Indivior (NASDAQ:INDV) executives told investors the company’s 2025 performance reflected a “transition year” marked by progress on its “Indivior Action Agenda,” while setting expectations for faster growth and improved profitability in 2026 driven primarily by SUBLOCADE.
2025 results and progress on the “Action Agenda”
Chief Executive Officer Joe Ciaffoni said the company launched the Action Agenda in July 2025 to maximize the business, expand impact for patients with opioid use disorder (OUD), and create shareholder value. Management said it completed “phase one” of the plan—described as “generate momentum”—and established a go-forward operating model.
The company also highlighted steps to simplify its organization, with CFO Ryan Preblick stating non-GAAP operating expenses declined to $622 million for the year, down 5% year-over-year. Preblick said restructuring and simplification charges were $120 million in 2025 (including $55 million in the fourth quarter), with related cash costs of approximately $28 million in 2025.
Management also emphasized balance sheet actions. Ciaffoni said Indivior paid an outstanding $295 million obligation tied to a legacy Department of Justice matter, which he said eliminated a significant future liability.
SUBLOCADE momentum, market dynamics, and DTC campaign
Chief Commercial Officer Patrick Barry said commercial execution improved over the year, pointing to fourth-quarter metrics that included 12% dispense unit growth year-over-year and 6% growth versus the third quarter. Barry said new patient starts in the fourth quarter rose 25% from the prior year, with weekly new patient starts reaching all-time highs on three occasions over the final 10 weeks of 2025.
Barry said SUBLOCADE’s total category share and new patient share in the U.S. “continued to stabilize in the mid-70s.” He also reported a record number of active SUBLOCADE prescribers exiting 2025. In the fourth quarter, both total active prescribers and prescribers treating five or more patients increased 14% year-over-year and approximately 6% sequentially.
Executives discussed the company’s direct-to-consumer campaign, Move Forward in Recovery, which launched Oct. 1, 2025. Barry said early indicators included increased prompted awareness versus the first quarter of 2025 and a 60% increase in branded online search volume in the fourth quarter compared to the months immediately prior to the campaign. He added that usage of the “Find a SUBLOCADE Treatment Provider” tool increased 70%, and average new CRM enrollments rose to around 1,400 per month in the fourth quarter from around 60 per month before the campaign.
On prescribing behavior, Barry said the company’s messaging around the expanded label helped drive use of the accelerated second dose, with approximately 7% of new patients receiving the accelerated second dose and 17% of active healthcare providers prescribing a second dose consistent with the expanded label.
2026 guidance: unit growth acceleration but revenue headwinds elsewhere
For 2026, management reaffirmed guidance built around what it called “phase two” of the Action Agenda—“accelerate.” Ciaffoni said the company expects SUBLOCADE dispense unit growth in the mid-teens in 2026, versus 7% growth in 2025, and said he was encouraged by early first-quarter trends across key metrics.
Preblick guided to total net revenue of $1.125 billion to $1.195 billion. He said the “modest decline” at the midpoint versus 2025 primarily reflects expected pressure on U.S. SUBOXONE Film, lower rest-of-world revenue due to optimization conducted last year, and continued runoff of PERSERIS.
For SUBLOCADE specifically, Indivior guided to net revenue of $905 million to $945 million, representing 8% growth at the midpoint. On the relationship between unit growth and revenue growth, management said gross-to-net dynamics were a tailwind in 2025 but are expected to be a headwind in 2026.
Preblick said Indivior expects non-GAAP operating expenses of $430 million to $450 million in 2026. The company guided to adjusted EBITDA of $535 million to $575 million, which would represent 30% growth at the midpoint and margin expansion to 48%.
During Q&A, Barry said LAI category growth was “approaching 18%” in the fourth quarter. Ciaffoni said Indivior believes long-acting injectables are underutilized, noting the category is “now embarking upon 9%” penetration. While he declined to provide peak penetration projections, he pointed to analogs such as schizophrenia where LAIs can reach 30% penetration and said internal research supports a 20% to 30% penetration range as possible over time.
Policy, access, and channel initiatives
Barry said the company continues to pursue policy initiatives to expand access, including efforts to shift coverage in some states from a medical benefit to a pharmacy benefit to reduce barriers for providers. He also cited engagement on bundled payment structures to ensure LAIs are appropriately recognized, either through carve-outs or improved overall payment levels.
Asked about the criminal justice system segment, Barry called it a “strong opportunity” and said management views it as a “rebase business” with potential to grow, adding that it can contribute to the mid-teens unit growth outlook.
On Medicaid funding uncertainty, Ciaffoni declined to project 2027 growth but said bipartisan legislation has generally been supportive of addressing substance use and OUD. He added that with LAI penetration at 8%–9%, Indivior sees “so much opportunity for growth” across the board, including Medicaid.
Capital deployment: $400 million buyback and business development criteria
Indivior announced a new $400 million share repurchase program authorized by its board, with a term up to 18 months. Preblick said the company plans to use the authorization opportunistically.
Management framed capital deployment priorities as threefold:
- Manage debt, which the CFO described as “expensive,” and something the company intends to address in the near future as part of its normal cadence.
- Return capital to shareholders via opportunistic share repurchases, depending on market conditions, investment needs behind SUBLOCADE, and management’s view of the gap between share price and intrinsic value.
- Evaluate business development focused on commercial-stage assets that can diversify growth as the company works toward “phase three” of the Action Agenda (“breakout”).
On M&A strategy, Ciaffoni said Indivior does not see commercial assets in OUD that would enhance its portfolio, suggesting the company would look outside opioid and substance use disorder into other therapeutic areas. He said the company is focusing on commercial-stage products with peak sales potential greater than $200 million, a long runway “towards the mid to end of 2030 at a minimum,” and meaningful differentiation rather than “commoditized brands.”
Preblick said Indivior ended 2025 with $222 million in gross cash and investments even after the DOJ payment. Excluding settlement and restructuring payments, he said underlying cash flow from operations was over $200 million in 2025, with net leverage below 1x. For 2026, management expects over $300 million in cash flow from operations.
In pipeline updates, Chief Scientific Officer Christian Heidbreder said two phase II trials were completed at the end of the fourth quarter and are in data cleaning and closeout, with database lock expected by the end of the first quarter and top-line results expected in the second quarter. He added that decisions to proceed to phase III will also depend on manufacturing feasibility and drug product availability, payer-validated differentiation work, and implications for phase III trial design.
About Indivior (NASDAQ:INDV)
Indivior plc is a specialty pharmaceutical company dedicated to developing and delivering treatments for addiction and related mental health disorders. The company’s portfolio centers on therapies designed to support individuals dealing with opioid dependence, alcohol use disorder and other behavioral health challenges. Its lead products include Suboxone® (buprenorphine and naloxone) sublingual film and Sublocade® (extended-release buprenorphine) injection, both of which are approved in multiple markets to aid in opioid use disorder management.
Indivior was established in 2014 through a demerger from the pharmaceuticals division of Reckitt Benckiser Group plc, inheriting decades of research and commercial expertise in addiction medicine.
