Analyst Conference Summary

biotechnology

conference date: August 4, 2026 @ 1:30 PM Pacific Time
for quarter ending: June 30, 2026 (second quarter, Q2)

Forward-looking statements

Note: Supernus to Combine with Indivior (press release August 3, 3036)

Overview: To combine with Indivior Pharmaceuticals, trade as Supernus. Strong revenue growth.

Basic data (GAAP):

Revenue was $219 million, up 5% sequentially from $208 million, and up 32% from $166 million year-earlier.

Net Income was negative $58 million, down sequentially from negative $2 million, and down from $22 million year-earlier.

EPS (Earnings per Share), diluted, were negative $1.01, down sequentially from negative $0.04, and down from negative $0.40 year-earlier.

Guidance:

Raised 2026 revenue guidance to $860 to $890 millon. Op ex up to $630 to $660 million. GAAP operating earnings negative $20 to negative $50 million, non-GAAP operating earnings $150 to $180 million.

Conference Highlights:

Jack Khattar, President and CEO, said "Our first-half 2026 results reflect the continued strength and sustained momentum of our growth products and continued execution on our commercial strategy. As we look to the remainder of the year, we remain focused on disciplined execution and prudent capital allocation, and we believe we are well positioned to build on this momentum. We are excited about the future of Supernus, even more so following the recent agreement to merge with Indivior Pharmaceuticals, Inc. The combination of these two businesses will form a well-positioned CNS company with a unique profile of scale, growth, and flexibility to pursue additional business development opportunities."

Discussed the proposed merger of Indivior and Supernus. Believes businesses are highly complementary, both specializing in Central Nervous Sysemts medicines. $2.2 billion in current combined annnual revenues. Expects cost synergies of $125 million. Will enhance free cash flow and cash balance. Looking to accelerate growth opportunities. Jack Khattar will serve as President and CEO. Supernus Pharmaceuticals stockholders will receive 1.5401 common shares of Indivior Pharmaceuticals for each share of Supernus. Indivior Pharmaceuticals stockholders will receive a one-time special cash dividend of $1.0 billion in aggregate immediately prior to closing of the merger. To finance the dividend to Indivior Pharmaceuticals stockholders, the companies have secured a debt commitment of $650 million through a term loan facility. Indivior stockholders will own approximately 56.5% of the combined company, while Supernus stockholders will own approximately 43.5% of the combined company, on a fully diluted basis.

Indivior revenue in Q2 2026 was $343 million. Net income was $122 million. EPS $0.98. $222 million in cash. Sublocade is its main commercial therapy.

On a trailing 12-month basis, Supernus revenue was $830 million, Indivior was $1.332 billion. Combined $2.16 billion.

Onapgo resumed new patient initiations in February 2026. Onapgo for Parkinson's disease was launched in April 2025. Demand was greater than expected, so supply was inadequate. Worked to increase the supply and by end of March had reached a new high point for prescriptions.

SPN-817 is a novel AChE inhibitor for epilepsy. A Phase 2b trial is ongoing.

SPN-820 Phase 2b trial for major depressive disorder is ongoing.

SPN-443 completed a Phase 1 study of two oral formulations. ADHD was selected as the lead indication. A Phase 1 ascending dose trial should start in 2H 2026.

Non-GAAP net operating income was $31.2 million, up from sequentially from $28.7 million, and down y/y from $40.9 million.

Cash and equivalents ended at $372 million, down sequentially from $384 million. No debt.

Total expenses were $277 million, consisting of: cost of good sold $34 million, R&D $29 million, SG&A $134 million, amortization $25 million, intangible asset impairment charges $55 million, contingent consideration loss $0 million. Leaving operating earnings of negative $58 million. Interest and other income $0.3 million. Income tax $0.7 million.

Q&A (selective summary):

Business development deal plans? Focussed and discipline in CNS, but open to consider other areas. Adjusted pro-forma EBITDA would be healthy, but we don't want to take on a lot of debt. Depends on quality of the assets and their cash flow.

Sublocade projections? First, number one prescribed long acting injectable. We give no peak sales guidance. We believe sales will continue to grow. Trend is strong. In q2 had record new patient starts.

Pro-forma shares, debt and cash? Total shares 215 million. EBITDA $388 million. Net debt $878 million.

Sales forces? We are experienced at integrating organizations. Will eliminate redundancies. We will have 5 growth products, deeper financial resources. We can acquire other products. We will be very competitive in the CNS space.

Appetite for earlier stage assets? Have been prioritizing commercial stage assets. Will invest in our current R&D pipeline. Looking to add to our pipeline with mid to late stage potential therapies.

Sublocade exclusivity runway? We believe it has a long and durable runway. It is a complicated product to manufacture. No Paragraph 4s. 12 patents, 2031 to 2038, applying for more for new label, taking it out to 2044 if granted.

Competitive threats? Sublocade, we don't see threats, we see opportunity. Small penetration so far. We do think there is room for innovation. Some conjunctive treatments are being developed. Early to tell on ADHD competition, though there is room for innovation. We are used to competition.

Sublocade market? 8 to 9 million people misuse opioids in the US. 4 to 5 million are diagnosed with OUD. 2 million are being treated with bupremorphines. The key to sublocade growth is education and awareness.

Sublocade sales force, DTC? This combination is the most compelling opportunity we saw. Both companies came in from a position of strength. Combined we will have 11 marketed products including 5 growth products. No one outside saw how we could accelerate sublocade sales.

CNS subcategories most interesting for BD? Build on 4 key commercial areas: ADHD, addiction, depression, Parkinsons. Beyond that we are agnostic within CNS, possibly women's health.

OpenIcon Analyst Conference Summaries Main Page

Search

More Analyst Conference Pages: