, net earnings and EPS figures were not reported.
- Tax rate was not reported.
- Forward gross margin, operating expenses and tax-rate guidance were not reported.
- A previous-release outlook section was not provided for comparison with reported results.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Supernus Pharmaceuticals filed a Form 8‑K reporting its Q3 2026 financial results and confirming the pending merger with Indivior.
Ticker impact
Supernus disclosed Q3 2026 results with 18% revenue growth and announced the merger with Indivior closing on Nov 2, 2026.
likely upward pressure as investors price in stronger revenue and closing of the merger.
Revenue rose 18% YoY, net product sales increased, and the merger promises $125 M cost synergies, providing a clear catalyst.
Market effects
Strengthens the CNS biotech sector as the combined entity gains scale.
May boost investor sentiment toward US-listed biotech stocks.
Limited to biotech investors; no broad market effect.
Counterpoint
If the merger integration risks materialize, the stock could face downside despite short‑term earnings beat.
Key entities
- companySupernus Pharmaceuticals, Inc.
US‑listed biopharma reporting Q3 results and merger.
- companyIndivior Pharmaceuticals, Inc.
Merger partner; all‑stock deal to create a larger CNS leader.
