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Indivior (INDV) investor relations material
Indivior Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 net revenue grew 2% year-over-year to $314 million, driven by strong SUBLOCADE performance and stable SUBOXONE Film pricing, while net income rose 95% to $42 million compared to Q3 2024.
Adjusted EBITDA increased 14% to $120 million, with SUBLOCADE net revenue up 15% year-over-year to $219 million, reflecting higher dispense volumes and gross-to-net benefits.
Major restructuring included headcount reductions, real estate impairment, and discontinuation of OPVEE and PERSERIS sales and marketing support, resulting in $72 million in related charges in Q3 2025.
Completed phase 1 of the Action Agenda, focusing on organizational simplification, cost reduction, and commercial execution, positioning for phase 2 in 2026.
Delisted from the London Stock Exchange, now trading solely on NASDAQ, and announced intention to redomicile from the U.K. to the U.S.
Financial highlights
Q3 2025 net income was $42 million, up from $22 million in Q3 2024; diluted EPS was $0.33–$0.34, and non-GAAP diluted EPS was $0.72, up from $0.49.
Gross margin was 73% (non-GAAP: 84%) in Q3 2025, down from 79% (non-GAAP: 82%) in Q3 2024.
Non-GAAP operating expenses decreased 3% year-over-year, with R&D expenses down 11% due to restructuring.
Cash and investments at quarter end were $473 million, up from $347 million at year end, driven by $200 million cash flow from operations.
Adjusted leverage ratio remained below 1.0x.
Outlook and guidance
2025 net revenue guidance raised to $1.18–$1.22 billion; SUBLOCADE revenue guidance raised to $825–$845 million (10% growth at midpoint).
Adjusted EBITDA guidance for 2025 raised to $400–$420 million (15% growth at midpoint).
At least $150 million in annual operating expense savings expected starting in 2026.
2026 operating budget capped at $450 million, with 2026 financial guidance to be provided in January.
Capital expenditures for 2025 projected at $45–$55 million, with $35–$45 million expected in 2026.
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