Key Highlights

  • Supernus (NASDAQ:SUPN) traded at USD 27.65, down 34.04%, in intraday trading on November 4, 2026, one day after the combined company began trading under the SUPN symbol.
  • The Merger closed on November 2, 2026. Each old Supernus share converted into 1.5401 Indivior shares, and former Indivior holders received a USD 1.0 billion special cash dividend.
  • Former Indivior holders own about 56.5% of the combined company and former Supernus holders about 43.5%, so the quoted move may compare two different share bases.
  • Third quarter 2026 Revenue was USD 226.8 million, up 18%, and full-year revenue guidance of USD 875 million to USD 900 million no longer applies after closing.

What Moved Supernus During Trading (down USD 14.27, 34.04%)

Supernus (NASDAQ:SUPN) was quoted at USD 27.65, down 34.04% in intraday market data on November 4, 2026. That implies a prior close of about USD 41.92 and a fall of USD 14.27 (calculated). The screener did not say which share the prior close refers to, and that matters here. The merger with Indivior closed on November 2, 2026, Supernus Pharmaceuticals was delisted, and the combined company, Supernus, Inc., began trading as SUPN on November 3, 2026. Indivior shares traded under INDV on November 2, 2026. The company filing and release describe the transaction in detail, but no announcement dated November 2 to November 4, 2026 gives an operating reason for a drop of this size.

The Merger Terms and the Share Basis Problem

According to the company release, each Supernus Pharmaceuticals share converted into 1.5401 Indivior shares, and Indivior holders received a one-time special Cash Dividend of USD 1.0 billion immediately before closing. The dividend was funded by a USD 650 million term Loan and existing cash. As simple arithmetic on two published numbers, USD 27.65 multiplied by 1.5401 equals about USD 42.58, which sits close to the calculated prior close of USD 41.92. That points to a possible basis mismatch between the old Supernus quote and the new SUPN line rather than a real 34% loss, but this is our reading and not a company statement. Investors should check their own cost basis and share count with their broker.

Business Background and Recent Results

Supernus reported third quarter 2026 results on October 29, 2026. Revenue was USD 226.8 million, up 18% from USD 192.1 million, and net Earnings were USD 20.9 million, or USD 0.35 per diluted share, against a loss of USD 45.1 million a year earlier. Qelbree sales were USD 90.8 million, ONAPGO USD 17.1 million, up 151%, and GOCOVRI USD 42.6 million. Cash and current marketable securities were USD 359.5 million on September 30, 2026. The company raised 2026 revenue guidance to USD 875 million to USD 900 million, but said it will no longer apply once the merger closes. The new Debt adds interest costs that the standalone figures do not carry.

Where Things Stand

Supernus (NASDAQ:SUPN) is down 34.04% intraday on November 4, 2026, and the most likely explanation is the merger rather than a new operating setback. The share exchange, delisting and relisting under the same symbol, and a USD 1.0 billion Special Dividend paid to Indivior holders can distort a simple price comparison. No separate negative company announcement for the window was identified. The combined company has not issued new guidance, so the debt load, integration of two product portfolios and the pace of cost savings are the items to follow. Quoted moves can reverse once data providers align their histories, and share counts differ between the old and new lines.