Indivior (INDV) Q4 2024 earnings summary

Executive summary

• FY 2024 net revenue rose 9% to $1,188m, with SUBLOCADE net revenue up 20% to $756m; Q4 2024 net revenue increased 2% year-over-year to $298m.

• Adjusted operating profit rose 16% to $312m; adjusted EPS increased 6% to $1.66.

• Streamlining actions are expected to save over $100m annually, with $50m reinvested in SUBLOCADE and OUD pipeline, and $50m supporting adjusted operating profit.

• SUBLOCADE patient base grew 25% to 171,000 by end of 2024; Rest of World new products grew 21% year-over-year.

• Transitioned to U.S. primary listing on NASDAQ and refinanced $400m term loan.

Financial highlights

• FY 2024 net revenue: $1,188m (+9% vs. FY 2023); U.S. net revenue up 11%, Rest of World down 1%.

• SUBLOCADE net revenue: $756m (+20%); OPVEE net revenue: $15m.

• Adjusted operating profit for 2024 grew 16% to $312m; adjusted net income per share rose 6% to $1.66.

• Adjusted gross margin for 2024 was 83%, slightly down from 84% in 2023 due to cost inflation.

• Ended 2024 with $347m in cash and investments after $168m in share buybacks and legal settlements.

Outlook and guidance

• FY 2025 total net revenue guidance: $955m–$1,025m, reflecting a 17% decline at mid-point, mainly due to SUBOXONE Film erosion and PERSERIS discontinuation.

• SUBLOCADE 2025 net revenue expected at $725m–$765m, a modest 1% year-over-year decline at midpoint.

• OPVEE 2025 net revenue guidance: $10m–$15m, including a BARDA order.

• Adjusted operating profit for 2025 expected at $185m–$225m, with lower margins due to revenue mix.

• Gross margin expected in the low to mid-80% range for 2025.