$INDV earnings report

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.

Indivior reported Q3 2026 net revenue of $356 million, compared with $314 million in the 2025 quarter, representing a 13% increase year-over-year. SUBLOCADE was the principal growth contributor, with total SUBLOCADE net revenue of $267 million, up 22% year-over-year. U.S. SUBLOCADE net revenue was $252 million, up 24% year-over-year, driven primarily by 17% dispense unit volume growth and also benefiting from more favorable price/mix and gross-to-net adjustments. Total U.S. revenue was $307 million and Rest of World revenue was $48 million.

Profitability improved materially. Gross profit was $305 million versus $230 million in the prior-year quarter, while GAAP operating expenses declined to $125 million from $187 million. Non-GAAP operating expenses declined to $103 million from $145 million. Operating income reached $180 million versus $43 million, and GAAP net income was a record $137 million, or $1.12 diluted earnings per share, compared with $42 million, or $0.33 diluted earnings per share. Non-GAAP net income was $161 million, or $1.32 diluted earnings per share, compared with $93 million, or $0.72 diluted earnings per share.

Adjusted EBITDA was a record $211 million, up 76% year-over-year from $120 million. The company reported an Adjusted EBITDA margin of 59%, up 2,100 basis points year-over-year, and a net income margin of 39%, up 2,500 basis points year-over-year. The reconciliation reflects lower corporate initiative transition costs and the absence of the prior-year discontinuation of OPVEE sales and marketing expense, alongside lower reported operating expenses.

For the nine months ended September 30, 2026, net revenue was $1,016 million, up 15% year-over-year, while total SUBLOCADE net revenue was $753 million, up 25% year-over-year. GAAP net income rose to $348 million from $108 million and Adjusted EBITDA increased to $562 million from $286 million. Net cash provided by operating activities was $317 million, compared with $194 million in the prior-year period. Cash and investments were $332 million at quarter end, while current portion of long-term debt was $488 million.

Management reiterated standalone FY 2026 guidance of net revenue of $1,295 million to $1,365 million, total SUBLOCADE net revenue of $1,010 million to $1,050 million, non-GAAP operating expenses of $430 million to $450 million, and Adjusted EBITDA of $700 million to $740 million. However, the company stated that the guidance will no longer apply if the Supernus merger closes as assumed on November 2, 2026. The transaction, the contingent special cash dividend, associated debt, and the combined company's ability to execute integration and realize anticipated benefits are the immediate focal points.

Indivior reported a strong second quarter ended June 30, 2026, led by $343 million of total net revenue, up 14% year-over-year, and record quarterly total SUBLOCADE net revenue of $253 million, up 21% year-over-year. U.S. SUBLOCADE net revenue was $238 million and increased 22% year-over-year. Management attributed U.S. growth to 18% dispense unit volume growth, record new patient starts of 32,816, more favorable price/mix, and gross-to-net adjustments.

Expense performance amplified the revenue growth. GAAP operating expenses were $134 million, down 25% year-over-year, while non-GAAP operating expenses were $112 million, down 33% year-over-year. GAAP net income was $122 million, or $0.98 diluted earnings per share, compared with $18 million, or $0.14 diluted earnings per share, in the 2025 quarter. Non-GAAP net income was $142 million, or $1.15 diluted earnings per share, compared with $64 million, or $0.51 diluted earnings per share. Adjusted EBITDA reached a record $186 million and increased 111% year-over-year.

The six-month results also show sustained growth and lower costs. Total net revenue for the six months ended June 30, 2026 was $660 million, up 16% year-over-year, while total SUBLOCADE net revenue was $486 million, up 26% year-over-year. Six-month GAAP operating expenses declined 18% year-over-year to $273 million, non-GAAP operating expenses declined 27% to $229 million, and Adjusted EBITDA increased 112% to $350 million.

Management raised full-year 2026 net revenue guidance to $1,295 million to $1,365 million from $1,215 million to $1,285 million. It raised total SUBLOCADE net revenue guidance to $1,010 million to $1,050 million from $950 million to $990 million and Adjusted EBITDA guidance to $700 million to $740 million from $620 million to $660 million. Non-GAAP operating expense guidance remained $430 million to $450 million. The revised outlook assumes no material change in exchange rates for key currencies compared with 2025 average rates, notably USD/GBP and USD/EUR.

Capital allocation included $175 million spent to repurchase 4,664,540 shares in the second quarter, at an average price of $37.52. Year-to-date repurchases totaled $300 million for 8,638,693 shares at an average price of $34.73. The company ended the quarter with cash and investments of $249 million. The proposed all-stock merger of equals with Supernus remains a major near-term corporate event, with closing expected in the fourth quarter.

Supernus delivered $219.1 million of total revenues in the second quarter of 2026, up 32% from $165.5 million in the same period in 2025. Total revenues from commercial products, a non-GAAP measure, were $201.1 million, up 27%, while combined revenue from the four growth products reached $175.7 million, up 52%. The revenue mix included $35.4 million of ZURZUVAE collaboration revenue, which represents 50% of net revenues recorded by Biogen, alongside growth in Qelbree, GOCOVRI, and ONAPGO.

Qelbree remained the largest reported product, with net sales of $89.2 million, up 15%, driven primarily by volume growth. Qelbree total IQVIA prescriptions were 264,545, up 17%, with adult and pediatric prescription growth of 25% and 14%, respectively. ONAPGO net product sales were $13.5 million, compared with $1.6 million in the same period in 2025, and ZURZUVAE prescriptions increased 62%. GOCOVRI grew 2% to $37.6 million, while Trokendi XR, Oxtellar XR, APOKYN, and Other product sales declined.

Reported profitability was affected by a non-cash $54.9 million intangible asset impairment charge related to APOKYN and higher selling, general, and administrative expenses associated with the Biogen collaboration agreement. The company recorded a GAAP operating loss of $58.0 million, compared with operating earnings of $12.1 million in the same period in 2025, and a GAAP net loss of $58.4 million, or $1.01 per diluted share. Adjusted operating earnings were $31.2 million, compared with $40.9 million in the prior-year period.

Liquidity increased to approximately $372.1 million of cash, cash equivalents, and current marketable securities as of June 30, 2026, compared with $308.7 million as of December 31, 2025. The company attributed the increase primarily to cash generated from operations. No share repurchases, dividends, debt balances, operating cash flow, or free cash flow amounts were reported in the provided document.

Management raised full-year 2026 total-revenue guidance to $860 million - $890 million and adjusted operating earnings guidance to $150 million - $180 million. The company also guided to ONAPGO net sales of $55 million - $70 million and Trokendi XR and Oxtellar XR net sales of $50 million - $60 million. Attention will center on continued growth-product execution, the planned third-quarter 2026 FDA submission for a second ONAPGO supplier, progress across the pipeline, and the proposed all-stock merger of equals with Indivior Pharmaceuticals, Inc.