Analyst Conference Summary

biotechnology

conference date: October 29, 2026 @ 1:30 PM Pacific Time
for quarter ending: September 30, 2026 (third quarter, Q3)

Forward-looking statements

Note: Supernus to Combine with Indivior (press release August 3, 2026)

Overview: To combine with Indivior Pharmaceuticals next week, trade as Supernus. Strong revenue growth, net income turned positive.

Basic data (GAAP):

Revenue was $227 million, up 4% sequentially from $219 million, and up 18% from $192 million year-earlier.

Net Income was $21 million, up sequentially from negative $58 million, and up from negative $45 million year-earlier.

EPS (Earnings per Share), diluted, were $0.35, up sequentially from negative $1.01, and up from negative $0.80 year-earlier.

Guidance:

Increased full year 2026 guidance to revenue between $875 and $900 million. GAAP operating earnings loss of $5 to $40 million. Non-GAAP operating earnings profits of $160 to $180 million. But will change with Indivior merger.

Conference Highlights:

Jack Khattar, President and CEO, said "Our strong operating execution year-to-date delivered total revenue growth of 29%, which shows the continued momentum across our commercial portfolio, specifically our growth products. We look forward to closing the merger with Indivior next week, which will create a diverse CNS biopharmaceutical leader positioned to serve more patients and deliver long-term value for shareholders" The new company will be starting from a position of strenth and potential for strong growth into the 2030s.

The proposed merger of Indivior and Supernus is to be completed on November 3, 2026. 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.

Onapgo sales are growing rapidly, so a second source of supply is in the works.

First guidance for the combined companies will be given in February 2027.

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 for ADHD should start in December 2026.

Non-GAAP net operating income was $55 million, up from sequentially from $31.2 million, and up y/y from $42 million.

Cash and equivalents ended at $359 million, down sequentially from $372 million. No debt.

Total expenses were $206 million, consisting of: cost of good sold $27 million, R&D $26 million, SG&A $128 million, amortization $23 million, intangible asset impairment charges $1.5 million, contingent consideration loss $0 million. Leaving operating earnings of $21 million. Interest and other income $1.5 million. Income tax $2 million.

Q&A (selective summary):

Zurzuvae better than expected revenue? The brand is doing extremely well. Growth remains rapid. We have a DTC campaign with good results. Only treated 40,000 patients since launch, potential is much higher.

Onapgo time to shipment? Relaunched in Q2, went through backlog. Q3 was clean, not working through backlog. Improved processes, now in normal timing for shippings. Supply issues are behind us. Demand is building, prescriber numbers growing.

Merger dynamics? We continue to actively look at targets, including during the 6 months after the merger. We continue to look for synergies, we think we can hit the $125 million annual savings target. We hit our target for the Sage acquisition.

Qelbree? It is doing very well. Strong prescription growth, number of prescribers. Adult segment performing particularly well.

Given additional capital, any plans to expand current portfolio? We will be exploring all growth opportunities within the current portfolio.

Onapgo forms run rate? It has been around 400 to 425. That looks like a good run rate, but we are working to increase it.

Operating margins? Dynamics will change after merger. We hope to improve margins as revenue grows faster than launch costs.

SPN-817 timeline? Given rate of recruitment, first data in 2028. Epilepsy trials tend to be slow.

Relaunch did affect Onapgo new forms. Process is now smoother, this should help growth over time.

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