Indivior (INDV) investor relations material

Strategic priorities and operational focus

• Emphasis on executing a multi-year Action Agenda, with phase one focused on generating momentum, especially for SUBLOCADE in the U.S. market.

• Plans to simplify the organization, eliminate non-essential activities, and restructure R&D, with a new operating structure in place by year-end 2024.

• Significant OpEx reductions expected to have immediate impact from January 2026, with details to be shared in the Q3 call.

• Ex-U.S. operations under review, with all options considered to maximize value, as current scale is modest compared to the U.S.

• Integration of Opiant/OPVEE ongoing, with commercial uptake below expectations and status quo not an option.

Product performance and market dynamics

• SUBLOCADE remains the primary growth driver, with strong U.S. market position, 88% Medicare/Medicaid coverage, and over 350,000 patients treated.

• SUBLOCADE market share stabilized in the mid-70% range despite new competition, with focus on commercial execution and consumer education to drive long-acting injectable penetration.

• Medicaid accounts for about 65% of SUBLOCADE sales; efforts underway to increase commercial channel share.

• SUBOXONE Film is a mature, genericized product managed for late-life-cycle value.

• Criminal justice system remains a growth opportunity for SUBLOCADE, with renewed focus on commercial and policy engagement.

Financial outlook and guidance

• Confident in delivering on 2025 financial guidance, with optimism for accelerated bottom-line growth starting in 2026.

• Guidance for SUBLOCADE in 2024 is considered reasonable, projecting sequential growth in the second half.

• Cost structure reductions will be significant, with every investment scrutinized for essentiality and impact on SUBLOCADE.

• Capital allocation priorities to be clarified in early 2026 after executing Project Momentum and reassessing financial position.