Supernus posts Q3 growth as Indivior merger nears its November 2 close
Supernus reported record third-quarter revenue and raised standalone guidance, while Indivior delivered record SUBLOCADE sales and EBITDA before the companies are expected to combine on November 2.
Supernus Pharmaceuticals reported record third-quarter 2026 revenue of $226.8 million, up 18% from $192.1 million a year earlier. The result was above published revenue estimates ranging from roughly $217.6 million to $223.7 million, although diluted GAAP EPS of $0.35 was below one published $0.56 consensus estimate.
Growth products drove the quarter
Revenue from the four growth products—Qelbree, GOCOVRI, ZURZUVAE and ONAPGO—reached $192.2 million, up 29% year over year. Qelbree sales rose 12% to $90.8 million, collaboration revenue from ZURZUVAE more than doubled to $41.7 million, and ONAPGO sales reached $17.1 million versus $6.8 million a year earlier. GOCOVRI sales rose 4% to a record $42.6 million.
Supernus swung to $20.9 million of net income, or $0.35 per diluted share, from a $45.1 million loss, or $0.80 loss per share, in the prior-year quarter. Operating earnings were $21.2 million versus a $60.2 million operating loss, helped by higher revenue and the absence of acquisition-related costs tied to the 2025 Sage acquisition. Adjusted operating earnings increased to $55.2 million from $41.9 million.
Higher standalone guidance has a short shelf life
The company raised its standalone 2026 revenue outlook to $875 million–$900 million, from $860 million–$890 million, and lifted adjusted operating-earnings guidance to $160 million–$180 million from $150 million–$180 million. It also raised its ONAPGO sales outlook to $60 million–$65 million. Supernus said these forecasts cease to apply if the merger with Indivior closes as expected on November 2.
Cash, cash equivalents and current marketable securities were about $359.5 million at September 30, up from $308.7 million at December 31, 2025, with the company attributing the increase primarily to cash generated from operations. ONAPGO prescriptions grew 17% from the second quarter, and the company said it submitted an application for a second supplier that could receive FDA approval by mid-2027.
Indivior adds scale before the combination
Indivior separately reported third-quarter revenue of $356 million, up 13% year over year, while SUBLOCADE revenue rose 22% to a record $267 million. GAAP net income reached $137 million from $42 million, adjusted EBITDA rose 76% to $211 million, and cash and investments ended the quarter at $332 million. Indivior said it remained on track for its previously communicated standalone 2026 guidance, which also stops applying at closing.
Shareholders of both companies approved the all-stock transaction on October 15. The expected combined company will be named Supernus, Inc., is expected to realize $125 million in annual cost synergies, and is scheduled to begin trading under the SUPN ticker on November 3. The filings describe the closing as expected, not completed; a closing announcement remains the next material confirmation point.
Supernus Q3 revenue
$226.8M
↑ +18% YoY reported
Supernus FY26 revenue guide
$875–900M
↑ raised standalone
Indivior Q3 SUBLOCADE
$267M
↑ +22% YoY record
Expected annual synergies
$125M
↑ merger plan before closing
Sources
- Supernus Q3 2026 financial results and merger update, SEC Exhibit 99.1, filed 29 October 2026
- Indivior Q3 2026 financial results and merger update, SEC Form 8-K Exhibit 99.1, filed 29 October 2026
- Supernus investor-relations Q3 2026 results release, 29 October 2026
- Published Q3 2026 earnings-consensus comparison for Supernus
Quarterly revenue, Supernus Pharmaceuticals, Inc.
Margins by quarter
Twelve quarters of figures
| Quarter | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $164M | $144M | $168M | $176M | $174M | $150M | $165M | $192M | $212M | $208M | $219M | $227M |
| Revenue growth | — | — | — | — | 6.0% | 4.3% | −1.7% | 9.3% | 21.5% | 38.6% | 32.4% | 18.0% |
| Gross margin | 88.1% | 88.6% | 89.4% | 90.0% | 85.0% | 89.5% | 89.8% | 90.1% | 89.1% | 88.7% | 84.6% | 88.1% |
| Operating margin | −0.6% | −2.2% | 13.4% | 23.2% | 12.3% | −6.8% | 7.3% | −31.4% | −1.9% | −4.0% | −26.5% | 9.3% |
| Net income | $1.2M | $0.1M | $19.9M | $38.5M | $15.3M | −$11.8M | $22.5M | −$45.1M | −$4.1M | −$2.3M | −$58.4M | $20.9M |
| Diluted EPS | $0.04 | $0.00 | $0.36 | $0.69 | $0.27 | −$0.21 | $0.40 | −$0.80 | −$0.07 | −$0.04 | −$1.01 | $0.35 |
| Cash from operations | $45.0M | $38.4M | $35.6M | $53.5M | $44.4M | $30.6M | $58.5M | −$61.7M | $19.9M | $66.5M | −$4.8M | $6.6M |
| Capital expenditure | −$0.0M | $0.2M | $0.1M | $0.2M | $0.2M | $0.3M | $0.5M | $0.1M | $0.4M | $0.0M | $0.6M | $0.2M |
| Free cash flow | $45.0M | $38.2M | $35.6M | $53.3M | $44.2M | $30.3M | $58.1M | −$61.8M | $19.4M | $66.5M | −$5.4M | $6.4M |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or Supernus Pharmaceuticals, Inc..
