Indivior Pharmaceuticals Inc (INDV) 2026 Q2 法說會逐字稿

Good day and welcome to the conference call and webcast to discuss the merger of Supernus Pharmaceuticals and Indivior Pharmaceuticals. (Operator Instructions) I would now like to hand the conference over to your speaker, Peter Vazzo, investor relations representative for Supernus Pharmaceuticals. Please go ahead.

各位好，歡迎參加本次電話會議與網路直播，討論 Supernus Pharmaceuticals 與 Indivior Pharmaceuticals 的合併事宜。(接線員指示) 現在我想將會議交給我們的講者，Supernus Pharmaceuticals 的投資人關係代表 Peter Vazzo。請開始。

Good morning, everyone, and thank you for joining us to discuss the proposed merger of Supernus Pharmaceuticals and Indivior Pharmaceuticals. A press release announcing the proposed merger was issued earlier this morning. Additionally, this morning, both companies separately reported financial results for the three and six-month period ending June 30, 2026. As a result of the transaction announcement, Supernus and Indivior are hosting this joint conference call in (lieu) of their previously scheduled second-quarter 2026 earning calls. Note that today conference call will focus on the transaction.

各位早安，感謝各位加入我們，一同討論 Supernus Pharmaceuticals 與 Indivior Pharmaceuticals 擬議的合併案。今早稍早已發布新聞稿，宣布該擬議合併案。此外，今早兩家公司也分別公布截至 2026 年 6 月 30 日止三個月及六個月期間的財務結果。由於交易公告，Supernus 與 Indivior 共同舉辦本次聯合電話會議，以取代原先排定的 2026 年第二季財報電話會議。請注意，今天的電話會議將聚焦於本次交易。

Before we begin, I would like to remind everyone that today discussion regarding Supernus and Indivior includes forward-looking statements, including expectations regarding the proposed transaction. These statements are subject to risks and uncertainties, and we encourage you to review the related SEC filings for more detail. For the benefit of those of you who may be listening to the replay, this call is being held and recorded on August 3, 2026. Since then, the company may have made additional announcements related to the topics discussed.

在開始之前，我想提醒各位，今天關於 Supernus 與 Indivior 的討論包含前瞻性陳述，包括對擬議交易的預期。這些陳述受風險與不確定性影響，我們鼓勵各位查閱相關的 SEC 申報文件以取得更多細節。為了收聽重播的各位，本通話於 2026 年 8 月 3 日舉行並錄音。自該日起，公司可能已就所討論的主題發布其他公告。

I am joined on the call today by Jack Khattar, President and Chief Executive Officer at Supernus, Joseph Ciaffoni, Chief Executive Officer of Indivior and Tim Dec, Chief Financial Officer of Supernus. Ryan Preblick, Chief Financial Officer of Indivior , is also available for Q&A.

今天與我一同參與電話會議的有：Supernus 總裁兼執行長 Jack Khattar、Indivior 執行長 Joseph Ciaffoni，以及 Supernus 財務長 Tim Dec。Indivior 財務長 Ryan Preblick 也將出席並可於問答環節回應提問。

I will now turn the call over to Jack Khattar, President and Chief Executor and Executive Officer of Supernus.

現在我將把電話會議交給 Supernus 的總裁兼首席執行官與執行長 Jack Khattar。

Thank you, Peter. Good morning, everyone, and thanks for taking the time to join us on today call. This transaction creates a CNS leader through the combination of two highly complementary businesses. The combined commercial portfolios will total 11 medicines with key growth products anticipated to grow well into the 2030s. The merger provides for four key commercial therapeutic areas in addiction, ADHD, depression and Parkinson disease. It also accelerates profitability and cash flow generation with expected annual cost synergies of $125 million, which we expect to realize within the first 12 months following the merger.

謝謝你，Peter。各位早安，感謝各位撥冗參加今天的電話會議。透過結合兩項高度互補的業務，本次交易將打造一家具中樞神經系統（CNS）領導地位的公司。合併後的商業產品組合將合計達 11 款藥品，預期關鍵成長產品可一路成長至 2030 年代。本次合併涵蓋四大關鍵商業治療領域：成癮、ADHD、憂鬱症與帕金森氏症。此外，透過預期每年 1.25 億美元的成本綜效（我們預期在合併後前 12 個月內實現），也將加速獲利能力與現金流的創造。

Our respective teams have spent a great deal of time together identifying and validating these synergies. These synergies are primarily general and administrative redundancies and operational efficiencies that should materialize after the two companies come together. The merger also gives us a strong balance sheet, which enhances our flexibility to pursue future business development and other growth opportunities. Put simply, this combination creates a CNS leader with a diversified portfolio of commercial products. A differentiated and innovative CNS pipeline and significant financial resources to accelerate growth opportunities.

我們雙方團隊已投入大量時間共同辨識並驗證這些綜效。這些綜效主要來自一般與行政（G&A）重複項目以及營運效率提升，預期在兩家公司整合後即可逐步顯現。本次合併也將帶來強健的資產負債表，提升我們追求未來業務發展及其他成長機會的彈性。簡而言之，這項結合將打造一家具備多元化商業產品組合的 CNS 領導者。並擁有差異化且具創新性的 CNS 研發管線，以及可加速成長機會的可觀財務資源。

I would now like to turn it over to Joseph Ciaffoni, who will provide his perspective on the transaction.

接下來我想把時間交給 Joseph Ciaffoni，由他分享對本次交易的觀點。

But before I do that, i will take a moment to recognize the dedicated employees of both Supernus and Indivior, whose commitment and focus have made today milestone possible.

但在此之前，我想先花一點時間向 Supernus 與 Indivior 兩家公司敬業的員工致意；正是他們的承諾與專注，才讓今天這個里程碑得以實現。

Thanks, Jack, and good morning, everyone. I am excited to be here with the Supernus team to announce the creation of a new leading diversified CNS biopharmaceutical company with significant scale. Bringing our two organizations together is intended to deliver greater value to the patients, healthcare communities and shareholders we serve.

謝謝你，Jack，各位早安。我很高興能與 Supernus 團隊一同宣布，成立一家具有相當規模、領先且多元化的 CNS 生物製藥新公司。整合我們兩個組織，旨在為我們所服務的病患、醫療社群與股東帶來更大的價值。

We are excited by the potential of combining our two complementary organizations, and importantly, we have a shared vision of improving the lives of people living with CNS and behavioral health diseases.

我們對於結合兩個互補組織的潛力感到振奮；更重要的是，我們共同的願景是改善罹患 CNS 與行為健康疾病人們的生活。

For Indivior shareholders, our execution against the Indivior action agenda has dramatically strengthened the company by accelerating top-line growth through strong commercial execution and sustained investment in SUBLOCADEcate and accelerated the bottom line at an even faster rate by focusing and simplifying the organization.

對 Indivior 股東而言，我們依循 Indivior 行動議程的執行，已透過強勁的商業執行與對 SUBLOCADEcate 的持續投資，加速營收成長並大幅強化公司；同時，藉由聚焦並簡化組織，也以更快的速度提升獲利表現。

We are pleased that Indivior shareholders will have the opportunity to participate in the upside we see from this combination under Jack leadership. The combined company creates a leading CNS-focused biopharmaceutical company that generates over $2 billion in net revenue comprised of meaningfully differentiated and durable commercial growth drivers along with an innovative pipeline.

我們很高興 Indivior 股東將有機會在 Jack 的領導下，參與我們認為此一結合所帶來的上行潛力。合併後的公司將成為以 CNS 為核心的領先生物製藥公司，淨營收超過 20 億美元，並由具明顯差異化且具持久性的商業成長動能，以及創新研發管線所構成。

We expect the combined company to realize significant cost synergy, which will create meaningful value for shareholders. As a merger of equals, we are able to preserve balance sheet strength that strongly positions the new company to execute on business development opportunities at a level that neither company could contemplate today on their own. I am optimistic about the future of Supernus and I am confident that this combination will mark a new phase of growth and value creation. Upon closing of the transaction, all three phases of the Indivior action agenda will have been successfully completed.

我們預期合併後公司將實現顯著的成本綜效，為股東創造可觀價值。作為一項對等合併（merger of equals），我們得以維持資產負債表的強度，使新公司在業務開發機會的執行上具備更強定位，其規模是目前任一公司單獨都難以想像的。我對 Supernus 的未來感到樂觀，也相信這項結合將開啟新的成長與價值創造階段。在交易完成交割後，Indivior 行動議程的三個階段都將成功完成。

In closing, I want to thank the Indivior team for their contributions to our progress and most importantly, for their commitment to making a positive difference in the lives of people living with opioid use disorder in the communities we serve.

最後，我要感謝 Indivior 團隊對我們進展所做出的貢獻；更重要的是，感謝他們致力於在我們所服務的社區中，為受鴉片類藥物使用障礙影響的人們帶來正向改變。

Supernus strength gives us an even greater ability to make a positive difference moving forward. I will now turn the call back over to Jack.

Supernus 的實力讓我們在未來更有能力持續帶來正向影響。現在我把電話會議交回給 Jack。

Thanks, Joe. So let me provide some further detail. We have structured this merger as an all-stock tax-free merger of equals. Which we believe capitalizes on the strengths of both companies and presents the best value creation opportunities for both sets of shareholders.

謝謝你，Joe。接下來我再補充一些細節。我們將本次合併架構設計為全股票、免稅的對等合併。我們相信這能發揮兩家公司的優勢，並為雙方股東帶來最佳的價值創造機會。

Under the terms of the agreement, Supernus shareholders will receive 1.5401 shares of individual common stock for each share of Supernus they own. In addition, prior to closing. Indivior will declare a dividend of $1 billion in the aggregate to pre-closing Indivior stockholders.

依據協議條款，Supernus 股東每持有 1 股 Supernus 股票，將可獲得 1.5401 股 Indivior 普通股。此外，在交割前，Indivior 將向交割前的 Indivior 股東宣告合計 10 億美元的股利。

Taking the cash distribution and exchange ratio together, we expect Indivior shareholders to own approximately 56.5% of the combined company at closing, with Supernus shareholders owning the remaining approximately 43.5% on a fully diluted basis.

綜合現金分配與換股比率，我們預期在交割時，Indivior 股東將持有合併後公司約 56.5% 的股權，而 Supernus 股東在完全稀釋基礎下將持有其餘約 43.5%。

Our combined board will include four directors from Supernus , including myself, and four directors from Indivior, including Tony Kingsley, who will serve as non-executive Chairman. Following the close, I will serve as Chief Executive Officer of the combined company with the support of an expanded current Supernus management team. The combined company will keep the Supernus name and will be headquartered in Rockville, Maryland.

合併後的董事會將包括 4 名來自 Supernus 的董事（包括我本人），以及 4 名來自 Indivior 的董事（包括將擔任非執行董事長的 Tony Kingsley）。交割完成後，我將擔任合併後公司的執行長，並在擴編後的現任 Supernus 管理團隊支持下推動營運。合併後公司將沿用 Supernus 名稱，總部設於馬里蘭州羅克維爾（Rockville）。

We expect the transaction to close in the fourth quarter of 2026, subject to the approval of both company shareholders and certain regulatory approvals and customary closing conditions. We lay out what that combined portfolio will look like. As of June 30, 2026, on a trailing 12-month basis, the combined company had approximately $2.2 billion of proforma net revenue across four key therapeutic areas.

我們預期該交易將於2026年第四季完成，惟須取得兩家公司股東核准、若干監管機關核准，以及滿足慣常交割條件。我們將說明合併後的產品組合將呈現何種樣貌。截至2026年6月30日，以過去12個月（TTM）計算，合併後公司在四個關鍵治療領域的備考（pro forma）淨營收約為22億美元。

Indivior brings the leading treatment for opioid use disorder SUBLOCADEcate. Buprenorphine extended release injection, and Suboxone sub-lineal film, also for opioid use disorder.

Indivior 帶來其在阿片類物質使用障礙（OUD）領域的領先治療產品 SUBLOCADEcate。另有丁丙諾啡（buprenorphine）長效釋放注射劑，以及同樣用於阿片類物質使用障礙的 Suboxone 舌下薄膜。

By revenue contribution, SUBLOCADEcate will be the largest single contributor at approximately 44% of proforma combined net revenue.

以營收貢獻計，SUBLOCADEcate 將是單一最大貢獻來源，約占合併後備考淨營收的44%。

Rounding out the portfolio are Supernus neurology and psychiatry products anchored by its four growth products, category for ADHD. Zerzuvay for postpartum depression and recovery on ACO for Parkinson disease.

產品組合的其餘部分則由 Supernus 的神經科與精神科產品構成，並以其四項成長型產品為核心，其中包括 ADHD 類別。Zerzuvay 用於產後憂鬱症，以及 ACO 上用於帕金森氏症的 recovery。

Both organizations are combining from a position of strength and demonstrated progress. Supernus strategic focus has been expanding its portfolio through growth of its current commercial products, business development, and advancement of its mid to late stage CNS pipeline of novel assets, and as such has developed a successful track record of acquiring and integrating businesses.

兩個組織皆是在實力穩健且已展現進展的基礎上進行合併。Supernus 的策略重點在於透過現有商業化產品的成長、業務開發，以及推進其中後期 CNS（中樞神經系統）新型資產的研發管線來擴充產品組合；因此，公司已建立成功的併購與整合業務的良好紀錄。

Against that focus, Supernus has strengthened its presence in neuro-psychiatry through the acquisition of Sage Therapeutics in 2025, secured FDA approval and launched Onamco for Parkinson's disease, and is generating significant free cash flow.

在此策略重點下，Supernus 於2025年透過收購 Sage Therapeutics 強化其在神經精神領域的布局，取得 FDA 核准並推出用於帕金森氏症的 Onamco，且正在產生可觀的自由現金流。

Indivior strategic focus has been implementing its three-phase action agenda to grow SUBLOCADEcate.

Indivior 的策略重點是推動其三階段行動議程，以擴大 SUBLOCADEcate 的成長。

Simplify the business and strengthen its financial position.

精簡業務並強化其財務狀況。

It has become a leader in developing and commercializing treatments to help people achieve long-term recovery from opioid use disorder. Indivior has accelerated SUBLOCADEcate growth through improved commercial execution and its direct-to-consumer campaign simplified the business to reduce operating expenses and generated significant operating leverage. Together, we believe the combined organization is well prepared to drive the next phase of value creation.

公司已成為開發與商業化治療方案的領導者，協助人們從阿片類物質使用障礙中達成長期復原。Indivior 透過提升商業執行力加速 SUBLOCADEcate 成長，並以其直接面向消費者（DTC）的行銷活動精簡業務以降低營運費用，進而產生顯著的營運槓桿。我們相信，合併後的組織已充分準備好推動下一階段的價值創造。

Before I hand it to Tim, we remain very excited about the innovation and differentiation of our product candidates in development and the opportunity to deliver sustained innovation and growth into the future.

在交給 Tim 之前，我們仍對研發中產品候選藥物的創新性與差異化，以及在未來帶來持續創新與成長的機會感到非常振奮。

The combined company will continue to invest in R&D, completing the development of Supernus current product candidates, replenishing the pipeline with innovating product candidates from our discovery programs and external collaborations.

合併後公司將持續投資研發（R&D），完成 Supernus 目前產品候選藥物的開發，並透過我們的探索性研發計畫與外部合作，以創新產品候選藥物補充研發管線。

With that, let me turn it over to Tim to walk through more of the financial details.

接下來，我把時間交給 Tim，請他進一步說明更多財務細節。

Thank you, Jack, and good morning, everyone.

謝謝你，Jack，各位早安。

For Supernus , on a trailing 12-month basis as of June 30, 2026, total net revenue was $830 million and adjusted EBITDA was $150 million, which is an adjusted EBITDA margin of approximately 18%. As of June 30, 2026. Supernus had cash of approximately $372 million and no debt.

就 Supernus 而言，截至2026年6月30日，以過去12個月（TTM）計算，總淨營收為8.30億美元，調整後 EBITDA 為1.50億美元，調整後 EBITDA 利潤率約為18%。截至2026年6月30日。Supernus 持有現金約3.72億美元，且無負債。

For Indivior, corresponding figures for net revenue, adjusted EBITDA and adjusted EBITDA margin were $1.3 billion, $613 million and 46%. As of June 30, 2026, net debt was $251 million and net leverage was approximately 0.4 times.

就 Indivior 而言，淨營收、調整後 EBITDA 與調整後 EBITDA 利潤率的對應數字分別為13億美元、6.13億美元與46%。截至2026年6月30日，淨負債為2.51億美元，淨槓桿約為0.4倍。

On a combined basis for the 12 months ended June 30, 2026, proforma net revenue was approximately $2.2 billion with proforma adjusted EBITDA of $888 million and a margin of approximately 41%, net debt of $878 million and a net leverage ratio of approximately 1 times.

以合併基礎計算，截至2026年6月30日止12個月，備考淨營收約為22億美元，備考調整後 EBITDA 為8.88億美元，利潤率約為41%；淨負債為8.78億美元，淨槓桿比率約為1倍。

Note, the proforma adjusted EBIT figures include the impact of expected cost synergies of $125 million.

請注意，備考調整後 EBIT 數字已包含預期成本綜效1.25億美元的影響。

As we mentioned earlier, this morning, Supernus and Indivior reported their respective financial results for the three and six-month periods ending June 30, 2026.

如同我們先前提到的，今天早上，Supernus 與 Indivior 已分別公布截至2026年6月30日止三個月及六個月期間的各自財務結果。

With that, let me hand the call back to Jack.

接下來，我把電話會議交回給 Jack。

Thank you, Tim. Because I think it is the clear summary of why we are doing this.

謝謝你，Tim。因為我認為這清楚總結了我們為何要進行這項交易。

This transaction enhances and diversifies our growth profile. It gives us a differentiated portfolio with key growth products expected to grow well into the 2030. It also establishes us in four key commercial therapeutic areas in addiction, ADHD, depression and Parkinson disease.

這項交易強化並多元化了我們的成長輪廓。它讓我們擁有具差異化的產品組合，且關鍵成長產品預期可一路成長至2030年代。同時也讓我們在成癮、ADHD、憂鬱症與帕金森氏症四個關鍵商業治療領域建立布局。

And it also provides increased scale and significant cost synergies. It gives us meaningfully greater flexibility and capacity to pursue growth initiatives, both organic and through business development opportunities that neither Indivior nor supporters could contemplate on their own today.

此外，它也帶來更大的規模與顯著的成本綜效。它賦予我們更具實質意義的彈性與能力來推動成長計畫，無論是有機成長或透過業務開發機會，這些都是目前 Indivior 或 Supernus 單獨都難以想像能夠推動的。

Taken together, we see this as a value-creating transaction for shareholders of both companies to accelerate profitability and cash flow generation and provide the combined company greater financial flexibility and capacity to pursue growth opportunities.

綜合而言，我們認為這是一項能為兩家公司股東創造價值的交易，可加速獲利能力與現金流的產生，並為合併後公司提供更高的財務彈性與能力以追求成長機會。

We see that flexibility supporting three key priorities: first, driving growth in our combined commercial portfolio. Including continued investment behind the combined company's growth products, SUBLOCADE, Qelbree, ZURZUVAE, GOCOVRI and ONAPGO second, advancing our novel and innovative pipeline of product candidates and third, pursuing future business development and other growth opportunities. With that, I will now turn it over for a question-and-answer period.

我們認為這種彈性將支持三項關鍵優先事項：第一，推動合併後商業化產品組合的成長，包括持續加碼投資於合併後公司的成長產品：SUBLOCADE、Qelbree、ZURZUVAE、GOCOVRI 與 ONAPGO；第二，推進我們新穎且具創新性的產品候選藥物研發管線；第三，追求未來的業務開發及其他成長機會。接下來，我將進入問答環節。

(Operator Instruction) Andrew Tsai, Jefferies.

（接線員指示）Jefferies 的 Andrew Tsai。

Hey, congratulations on the merger. Thanks for taking my questions. So it looks like the transaction you said helps you guys do BD deals in the future that neither company could contemplate by yourself. So can you talk about what kind of firepower we are talking about and what kind of indication areas that companies jointly might be interested in now? And then secondly.

嗨，恭喜完成合併。謝謝讓我提問。看起來你們提到這筆交易能幫助你們未來做 BD（業務開發）交易，而這是任何一家公司單獨都難以想像能做到的。那你們能談談我們所說的「火力」大概是什麼規模，以及兩家公司現在可能共同感興趣的適應症領域有哪些嗎？第二個問題是。

What do you foresee the peak sales of SUBLOCADE to be and why should it fundamentally outperform competitors in the space?

你們預期 SUBLOCADE 的峰值銷售額會是多少？以及為什麼它在本質上應該能優於同領域的競品？

And then maybe just on top of that, the consensus EBITDA estimate on the Indivior side seems like a material step up in 2027. So how comfortable are you guys with that directionally speaking?

另外再補充一下，市場共識對 Indivior 端的 EBITDA 估計在2027年似乎有顯著上修。就方向性而言，你們對此有多大把握？

Hi, Andrew. Thanks for the questions.

嗨，Andrew。謝謝你的提問。

I will start with the first one and then Joe can step in on the SUBLOCADE questions.

我先回答第一個問題，接著 Joe 可以補充 SUBLOCADE 的問題。

Regarding business development, our strategy will continue to be very focused and disciplined as we have always done over the years. Clearly, CNS is our mainstay, and that is what we continue to focus on from a therapeutic area. We have been always open to considering other areas. Of course, Women Health is another vertical that we have, and these are the two areas we'll continue to focus on in general.

關於業務開發，我們的策略將一如既往，持續保持高度聚焦與嚴謹紀律，這也是我們多年來一貫的做法。很明顯，CNS 是我們的核心主軸，從治療領域角度我們也會持續聚焦於此。我們也一直對評估其他領域保持開放態度。當然，女性健康（Women Health）是我們另一個垂直領域，而整體而言，這兩個領域將是我們持續聚焦的方向。

As far as the capacity, as Tim walked you through the pro forma, and this is more on the proforma basis, you will see that the adjusted EBITDA is very healthy. And in general, our. Philosophy, we do not try to over leverage from a business perspective and taking on a lot of debt. So we are very comfortable typically with the 2.5, maybe 3x adjusted EBITDA from a multiple perspective. And as I always say, I mean, it always depends on the quality of the assets that you're bringing to the table and the cash flows that are coming with that acquisition.

就產能而言，正如 Tim 帶各位走過備考（pro forma）數字所示，而且這更多是以備考基礎來看，你會看到調整後 EBITDA 非常健康。而一般來說，我們的。理念是，從業務角度我們不會試圖過度槓桿化、承擔大量債務。因此，從倍數角度來看，我們通常對 2.5 倍、也許 3 倍的調整後 EBITDA 感到非常舒適。而且我一向說，這總是取決於你帶到桌面上的資產品質，以及該收購所伴隨的現金流。

A little bit more sustainability of cash flows, healthier. Quality of cash flows, maybe you can go on the higher upper end of the multiple clearly. But that is really the guideline that we will continue to pursue as we move forward after the closing.

如果現金流的可持續性更高、更健康。現金流品質更好，那麼顯然你可以採用更高端的倍數。但這確實是我們在交割完成後、往前推進時會持續遵循的指引。

And Andrew, with regards to SUBLOCADE, I appreciate the question.

Andrew，關於 SUBLOCADE，我很感謝這個問題。

I would emphasize SUBLOCADE is the first. it is the number one prescribed, and it is a meaningfully differentiated long-acting injectable.

我要強調的是，SUBLOCADE 是第一個；它是處方量排名第一，而且是一款具備顯著差異化的長效注射劑。

Importantly, I believe we are just beginning to scratch the surface of SUBLOCADE potential. Now, as a matter of policy at Indivior, we give no peak sales guidance, but what I would emphasize is we believe the runway for SUBLOCADE is doorway. We believe the product will continue to grow.

重要的是，我相信我們才剛開始觸及 SUBLOCADE 的潛力。目前，作為 Indivior 的政策，我們不提供峰值銷售指引（peak sales guidance），但我要強調的是，我們認為 SUBLOCADE 的成長跑道非常長。我們相信該產品將持續成長。

If you look at this quarter, every fundamental metric in support of SUBLOCADE is trending in a strong direction. And I would close with in the quarter, we had record new patient starts. We have seen stable market share at 76%, which has now been about six or seven quarters where we see share stabilizing there. And the most important thing. That we are focused on because there is such opportunity is driving long-acting injectable utilization.

如果你看本季，所有支持 SUBLOCADE 的基本面指標都呈現強勁的趨勢。最後補充一點，本季我們的新病患啟用數創下紀錄。我們看到市占率穩定在 76%，而且大約已經有六到七個季度看到市占在這個水準穩定。而最重要的是。我們聚焦的重點，因為機會非常大，是推動長效注射劑（LAI）的使用。

And so there is a long runway in front of it.

因此，前方還有很長的成長跑道。

Thank you, guys. Congratulations.

謝謝各位。恭喜。

Glen Santangelo, Barclays.

Barclays 的 Glen Santangelo。

Thanks for taking my question. Hey, Jack, I just had a couple of quick ones here. I was curious, could you guys give us the proforma total shares outstanding and maybe proforma debt and cash for the combined company? I think that would be helpful as we start to think about our models. And then secondly, while the expense synergies obviously seem like they make sense given the combination, you talked a fair amount about the enhanced growth. Profile of the company. And I was curious, since you are not detailing any sort of revenue synergies, I was kind of curious, could you talk about why you think this will enhance the growth profile? I mean, can you leverage the two commercial sales forces that you have in place? And any enhancements you think the combination will create on the R&D side, any sort of comments there would be helpful?

謝謝讓我提問。嗨，Jack，我這裡有幾個很快的問題。我想請問，你們能否提供合併後備考的流通在外總股數，以及也許合併公司備考的債務與現金水位？我想這會有助於我們開始思考模型。第二，雖然費用協同顯然在合併下看起來合理，但你們談了不少公司成長。輪廓（profile）的提升。我很好奇，既然你們沒有細談任何收入協同（revenue synergies），能否談談為什麼你們認為這會提升成長輪廓？例如，你們能否運用現有的兩支商業銷售團隊？以及你們認為合併在研發端會帶來哪些提升？任何相關評論都會很有幫助。

Let me start first with the second part of the question and then Tim can jump in on the other side.

我先回答問題的第二部分，然後 Tim 可以再補充另一部分。

As far as the expenses, synergies and so forth.

就費用、協同等方面而言。

Now if you look historically, we have made several acquisitions and obviously we have been able to integrate them very well and this is not going to be any difference. This merger will certainly take advantage of certain redundancies that the two organizations naturally bring together. There are natural redundancies that will result in the $125 million cost synergies that we talked about. Now, clearly, there is more as after we close and we look into the operation, we will, of course, focus on those because we are always striving for efficiency in the operations across all the groups.

如果你回顧歷史，我們做過幾次收購，顯然我們都能非常好地完成整合，這次也不會有任何不同。這次合併當然會利用兩個組織自然結合後所帶來的一些重複之處。這些自然的重複將帶來我們所提到的 1.25 億美元成本協同效益。當然，交割後我們深入檢視營運時，還會有更多，我們也會聚焦於此，因為我們一向致力於提升各團隊在營運上的效率。

As far as revenue and growth profile, so what do we mean by enhancing the growth profile, Basically, what you have with the combination, you have now five or you will have five growth products across different therapeutic areas. All growth products have been supported very well by the separate companies, of course, but when you have much deeper and larger financial resources, you can continue to re-examine the portfolio, the growth potential of these products, and try to maximize the potential of these products. These will be the opportunities that we will look for to be able to enhance the growth profile in general. But then enhancing the growth profile of the total company could also mean that means we will bring other products from the outside and given the expanded capacity that I mentioned in my previous remarks, the flexibility that we would have from a financial perspective, that will give us tremendous firepower that otherwise we do not have and that would allow us to bring even more products into the portfolio and enhance the growth of the total company in general. And that is. What is so unique about this combination, it is that firepower and the powerful advantages that it brings to the table, which again, and you'll hear us say that many times that otherwise each of us separately would not be able to do and it is really giving our shareholders combined a great opportunity to benefit from a profile that probably doesn't exist today in this space. If you look at the CNS space, I will guarantee you there are not too many companies with a profile like the one we just gave you from a pro forma perspective, and that is a huge opportunity for people to participate with the upside of such a combined company.

至於收入與成長輪廓，我們所說的提升成長輪廓是什麼意思？基本上，透過這次組合，你現在將擁有、或將會擁有五個分布於不同治療領域的成長型產品。當然，各成長型產品在各自公司都獲得了很好的支持，但當你擁有更深、更大的財務資源時，你就能持續重新檢視產品組合、這些產品的成長潛力，並嘗試將其潛力最大化。這些就是我們將尋找的機會，以提升整體的成長輪廓。此外，提升整體公司的成長輪廓也可能意味著：我們會從外部引進其他產品；而且基於我先前提到的擴大後的產能、以及財務面的彈性，這將賦予我們巨大的火力，這是我們原本所沒有的，並使我們能把更多產品納入產品組合，從而提升整體公司的成長。而這就是。這次組合如此獨特之處：它帶來的火力與強大優勢；我們也會一再強調，若各自獨立運作，這些是做不到的。這確實讓我們合併後的股東有很好的機會，受益於一個在這個領域中今天可能並不存在的輪廓。如果你看中樞神經（CNS）領域，我可以保證，從備考角度來看，具備我們剛剛描述這種輪廓的公司並不多，這為大家提供了參與這家合併公司上行潛力的巨大機會。

Yeah, Glenn, you had asked about the number of shares outstanding post-deal. With the exchange ratio for the Sperm shares at 1.54, the aggregate number of shares will be about 215 million.

是的，Glenn，你問到交易完成後的流通在外股數。以 Sperm 股票 1.54 的換股比率計算，合計股數大約會是 2.15 億股。

And can we get the total cash and debt numbers, proforma?

那我們可以拿到備考的總現金與債務數字嗎？

So on the financial slide, our proforma EBITDA is roughly $888 million. We are not going to provide any guidance going forward other than the pro forma number. And our net debt number is $878 million.

所以在財務投影片上，我們的備考 EBITDA 約為 8.88 億美元。除了備考數字之外，我們不會提供任何未來指引。而我們的淨負債（net debt）為 8.78 億美元。

Okay, thank you.

好的，謝謝。

David Amsellem, Piper Sandler.

Piper Sandler 的 David Amsellem。

Thanks. So a couple for me.

謝謝。我這邊有兩個問題。

Jack, wanted to come back to your comments on more business development flexibility. So you have a history of doing.

Jack，我想回到你對於更大業務開發彈性的評論。你們過去有做。

Primarily commercial stage transaction. And just given where the organization will be, the combined organization, I wanted to get a sense from you regarding your appetite for late-stage assets. Earlier development stage assets and further rounding out the pipeline? And how aggressive will you be given that you have additional firepower? So that is number one. And then number two, maybe more of a question for Joe is how you're thinking about the exclusivity runway for SUBLOCADE. So this is going to be the combined organization. Biggest selling product or should be. So the question is, given its profile, can you talk to barriers for potential generics in addition to just the IP? In other words, complexity is just given that it is an LAI product. I think that would be helpful in terms of teasing out what your assumptions are for the runway for that product.

主要是商業化階段的交易。而考量到合併後組織、也就是合併後的整體組織所處的位置，我想了解你對於後期資產的偏好。更早期開發階段資產，以及進一步完善產品線（pipeline）的看法？在你們擁有額外火力的情況下，你們會有多積極？這是第一個問題。第二個問題，可能更適合問 Joe：你們如何看待 SUBLOCADE 的獨占期跑道（exclusivity runway）。這將會是合併後組織。最暢銷的產品，或應該會是。所以問題是，考量其產品特性，除了智慧財產權（IP）之外，你能否談談潛在學名藥的進入障礙？換句話說，考量它是長效注射劑（LAI）產品，其複雜性所帶來的障礙。我想這有助於釐清你們對該產品跑道的假設。

Thank you.

謝謝。

Hi, David. I will take the first question and Joe can jump in on the second one.

嗨，David。我先回答第一個問題，第二個問題 Joe 可以再補充。

As far as our priorities from a BD perspective, you are absolutely right. We have been prioritizing, of course, commercial stage assets to continue to diversify our revenue base. And clearly, this merger will do that and will do that in a great, amazing way because it really gives us not just diversification, but also gives us the scale. And the scale is going to be the factor that will happen. Allow us together with the financial resources on the R&D side to continue to invest in our current pipeline with the two assets that are mid-stage, accelerate some of them if we can. If we can, obviously, we will look into all that, but also continue to add to the pipeline. And that is what I tried to say when I said to replenish our pipeline assets, add to the pipeline. Now adding. The priority will be and will continue to be mid to late stage.

就我們從 BD（商務拓展）的角度來看之優先順序而言，你說得完全正確。我們一直在優先推進，當然，是商業化階段的資產，以持續分散我們的營收基礎。而且很明顯，這次合併將做到這一點，並且會以非常出色、令人驚豔的方式做到，因為它不僅帶來分散化，也帶來規模。而規模將會是促成改變的因素。它將使我們能夠結合研發端的財務資源，持續投資於我們目前的產品線中兩個處於中期階段的資產，並在可能的情況下加速其中一些。如果可以，顯然我們會全面評估，但同時也會持續為產品線增添新項目。這就是我所說的補充我們的產品線資產、為產品線增添項目的意思。現在談到新增。優先順序將會、也將持續是中後期階段。

We do have a fairly significant discovery efforts at superness, which we used to have before the Sage acquisition and then we augmented our capabilities with the platforms that came from Sage. And at the right moment, we will be disclosing at some point the fruits of those programs and the kind of molecule that we are working on and so forth. So most likely, again, we will continue to focus on the mid to late-stage assets from a pipeline perspective.

我們在 Supernus 確實有相當可觀的早期探索（discovery）工作；在收購 Sage 之前我們就有，之後又透過 Sage 帶來的平台強化了我們的能力。在適當的時機，我們會在某個時間點披露這些計畫的成果，以及我們正在研發的分子類型等等。因此很可能，我們在產品線角度仍將持續聚焦於中後期資產。

And David, as it pertains to SUBLOCADE, and I appreciate the question. We believe SUBLOCADE has a long durable runway in front of it and a very strong growth opportunity. From a manufacturing perspective, the only comment I will make is a very complicated product to make as a sterile long-acting injectable and an aseptic manufacturing process.

David，至於 SUBLOCADE，我也很感謝這個問題。我們相信 SUBLOCADE 前方仍有很長且具持久性的成長跑道，以及非常強勁的成長機會。就製造面而言，我唯一要說的是：作為無菌的長效注射劑，這是一個製造非常複雜的產品，且需要無菌製程（aseptic manufacturing process）。

To this point, there have been no paragraph fours, and I think in part that is due to the complexity associated with manufacturing SUBLOCADE. We have 12 Orange Book listed patents that go from 2031 out to 2038, and we are also have applied for and are pursuing additional patents anchored. Most commonly to the new label that we received in February of 2025 that if granted would take IPL to 2042 to 2044. We are very confident in both the growth profile of SUBLOCADE and the durability of the runway.

截至目前，尚未出現任何 Paragraph IV（第四段）挑戰，我認為部分原因在於 SUBLOCADE 製造的複雜性。我們在橘皮書（Orange Book）中列有 12 項專利，期限從 2031 年延伸至 2038 年；我們也已申請並正在推進更多以既有專利為基礎（anchored）的額外專利。最常見的是基於我們在 2025 年 2 月取得的新標籤（label）；若獲核准，將可把 IPL 延長至 2042 至 2044 年。我們對 SUBLOCADE 的成長曲線以及其跑道的持久性都非常有信心。

Thank you.

謝謝。

Dennis Ding, Jefferies.

Dennis Ding，Jefferies。

Hey, good morning. Thanks for taking my question. I have two. So number one.

嗨，早安。謝謝回答我的問題。我有兩個問題。第一個。

Talk about the $125 million in annual synergies and where exactly that is coming from. And from my experience from covering Indivior, that tells me the number is very conservative. So I am wondering if we should expect Indivior OUS business to be further sighted down as another source of upside on EBITDA. So that is question number one. And question number two is just i am curious around your views around some of the competitive threats.

請談談每年 1.25 億美元的協同效益，具體是從哪裡來的。以我過去追蹤 Indivior 的經驗來看，這個數字看起來非常保守。所以我想知道，我們是否應該預期 Indivior 的 OUS（美國以外）業務會進一步縮減，作為 EBITDA 上行的另一個來源。這是第一個問題。第二個問題是，我想了解你們對一些競爭威脅的看法。

Over the next few years, whether it is GLP-1s and OUD or perhaps even orexins and ADHD? And just any kind of comments on how to frame some of those readouts and the potential impacts to the underlying business would be helpful.

在未來幾年，不論是 GLP-1 用於 OUD，或甚至是 orexin（食慾素）用於 ADHD？任何關於如何看待這些讀出（readouts）以及對底層業務可能影響的評論，都會很有幫助。

I will take firstly the question on synergies. As I mentioned earlier, naturally when you have two organizations coming together, there will be natural redundancies across, we mentioned the G&A space clearly and these are about synergies that come out of the combination.

我先回答協同效益的問題。如我先前提到的，當兩個組織合併時，自然會在各個面向出現重疊，我們也提到很明顯是在 G&A（一般與行政）領域；而這些就是來自合併所產生的協同效益。

Clearly, Joe and his team has done a remarkable job for the last 12 months or more, doing extremely as far as simplifying the organization, as Joe mentioned, making the operation as efficient as possible, so the synergies we are talking about is in the area of where we combine the two organizations, and create additional opportunities that do not exist when the two companies are separate.

很明顯，Joe 和他的團隊在過去 12 個月甚至更久的時間裡做得非常出色，在簡化組織方面表現卓越；如 Joe 所說，讓營運盡可能有效率。因此我們所談的協同效益，是在我們把兩個組織整合在一起時所產生的領域，並創造出在兩家公司分開時並不存在的額外機會。

So hopefully, that is a little bit more helpful as to the kind of synergies.

希望這能更有助於理解我們所指的協同效益類型。

I think the only thing on that is that we mentioned in our prepared remarks that we have been very active in acquiring integrated companies. And when we set a number, we guarantee we will get to that number, and we have done that in the past.

我想唯一要補充的是：我們在事先準備的講稿中提到，我們一直非常積極地收購並整合公司。而當我們設定一個數字時，我們保證會達到那個數字，而且過去也確實做到了。

On competitive threats, I will start, Dennis, as it pertains to SUBLOCADE.

關於競爭威脅，Dennis，我先從 SUBLOCADE 相關的部分開始。

When we look at the horizon for SUBLOCADE, we don't see threats, we see opportunity.

當我們看 SUBLOCADE 的未來展望時，我們看不到威脅，我們看到的是機會。

And one, you have an amazing unmet need.

第一，你面對的是一個非常巨大的未被滿足需求。

There is a small percentage of people with OUD who are being treated. And there is only 10% LAI penetration. And I would say it is actually unfortunate that we do not see other medications coming to the market because we think there are certainly room for innovation. Interestingly, you raised GLP-1s. As those studies are early on. They are certainly not a threat as the studies are being done as an adjunctive treatment to buprenorphine. So we continue to believe buprenorphine. Will be a foundational treatment for people who are living with OUD for the long haul.

目前接受治療的 OUD 患者比例仍然很小。而長效注射劑（LAI）的滲透率只有 10%。我會說其實很可惜的是，我們沒有看到更多藥物進入市場，因為我們認為這個領域確實有創新的空間。有趣的是，你提到 GLP-1。由於那些研究仍在早期階段，它們當然不構成威脅，因為這些研究是作為丁丙諾啡（buprenorphine）的輔助治療（adjunctive treatment）來進行。因此我們仍然相信丁丙諾啡將會是 OUD 患者長期治療的基礎性療法。

And I will add any regarding your portion on the Orexon in ADHD, clearly. Again, not too dissimilar from the GLIP ones on the OUD space. It is still early to tell, until we see some real human data to show us that they do work or they do not work, we'll find out. But in general, again, looking at the ADHD category, and we have been at now for close to 30 years actually, it is remarkable that it is been very limited to only very few molecules. So there is a huge room here for innovation, new molecules, new entrance into the. Marketplace. So we are very used to competition. We have done it so many times before. Calvary has done amazingly well in the past five years. Actually, it is been the fastest growing brand in the category and one of the most successful launches, although we launched in the middle of COVID actually. So we welcome innovation, we welcome competition, it just makes us better and sharper and be able to even perform better. So that is yet to be seen and whether it is a non-stimulant, it is. A lot of questions of course about bringing a whole new class into the category.

我再補充你提到的 orexin 用於 ADHD 的部分，確實。同樣地，這與 GLP-1 在 OUD 領域的情況並沒有太大不同。在我們看到真正的人體數據之前，仍然言之過早，無法判斷它們是否有效；我們會再觀察。但整體而言，回到 ADHD 類別，我們其實已經深耕將近 30 年了；令人驚訝的是，這個領域長期以來只局限於非常少數的分子。因此這裡有很大的創新空間：新分子、新進入者進入市場。所以我們非常習慣競爭。我們以前做過很多次。Calvary 在過去五年表現非常出色。事實上，它一直是該類別中成長最快的品牌，也是最成功的上市之一，儘管我們其實是在 COVID 期間推出的。因此我們歡迎創新、也歡迎競爭；這只會讓我們更好、更敏銳，並能夠表現得更出色。所以這仍有待觀察；不論是否為非興奮劑（non-stimulant），把一個全新的藥物類別帶入這個領域，當然還有很多問題需要解答。

Perfect thank you thank.

太好了，謝謝你，謝謝。

Kristen Kluska, Cantor Fitzgerald.

Kristen Kluska，Cantor Fitzgerald。

Hi. Good morning, everybody, and congratulations on this announced merger. So from the SUBLOCADE side of things, I know, unfortunately, that this is a very large market, but I am curious how the companies are thinking about synergies to have more patients seek these treatment options. I understand that there is still a lot of room on the table just in terms. Patients that are seeking therapies. And then I am also curious, while recognizing there are other, that these are different indications, how the psychiatry and addiction use disorder verticals can kind of go hand in hand with the sales force just given. There are some similarities in doctors they see while, again, recognizing different indications here.

嗨。各位早安，並恭喜你們宣布這項合併。那從 SUBLOCADE 的角度來看，我知道很可惜這是一個非常大的市場，但我很好奇兩家公司如何思考協同效應，以讓更多病患尋求這些治療選項。我理解在這方面其實仍有很大的成長空間。就病患尋求治療而言。另外我也好奇，在承認還有其他因素、且這些是不同適應症的前提下，精神醫學與成癮使用障礙這兩個垂直領域，如何能在銷售團隊層面相輔相成，因為他們所接觸的醫師有一些相似之處——當然再次強調，這裡的適應症不同。

So Kristen, this is Joe. I will start. With regards to SUBLOCADE, when you look at the OUD market, there are about eight, 9 million people who misuse opioids in the United States. There are four or 5 million who are diagnosed with OUD, and there are 2 million who are being treated with buprenorphine. So I think the real key for SUBLOCADE and growth gets to, one. As we continue to get better with commercial execution, of which we still have significant runway to improve, we have seen from phase one of the endeavor action agenda generate momentum, SUBLOCADE, do better.

Kristen，我是 Joe。我先開始回答。就 SUBLOCADE 而言，當你看 OUD 市場時，美國大約有 800 萬到 900 萬人誤用阿片類藥物。有 400 萬到 500 萬人被診斷為 OUD，而有 200 萬人正在接受丁丙諾啡治療。所以我認為 SUBLOCADE 與成長的關鍵在於，第一點。隨著我們持續提升商業執行力——我們仍有相當大的改善空間——我們已經看到第一階段的行動議程帶來動能，讓 SUBLOCADE 表現更好。

The second thing and the biggest lever that we have pulled from an investment perspective is all around educating, driving awareness and encouraging people living with OUD to seek treatment. And if I were to say one thing that is really driving the results that you saw today in the quarter and the optimism for the future is there really has not been that level of education and awareness brought to. The OUD community. And so that is a key lever that is one that I think will continue to drive patients to seek treatment for their OUD.

第二點，也是我們從投資角度所採取的最大槓桿，完全圍繞在教育、提升認知，並鼓勵 OUD 患者尋求治療。如果要我說一件真正推動你們今天看到的季度成果以及對未來樂觀的因素，那就是過去其實並沒有把那樣程度的教育與認知提升帶到OUD 社群。因此這是一個關鍵槓桿，我認為它將持續推動病患為其 OUD 尋求治療。

I would just add, I mean, I think part of your question also was as far as overlap from the physician audience or what have you. There is not really too much of an overlap between the two spaces. Yes, we are, of course, in psychiatry. With the ADHD sales force, but SUBLOCADE will require a different attention, different audience clearly between the treatment clinics, different health systems that deal, and help these patients at a state level, federal level, and so forth. There are separate markets. There might be very slight overlap from psychiatry in general, but not really anything that we can see that could make a huge difference here.

我再補充一下，我想你問題的一部分也在於醫師受眾的重疊程度或類似議題。兩個領域之間其實沒有太多重疊。是的，我們當然在精神科領域，有 ADHD 的銷售團隊，但 SUBLOCADE 需要不同的關注、不同的受眾；很明顯在治療診所、不同的醫療體系——在州層級、聯邦層級處理並協助這些病患的系統——等等，都不一樣。這是分開的市場。在一般精神科可能有非常些微的重疊，但我們看不出有任何能在這裡帶來巨大差異的重疊。

So Supernus , moving forward at closing and forward, we will continue to have and we see ourselves having four different sales forces. Clearly, we have the ADHD sales force, with we will have the Parkinson's sales force, the OBGYN sales force, and the current sales force that continues and will continue to support SUBLOCADE.

因此 Supernus 在交割後以及往後，我們將持續維持——而且我們也認為自己會有——四支不同的銷售團隊。很明確地，我們有 ADHD 銷售團隊，也會有帕金森氏症銷售團隊、婦產科（OBGYN）銷售團隊，以及目前這支持續、並將繼續支持 SUBLOCADE 的銷售團隊。

Chase Knickerbocker, Craig-Hallum.

Chase Knickerbocker，Craig-Hallum。

Good morning. Congrats on your announcement here. Thanks for taking the questions.

早安。恭喜你們的這項宣布。謝謝讓我提問。

Maybe just another one on synergies.

也許再問一題關於協同效應。

So you kind of mentioned $125 million was largely coming from G&A. Can you maybe just kind of discuss what additional synergies you could potentially harvest either within sales and marketing or potentially their kind of manufacturing consolidation rationalization? Just any sort of other kind of avenues for upside on the cost energies is kind of what I am getting at.

你們提到 1.25 億美元主要來自 G&A（一般與行政費用）。能否談談你們可能還能在銷售與行銷方面，或是製造端的整併、合理化方面，額外擷取哪些協同效應？我想問的是，成本協同效應還有哪些其他可能帶來上行的途徑。

Yeah, sure. I mean, I can be way too specific at this point. Again, I will emphasize the two areas that we mentioned, the redundancies that you will typically expect in a merger like this, specifically on the G&A side.

好的，當然。我的意思是，我現在可能還無法講得太具體。再次強調我們提到的兩個領域：在這類合併中你通常會預期出現的重複部分，特別是在 G&A 端。

But I will really refer to what Tim mentioned. I mean, historically, if you look back at our track record, when we look at acquisitions and so forth, the most important thing, first of all, is to make sure the business continues to be healthy, we continue to serve our patients, we continue to make sure the business continuity and the strength of the business.

但我想回到 Tim 提到的重點。我的意思是，歷史上如果你回顧我們的紀錄，當我們看併購等等時，最重要的第一件事是確保業務持續健康、我們持續服務病患，並確保營運的連續性以及業務的韌性。

Certainly, as we go through that and as time goes on, more or less I can tell you can be assured that if there is an area that we can get synergies from, we will definitely do it because that is the mode of our operation, of our philosophy in running companies is to run them efficiently and get out of them as much synergies as possible and continue to build for the future so that we can use our dollars, our capital allocation in the right places in the investment behind the brands. Into further business development. So that I can assure you that I can be a little bit more specific right now. As time goes on, potentially we can be a little bit specific later.

當然，隨著我們推進、時間推移，我大致可以告訴你，你可以放心：只要有任何我們能取得協同效應的領域，我們一定會去做，因為這就是我們的運作模式、也是我們經營公司的理念——以高效率運營，盡可能擷取協同效應，並持續為未來建構，讓我們能把資金、資本配置用在正確的地方，投資在品牌背後，並投入進一步的業務發展。所以我可以向你保證，只是我現在還不能講得更具體。隨著時間推進，我們之後可能可以講得更具體一些。

Thank you.

謝謝。

Christian Glennie, Stifel.

Christian Glennie，Stifel。

Hi guys, thanks for taking the question. I suppose the first one would be just to circle back maybe on Joseph from a sort of individual perspective. Obviously it was a lot was lining up for the phase three and you would have considered a lot of things in that presumably and things about acquiring products, acquiring other businesses as I guess a standalone individual versus where you've ended up now in this merger situation. So just a bit more if I can push you into the. Things that you looked at maybe why those were less attractive, seemingly, than this transaction.

嗨，各位，謝謝讓我提問。我想第一個問題是回到 Joseph，從個人角度來看。顯然在第三期（phase three）之前有很多事情都在就緒，你們當時應該也考慮了很多事情，包括收購產品、收購其他企業等——也就是以單一公司獨立運作的情境，對比你們現在走到這個合併的結果。所以如果可以的話，能否再多談一點，你們當時看過哪些選項、以及為什麼那些選項看起來不如這筆交易有吸引力。

And then secondly was just on the subject, you talked about greater potential for further investment through the combination of the two companies.

第二個問題是關於你們提到，兩家公司結合後有更大的潛力進行進一步投資。

You have obviously spent quite a bit and got some impact from a DTC campaign, but just wondering if your sales force is sort of fully right-sized for that opportunity.

你們顯然在 DTC（直接面向消費者）活動上投入不少，也看到一些成效，但我想了解你們的銷售團隊是否已經針對這個機會做了充分的規模配置（right-sized）。

We know that competitors in your space around Brickside talks about significant enhancements to their sales force recently, seemingly to claim they are on sort of a par with where you guys are at. But just wondering if that is something that is a pure sort of sales force size is right-size for the scale of the opportunity?

我們知道你們領域的競爭對手（例如 Brickside）最近談到他們對銷售團隊做了顯著強化，似乎是為了宣稱他們在某種程度上已經與你們的規模相當。但我想問的是，這是否純粹是銷售團隊規模的問題——就這個機會的規模而言，你們目前的配置是否已經是合適的？

Obviously, as we were moving into the breakout phase, we had a full scan of the landscape, thought through many different things. I can assure you from our perspective, this is the most compelling and best opportunity. And what is special about this is the fact that we had two companies that share values in terms of patient centricity that are complementary. And that come into this from a position of strength, with such a focus on patient and shareholder value, we were able to accomplish what I would say is seldom done, which is a merger of equals, which preserves balance sheet strength. Now if you look at the breakout phase, for Endivier specifically, we had outlined four or five priorities. And versus each one of those, this deal more than addresses the priority. So the first was we wanted to enhance and diversify our growth profile through the addition of commercial assets.

顯然，當我們進入突破階段時，我們對整個市場版圖做了全面掃描，也思考了許多不同的可能性。我可以向你保證，從我們的角度來看，這是最具吸引力、也是最好的機會。而這件事特別之處在於，我們有兩家公司在以病患為中心的價值觀上是一致的，且彼此互補。並且雙方都是在優勢地位下進入這項交易；在如此聚焦病患與股東價值的前提下，我們得以完成一件我認為很少見的事——也就是一項對等合併（merger of equals），並保留資產負債表的強度。現在如果你看 Endivier 的突破階段，我們曾提出四到五項優先事項。而針對每一項，這筆交易都不只是滿足，而是超額達成該優先事項。第一點是，我們希望透過加入商業化資產來強化並多元化我們的成長輪廓。

The going forward company will have 11 marketed products. It will have five growth drivers, four of which are durable into the 2030s. We said we wanted to introduce because there was nothing that we were interested in acquiring an OUD. The company. To a new therapeutic area. The combined company will be in four therapeutic areas. We said we always look for deals that would have meaningful cost synergies to create value for shareholders. This combination has over $125 million at least in cost synergies. And of course, as I already commented, the MOE preserves balance sheet strength.

合併後的新公司將擁有 11 項已上市產品。將有五項成長驅動因素，其中四項可持續至 2030 年代。我們表示之所以想要引入，是因為當時沒有我們有興趣收購的 OUD（阿片類藥物使用障礙）資產。公司。進入一個新的治療領域。合併後的公司將涵蓋四個治療領域。我們說過，我們一向尋找能帶來具意義成本協同效益、為股東創造價值的交易。這項合併至少可帶來超過 1.25 億美元的成本協同效益。當然，如我先前所評論，MOE（合併平等）能維持資產負債表的穩健。

And then the final thing that we believe is that there is also the potential for multiple expansion that will take a value-creating deal to potentially an even higher level of value creation. So we could not be more excited about this opportunity and we are certainly very optimistic about both day one performance of the combined company and the amazingly bright future that can be achieved at Supernus .

最後一點，我們也相信，還存在估值倍數擴張的潛力，這可能使一筆創造價值的交易，進一步提升到更高層次的價值創造。因此，我們對這個機會感到無比振奮，並且對合併後公司第一天的表現以及 Supernus 可實現的極其光明的未來都非常樂觀。

And I would add, I mean, likewise, from the Supernus side, we have been very active on the M&A space. And as you would expect, we have also looked at. Several, numerous opportunities over the years, and we have been very impressed with what Indivior has been able to accomplish with Joseph and his team, really get the company to where it is today. And our team, of course, at Supernus to get Supernus as to what it is today that made this possible.

我也想補充，同樣地，從 Supernus 的角度來看，我們在併購（M&A）領域一直非常積極。而且如各位所預期，我們也評估過。多年來多個、眾多的機會，我們對 Indivior 在 Joseph 與其團隊帶領下所達成的成果印象深刻，確實把公司帶到今天的狀態。而我們 Supernus 的團隊，當然也把 Supernus 帶到今天的狀態，才使這一切成為可能。

I mean, that is truly, and that is back to one of the slides we said, why now, why doing it now, because we view this as being the ideal time. For two companies that have done so much, progressed so much, are in a position of strength, getting together and creating a very powerful combination that otherwise will not exist. So we are extremely obviously excited about this combination.

我的意思是，這確實呼應我們在其中一張投影片所說的「為什麼是現在、為什麼現在做」，因為我們認為現在是最理想的時機。兩家公司都做了很多、進展很大，且都處於強勢地位，攜手結合，打造一個否則不會存在的非常強大的組合。所以我們顯然對這次合併感到非常興奮。

And then Christian, to your SUBLOCADE question, and i am going to talk a bit about both organizations from this perspective.

接著，Christian，針對你關於 SUBLOCADE 的問題，我將從這個角度談談兩個組織。

What i am really excited about under Jack leadership is when you look at his track record as a CEO and the deals that he has done, he has maximized top-line value and achieved cost synergies.

在 Jack 的領導下讓我非常振奮的一點是，當你看他的 CEO 履歷以及他做過的交易，他一直能把營收端（top-line）的價值最大化並實現成本協同效益。

When you look at Indivior, I think often people focus too much on the cost synergy versus.

談到 Indivior，我認為人們往往過度聚焦在成本協同效益上，而忽略了。

The fact that we were able to generate momentum, accelerate SUBLOCADE to a level that nobody was anticipating. So it is about the top-line. And then yes, we simplified the organization and improved our cash flow generation. I am very confident as the combined company moves forward that the acceleration of SUBLOCADE will continue. Under Jack leadership, and as he's commented on multiple times, the goal from a commercial perspective is to have minimal to no disruption and to let the train continue to roll.

我們其實成功創造了動能，把 SUBLOCADE 加速推升到一個沒有人預期的水準。所以重點在於營收端。然後沒錯，我們也精簡了組織並改善了現金流創造能力。我非常有信心，合併後公司往前走，SUBLOCADE 的加速成長將會持續。在 Jack 的領導下，且如他多次提到，從商業端的目標是將干擾降到最低甚至沒有，讓列車繼續前進。

Okay. Thanks, guys.

好的。謝謝各位。

Thank you.

謝謝。

Chi Fong, Bank of America.

Chi Fong，美國銀行。

Hey, guys.

嗨，各位。

Thanks for taking my question.

謝謝讓我提問。

I just want to follow-up on business development. As you think about potential opportunity with mid to late stage asset, are there certain C&S subcategory or indication areas you would be most interested in looking at?

我想追問一下業務開發。當你們思考中後期資產的潛在機會時，是否有某些中樞神經系統（CNS）子類別或適應症領域，是你們最有興趣評估的？

Would it be an area where. Either supernose in DVO already has a presence in, or would the companies look into white spaces where neither entity are currently operating in yet?

會是在。Supernus 或 Indivior 既有布局的領域，還是公司會去看目前兩方都尚未涉足的空白領域（white spaces）？

Thank you.

謝謝。

Yeah, naturally, we will want to build on the commercial pillars, the four key commercial areas that we talked about, right,ADHD, addiction, depression, Parkinsons disease.

是的，自然地，我們會希望在我們談到的商業支柱、四個關鍵商業領域上繼續擴建，對吧，ADHD、成癮、憂鬱症、帕金森氏症。

But also beyond that, I mean, we are very agnostic to psychiatry and neurology in general. And even if it bleeds into womens health, we talked about women's health as well in the past when we did the SAGE acquisition. We have a great sales force and infrastructure there that we would want to also build in and add more efficiencies to that infrastructure as we move forward.

但除此之外，我的意思是，我們對精神醫學與神經學整體而言都相當不設限。甚至若延伸到女性健康也可以；我們過去在進行 SAGE 收購時也談過女性健康。我們在那裡有很強的銷售團隊與基礎設施，我們也希望在未來持續在該基礎上擴建，並在推進過程中為該基礎設施帶來更多效率。

To your question specifically as far as CNS per (sale), I mean, we are agnostic on the psychiatry neurology side. We can handle all kinds of products, even products in CNS that are rare diseases because as you guys know, we do have the infrastructure also to work with rare diseases as well.

就你具體問到 CNS（每 se/銷售？）而言，我的意思是，我們在精神醫學與神經學方面都不設限。我們可以承接各類產品，甚至是 CNS 的罕見疾病產品，因為如各位所知，我們也具備服務罕見疾病的基礎設施。

At the end of the day, we will scan the landscape as we always do and we already have done it many times and we will focus on those assets. That clearly are going to take us into the 2040 and 2050 and beyond as far as quality assets, innovative assets, and assets that have tremendous longevity as we move forward.

歸根結底，我們會一如既往地掃描市場版圖；我們也已經做過很多次了；我們會聚焦在那些資產上。也就是在資產品質、創新性，以及隨著我們前進所具備的極長產品生命週期等方面，明確能帶領我們走向 2040 年、2050 年甚至更遠的優質資產。

Thank you.

謝謝。

Annabel Samimy, Stifel.

Annabel Samimy，Stifel。

Hi, thanks for taking my question and congratulations on the merger. Very interesting.

嗨，謝謝讓我提問，也恭喜合併。非常有意思。

I am hoping that maybe you can talk a little bit more about the broader class.

我希望你們或許可以再多談一點更廣泛的類別。

For opioid use disorder, the oral market seems to be a good leading indicator for the long-acting injectable. So, how should we think about the broader class growth there and maybe the bottlenecks for continued usage or increased usage? And then for the LAI class specifically for SUBLOCADE to grow beyond the 10% penetration, you mentioned education, but is there any kind of payer pushback or government pushback, physician reluctance. Or patient reluctance, anything where you can, I guess, find further opportunity to drive penetration of LAI into the broader class? Thanks.

就阿片類藥物使用障礙而言，口服市場似乎是長效注射劑的良好領先指標。那麼，我們應該如何看待該更廣泛類別的成長，以及持續使用或提高使用率的瓶頸可能有哪些？另外，就 LAI（長效注射劑）類別而言，若 SUBLOCADE 要在 10% 滲透率之上繼續成長，你們提到教育，但是否存在任何付款方阻力或政府阻力、醫師的猶豫。或病人的抗拒？是否有任何你們可以、我想、找到進一步機會來推動 LAI 在更廣泛類別中提高滲透率的地方？謝謝。

First off, when you think about the market, the BMAT market, the orals, are the feeder to long-acting injectables. So, there are very few patients that ever first start. On a long-acting injectable. One of the things that is interesting is we have made significant and sustained investments in our consumer. We are actually seeing a pickup in the growth rate of the oral market, which we view as a positive because as a leader that has been committed to this space for over 25 years, our first consideration is trying to ensure appropriate patients that are contemplating recovery get treated.

首先，談到市場時，BMAT 市場中的口服製劑，是長效注射劑的導入來源（feeder）。因此，幾乎沒有病人會一開始就使用。長效注射劑。有趣的一點是，我們在面向消費者的投入上進行了重大且持續的投資。我們實際上看到口服市場的成長率有所回升，我們視之為正面訊號，因為作為在此領域深耕超過 25 年、並承諾投入的領導者，我們的首要考量是確保正在考慮復原的適當病人能獲得治療。

As it pertains to long-acting injectables and SUBLOCADE specifically, there are no bottlenecks that we see.

就長效注射劑，尤其是 SUBLOCADE 而言，我們沒有看到任何瓶頸。

So patients have access, we have broad availability, over 85% both within commercial and Medicaid. The one thing that is different about a long-acting injectable is the patient that considers an LAI is often more serious, maybe has experienced more. Ups and down in their treatment journey, and they are now ready to take the step to a sustained long-acting treatment. And then the final thing, which gets to my comment of we are just scratching the surface, if you think about SUBLOCADE, which has been on the market for eight years, we did research prior to deciding to make the huge investment in consumer that we did for the number one prescribed market-leading product. The prompted awareness amongst buprenorphine users, either on buprenorphine oral or recently, was only 15%. In our most recent research we did, that is now up to 50%. And so the point there is the notion of educating.

因此病患可以取得治療，我們的供應相當充足，在商業保險與 Medicaid 兩者合計的可及性超過 85%。長效注射劑不同之處在於，考慮使用 LAI 的病患通常更為嚴重，可能經歷過更多。在其治療旅程中起起伏伏，而現在已準備好邁向可持續的長效治療。最後一點也呼應我所說的「我們才剛開始」，如果你想想 SUBLOCADE 已上市八年，我們在決定對這個處方量第一、且為市場領導的產品進行大規模消費者投資之前，做了研究。在丁丙諾啡使用者中（不論是口服丁丙諾啡或近期使用者），提示後的認知度只有 15%。而在我們最近一次的研究中，這已提升到 50%。所以重點在於教育的概念。

Driving awareness and encouraging patients who are struggling with OUD to seek treatment. we are just scratching the surface, and you're seeing the pickup in both the growth rate of the oral market certainly SUBLOCADE, and you are seeing long-acting injectable penetration continue to increase, and we believe that will be the case with sustained investment and improved commercial execution.

提升認知並鼓勵正在與 OUD 奮戰的病患尋求治療。我們才剛開始，你也看到口服市場的成長率提升，當然也包括 SUBLOCADE；同時你也看到長效注射劑的滲透率持續提高，而我們相信在持續投資與更佳的商業執行下，這種趨勢將會延續。

Fantastic. And if I can just ask a quick follow-up on operating synergies, you cited the little over 40% for the proforma. Do you expect expansion of that or should that be a steady go-forward number that we think about?

太棒了。如果我可以再快速追問一下營運綜效，你提到備考約略超過 40%。你預期這個比例會擴大嗎？還是我們應該把它視為未來穩定的水準？

Yeah, I mean, typically the synergies, Annabel, are the first tier you get the most benefit out of the synergies. Of course, as we move forward and continue to move forward.

是的，我的意思是，通常綜效，Annabel，第一層級能取得的綜效效益最大。當然，隨著我們往前推進並持續推進。

We would like to always improve. We would like to always do better.

我們希望能一直改善。我們希望能一直做得更好。

But I can not make any forward-looking statements at this point as far as '27 or any other years. But I can assure you, as you have followed us for a long time now, we will definitely look for areas, as I mentioned earlier, any areas to continue to improve from an operating leverage perspective. We will definitely do that, certainly.

但就 '27 或任何其他年度而言，我目前無法做出任何前瞻性陳述。不過我可以向你保證，正如你長期以來一直關注我們，我們一定會尋找我先前提到的各種領域，從營運槓桿的角度持續改善。我們肯定會這麼做，當然。

Great.

很好。

Thank you.

謝謝。

Thank you. I am showing no further questions in the queue at this time. I would now like to turn the call over to Mr. Jack Khattar, for any closing remarks.

謝謝。我目前看到佇列中沒有其他問題。我現在想把電話交給 Jack Khattar 先生，請他做結語。

Thank you.

謝謝。

We are very excited about our future as a combined company and the value it will create. We look forward to continuing to engage with all of you as we progress toward closing the transaction. In the meantime, both Supernus and Indivior will continue to operate as two separate and independent companies. We are grateful to both teams for the work that got us to this point and are even more energized about the work ahead.

我們對合併後公司的未來以及其將創造的價值感到非常振奮。在我們朝交易完成邁進的過程中，我們期待持續與各位互動。同時，Supernus 與 Indivior 將繼續作為兩家獨立且互不隸屬的公司營運。我們感謝兩個團隊一路以來的努力，讓我們走到這一步，也對接下來的工作更加充滿動力。

Thank you for joining us on the poll this morning, and we look. To updating you on our progress.

感謝各位今天早上參加本次電話會議，我們期待。向各位更新我們的進展。

This concludes todays program.

本日節目到此結束。

Thank you all for participating. You may now disconnect.

感謝各位參與。您現在可以掛線。