Supernus Pharmaceuticals reported Q2 2026 revenues of $219.1 million, driven largely by collaboration revenue from its Sage Therapeutics acquisition and robust royalty income streams. The company announced a definitive all-stock merger agreement with Indivior Pharmaceuticals to form a leading CNS-focused biopharma entity. While net losses increased due to intangible asset impairments and R&D spending, Supernus maintains strong liquidity and a diversified neuroscience portfolio spanning ADHD, Parkinson’s Disease, postpartum depression, epilepsy, and other CNS disorders. Execution risks remain around regulatory approvals and collaborator dependencies, but pipeline assets and strategic partnerships underpin growth prospects.