Supernus Pharmaceuticals NASDAQ: SUPN reported record third-quarter revenue and higher sales across its growth portfolio, while management said its planned merger with Indivior Pharmaceuticals is expected to close Nov. 2 following shareholder approvals.
Total revenue rose 18% year over year to $226.8 million in the third quarter of 2026. The company reported net product sales of $178.6 million, ZURZUVAE collaboration revenue of $41.7 million, and $6.5 million in royalties, licensing and other revenue.
Chief Executive Officer Jack Khattar said combined revenue from Qelbree, ZURZUVAE, ONAPGO and GOCOVRI increased 43% from the prior-year quarter, citing continued prescription growth and expanding prescriber activity across the portfolio.
Qelbree and ZURZUVAE Drive Growth
Qelbree net sales increased 12% year over year to $91 million in the third quarter. Prescriptions, as reported by IQVIA, rose 18%, compared with 10% growth in the ADHD market, according to Khattar. Adult prescriptions increased 25% while pediatric prescriptions rose 16%.
For the first nine months of 2026, Qelbree generated record net sales of $258 million, up 15% from a year earlier, while prescriptions increased 18%. The company said the quarterly number of Qelbree prescribers reached approximately 46,000.
Khattar said Qelbree’s new-to-brand prescriptions rose 23% during the quarter and said the company sees continued opportunity in both adult and pediatric ADHD populations. He noted that the brand held roughly 1% market share while the broader ADHD market continued to grow at more than 10% in prescriptions.
ZURZUVAE-related collaboration revenue was $42 million in the quarter and $105 million for the first nine months. Supernus said collaboration revenue represents approximately 50% of ZURZUVAE sales reported by Biogen.
U.S. ZURZUVAE sales reported by Biogen increased approximately 53% from the prior-year quarter. Written prescriptions increased 43% and the number of prescribers grew 42%. Since launch, more than 43,000 patients have been treated with the product, and 87% of prescriptions have come from repeat prescribers, Supernus said.
Khattar said a direct-to-consumer campaign launched this year has produced encouraging early indicators. He said the company is also pursuing programs to educate patients and healthcare providers about the disease and treatment option.
ONAPGO Supply Issues Cleared; GOCOVRI Reaches Sales High
ONAPGO generated $17.1 million in third-quarter net sales, up 27% from the second quarter. More than 400 enrollment forms were submitted during the period, and prescriptions rose 17% sequentially.
Khattar said the company had cleared its prior enrollment and supply backlog, describing the third quarter as a “clean quarter” for the product’s processing and shipment activity. He said Supernus has improved the process from enrollment form submission to shipment and conversion from forms to shipments.
Management said ONAPGO enrollment submissions have been running at roughly 400 to 425 per quarter and characterized that level as a reasonable current run rate. Khattar said the company hopes physician and patient experience with the product will support further demand growth.
The FDA recently recognized seven years of orphan-drug exclusivity for ONAPGO in motor fluctuations in adults with advanced Parkinson’s disease, according to Supernus. The company also submitted a supplemental new drug application for a second source of supply and expects FDA approval by mid-2027.
GOCOVRI net sales and prescriptions each increased 4% year over year. Third-quarter net sales reached an all-time high of $43 million.
Profitability Improves and Guidance Raised
Combined research and development and selling, general and administrative expenses declined to $153.8 million from $209 million in the prior-year quarter. Supernus said the year-earlier period included acquisition-related costs connected with its Sage acquisition.
The company reported GAAP operating earnings of $21.2 million, compared with a $60.2 million operating loss a year earlier. GAAP net earnings were $20.9 million, or $0.35 per diluted share, compared with a net loss of $45.1 million, or $0.80 per diluted share.
Non-GAAP adjusted operating earnings increased to $55.2 million from $41.9 million. For the first nine months, adjusted operating earnings were $115.2 million, compared with $110.2 million a year earlier.
As of Sept. 30, Supernus held approximately $359 million in cash, cash equivalents and marketable securities, up from $309 million at the end of 2025.
On a standalone basis, Supernus raised its 2026 revenue outlook to $875 million to $900 million from a prior range of $860 million to $890 million. It also raised the lower end of its non-GAAP operating earnings outlook, now projecting $160 million to $180 million, versus prior guidance of $150 million to $180 million.
Chief Financial Officer Tim Dec said the guidance would no longer apply if the Indivior merger closes as expected.
Indivior Merger and Pipeline Outlook
Supernus and Indivior shareholders approved the merger on Oct. 15, and the companies expect to complete the transaction Nov. 2. Khattar said the combined company would have a commercial portfolio of 11 differentiated medicines across psychiatry, neurology and addiction.
Management reiterated expectations for $125 million in annual cost synergies and said integration planning is underway. The company plans to provide combined full-year 2027 guidance in February alongside fourth-quarter and full-year 2026 results.
On the development front, Supernus said Phase IIb studies of SPN-820 in major depressive disorder and SPN-817 in focal seizures remain in enrollment. Khattar said SPN-817 data could be expected in 2028, though the company intends to provide a more specific timing update after reviewing another quarter of enrollment. The SPN-443 program is expected to begin a Phase I study in healthy adult volunteers by the end of 2026.
About Supernus Pharmaceuticals (NASDAQ:SUPN)
Supernus Pharmaceuticals, Inc is a specialty pharmaceutical company focused on developing and commercializing therapies for disorders of the central nervous system. The company's activities center on epilepsy, attention-deficit/hyperactivity disorder (ADHD), and other neurological conditions, with an emphasis on products designed to provide differentiated dosing or delivery characteristics.
Supernus' marketed products include Trokendi XR (topiramate extended-release) for the prevention of migraine headaches and the treatment of certain seizure disorders, Oxtellar XR (oxcarbazepine extended-release) for partial-onset seizures, and Qelbree (viloxazine extended-release) for ADHD in patients six years of age and older.
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