Key Highlights

  • Shares fell 32.85% to USD 28.15 in regular trading on November 3, 2026.
  • Each Supernus Pharmaceuticals share was exchanged for 1.5401 Indivior shares when the Merger closed on November 2, 2026.
  • Indivior stockholders received a one-time special Cash Dividend of USD 1.0 billion, funded partly by a USD 650 million term loan.
  • Third quarter 2026 Revenue was USD 226.8 million, up 18% from USD 192.1 million.
  • Cash and marketable securities were USD 359.5 million as of September 30, 2026.

What Moved Supernus Today (down USD 13.77, 32.85%)

Supernus Pharmaceuticals (NASDAQ:SUPN) was down 32.85% to USD 28.15 in regular trading on November 3, 2026, a fall of USD 13.77. That implies a prior close of about USD 41.92, calculated. The screen figure should be read with care, because the company completed its merger with Indivior Pharmaceuticals, Inc. (NASDAQ:INDV) on November 2, 2026 and the combined company, Supernus, Inc., began trading under the SUPN ticker on November 3, 2026.

Legacy shareholders received 1.5401 new shares for each old share. Dividing the old close by that ratio gives about USD 27.22 per new share, calculated, which is close to the USD 28.15 level on the screen. That suggests much of the apparent drop is a change of security, not a company-specific loss of value.## The Merger Terms in Detail

According to a company press release dated November 2, 2026, former Indivior stockholders hold about 56.5% of the combined company on a fully diluted basis, and former Supernus Pharmaceuticals holders about 43.5%. Indivior stockholders also received a one-time special cash dividend of USD 1.0 billion in aggregate, funded by a USD 650 million term Loan and existing cash.

The company said the former Supernus Pharmaceuticals listing ended as part of the closing. Jack Khattar is president, chief executive and a director, Tony Kingsley is board chair, and the eight-member board has four directors from each legacy company. The release gave no combined revenue or guidance figures, and the company noted that the earlier standalone guidance no longer applies after closing.

Business Background and Recent Results

The combined group has 11 marketed products across opioid use disorder, psychiatry and neurology. Five are named as core growth drivers: SUBLOCADE, Qelbree, GOCOVRI, ONAPGO and ZURZUVAE.

For the third quarter of 2026, reported on October 29, 2026, total revenues were USD 226.8 million against USD 192.1 million a year earlier. GAAP net Earnings were USD 20.9 million, or USD 0.35 per diluted share, compared with a loss of USD 45.1 million a year earlier. Adjusted operating earnings rose 32% to USD 55.2 million from USD 41.9 million.

Qelbree net sales were USD 90.8 million, up 12%, and GOCOVRI was USD 42.6 million, up 4%. ONAPGO reached USD 17.1 million from USD 6.8 million, and ZURZUVAE collaboration revenue was USD 41.7 million, more than double the USD 20.2 million of a year earlier. Standalone 2026 revenue guidance was raised to USD 875 million to USD 900 million.

Balance Sheet and Risks

Before the merger the company held USD 359.5 million in cash and marketable securities as of September 30, 2026, up from USD 308.7 million at December 31, 2025. The new USD 650 million term loan adds leverage, and total post-merger Debt was not disclosed. The press release also flags indebtedness and integration as risks.

Nine month GAAP net loss was USD 39.8 million, or USD 0.69 per share, so profitability is still uneven despite the strong quarter.

What to Watch Next

Investors may watch the first combined financial update, any disclosure of total debt and Cash Flow targets, and progress on integrating SUBLOCADE with the neurology and psychiatry products. A fresh guidance range would also help.