Indivior Reports Third Quarter 2026 Financial Results

SUBLOCADE growth and lower operating expenses accompanied higher profits, while the Supernus merger is expected to close November 2.

Rhea-AI Summary

Indivior (INDV) reported third-quarter 2026 net revenue of $356 million, up 13% year over year, alongside higher earnings. SUBLOCADE revenue rose 22% to $267 million. GAAP net income increased to $137 million, or $1.12 per diluted share, from $42 million, or $0.33. Adjusted EBITDA, a non-GAAP earnings measure, rose 76% to $211 million.

Nine-month revenue increased 15% to $1,016 million, while operating cash flow rose to $317 million from $194 million. Quarter-end cash and investments totaled $332 million. Shareholders approved the all-stock merger with Supernus, which Indivior expects to close November 2, 2026. A declared special cash dividend depends on closing. Indivior expects to meet its standalone 2026 guidance, but that guidance will no longer apply if the merger closes as assumed. Current debt was $488 million at September 30, compared with $29 million at year-end 2025.

31 points · 0 major

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0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 net revenue increased 13% year over year to $356 million.
• Moderate pointQ3 SUBLOCADE revenue increased 22% year over year to $267 million.
• Moderate pointQ3 GAAP net income rose to $137 million, or $1.12 diluted EPS, from $42 million, or $0.33.
• Moderate pointQ3 adjusted EBITDA increased 76% year over year to $211 million.
• Moderate pointNine-month operating cash flow increased to $317 million from $194 million a year earlier.
• Moderate pointNine-month share repurchases returned $302 million, versus $11 million a year earlier. 7.4% of market cap
• Moderate pointAll-stock merger agreement with Supernus received Indivior shareholder approval in October 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Indivior remains on track for standalone 2026 revenue guidance of $1,295 million to $1,365 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Indivior remains on track for standalone 2026 adjusted EBITDA guidance of $700 million to $740 million.

22 minor points

• Minor pointU.S. SUBLOCADE revenue rose 24% to $252 million, primarily driven by 17% dispense unit volume growth.
• Minor pointQ3 non-GAAP net income rose to $161 million, or $1.32 diluted EPS, from $93 million, or $0.72.
• Minor pointQ3 net income margin reached 39%, up 2,500 basis points year over year.
• Minor pointQ3 adjusted EBITDA margin reached 59%, up 2,100 basis points year over year.
• Minor pointQ3 GAAP operating expenses fell 33% year over year to $125 million.
• Minor pointQ3 non-GAAP operating expenses fell 29% year over year to $103 million.
• Minor pointQ3 gross profit increased to $305 million from $230 million a year earlier.
• Minor pointQ3 operating income increased to $180 million from $43 million a year earlier.
• Minor pointQ3 interest expense fell to $2 million from $12 million a year earlier.
• Minor pointNine-month revenue increased 15% year over year to $1,016 million.
• Minor pointNine-month SUBLOCADE revenue increased 25% year over year to $753 million.
• Minor pointNine-month GAAP net income rose to $348 million, or $2.78 diluted EPS, from $108 million, or $0.85.
• Minor pointNine-month non-GAAP net income rose to $427 million, or $3.41 diluted EPS, from $213 million, or $1.68.
• Minor pointNine-month adjusted EBITDA increased 97% year over year to $562 million.
• Minor pointNine-month GAAP operating expenses fell 24% year over year to $398 million.
• Minor pointNine-month non-GAAP operating expenses fell 28% year over year to $331 million.
• Minor pointNine-month gross profit increased to $875 million from $702 million a year earlier.
• Minor pointNine-month operating income increased to $477 million from $181 million a year earlier.
• Minor pointNine-month interest expense fell to $10 million from $39 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Declared special cash dividend provides a capital return contingent on the Supernus merger closing.
• Minor point. Forward-looking: it has not happened yet and may not happen.Indivior remains on track for standalone 2026 SUBLOCADE revenue guidance of $1,010 million to $1,050 million.
• Minor pointStockholders' deficit narrowed to $60 million at September 30, 2026, from $98 million at year-end 2025.

Negative

• Moderate pointSupernus merger remains pending; Indivior expects closing November 2, 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Standalone 2026 guidance will no longer apply if the merger closes as assumed.
• Moderate pointCurrent debt increased to $488 million from $29 million at year-end 2025; noncurrent debt fell from $290 million to zero.
• Minor pointCash ended September at $305 million, versus $445 million a year earlier, but $195 million at year-end 2025.
• Minor pointNine-month debt extinguishment loss was $18 million, versus none a year earlier.

4 minor points

• Minor pointNine-month debt refinancing transaction costs were $5 million, versus none a year earlier.
• Minor pointQ3 income tax expense was $45 million, versus a $5 million benefit a year earlier.
• Minor pointNine-month income tax expense increased to $109 million from $50 million a year earlier.
• Minor pointNine-month stock-based compensation expense increased to $28 million from $21 million a year earlier.

News Explained

The release adds a completed cash use: Indivior paid to repurchase common stock in the nine months ended September 30, 2026; over that period, it also reported net debt proceeds and debt repayments.

Key Figures

Total net revenue: $356 million; up 13% YoY Total SUBLOCADE net revenue: $267 million; up 22% YoY GAAP net income: $137 million +5 more

Total net revenue

$356 million; up 13% YoY

Q3 2026

Total SUBLOCADE net revenue

$267 million; up 22% YoY

Q3 2026

GAAP net income

$137 million

Q3 2026, compared with $42 million in Q3 2025

Adjusted EBITDA

$211 million; up 76% YoY

Q3 2026

Cash and investments

$332 million

At September 30, 2026

FY 2026 net revenue guidance

$1,295 million to $1,365 million

Standalone guidance; company said it was on track to achieve it before merger closing

FY 2026 SUBLOCADE net revenue guidance

$1,010 million to $1,050 million

Standalone guidance; company said it was on track to achieve it before merger closing

FY 2026 Adjusted EBITDA guidance

$700 million to $740 million

Standalone guidance; company said it was on track to achieve it before merger closing

Previous Earnings Reports

1 past event · Latest: Aug 03

Same Type 1 event

1. Aug 03

   Q2 earnings

   24h Move

   -6.6%

   Q2 revenue was $343 million and Adjusted EBITDA $186 million; Indivior raised full-year guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, non-gaap

2 terms

adjusted ebitda financial

"record adjusted EBITDA, reflecting the strength of our business"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"Non-GAAP operating expenses, which exclude stock-based compensation expense"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

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• Q3’26 Total Net Revenue of $356 Million, Up 13% YoY
• Record Quarterly Total SUBLOCADE® Net Revenue of $267 Million in Q3'26, Up 22% YoY
• Record Quarterly Net Income of $137 Million and Record Non-GAAP Net Income of $161 Million in Q3'26
• Record Quarterly Adjusted EBITDA of $211 Million in Q3'26, Up 76% YoY
• Net Income Margin of 39%, up 2,500 basis points YoY, Adjusted EBITDA Margin of 59%, Up 2,100 Basis Points YoY
• On Track to Close Merger with Supernus on November 2nd

RICHMOND, Va., Oct. 29, 2026 (GLOBE NEWSWIRE) -- Indivior Pharmaceuticals, Inc. (Nasdaq: INDV) today reported its financial results for the third quarter ended September 30, 2026.

"In the third quarter, we delivered record SUBLOCADE net revenue and record adjusted EBITDA, reflecting the strength of our business and the disciplined execution of the Indivior Action Agenda," said Joe Ciaffoni, Chief Executive Officer. "Upon the imminent closing of our merger with Supernus, we will have successfully completed all three phases of the Indivior Action Agenda. I want to thank the Indivior team for their commitment and hard work that generated these results and made the transaction with Supernus possible. I am confident in Supernus’ future and its ability to build on this strong foundation for people living with central nervous system diseases and to create long-term value for shareholders."

"We achieved record financial performance in the third quarter, including SUBLOCADE net revenue growth of 22% year-over-year and adjusted EBITDA margin of 59%, up 2,100 basis points year-over-year," said Ryan Preblick, Chief Financial Officer. "Our strong results and the execution of our Indivior Action Agenda puts us on track to achieve our previously communicated 2026 financial guidance, excluding the impact of our pending acquisition. Strong cash generation brought cash and investments to $332 million at quarter end, adding to the financial strength we will bring to our merger with Supernus."

Q3 2026 Business Highlights:

• As of September 30, 2026, over 583,000 patients in the U.S. have been prescribed SUBLOCADE since launch.
• Grew total SUBLOCADE net revenue 22% year-over-year to $267 million. U.S. SUBLOCADE net revenue increased 24% year-over-year to $252 million versus the prior year, primarily driven by 17% dispense unit volume growth. Net revenue also benefited from more favorable price/mix and gross-to-net adjustments.
• In August 2026, Indivior and Supernus Pharmaceuticals, Inc. ("Supernus") announced a definitive agreement to combine in an all-stock merger of equals transaction to create a leading, diversified, scaled, CNS-focused biopharmaceutical company.
• In September 2026, Indivior announced that its Board of Directors declared a special cash dividend contingent upon closing of the pending merger transaction with Supernus.
• In October 2026, Indivior shareholders approved the proposed merger with Supernus. The merger is expected to close on November 2, 2026, at which time the combined company will operate as Supernus, Inc. and will trade on the Nasdaq Global Select Market under the ticker symbol "SUPN" beginning November 3, 2026.
  

Full-Year 2026 Financial Guidance:

Prior to the closing of the merger, Indivior is on track to achieve its previously communicated full year 2026 guidance as a standalone organization. That guidance assumed no material change in exchange rates for key currencies compared with 2025 average rates, notably USD/GBP and USD/EUR. Assuming the merger is completed November 2, 2026, we will operate as a combined company and the guidance will no longer apply.

	FY 2026 Guidance
Net Revenue	$1,295 million to $1,365 million
Total SUBLOCADE Net Revenue	$1,010 million to $1,050 million
Non-GAAP Operating Expenses*	$430 million to $450 million
Adjusted EBITDA*	$700 million to $740 million

*We did not provide the forward-looking U.S. GAAP equivalents for certain forward-looking non-U.S. GAAP metrics as a result of the uncertainty and potential variability of reconciling items. Instead, the Company has relied upon the exception in Item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-U.S. GAAP guidance metrics to their corresponding U.S. GAAP equivalents are not available without unreasonable effort.

Financial Results for Quarter Ended September 30, 2026:

• Total net revenue was $356 million for the quarter ended September 30, 2026 (the 2026 quarter), compared to $314 million for the quarter ended September 30, 2025 (the 2025 quarter), representing a 13% increase year-over-year.
• Total SUBLOCADE net revenue was $267 million for the 2026 quarter, compared to $219 million for the 2025 quarter, representing a 22% increase year-over-year.
• GAAP operating expenses were $125 million for the 2026 quarter, compared to $187 million for the 2025 quarter, representing a 33% decrease year-over-year. Non-GAAP operating expenses, which exclude stock-based compensation expense and other adjustments, were $103 million for the 2026 quarter, compared to $145 million for the 2025 quarter, representing a 29% decrease year-over-year.
• GAAP net income for the 2026 quarter was $137 million ($1.12 diluted earnings per share), compared to GAAP net income for the 2025 quarter of $42 million ($0.33 diluted earnings per share). Non-GAAP net income for the 2026 quarter was $161 million ($1.32 diluted earnings per share), compared to non-GAAP net income for the 2025 quarter of $93 million ($0.72 diluted earnings per share).
• Adjusted EBITDA for the 2026 quarter was $211 million, compared to $120 million for the 2025 quarter, representing a 76% increase year-over-year.
• The Company ended the 2026 quarter with cash and investments of $332 million.

Financial Results for Nine Months Ended September 30, 2026:

• Total net revenue was $1,016 million for the nine months ended September 30, 2026 (the 2026 period), compared to $881 million for the nine months ended September 30, 2025 (the 2025 period), representing a 15% increase year-over-year.
• Total SUBLOCADE net revenue was $753 million for the 2026 period, compared to $604 million for the 2025 period, representing a 25% increase year-over-year.
• GAAP operating expenses were $398 million for the 2026 period, compared to $521 million for the 2025 period, representing a 24% decrease year-over-year. Non-GAAP operating expenses, which exclude stock-based compensation expense and other adjustments, were $331 million for the 2026 period, compared to $459 million for the 2025 period, representing a 28% decrease year-over-year.
• GAAP net income for the 2026 period was $348 million ($2.78 diluted earnings per share), compared to GAAP net income for the 2025 period of $108 million ($0.85 diluted earnings per share). Non-GAAP net income for the 2026 period was $427 million ($3.41 diluted earnings per share), compared to non-GAAP net income for the 2025 period of $213 million ($1.68 diluted earnings per share).
• Adjusted EBITDA for the 2026 period was $562 million, compared to $286 million for the 2025 period, representing a 97% increase year-over-year.
  

About Indivior

As the leader in long-acting injectable treatments for opioid use disorder (OUD), Indivior is singularly focused on delivering evidence-based treatment and advancing understanding of OUD as a chronic but treatable brain disease. For more than 25 years, we have revolutionized the science of addiction medicine — developing treatments that help people move toward long-term recovery with independence and dignity. Building on this heritage, we are ushering in a new era, renewing our commitment to individuals living with OUD and carrying forward what matters most: compassion, integrity, and science. Together – with science, people living with OUD, public health champions, and communities, we are powering recovery and renewing hope. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/Indivior.

Columns and rows within financial tables may not foot due to rounding. Percentages and per share data in the financial tables have been calculated using actual, non-rounded figures.

Non-GAAP Financial Measures:

Non-GAAP financial measures adjust for non-recurring items and other items representing expenses or income that we believe do not reflect the Company’s ongoing operations or the adjustment of which may help with the comparison to prior periods. The Company believes its non-GAAP financial measures may be useful to investors to understand the Company’s performance. In addition, the Company uses “Adjusted EBITDA” in its annual incentive plan in which all executive officers participate.

Important Cautionary Note Regarding Forward-Looking Statements:

This announcement contains certain statements that are forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, among other things, express and implied statements regarding: our 2026 financial guidance including with respect to net revenue, total SUBLOCADE net revenue, non-GAAP operating expenses, and adjusted EBITDA; the expected completion and timing of the closing of our previously announced merger with Supernus, including the payment and timing of the special cash dividend, the expected operation, performance, and prospects of the combined company; potential expense reductions; expected acceleration in SUBLOCADE net revenue and dispense unit growth; expected growth in adjusted EBITDA, cash flow, and our bottom line, and expected acceleration of such growth; expected creation of shareholder value; and other statements containing the words "believe," "anticipate," "plan," "expect," "intend," "estimate," "forecast," “strategy,” “target,” “guidance,” “outlook,” “potential,” "project," "priority," "may," "will," "should," "would," "could," "can," the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and only express management’s beliefs regarding future results or events which, by their nature, are inherently uncertain and outside of management’s control or ability to predict. Actual results may differ materially from those expressed or implied in these forward-looking statements due to a number of factors, including but not limited to: market disruptions or unanticipated delays; lower than expected future sales of our products; greater than expected impacts from competition; and unanticipated costs including the effects of potential tariffs and potential retaliatory tariffs; the effect of additional indebtedness incurred to fund the special cash dividend; potential business disruption and diversion of management attention; difficulties integrating the businesses; and potential failure to realize anticipated benefits and synergies. For additional information about some of the risks and important factors that could affect our future results and financial condition, see “Important Cautionary Note Regarding Forward-looking Statements” and "Risk Factors" in Indivior's Annual Report on Form 10-K filed February 26, 2026, Indivior's quarterly reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2026, the definitive joint proxy statement/prospectus filed September 11, 2026, and our other filings with the U.S. Securities and Exchange Commission.

We have based the forward-looking statements in this release on our current expectations and beliefs concerning future events. Forward-looking statements contained in this release speak only as of the day they are made and, except as required by law, we undertake no obligation to update or revise any forward-looking statement, whether due to new information, or to reflect events or developments that occur after the date the statement was made.

Important Additional Information and Where to Find It
In connection with the proposed merger, Indivior filed a registration statement on Form S-4 with the SEC, which was declared effective on September 11, 2026 and includes a definitive joint proxy statement/prospectus. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY BEFORE MAKING ANY VOTING OR INVESTMENT DECISION. Free copies of these documents and other documents filed by Indivior with the SEC may be obtained at the SEC’s website at www.sec.gov. Copies of Indivior’s filings may also be obtained free of charge on Indivior’s website at www.indivior.com, and copies of Supernus’s filings may be obtained free of charge on Supernus’s website at www.supernus.com.

No Offer or Solicitation
This announcement is not a solicitation of a proxy, consent or authorization in respect of any securities or in respect of the proposed merger, and it is not an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

For Further Information:

Investors	Jason Thompson	VP, Investor Relations	+1 804 402 7123 jason.thompson@indivior.com
Media	Cassie France-Kelly	VP, Communications	+1 804 594 0836 Indiviormediacontacts@indivior.com

Indivior Pharmaceuticals, Inc.
(Amounts in millions, except per share data and percentages)
(Unaudited)

Condensed consolidated statements of operations

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Net revenue	$	356		$	314		$	1,016		$	881
Cost of sales		51			83			140			179
Gross profit		305			230			875			702
Selling, general and administrative		119			154			364			445
Research and development		5			33			33			76
Total operating expenses		125			187			398			521
Operating income		180			43			477			181
Interest (income)		(4	)		(6	)		(9	)		(16	)
Interest expense		2			12			10			39
Loss on debt extinguishment		—			—			18			—
Income before income taxes		182			37			457			158
Income tax expense (benefit)		45			(5	)		109			50
Net income	$	137		$	42		$	348		$	108
Earnings per share
Basic	$	1.16		$	0.34		$	2.89		$	0.87
Diluted	$	1.12		$	0.33		$	2.78		$	0.85

Indivior Pharmaceuticals, Inc.
(Amounts in millions, except per share data and percentages)
(Unaudited)

Condensed consolidated balance sheets

	September 30, 2026			December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	305		$	195
Accounts receivable, net of allowances of $3 (2026) and $4 (2025)		273			253
Inventories		149			153
Prepaid expenses		21			34
Current tax receivable		13			2
Other current assets		40			16
Total current assets		800			652
Long-term investments		27			28
Property, plant and equipment, net		175			144
Operating lease right of use assets, net		12			26
Goodwill and other intangible assets, net		2			2
Deferred tax assets		288			323
Other noncurrent assets		27			27
Total assets	$	1,332		$	1,201
Liabilities and stockholders' deficit
Current liabilities
Accrued rebates and product returns	$	548		$	582
Accounts payable and accrued expenses		181			250
Accrued litigation settlement expenses, current		14			42
Current portion of long-term debt		488			29
Operating lease liabilities, current		7			10
Income taxes payable		63			2
Total current liabilities		1,301			914
Long-term debt, less current portion		—			290
Accrued litigation settlement expenses, noncurrent		42			52
Operating lease liabilities, noncurrent		6			22
Other noncurrent liabilities		42			21
Total liabilities		1,392			1,300
Stockholders' deficit
Common stock, par value $0.001 per share (2026) and $0.50 per share (2025). Issued shares: 118 (2026) and 125 (2025)		—			62
Additional paid-in capital		163			112
Accumulated other comprehensive loss		(26	)		(30	)
Accumulated deficit		(197	)		(243	)
Total stockholders' deficit		(60	)		(98	)
Total liabilities and stockholders' deficit	$	1,332		$	1,201

Indivior Pharmaceuticals, Inc.
(Amounts in millions, except per share data and percentages)
(Unaudited)

Condensed consolidated statements of cash flows

	Nine Months Ended September 30,
		2026			2025
Cash flows from operating activities:
Net income	$	348		$	108
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		5			8
Amortization of right-of-use assets		4			7
Stock-based compensation expense		28			21
Impairment of tangible and intangible assets		8			16
Loss on debt extinguishment		18			—
Unrealized loss on equity investments		—			1
Deferred income taxes		35			(8	)
Impact from foreign exchange movements		4			(2	)
Amortization of debt issuance costs		1			—
Other adjustments, net		—			2
Change in operating assets and liabilities		(135	)		42
Net cash provided by operating activities		317			194
Cash flows from investing activities:
Purchases of property and equipment		(41	)		(42	)
Purchases of in-process research and development and intangible assets		—			(1	)
Purchases of investments in debt securities		(12	)		(14	)
Sales and maturities of debt securities		13			14
Net cash used in investing activities		(41	)		(42	)
Cash flows from financing activities:
Proceeds from the issuance of common stock		—			2
Cash paid for repurchases of common stock		(302	)		(11	)
Proceeds from debt, net		489			—
Repayments of debt		(333	)		(12	)
Transaction costs related to debt refinancing		(5	)		—
Settlement of equity awards		(21	)		(3	)
Other		6			—
Net cash used in financing activities		(166	)		(25	)
Net increase in cash and cash equivalents		110			128
Exchange differences		—			(1	)
Cash and cash equivalents at beginning of period		195			319
Cash and cash equivalents at end of period	$	305		$	445

Indivior Pharmaceuticals, Inc.
(Amounts in millions, except per share data and percentages)
(Unaudited)

Selected revenue information

	Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
US:
SUBLOCADE*	$	252	$	203	$	707	$	561
Sublingual & other		53		51		160		157
OPVEE1		—		8		—		8
PERSERIS2		2		6		12		19
Total U.S.		307		267		880		745
Rest of World		48		47		136		137
Net revenue	$	356	$	314	$	1,016	$	881
*Total SUBLOCADE net revenue	$	267	$	219	$	753	$	604

¹Discontinued sales and marketing support for OPVEE® during Q3 2025.

²Marketing and promotion activities for PERSERIS were discontinued in 2024.

Reconciliation of GAAP to non-GAAP financial information

	Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
GAAP operating expenses	$	125	$	187	$	398	$	521
Stock-based compensation		8		6		28		21
Corporate initiative transition1		14		35		38		41
Litigation settlement expense		—		—		—		1
Less: Adjustments in operating expenses		22		42		67		62
Non-GAAP operating expenses	$	103	$	145	$	331	$	459

¹Includes severance, consulting, impairment, and costs related to planned facility closures.

Non-GAAP diluted earnings per share
Management believes that non-GAAP diluted earnings per share, which excludes the impact of certain non-recurring items and other adjustments, net of applicable tax effects, may provide useful information to shareholders regarding underlying trends in earnings per share. A reconciliation of GAAP net income to non-GAAP net income, as well as the weighted average shares used in computing non-GAAP diluted earnings per share, is included in the table below.

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
GAAP net income	$	137		$	42		$	348		$	108
Adjustments in cost of sales1		8			33			13			34
Adjustments in operating expenses		22			42			67			62
Adjustments in interest expense		—			—			—			4
Loss on debt extinguishment		—			—			18			—
Adjustments in tax expenses		(6	)		(24	)		(19	)		5
Non-GAAP net income	$	161		$	93		$	427		$	213
Shares used in computing diluted non-GAAP earnings per share		122			129			125			127
Non-GAAP diluted earnings per share	$	1.32		$	0.72		$	3.41		$	1.68

¹Includes manufacturing transition and other costs

Indivior Pharmaceuticals, Inc.
(Amounts in millions, except per share data and percentages)
(Unaudited)

Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income adjusted to exclude interest expense, interest income, income tax expense or benefit, depreciation and amortization, stock-based compensation, and other adjustments reflecting changes in our business that do not represent ongoing operations. Adjusted EBITDA margin is Adjusted EBITDA divided by Total net revenue. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Net income	$	137		$	42		$	348		$	108
Interest (income)		(4	)		(6	)		(9	)		(16	)
Interest expense		2			12			10			39
Income tax expense (benefit)		45			(5	)		109			50
Depreciation and amortization		1			2			5			8
Stock-based compensation		8			6			28			21
Corporate initiative transition		20			35			45			41
Manufacturing transition		2			2			6			4
Discontinuation of OPVEE sales and marketing		—			30			—			30
Loss on debt extinguishment		—			—			18			—
Litigation settlement expense		—			—			—			1
Adjusted EBITDA	$	211		$	120		$	562		$	286

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Indivior's third-quarter 2026 earnings results?

Indivior reported $356 million in revenue and GAAP net income of $137 million, or $1.12 per diluted share. Revenue rose 13% year over year, while GAAP net income increased from $42 million, or $0.33 per diluted share. Adjusted EBITDA increased 76% to $211 million.

When is the Indivior merger with Supernus expected to close?

Indivior expects the merger with Supernus to close on November 2, 2026. Indivior shareholders approved the proposed all-stock merger in October 2026. The declared special cash dividend is contingent on closing.

What assumptions underpin Indivior's standalone 2026 guidance?

Indivior's standalone 2026 guidance assumes no material change in key exchange rates compared with 2025 average rates, notably USD/GBP and USD/EUR. It includes non-GAAP operating expenses of $430 million to $450 million. The guidance will no longer apply if the merger is completed November 2, 2026, as assumed.

What name and ticker will the combined Indivior and Supernus company use?

After the merger closes, the combined company will operate as Supernus and trade on the Nasdaq Global Select Market under SUPN beginning November 3, 2026. Closing is expected November 2, 2026.