What happened with AQST today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
Aquestive Therapeutics uses its proprietary PharmFilm technology to put medicines into thin films administered in the mouth. Pharmaceutical partners pay Aquestive to manufacture licensed products and generally handle marketing and sales themselves. Manufacturing and supply provide most of its revenue; it also earns licensing, royalty and contracted development income.
Most revenue comes from Indivior, which sells Suboxone film for opioid dependence in the United States and internationally. Aquestive is its sole manufacturer and supplier, making the business heavily dependent on Indivior and continued Suboxone sales in a market with generic competition.
Aquestive also develops its own medicines, including Anaphylm, an oral epinephrine prodrug candidate for severe allergic reactions. Anaphylm remains unapproved: the FDA requires additional usability testing and a clinical trial before further review. Its seizure-rescue medicine Libervant lost U.S. market access after a court ruling linked to competing drug Valtoco’s orphan-drug exclusivity. Libervant now has tentative approval, and the FDA’s appeal remains unresolved.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Beyond this list, watch Hypera, which generated 17% of Aquestive’s 2025 revenue, and Neurelis, whose Valtoco exclusivity poses a barrier to Libervant’s U.S. approval.
ARS Pharmaceuticals already sells needle-free neffy nasal epinephrine in the United States, competing for the severe-allergy emergencies Aquestive’s oral Anaphylm candidate would treat if approved. Its neffy sales to pharmaceutical wholesalers offer a concrete read on the market Anaphylm would enter.
Aquestive depends heavily on Indivior Pharmaceuticals, which buys its exclusively manufactured SUBOXONE Film for opioid dependence and supplies the active ingredients; Indivior accounted for approximately 73% of Aquestive’s 2025 revenue. Watch Indivior’s SUBOXONE Film business specifically, rather than treating sales of its injectable SUBLOCADE as demand for Aquestive’s film.
Nasus Pharma is developing nasal epinephrine as an alternative to injections for the same severe-allergy emergencies targeted by Aquestive’s Anaphylm. It had no revenue from existing products through December 31, 2025, so its epinephrine development progress—not current product sales—is the competitive signal to watch.
Aquestive receives a share of the payments Zevra Therapeutics earns from partnered ADHD drug AZSTARYS: Zevra passes on 10% of royalties and regulatory and net-sales milestones received from Commave, plus 10% of value generated by AZSTARYS and candidates containing SDX. Those AZSTARYS payments, rather than Zevra’s own MIPLYFFA sales, are the direct revenue link to Aquestive.
Indivior Pharmaceuticals, Inc. earningsINDV
Indivior’s report will show how its Suboxone Film business is doing, revealing whether demand for the product it buys from Aquestive Therapeutics is holding up.
Look at Indivior’s sales and demand for Suboxone Film, not injectable SUBLOCADE sales as a proxy for film demand. A steady film business supports Aquestive’s supply revenue; declining film sales point to pressure on its orders and revenue, and make its dependence on Indivior harder to reduce.
Aquestive Therapeutics, Inc. earningsThis company
Aquestive Therapeutics earns most of its revenue by supplying products to partners, and this report will show whether other products can offset declining Suboxone film sales.
Break out manufacturing and supply revenue, especially Suboxone and Ondif. Steady Suboxone supply with growth from Ondif or other products would show that other products are sharing the load of dependence on Indivior; further Suboxone declines without an offset would show revenue remains exposed to one major customer and erosion of its branded film.
Zevra Therapeutics, Inc. earningsZVRA
Zevra’s report will show royalty and milestone receipts from AZSTARYS, revealing how much related revenue may flow to Aquestive Therapeutics.
Watch AZSTARYS royalties and regulatory and net-sales milestone payments Zevra receives from Commave; Aquestive is entitled to 10% of those receipts. Higher payments mean more licensing-related revenue for Aquestive from this partnership; lower or no payments mean this revenue stream contributes less. Zevra’s MIPLYFFA sales are not a direct measure of it.
ARS Pharmaceuticals, Inc. earningsSPRY
ARS Pharmaceuticals’ report will show sales of needle-free nasal epinephrine neffy, a read on the market Aquestive Therapeutics’ Anaphylm would enter if approved.
See whether neffy sales keep growing. Growth would show patients, prescribers and payors are adopting needle-free epinephrine, while also showing that Anaphylm would face an established competitor if approved; weak sales would mean acceptance of this kind of product is not yet evident, not that Anaphylm will succeed.
