Indivior (NASDAQ: INDV) lifts 2026 guidance on SUBLOCADE growth and margin expansion
Rhea-AI Filing Summary
Indivior Pharmaceuticals, Inc. reported strong Q1 2026 results and raised its full-year 2026 outlook. Total net revenue rose to $317 million, up 19% year over year, driven by SUBLOCADE, which generated $232 million in net revenue, up 32%.
GAAP net income increased to $89 million from $47 million, with diluted EPS of $0.69. Non-GAAP net income was $123 million, and record quarterly Adjusted EBITDA reached $164 million, up 112%, for a 52% margin.
For 2026, the company now guides total net revenue to $1.215–$1.285 billion and SUBLOCADE net revenue to $950–$990 million, with Adjusted EBITDA of $620–$660 million and non-GAAP operating expenses of $430–$450 million. Indivior issued $500 million of convertible senior notes, repaid $333 million of term debt, and repurchased about $125 million of shares (~4 million), leaving $275 million on its authorization.
Positive
- Strong Q1 2026 operating performance: net revenue of $317 million grew 19% year over year, while SUBLOCADE net revenue rose 32% to $232 million, supporting a record quarterly Adjusted EBITDA of $164 million, up 112% with a 52% margin.
- Material 2026 guidance raise: full-year total net revenue guidance increased to $1.215–$1.285 billion and Adjusted EBITDA to $620–$660 million, implying roughly 50% Adjusted EBITDA growth at the midpoint versus 2025.
- Balance sheet and capital returns: completion of a $500 million convertible senior notes offering, repayment of $333 million of term debt, and $125 million of share repurchases (~4 million shares) with $275 million remaining on the authorization.
Negative
- None.
Insights
Q1 2026 showed strong growth, margin expansion, and a guidance upgrade centered on SUBLOCADE.
Indivior delivered Q1 2026 net revenue of $317 million, up 19%, with SUBLOCADE net revenue of $232 million, up 32%. Operating leverage was significant: GAAP net income rose to $89 million, while Adjusted EBITDA more than doubled to $164 million, a 52% margin.
Management raised 2026 guidance to total net revenue of $1.215–$1.285 billion and SUBLOCADE net revenue of $950–$990 million. At the midpoint, Adjusted EBITDA guidance of $640 million implies about 50% year-over-year growth, with non-GAAP operating expenses held at $430–$450 million, reflecting a leaner cost base.
Capital allocation was active: the company completed a $500 million convertible senior notes offering, repaid $333 million of term debt, and repurchased roughly $125 million of stock, leaving $275 million authorized through mid-2027. Execution against the “Phase II – Accelerate” plan appears tied closely to sustaining SUBLOCADE growth and converting it into higher margins and cash flow.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
non-GAAP operating expenses financial
convertible senior notes financial
long-acting injectable medical
buprenorphine medication assisted treatment medical
Risk Factors regulatory
Earnings Snapshot
For full-year 2026, Indivior guides total net revenue to $1.215–$1.285 billion, SUBLOCADE net revenue to $950–$990 million, non-GAAP operating expenses to $430–$450 million, and Adjusted EBITDA to $620–$660 million, assuming no material change in key FX rates versus 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
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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
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☐
| Item 2.02 | Results of Operations and Financial Condition. |
On April 30, 2026, Indivior Pharmaceuticals, Inc. (“Indivior” or the “Company”) issued a press release reporting its financial results for the period ended March 31, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 7.01 | Regulation FD Disclosure. |
On April 30, 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 April 30, 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 April 30, 2026. | |
| 99.2 | Presentation materials dated April 30, 2026. | |
| 99.3 | Corporate presentation dated April 30, 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: April 30, 2026 | By: | /s/ Ryan Preblick | ||
| Name: Ryan Preblick | ||||
| Title: Chief Financial Officer | ||||
Exhibit 99.1
Indivior Reports First Quarter 2026 Financial Results and Raises Full-Year 2026 Guidance
• Q1’26 Total Net Revenue of $317 Million, Up 19% YoY
• Q1’26 Total SUBLOCADE® Net Revenue of $232 Million, Up 32% YoY
• Q1’26 GAAP Net Income of $89 Million and Q1’26 Non-GAAP Net Income of $123 Million
• Record Quarterly Adjusted EBITDA of $164 Million in Q1’26, Up 112% YoY
• Repurchased Approximately Four Million Shares in Q1’26 for $125 Million
• Conference Call at 8:00 A.M. EDT Today
Richmond, VA, April 30, 2026 – Indivior Pharmaceuticals, Inc. (Nasdaq: INDV) today reported its financial results for the first quarter ended March 31, 2026, and raised its full-year 2026 financial guidance.
“We are encouraged by our first quarter results, which reflect the progress we are making against Phase II of the Indivior Action Agenda – Accelerate,” said Joe Ciaffoni, Chief Executive Officer. “Year-over-year we accelerated SUBLOCADE net revenue and dispense unit growth and grew adjusted EBITDA and cash at an even faster rate while executing on our capital deployment strategy. We remain focused on accelerating SUBLOCADE dispense unit growth, growing our bottom line at a significantly faster rate, and strategically deploying capital as we earn our way to Phase III of the Indivior Action Agenda – Breakout — which we are on track to enter in the second half of 2026.”
“Strong SUBLOCADE performance in the first quarter led us to raise our 2026 financial guidance,” said Ryan Preblick, Chief Financial Officer. “We now expect 2026 total SUBLOCADE net revenue growth of 13% year-over-year and adjusted EBITDA growth of 50% year-over-year at the midpoint of our guidance ranges. We strengthened our financial position with the completion of a $500 million convertible senior notes offering and returned capital to our shareholders through the opportunistic repurchase of $125 million in shares during the quarter. We are committed to creating long-term shareholder value as we advance the Indivior Action Agenda.”
Q1 2026 Business Highlights:
| • | As of March 31, 2026, over 500,000 patients in the U.S. have been prescribed SUBLOCADE since launch. |
| • | Grew total SUBLOCADE net revenue 32% year-over-year to $232 million. U.S. SUBLOCADE net revenue increased 33% year-over-year to $218 million versus the prior year, driven by 20% dispense unit volume growth. New patient starts of approximately 31,800 were a record. Net revenue also benefited from more favorable price/mix and gross-to-net adjustments. |
| • | In February 2026, announced a share repurchase program of up to $400 million with a term of up to 18 months. To date, 3,974,153 shares were repurchased at an average price of $31.45 for a total of $125 million. Indivior has $275 million remaining under the program. |
| • | Successfully completed a $500 million offering of 0.625% convertible senior notes due in 2031. The majority of the proceeds were used to repay in full the $333 million balance of Indivior’s previous term loan. |
| • | Announced three publications highlighting the importance of SUBLOCADE as a treatment option for opioid use disorder across various healthcare settings, including: New Study Shows Adherence to Monthly Injectable Buprenorphine Linked to Lower Healthcare Utilization and Costs in Opioid Use Disorder, National Survey Finds Only 58% of U.S. Correctional Facilities Offer Medications for Opioid Use Disorder and New Cost Impact Model Highlights Potential for Monthly Injectable Buprenorphine to Reduce Staffing Burdens in Correctional Facilities. |
Pipeline Update:
| • | INDV-6001 (Buprenorphine Caproate): Indivior does not intend to pursue Phase 3 development of INDV-6001 and has amended its license agreement with Alar Pharmaceuticals. Pursuant to the amendment, Alar will regain development rights to the asset and will have commercialization rights outside the U.S. Indivior will maintain exclusive commercial rights in the U.S. should Alar receive FDA approval for a commercially viable product in the future. |
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| • | INDV-2000 (Rocavorexant): Announced today that following a thorough evaluation of the Phase 2 proof-of-concept study, Indivior will not be advancing INDV-2000 internally as a treatment for opioid use disorder. INDV-2000 did not meet the primary endpoint of “no treatment failure.” The Company will seek external business development opportunities for the asset as supportive findings included directional effects on abstinence-related measures, exploratory anxiety outcomes, fMRI evidence consistent with modulation of relapse-related neural circuitry, and a favorable safety and tolerability profile. |
Raising 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.
| Prior FY 2026 Guidance (2/26/2026) | Revised FY 2026 Guidance | |||
| Net Revenue |
$1,125 million to $1,195 million | $1,215 million to $1,285 million | ||
| Total SUBLOCADE Net Revenue |
$905 million to $945 million | $950 million to $990 million | ||
| Non-GAAP Operating Expenses* |
$430 million to $450 million | $430 million to $450 million | ||
| Adjusted EBITDA* |
$535 million to $575 million | $620 million to $660 million |
| * | 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. |
Financial Results for Quarter Ended March 31, 2026:
| • | Total net revenue was $317 million for the quarter ended March 31, 2026 (the 2026 quarter), compared to $266 million for the quarter ended March 31, 2025 (the 2025 quarter), representing a 19% increase year-over-year. |
| • | Total SUBLOCADE net revenue was $232 million for the 2026 quarter, compared to $176 million for the 2025 quarter, representing a 32% increase year-over-year. |
| • | GAAP operating expenses were $139 million for the 2026 quarter, compared to $156 million for the 2025 quarter, representing a 10% 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 $116 million for the 2026 quarter, compared to $147 million for the 2025 quarter, representing a 21% decrease year-over-year. |
| • | GAAP net income for the 2026 quarter was $89 million ($0.69 diluted earnings per share), compared to GAAP net income for the 2025 quarter of $47 million ($0.38 diluted earnings per share). Non-GAAP net income for the 2026 quarter was $123 million ($0.96 diluted earnings per share), compared to non-GAAP net income for the 2025 quarter of $56 million ($0.45 diluted earnings per share). |
| • | Adjusted EBITDA for the 2026 quarter was $164 million, compared to $78 million for the 2025 quarter, representing a 112% increase year-over-year. |
| • | The Company ended the 2026 quarter with cash and investments of $201 million. |
Conference Call and Webcast Details:
A live conference call and webcast presentation will be held on April 30, 2026, at 8:00 A.M. EDT. 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/3k7nbxjp
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/BIea9b995134de41e68f49a057c2a6cb66
(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)
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About Indivior
As the leader in long-acting injectable treatments for opioid use disorder (OUD), Indivior is singularly focused on delivering evidence-based treatment and advancing understanding of OUD as a chronic but treatable brain disease. For more than 25 years, we have revolutionized the science of addiction medicine — developing treatments that help people move toward long-term recovery with independence and dignity. Building on this heritage, we are ushering in a new era, renewing our commitment to individuals living with OUD and carrying forward what matters most: compassion, integrity, and science. Together – with science, people living with OUD, public health champions, and communities, we are powering recovery and renewing hope. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/Indivior.
Columns and rows within financial tables may not foot due to rounding. Percentages and per share data in the financial tables have been calculated using actual, non-rounded figures.
Non-GAAP Financial Measures:
Non-GAAP financial measures adjust for non-recurring items and other items representing expenses or income that we believe do not reflect the Company’s ongoing operations or the adjustment of which may help with the comparison to prior periods. The Company believes its non-GAAP financial measures may be useful to investors to understand the Company’s performance. In addition, the Company uses “Adjusted EBITDA” in its annual incentive plan in which all executive officers participate.
Important Cautionary Note Regarding Forward-Looking Statements:
This announcement contains certain statements that are forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, among other things, express and implied statements regarding: expected acceleration in SUBLOCADE net revenue and dispense unit growth; expected future investments and capital deployments; expected growth in adjusted EBITDA, cash flow, and our bottom line, and expected acceleration of such growth; expected creation of shareholder value; our 2026 financial guidance including with respect to net revenue, total SUBLOCADE net revenue, non-GAAP operating expenses, and Adjusted EBITDA; and other statements containing the words “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “forecast,” “strategy,” “target,” “guidance,” “outlook,” “potential,” “project,” “priority,” “may,” “will,” “should,” “would,” “could,” “can,” the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future.
Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and only express management’s beliefs regarding future results or events which, by their nature, are inherently uncertain and outside of management’s control or ability to predict. Actual results may differ materially from those expressed or implied in these forward-looking statements due to a number of factors, including but not limited to: 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 February 26, 2026 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.
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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 | |||
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Indivior Pharmaceuticals, Inc.
(Amounts in millions, except per share data and percentages)
(Unaudited)
Condensed consolidated statements of operations
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net revenue |
$ | 317 | $ | 266 | ||||
| Cost of sales |
40 | 44 | ||||||
|
|
|
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| Gross profit |
277 | 221 | ||||||
|
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|
|
|
|||||
| Selling, general and administrative |
124 | 133 | ||||||
| Research and development |
16 | 22 | ||||||
|
|
|
|
|
|||||
| Total operating expenses |
139 | 156 | ||||||
|
|
|
|
|
|||||
| Operating income |
137 | 66 | ||||||
|
|
|
|
|
|||||
| Interest (income) |
(3 | ) | (4 | ) | ||||
| Interest expense |
7 | 12 | ||||||
| Loss on debt extinguishment |
18 | — | ||||||
|
|
|
|
|
|||||
| Income before income taxes |
115 | 59 | ||||||
|
|
|
|
|
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| Income tax expense |
26 | 11 | ||||||
|
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|
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| Net income |
$ | 89 | $ | 47 | ||||
|
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| Earnings per share |
||||||||
| Basic |
$ | 0.71 | $ | 0.38 | ||||
| Diluted |
$ | 0.69 | $ | 0.38 | ||||
5
Indivior Pharmaceuticals, Inc.
(Amounts in millions, except per share data and percentages)
(Unaudited)
Condensed consolidated balance sheets
| March 31, 2026 | December 31, 2025 | |||||||
| Assets |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
$ | 175 | $ | 195 | ||||
| Accounts receivable, net of allowances of $3 (2026) and $4 (2025) |
273 | 253 | ||||||
| Inventories |
152 | 153 | ||||||
| Prepaid expenses |
15 | 34 | ||||||
| Current tax receivable |
12 | 2 | ||||||
| Other current assets |
40 | 16 | ||||||
|
|
|
|
|
|||||
| Total current assets |
667 | 652 | ||||||
|
|
|
|
|
|||||
| Long-term investments |
27 | 28 | ||||||
| Property, plant and equipment, net |
157 | 144 | ||||||
| Operating lease right of use assets, net |
22 | 26 | ||||||
| Goodwill and other intangible assets, net |
2 | 2 | ||||||
| Deferred tax assets |
296 | 323 | ||||||
| Other noncurrent assets |
26 | 27 | ||||||
|
|
|
|
|
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| Total assets |
$ | 1,197 | $ | 1,201 | ||||
|
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| Liabilities and stockholders’ deficit |
||||||||
| Current liabilities |
||||||||
| Accrued rebates and product returns |
$ | 551 | $ | 582 | ||||
| Accounts payable and accrued expenses |
178 | 250 | ||||||
| Accrued litigation settlement expenses, current |
14 | 42 | ||||||
| Current portion of long-term debt |
— | 29 | ||||||
| Operating lease liabilities, current |
9 | 10 | ||||||
| Income taxes payable |
26 | 2 | ||||||
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| Total current liabilities |
779 | 914 | ||||||
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| Long-term debt, less current portion |
486 | 290 | ||||||
| Accrued litigation settlement expenses, noncurrent |
41 | 52 | ||||||
| Operating lease liabilities, noncurrent |
14 | 22 | ||||||
| Other noncurrent liabilities |
21 | 21 | ||||||
|
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| Total liabilities |
1,341 | 1,300 | ||||||
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| Stockholders’ deficit |
||||||||
| Common stock, par value $0.001 per share Issued shares: 121 (2026) and 125 (2025) |
— | 62 | ||||||
| Additional paid-in capital |
165 | 112 | ||||||
| Accumulated other comprehensive loss |
(29 | ) | (30 | ) | ||||
| Accumulated deficit |
(280 | ) | (243 | ) | ||||
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| Total stockholders’ deficit |
(144 | ) | (98 | ) | ||||
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| Total liabilities and stockholders’ deficit |
$ | 1,197 | $ | 1,201 | ||||
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6
Indivior Pharmaceuticals, Inc.
(Amounts in millions, except per share data and percentages)
(Unaudited)
Condensed consolidated statements of cash flows
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: |
||||||||
| Net income |
$ | 89 | $ | 47 | ||||
| Adjustments to reconcile net income to net cash from operating activities: |
||||||||
| Depreciation and amortization |
2 | 3 | ||||||
| Amortization of right-of-use assets |
2 | 2 | ||||||
| Stock-based compensation expense |
9 | 6 | ||||||
| Impairment of tangible and intangible assets |
6 | — | ||||||
| Loss on debt extinguishment |
18 | — | ||||||
| Deferred income taxes |
27 | (2 | ) | |||||
| Impact from foreign exchange movements |
— | (1 | ) | |||||
| Other adjustments, net |
— | 1 | ||||||
| Change in operating assets and liabilities |
(163 | ) | 18 | |||||
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| Net cash (used in) provided by operating activities |
(9 | ) | 75 | |||||
| Cash flows from investing activities: |
||||||||
| Purchases of property and equipment |
(20 | ) | (5 | ) | ||||
| Purchases of investments in debt securities |
(5 | ) | (5 | ) | ||||
| Sales and maturities of debt securities |
6 | 6 | ||||||
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| Net cash used in investing activities |
(19 | ) | (5 | ) | ||||
| Cash flows from financing activities: |
||||||||
| Proceeds from the issuance of common stock |
— | 1 | ||||||
| Cash paid for repurchases of common stock |
(126 | ) | (11 | ) | ||||
| Proceeds from debt, net |
489 | — | ||||||
| Repayments of debt |
(333 | ) | (4 | ) | ||||
| Transaction costs related to debt refinancing |
(5 | ) | — | |||||
| Settlement of equity awards |
(21 | ) | (3 | ) | ||||
| Other |
3 | — | ||||||
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| Net cash provided by (used in) financing activities |
7 | (17 | ) | |||||
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| Net (decrease) increase in cash and cash equivalents |
(20 | ) | 53 | |||||
| Exchange differences |
— | — | ||||||
| Cash and cash equivalents at beginning of period |
195 | 319 | ||||||
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| Cash and cash equivalents at end of period |
$ | 175 | $ | 372 | ||||
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7
Indivior Pharmaceuticals, Inc.
(Amounts in millions, except per share data and percentages)
(Unaudited)
Selected revenue information
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| US: |
||||||||
| SUBLOCADE* |
$ | 218 | $ | 163 | ||||
| Sublingual & other |
50 | 54 | ||||||
| PERSERIS1 |
5 | 4 | ||||||
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| Total U.S. |
272 | 222 | ||||||
| Rest of World |
45 | 44 | ||||||
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| Net revenue |
$ | 317 | $ | 266 | ||||
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| *Total SUBLOCADE net revenue |
$ | 232 | $ | 176 | ||||
| 1 | Marketing and promotion activities for PERSERIS were discontinued in 2024. |
Reconciliation of GAAP to non-GAAP financial information
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| GAAP operating expenses |
$ | 139 | $ | 156 | ||||
| Share-based compensation |
9 | 6 | ||||||
| Corporate initiative transition1 |
14 | 1 | ||||||
| Litigation settlement expense |
— | 1 | ||||||
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|
|
|
|||||
| Less: Adjustments in operating expenses |
23 | 9 | ||||||
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| Non-GAAP operating expenses |
$ | 116 | $ | 147 | ||||
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| 1 | Includes severance, consulting, impairment, and costs related to planned facility closures. |
Non-GAAP diluted earnings per share
Management believes that non-GAAP diluted earnings per share, 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 below.
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| GAAP net income |
$ | 89 | $ | 47 | ||||
| Adjustments in cost of sales1 |
2 | — | ||||||
| Adjustments in operating expenses |
23 | 9 | ||||||
| Loss on debt extinguishment |
18 | — | ||||||
| Adjustments in tax expenses |
(9 | ) | — | |||||
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|
|
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| Non-GAAP net income |
$ | 123 | $ | 56 | ||||
| Shares used in computing diluted non-GAAP earnings per share |
129 | 125 | ||||||
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| Non-GAAP diluted earnings per share |
$ | 0.96 | $ | 0.45 | ||||
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| 1 | Includes manufacturing transition and other costs |
8
Indivior Pharmaceuticals, Inc.
(Amounts in millions, except per share data and percentages)
(Unaudited)
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income adjusted to exclude interest expense, interest income, income tax expense or benefit, depreciation and amortization, as well as stock-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 March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net income |
$ | 89 | $ | 47 | ||||
| Interest (income) |
(3 | ) | (4 | ) | ||||
| Interest expense |
7 | 12 | ||||||
| Income tax expense |
26 | 11 | ||||||
| Depreciation and amortization |
2 | 3 | ||||||
| Stock-based compensation expense |
9 | 6 | ||||||
| Corporate initiative transition |
14 | 1 | ||||||
| Manufacturing transition |
1 | — | ||||||
| Loss on debt extinguishment |
18 | — | ||||||
| Litigation settlement expense |
— | 1 | ||||||
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| Adjusted EBITDA |
$ | 164 | $ | 78 | ||||
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9
Q1 2026 Financial Results April 30, 2026 Indivior, Powering Recovery, Renewing Hope. Exhibit 99.2
IMPORTANT CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Q1 2026 Results | April 30, 2026 This presentation contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding: expected acceleration of SUBLOCADE U.S. dispense unit and net revenue growth in 2026; the Company’s financial guidance for 2026, including total net revenue, SUBLOCADE® net revenue, non-GAAP operating expenses, adjusted EBITDA, and cash flow from operations; 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 deployment of capital to create long-term value for shareholders, including potential share repurchases and potential business development opportunities; 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 February 26, 2026, and in 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 Pipeline UpdateChristian Heidbreder, CSO Q1 2026 Performance & FY 2026 Guidance Ryan Preblick, CFO ConclusionJoe Ciaffoni, CEO Q&AAll participants Q1 2026 Results | April 30, 2026
Q1 2026 BUSINESS PERFORMANCE HIGHLIGHTS SUBLOCADE Net Revenue Total Net Revenue Adjusted EBITDA1 Executing Capital Deployment Strategy Increased financial flexibility and improved debt terms with issuance of $500m convertible senior notes Opportunistically returned value to shareholders through $125m of share repurchases; $275m remaining under current $400m authorization Raising Full-Year 2026 Financial Guidance +32% +19% +112% Adjusted EBITDA margin2 1. Adjusted EBITDA is a non-GAAP financial measure. Net income for Q1 2026 and Q1 2025 was $89m and $47m, respectively. See Appendix for the reconciliation to the most comparable GAAP measure. 2. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Total Net Revenue. Q1 2026 Results | April 30, 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. Q1 2026 Results | April 30, 2026
ENTERED PHASE II – ACCELERATE – ON JANUARY 1, 2026 Accelerate U.S. SUBLOCADE +13% Non-GAAP operating expenses will not exceed $450m; ~$340m 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 April 30, 2026. 2. Excludes cash flows from investing and financing activities. 3. Adjusted EBITDA is a non-GAAP financial measure. Net income for 2025 was $210m. 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. 4. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Total Net Revenue. Q1 2026 Results | April 30, 2026 Immediately Accelerate Adjusted EBITDA and Cash Generation at a Faster Rate than Net Revenue On Track to Enter Phase III – Breakout – in H2 2026 +50% Adjusted EBITDA margin4 Expect mid-teens dispense unit growth in 2026 from 7% in 2025
Patrick Barry Chief Commercial Officer
~ Q1 2026 U.S. SUBLOCADE PERFORMANCE* 1 Trailing twelve months (TTM) estimated patients in treatment (Indivior analytics). 2 Total number of dispenses (new and refill) within the quarter (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 Strong SUBLOCADE Dispense Growth2 Growing SUBLOCADE Prescriber Base3 // +20% YoY +1% QoQ Q1 2026 Results | April 30, 2026 +19% YoY +3% QoQ // // +29% Growth in new patient starts in Q1’26 vs. Q1’25 +20% YoY +3% QoQ U.S. patients prescribed SUBLOCADE since launch >500K 76% SUBLOCADE share of U.S. LAI category TTM SUBLOCADE Patients1 // +12% YoY +6% QoQ
PROGRESS ON SUSTAINED INITIATIVES TO ACCELERATE SUBLOCADE Unlocking Access Through Policy Leadership Advancing state and federal policies that support durable access to increase long-term adoption of LAIs Activating advocates to accelerate access, reduce system barriers and increase awareness Expanding Patient Awareness and Engagement DTC Campaign ("Move Forward in Recovery") driving sustained high-quality patient engagement 1,200+ CRM enrollments per month in Q1’26 30,000+ people utilized the FASTP1 physician locator in Q1’26 Improving Commercial Execution 9% of new patients receiving accelerated second dose exiting Q1’26 23% of active HCPs have begun prescribing an accelerated second dose 5 executed agreements with specialty pharmacy partners that are expected to improve commercial dispense yields 1. FASTP = Find A SUBLOCADE Treatment Provider Q1 2026 Results | April 30, 2026
Christian Heidbreder Chief Scientific Officer
INDV-6001 Buprenorphine Caproate Pipeline update
Q1 2026 Results | April 30, 2026 FRAMEWORK FOR INDV-6001 “NO GO” DECISION TO COMMIT TO CLINICAL PHASE 3 Delivered key Phase 2 scientific objectives, including a supportive safety profile, predictable pharmacokinetics, and constructive FDA engagement. Demonstrated the potential for extended dosing intervals, including evaluation of dosing up to three months. Portfolio review highlighted a higher bar for competitiveness versus the established benchmark in long-acting injectable buprenorphine. Further assessment identified challenges related to induction complexity, manufacturing scalability, Phase 3 execution under Schedule II controls, limited payer and prescriber differentiation, and constrained pricing and reimbursement dynamics. Decision reflects disciplined capital allocation and portfolio prioritization, not the quality of the science or team execution.
INDV-2000 Rocavorexant Pipeline update
Q1 2026 Results | April 30, 2026 INDV-2000: TOP-LINE DATA PHASE 2 CLINICAL PROOF-OF-CONCEPT Phase 2 proof-of-concept study did not meet the pre-specified primary endpoint of no treatment failure* at Week 12 across the full dose range versus placebo. Interpretation of the overall dose-response was affected by underperformance at 400 mg and a higher-than-anticipated placebo response. Prospectively planned sensitivity analyses and supportive mechanistic findings identified a coherent efficacy signal at 200 mg. Supportive findings included directional effects on abstinence-related measures, exploratory anxiety outcomes, fMRI evidence consistent with modulation of relapse-related neural circuitry, and a favorable safety and tolerability profile. The asset is being positioned as a business development opportunity while additional analyses continue to strengthen the package. Strategic path: External business development opportunity Current readout: Lead dose identified at 200 mg Mechanistic evidence supports target engagement Internal development risk remains too high Additional analyses underway to enhance asset package * Defined as: (1) no positive opioid use for four consecutive weeks while on study treatment alone after buprenorphine taper; (2) no supplemental study treatment rescue for at least four consecutive days to manage withdrawal symptoms while on study treatment alone; and (3) no premature study treatment discontinuation.
Ryan Preblick Chief Financial Officer
Q1 2026 FINANCIAL HIGHLIGHTS OPERATING RESULTS: KEY TAKEAWAYS: Total Net Revenue (+19% vs. Q1’25) was primarily driven by strong SUBLOCADE net revenue growth in the U.S. (+33% YoY) SUBLOCADE Net Revenue (+32% vs. Q1’25) primarily driven by dispense unit growth (20% YoY) in the U.S. U.S. SUBOXONE Film Net Revenue benefited from continued generic price stability in the U.S. Total Non-GAAP Operating Expenses1 (-21% vs. Q1’25) primarily reflecting simplification actions executed as part of Phase I of the Indivior Action Agenda – Generate Momentum Adjusted EBITDA1 (+112% vs. Q1’25) reflecting improvement in adjusted EBITDA margin (23 percentage points) Columns and rows may not foot due to rounding. 1See non-GAAP Financial Measures in the Appendix for reconciliation. 2GAAP Selling, General and Administrative Expenses were $124m in Q1 2026 and $133m in Q1 2025, and GAAP Research and Development expenses were $16m in Q1 2026 and $22m in Q1 2025. 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 this non-GAAP guidance metric to its corresponding GAAP equivalent is not available without unreasonable effort. 3Adjusted 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. Q1 2026 Results | April 30, 2026 $ mil Q1 2026 Q1 2025 Δ Total Net Revenue (NR): 317 266 19% Total SUBLOCADE NR: 232 176 32% Gross Profit: 277 221 25% Gross Margin 87% 83% +400 bps Non-GAAP Gross Profit: 278 221 26% Non-GAAP Gross Margin1 88% 83% +500 bps Operating Expenses: (139) (156) (10)% Non-GAAP Operating Expenses1: (116) (147) (21)% Non-GAAP Selling, General and Administrative2 (108) (124) (14)% Non-GAAP Research and Development2 (9) (22) (61)% Net Income 89 47 88% Non-GAAP Net Income1 123 56 119% Adjusted EBITDA3 164 78 112% Adj. EBITDA Margin3 52% 29% +2300 bps
1. As of April 30, 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 April 30, 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 Appendix for details. Q1 2026 Results | April 30, 2026 RAISING 2026 FINANCIAL GUIDANCE Previous Guidance (2/26/2026) Updated Guidance1 (4/30/2026) YoY Change2 Total Net Revenue $1,125m - $1,195m $1,215m - $1,285m +1% SUBLOCADE Net Revenue $905m - $945m $950m - $990m +13% Non-GAAP Operating Expenses3 $430m - $450m $430m - $450m -29% Adjusted EBITDA3 $535m - $575m $620m - $660m +50%
2026 CAPITAL DEPLOYMENT STRATEGY $201m in cash and investments as of 3/31/26 ~$340m in cash flow from operations expected in 20261 0.8x forward leverage ratio2 DEBT MANAGEMENT Completed offering of $500m convertible senior notes due in 2031; proceeds used to repay $333m term loan SHARE REPURCHASES Repurchased ~4m shares at an average price of $31.45 for total of $125m; $275m remaining on share repurchase program authorized through mid-2027 BUSINESS DEVELOPMENT Earning our way to Phase III of Indivior Action Agenda – Breakout – to acquire next commercial stage growth drivers Q1 2026 Results | April 30, 2026 1. Excludes cash flows from investing and financing activities. 2. Defined as outstanding debt as of March 31, 2026, of $500m, divided by mid-point of FY 2026 Adjusted EBITDA Guidance of $640m.
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 Q1 2026 Results | April 30, 2026
Q&A
Appendix
NON-GAAP GROSS PROFIT RECONCILIATION Q1 2026 Results | April 30, 2026 Columns may not foot due to rounding. Three Months Ended March 31, 2026 2025 GAAP gross profit $277 $221 Manufacturing transition 1 — Adjustments in cost of sales 2 — Non-GAAP Gross Profit $278 $221
NON-GAAP OPERATING EXPENSES RECONCILIATION Q1 2026 Results | April 30, 2026 Columns may not foot due to rounding. Three Months Ended March 31, 2026 2025 GAAP operating expenses $139 $156 Share-based compensation 9 6 Corporate initiative transition1 14 1 Litigation settlement expense — 1 Less: Adjustments in operating expenses 23 9 Non-GAAP operating expenses $116 $147 1Includes legal and consulting costs, impairment related to planned facility closures and expenses related to severance.
NON-GAAP SG&A RECONCILIATION Columns may not foot due to rounding. Q1 2026 Results | April 30, 2026 Three Months Ended March 31, 2026 2025 GAAP selling, general and administrative expenses $124 $133 Share-based compensation 9 6 Corporate initiative transition1 7 1 Litigation settlement expenses — 1 Less: Adjustments in selling, general and administrative expenses 16 9 Non-GAAP selling, general and administrative expenses $108 $124 1Primarily includes legal, consulting and severance-related costs.
NON-GAAP RESEARCH & DEVELOPMENT RECONCILIATION Q1 2026 Results | April 30, 2026 Columns may not foot due to rounding. Three Months Ended March 31, 2026 2025 GAAP research and development expenses $16 $22 Corporate initiative transition 7 — Less: Adjustments in research and development expenses 7 — Non-GAAP research and development expenses $9 $22
NON-GAAP NET INCOME RECONCILIATIONS Q1 2026 Results | April 30, 2026 Columns may not foot due to rounding. Three Months Ended March 31, 2026 2025 GAAP net income $89 $47 Adjustments in cost of sales 2 — Adjustments in operating expenses 23 9 Loss on debt extinguishment 18 — Adjustments in tax expenses (9) — Non-GAAP net income $123 $56 Shares used in computing diluted non-GAAP earnings per share 129 125 Non-GAAP diluted earnings per share $0.96 $0.45 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 RECONCILIATIONS Q1 2026 Results | April 30, 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. Columns may not foot due to rounding. Three Months Ended March 31, 2026 2025 Net income $89 $47 Interest (income) (3) (4) Interest expense 7 12 Income tax (benefit) expense 26 11 Depreciation and amortization 2 3 Share-based compensation expense 9 6 Corporate initiative transition 14 1 Manufacturing transition 1 — Loss on debt extinguishment 18 — Litigation settlement expense — 1 Adjusted EBITDA $164 $78
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. Q1 2026 Results | April 30, 2026
Investor Presentation April 2026 Indivior, Powering Recovery, Renewing Hope. Exhibit 99.3
INVESTOR PRESENTATION | APRIL 2026 This presentation contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding: expected future acceleration in the growth of adjusted EBITDA and cash flow; expected acceleration of SUBLOCADE U.S. dispense unit and net revenue growth in 2026; the Company’s financial guidance for 2026, including total net revenue, SUBLOCADE® net revenue, non-GAAP operating expenses, adjusted EBITDA, and cash flow from operations; 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; expected future operating expense savings; potential deployment of capital to create long-term value for shareholders, including share repurchases and business development opportunities; 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 February 26, 2026, and in 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. IMPORTANT CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
LONGSTANDING LEADERSHIP IN THE TREATMENT OF OPIOID USE DISORDER >25 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 >500K Patients Prescribed SUBLOCADE® 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 Net revenue expected in 20261 Strong financial position and poised to accelerate SUBLOCADE and grow adjusted EBITDA and cash flow at a faster rate INVESTOR PRESENTATION | APRIL 2026 1. Based on financial guidance ranges provided by Indivior in its press release on Form 8-K filed with the SEC on April 30, 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 | APRIL 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 | APRIL 2026
Q1 2026 BUSINESS PERFORMANCE HIGHLIGHTS SUBLOCADE Net Revenue Total Net Revenue Adjusted EBITDA1 Executing Capital Deployment Strategy Increased financial flexibility and improved debt terms with issuance of $500m convertible senior notes Opportunistically returned value to shareholders through $125m of share repurchases; $275m remaining under current $400m authorization Raising Full-Year 2026 Financial Guidance +32% +19% +112% Adjusted EBITDA margin2 INVESTOR PRESENTATION | APRIL 2026 1. Adjusted EBITDA is a non-GAAP financial measure. Net income for Q1 2026 and Q1 2025 was $89m and $47m, respectively. See Appendix for the reconciliation to the most comparable GAAP measure. 2. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Total Net Revenue.
ENTERED PHASE II – ACCELERATE – ON JANUARY 1, 2026 Accelerate U.S. SUBLOCADE +13% Non-GAAP operating expenses will not exceed $450m; ~$340m in cash flow from operations expected in 20262 Total SUBLOCADE Net Revenue Adjusted EBITDA3 Expect mid-teens dispense unit growth in 2026 from 7% in 2025 Immediately Accelerate Adjusted EBITDA and Cash Generation at a Faster Rate than Net Revenue On Track to Enter Phase III – Breakout – in H2 2026 +50% Adjusted EBITDA margin4 INVESTOR PRESENTATION | APRIL 2026 1. Based on financial guidance ranges provided by Indivior in its press release on Form 8-K filed with the SEC on April 30, 2026. 2. Excludes cash flows from investing and financing activities. 3. Adjusted EBITDA is a non-GAAP financial measure. Net income for 2025 was $210m. 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. 4. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Total Net Revenue.
Guidance1 (4/30/2026) YoY Change2 Total Net Revenue $1,215m - $1,285m +1% SUBLOCADE Net Revenue $950m - $990m +13% Non-GAAP Operating Expenses3 $430m - $450m -29% Adjusted EBITDA3 $620m - $660m +50% 1. As of April 30, 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 April 30, 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 Appendix for details. 2026 FINANCIAL GUIDANCE INVESTOR PRESENTATION | APRIL 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 Q1’26. 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. Prescribed for >500K U.S. patients since launch in 2018 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 +24% 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 April 30, 2026. TTM SUBLOCADE PATIENTS2 INVESTOR PRESENTATION | APRIL 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/period; 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 | APRIL 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 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 | APRIL 2026
1Total number of dispenses (new and refill) within the quarter (Indivior analytics). 2 Indivior analytics. FASTP: Find a SUBLOCADE Treatment Provider. CRM: Customer Relationship Management. SUBLOCADE ON TRACK TO ACCELERATE IN 2026 DRIVEN BY IMPROVED COMMERCIAL EXECUTION AND PATIENT ACTIVTION INVESTOR PRESENTATION | APRIL 2026 +29% Growth in new patient starts in Q1’26 vs. Q1’25 U.S. patients prescribed SUBLOCADE since launch >500K 76% SUBLOCADE share of U.S. LAI category // +20% YoY +1% QoQ Improving Commercial Execution2 Progress on DTC Campaign2 Strong SUBLOCADE Dispense Growth1 of active HCPs have begun prescribing an accelerated second dose ~9% of new patients receiving accelerated second dose exiting Q1’26 5 executed agreements with specialty pharmacy partners that are expected to improve commercial dispense yields CRM enrollments per month in Q1’26 30K+ people utilized the FASTP physician locator in Q1’26 1.2K+ share of voice with core search words 90% 23%
Financials
Adjusted EBITDA margin3 EXECUTION AGAINST THE INDIVIOR ACTION AGENDA DRIVES STRONG FINANCIAL PERFORMANCE GROWING SUBLOCADE NET REVENUE EXPANDING ADJUSTED EBITDA MARGIN2 +13% +50% 1. Based on financial guidance ranges provided by Indivior in its press release on Form 8-K filed with the SEC on April 30, 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 | APRIL 2026
Simplification Actions Completed in 2025 to Generate Savings 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 April 30, 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 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 | APRIL 2026
2026 CAPITAL DEPLOYMENT STRATEGY $201m in cash and investments as of 3/31/26 ~$340m in cash flow from operations expected in 20261 0.8x forward leverage ratio2 DEBT MANAGEMENT Completed offering of $500m convertible senior notes due in 2031; proceeds used to repay $333m term loan SHARE REPURCHASES Repurchased ~4m shares at an average price of $31.45 for total of $125m; $275m remaining on share repurchase program authorized through mid-2027 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 outstanding debt as of March 31, 2026, of $500m, divided by mid-point of FY 2026 Adjusted EBITDA Guidance of $640m. The Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K as the reconciliations of this non-GAAP guidance metric to its corresponding GAAP equivalent is not available without unreasonable effort. INVESTOR PRESENTATION | APRIL 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 | APRIL 2026
Appendix
Q1 2026 FINANCIAL HIGHLIGHTS OPERATING RESULTS: KEY TAKEAWAYS: Total Net Revenue (+19% vs. Q1’25) was primarily driven by strong SUBLOCADE net revenue growth in the U.S. (+33% YoY) SUBLOCADE Net Revenue (+32% vs. Q1’25) primarily driven by dispense unit growth (+20% YoY) in the U.S. U.S. SUBOXONE Film Net Revenue benefited from continued generic price stability in the U.S. Total Non-GAAP Operating Expenses1 (-21% vs. Q1’25) primarily reflecting simplification actions executed as part of Phase I of the Indivior Action Agenda – Generate Momentum Adjusted EBITDA1 (+112% vs. Q1’25) reflecting improvement in adjusted EBITDA margin (23 percentage points) Columns and rows may not foot due to rounding. 1See non-GAAP Financial Measures in the Appendix for reconciliation. 2GAAP Selling, General and Administrative Expenses were $124m in Q1 2026 and $133m in Q1 2025, and GAAP Research and Development expenses were $16m in Q1 2026 and $22m in Q1 2025. 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 this non-GAAP guidance metric to its corresponding GAAP equivalent is not available without unreasonable effort. 3Adjusted 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. $ mil Q1 2026 Q1 2025 Δ Total Net Revenue (NR): 317 266 19% Total SUBLOCADE NR: 232 176 32% Gross Profit: 277 221 25% Gross Margin 87% 83% +400 bps Non-GAAP Gross Profit: 278 221 26% Non-GAAP Gross Margin1 88% 83% +500 bps Operating Expenses: (139) (156) (10)% Non-GAAP Operating Expenses1: (116) (147) (21)% Non-GAAP Selling, General and Administrative2 (108) (124) (14)% Non-GAAP Research and Development2 (9) (22) (61)% Net Income 89 47 88% Non-GAAP Net Income1 123 56 119% Adjusted EBITDA3 164 78 112% Adj. EBITDA Margin3 52% 29% +2300 bps INVESTOR PRESENTATION | APRIL 2026
NON-GAAP GROSS PROFIT RECONCILIATION Columns may not foot due to rounding. Three Months Ended March 31, 2026 2025 GAAP gross profit $277 $221 Manufacturing transition 1 — Adjustments in cost of sales 2 — Non-GAAP Gross Profit $278 $221 INVESTOR PRESENTATION | APRIL 2026
NON-GAAP OPERATING EXPENSES RECONCILIATION Columns may not foot due to rounding. Three Months Ended March 31, 2026 2025 GAAP operating expenses $139 $156 Share-based compensation 9 6 Corporate initiative transition1 14 1 Litigation settlement expense — 1 Less: Adjustments in operating expenses 23 9 Non-GAAP operating expenses $116 $147 1Includes legal and consulting costs, impairment related to planned facility closures and expenses related to severance. INVESTOR PRESENTATION | APRIL 2026
NON-GAAP OPERATING EXPENSES RECONCILIATION Columns may not foot due to rounding. INVESTOR PRESENTATION | APRIL 2026 Twelve Months Ended December 31, 2025 2024 GAAP operating expenses $732 $919 Share-based compensation 26 24 Corporate initiative transition 78 — Manufacturing transition 2 — Discontinuation of PERSERIS marketing and promotion — 12 Acquisition-related costs — 4 Restructuring and other costs, including severance costs — 13 Debt refinancing costs — 4 U.S. listing costs — 4 Contract termination fee — 4 Litigation settlement expense 3 195 Mark-to-market on equity investments — 5 Less: Adjustments in operating expenses 109 265 Non-GAAP operating expenses $622 $655
NON-GAAP SG&A RECONCILIATION Columns may not foot due to rounding. Three Months Ended March 31, 2026 2025 GAAP selling, general and administrative expenses $124 $133 Share-based compensation 9 6 Corporate initiative transition1 7 1 Litigation settlement expenses — 1 Less: Adjustments in selling, general and administrative expenses 16 9 Non-GAAP selling, general and administrative expenses $108 $124 1Primarily includes legal, consulting and severance-related costs. INVESTOR PRESENTATION | APRIL 2026
NON-GAAP RESEARCH & DEVELOPMENT RECONCILIATION Columns may not foot due to rounding. Three Months Ended March 31, 2026 2025 GAAP research and development expenses $16 $22 Corporate initiative transition 7 — Less: Adjustments in research and development expenses 7 — Non-GAAP research and development expenses $9 $22 INVESTOR PRESENTATION | APRIL 2026
NON-GAAP NET INCOME RECONCILIATIONS Columns may not foot due to rounding. Three Months Ended March 31, 2026 2025 GAAP net income $89 $47 Adjustments in cost of sales 2 — Adjustments in operating expenses 23 9 Loss on debt extinguishment 18 — Adjustments in tax expenses (9) — Non-GAAP net income $123 $56 Shares used in computing diluted non-GAAP earnings per share 129 125 Non-GAAP diluted earnings per share $0.96 $0.45 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. INVESTOR PRESENTATION | APRIL 2026
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. Three Months Ended March 31, 2026 2025 Net income $89 $47 Interest (income) (3) (4) Interest expense 7 12 Income tax (benefit) expense 26 11 Depreciation and amortization 2 3 Share-based compensation expense 9 6 Corporate initiative transition 14 1 Manufacturing transition 1 — Loss on debt extinguishment 18 — Litigation settlement expense — 1 Adjusted EBITDA $164 $78 INVESTOR PRESENTATION | APRIL 2026
FY 2022–2024 ADJUSTED EBITDA RECONCILIATIONS Columns may not foot due to rounding. INVESTOR PRESENTATION | APRIL 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%
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 | APRIL 2026