Supernus Pharmaceuticals closed out 2025 with record revenue of $719 million. Five months later, on Aug. 3, it agreed to fold into a larger company altogether, striking an all-stock merger with Indivior Pharmaceuticals.
Four Growth Products Take Over
Supernus reported full-year 2025 revenue of $719 million, up 9 percent from 2024, with fourth-quarter revenue of $211.6 million, up 21 percent. Four products the company calls its growth drivers, Qelbree, GOCOVRI, ONAPGO and ZURZUVAE, combined for $521.8 million, up 40 percent from 2024.
Qelbree, the company’s ADHD treatment, brought in $304.7 million for the year, up 26 percent. GOCOVRI, for dyskinesia tied to Parkinson’s disease, added $146.8 million, up 12 percent. ONAPGO, a Parkinson’s motor-fluctuation therapy approved and launched in early 2025, generated $17.3 million in its first partial year. ZURZUVAE, a postpartum depression treatment that came with Supernus’s July 2025 acquisition of Sage Therapeutics, contributed $53 million in collaboration revenue for the roughly five months Supernus has owned it, including $32.8 million in the fourth quarter alone, an increase of about 187 percent over the same period a year earlier.
Chief Executive Jack Khattar said, “We made significant progress in 2025 against our strategic objectives, with record total revenues, including strong growth in combined revenues of our four growth products, the successful acquisition of Sage Therapeutics, Inc., and the U.S. Food and Drug Administration’s approval and launch of ONAPGO for Parkinson’s disease.”
The Legacy Business Keeps Shrinking
Trokendi XR and Oxtellar XR, the anti-seizure medications that once anchored Supernus’s business, fell to a combined $83.1 million in 2025 from $162.7 million in 2024, as generic competition ate into both products. Oxtellar XR alone dropped 59 percent for the year. Supernus told investors to expect the same two products to bring in just $40 million to $50 million combined in 2026, alongside a broader forecast of $840 million to $870 million in total revenue, a projected gain of 17 percent to 21 percent. ONAPGO is expected to more than double its 2025 total, to a range of $45 million to $70 million. The company ended 2025 with $308.6 million in combined cash and marketable securities, down from $453.6 million a year earlier after funding the Sage purchase.
A Merger That Roughly Triples the Company’s Size
Supernus disclosed the Indivior deal alongside its second-quarter 2026 results. Under the terms, Supernus shareholders will receive 1.5401 Indivior shares for each share they hold, leaving Indivior’s existing shareholders with about 56.5 percent of the combined company and Supernus shareholders with about 43.5 percent on a fully diluted basis. Indivior shareholders will also receive a $1 billion special cash dividend before the deal closes, funded by a $650 million term loan from Citibank plus cash on the combined balance sheet.
The combined company will keep the Supernus name and its SUPN ticker, headquartered in Rockville, Maryland, with Khattar staying on as chief executive and Indivior director Tony Kingsley chairing an eight-person board split evenly between the two companies. Management projects $2.2 billion in pro forma net revenue, $888 million in adjusted EBITDA and $125 million in annual cost synergies, with net debt of roughly $878 million and a net leverage ratio under 1x. The deal is expected to close in the fourth quarter of 2026, pending shareholder and regulatory approval.
Khattar said, “This merger brings together two complementary organizations with a shared vision of improving the lives of people living with central nervous system diseases.” Indivior Chief Executive Joe Ciaffoni said, “Bringing our two organizations together is intended to deliver greater value to the patients, healthcare communities, and stockholders we serve.”
The Market’s Mixed Verdict
Supernus shares jumped as much as 16 percent intraday on the announcement before settling to close up 3 percent on Aug. 3. The stock gave that back the next day, falling 6 percent on Aug. 4, a decline that landed on the same day as Supernus’s second-quarter earnings call and reflected investor uncertainty over how the exchange ratio and the special dividend redistribute value between the two shareholder bases. That reaction fits a pattern common after merger announcements: cost-savings estimates like management’s $125 million synergy target tend to get discounted until a deal closes and integration is underway.
Where Armistice and Other Holders Stand
Armistice Capital held 2.764 million Supernus shares as of a Feb. 17, 2026, filing, 4.82 percent of the company, a position down 2.54 percent from the prior quarter. That filing predates the Indivior announcement by more than five months and reflects Armistice’s holdings as of Dec. 31, 2025, before any merger-related trading.
Other large holders moved in different directions during the same period. BlackRock reported 8.7 million shares, 14.7 percent of the company, in a Feb. 12, 2026, filing, down 21 percent from its prior position. Vanguard held 6 million shares, 10.49 percent, essentially flat, in a Jan. 29, 2026, filing. State Street increased its stake 1.45 percent, to 2.2 million shares, or 3.82 percent, while Dimensional Fund Advisors cut its position 5.9 percent, to 2.7 million shares, or 4.7 percent. Supernus counted 339 institutional owners holding a combined 56.7 million shares as of the most recent filings compiled on Fintel.
A Wave of Consolidation in CNS-Focused Drugmakers
The Supernus-Indivior combination follows a run of deals joining companies focused on the central nervous system, where drugmakers with single approved therapies have increasingly sought scale by combining pipelines and commercial infrastructure rather than building both from scratch. Supernus itself followed that pattern in July 2025, when it acquired Sage Therapeutics to bring ZURZUVAE into its own portfolio rather than developing a competing postpartum depression treatment.
Armistice manages more than $3.6 billion across 323 positions as of its most recent quarterly filing, and a name like Supernus sits alongside a portfolio of similar single-catalyst and multi-catalyst biopharmaceutical bets. Its Supernus stake had already declined before the Indivior announcement, a data point that predates the deal rather than a reaction to it. The company’s next scheduled catalyst is the shareholder vote on the merger, expected ahead of a fourth-quarter close, with the combined entity’s first full quarter of results likely to arrive sometime in 2027.
