Indivior (INDV) Morgan Stanley 23rd Annual Global Healthcare Conference summary

Strategic priorities and operational focus

• Emphasis on executing a multi-year Action Agenda, currently in phase one: generating momentum, with a transition to phase two: acceleration, planned for January 2026.

• SUBLOCADE is the primary growth driver, with significant investment and organizational focus to increase long-acting injectable penetration, especially in the U.S.

• Organizational simplification and cost reduction are underway, targeting non-essential activities and restructuring R&D, with a new operating structure in place by year-end 2024.

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

• Commercial execution, particularly in the U.S., is identified as the main area for improvement and will be a hallmark going forward.

Financial guidance, cost structure, and capital allocation

• Confident in delivering on 2025 financial guidance, with significant OpEx reductions expected to have immediate impact from January 2026.

• SG&A and G&A ratios are being addressed, with detailed guidance on cost base and OpEx reductions to be provided in Q3 and January 2026.

• Capital allocation priorities will be clarified in early 2026 after executing the current momentum phase and reassessing top and bottom line performance.

• SUBLOCADE guidance for 2024 projects continued growth, with upside potential if SUBOXONE pricing remains stable.

Market dynamics, competition, and growth opportunities

• SUBLOCADE holds a leading position in the long-acting injectable market, with 88% coverage in Medicare and Medicaid and over 350,000 patients treated.

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

• Market share for SUBLOCADE has stabilized in the mid-70% range despite new competition, with the main challenge being overall market growth rather than share loss.

• Barriers to long-acting injectable penetration include patient readiness, physician habits, generic competition, and logistical hurdles; education and commercial execution are key to overcoming these.

• The criminal justice system remains a growth opportunity, with renewed focus on commercial execution and public policy engagement.