olivLaw · US equity research
Indivior Pharmaceuticals, Inc. INDV
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Indivior is the market leader in long-acting injectable medicines for opioid use disorder, with SUBLOCADE as its main product. For the second quarter of 2026 the company reported total net revenue up 14% year-over-year, and it raised its 2026 guidance while agreeing a merger with Supernus.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, Indivior Pharmaceuticals, Inc. (INDV) stock was 36.28 USD (+2.57% on the day), with market capitalisation 4.3 bn USD, P/E 10.2 on diluted EPS of 3.57 USD over the last 12 months, beta 0.74, 52-week range 28.78–41.83 USD. Latest reported quarter (Q3 2026): revenue of 356.0 m USD (+13.4% YoY), net income of 137.0 m USD (+226.2% YoY), diluted EPS 1.12 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.4
- strong (55–70)
- Bollinger (20, 2)
- 33.10 – 36.82
- in the upper half of the band · %B 0.85 · band width 10.6%
- SMA 50 / 200
- 35.18 / 35.68
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.26
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.6% | −5.9% | +7.5 pp | — |
| 3 months | −2.9% | −4.6% | +1.7 pp | — |
| 6 months | −6.9% | +0.2% | −7.2 pp | — |
| Year to date | +1.1% | +7.4% | −6.3 pp | — |
| 1 year | +23.5% | +8.2% | +15.3 pp | −11.5% |
| 3 years | +80.6% | +68.4% | +12.2 pp | +38.9% |
| 5 years | +103.0% | +56.5% | +46.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 299.0 m | 266.0 m | 302.0 m | 314.0 m | 358.0 m | 317.0 m | 343.0 m | 356.0 m |
| Cost of revenue | 48.0 m | 44.0 m | 52.0 m | 83.0 m | 67.0 m | 40.0 m | 50.0 m | 51.0 m |
| Gross profit | 250.0 m | 221.0 m | 250.0 m | 230.0 m | 292.0 m | 277.0 m | 294.0 m | 305.0 m |
| SG&A | 175.0 m | 133.0 m | 158.0 m | 154.0 m | 189.0 m | 124.0 m | 122.0 m | 119.0 m |
| Operating income | 46.0 m | 66.0 m | 72.0 m | 43.0 m | 81.0 m | 137.0 m | 160.0 m | 180.0 m |
| Depreciation & amortisation | 5.0 m | 3.0 m | 2.0 m ≈ | 3.0 m ≈ | 2.0 m | 2.0 m | 2.0 m ≈ | 1.0 m ≈ |
| Interest expense | 13.0 m | 12.0 m | 15.0 m | 12.0 m | 6.0 m | 7.0 m | 2.0 m | 2.0 m |
| Pre-tax income | 38.0 m | 59.0 m | 62.0 m | 37.0 m | 81.0 m | 115.0 m | 160.0 m | 182.0 m |
| Income tax | 17.0 m | 11.0 m | 44.0 m | -5.0 m | -21.0 m | 26.0 m | 38.0 m | 45.0 m |
| Net income | 21.0 m | 47.0 m | 18.0 m | 42.0 m | 102.0 m | 89.0 m | 122.0 m | 137.0 m |
| Diluted EPS | 0.16 ≈ | 0.38 | 0.14 | 0.33 | 0.78 ≈ | 0.69 | 0.98 | 1.12 |
| Operating cash flow | -17.0 m | 75.0 m | 158.0 m ≈ | -39.0 m ≈ | -221.0 m | -9.0 m | 229.0 m ≈ | 97.0 m ≈ |
| Capex | 16.0 m | 5.0 m | 17.0 m ≈ | 20.0 m ≈ | 24.0 m | 20.0 m | 7.0 m ≈ | 14.0 m ≈ |
| Share repurchases | 50.0 m | 11.0 m | 0 ≈ | 0 ≈ | 0 | 125.0 m | 177.0 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 14 percentile of its own 7-quarter history (min 10.0, median 17.5, max 241.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 791.0 m | 901.0 m | 1.1 bn | 1.2 bn | 1.2 bn |
| Revenue YoY | unavailable | +13.9% | +21.3% | +8.7% | +4.3% |
| Net income | 205.0 m | -44.0 m | -126.0 m | 7.0 m | 210.0 m |
| Net income YoY | unavailable | −121.5% | unavailable | unavailable | +2,900.0% |
| Diluted EPS | unavailable | -0.32 | -0.92 | 0.05 | 1.64 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | +3,180.0% |
| net % | 25.9% | -4.9% | -11.5% | 0.6% | 16.9% |
| Free cash flow | 349.0 m | -9.0 m | -308.0 m | 7.0 m | -93.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 195.0 m USD
- Financial debt
- 319.0 m USD
- Net debt
- 124.0 m USD
- Equity
- -98.0 m USD
- Total assets
- 1.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.71x
- ROE
- unavailable
- ROA
- 16.7%
- FCF margin
- -7.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 791.0 m | 901.0 m | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 127.0 m | 151.0 m | 174.0 m | 231.0 m | 246.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 664.0 m | 749.0 m | 919.0 m | 957.0 m | 994.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 52.0 m | 72.0 m | 106.0 m | — | — | SEC (XBRL)· 06 Mar 2024verified |
| SG&A | — | 469.0 m | 565.0 m | 612.0 m | 634.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 213.0 m | -81.0 m | -152.0 m | 38.0 m | 262.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | — | 16.0 m | 15.0 m | 16.0 m | 10.0 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | — | -65.0 m ≈ | -137.0 m ≈ | 54.0 m ≈ | 272.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 27.0 m | 27.0 m | 35.0 m | 41.0 m | 45.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 190.0 m | -89.0 m | -145.0 m | 20.0 m | 239.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -15.0 m | -44.0 m | -19.0 m | 13.0 m | 29.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 205.0 m | -44.0 m | -126.0 m | 7.0 m | 210.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | — | -0.32 | -0.92 | 0.05 | 1.64 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 151.9 m | 139.0 m | 137.0 m | 133.0 m | 128.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 1.1 bn | 774.0 m | 316.0 m | 319.0 m | 195.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | — | — | 254.0 m | 254.0 m | 253.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 95.0 m | 114.0 m | 126.0 m | 167.0 m | 153.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 1.4 bn | 1.3 bn | 1.3 bn | 827.0 m | 652.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 58.0 m | 54.0 m | 84.0 m | 100.0 m | 144.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | — | — | 5.0 m | 2.0 m | 2.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 1.8 bn | 1.8 bn | 1.8 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 720.0 m | 617.0 m | 39.0 m | 63.0 m | 48.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 3.0 m | 3.0 m | 3.0 m | 18.0 m | 29.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 239.0 m | 237.0 m | 237.0 m | 315.0 m | 290.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 804.0 m | 1.0 bn | 1.3 bn | 924.0 m | 914.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 1.6 bn | 1.7 bn | 1.9 bn | 1.7 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 203.0 m | 51.0 m | 0 | -337.0 m † | -98.0 m † | SEC (XBRL)· 26 Feb 2026verified |
| Shares outstanding at year end | — | — | 136.5 m | — | — | SEC (XBRL)· 06 Mar 2024verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 353.0 m | -4.0 m | -300.0 m | 36.0 m | -27.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 4.0 m | 5.0 m | 8.0 m | 29.0 m | 66.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 349.0 m ≈ | -9.0 m ≈ | -308.0 m ≈ | 7.0 m ≈ | -93.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -14.0 m | -222.0 m | -95.0 m | 69.0 m | -66.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -94.0 m | -101.0 m | -64.0 m | -102.0 m | -30.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 101.0 m | 90.0 m | 33.0 m | 173.0 m | 11.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 4.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Growth93
- Returns100
- Balance sheet40
- Valuation54
- Quality44
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.60 – 151.10 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)4.60 – 8.11 (Mid 5.95)WACC 8.9% · starting FCFF 45.2 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA74.98 – 118.85 (Mid 94.78)3 companies used · median multiple 20.1x · quartiles 16.0x – 25.2xTEVA, VRTX, VTRS
- Peers: P/E42.36 – 151.10 (Mid 73.68)16 companies used · median multiple 20.6x · quartiles 11.9x – 42.3xABBV, ABT, ALNY, BMY, CRMD, GMAB, INVA, JNJ, LLY, NATR, PFE, REGN, RPRX, UTHR, VRTX, ZTS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 32.8% | 88 (vs peers) | 8% |
| FCF conversion · Quality | 6.9% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 11.2% | 93 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.3x | 20 (vs peers) | 14% |
| Interest coverage · Balance sheet | 32.8x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 10.2x | 79 (vs peers) | 14% |
| EV/EBITDA · Valuation | 7.9x | 65 (on a fixed band) | 14% |
| FCF yield · Valuation | 0.7% | 9 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 7.1% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 3/3 factors with a value
- Growth· partial93/100 · 1/2 factors with a value
- Quality44/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation54/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Indivior Pharmaceuticals, Inc. (INDV). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth 4.3%; net margin 32.8%; net debt/EBITDA 0.3x.
The estimated value range is 42.36–118.85 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 73.68 USD, the price of 36.28 USD leaves a potential of 103.1% (value / price − 1) and a margin of safety of 50.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 32.8%
- Revenue CAGR 3Y: 11.2%
- Interest coverage: 32.8x
- P/E (TTM): 10.2x
- Shareholder yield (distributions): 7.1%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 6.9%
- Net debt / EBITDA: 0.3x
- Current ratio: 0.6x
- FCF yield: 0.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,283.9 bn | 44.3 | 86.1% | 31.9% | +44.7% | +27% / +131% |
| JNJJohnson & Johnson | 655.6 bn | 41.3 | 20.0% | 16.2% | +6.0% | +32% / +76% |
| ONCBeone Medicines Ltd. | 575.0 bn | 640.9 | 18.4% | 13.9% | +40.2% | +14% / +107% |
| ABBVAbbVie Inc. | 509.5 bn | 49.6 | — | 15.7% | +8.6% | +27% / +102% |
| MRKMerck & Co., Inc. | 362.2 bn | 151.2 | 5.1% | 3.6% | +1.3% | +40% / +43% |
| ABTAbbott Laboratories | 196.7 bn | 42.3 | 9.2% | 9.7% | +5.7% | −12% / +9% |
| PFEPfizer Inc | 170.3 bn | 42.6 | 4.4% | 6.3% | −1.6% | +16% / −2% |
| VRTXVertex Pharmaceuticals Inc | 137.5 bn | 34.9 | 20.8% | 30.7% | +8.9% | +25% / +53% |
| BMYBristol-Myers Squibb Company | 129.0 bn | 14.0 | 44.1% | 18.5% | −0.2% | +28% / +28% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.3 | 6.6% | 3.6% | +4.3% | +55% / +325% |
| ZTSZoetis Inc. | 33.4 bn | 13.8 | 57.6% | 26.4% | +2.3% | −36% / −54% |
| ROIVRoivant Sciences Ltd. | 26.5 bn | — | -6.2% | -3,535.0% | −71.6% | +76% / +283% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 24.1 bn | 21.3 | 19.1% | 38.6% | +10.6% | +16% / +136% |
| INSMInsmed Inc | 23.9 bn | — | -72.5% | -39.9% | +66.7% | −48% / +335% |
| VTRSViatris Inc. | 21.7 bn | — | -24.3% | -23.9% | −3.0% | +77% / +107% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.0 bn | 7.9 | 126.6% | 52.8% | +65.2% | −65% / −7% |
| INDVIndivior Pharmaceuticals, Inc. | 4.3 bn | 10.2 | — | 32.8% | +4.3% | +24% / +81% |
| IDYAIDEAYA Biosciences, Inc. | 3.0 bn | — | -38.5% | -1,149.6% | +3,024.4% | −14% / −3% |
| RCUSArcus Biosciences, Inc. | 2.5 bn | — | -114.1% | -453.0% | −4.3% | −32% / +17% |
| STOKStoke Therapeutics, Inc. | 1.7 bn | — | -73.6% | -862.1% | +404.5% | −16% / +588% |
| INVAInnoviva, Inc. | 1.4 bn | 9.7 | 17.0% | 44.1% | +14.7% | −11% / +39% |
| JANXJanux Therapeutics, Inc. | 982.6 m | — | -10.6% | -428.7% | −5.6% | −53% / +84% |
| WVEWave Life Sciences, Inc. | 635.1 m | — | -80.0% | -296.9% | −60.5% | −59% / −39% |
| NGNENeurogene Inc. | 513.3 m | — | -45.3% | — | −100.0% | +22% / +85% |
1- and 3-year price returns: for INDV from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 24.45 Total return -33% · Per year -33% | 43.10 Total return 19% · Per year 19% | 64.74 Total return 78% · Per year 78% |
| 3 years | 27.04 Total return -25% · Per year -9% | 53.30 Total return 47% · Per year 14% | 87.42 Total return 141% · Per year 34% |
| 5 years | 29.89 Total return -18% · Per year -4% | 65.91 Total return 82% · Per year 13% | 118.04 Total return 225% · Per year 27% |
- Exit P/E± 13.32
- Net margin± 9.33
- Annual revenue growth± 7.19
- Annual dilution± 0.78
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Indivior is the market leader in long-acting injectable medicines for opioid use disorder, with SUBLOCADE as its main product. For the second quarter of 2026 the company reported total net revenue up 14% year-over-year, and it raised its 2026 guidance while agreeing a merger with Supernus.
SWOT
Strengths
- Leadership in monthly injectable treatments for OUD, with steady sales growth and a rising number of new patients.
- High gross margin, a significant reduction in operating expenses and cash generation that supports share repurchases.
- More than two decades of experience in addiction medicine and real-world data supporting treatment adherence.
Weaknesses
- Heavy dependence on a single product that generates most of the revenue.
- Decline of sublingual products and marketing restrictions on SUBOXONE Film limit the potential of that line.
- Reliance on third-party suppliers and single sources for many active ingredients, with long replacement timelines.
Opportunities
- Wider treatment access through label changes and reentry programs could increase the number of patients.
- The Supernus merger could create a more diversified CNS portfolio if integration succeeds.
- Share growth in the injectable segment could continue if treatment awareness keeps rising.
Threats
- Competition from generics and new products could reduce prices and market shares.
- Reimbursement policy pressure and cuts in government programs could affect revenue.
- Litigation and investigations related to marketing practices could generate additional costs.
Risks
- Dependence on SUBLOCADEhigh
A very large share of revenue depends on one product, so any problem with demand, pricing or intellectual property would have a material effect on results.
- Manufacturing and supply chainhigh
Many components and active ingredients come from a single source, and disruptions at suppliers could interrupt delivery to patients.
- Supernus mergermedium
Completion depends on shareholder approvals and other conditions, and integration could bring unexpected costs or delays.
- Reimbursement and pricing pressuremedium
Reimbursement policies, rebates to health systems and possible Medicaid cuts could limit prices and margins.
- Litigation and compliancemedium
The company is involved in legal proceedings and has compliance obligations under agreements with authorities, and new claims could generate costs.
Investment thesis
What would need to be true (bull case)
- SUBLOCADE growth, supported by volumes and record new patient starts, could continue if injectable adoption expands.
- Better margins and lower operating expenses could let profit grow faster than revenue.
- The Supernus merger could give a more diversified portfolio and a broader base for long-term growth.
What would break the thesis
- Heavy dependence on one product could make revenue vulnerable to competitive or reimbursement changes.
- Continued decline of sublingual products and marketing restrictions could limit total growth if SUBLOCADE slows.
- Merger integration and execution risks could consume resources and delay expected benefits.
What to watch
- Completion of the Supernus merger and the structure of the resulting companyQ4 2026
- Quarterly results and guidance for net revenue and adjusted EBITDAQ3 2026
- SUBLOCADE share of the injectable segment and new patient volumes2026
- Progress of the share repurchase program and use of the remaining 100 million dollarsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Indivior Pharmaceuticals, Inc. is a pharmaceutical company headquartered in Richmond, Virginia, that develops and sells treatments for opioid use disorder (OUD). Its core products are SUBLOCADE, a monthly buprenorphine extended-release injection, and SUBOXONE Film, a sublingual film. The company moved its listing from London to Nasdaq in 2024 and changed its domicile to the United States in January 2026, when Indivior PLC became a subsidiary of the new Delaware company 1.
The business is organized as one segment focused on buprenorphine-based prescription drugs. The U.S. is the core market, while operations outside the U.S. include Canada, Australia and France, and in 2025 the company announced an exit from several markets including the U.K. and Italy 1.
In 2025 the company launched the Indivior Action Agenda, a three-phase operating roadmap, and in August 2026 it announced an all-stock merger of equals with Supernus, with closing expected in the fourth quarter of 2026 23. If the merger closes, the company would be renamed Supernus, Inc.
Segments
SUBLOCADE
SUBLOCADE accounted for 69% of net revenue in 2025 and grew 13% in the U.S. to 794 million dollars, according to the annual report 1. In the first half of 2026 its net revenue rose 26% year-over-year, and the company holds a share of the long-acting injectable segment in the mid-seventy percent range 12.
Sublingual and other products
Sublingual products, including SUBOXONE Film, are declining because of competition and marketing restrictions agreed with the Department of Justice, which effectively prohibit marketing of SUBOXONE Film through 2032 1. The film's share of the oral buprenorphine market fell in the second quarter of 2026 compared with the prior year 2.
Market context
U.S. buprenorphine medication-assisted treatment volume grew at a mid-single-digit rate in 2025, and the company expects long-term growth to stay within the mid-single-digit range, supported by greater public awareness and access measures 1. The U.S. long-acting injectable segment grew in the high-teens range in 2025, and SUBLOCADE remains the primary product in that category 1.
Pricing pressure comes from rebates to health systems, reimbursement policies and possible Medicaid spending cuts, and in Europe from cost-containment measures 1. Margins could come under pressure if these intensify, although the company reported an 85% gross margin in the second quarter of 2026 2.
Trends
- Rising injectable treatment volumestailwind
SUBLOCADE dispense unit volume grew 18% in the second quarter of 2026 compared with the prior year, and new patient starts reached a record, suggesting broader adoption of the monthly treatment 3.
- Cost reduction and efficiencytailwind
The company recognized 127 million dollars of restructuring charges in 2025, and operating expenses are expected to decline substantially in 2026 compared with 2025, which could improve profitability if revenue holds 13.
- Dependence on a single productheadwind
Reliance on SUBLOCADE keeps growing, so any competitive, reimbursement or intellectual property problem would have a large effect on revenue and leaves the company exposed to market shifts 1.
- Supernus merger and portfolio changesmixed
The company stopped Phase 3 development of INDV-6001 and is not advancing INDV-2000 internally, and the all-stock merger with Supernus could create a more diversified company but brings integration costs and execution uncertainty 23.
Competitive position
In the OUD treatment market Indivior competes with generic sublingual products and other forms of buprenorphine, and in the long-acting injectable segment with other products that could enter the market 1. Competitive pressure is already visible for SUBOXONE Film, whose share declined during 2025 1.
Competition can pressure prices and formulary placement decisions, especially if new or generic products gain wider insurance access 1. The company notes that if more effective competing products emerge, it could lose share in the LAI segment.
- Supernus PharmaceuticalsSUPN
Partner in the merger announced in August 2026, which would combine the two businesses in an all-stock transaction 23.
- Generic buprenorphine manufacturers
Generic makers could compete with the company's sublingual products, a risk the annual report states explicitly 1.
- Other injectable OUD treatment makers
New or competing products in the long-acting injectable segment could reduce SUBLOCADE's share if they reach the market 1.
- Oral OUD treatment providers
Oral buprenorphine forms and methadone compete with the company's sublingual products in both main markets 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Other events
- Current report02 Nov 2026Material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Departure or appointment of officers · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report15 Oct 2026Shareholder vote
- Current report06 Oct 2026Other events
- Current report17 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report15 Sept 2026Termination of a material agreement · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Indivior Pharmaceuticals, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Indivior Pharmaceuticals, Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Indivior Pharmaceuticals, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.