SUPERNUS PHARMACEUTICALS, INC. Q3 FY2026 earnings call

• Merger Progress: The transformative merger with Indivio Pharmaceuticals has been approved by shareholders and is expected to close on November 2, 2026. The combined entity will possess a portfolio of 11 differentiated medicines across psychiatry, neurology, and addiction.
• Synergies and Integration: Management is confident in capturing $125 million in annual cost synergies from the merger, citing successful integration experience from the previous Sage acquisition where $200 million in synergies were achieved. Integration planning is underway with execution starting immediately post-close.
• Commercial Momentum: Growth products continue to show robust momentum. Calvary has expanded its prescriber base to approximately 46,000. Zerzuve has treated over 43,000 patients since launch, with 87% of prescriptions coming from repeat prescribers.
• Pipeline Updates: SPN820 (MDD) and SPN817 (focal seizures) Phase IIb studies are actively enrolling. The SPN443 program is scheduled to begin Phase I trials in adult healthy volunteers by the end of 2026.
• Regulatory Wins: The FDA recognized seven years of orphan drug exclusivity for Monaco (part of the Onetco portfolio) for treating motor fluctuations in Parkinson's disease. A supplemental new drug application for a second source of supply was submitted, with approval expected by mid-2027.

• Calvary (ADHD): Net sales of $91 million in Q3 2026 (+12% YoY), reaching an all-time high of $258 million for the first nine months. Prescriptions grew 18% YoY, outpacing the 10% ADHD market growth, with strong performance in both adult (+25%) and pediatric (+16%) segments.
• Zerzuve: Generated $42 million in collaboration revenues in Q3 and $105 million year-to-date. U.S. sales reported by Biogen increased ~53% YoY, driven by a 43% increase in written prescriptions and a 42% increase in prescribers.
• Onetco (Anapco): Net sales reached $17.1 million in Q3 2026, up 27% from Q2 2026. Demand remained healthy with over 400 enrollment forms submitted in the quarter and prescriptions growing 17% sequentially.
• GoCoverie: Net sales reached an all-time high of $43 million in Q3 2026, representing a 4% increase in both net sales and prescriptions compared to the same period last year.

• Full Year 2026 Total Revenue: Raised to a range of $875 million to $900 million, up from the previous guidance of $860 million to $890 million.
• Full Year 2026 Non-GAAP Operating Earnings: Raised to a range of $160 million to $180 million, up from the previous guidance of $150 million to $180 million.
• Forward-Looking Statements: No 2027 guidance is provided at this time due to the pending merger; combined full-year 2027 guidance is expected to be released in February 2027 alongside Q4 2026 results.

• Merger Execution Risk: The call highlights risks associated with integrating two distinct companies, though management expresses confidence based on prior transaction experience.
• Operational Disruptions: Past issues with supply shortages and backlog processing for Onetco have been resolved, but continued operational efficiency is critical to maintaining prescription growth.
• Market Competition: While current market share is low (~1%), the company faces competition in the CNS space, requiring continuous differentiation and marketing efforts to maintain growth trajectories.
• Regulatory Uncertainty: Although recent approvals were positive, future pipeline progress (e.g., SPN817 data readouts) remains subject to clinical trial recruitment rates and regulatory timelines.

Q: Kristen Kluska asked about Zerzuve's positioning relative to expectations and the timeline optimization for Onetco form-to-shipment processes post-supply resolution. / A: Jack Khattar stated Zerzuve is performing phenomenally with strong DTC campaign signals and significant untapped potential among mothers seeking help. For Onetco, he confirmed that the previous backlog is cleared, process timing has returned to normal, and conversion rates are improving quarterly as fresh forms are processed without delay.

Q: Stacy Ku asked if M&A is a parallel track priority post-merger, regarding synergy realization from the Sage acquisition, and Calgary's net pricing and prescription trajectory. / A: Khattar noted that while integration is the primary focus for six months post-close, the BD team remains active in identifying opportunities. He expressed high confidence in hitting the $125M synergy target, citing past success with the $200M Sage target. Regarding Calgary, he highlighted strong adult and pediatric prescription growth, noting the brand's unique market position and resilience despite being only ~1% market share.

Q: Annabel Samimy asked about commercial initiatives for the merged entity, specifically in OBGYN, and whether the 400-form run rate for Onetco is sustainable. / A: Khattar indicated the merged company will explore maximizing existing brands like Sublocate and Calvary, but did not confirm specific OBGYN expansions. On Onetco, he described the ~400-425 form submission rate as a good baseline assumption, expressing optimism that smoother operations and cleared backlogs will allow this number to grow beyond current levels.

Q: Chi Pham asked about the potential for operating margin expansion in Sopranos' standalone scenario versus the merged entity, and the timeline for SPN817 epilepsy data readout. / A: Khattar affirmed that standalone margins would naturally expand over time as product launch investments normalize, though he cautioned that these dynamics change significantly post-merger. Regarding SPN817, he estimated a data readout in 2028, dependent on recruitment rates, which are typical for slow-enrolling epilepsy trials.