Indivior Pharmaceuticals, Inc.

What they do

The company develops and commercializes evidence-based pharmacotherapies for opioid use disorder (OUD), primarily in the U.S. Its core products are SUBLOCADE (buprenorphine extended-release monthly injection) and SUBOXONE Film (buprenorphine and naloxone sublingual film). The U.S. is the core geographic market, accounting for 85%, 85%, and 83% of net revenues for the years ended December 31, 2025, 2024, and 2023, respectively, where it sells only SUBLOCADE and SUBOXONE Film.

Revenue drivers

• SUBLOCADE — Long-acting injectable buprenorphine for OUD; Q2 2026 total net revenue was $253 million, up 21% year-over-year, with U.S. net revenue of $238 million up 22% on 18% dispense unit volume growth. It is the company's primary growth driver.
• SUBOXONE Film — Buprenorphine and naloxone sublingual film for OUD, sold only in the U.S., manufactured and supplied exclusively by third-party CMO Aquestive. It represents the remaining portion of U.S. revenue not attributable to SUBLOCADE.
• Non-U.S. products — Products available in Canada, Australia, France, and Germany accounted for roughly 15-17% of net revenues in 2023-2025, with the U.S. representing 83-85% of net revenues over that period.

Recent performance

Q2 2026 total net revenue was $343 million, up 14% year-over-year from $302 million. Total SUBLOCADE net revenue reached a record $253 million, up 21% year-over-year, with U.S. SUBLOCADE net revenue of $238 million up 22% on 18% dispense unit volume growth and a record 32,816 new patient starts. GAAP net income was a record $122 million, non-GAAP net income was $142 million, and Adjusted EBITDA was a record $186 million, up 111% year-over-year. GAAP operating expenses fell to $134 million from $179 million in the prior-year quarter.

Strategy

Management is executing Phase II Accelerate of the Indivior Action Agenda, which it credits for strong SUBLOCADE performance and raised guidance. On August 3, 2026, Indivior and Supernus Pharmaceuticals announced a definitive agreement to combine in an all-stock merger of equals to create a diversified, scaled CNS-focused biopharmaceutical company; management expects the deal to close in Q4 2026. The company repurchased 4,664,540 shares in Q2 2026 at an average price of $37.52 for $175 million, bringing year-to-date repurchases to 8,638,693 shares for $300 million. Corporate initiatives in the first half of 2026 included real estate consolidation and additional workforce reductions. Indivior completed its U.S. Domestication on January 23, 2026, becoming a Delaware corporation.

Risks

• SUBLOCADE concentration — The company states it relies heavily on SUBLOCADE for a significant portion of revenues, and SUBLOCADE accounted for $253 million of $343 million total net revenue in Q2 2026.
• Third-party manufacturing dependence — Indivior relies on third parties to manufacture commercial supplies of most products, including Curia for SUBLOCADE and Aquestive for SUBOXONE Film.
• Reimbursement and Medicaid exposure — The company depends on third-party payors for reimbursement and notes Congress may reduce spending on Medicaid funding, which could affect patient access.
• Litigation and government agreements — Indivior is subject to litigation and must comply with government agreements including a five-year Corporate Integrity Agreement with HHS-OIG entered in July 2020 and a ten-year FTC Order entered November 2020.

Outlook

Indivior raised full-year 2026 guidance on August 3, 2026: net revenue of $1,295 million to $1,365 million (from $1,215 million to $1,285 million), total SUBLOCADE net revenue of $1,010 million to $1,050 million (from $950 million to $990 million), and Adjusted EBITDA of $700 million to $740 million (from $620 million to $660 million). Non-GAAP operating expenses are unchanged at $430 million to $450 million. Guidance assumes no material change in exchange rates for key currencies versus 2025 average rates. Management expects the proposed Supernus merger to close in Q4 2026.