Indivior (INDV) Q2 2026 & Merger earnings summary

Executive summary

• Announced an all-stock, tax-free merger of equals between two CNS-focused biopharmaceutical companies, creating a diversified leader with 11 commercial medicines and a robust pipeline across addiction, ADHD, depression, and Parkinson's disease.

• Achieved Q2 2026 total net revenue of $343 million, up 14% year-over-year, with record SUBLOCADE net revenue of $253 million, up 21% year-over-year.

• Adjusted EBITDA reached a record $186 million in Q2 2026, up 111% year-over-year, with margin improving to 54%.

• Net income increased significantly to $122 million from $18 million in Q2 2025.

• The merger is anticipated to close in Q4 2026, subject to shareholder and regulatory approvals.

Financial highlights

• Pro forma net revenue for the trailing 12 months ended June 30, 2026, was approximately $2.2 billion.

• Pro forma adjusted EBITDA was $888 million, with a margin of approximately 41%.

• Q2 2026 net revenue: $343 million (+14% YoY); SUBLOCADE net revenue: $253 million (+21% YoY).

• Supernus reported $830 million in net revenue and $150 million in adjusted EBITDA (18% margin); Indivior reported $1.3 billion in net revenue and $613 million in adjusted EBITDA (46% margin).

• Pro forma net debt for the combined company is $878 million, with a net leverage ratio of approximately 1x.

Outlook and guidance

• Raised full-year 2026 guidance: total net revenue now $1,295–$1,365 million; SUBLOCADE net revenue $1,010–$1,050 million; adjusted EBITDA $700–$740 million.

• Key growth products are expected to drive revenue well into the 2030s.

• The combined company will focus on driving growth in its commercial portfolio, advancing its innovative pipeline, and pursuing further business development.

• No specific forward guidance provided for future years, but management emphasized ongoing pursuit of operational improvements and additional synergies.

• Guidance assumes no material change in key currency exchange rates from 2025 averages.