Indivior (INDV) Q3 2026 earnings summary

Executive summary

• Q3 2026 net revenue rose 13% YoY to $356M; record SUBLOCADE revenue reached $267M, up 22% YoY.

• GAAP operating income increased to $180M from $43M and net income to $137M from $42M; adjusted EBITDA rose 76% to $211M.

• Action Agenda execution continued ahead of the planned November 2 merger closing with Supernus.

Financial highlights

• 9M 2026 revenue rose 15% YoY to $1,016M; gross profit was $875M, operating income $477M and GAAP net income $348M.

• Q3 GAAP diluted EPS was $1.12 versus $0.33; 9M GAAP diluted EPS was $2.78 versus $0.85.

• Q3 non-GAAP net income was $161M ($1.32 diluted EPS); 9M non-GAAP net income was $427M ($3.41 diluted EPS).

• GAAP operating expenses fell 33% YoY to $125M; non-GAAP operating expenses fell 29% to $103M.

• 9M operating cash flow rose to $317M from $194M; cash and equivalents were $305M at September 30, while cash and investments totaled $332M.

Outlook and guidance

• Standalone FY 2026 guidance: revenue $1,295M–$1,365M; SUBLOCADE revenue $1,010M–$1,050M; non-GAAP operating expenses $430M–$450M; adjusted EBITDA $700M–$740M.

• Guidance assumes no material change in key exchange rates versus 2025 averages; it ceases to apply if the merger closes November 2.

• Rest-of-World revenue is expected to decline substantially after market exits; Q4 capex is expected to be $10M, primarily for the Raleigh facility.

• Liquidity is expected to cover anticipated cash needs for at least 12 months, conditional on sustained sales and no material change in collections and rebate-payment timing.