슈퍼너스 파마슈티컬스(SUPN) 2026년 3분기 실적 발표: 매출 성장, 가이던스 상향 및 인디비오 합병

핵심 요약

• 슈퍼너스 파마슈티컬스는 켈브리(Qelbree), 고코브리(Gocovri), 줄주베(Zurzuvae), 오냅코(Onapco)의 성장에 힘입어 2026년 3분기 총매출이 전년 동기 대비 18% 증가한 2억 2,680만 달러로 사상 최대를 기록했다고 발표했다.
• GAAP 기준 영업이익은 2,120만 달러를 기록해 2025년 3분기의 6,020만 달러 영업손실에서 흑자 전환했다. 조정 영업이익은 4,190만 달러에서 5,520만 달러로 증가했다.
• 4개 성장 제품의 합산 매출은 전년 동기 대비 43% 증가했다. 켈브리는 9,100만 달러, 고코브리는 사상 최대인 4,300만 달러의 매출을 올렸으며, 줄주베 공동개발 매출은 총 4,170만 달러를 기록했다.
• 슈퍼너스는 자체 기준 2026년 매출 가이던스를 8억 7,500만~9억 달러로, 조정 영업이익 가이던스를 1억 6,000만~1억 8,000만 달러로 상향 조정했다.
• 주주들은 10월 15일 인디비어 파마슈티컬스(Indivior Pharmaceuticals)와의 합병을 승인했으며, 경영진은 거래가 11월 2일에 완료될 것으로 예상했다. 회사는 연간 1억 2,500만 달러 규모의 연간 비용 시너지 창출 목표 달성에 대해 자신감을 유지하고 있다.

주요 재무 데이터

2026년 첫 9개월간 총매출은 6억 5,350만 달러를 기록했다. 키켄디 XR(Kikendi XR) 및 업스텔라라 XR(Upstellara XR) 순제품 매출을 제외하면 매출은 전년 동기 대비 37% 증가했다. 조정 영업이익은 전년 동기 1억 1,020만 달러에서 1억 1,520만 달러로 늘었다. 2026년 9월 30일 기준 현금, 현금성 자산 및 매도가능증권은 총 약 3억 5,900만 달러로 2025년 말 3억 900만 달러에서 증가했다.

사업 및 운영 실적

켈브리: 3분기 순매출은 전년 동기 대비 12% 증가한 9,100만 달러를 기록했으며, 처방 건수는 ADHD 시장 성장률인 10%를 상회하는 18% 증가를 나타냈다. 성인 처방 건수는 25%, 소아 처방 건수는 16% 증가했다. 분기별 처방 의사 수는 약 46,000명에 달했다. 9개월 누적 순매출은 15% 증가해 사상 최대인 2억 5,800만 달러를 기록했다.

줄주베: 공동개발 매출은 3분기 4,170만 달러, 첫 9개월간 1억 470만 달러를 기록했다. 바이오젠이 보고한 미국 내 매출은 전년 동기 대비 약 53% 증가했다. 발급된 처방전 수는 43% 증가했고, 처방 의사 수는 42% 늘었다. 출시 이후 43,000명 이상의 환자가 치료받았으며, 처방의 87%는 재처방 의사로부터 나왔다.

오냅코: 3분기 순매출은 전분기 대비 27% 증가한 1,710만 달러, 처방 건수는 17% 증가했다. 400건 이상의 등록 양식이 제출되었다. 경영진은 기존의 적체 및 공급 문제가 해결되어 처리 시간이 정상으로 돌아왔고 등록 양식의 배송 전환율이 개선되었다고 밝혔다. FDA는 7년간의 희귀의약품 독점권을 부여했으며, 슈퍼너스는 2027년 중반까지 두 번째 공급원에 대한 결정이 이뤄질 것으로 예상하고 있다.

고코브리: 순매출과 처방 건수가 각각 전년 동기 대비 4% 성장했다. 분기 순매출은 사상 최대인 4,300만 달러를 달성했다.

파이프라인: 주요우울장애 치료제 SPN820과 국소발작 치료제 SPN817의 임상 2b상은 환자 모집을 진행 중이다. 슈퍼너스는 2026년 말까지 건강한 성인을 대상으로 SPN443의 임상 1상 단회 및 다회 증량 투여 시험을 시작할 것으로 예상하고 있다.

경영진 가이던스

해당 가이던스는 슈퍼너스 단독 기준에만 적용되며 예상대로 인디비어 합병이 완료되면 더 이상 적용되지 않는다. 경영진은 2026년 4분기 및 연간 실적과 함께 2027년 2월에 합병 법인의 2027년 전체 연간 가이던스를 제공할 계획이다.

합병과 관련해 경영진은 예상 연간 1억 2,500만 달러 규모의 비용 시너지를 달성할 것이라는 자신감을 재확인했다. 단기적인 최우선 과제로는 통합, 상업적 포트폴리오의 성장 유지, 파이프라인 진척 등이 꼽힌다.

리스크 및 주요 점검 사항

• 인디비어 합병이 완료되면 자체 2026년 전망은 적용 불가능해지며, 합병 법인의 가이던스는 2027년 2월까지 제공되지 않을 예정이다.
• 경영진은 사업 개발 활동도 병행해서 지속하겠지만, 합병 완료 후 첫 6개월은 통합 작업에 집중될 것으로 예상한다.
• SPN817 데이터는 2028년에 제공될 것으로 잠정 예상되나, 경영진은 구체적인 목표 시기는 환자 모집 상태에 달려 있으며 더 정확한 목표를 제시하기 전 한 분기 더 등록 데이터를 확인할 필요가 있다고 밝혔다.
• 오냅코 등록 양식 제출 건수는 분기당 약 400~425건 수준이다. 향후 성장은 수요 증가와 실제 배송으로의 전환율 지속 개선에 일부 달려 있다.

애널리스트 Q&A 주요 내용

• 줄주베와 관련해 경영진은 소비자 직접 마케팅(DTC) 캠페인의 초기 지표가 고무적이라고 밝혔으며, 환자 및 의료 제공자에 대한 추가 교육이 수요를 뒷받침할 수 있다고 언급했다.
• 경영진은 슈퍼너스가 SAGE 인수 거래를 통해 약 2억 달러 또는 그 이상 달하는 시너지를 달성했으며, 이는 인디비어 시너지 목표에 대한 자신감을 뒷받침한다고 밝혔다.
• 켈브리는 성인 환자 대상 강한 성장세와 신규 브랜드 처방 증가의 수혜를 계속 입고 있으며, 신규 처방은 3분기에 약 23% 증가했다. 경영진은 해당 제품의 시장 점유율이 여전히 약 1% 수준이라고 언급했다.
• 경영진은 단독 슈퍼너스의 경우 제품 수명주기에 따라 출시 관련 투자 비용이 완화되면서 영업이익률 개선 여지가 있었을 것이나, 합병 법인은 다른 재무적 역학 관계를 갖게 될 것이라고 강조했다.

실적 발표 콘퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good afternoon, and thank you for standing by. Welcome to the Supernus Pharmaceuticals Third Quarter 2026 Financial Results Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. Instructions will follow at that time. Please be advised that today's conference is being recorded. I now will hand the conference over to Peter Vozzo of ICR Healthcare Investor Relations Representatives for Supernus Pharmaceuticals. Please go ahead.

Peter Vozzo

Thank you, Angela. Good afternoon, everyone, and thank you for joining us today for Supernus Pharmaceuticals' third quarter of 2026 financial results conference call. After the close of the market, the company issued a press release announcing these results. The people who are going to call with me today are Supernus' Chief Executive Officer, Jack Khattar, and Chief Financial Officer, Timothy Dec. Today's call is being made available via the investor relations section of the company's website at www.ir.supernus.com. Before we begin, I'd like to remind you that we will be making forward-looking statements. All of these statements are based on the beliefs and expectations of management as of today. Actual events or results could differ materially.

We refer you to the documents we and Indivior Pharmaceuticals have filed with the SEC, including in periodic reports under the heading risk factors, which identify important factors that could cause actual results to differ materially from those expressed by the company verbally, as well as statements made within this afternoon's press release. This call is being webcast live, and a link will be found at the Supernus website at ir.supernus.com, and a replay will be made available shortly after this call is concluded. I'll now turn the call over to Jack.

Jack Khattar

Thank you, Peter. Good afternoon, everyone, and thanks for taking the time to join us on today's call. Today, we will focus on Supernus' strong 2026 third quarter and year-to-date results, which show the continued momentum across our commercial portfolio, specifically our growth products. After walking through these results, I'll provide a brief update on our transformative merger with Indivior Pharmaceuticals. For the third quarter of 2026, combined revenues of our growth products, Qelbree, Zurzuvae, Onapco, and Gocovri, increased by 43% compared to the same period last year.

Starting with Qelbree in the third quarter, prescriptions as reported by IQVIA grew by 18% over the third quarter of 2025, outpacing the 10% growth in the ADHD market. Net sales were $91 million in the third quarter, representing a 12% increase over last year. Similarly, for the nine months ended September 30, 2026, Qelbree achieved robust growth of 18% in prescriptions and 15% in net sales compared to the same period last year. Net sales for the nine-month period reached an all-time high of $258 million. Qelbree's growth over the last year continues to come from both patient populations, with third quarter adult prescription growth of 25% and pediatric prescription growth of 16%. In addition, the total quarterly number of prescribers for Qelbree reached a high of approximately 46,000.

Moving on to Onapco, during the third quarter of 2026, Onapco generated net sales of $17.1 million, up 27% compared to the second quarter of 2026. Demand for the product continued to be healthy with more than 400 enrollment forms submitted in the quarter. In the third quarter of 2026, prescriptions grew by 17% compared to the second quarter of 2026. As we announced last week, the FDA has recognized seven years of orphan drug exclusivity for Onapco for the treatment of motor fluctuations in adults with advanced Parkinson's disease. This designation validates the urgent need for targeted therapies and helps safeguard continued innovation in a long underserved community. In addition, we submitted a supplemental new drug application to the FDA for a second source of supply with approval expected by mid-year 2027.

Switching to Zurzuvae, Supernus reported $42 million in collaboration revenues in the third quarter and $105 million for the nine-month period year-to-date. The total third quarter 2026 U.S. Zurzuvae sales as reported by Biogen increased approximately by 53% compared to the same period in 2025. In the third quarter of 2026, Zurzuvae saw strong growth in demand with written prescriptions growing 43% and the number of prescribers growing 42% compared to the same period last year. Since launch, 87% of the prescriptions have come from repeat prescribers, and more than 43,000 patients have been treated with Zurzuvae.

Switching now to Gocovri for the third quarter, the brand grew 4% in net sales and in prescriptions compared to the same period last year. Net sales reached an all-time high of $43 million in the third quarter. Moving on to R&D, the SPN820 and SPN817 Phase IIb studies continue to enroll subjects with major depressive disorder and focal seizures, respectively. The SPN443 program is expected to start the Phase I, single ascending and multiple ascending dose study in adult healthy volunteers by the end of 2026.

Now turning to the status of our transformative merger with Indivior Pharmaceuticals, I'm pleased to report that Supernus and Indivior shareholders voted to approve the merger on October 15, and we expect this transaction to close on November 2. As you may have seen earlier today, Indivior's results for the three months and nine months ended September 30, 2026, were also strong and driven by continued record performance of Sublocade. Combined with Supernus' solid performance and output, the new company will be starting from a position of strength with significant earnings and cash flow potential. The combined company will have a commercial portfolio of 11 differentiated medicines across psychiatry, neurology, and addiction with key growth products currently expected to continue growing well into the 2030s.

In addition, we will have the profitability, cash flow generation, and financial capacity to pursue further growth opportunities, including driving growth in our existing commercial portfolio, advancing our novel pipeline, and pursuing future business development. Our near-term priorities are to work through the integration of the two companies, ensure that our key growth drivers remain on track, and to progress our pipeline. Integration planning has been underway, and we remain confident in capturing the $125 million of expected annual cost synergies that we previously discussed. With this merger on the verge of closing, we're entering an exciting new chapter that builds on a strong foundation. We expect to provide combined full-year 2027 guidance in February during the release of fourth quarter and full-year 2026 results. With that, I will now turn the call over to Tim. Thank you, Jack. Good afternoon, everyone.

Timothy Dec

As I review our third quarter of 2026 results, please refer to today's press release and 10-Q that was filed earlier today. We achieved record total revenue of $226.8 million for the third quarter of 2026, an increase of 18% compared to the same quarter last year. Total revenue in the third quarter of 2026 was comprised of net product sales of $178.6 million, collaboration revenues associated with Zurzuvae of $41.7 million, and royalties, licensing, and other revenues of $6.5 million. Please note collaborative revenues represent approximately 50% of the sales of Zurzuvae reported by Biogen. The increase in total revenues was primarily due to the increase in net sales of our growth products, Qelbree, Gocovri, Zurzuvae, and Onapco. For the third quarter of 2026, combined R&D and SG&A expenses were $153.8 million, as compared to $209 million for the same quarter last year.

Operating earnings on a GAAP basis for the third quarter of 2026 was $21.2 million as compared to an operating loss of $60.2 million for the same quarter last year. The change was primarily due to the acquisition-related costs for the SAGE acquisition in the third quarter of 2025, partially offset by higher revenues. GAAP net earnings was $20.9 million for the third quarter of 2026, or $0.35 per diluted share, compared to a GAAP net loss of $45.1 million, or a loss of $0.80 per diluted share, in the same quarter of last year. On a non-GAAP basis, which excludes amortization of intangibles, share-based compensation, contingent consideration, and depreciation, adjusted operating earnings for the third quarter of 2026 was $55.2 million, compared to $41.9 million in the same quarter of prior year. Total revenues for the first nine months of 2026 were $653.5 million. Excluding net product sales for Kikendi XR and Upstellara XR, total revenues for the first nine months increased 37% compared to the same period last year. Total revenues were comprised of net product sales of $495 million, Zurzuvae-related collaboration revenues of $104.7 million, and royalty licensing and other revenues of $53.8 million. Combined R&D and SG&A expenses for the nine months ended September 30, 2026, were $481.5 million as compared to $444.6 million for last year.

The increase was primarily due to an increase in SG&A expenses associated with the collaboration agreement with Biogen. Operating loss on a GAAP basis for the first nine months was $45.1 million as compared to an operating loss of $58.3 million for 2025. GAAP net loss was $39.8 million for the first nine months, or a loss of $0.69 per diluted share, compared to a GAAP net loss of $34.4 million, or $0.61 per diluted share, in 2025. On a non-GAAP basis, which excludes amortization intangibles, share-based compensation, contingent consideration, depreciation, and acquisition-related cost, adjusted operating earnings for the first nine months were $115.2 million, compared to $110.2 million for the same period last year. As of September 30, 2026, the company had approximately $359 million in cash, cash equivalents, and marketable securities, compared to $309 million as of December 31, 2025.

Now turning to guidance, for full year 2026, the company, on a standalone basis, is raising its financial guidance for total revenue and non-GAAP operating earnings. As such, we now expect full year 2026 total revenues to range from $875 million to $900 million, from the previous guidance of $860 million to $890 million. And finally, we expect full year 2026 non-GAAP operating earnings to range from $160 million to $180 million, up from $150 million to $180 million. Assuming the merger with Indivior closes on November 2, this financial guidance will no longer apply. In terms of the merger, we are extremely excited about the closing of this transformative merger. Since we announced the deal in early August, a tremendous amount of work has been done on planning the integration of the two companies, and we are ready to begin executing that plan next week. As Jack mentioned, we are not providing 2027 guidance today, but we do expect to do that in February of 2027. And finally, before we open the call to questions, please note that we would like to focus the Q&A on Supernus' standalone results and outlook. As you can appreciate, we are limited in what we can discuss during this pending merger at this time. We will do that at the appropriate time. With that, I now turn the call back over to the operator for Q&A.

Operator

[Operator Instructions] Our first question comes from the line of Kristen Kluska of Cantor Fitzgerald. Your line is now open.

질의응답

Kristen Kluska

Hi, everyone. Congrats on all the progress over the last quarter here. A couple of questions from me. First on Zurzuvae, I think the revenues here have been a lot higher than most of us expected when you first did this acquisition, so I'm curious if you and your partner feel like you're in a good position right now in terms of reps, messaging, everything out there or if there's any plans to grow this. And then second question on Onapco, wanted to get an update on the timeline from the enrollment form submission to initial shipment. How has that changed over time, and do you expect it to continue or improve once you get the second source on board next year?

Jack Khattar

Yes, hi, Kristen. Regarding the Zurzuvae, the brand is doing extremely well, and we're very excited about how it's doing now, but also, more importantly, the future of the product. No matter what metric you look at, it's really been phenomenal as far as the growth of the product. Of course, this year we also started the DTC campaign. We've been very encouraged with what we've seen so far, early metrics, but very good signals that there's a lot of great things that are coming out of that campaign. So that's why we continue to see strong demand behind the product. All-time high metrics across the board, number of prescribers, patients, and so forth. So we're really excited. And so far, if you really look at the product since we launched it, only treated a little bit north of 40,000 patients since launch.

So there is a lot of opportunity in front of us here. There are a lot of MAbs that need to really be aware of the disease, step forward, seek help. So we're doing a lot of programs here to educate not just the consumer, the patient, but also on the healthcare provider side as well to keep that momentum going behind the brand. As far as Onapco is concerned, given that in the second quarter we pretty much relaunched the product and we went through the backlog that we had in the queue, as far as the forms are concerned, and processing them to actual shipments. All that backlog is now behind us, so the third quarter was a nice clean quarter, so to speak, from that perspective and that gave us a little bit more time actually to even try to optimize the process and we've done a lot of optimization and improvement in the process and the processing of the form to shipment. So we are pretty much now back to normal timing as far as processing the form into shipments. We also have even improved a little bit on the conversion from form to shipments.

A little bit every quarter there is more and more improvement as we go on because all the supply issues are behind us right now. And a lot of the folks who are in the queue are pretty much fresh and new forms that have been submitted. So we don't have any more patients who are waiting for a long time to be processed and to get their product and then get the training on it and so forth. So we're pretty happy that all that is behind us. And we continue to look forward here to focus on the demand and continue to build the demand. And on the demand, I mean, similarly, if you look, not different than Zurzuvae, we continue to see very good metrics on that across, you know, different metrics here, the prescription, number of patients on therapy, new writers, all have grown in the quarter versus the previous quarter.

Kristen Kluska

Thanks and all the best into the expected closing of the merger next week.

Operator

Our next question comes from the line of Stacy Ku of TD Cowen. Your line is now open.

Stacy Ku

Hey there. Thanks so much for taking your questions. We have a couple. Something that we get asked by investors is around M&A. So with the merger set to close, Jack, is this a parallel track priority or something that might take some time to contemplate and execute on? So it's the first question that we do get a lot of inbound on. And then a quick follow up as we think about spend and synergies. As a guidance on synergies within Indivior for next year, but maybe also remind us where you are with SAGE and spend, especially with the NYSE survey growth, are there any additional synergies that can be realized over there? Is that all done? And then last on Qelbree, just maybe talk about how net pricing is progressing and maybe expectations for the prescription trajectory for the rest of the year. Thanks so much.

Jack Khattar

Yes, regarding the M&A activity and whether it's a priority or not, I mean, we're always looking for potential opportunities to continue to grow our portfolio. And this is something that you never, and you're not able really to predict timing of these type of things, but we will continue to be active in looking and searching and identifying and building relationships within the industry, of course, with the appropriate targets and companies that we would like to do and to partnerships with them. As far as the top priorities, of course, six months, you know, after the merger, as I mentioned, I mean, we will be very focused on the integration of the two companies, Indivior and Supernus. So we will have plenty to do there. But during that time, of course, our BD group can continue to search for other opportunities for future potential future transactions. Regarding the synergies, the one as far as the current merger that we're working on, as we mentioned in our prepared remarks, we feel pretty good about the target we put out there, you know, the $125 million on an annual basis. So that we feel will be on track and we're very confident with our ability, you know, to hit that number. And actually more so because we just went through it pretty much related to your second question on SAGE.

We actually hit our target of $200 million on that transaction, maybe a little bit better we did. So we feel pretty good about our chances of, you know, hitting the target we have on the Indivior merger. And then regarding the last question, as far as Qelbree, I mean, overall, big picture, Qelbree is doing really well. We're very pleased with Qelbree and the trends on the prescriptions. I mean, some of the things we haven't really mentioned, we don't talk about, but things like even if you look at new to brand prescriptions are up by like 23% in the third quarter. We had a very strong third quarter, very strong growth in the number of prescribers. So overall, the brand is doing really well on the prescription side and specifically on the adult side, which is a very important segment that we continue to emphasize even during the back to school season, where typically we emphasize a little bit more on the pediatric because we want to build on the momentum of the back to school market dynamics. Even during that quarter, you know, adults continue to outperform the pediatric growth.

So we're very pleased with both segments, the pediatric and the adult, and the product is so differentiated in the marketplace, you know, compared to the existing medications or even the recently approved products, Qelbree has an incredibly unique position in the marketplace, has five years of experience. A lot of people have a lot of experience with the product now. So we really feel pretty good about the position of the product, its delivery and its future. Overall, I mean, we're still around 1% market share and this market has been incredibly resilient and continues to grow at 10% plus in prescription, which is truly amazing in the CNS space. So we feel really good about the future of Qelbree. Thanks so much. Appreciate it. Thank you.

Operator

Our next question comes from the line of Annabel Samimy of Stifel. Your line is now open.

Annabel Samimy

Hi, it's Annabel. So just I know you're not really talking about the Supernus and Indivior combination at this stage, but given that the combination is going to supply you with the balance sheet and the additional components, capital to potentially invest more in the space and in your own commercial portfolio? Are there any specific initiatives, commercial initiatives that you're planning that you have been able to do before that could potentially facilitate that continued growth of the projects, like for example, Zurzuvae, have you moved into more of the OBGYN space and are you doing anything there to potentially enhance some of the growth of some of your current portfolio? And then separately on Onapco, the 400 patient enrollment forms, is that a good run rate to start with? Because I know that it was sort of held back a little bit before, then you had a little bit of a bolus. So, what is the right run rate for new patient enrollment forms for Onapco? Thanks.

Jack Khattar

Yes, regarding the merger, I mean, that goes without saying, we're clearly going to be exploring all potential growth opportunities within the, as I mentioned in my remarks, within our existing portfolio, which would be, of course, Sublocade, Qelbree, and Onapco as well. And so forth. So that will be one of the key areas where we would look at what else can we do? Is there any other programs we would like to consider, you know, and so forth. So that's something definitely we will be looking at to maximize these brands, all of them, and maximize their potential and growth in the future. And then as far as, you know, Onapco and the run rate, I mean, it's been around the 400. It picked up a little bit, but it's been around the 400, 425. You know, it bounces around a little bit. So at this point, it looks like it's a good run rate as an assumption.

Of course, we're working pretty hard to even increase it and continue to know it, hopefully, as time goes on. Great. Thank you.

Operator

Thank you. Our next question comes from the line of Chi Phong of B of A. Your line is now open.

Unknown Speaker

Hey, guys. Thanks for taking my questions. First one I have is I want to ask about adjusted operating margin. So looking at the 3Q results in the guidance of the midpoint imply roughly around mid-20% margin, better than the mid-teens in the first two quarters. So as we think about Supernus as the current standalone entity, where's the opportunity for margin expansion next year relative to current level? To assume a higher operating margin than the 20% implied in a 2026 guidance against or support a standalone entity.

Jack Khattar

Yes, regarding the, I mean, this is a little bit of a difficult question because we're going to assume something that's not going to happen. And the dynamics will change, of course, once you have the merged company, but as standalone and there is no merger or whatever. Clearly, you know, as time goes on, our plan has been to continue to improve our operating margin. So that goes without saying because it's a natural phase that you go through. You go through as you launch products, you invest behind them, you expand, you spend money on, you know, launching some of these products. Naturally, as time goes on, you'll be able to improve the operating margin because your investment level might not be exactly the same forever. You know, you'll do that commensurate with the life cycle of every product. So naturally, the short answer is yes, we would have been able to improve our operating margin.

Of course, these comments only apply to Supernus as standalone. You know, the new company will have a lot of different dynamics at that point.

Unknown Speaker

Got it. My second question, I want to ask about SPN817, which is currently in Phase II development for epilepsy. I'm curious, can you talk about timing of the data and expectation for the readout?

Jack Khattar

Yes, right now, given the rate of recruitment, it looks like most likely, and we'll confirm that with a little bit more concrete data. We would like to see another quarter of recruitment before we put out a specific target, but it looks like it's going to be in 2028. I don't have more specifics, you know, first second quarter, third quarter, that will come back, you know, with more information as we get better feel for the recruitment. And these epilepsy trials tend to be slow in general. So we're basically going very similar rates as everybody else in the industry and doing these trials. So 2028 will be a good guess, but when in 2028, we'll try to nail it down and get it a little tighter as time goes on.

Unknown Speaker

And if I may squeeze one in, this is a follow-up to Annabel's question earlier. So I'm curious, so obviously more than 400 new forms were submitted for Onapco this quarter, similar to the runway the first couple of quarters. Were you surprised that the number of new forms submitted haven't picked up meaningfully since the resolution of the supply shortage and looking ahead, what are the upside levers that new forms and new scripts could pick up meaningfully from current runway?

Jack Khattar

Yeah, I mean, the answer to the first question, it wasn't surprising because we knew we were relaunching the product basically. So not that we're starting from scratch, but you know, when you pause for three, four months, the heavy activity from a launch perspective, everybody slows down because of the supply issues. And now you start again, naturally, you know, you are more in a relaunch mode. So we're really actually pretty pleased with the levels of forms that we have. We always would love to have more, don't get me wrong. And clearly, as I mentioned earlier, I mean, now that we have all these issues behind us, the supply, and as I mentioned earlier, the process also has gotten much smoother because the backlog is all cleared up. The conversion could potentially get better.

So, I mean, all these will help us continue to feed the demand. Physicians will get positive and more positive feedback on the experience that their patients are having with the product. So, I mean, all this will help us hopefully even, you know, make this even a much growing number as time goes on, you know, beyond the 400 and go above that. So, clearly, stay tuned to any updates as time goes on, pretty good about the basics for the demand of this product. Okay, great. Thanks so much. Sure.

Operator

I am not showing any more questions at this time. I will now turn it back over to Jack Khattar, President and CEO for closing remarks.

Jack Khattar

Thank you for joining us on this call today. We have positive momentum across our business, as evident with our strong third quarter and year-to-date performance in 2026. We continue to generate strong cash flows behind the strength of our growth products and through the efficiency of our operations. We're very excited about our future as a combined company with Indivior and the value it will create. Thanks again for joining us this afternoon. We look forward to providing you with further updates on our progress.

Operator

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

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