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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.
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Q3 2025 earnings summary30 Oct, 2025

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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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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