Oct 29, 2026 earnings call — Strong Q3 growth and Indivior merger closing
Record third-quarter total revenue of $226.8 million, up 18% compared to the same quarter last year.
Revenue $0.2B (est $0.2B) · EPS $0.35 (est $0.49) · Next-quarter revenue outlook $0.9B–$0.9B
Key quotes
"Today, we will focus on Supernus's strong 2026 third quarter and year-to-date results, which show the continued momentum across our commercial portfolio, specifically our growth products."
"Integration planning has been underway, and we remain confident in capturing the $125 million of expected annual cost synergies that we previously discussed."
"As such, we now expect full year 2026 total revenues to range from $875 million to $900 million, up from the previous guidance of $860 million to $890 million."
Analyst Q&A 4
ZURZUVAE growth and ONAPGO shipping time
Q (Kristen Kluska · Cantor Fitzgerald): Analyst asked if reps and messaging are in a good place for ZURZUVAE and whether there are plans to grow it. They also asked how the time from enrollment form to initial ONAPGO shipment has changed and whether it will improve with a second manufacturer.
A: Management said ZURZUVAE is doing extremely well with strong demand and all-time high metrics, and they are running DTC and HCP education programs. They said ONAPGO backlog is cleared, timing from form to shipment is back to normal, and conversion has improved now that supply issues are behind them. They noted they have treated a little bit north of 40,000 patients since launch.
"So that's why we continue to see strong demand behind the product, all-time high metrics across board, number of prescribers, patients and so forth." — Jack Khattar (CEO)
M&A priority, synergies, Qelbree trends
Q (Stacy Ku · TD Cowen): Analyst asked whether M&A will remain a priority after the merger and how quickly M&A would be pursued. They also asked about synergies and Sage spend, and about Qelbree net pricing and prescription trends.
A: Management said they will keep looking for deals but will focus on integration of Indivior and Supernus for six months after the merger while BD can still search for targets. They said they are confident in the $125 million annual synergy target for the merger and that they hit their $200 million target on the Sage transaction. On Qelbree they said prescriptions and prescribers grew, new-to-brand prescriptions were up by 23% in the third quarter, adults outperformed pediatric, and the brand is around 1% market share in a market growing 10% plus.
"But during that time, of course, our BD group can continue to search for other opportunities for potential future transactions. Regarding the synergies, as far as the current merger that we are working on, as we mentioned in our prepared remarks, we feel pretty good about the target we put out there, the $125 million on an annual basis." — Jack Khattar (CEO)
Commercial initiatives and ONAPGO run rate
Q (Annabel Samimy · Stifel): Analyst asked if the merged company will enable new commercial initiatives to grow existing brands (for example moving into OBGYN for ZURZUVAE). They also asked whether ~400 enrollment forms is the right run rate for ONAPGO.
A: Management said they will explore growth opportunities across their current portfolio, including SUBLOCADE, Qelbree, ONAPGO, and ZURZUVAE. For ONAPGO they said the run rate has been around the $400 million, $425 million range and that looks like a reasonable assumption today while they work to increase it over time.
"So at this point, it looks like it's a good run rate as an assumption." — Jack Khattar (CEO)
Margins, SPN-817 timing, ONAPGO forms
Q (Chi Meng Fong · BofA): Analyst asked whether operating margin can expand next year for Supernus stand-alone versus the 2026 guidance level. They also asked timing expectations for the SPN-817 Phase II epilepsy data readout, and why ONAPGO new forms have not picked up more since supply issues resolved.
A: Management said assuming Supernus were stand-alone, they would expect operating margin to improve over time as launch investments normalize. For SPN-817 they said recruitment is still ongoing and they want another quarter of recruitment but currently think a readout is most likely in 2028. On ONAPGO they said the relaunch after the pause meant activity restarted, they were not surprised the form rate was steady, and clearing the backlog and smoother processes should help forms and scripts grow above the ~400 run rate over time.
"So that goes without saying because it's a natural phase that you go through as you launch products, you invest behind them, you expand, you spend money on launching some of these products." — Jack Khattar (CEO)