Indivior Pharmaceuticals Inc

On a trailing 12-month basis as of June 30, 2026, Supernus reported $830 million of net revenue, $150 million of adjusted EBITDA, and an adjusted EBITDA margin of about 18%; it had $372 million of cash and no debt. Indivior reported $1.3 billion of net revenue, $613 million of adjusted EBITDA, and a 46% adjusted EBITDA margin; it had $251 million of net debt and about 0.4x net leverage. On a combined basis, pro forma net revenue was about $2.2 billion, pro forma adjusted EBITDA was $888 million, the margin was about 41%, net debt was $878 million, and net leverage was about 1x, with the EBITDA figure including $125 million of expected cost synergies. Forward-looking items included expected annual synergies within the first 12 months, a fourth-quarter 2026 close target, and no explicit revenue or EPS guidance was provided on this transaction-focused call.

Jack Khattar framed the deal as a way to build a diversified CNS leader with stronger commercial scale, broader therapeutic reach, and more financial flexibility. He emphasized that the companies are combining from positions of strength and that the merger should support future business development, continued R&D investment, and a broader portfolio of growth products lasting into the 2030s. His tone was upbeat and confident, but disciplined on capital allocation, repeatedly stressing focus, quality, and limited leverage.

Tim Dec highlighted the pro forma financial profile: Supernus’ $830 million net revenue, $150 million adjusted EBITDA, and $372 million cash with no debt; Indivior’s $1.3 billion net revenue, $613 million adjusted EBITDA, and $251 million net debt; and the combined company’s $2.2 billion net revenue, $888 million adjusted EBITDA, 41% margin, $878 million net debt, and roughly 1x leverage. He also said the synergy-backed EBITDA figure includes $125 million of expected cost savings. In Q&A, management said they are generally comfortable with about 2.5x to 3x adjusted EBITDA for future acquisitions, depending on asset quality and cash flow durability.

Analysts pressed on the size of the combined company’s future business development firepower, and Jack said the strategy will remain focused on CNS, with women’s health also a possibility, while using the stronger balance sheet to pursue quality assets. Several questions focused on SUBLOCADE’s outlook; Joe Ciaffoni declined to give peak sales guidance but said the product is the number one prescribed, has a durable runway, and is just beginning to scratch the surface of its potential. On exclusivity, Joe cited the product’s manufacturing complexity, no Paragraph IV challenges so far, 12 Orange Book patents running from 2031 to 2038, and additional patents being pursued that could extend protection to 2042-2044 if granted.