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Indivior
Indivior (INDV) investor relations material
Indivior Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved record SUBLOCADE net revenue of $856M in 2025, up 13% year-over-year, with total net revenue of $1.24B, up 4% from 2024.
Adjusted EBITDA grew 20% year-over-year to $428M, with margin improvement of 5 percentage points.
Completed Phase I of the Action Agenda, simplifying the organization and focusing on growth and LAI penetration.
Launched a direct-to-consumer campaign in October 2025, significantly increasing SUBLOCADE awareness and engagement.
Paid $295M to resolve DOJ matter, eliminating a major liability, and authorized a new $400M share repurchase program.
Financial highlights
Q4 2025 net revenue was $358M, up 20% year-over-year; SUBLOCADE net revenue was $252M, up 30% year-over-year.
Full-year net revenue was $1.24B, up 4%; adjusted EBITDA was $428M, up 20% year-over-year.
Q4 adjusted EBITDA rose 91% year-over-year to $142M, with margin at 40%.
FY 2025 gross profit was $994M (80% margin); non-GAAP gross profit was $1,040M (84% margin).
Net income for FY 2025 was $210M; non-GAAP net income was $320M, up 33% year-over-year.
Outlook and guidance
2026 total net revenue guidance: $1.125B–$1.195B; SUBLOCADE net revenue: $905M–$945M, 8% growth at midpoint.
Adjusted EBITDA guidance: $535M–$575M, 30% growth at midpoint, with margin expansion to 48%.
Non-GAAP operating expenses expected at $430M–$450M; operating expenses capped at $450M.
SUBLOCADE dispense unit growth expected to accelerate from 7% in 2025 to mid-teens in 2026.
Cash flow from operations expected to reach ~$300M in 2026.
DTC campaign's 2026 SUBLOCADE dispense impact
Balance of share repurchases vs. debt management
Drivers of 2026 non-GAAP OpEx reduction
SUBLOCADE LAI penetration growth strategy
BD asset characteristics and strategy
Pipeline Phase III decision criteria
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Next Indivior earnings date
Q1 202623 Apr, 2026
Indivior
Next Indivior earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Indivior PLC is a pharmaceutical company focused on developing treatments for substance use disorders and mental health conditions. The company's core business revolves around the research, development, and commercialization of therapies aimed at addressing opioid dependence, alcohol use disorder, and other addiction-related conditions. Indivior also provides products in the area of behavioral health, contributing to the treatment of mental health conditions. Its portfolio includes both oral and injectable treatment options, designed to support patients in managing chronic conditions related to substance dependence. The company is headquartered in North Chesterfield, Virginia, and its shares are listed on the London Stock Exchange.
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