Key Highlights

  • Total revenues grew 18% to $226.8 million from $192.1 million in the third quarter of 2025.
  • Net Earnings were $20.9 million, or $0.35 per diluted share, compared with a $45.1 million loss a year ago.
  • Qelbree net sales rose 12% to $90.8 million.
  • ONAPGO net sales jumped 151% to $17.1 million.
  • Cash, cash equivalents and unrestricted marketable securities totaled $359.5 million at September 30, 2026.

A swing back to profit on higher Revenue and lower overhead

Supernus (NASDAQ:SUPN) is a biopharmaceutical company that develops and sells treatments for central nervous system conditions, including ADHD, Parkinson's disease, epilepsy and postpartum depression. In its Quarterly Report for the period ended September 30, 2026, it reported total revenues of $226.8 million, up $34.7 million from $192.1 million.

Operating earnings reached $21.2 million, compared with an operating loss of $60.2 million. Net earnings were $20.9 million, or $0.35 per diluted share, versus a net loss of $45.1 million, or $(0.80) per share, in the prior year quarter.

Where revenue grew and where it shrank

Net product sales increased 6% to $178.6 million. Qelbree, the non-stimulant ADHD treatment, reached $90.8 million on higher Volume and price. GOCOVRI added $42.7 million, up 4%, and ONAPGO, launched in April 2025, grew to $17.1 million from $6.8 million.

Older products declined. Oxtellar XR fell 34% to $8.0 million and Trokendi XR was roughly flat at $10.2 million, both facing generic erosion. APOKYN sales dropped 38% to $6.5 million on lower volume.

Collaboration revenue from ZURZUVAE, which the company shares with its partner, was $41.7 million versus $20.2 million, up 107%, while royalty, licensing and other revenues came to $6.5 million against $3.4 million.

Lower general expenses explain much of the improvement

Selling, general and administrative expense fell 29% to $128.1 million from $179.7 million. General and administrative costs were $37.5 million versus $102.6 million, and the company attributed the decrease mainly to the absence of Acquisition costs tied to the Sage purchase in July 2025.

Selling and Marketing expense rose 17% to $90.5 million on collaboration expenses, employee costs and marketing for ONAPGO and ZURZUVAE. Research and Development was $25.8 million, down from $29.4 million, and Amortization of Intangibles was $23.2 million.

The Indivior Merger of equals

On August 1, 2026, the company signed a merger agreement with Indivior Pharmaceuticals, under which each Supernus share would convert into 1.5401 Indivior shares. Indivior stockholders would receive a one-time special Cash Dividend of $1.0 billion before closing, backed by a $650 million term Loan Commitment and existing cash.

The combined company would be renamed Supernus, continue trading on Nasdaq under the SUPN ticker, and have an eight-member board with four directors from each side, with Jack A. Khattar as chief executive officer. Closing remains subject to regulatory approvals and customary conditions, and the company expects its cash balances to fall significantly if the transactions are completed.

Balance sheet, nine-month picture and what to watch

Cash and cash equivalents were $175.9 million and marketable securities were $183.6 million at September 30, 2026. Total stockholders' Equity was $1,062.5 million. Operating Cash Flow for nine months was $68.3 million, versus $27.5 million a year earlier.

For the nine months, revenues reached $653.5 million, up 29%, but the company recorded a net loss of $39.8 million, or $(0.69) per share, which included a $56.5 million Impairment charge, mostly tied to the APOKYN intangible asset. Readers following the name will likely watch regulatory progress on the merger and whether ZURZUVAE and ONAPGO keep offsetting generic erosion.