Indivior (INDV) lifts 2025 profit, targets higher 2026 EBITDA and buybacks
Rhea-AI Filing Summary
Indivior Pharmaceuticals, Inc. reported a strong fourth quarter and full-year 2025, driven by its long-acting opioid use disorder treatment SUBLOCADE. 2025 net revenue reached
GAAP net income improved sharply to
For 2026, Indivior guides total net revenue of
Positive
- None.
Negative
- None.
Insights
Indivior posts strong 2025 growth, higher 2026 margins, and launches a sizable buyback.
Indivior delivered solid 2025 expansion in its core SUBLOCADE franchise, with net revenue rising to
Management’s 2026 guidance emphasizes profitability over headline revenue growth. The company targets total net revenue of
Capital allocation is a key theme. Indivior ended 2025 with a 0.7x leverage ratio based on
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
On February 26, 2026, Indivior Pharmaceuticals, Inc. (“Indivior” or the “Company”) issued a press release reporting its financial results for the period ended December 31, 2025. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 7.01 | Regulation FD Disclosure. |
On February 26, 2026, the Company posted presentation materials on its website. The presentation materials are furnished as 99.2 to this Current Report on Form 8-K.
Also on February 26, 2026, the Company updated its corporate presentation which is posted on its website. The corporate presentation is furnished as Exhibit 99.3 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description | |
| 99.1 | Press Release dated February 26, 2026. | |
| 99.2 | Presentation materials dated February 26, 2026. | |
| 99.3 | Corporate presentation dated February 26, 2026. | |
| 104 | Cover page interactive data file (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Indivior Pharmaceuticals, Inc. | ||||||
| Date: February 26, 2026 | By: | /s/ Ryan Preblick | ||||
| Name: | Ryan Preblick | |||||
| Title: | Chief Financial Officer | |||||
Exhibit 99.1
Indivior Reports Fourth Quarter and Full-Year 2025 Financial Results
• Generated Record Quarterly and Full-Year Total SUBLOCADE® Net Revenue of $252 Million and $856 Million
• Achieved Quarterly and Full-Year GAAP Net Income of $102 Million and $210 Million;
Non-GAAP Quarterly and Full-Year Net Income of $107 Million and $320 Million
• Delivered Record Quarterly and Full-Year Adjusted EBITDA of $142 Million and $428 Million
• Entered Phase II of the Indivior Action Agenda – Accelerate – on January 1, 2026
• Authorized New $400 Million Share Repurchase Program
• Reaffirmed Full-Year 2026 Financial Guidance Announced on January 8, 2026
• Conference Call at 8:00 A.M. EST Today
Richmond, VA, February 26, 2026 – Indivior Pharmaceuticals, Inc. (Nasdaq: INDV) today reported its financial results for the fourth quarter and full year ended December 31, 2025, and provided a business update.
“In 2025 we successfully completed Phase I of the Indivior Action Agenda – Generate Momentum,” said Joe Ciaffoni, Chief Executive Officer. “We sharpened our focus on our highest growth opportunity, U.S. SUBLOCADE, established our “go-forward” operating model and strengthened our financial profile. We are now executing Phase II of the Indivior Action Agenda – Accelerate, which includes accelerating SUBLOCADE throughout 2026 and immediately accelerating adjusted EBITDA and cash flow at a faster rate. We expect our increased cash flow will enable us to strategically deploy capital to create value for our shareholders.”
“We delivered on our financial commitments in 2025, growing total SUBLOCADE net revenue 13% and adjusted EBITDA 20%, while positioning Indivior for acceleration in 2026,” said Ryan Preblick, Chief Financial Officer. “In 2026, we expect to deliver SUBLOCADE dispense unit growth in the mid-teens with operating expenses that will not exceed $450 million, and generate approximately $300 million in cash flow from operations. Our capital deployment priorities include managing our debt, opportunistically deploying our new $400 million share repurchase program and evaluating business development opportunities as we earn our way to Phase III of the Indivior Action Agenda – Breakout.”
Business Highlights:
| • | Grew total SUBLOCADE full-year 2025 net revenue to $856 million, up 13% year-over-year, and fourth quarter 2025 total SUBLOCADE net revenue to $252 million, up 30% year-over-year. Full-year 2025 U.S. SUBLOCADE net revenue increased 13% to $794 million versus the prior year, driven by 7% dispense unit volume growth. Fourth quarter 2025 U.S. SUBLOCADE net revenue increased 29% to $233 million versus the prior year quarter, driven by 12% dispense unit volume growth. Net revenue in both periods also benefited from gross-to-net adjustments. |
| • | Launched a nationwide direct-to-consumer (DTC) campaign – Move Forward in Recovery – on October 1, 2025, to expand the awareness of SUBLOCADE and long-acting injectables (LAIs) for the treatment of moderate to severe opioid use disorder (OUD). |
| • | Concluded the legacy U.S. Department of Justice (DOJ) matter on November 20, 2025, by paying in full the outstanding obligation of $295 million associated with the matter. |
| • | Expanded U.S. indexation with inclusion in the S&P SmallCap 600® Index on December 22, 2025, in addition to inclusion in the Russell Indices, MSCI U.S. Indices (including the U.S. Small Cap Index) and the S&P Total Market Index earlier in 2025. |
| • | Completed Phase I of the Indivior Action Agenda — Generate Momentum – on December 31, 2025, which included growing U.S. SUBLOCADE net revenue, simplifying the organization and transforming the Company’s operating model. |
| • | Entered Phase II of the Indivior Action Agenda – Accelerate – on January 1, 2026, which includes accelerating U.S. SUBLOCADE dispense unit growth to the mid-teens and net revenue throughout 2026 and immediately accelerating adjusted EBITDA and cash flow at a faster rate. |
| • | Completed the redomiciliation from the United Kingdom to the United States on January 26, 2026. As a result, Indivior Pharmaceuticals, Inc., a new Delaware corporation (“IPI”), has become the new parent company. |
| • | Announced today a new share repurchase program of up to $400 million with a term of up to 18 months. Repurchases will be made opportunistically from available cash. |
1
Full-Year 2026 Financial Guidance:
Full-year financial guidance assumes no material change in exchange rates for key currencies compared with 2025 average rates, notably USD/GBP and USD/EUR.
| Net Revenue |
$1,125 million to $1,195 million | |
| Total SUBLOCADE Net Revenue |
$905 million to $945 million | |
| Non-GAAP Operating Expenses |
$430 million to $450 million | |
| Adjusted EBITDA* |
$535 million to $575 million |
| * | See reconciliation of non-GAAP measures beginning on page 8. |
Financial Results for Quarter Ended December 31, 2025
| • | Total net revenue was $358 million for the quarter ended December 31, 2025 (the 2025 quarter), compared to $298 million for the quarter ended December 31, 2024 (the 2024 quarter), representing a 20% increase year-over-year. Total SUBLOCADE net revenue was $252 million for the 2025 quarter, compared to $194 million for the 2024 quarter, representing a 30% increase year-over-year. |
| • | GAAP operating expenses were $211 million for the 2025 quarter, compared to $205 million for the 2024 quarter, representing a 3% increase year-over-year. Non-GAAP operating expenses, which exclude stock-based compensation expense and other adjustments to reflect changes that occur in our business but do not represent ongoing operations, were $164 million for the 2025 quarter, compared to $179 million for the 2024 quarter, representing an 8% decrease year-over-year. |
| • | GAAP net income for the 2025 quarter was $102 million ($0.79 diluted earnings per share), compared to GAAP net income for the 2024 quarter of $21 million ($0.17 diluted earnings per share). Non-GAAP net income for the 2025 quarter was $107 million ($0.82 diluted earnings per share), compared to non-GAAP net income for the 2024 quarter of $47 million ($0.37 diluted earnings per share). |
| • | Adjusted EBITDA for the 2025 quarter was $142 million, compared to $75 million for the 2024 quarter, representing a 91% increase year-over-year. |
| • | The Company ended the 2025 quarter with cash and investments of $222 million, down from $347 million as of December 31, 2024. During 2025, the Company elected to use $295 million of cash on hand to fully prepay legacy DOJ liabilities. |
Financial Results for Year Ended December 31, 2025
| • | Total net revenue was $1,239 million for the year ended December 31, 2025 (FY 2025), compared to $1,188 million for the year ended December 31, 2024 (FY 2024), representing a 4% increase year-over-year. Total SUBLOCADE net revenue was $856 million for FY 2025, compared to $756 million for FY 2024, representing a 13% increase year-over-year. |
| • | GAAP operating expenses were $732 million for FY 2025, compared to $919 million for FY 2024, representing a 20% decrease year-over-year. Non-GAAP operating expenses, which exclude stock-based compensation expense and other adjustments to reflect changes that occur in our business but do not represent ongoing operations, were $622 million for FY 2025, compared to $655 million for FY 2024, representing a 5% decrease year-over-year. |
| • | GAAP net income for FY 2025 was $210 million ($1.64 diluted earnings per share), compared to GAAP net income for FY 2024 of $7 million ($0.05 diluted earnings per share). Non-GAAP net income for FY 2025 was $320 million ($2.50 diluted earnings per share), compared to non-GAAP net income for FY 2024 of $240 million ($1.81 earnings per share). |
| • | Adjusted EBITDA for FY 2025 was $428 million, compared to $358 million for FY 2024, representing a 20% increase year-over-year. |
2
Conference Call and Webcast Details:
A live conference call and webcast presentation will be held on February 26, 2026, at 8:00 A.M. EST. The details to access the conference call and webcast are below. Materials will be available on the Company’s website prior to the event at www.indivior.com.
The webcast link is: https://edge.media-server.com/mmc/p/f78ufsat
Participants may access the presentation telephonically by registering with the following link (please cut and paste into your browser): https://register-conf.media-server.com/register/BI44fe43e28e334eb58b41edf49f6f80ce
(Registrants will have an option to be called back directly immediately prior to the call or be provided a call-in # with a unique pin code following their registration)
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.
In January 2026, Indivior completed its planned change of corporate domicile to the United States pursuant to a court-approved scheme of arrangement under Part 26 of the U.K. Companies Act 2006 (the “Scheme of Arrangement”). Pursuant to the Scheme of Arrangement, each ordinary share in the capital of Indivior PLC was cancelled. In consideration for this cancellation, each stockholder received one share of common stock, par value $0.001 per share, of Indivior Pharmaceuticals, Inc. for every ordinary share they previously held in Indivior PLC. On January 23, 2026, the Scheme of Arrangement became effective and binding on all stockholders of Indivior PLC and Indivior PLC became a wholly-owned subsidiary of Indivior Pharmaceuticals, Inc., thereby completing the U.S. domestication. Because the U.S. domestication was completed after December 31, 2025, the financial statements included herein are those of Indivior PLC.
Non-GAAP Financial Measures:
This announcement includes financial measures that are not defined by US GAAP, such as non-GAAP gross margin, non-GAAP selling, general and administrative expenses, non-GAAP research and development expenses, adjusted EBITDA, non-GAAP net income, and non-GAAP diluted earnings per share. These non-GAAP financial measures are not a substitute for, or superior to, results presented in accordance with US GAAP. Non-GAAP results as presented by the Company are not necessarily comparable to similarly titled measures used by other companies. As a result, these performance measures should not be considered in isolation from, or as a substitute analysis for, the Company’s results as reported in accordance with US GAAP. Management performs a quantitative and qualitative assessment to determine if an item should be considered for adjustment.
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. Non-recurring items and other adjustments are excluded from non-GAAP financial measures consistent with the internal reporting provided to management and the Directors. Examples of such items could include share-based compensation expense, income or restructuring and related expenses from the reconfiguration of the Company’s activities and/or capital structure, impairment of current and non-current assets, gains and losses from the sale of intangible assets, certain costs arising as a result of significant and non-recurring regulatory and litigation matters, and certain tax related matters. Beginning with our Q2 2025 financial release, adjusted EBITDA replaced non-GAAP operating income as a non-GAAP measure. The Company believes adjusted EBITDA 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. Share-based compensation has been excluded from non-GAAP selling, general and administrative expenses, non-GAAP net income, non-GAAP diluted earnings per share and adjusted EBITDA for the current period and prior period comparatives presented.
We have not provided 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. Accordingly, 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.
3
Columns and rows within financial tables may not foot due to rounding. Percentages and per share data have been calculated using actual, non-rounded figures.
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; our expectation that we will accelerate SUBLOCADE net revenue, adjusted EBITDA, and cash flow; our expectation that we will be able to strategically deploy capital to create value for our patients and shareholders; expected annual operating expense savings; our intention to strategically deploy capital including continuing to invest behind U.S. SUBLOCADE, managing our debt, and opportunistically repurchasing shares; expected future share repurchases, and the amount of shares that might be repurchased; 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 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: 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. 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 March 3, 2025, our Forms 10-Q filed May 1, 2025, July 31, 2025, October 30, 2025, and our other filings with the U.S. Securities and Exchange Commission.
We have based the forward-looking statements in this report on our current expectations and beliefs concerning future events. Forward-looking statements contained in this report 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.
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 | |||
4
Indivior
(Amounts in millions, except per share data and percentages)
(Unaudited)
Condensed consolidated statements of operations
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
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| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net revenue |
$ | 358 | $ | 298 | $ | 1,239 | $ | 1,188 | ||||||||
| Cost of sales |
66 | 48 | 246 | 231 | ||||||||||||
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| Gross profit |
291 | 250 | 994 | 957 | ||||||||||||
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| Selling, general and administrative |
189 | 175 | 634 | 612 | ||||||||||||
| Research and development |
21 | 31 | 97 | 107 | ||||||||||||
| Acquired in-process research and development |
— | — | — | 1 | ||||||||||||
| Litigation settlement |
2 | (1 | ) | 3 | 195 | |||||||||||
| Other operating (income) expense, net |
(2 | ) | — | (3 | ) | 4 | ||||||||||
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| Operating income |
81 | 46 | 262 | 38 | ||||||||||||
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| Interest (income)1 |
(6 | ) | (5 | ) | (22 | ) | (23 | ) | ||||||||
| Interest expense1 |
6 | 13 | 45 | 41 | ||||||||||||
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| Income before income taxes |
81 | 38 | 239 | 20 | ||||||||||||
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| Income tax (benefit) expense1 |
(21 | ) | 17 | 29 | 13 | |||||||||||
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| Net income |
$ | 102 | $ | 21 | $ | 210 | $ | 7 | ||||||||
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| 1 Sign convention has been revised for all periods presented |
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| Earnings per share |
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| Basic |
$ | 0.82 | $ | 0.17 | $ | 1.68 | $ | 0.05 | ||||||||
| Diluted |
$ | 0.79 | $ | 0.17 | $ | 1.64 | $ | 0.05 | ||||||||
Columns may not foot due to rounding. Per share data has been calculated using actual, non-rounded figures.
5
Indivior
(Amounts in millions, except per share data and percentages)
(Unaudited)
Condensed consolidated balance sheets
| December 31, 2025 |
December 31, 2024 |
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| Assets |
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| Current assets |
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| Cash and cash equivalents |
$ | 195 | $ | 319 | ||||
| Short-term investments |
— | 1 | ||||||
| Accounts receivable, net of allowances of $4 (2025) and $3 (2024) |
253 | 254 | ||||||
| Inventories |
153 | 167 | ||||||
| Prepaid expenses |
34 | 31 | ||||||
| Current tax receivable |
2 | 33 | ||||||
| Other current assets |
16 | 21 | ||||||
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| Total current assets |
652 | 827 | ||||||
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| Long-term investments |
28 | 27 | ||||||
| Property, plant and equipment, net |
144 | 100 | ||||||
| Operating lease right of use assets, net |
26 | 39 | ||||||
| Goodwill and other intangible assets, net |
2 | 6 | ||||||
| Deferred tax assets |
323 | 277 | ||||||
| Other noncurrent assets |
27 | 39 | ||||||
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| Total assets |
$ | 1,201 | $ | 1,316 | ||||
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| Liabilities and shareholders’ deficit |
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| Current liabilities |
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| Accrued rebates and product returns |
$ | 582 | $ | 562 | ||||
| Accounts payable and accrued expenses |
250 | 216 | ||||||
| Accrued litigation settlement expenses, current |
42 | 99 | ||||||
| Current portion of long-term debt |
29 | 18 | ||||||
| Operating lease liabilities, current |
10 | 10 | ||||||
| Income taxes payable |
2 | 7 | ||||||
| Other current liabilities |
— | 11 | ||||||
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| Total current liabilities |
914 | 924 | ||||||
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| Long-term debt, less current portion |
290 | 315 | ||||||
| Accrued litigation settlement expenses, noncurrent |
52 | 365 | ||||||
| Operating lease liabilities, noncurrent |
22 | 32 | ||||||
| Other noncurrent liabilities |
21 | 18 | ||||||
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| Total liabilities |
1,300 | 1,652 | ||||||
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| Shareholders’ deficit |
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| Common stock, par value $0.50 per share Issued shares: 125 (2025) and 125 (2024) |
62 | 62 | ||||||
| Additional paid-in capital |
112 | 90 | ||||||
| Share repurchase commitment |
— | (10 | ) | |||||
| Accumulated other comprehensive loss |
(30 | ) | (36 | ) | ||||
| Accumulated deficit |
(243 | ) | (443 | ) | ||||
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| Total shareholders’ deficit |
(98 | ) | (337 | ) | ||||
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| Total liabilities and shareholders’ deficit |
$ | 1,201 | $ | 1,316 | ||||
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6
Indivior
(Amounts in millions, except per share data and percentages)
(Unaudited)
Condensed consolidated statements of cash flows
| Twelve Months Ended December 31, |
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| 2025 | 2024 | |||||||
| Cash flows from operating activities: |
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| Net income |
$ | 210 | $ | 7 | ||||
| Adjustments to reconcile net income to net cash from operating activities: |
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| Depreciation and amortization |
10 | 16 | ||||||
| Amortization of right-of-use assets |
10 | 12 | ||||||
| Share-based compensation expense |
26 | 24 | ||||||
| Impairment of tangible and intangible assets |
19 | 8 | ||||||
| Unrealized loss on equity investments |
— | 9 | ||||||
| Deferred income taxes |
(46 | ) | 7 | |||||
| Acquired in-process research and development |
— | 1 | ||||||
| Impact from foreign exchange movements |
1 | (2 | ) | |||||
| Change in operating assets and liabilities |
(257 | ) | (46 | ) | ||||
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| Net cash (used in) provided by operating activities |
(27 | ) | 36 | |||||
| Cash flows from investing activities: |
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| Purchases of property and equipment |
(66 | ) | (29 | ) | ||||
| Purchases of in-process research and development and intangible assets |
(1 | ) | (2 | ) | ||||
| Purchases of investments in debt securities |
(20 | ) | (17 | ) | ||||
| Sales and maturities of debt securities |
19 | 117 | ||||||
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| Net cash (used in) provided by investing activities |
(66 | ) | 69 | |||||
| Cash flows from financing activities: |
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| Proceeds from the issuance of common stock |
2 | 3 | ||||||
| Cash paid for repurchases of common stock |
(11 | ) | (173 | ) | ||||
| Proceeds from debt, net |
— | 332 | ||||||
| Repayments of debt |
(17 | ) | (240 | ) | ||||
| Other |
— | (2 | ) | |||||
| Settlement of tax on equity awards |
(5 | ) | (22 | ) | ||||
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| Net cash used in financing activities |
(30 | ) | (102 | ) | ||||
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| Net (decrease) increase in cash and cash equivalents |
(124 | ) | 3 | |||||
| Exchange differences |
(1 | ) | — | |||||
| Cash and cash equivalents at beginning of period |
319 | 316 | ||||||
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| Cash and cash equivalents at end of period |
$ | 195 | $ | 319 | ||||
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Columns may not foot due to rounding.
7
Indivior
(Amounts in millions, except per share data and percentages)
(Unaudited)
Selected revenue and expense information
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
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| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| US: |
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| SUBLOCADE* |
$ | 233 | $ | 180 | $ | 794 | $ | 704 | ||||||||
| Sublingual & other |
69 | 62 | 226 | 250 | ||||||||||||
| OPVEE1 |
— | — | 8 | 15 | ||||||||||||
| PERSERIS2 |
6 | 9 | 24 | 40 | ||||||||||||
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| Total U.S. |
308 | 251 | 1,053 | 1,008 | ||||||||||||
| Rest of World |
50 | 47 | 186 | 179 | ||||||||||||
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|
|||||||||
| Net revenue |
$ | 358 | $ | 298 | $ | 1,239 | $ | 1,188 | ||||||||
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|
|
|
|
|
|
|
|||||||||
| *Total SUBLOCADE net revenue |
$ | 252 | $ | 194 | $ | 856 | $ | 756 | ||||||||
| Selling, general and administrative expenses (SG&A): |
||||||||||||||||
| Selling and marketing |
$ | 100 | $ | 68 | $ | 315 | $ | 255 | ||||||||
| General and administrative |
89 | 108 | 319 | 357 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total selling, general and administrative expenses |
$ | 189 | $ | 175 | $ | 634 | $ | 612 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Columns may not foot due to rounding.
| 1 | Discontinued sales and marketing support for OPVEE® during Q3 2025. |
| 2 | Marketing and promotion activities for PERSERIS were discontinued in July 2024. |
Reconciliation of GAAP to non-GAAP financial information
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| GAAP gross profit |
$ | 291 | $ | 250 | $ | 994 | $ | 957 | ||||||||
| Adjustments within cost of sales |
||||||||||||||||
| Manufacturing transition |
1 | — | 5 | — | ||||||||||||
| Discontinuation of OPVEE |
3 | — | 33 | — | ||||||||||||
| Corporate initiative transition1 |
9 | — | 9 | — | ||||||||||||
| Discontinuation of PERSERIS |
— | (2 | ) | — | 40 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjustments in cost of sales |
12 | (2 | ) | 47 | 40 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Non-GAAP Gross Profit |
$ | 304 | $ | 248 | $ | 1,040 | $ | 997 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Columns may not foot due to rounding.
| 1 | Consists primarily of inventory write-downs related to the optimization of the Rest of World business |
We define non-GAAP gross margin % as non-GAAP gross profit divided by net revenue.
8
Indivior
(Amounts in millions, except per share data and percentages)
(Unaudited)
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| GAAP selling, general and administrative expenses |
$ | 189 | $ | 175 | $ | 634 | $ | 612 | ||||||||
| Adjustments within SG&A |
||||||||||||||||
| Share-based compensation |
5 | 6 | 26 | 24 | ||||||||||||
| Corporate initiative transition1 |
33 | — | 61 | — | ||||||||||||
| Manufacturing transition |
2 | 0 | 2 | 0 | ||||||||||||
| Restructuring and other costs, including severance costs |
— | 13 | — | 13 | ||||||||||||
| Debt refinancing costs |
— | 4 | — | 4 | ||||||||||||
| Discontinuation of PERSERIS |
— | — | — | 12 | ||||||||||||
| Acquisition-related costs2 |
— | — | — | 4 | ||||||||||||
| U.S. listing costs |
— | — | — | 4 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less: Adjustments in selling, general and administrative expenses |
41 | 23 | 89 | 61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Non-GAAP selling, general and administrative expenses |
148 | 152 | 545 | 552 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Columns may not foot due to rounding.
| 1 | Includes legal and consulting costs and expenses related to severance. |
| 2 | Non-recurring costs related to the acquisition and integration of the aseptic manufacturing site acquired in November 2023. |
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| GAAP research and development expenses |
21 | 31 | 97 | 107 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjustments within research and development expenses |
||||||||||||||||
| Corporate initiative transition1 |
4 | — | 17 | — | ||||||||||||
| Impairment of products in development and related fees |
— | 4 | — | 4 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less: Adjustments in research and development expenses |
4 | 4 | 17 | 4 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Non-GAAP research and development expenses |
17 | 27 | 80 | 103 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Columns may not foot due to rounding.
| 1 | Includes expenses related to severance and impairment related to planned facility closures. |
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| GAAP operating expenses |
211 | 205 | 732 | 919 | ||||||||||||
| Share-based compensation |
5 | 6 | 26 | 24 | ||||||||||||
| Corporate initiative transition1 |
37 | — | 78 | — | ||||||||||||
| Manufacturing transition |
2 | — | 2 | — | ||||||||||||
| Discontinuation of PERSERIS |
— | — | — | 12 | ||||||||||||
| Acquisition-related costs |
— | — | — | 4 | ||||||||||||
| Restructuring and other costs, including severance costs |
— | 13 | — | 13 | ||||||||||||
| Debt refinancing costs |
— | 4 | — | 4 | ||||||||||||
| U.S. listing costs |
— | — | — | 4 | ||||||||||||
| Contract termination fee |
— | 4 | — | 4 | ||||||||||||
| Litigation settlement expense |
2 | (1 | ) | 3 | 195 | |||||||||||
| Mark-to-market on equity investments |
— | — | — | 5 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less: Adjustments in operating expenses |
47 | 26 | 109 | 265 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Non-GAAP operating expenses |
164 | 179 | 622 | 655 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 1 | Includes expenses related to severance and impairment related to planned facility closures. |
9
Indivior
(Amounts in millions, except per share data and percentages)
(Unaudited)
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| GAAP tax (benefit) expense |
$ | (21 | ) | $ | 17 | $ | 29 | $ | 13 | |||||||
| Tax on non-GAAP adjustments |
(15 | ) | (2 | ) | (40 | ) | (68 | ) | ||||||||
| Tax settlement1 |
— | — | 32 | — | ||||||||||||
| Other tax non-GAAP adjustments |
(40 | ) | — | (42 | ) | (7 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less: Adjustments in tax expenses |
(55 | ) | (2 | ) | (51 | ) | (75 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Non-GAAP tax expense |
$ | 34 | $ | 18 | $ | 80 | $ | 88 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Columns may not foot due to rounding.
| 1 | Reflects an HMRC settlement which became probable during the second quarter, relating to aspects of prior years’ intercompany financing arrangements. The settlement is not expected to impact our future tax rates. |
The 2025 YTD effective tax rate was 12% (2024 YTD: 65%). On a non-GAAP basis, the 2025 YTD effective tax rate was 20% (2024 YTD: 27%). We define Non-GAAP effective tax rate as Non-GAAP tax expense divided by Non-GAAP income before taxation.
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| GAAP net income |
$ | 102 | $ | 21 | $ | 210 | $ | 7 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjustments in cost of sales |
12 | (2 | ) | 47 | 40 | |||||||||||
| Adjustments in selling, general and administrative expenses |
41 | 23 | 89 | 61 | ||||||||||||
| Adjustments in research and development expenses |
4 | 4 | 17 | 4 | ||||||||||||
| Litigation settlement expenses |
2 | (1 | ) | 3 | 195 | |||||||||||
| Adjustments in net other operating income |
— | — | — | 5 | ||||||||||||
| Adjustments in interest expense1 |
— | 3 | 4 | 3 | ||||||||||||
| Adjustments in tax expenses |
(55 | ) | (2 | ) | (51 | ) | (75 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Non-GAAP net income |
$ | 107 | $ | 47 | $ | 320 | $ | 240 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Non-GAAP diluted earnings per share |
$ | 0.82 | $ | 0.37 | $ | 2.50 | $ | 1.81 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares used in computing diluted non-GAAP earnings per share |
130 | 127 | 128 | 133 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Columns may not foot due to rounding.
| 1 | Reflects interest related to an HMRC settlement which became probable during the second quarter. |
10
Indivior
(Amounts in millions, except per share data and percentages)
(Unaudited)
Non-GAAP diluted earnings per share
Management believes that non-GAAP diluted earnings per share, adjusted for the impact of non-recurring items and other adjustments after the appropriate tax amount, may provide meaningful information on underlying trends to shareholders in respect of earnings per ordinary share. Weighted average shares used in computing non-GAAP diluted earnings per share are included in the table above. A reconciliation of GAAP net income to non-GAAP net income is included above.
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, as well as share-based compensation and other adjustments reflecting changes in our business that do not represent ongoing operations. 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 December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income |
$ | 102 | $ | 21 | $ | 210 | $ | 7 | ||||||||
| Interest (income) |
(6 | ) | (5 | ) | (22 | ) | (23 | ) | ||||||||
| Interest expense |
6 | 13 | 45 | 41 | ||||||||||||
| Income tax (benefit) expense |
(21 | ) | 17 | 29 | 13 | |||||||||||
| Depreciation and amortization |
2 | 6 | 10 | 16 | ||||||||||||
| Share-based compensation expense |
5 | 6 | 26 | 24 | ||||||||||||
| Corporate initiative transition |
46 | — | 87 | — | ||||||||||||
| Manufacturing transition |
3 | — | 7 | — | ||||||||||||
| Discontinuation of OPVEE sales and marketing |
3 | — | 33 | — | ||||||||||||
| Discontinuation of PERSERIS |
— | (2 | ) | — | 52 | |||||||||||
| Acquisition-related costs |
— | — | — | 4 | ||||||||||||
| U.S. listing costs |
— | — | — | 4 | ||||||||||||
| Contract termination fee |
— | 4 | — | 4 | ||||||||||||
| Restructuring - severance and other |
— | 12 | — | 12 | ||||||||||||
| Debt refinancing costs |
— | 4 | — | 4 | ||||||||||||
| Legal costs/provision |
2 | (1 | ) | 3 | 195 | |||||||||||
| Impairment of equity investment |
— | — | — | 5 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted EBITDA |
$ | 142 | $ | 75 | $ | 428 | $ | 358 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Columns may not foot due to rounding.
11
Q4 and FY 2025 Financial Results February 26, 2026 Indivior, Powering Recovery, Renewing Hope. Exhibit 99.2
IMPORTANT CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Q4 and FY 2025 Results | February 26, 2026 This presentation contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding: the Company’s financial guidance for 2026, including total net revenue, SUBLOCADE® net revenue, non-GAAP gross margin, non-GAAP operating expenses, adjusted EBITDA, and cash flow from operations; expected acceleration of SUBLOCADE U.S. dispense unit and net revenue growth in 2026; expected future acceleration in the growth of adjusted EBITDA and cash flow; planned initiatives to accelerate SUBLOCADE growth; our expectation that we can grow and accelerate SUBLOCADE net revenue, generate immediate accretion from profitability and cash flow growth exceeding revenue growth, and leverage strengthened financial profile to acquire next growth drivers; expectations of increased LAI usage; our intention to invest in SUBLOCADE at sustained levels; expected future operating expense savings; potential future patents that might be awarded; our expectation that our financial profile with strengthen and that this will enable us to acquire our next growth drivers; potential share repurchases; potential deployment of capital to create long-term value for shareholders; our product development pipeline and potential future products, the timing of clinical trials, expectations regarding regulatory approval of such product candidates, the timing of such approvals, and the timing of commercial launch of such products or product candidates, and eventual annual revenues of such future products; 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. Actual results may differ materially from those expressed or implied in these forward-looking statements due to a number of factors, including: lower than expected future sales of our products; greater than expected impacts from competition; unanticipated costs including the effects of potential tariffs and potential retaliatory tariffs; whether we are able to identify efficiencies and fund additional investments that we expect to generate increased revenue, and the timing of such actions; market acceptance of long-acting injectables; cash available for share repurchases in the future, and the market price of our common stock in the future; our ability to identify accretive investment opportunities, to negotiate with third parties to acquire such assets, and our ability to efficiently manage such assets and execute upon opportunities; and the results of pending and future clinical trials, and the decisions of relevant regulators. For additional information about some of the risks and important factors that could affect our future results and financial condition, see "Risk Factors" in our Annual Report on Form 10-K filed March 3, 2025, in our Quarterly Reports on Forms 10-Q filed May 1, 2025, July 31, 2025, and October 30, 2025, our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events.
Joe Ciaffoni Chief Executive Officer
CALL AGENDA Execution Against the Indivior Action AgendaJoe Ciaffoni, CEO SUBLOCADE® Commercial UpdatePatrick Barry, CCO Q4 / FY 2025 Performance & FY 2026 Guidance Ryan Preblick, CFO ConclusionJoe Ciaffoni, CEO Q&AAll participants Q4 & FY 2025 Results | February 26, 2026
FY 2025 BUSINESS PERFORMANCE HIGHLIGHTS Grew SUBLOCADE in the U.S. Simplified the organization and established “go-forward” operating model Determined actions and investments necessary to expand LAI penetration in U.S. BMAT category to accelerate U.S. SUBLOCADE net revenue 2025 SUBLOCADE net revenue reached record level Adjusted EBITDA margin increased 5 percentage points YoY Launched new DTC campaign in October 2025 1 2 3 +13% Adjusted EBITDA1 1. Adjusted EBITDA is a non-GAAP financial measure. See Appendix for the reconciliation to the most comparable GAAP measure. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Total Net Revenue. Total SUBLOCADE net revenue +20% Adjusted EBITDA margin Completed Phase I of the Indivior Action Agenda – Generate Momentum Q4 & FY 2025 Results | February 26, 2026
THE INDIVIOR ACTION AGENDA I II III Grow U.S. SUBLOCADE net revenue Simplify the organization and establish “go-forward” operating model Determine actions and investments necessary to expand LAI penetration in U.S. BMAT category to accelerate U.S. SUBLOCADE net revenue Accelerate U.S. SUBLOCADE dispense unit and net revenue throughout 2026 Immediately accelerate adjusted EBITDA and cash flow at a faster rate Phase II – Accelerate (Began Jan. 2026) Leverage strengthened financial profile to acquire next growth drivers Phase III – Breakout (H2’26 – Beyond) Phase I – Generate Momentum (Completed) LAI: long-acting injectable. BMAT: buprenorphine medication assisted treatment. Q4 & FY 2025 Results | February 26, 2026
ENTERED PHASE II – ACCELERATE – ON JANUARY 1, 2026 Accelerate U.S. SUBLOCADE +8% +30% Non-GAAP operating expenses will not exceed $450m; ~$300m in cash flow from operations expected in 20262 Total SUBLOCADE Net Revenue Adjusted EBITDA3 1. Based on financial guidance ranges provided by Indivior in its press release on Form 8-K filed with the SEC on February 26, 2026. 2. Excludes cash flows from investing and financing activities. 3. Adjusted EBITDA is a non-GAAP financial measure. See non-GAAP Financial Measures in the Appendix for reconciliation to the most comparable GAAP measures. For non-GAAP guidance items, 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-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort; See Appendix for details. Expect to accelerate SUBLOCADE dispense unit growth from 7% in 2025 to the mid-teens in 2026 Q4 & FY 2025 Results | February 26, 2026 Immediately Accelerate Adjusted EBITDA and Cash Generation at a Faster Rate than Net Revenue
Patrick Barry Chief Commercial Officer
~ FY AND Q4 2025 U.S. SUBLOCADE Performance 9 1Total number of dispenses (new and refill) within the quarter (Indivior analytics). 2 Trailing twelve months (TTM) estimated patients in treatment (Indivior analytics). 3 Active count of prescribing HCPs excluding delisted and Specialty HCPs (Indivior analytics). *Some percentages may not foot due to rounding. HCPs with 5+ SUBLOCADE Patients3 TTM SUBLOCADE Patients2 Strong SUBLOCADE Dispense Growth1 Growing SUBLOCADE Prescriber Base3 // +12% YoY +6% QoQ Q4 & FY 2025 Results | February 26, 2026 // +14% YoY +6% QoQ // // Momentum in new patient starts and adoption of accelerated 2nd dose +25% Growth in new patient starts in Q4’25 vs. Q4’24 of active HCPs that have begun prescribing an accelerated second dose +6% YoY +4% QoQ +14% YoY +6% QoQ of new patients receiving accelerated second dose exiting 2025 ~7% ~17%
Source: Indivior internal analytics and patient ATU research (Q4’25). FASTP: Find a SUBLOCADE Treatment Provider. CRM: Customer Relationship Management. SUBLOCADE ON TRACK TO ACCELERATE IN 2026 DRIVEN BY PATIENT EDUCATION & ACTIVATION EFFORTS INVESTOR PRESENTATION | February 2026 Launched new DTC campaign, Move Forward in Recovery, on October 1, 2025 Positive early indicators of success: Patient prompted awareness increased to 44% in Q4’25 vs. 15% in Q1’25 ~60% increase in branded SUBLOCADE online search volume in Q4’25 vs. Q3’25 ~70% growth in FASTP physician locator usage in Q4’25 vs. Q3’25 CRM enrollments surged to ~1,400 people/month in Q4’25 from ~60 people/month pre-campaign
Ryan Preblick Chief Financial Officer
Q4 AND FY 2025 FINANCIAL HIGHLIGHTS OPERATING RESULTS: KEY TAKEAWAYS: Total Net Revenue (+20% vs. Q4 2024; +4% vs. FY 2024) driven by strong SUBLOCADE net revenue growth SUBLOCADE Net Revenue (+30% vs. Q4 2024; +13% vs. FY 2024) primarily driven by dispense unit growth (12% YoY in Q4 2025; 7% YoY in FY 2025) U.S. SUBOXONE Film Net Revenue benefited from continued generic price stability in the U.S. Total Non-GAAP Operating Expenses1 (-8% vs. Q4 2024; -5% vs. FY 2024) primarily reflecting G&A reductions, the discontinuation of OPVEE and actions to streamline the pipeline to focus on OUD, partially offset by increased SUBLOCADE commercial investments Adjusted EBITDA1 (+91% vs. Q4 2024; +20% vs. FY 2024) reflecting improvement in adjusted EBITDA margin (15 percentage points for Q4 2025 and 5 percentage points for FY 2025) Columns and rows may not foot due to rounding. 1See non-GAAP Financial Measures in the Appendix for reconciliation. 2GAAP Selling and Marketing Expenses were $100m in Q4 2025 and $68m in Q4 2024, GAAP General and Administrative Expenses were $89m in Q4 2025 and $108m in Q4 2024, and GAAP Research and Development expenses were $21m in Q4 2025 and $31m in Q4 2024. GAAP Selling and Marketing Expenses were $315m in FY 2025 and $255m in FY 2024, GAAP General and Administrative Expenses were $319m in FY 2025 and $357m in FY 2024, and GAAP Research and Development expenses were $97m in FY 2025 and $107m in FY 2024. Q4 & FY 2025 Results | February 26, 2026 $ mil Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change Total Net Revenue (NR): 358 298 20% 1,239 1,188 4% Total SUBLOCADE NR: 252 194 30% 856 756 13% Gross Profit: 291 250 16% 994 957 4% Gross Margin 81% 84% -300 bps 80% 81% -51 bps Non-GAAP Gross Profit: 304 248 22% 1,040 997 4% Non-GAAP Gross Margin1 85% 83% +190 bps 84% 84% No change Operating Expenses2: (211) (205) 3% (732) (919) (20)% Non-GAAP Operating Expenses1: (164) (179) (8)% (622) (655) (5)% Non-GAAP Selling and Marketing (83) (68) 23% (291) (255) 14% Non-GAAP General and Administrative (65) (84) (22)% (254) (296) (14)% Non-GAAP Research and Development (17) (27) (36)% (80) (103) (22)% Net Income 102 21 NM 210 7 NM Non-GAAP Net Income1 107 47 NM 320 240 33% Adjusted EBITDA1 142 75 91% 428 358 20% Adj. EBITDA Margin1 40% 25% 15 pp 35% 30% 5 pp
Guidance Range1 YoY Change2 Total Net Revenue $1,125m - $1,195m -6% SUBLOCADE Net Revenue $905m - $945m +8% Non-GAAP Operating Expenses3 $430m - $450m -29% Adjusted EBITDA3 $535m - $575m +30% 1. As of February 26, 2026, before exceptional items and assuming no material change in key FX rates vs. FY 2025 average rates. Financial data provided by Indivior in its press release on Form 8-K filed with the SEC on February 26, 2026. 2. Represents the midpoint of 2026 guidance ranges compared to 2025 actuals. 3. For non-GAAP guidance items, 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-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort; See slides 20 to 27 for details. Q4 & FY 2025 Results | February 26, 2026 2026 FINANCIAL GUIDANCE REFLECTS SIGNIFICANT MARGIN EXPANSION AS PART OF PHASE II – ACCELERATE
2026 CAPITAL DEPLOYMENT STRATEGY $222m in cash and investments as of 12/31/25 ~$300m in cash flow from operations expected in 20261 $295m Payment to DOJ on 11/20/25 eliminated legacy matter 0.7x leverage ratio2 DEBT MANAGEMENT $350m term loan maturing in 2030 with $50m revolving credit facility SHARE REPURCHASES Authorized ~$400m share repurchase program with a term of up to 18 months in February 2026 BUSINESS DEVELOPMENT Earning our way to Phase III of Indivior Action Agenda – Breakout – to acquire next commercial stage growth drivers Q4 & FY 2025 Results | February 26, 2026 1. Excludes cash flows from investing and financing activities. 2. Defined as Net Debt as of December 31, 2025, of $283m, divided by 2025 Adjusted EBITDA of $428m; See Non-GAAP Financial Measures in the Appendix for reconciliation on slide 28.
Concluding Remarks
CLEAR FOCUS ON EXECUTING INDIVIOR ACTION AGENDA AND DELIVERING ON COMMITMENTS Deliver on 2026 financial guidance Strategically deploy capital to create long-term value for shareholders Execute on Phase II – Accelerate – of the Indivior Action Agenda Q4 & FY 2025 Results | February 26, 2026
Q&A
Appendix
1. Treatment failure defined as either one of two criteria: (1) Urine Drug Screen positive for opioids, or fentanyl on 4 consecutive assessments while participants are on INDV-2000 or placebo alone, (2) Discontinued INDV-2000 or placebo prematurely. OUD FOCUSED PIPELINE Q4 & FY 2025 Results | February 26, 2026 Trial Patients & Population Design Primary Endpoints Completion Patent Protection INDV-6001 3-month long-acting buprenorphine Phase II NCT06576843 120 Patients Moderate to severe OUD Multiple dose Phase II PK study Evaluate PK, safety and tolerability of INDV-6001 following multiple doses in participants with OUD Last Patient Last Visit Q4 2025 2037-2043 INDV-2000 Selective Orexin-1 receptor antagonist (oral tablet) Phase II NCT06384157 300 Patients Moderate to severe OUD Placebo or 3 dosing regimes of INDV-2000 Efficacy – Proportion (probability) of patients without treatment failure1 by the end of week 12 Last Patient Last Visit Q4 2025 2035-2037
NON-GAAP GROSS PROFIT RECONCILIATION Q4 & FY 2025 Results | February 26, 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP gross profit $291 $250 $994 $957 Adjustments within cost of sales Manufacturing transition 1 — 5 — Amortization of acquired intangible assets — — — — Discontinuation of OPVEE 3 — 33 — Corporate initiative transition 9 — 9 — Discontinuation of PERSERIS marketing and promotion — (2) — 40 Adjustments in cost of sales 12 (2) 47 40 Non-GAAP Gross Profit $304 $248 $1,040 $997 Columns may not foot due to rounding.
NON-GAAP OPERATING EXPENSES RECONCILIATION Q4 & FY 2025 Results | February 26, 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP operating expenses $211 $205 $732 $919 Share-based compensation 5 6 26 24 Corporate initiative transition 37 — 78 — Manufacturing transition 2 — 2 — Discontinuation of PERSERIS marketing and promotion — — — 12 Acquisition-related costs — — — 4 Restructuring and other costs, including severance costs — 13 — 13 Debt refinancing costs — — — 4 U.S. listing costs — — — 4 Contract termination fee — 4 — 4 Litigation settlement expense 2 (1) 3 195 Mark-to-market on equity investments — — — 5 Less: Adjustments in operating expenses 47 26 109 265 Non-GAAP operating expenses $164 $179 $622 $655 Columns may not foot due to rounding.
NON-GAAP SELLING & MARKETING RECONCILIATION Columns may not foot due to rounding. Q4 & FY 2025 Results | February 26, 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP selling and marketing expenses $100 $68 $315 $255 Adjustments within S&M Corporate initiative transition 18 — 23 — Less: Adjustments in selling and marketing expenses 18 — 23 — Non-GAAP selling and marketing expenses $83 $68 $291 $255
NON-GAAP GENERAL & ADMINISTRATIVE EXPENSE RECONCILIATION Q4 & FY 2025 Results | February 26, 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP general and administrative expenses $89 $108 $319 $357 Adjustments within G&A Share-based compensation 5 6 26 24 Corporate initiative transition 16 — 37 — Manufacturing transition 2 — 2 — Discontinuation of PERSERIS marketing and promotion — — — 12 Acquisition-related costs — — — 4 Restructuring and other costs, including severance costs — 13 — 13 Debt refinancing costs — 4 — 4 U.S. listing costs — — — 4 Less: Adjustments in general and administrative expenses 23 23 66 61 Non-GAAP general and administrative expenses $65 $84 $254 $296 Columns may not foot due to rounding.
NON-GAAP RESEARCH & DEVELOPMENT RECONCILIATION Q4 & FY 2025 Results | February 26, 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP research and development expenses $21 $31 $97 $107 Adjustments within R&D Impairment of products in development and related fees — 4 — 4 Corporate initiative transition 4 — 17 — Less: Adjustments in research and development expenses 4 4 17 4 Non-GAAP research and development expenses $17 $27 $80 $103 Columns may not foot due to rounding.
NON-GAAP TAX RECONCILIATIONS Q4 & FY 2025 Results | February 26, 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP tax (benefit) expense $(21) $17 $29 $13 Tax on non-GAAP adjustments (15) (2) (40) (68) Tax settlement — — 32 — Other tax non-GAAP adjustments (40) — (42) (7) Less: Adjustments in tax expenses (55) (2) (51) (75) Non-GAAP tax expense $34 $18 $80 $88 Columns may not foot due to rounding.
NON-GAAP NET INCOME RECONCILIATIONS Q4 & FY 2025 Results | February 26, 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP net income $102 $21 $210 $7 Adjustments in cost of sales 12 (2) 47 40 Adjustments in selling, general and administrative expenses 41 23 89 61 Adjustments in research and development expenses 4 4 17 4 Litigation settlement expenses 2 (1) 3 195 Adjustments in net other operating income — — — 5 Adjustments in interest expense1 — 3 4 3 Adjustments in tax expenses (55) (2) (51) (75) Non-GAAP net income $107 $47 $320 $240 Non-GAAP diluted earnings per share $0.82 $0.37 $2.50 $1.81 Shares used in computing diluted non-GAAP earnings per share 130 127 128 133 Non-GAAP diluted earnings per share: Management believes that non-GAAP diluted earnings per share, adjusted for the impact of non-recurring items and other adjustments after the appropriate tax amount, may provide meaningful information on underlying trends to shareholders in respect of earnings per ordinary share. Weighted average shares used in computing non-GAAP diluted earnings per share are included in the table above. A reconciliation of GAAP net income to non-GAAP net income is included above. Columns may not foot due to rounding.
ADJUSTED EBITDA RECONCILIATIONS Q4 & FY 2025 Results | February 26, 2026 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, as well as share-based compensation and other adjustments reflecting changes in our business that do not represent ongoing operations. 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 December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net income $102 $21 $210 $7 Interest (income) (6) (5) (22) (23) Interest expense 6 13 45 41 Income tax (benefit) expense (21) 17 29 13 Depreciation and amortization 2 6 10 16 Share-based compensation expense 5 6 26 24 Corporate initiative transition 46 — 87 — Manufacturing transition 3 — 7 — Discontinuation of OPVEE sales and marketing 3 — 33 — Discontinuation of PERSERIS marketing and promotion — (2) — 52 Acquisition-related costs — — — 4 U.S. listing costs — — — 4 Contract termination fee — 4 — 4 Restructuring - severance and other — 12 — 12 Debt refinancing costs — 4 — 4 Legal costs/provision 2 (1) 3 195 Impairment of equity investment — — — 5 Adjusted EBITDA $142 $75 $428 $358 Columns may not foot due to rounding.
TRAILING TWELVE MONTHS LEVERAGE RECONCILIATION 1. Net Debt represents $333m of the outstanding balance of the note purchase agreement less $50m of cash. Q4 & FY 2025 Results | February 26, 2026 ($ in mil.) 2025 Net Debt1 $283 Net income 210 Adjustments: Interest income (22) Interest expense 45 Income tax expense 29 Depreciation and amortization 10 Non-GAAP adjustments in operating income 127 Share-based compensation expense 26 Legal costs/provision 3 Total Adjustments 218 Adjusted EBITDA $428 Adjusted Leverage 0.7 Columns may not foot due to rounding.
SUBLOCADE® (buprenorphine extended-release) injection, for subcutaneous use (CIII) INDICATION SUBLOCADE is indicated for the treatment of moderate to severe opioid use disorder in patients who have initiated treatment with a single dose of a transmucosal buprenorphine product or who are already being treated with buprenorphine. SUBLOCADE should be used as part of a complete treatment plan that includes counseling and psychosocial support. HIGHLIGHTED SAFETY INFORMATION WARNING: RISK OF SERIOUS HARM OR DEATH WITH INTRAVENOUS ADMINISTRATION; SUBLOCADE RISK EVALUATION AND MITIGATION STRATEGY See full prescribing information for complete boxed warning. Serious harm or death could result if administered intravenously. SUBLOCADE is only available through a restricted program called the SUBLOCADE REMS Program. Healthcare settings and pharmacies that order and dispense SUBLOCADE must be certified in this program and comply with the REMS requirements. CONTRAINDICATIONS Hypersensitivity to buprenorphine or any other ingredients in SUBLOCADE. WARNINGS AND PRECAUTIONS Addiction, Abuse, and Misuse: SUBLOCADE contains buprenorphine, a Schedule III controlled substance that can be abused in a manner similar to other opioids. Monitor patients for conditions indicative of diversion or progression of opioid dependence and addictive behaviors. Respiratory Depression: Life threatening respiratory depression and death have occurred in association with buprenorphine. Warn patients of the potential danger of self-administration of benzodiazepines or other CNS depressants while under treatment with SUBLOCADE. Risk of Serious Injection Site Reactions: Likelihood of may increase with inadvertent intramuscular or intradermal administration. Evaluate and treat as appropriate. The most common injection site reactions are pain, erythema and pruritus with some involving abscess, ulceration and necrosis. Neonatal Opioid Withdrawal Syndrome: Neonatal opioid withdrawal syndrome (NOWS) is an expected and treatable outcome of prolonged use of opioids during pregnancy. Adrenal Insufficiency: If diagnosed, treat with physiologic replacement of corticosteroids, and wean patient off the opioid. Risk of Opioid Withdrawal With Abrupt Discontinuation: If treatment with SUBLOCADE is discontinued, monitor patients for several months for withdrawal and treat appropriately. Risk of Hepatitis, Hepatic Events: Monitor liver function tests prior to and during treatment. Risk of Withdrawal in Patients Dependent on Full Agonist Opioids: Verify that patients have tolerated transmucosal buprenorphine before injecting SUBLOCADE. Treatment of Emergent Acute Pain: Treat pain with a non-opioid analgesic whenever possible. If opioid therapy is required, monitor patients closely because higher doses may be required for analgesic effect. ADVERSE REACTIONS Adverse reactions commonly associated with SUBLOCADE (in ≥5% of subjects) were constipation, headache, nausea, injection site pruritus, vomiting, increased hepatic enzymes, fatigue, and injection site pain. For more information about SUBLOCADE, the full Prescribing Information including BOXED WARNING, and Medication Guide, visit www.sublocade.com. Q4 & FY 2025 Results | February 26, 2026
Investor Presentation February 26, 2026 Indivior, Powering Recovery, Renewing Hope. Exhibit 99.3
IMPORTANT CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS INVESTOR PRESENTATION | February 2026 This presentation contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding: the Company’s financial guidance for 2026, including total net revenue, SUBLOCADE® net revenue, non-GAAP gross margin, non-GAAP operating expenses, adjusted EBITDA, and cash flow from operations; expected acceleration of SUBLOCADE U.S. dispense unit and net revenue growth in 2026; expected future acceleration in the growth of adjusted EBITDA and cash flow; planned initiatives to accelerate SUBLOCADE growth; our expectation that we can grow and accelerate SUBLOCADE net revenue, generate immediate accretion from profitability and cash flow growth exceeding revenue growth, and leverage strengthened financial profile to acquire next growth drivers; expectations of increased LAI usage; our intention to invest in SUBLOCADE at sustained levels; expected future operating expense savings; potential future patents that might be awarded; our expectation that our financial profile with strengthen and that this will enable us to acquire our next growth drivers; potential share repurchases; potential deployment of capital to create long-term value for shareholders; our product development pipeline and potential future products, the timing of clinical trials, expectations regarding regulatory approval of such product candidates, the timing of such approvals, and the timing of commercial launch of such products or product candidates, and eventual annual revenues of such future products; 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. Actual results may differ materially from those expressed or implied in these forward-looking statements due to a number of factors, including: lower than expected future sales of our products; greater than expected impacts from competition; unanticipated costs including the effects of potential tariffs and potential retaliatory tariffs; whether we are able to identify efficiencies and fund additional investments that we expect to generate increased revenue, and the timing of such actions; market acceptance of long-acting injectables; cash available for share repurchases in the future, and the market price of our common stock in the future; our ability to identify accretive investment opportunities, to negotiate with third parties to acquire such assets, and our ability to efficiently manage such assets and execute upon opportunities; and the results of pending and future clinical trials, and the decisions of relevant regulators. For additional information about some of the risks and important factors that could affect our future results and financial condition, see "Risk Factors" in our Annual Report on Form 10-K filed March 3, 2025, in our Quarterly Reports on Forms 10-Q filed May 1, 2025, July 31, 2025, and October 30, 2025, our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events.
LONGSTANDING LEADERSHIP IN THE TREATMENT OF OPIOID USE DISORDER 20+ Years of leadership in OUD treatment Long history of helping people achieve long-term recovery from opioid use disorder (OUD) through accessible, science-driven care 475K+ Patients treated SUBLOCADE® is a durable growth driver and is the #1 prescribed, first-in-class, monthly subcutaneous long-acting injectable (LAI) medication for the treatment of moderate to severe OUD $1.2B Revenue in 20251 Strong financial position and poised to accelerate SUBLOCADE and grow adjusted EBITDA and cash flow at a faster rate INVESTOR PRESENTATION | February 2026 1. Based on financial data provided by Indivior in its press release on Form 8-K filed with the SEC on February 26, 2026.
EXECUTING THE INDIVIOR ACTION AGENDA AND ENTERING 2026 AS A FOCUSED, SIMPLIFIED AND STRONGER INDIVIOR New operating model in place to drive significant bottom-line growth and cash flow generation Improved financial profile and strength enables capital allocation optionality INVESTOR PRESENTATION | February 2026 Sharpened focus on highest growth opportunity – U.S. SUBLOCADE
THE INDIVIOR ACTION AGENDA I II III Grow U.S. SUBLOCADE net revenue Simplify the organization and establish “go-forward” operating model Determine actions and investments necessary to expand LAI penetration in U.S. BMAT category to accelerate U.S. SUBLOCADE net revenue Accelerate U.S. SUBLOCADE dispense unit and net revenue throughout 2026 Immediately accelerate adjusted EBITDA and cash flow at a faster rate Phase II – Accelerate (Began Jan. 2026) Leverage strengthened financial profile to acquire next growth drivers Phase III – Breakout (H2’26 – Beyond) Phase I – Generate Momentum (Completed) LAI: long-acting injectable. BMAT: buprenorphine medication assisted treatment. INVESTOR PRESENTATION | February 2026
FY 2025 BUSINESS PERFORMANCE HIGHLIGHTS Grew SUBLOCADE in the U.S. Simplified the organization and established “go-forward” operating model Determined actions and investments necessary to expand LAI penetration in U.S. BMAT category to accelerate U.S. SUBLOCADE net revenue 2025 SUBLOCADE net revenue reached record level Adjusted EBITDA margin increased 5 percentage points YoY Launched new DTC campaign in October 2025 1 2 3 +13% Adjusted EBITDA1 1. Non-GAAP financial measure. See Appendix for reconciliation. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Total Net Revenue. Total SUBLOCADE net revenue +20% Adjusted EBITDA margin Completed Phase I of the Indivior Action Agenda – Generate Momentum INVESTOR PRESENTATION | February 2026
ENTERED PHASE II – ACCELERATE – ON JANUARY 1, 2026 Accelerate U.S. SUBLOCADE +8% +30% Non-GAAP operating expenses will not exceed $450m; ~$300m in cash flow from operations expected in 20262 Total SUBLOCADE Net Revenue Adjusted EBITDA3 1. Based on financial guidance ranges provided by Indivior in its press release on Form 8-K filed with the SEC on February 26, 2026. 2. Excludes cash flows from investing and financing activities. 3. Adjusted EBITDA is a non-GAAP financial measure. See non-GAAP Financial Measures in the Appendix for reconciliation to the most comparable GAAP measures. For non-GAAP guidance items, 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-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort; See Appendix for details. Expect to accelerate SUBLOCADE dispense unit growth from 7% in 2025 to the mid-teens in 2026 Immediately Accelerate Adjusted EBITDA and Cash Generation at a Faster Rate than Net Revenue INVESTOR PRESENTATION | February 2026
2026 FINANCIAL GUIDANCE REFLECTS SIGNIFICANT MARGIN EXPANSION AS PART OF PHASE II – ACCELERATE Guidance Range1 YoY Change2 Total Net Revenue $1,125m - $1,195m -6% SUBLOCADE Net Revenue $905m - $945m +8% Non-GAAP Operating Expenses3 $430m - $450m -29% Adjusted EBITDA3 $535m - $575m +30% 1. As of February 26, 2026, before exceptional items and assuming no material change in key FX rates vs. FY 2025 average rates. Financial data provided by Indivior in its press release on Form 8-K filed with the SEC on February 26, 2026. 2. Represents the midpoint of 2026 guidance ranges compared to 2025 actuals. 3. For non-GAAP guidance items, 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-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort; See slides 20 to 27 for details. INVESTOR PRESENTATION | February 2026
SUBLOCADE®
1. Substance Abuse and Mental Health Services Administration. (2025). Key substance use and mental health indicators in the United States: Results from the 2024 National Survey on Drug Use and Health (HHS Publication No. PEP25-07-007, NSDUH Series H-60). Center for Behavioral Health Statistics and Quality, Substance Abuse and Mental Health Services Administration. https://www.samhsa.gov/data/data-we-collect/nsduh-national-survey-drug-use-and-health/national-releases 2. Symphony Health Patient Tracker Summary – 12 months ending December 2024. 3. Estimated LAI usage of BMAT population during Q4 25. 4. HCP Survey conducted Q3 2024. N=400 HCP and patients combined in qual. and quant. SIGNIFICANT OPPORTUNITY TO INCREASE USE OF LAI BUPRENORPHINE MEDICATIONS IN THE TREATMENT OF OUD INVESTOR PRESENTATION | JANUARY 2026 7.8m1 Misuse opioids in U.S. (Total Addressable Market) 4.8m1 OUD diagnosed in U.S. (Service Addressable Market) 2.0m2 Received Buprenorphine Medication Assisted Treatment (BMAT) ~8.5%3 Current LAI usage in BMAT population allows for significant potential expansion HCPs expect LAI usage to increase to 20-30% of the BMAT population 20-30%4 2.0m2 BMAT
#1 prescribed LAI in the U.S. Over 475K lives treated The only once-monthly LAI with rapid initiation on day 1 Significant IP with 12 orange-book listed patents to 2031-20381; pursuing 6 additional U.S. patent applications with potential expirations from 2035-2044 SUBLOCADE: A DURABLE GROWTH ASSET WITH IP PROTECTION TO 2031-2038 SUBLOCADE NET REVENUE +23% CAGR 1. Patent expiring in 2038 is for 300mg/1.5ML dose - 11 other orange book patents expire 2031-2035. 2. Represents trailing-twelve months (TTM) of estimated patients in treatment. 3. Based on financial guidance ranges provided by Indivior in its press release on Form 8-K filed with the SEC on February 26, 2026. TTM SUBLOCADE PATIENTS2 INVESTOR PRESENTATION | February 2026
1. Indivior Internal Marketing – Q3 2025 Healthcare Practitioner ATU study. 2. Active count of prescribing HCPs in the last 3 months of each year; excludes delisted and Specialty HCPs. STRONG FUNDAMENTALS POSITION SUBLOCADE FOR GROWTH GROWING SUBLOCADE PRESCRIBER BASE2 PRESCRIBING DEPTH IMPROVING: HCPS WITH 5+ SUBLOCADE PATIENTS2 BROAD PAYOR ACCESS FOR SUBLOCADE HIGH INTENT TO PRESCRIBE1 ~88% Coverage in Medicaid and Commercial Simple single prior authorization (PA) PA is label aligned 95% of people in the SUBLOCADE copay program pay $0 74% 83% of HCPs consider SUBLOCADE to be appropriate for patients with severe OUD of HCPs consider SUBLOCADE to be appropriate for patients burdened by daily drug-taking HCPs prescribing SUBLOCADE report that they will prescribe to 30% more patients over the next 18 months INVESTOR PRESENTATION | February 2026
SUSTAINED INITIATIVES TO ACCELERATE SUBLOCADE GROWTH STARTED IN H2’25 Unlocking Access Through Policy Leadership Advance state and federal policies that support durable access to increase long-term adoption of LAIs Activate advocates to accelerate access, reduce system barriers and increase awareness +25% Growth in New Patient Starts In Q4’25 YoY Expanding Patient Awareness and Engagement Increase patient awareness of SUBLOCADE and LAI category Launched DTC Campaign ("Move Forward in Recovery") in October 2025 Improving Commercial Execution Strengthen field force messaging and productivity Improve commercial channel dispense yield Drive awareness of updated label and unique rapid initiation INVESTOR PRESENTATION | February 2026
Source: Indivior internal analytics and patient ATU research (Q4’25). FASTP: Find a SUBLOCADE Treatment Provider. CRM: Customer Relationship Management. SUBLOCADE ON TRACK TO ACCELERATE IN 2026 DRIVEN BY PATIENT EDUCATION & ACTIVATION EFFORTS INVESTOR PRESENTATION | February 2026 Launched new DTC campaign, Move Forward in Recovery, on October 1, 2025 Positive early indicators of success: Patient prompted awareness increased to 44% in Q4’25 vs. 15% in Q1’25 ~60% increase in branded SUBLOCADE online search volume in Q4’25 vs. Q3’25 ~70% growth in FASTP physician locator usage in Q4’25 vs. Q3’25 CRM enrollments surged to ~1,400 people/month in Q4’25 from ~60 people/month pre-campaign
Pipeline
1. Treatment failure defined as either one of two criteria: (1) Urine Drug Screen positive for opioids, or fentanyl on 4 consecutive assessments while participants are on INDV-2000 or placebo alone, (2) Discontinued INDV-2000 or placebo prematurely. Trial Patients & Population Design Primary Endpoints Completion Patent Protection INDV-6001 3-month long-acting buprenorphine Phase II NCT06576843 120 Patients Moderate to severe OUD Multiple dose Phase II PK study Evaluate PK, safety and tolerability of INDV-6001 following multiple doses in participants with OUD Last Patient Last Visit Q4 2025 2037-2043 INDV-2000 Selective Orexin-1 receptor antagonist (oral tablet) Phase II NCT06384157 300 Patients Moderate to severe OUD Placebo or 3 dosing regimes of INDV-2000 Efficacy – Proportion (probability) of patients without treatment failure1 by the end of week 12 Last Patient Last Visit Q4 2025 2035-2037 OUD FOCUSED PIPELINE INVESTOR PRESENTATION | February 2026
Financials
Adjusted EBITDA margin3 EXECUTION AGAINST THE INDIVIOR ACTION AGENDA DRIVES STRONG FINANCIAL PERFORMANCE GROWING SUBLOCADE NET REVENUE EXPANDING ADJUSTED EBITDA2 +8% +30% 1. Based on financial guidance ranges provided by Indivior in its press release on Form 8-K filed with the SEC on February 26, 2026. 2. Adjusted EBITDA is a non-GAAP financial measure. See Non-GAAP Financial Measures in the Appendix for reconciliation. For non-GAAP guidance items, 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-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort; See Appendix for details. 3. Adjusted EBITDA margin is adjusted EBITDA divided by total revenue. INVESTOR PRESENTATION | February 2026
1. For non-GAAP guidance items, 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-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort; See Appendix for details. 2. Represents 2026 guidance range provided by Indivior in its press release on Form 8-K filed with the SEC on February 26, 2026. YoY percent change is calculated based on the midpoint of the guidance range. Completed LSE delisting Restructured R&D and Medical Affairs organizations Optimized the Rest of World business BOTTOM-LINE EXPANSION DRIVEN BY SIMPLIFIED OPERATING MODEL Simplification Actions to Generate Savings Consolidated operating footprint Discontinued sales and marketing support of OPVEE Completed redomiciliation from the U.K. to the U.S. Non-GAAP operating expenses will not exceed $450m in 20261 -5% -29% INVESTOR PRESENTATION | February 2026
2026 CAPITAL DEPLOYMENT STRATEGY $222m in cash and investments as of 12/31/25 ~$300m in cash flow from operations expected in 20261 $295m Payment to DOJ on 11/20/25 eliminated legacy matter 0.7x leverage ratio2 DEBT MANAGEMENT $350m term loan maturing in 2030 with $50m revolving credit facility SHARE REPURCHASES Authorized ~$400m share repurchase program with a term of up to 18 months in February 2026 BUSINESS DEVELOPMENT Earning our way to Phase III of Indivior Action Agenda – Breakout – to acquire next commercial stage growth drivers 1. Excludes cash flows from investing and financing activities. 2. Defined as Net Debt as of December 31, 2025, of $283m, divided by 2025 Adjusted EBITDA of $428m; See Non-GAAP Financial Measures in the Appendix for reconciliation on slide 34. INVESTOR PRESENTATION | February 2026
Summary
DELIVERING ON STRATEGIC PRIORITIES TO ACCELERATE IN 2026 Maximize the potential of the business Create long-term value for shareholders Make a positive difference in the lives of people living with OUD INVESTOR PRESENTATION | February 2026
Appendix
Q4 AND FY 2025 FINANCIAL HIGHLIGHTS OPERATING RESULTS: KEY TAKEAWAYS: Total Net Revenue (+20% vs. Q4 2024; +4% vs. FY 2024) driven by strong SUBLOCADE net revenue growth SUBLOCADE Net Revenue (+30% vs. Q4 2024; +13% vs. FY 2024) primarily driven by dispense unit growth (12% YoY in Q4 2025; 7% YoY in FY 2025) U.S. SUBOXONE Film Net Revenue benefited from continued generic price stability in the U.S. Total Non-GAAP Operating Expenses1 (-8% vs. Q4 2024; -5% vs. FY 2024) primarily reflecting G&A reductions, the discontinuation of OPVEE and actions to streamline the pipeline to focus on OUD, partially offset by increased SUBLOCADE commercial investments Adjusted EBITDA1 (+91% vs. Q4 2024; +20% vs. FY 2024) reflecting improvement in adjusted EBITDA margin (15 percentage points for Q4 2025 and 5 percentage points for FY 2025) Columns and rows may not foot due to rounding. 1See non-GAAP Financial Measures in the Appendix for reconciliation. 2GAAP Selling and Marketing Expenses were $100m in Q4 2025 and $68m in Q4 2024, GAAP General and Administrative Expenses were $89m in Q4 2025 and $108m in Q4 2024, and GAAP Research and Development expenses were $21m in Q4 2025 and $31m in Q4 2024. GAAP Selling and Marketing Expenses were $315m in FY 2025 and $255m in FY 2024, GAAP General and Administrative Expenses were $319m in FY 2025 and $357m in FY 2024, and GAAP Research and Development expenses were $97m in FY 2025 and $107m in FY 2024. Q4 & FY 2025 Results | February 26, 2026 $ mil Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change Total Net Revenue (NR): 358 298 20% 1,239 1,188 4% Total SUBLOCADE NR: 252 194 30% 856 756 13% Gross Profit: 291 250 16% 994 957 4% Gross Margin 81% 84% -300 bps 80% 81% -51 bps Non-GAAP Gross Profit: 304 248 22% 1,040 997 4% Non-GAAP Gross Margin1 85% 83% +190 bps 84% 84% No change Operating Expenses2: (211) (205) 3% (732) (919) (20)% Non-GAAP Operating Expenses1: (164) (179) (8)% (622) (655) (5)% Non-GAAP Selling and Marketing (83) (68) 23% (291) (255) 14% Non-GAAP General and Administrative (65) (84) (22)% (254) (296) (14)% Non-GAAP Research and Development (17) (27) (36)% (80) (103) (22)% Net Income 102 21 NM 210 7 NM Non-GAAP Net Income1 107 47 NM 320 240 33% Adjusted EBITDA1 142 75 91% 428 358 20% Adj. EBITDA Margin1 40% 25% 15 pp 35% 30% 5 pp
NON-GAAP GROSS PROFIT RECONCILIATION Columns may not foot due to rounding. INVESTOR PRESENTATION | February 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP gross profit $291 $250 $994 $957 Adjustments within cost of sales Manufacturing transition 1 — 5 — Amortization of acquired intangible assets — — — — Discontinuation of OPVEE 3 — 33 — Corporate initiative transition 9 — 9 — Discontinuation of PERSERIS marketing and promotion — (2) — 40 Adjustments in cost of sales 12 (2) 47 40 Non-GAAP Gross Profit $304 $248 $1,040 $997
NON-GAAP OPERATING EXPENSES RECONCILIATION Columns may not foot due to rounding. INVESTOR PRESENTATION | February 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP operating expenses $211 $205 $732 $919 Share-based compensation 5 6 26 24 Corporate initiative transition 37 — 78 — Manufacturing transition 2 — 2 — Discontinuation of PERSERIS marketing and promotion — — — 12 Acquisition-related costs — — — 4 Restructuring and other costs, including severance costs — 13 — 13 Debt refinancing costs — — — 4 U.S. listing costs — — — 4 Contract termination fee — 4 — 4 Litigation settlement expense 2 (1) 3 195 Mark-to-market on equity investments — — — 5 Less: Adjustments in operating expenses 47 26 109 265 Non-GAAP operating expenses $164 $179 $622 $655
NON-GAAP SELLING & MARKETING RECONCILIATION Columns may not foot due to rounding. Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP selling and marketing expenses $100 $68 $315 $255 Adjustments within S&M Corporate initiative transition 18 — 23 — Less: Adjustments in selling and marketing expenses 18 — 23 — Non-GAAP selling and marketing expenses $83 $68 $291 $255 INVESTOR PRESENTATION | February 2026
NON-GAAP GENERAL & ADMINISTRATIVE EXPENSE RECONCILIATION Columns may not foot due to rounding. INVESTOR PRESENTATION | February 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP general and administrative expenses $89 $108 $319 $357 Adjustments within G&A Share-based compensation 5 6 26 24 Corporate initiative transition 16 — 37 — Manufacturing transition 2 — 2 — Discontinuation of PERSERIS marketing and promotion — — — 12 Acquisition-related costs — — — 4 Restructuring and other costs, including severance costs — 13 — 13 Debt refinancing costs — 4 — 4 U.S. listing costs — — — 4 Less: Adjustments in general and administrative expenses 23 23 66 61 Non-GAAP general and administrative expenses $65 $84 $254 $296
NON-GAAP RESEARCH & DEVELOPMENT RECONCILIATION Columns may not foot due to rounding. INVESTOR PRESENTATION | February 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP research and development expenses $21 $31 $97 $107 Adjustments within R&D Impairment of products in development and related fees — 4 — 4 Corporate initiative transition 4 — 17 — Less: Adjustments in research and development expenses 4 4 17 4 Non-GAAP research and development expenses $17 $27 $80 $103
NON-GAAP TAX RECONCILIATIONS Columns may not foot due to rounding. INVESTOR PRESENTATION | February 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP tax (benefit) expense $(21) $17 $29 $13 Tax on non-GAAP adjustments (15) (2) (40) (68) Tax settlement — — 32 — Other tax non-GAAP adjustments (40) — (42) (7) Less: Adjustments in tax expenses (55) (2) (51) (75) Non-GAAP tax expense $34 $18 $80 $88
NON-GAAP NET INCOME RECONCILIATIONS Non-GAAP diluted earnings per share: Management believes that non-GAAP diluted earnings per share, adjusted for the impact of non-recurring items and other adjustments after the appropriate tax amount, may provide meaningful information on underlying trends to shareholders in respect of earnings per ordinary share. Weighted average shares used in computing non-GAAP diluted earnings per share are included in the table above. A reconciliation of GAAP net income to non-GAAP net income is included above. Columns may not foot due to rounding. INVESTOR PRESENTATION | February 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP net income $102 $21 $210 $7 Adjustments in cost of sales 12 (2) 47 40 Adjustments in selling, general and administrative expenses 41 23 89 61 Adjustments in research and development expenses 4 4 17 4 Litigation settlement expenses 2 (1) 3 195 Adjustments in net other operating income — — — 5 Adjustments in interest expense1 — 3 4 3 Adjustments in tax expenses (55) (2) (51) (75) Non-GAAP net income $107 $47 $320 $240 Non-GAAP diluted earnings per share $0.82 $0.37 $2.50 $1.81 Shares used in computing diluted non-GAAP earnings per share 130 127 128 133
ADJUSTED EBITDA RECONCILIATIONS 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, as well as share-based compensation and other adjustments reflecting changes in our business that do not represent ongoing operations. 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. Columns may not foot due to rounding. INVESTOR PRESENTATION | February 2026 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net income $102 $21 $210 $7 Interest (income) (6) (5) (22) (23) Interest expense 6 13 45 41 Income tax (benefit) expense (21) 17 29 13 Depreciation and amortization 2 6 10 16 Share-based compensation expense 5 6 26 24 Corporate initiative transition 46 — 87 — Manufacturing transition 3 — 7 — Discontinuation of OPVEE sales and marketing 3 — 33 — Discontinuation of PERSERIS marketing and promotion — (2) — 52 Acquisition-related costs — — — 4 U.S. listing costs — — — 4 Contract termination fee — 4 — 4 Restructuring - severance and other — 12 — 12 Debt refinancing costs — 4 — 4 Legal costs/provision 2 (1) 3 195 Impairment of equity investment — — — 5 Adjusted EBITDA $142 $75 $428 $358
FY 2022–2024 ADJUSTED EBITDA RECONCILIATIONS Columns may not foot due to rounding. INVESTOR PRESENTATION | February 2026 Twelve Months Ended December 31, 2025 2024 2023 2022 Net income $210 $7 (126) (42) Interest (income) (22) (23) (43) (19) Interest expense 45 41 35 27 Income tax (benefit) expense 29 13 (19) (43) Depreciation and amortization 10 16 11 9 Share-based compensation expense 26 24 21 16 Non-GAAP adjustments in Operations — — 265 297 Corporate initiative transition 87 — — — Manufacturing transition 7 — — — Discontinuation of OPVEE sales and marketing 33 — — — Discontinuation of PERSERIS marketing and promotion — 52 — — Acquisition-related costs — 4 — — U.S. listing costs — 4 — — Contract termination fee — 4 — — Restructuring - severance and other — 12 — — Debt refinancing costs — 4 — — Legal costs/provision 3 195 — — Opiant Transaction — — 162 — Impairment of equity investment — 5 — — Adjusted EBITDA $ 428 $ 358 $ 306 $ 245 Net Revenue 1,239 1,188 1,093 901 Adjusted EBITDA Margin 35% 30% 28% 27%
TRAILING TWELVE MONTHS LEVERAGE RECONCILIATION 1. Net Debt represents $333m of the outstanding balance of the note purchase agreement less $50m of cash. Columns may not foot due to rounding. INVESTOR PRESENTATION | February 2026 ($ in mil.) 2025 Net Debt1 $283 Net income 210 Adjustments: Interest income (22) Interest expense 45 Income tax expense 29 Depreciation and amortization 10 Non-GAAP adjustments in operating income 127 Share-based compensation expense 26 Legal costs/provision 3 Total Adjustments 218 Adjusted EBITDA $428 Adjusted Leverage 0.7
SUBLOCADE® (buprenorphine extended-release) injection, for subcutaneous use (CIII) INDICATION SUBLOCADE is indicated for the treatment of moderate to severe opioid use disorder in patients who have initiated treatment with a single dose of a transmucosal buprenorphine product or who are already being treated with buprenorphine. SUBLOCADE should be used as part of a complete treatment plan that includes counseling and psychosocial support. HIGHLIGHTED SAFETY INFORMATION WARNING: RISK OF SERIOUS HARM OR DEATH WITH INTRAVENOUS ADMINISTRATION; SUBLOCADE RISK EVALUATION AND MITIGATION STRATEGY See full prescribing information for complete boxed warning. Serious harm or death could result if administered intravenously. SUBLOCADE is only available through a restricted program called the SUBLOCADE REMS Program. Healthcare settings and pharmacies that order and dispense SUBLOCADE must be certified in this program and comply with the REMS requirements. CONTRAINDICATIONS Hypersensitivity to buprenorphine or any other ingredients in SUBLOCADE. WARNINGS AND PRECAUTIONS Addiction, Abuse, and Misuse: SUBLOCADE contains buprenorphine, a Schedule III controlled substance that can be abused in a manner similar to other opioids. Monitor patients for conditions indicative of diversion or progression of opioid dependence and addictive behaviors. Respiratory Depression: Life threatening respiratory depression and death have occurred in association with buprenorphine. Warn patients of the potential danger of self-administration of benzodiazepines or other CNS depressants while under treatment with SUBLOCADE. Risk of Serious Injection Site Reactions: Likelihood of may increase with inadvertent intramuscular or intradermal administration. Evaluate and treat as appropriate. The most common injection site reactions are pain, erythema and pruritus with some involving abscess, ulceration and necrosis. Neonatal Opioid Withdrawal Syndrome: Neonatal opioid withdrawal syndrome (NOWS) is an expected and treatable outcome of prolonged use of opioids during pregnancy. Adrenal Insufficiency: If diagnosed, treat with physiologic replacement of corticosteroids, and wean patient off the opioid. Risk of Opioid Withdrawal With Abrupt Discontinuation: If treatment with SUBLOCADE is discontinued, monitor patients for several months for withdrawal and treat appropriately. Risk of Hepatitis, Hepatic Events: Monitor liver function tests prior to and during treatment. Risk of Withdrawal in Patients Dependent on Full Agonist Opioids: Verify that patients have tolerated transmucosal buprenorphine before injecting SUBLOCADE. Treatment of Emergent Acute Pain: Treat pain with a non-opioid analgesic whenever possible. If opioid therapy is required, monitor patients closely because higher doses may be required for analgesic effect. ADVERSE REACTIONS Adverse reactions commonly associated with SUBLOCADE (in ≥5% of subjects) were constipation, headache, nausea, injection site pruritus, vomiting, increased hepatic enzymes, fatigue, and injection site pain. For more information about SUBLOCADE, the full Prescribing Information including BOXED WARNING, and Medication Guide, visit www.sublocade.com. INVESTOR PRESENTATION | February 2026
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