Indivior Pharmaceuticals, Inc. · NASDAQ:INDV
Indivior Pharmaceuticals — Q4 and FY2025 Earnings Presentation
29 slides from Indivior Pharmaceuticals's earnings presentation, Feb 26, 2026
Slide 1: Q4 and FY 2025 Financial Results
Indivior, Powering Recovery, Renewing Hope. Q4 and FY 2025 Financial Results February 26, 2026
Slide 2: Important Cautionary Statement Regarding Forward-Looking Statements
IMPORTANT CAUTIONARY STATEMENT REGARDING FORWARD- LOOKING STATEMENTS 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 ne
Slide 3: Joe Ciaffoni, Chief Executive Officer
Joe Ciaffoni Chief Executive Officer
Slide 4: Call Agenda
CALL AGENDA Execution Against the Indivior Action Agenda Joe Ciaffoni, CEO SUBLOCADE® Commercial Update Patrick Barry, CCO Q4 / FY 2025 Performance & FY 2026 Guidance Ryan Preblick, CFO Conclusion Joe Ciaffoni, CEO Q&A All participants Q4 & FY 2025 RESULTS | FEBRUARY 26, 2026 4
Slide 5: FY 2025 Business Performance Highlights
FY 2025 BUSINESS PERFORMANCE HIGHLIGHTS 1 2 3 Determined actions and investments Simplified the organization necessary to expand LAI penetration in Grew SUBLOCADE in the U.S. and established “go-forward” U.S. BMAT category to accelerate U.S. operating model SUBLOCADE net revenue Total SUBLOCADE net
Slide 6: The Indivior Action Agenda
THE INDIVIOR ACTION AGENDA Phase III – Breakout (H2’26 – Beyond) • Leverage strengthened financial profile to acquire next growth drivers Phase II – Accelerate (Began Jan. 2026) • Accelerate U.S. SUBLOCADE dispense unit and net revenue throughout 2026 • Immediately accelerate adjusted EBITDA and cas
Slide 7: Entered Phase II – Accelerate – on January 1, 2026
ENTERED PHASE II – ACCELERATE – ON JANUARY 1, 2026 Immediately Accelerate Adjusted EBITDA and Cash Accelerate U.S. SUBLOCADE Generation at a Faster Rate than Net Revenue Expect to accelerate SUBLOCADE dispense unit Non-GAAP operating expenses will not exceed $450m; growth from 7% in 2025 to the mid-
Slide 8: Patrick Barry, Chief Commercial Officer
Patrick Barry Chief Commercial Officer
Slide 9: FY and Q4 2025 U.S. SUBLOCADE Performance
FY AND Q4 2025 U.S. SUBLOCADE Performance Strong SUBLOCADE Dispense Growth1 TTM SUBLOCADE Patients2 Momentum in new patient 9 +12% +6% starts and adoption of YoY YoY +6% +4% accelerated 2nd dose QoQ QoQ +25% 170,500 174,700 181,300 171,500 181,100 161,400 Growth in new patient starts in Q4’25 vs. Q4
Slide 10: SUBLOCADE on Track to Accelerate in 2026 Driven by Patient Education & Activation
SUBLOCADE ON TRACK TO ACCELERATE IN 2026 DRIVEN BY PATIENT EDUCATION & ACTIVATION EFFORTS 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
Slide 11: Ryan Preblick, Chief Financial Officer
Ryan Preblick Chief Financial Officer
Slide 12: Q4 and FY 2025 Financial Highlights
Q4 AND FY 2025 FINANCIAL HIGHLIGHTS OPERATING RESULTS: KEY TAKEAWAYS: $ mil Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change Total Net Revenue (+20% vs. Q4 2024; +4% vs. FY 2024) driven by Total Net Revenue (NR): 358 298 20% 1,239 1,188 4% strong SUBLOCADE net revenue growth Total SUBLOCADE NR: 252 194
Slide 13: 2026 Financial Guidance Reflects Significant Margin Expansion
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 $430m - $450m -29% Expenses3 Adjusted EBITDA3 $535m - $575m +30% 1. As of Febr
Slide 14: 2026 Capital Deployment Strategy
2026 CAPITAL DEPLOYMENT STRATEGY DEBT MANAGEMENT $222m in cash and investments as of 12/31/25 $350m term loan maturing in 2030 with $50m revolving credit facility ~$300m in cash flow from operations expected in 20261 SHARE REPURCHASES Authorized ~$400m share repurchase program with a term of up to 1
Slide 15: Concluding Remarks
Concluding Remarks
Slide 16: Clear Focus on Executing Indivior Action Agenda and Delivering on Commitments
CLEAR FOCUS ON EXECUTING INDIVIOR ACTION AGENDA AND DELIVERING ON COMMITMENTS Execute on Deliver on 2026 Strategically deploy Phase II – Accelerate – financial guidance capital to create long- of the Indivior Action term value for Agenda shareholders Q4 & FY 2025 RESULTS | FEBRUARY 26, 2026 16
Slide 17: Q&A
SG INDIVIOR’ Q&A
Slide 18: Appendix
Appendix
Slide 19: OUD Focused Pipeline
OUD FOCUSED PIPELINE Patients & Trial Design Primary Endpoints Completion Patent Protection Population INDV-6001 3-month long- 120 Patients Evaluate PK, safety and Multiple dose acting tolerability of INDV-6001 Last Patient Last Visit Phase II PK 2037-2043 buprenorphine Moderate to severe following
Slide 20: Non-GAAP Gross Profit Reconciliation
NON-GAAP GROSS PROFIT RECONCILIATION Three Months Ended Twelve Months Ended December 31, 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
Slide 21: Non-GAAP Operating Expenses Reconciliation
NON-GAAP OPERATING EXPENSES RECONCILIATION Three Months Ended Twelve Months Ended December 31, 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 — Discontinuatio
Slide 22: Non-GAAP Selling & Marketing Reconciliation
NON-GAAP SELLING & MARKETING RECONCILIATION Three Months Ended Twelve Months Ended December 31, 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 expe
Slide 23: Non-GAAP General & Administrative Expense Reconciliation
NON-GAAP GENERAL & ADMINISTRATIVE EXPENSE RECONCILIATION Three Months Ended Twelve Months Ended December 31, 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 —
Slide 24: Non-GAAP Research & Development Reconciliation
NON-GAAP RESEARCH & DEVELOPMENT RECONCILIATION Three Months Ended Twelve Months Ended December 31, 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 t
Slide 25: Non-GAAP Tax Reconciliations
NON-GAAP TAX RECONCILIATIONS Three Months Ended Twelve Months Ended December 31, 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 i
Slide 26: Non-GAAP Net Income Reconciliations
NON-GAAP NET INCOME RECONCILIATIONS Three Months Ended Twelve Months Ended December 31, 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
Slide 27: Adjusted EBITDA Reconciliations
ADJUSTED EBITDA RECONCILIATIONS Three Months Ended Twelve Months Ended December 31, 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 Shar
Slide 28: Trailing Twelve Months Leverage Reconciliation
TRAILING TWELVE MONTHS LEVERAGE RECONCILIATION ($ 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/pro
Slide 29: SUBLOCADE Indication and Highlighted Safety Information
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 bein