The EPS miss relative to consensus is notable, but the strong revenue growth and raised guidance provide a counterbalance. The merger closing on November 2 is the dominant near-term catalyst; post-merger, focus shifts to integration and realization of $125M in annual cost synergies. Monitor the combined company's first earnings release for revenue and synergy tracking.
Price Chart
Executive Summary
Supernus reported record Q3 2026 total revenue of $226.8M (+18% YoY), beating the $217.6M consensus, and GAAP diluted EPS of $0.35, missing the $0.49 consensus. The company raised full-year 2026 revenue guidance to $875M-$900M (from $860M-$890M) and adjusted operating earnings guidance to $160M-$180M (from $150M-$180M). The merger with Indivior is expected to close on November 2, 2026, after which the stand-alone guidance will no longer apply.
Key Financial Metrics
Key Facts
- Record total revenues of $226.8M in Q3 2026, an 18% increase YoY
- GAAP diluted EPS of $0.35 vs consensus of $0.49 (miss)
- Combined revenues of four growth products (Qelbree, GOCOVRI, ZURZUVAE, ONAPGO) increased 29% to $192.2M
- Full-year 2026 revenue guidance raised to $875M-$900M from $860M-$890M
- Adjusted operating earnings guidance raised to $160M-$180M from $150M-$180M
- Merger with Indivior expected to close on November 2, 2026
- Cash, cash equivalents, and marketable securities of $359.5M as of September 30, 2026
- ONAPGO received orphan-drug exclusive approval; sNDA submitted for second supplier
Financial Impact
Q3 revenue beat consensus by $9.2M (4.2%); GAAP EPS missed by $0.14 (28.6%); guidance raised by $15M at midpoint for revenue and $5M for adjusted operating earnings
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Qelbree | $90.8M | +12.0% |
| GOCOVRI | $42.6M | +4.0% |
| ONAPGO | $17.1M | +151.0% |
| Trokendi XR | $10.2M | +2.0% |
| Oxtellar XR | $8.0M | -34.0% |
| APOKYN | $6.5M | -38.0% |
| Other | $3.4M | -52.0% |
Risk Factors
- EPS missed consensus by $0.14 (28.6%) despite revenue beat
- Merger integration risks and potential for cost synergies to fall short of $125M target
- Legacy products Trokendi XR, Oxtellar XR, and APOKYN continue to decline in sales
- Guidance will no longer apply post-merger, creating uncertainty about combined company outlook
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001356576-26-000050 |
| Document: supn-20261029.htm | 0001356576-26-000050 |
| Document: 0001356576-26-000050-index-headers.html | 0001356576-26-000050 |
| Document: 0001356576-26-000050-index.html | 0001356576-26-000050 |
| Document: 0001356576-26-000050.txt | 0001356576-26-000050 |
| 8-K Data (Synthetic) | 0001356576-26-000050 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+5 | awaiting T+5 | No price |
Oct 29, 2026 3d ago | Press Release | $41.84 | awaiting T+5 | awaiting T+5 | $41.92 (+0.19%) |
Oct 26, 2026 6d ago | 8-K | $40.96 | awaiting T+5 | awaiting T+5 | $41.92 (+2.34%) |
Oct 26, 2026 6d ago | Court Ruling | $40.96 | awaiting T+5 | awaiting T+5 | $41.92 (−2.34%) |
Oct 21, 2026 10d ago | 8-K | $42.07 $41.84 | ▼ −0.55% | ▼ −1.25% | $41.92 (−0.36%) |
Oct 19, 2026 13d ago | 8-K | $41.23 $40.54 | ▼ −1.67% | ▼ −1.70% | $41.92 (+1.67%) |
Oct 19, 2026 13d ago | Press Release | $39.84 $40.63 | ▲ +1.98% | ▲ +2.13% | $41.92 (+5.22%) |
Oct 6, 2026 26d ago | 425 | $42.83 $42.01 | ▼ −1.91% | ▼ −1.78% | $41.92 (−2.12%) |
Oct 6, 2026 26d ago | DEFA14A | $42.83 $42.01 | ▼ −1.91% | ▼ −1.78% | $41.92 (−2.12%) |
Sep 11, 2026 7w ago | DEFM14A | $41.49 $42.78 | ▲ +3.11% | ▲ +3.00% | $41.92 (+1.04%) |
US Market Status
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