Key Highlights

  • Supernus (NASDAQ:SUPN) changed hands at USD 27.65, down 34.04%, intraday on November 4, 2026, a day after the combined company started trading under the SUPN ticker.
  • The combination completed on November 2, 2026. Every former Supernus share was exchanged for 1.5401 Indivior shares, and former Indivior holders collected a USD 1.0 billion special cash dividend.
  • Former Indivior holders now own about 56.5% of the merged company and former Supernus holders about 43.5%, so the quoted move may be comparing two different share bases.
  • Third quarter 2026 Revenue was USD 226.8 million, up 18%, while full-year revenue guidance of USD 875 million to USD 900 million no longer applies after closing.

Intraday Move in Supernus (down USD 14.27, 34.04%)

Supernus (NASDAQ:SUPN) was quoted at USD 27.65, down 34.04% in intraday market data on November 4, 2026. That implies a prior close of about USD 41.92 and a decline of USD 14.27 (calculated). The intraday quote did not specify which share the prior close applies to, and that distinction matters here. The Indivior combination closed on November 2, 2026, Supernus Pharmaceuticals was removed from listing, and the merged company, Supernus, Inc., started trading as SUPN on November 3, 2026. Indivior shares had traded under INDV on November 2, 2026. Company filings and releases describe the transaction in detail, but no announcement dated November 2 to November 4, 2026 offers an operating explanation for a drop of this scale.

Merger Terms and the Share Basis Problem

Per the company release, each Supernus Pharmaceuticals share was converted into 1.5401 Indivior shares, and Indivior holders received a one-time special Cash Dividend of USD 1.0 billion just before closing. That dividend was financed with a USD 650 million term Loan along with existing cash. Doing simple math on two published figures, USD 27.65 multiplied by 1.5401 comes to about USD 42.58, close to the calculated prior close of USD 41.92. This points to a likely basis mismatch between the old Supernus quote and the new SUPN line, not a true 34% loss, though that is our reading rather than a company statement. Investors should verify their own cost basis and share count with their broker.

Company Background and Recent Results

Supernus posted third quarter 2026 results on October 29, 2026. Revenue reached USD 226.8 million, up 18% from USD 192.1 million, and net Earnings were USD 20.9 million, or USD 0.35 per diluted share, compared with a loss of USD 45.1 million a year earlier. Qelbree sales were USD 90.8 million, ONAPGO USD 17.1 million, up 151%, and GOCOVRI USD 42.6 million. Cash and current marketable securities totaled USD 359.5 million on September 30, 2026. The company lifted 2026 revenue guidance to USD 875 million to USD 900 million but noted that the outlook will lapse once the Merger closes. The new Debt brings interest costs that the standalone figures do not include.

Where Things Stand

Supernus (NASDAQ:SUPN) is down 34.04% intraday on November 4, 2026, and the most probable explanation is the merger itself rather than a fresh operating setback. The share exchange, the delisting and relisting under the same ticker, and the USD 1.0 billion Special Dividend paid to Indivior holders can distort a straight price comparison. No separate negative company announcement for the period was identified. The combined company has issued no new guidance, so the debt load, integration of two product portfolios and the pace of cost savings are the items to track. Quoted moves may reverse once data providers align their histories, and share counts differ between the old and new lines.