Indivior Pharmaceuticals, Inc. · NASDAQ:INDV
Indivior Pharmaceuticals — Investor Presentation (January 2026)
27 slides from Indivior Pharmaceuticals's investor presentation, Jan 8, 2026
Slide 1: Investor Presentation
Indivior, Powering Recovery, Renewing Hope. Investor Presentation January 8, 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 both 2025 and 2026, incl
Slide 3: Longstanding Leadership in the Treatment of Opioid Use Disorder
LONGSTANDING LEADERSHIP IN THE TREATMENT OF OPIOID USE DISORDER $1.2B 465K+ Revenue expected in 20+ Patients treated 20251 Years of leadership in OUD treatment Strong financial position SUBLOCADE® is a durable and poised to accelerate growth driver and is the SUBLOCADE and grow #1 prescribed, first-
Slide 4: Executing the Indivior Action Agenda and Entering 2026 as a Focused, Simplified and Stronger Indivior
EXECUTING THE INDIVIOR ACTION AGENDA AND ENTERING 2026 AS A FOCUSED, SIMPLIFIED AND STRONGER INDIVIOR Sharpened focus on highest growth opportunity – U.S. SUBLOCADE New operating model in place to drive significant bottom-line growth and cash flow generation Improved financial profile and strength e
Slide 5: 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 6: Completed Phase I – Generate Momentum
COMPLETED PHASE I – GENERATE MOMENTUM 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 • Completed LSE delist
Slide 7: Entered Phase II – Accelerate – on January 1, 2026
ENTERED PHASE II – ACCELERATE – ON JANUARY 1, 2026 1 2 Immediately accelerate adjusted EBITDA and cash Accelerate U.S. SUBLOCADE generation at a faster rate than revenue Total SUBLOCADE Net Revenue Adjusted EBITDA3 +10% +11% +35% $925m2 $555m2 $835m1 $756m +15% $410m1 $358m 2024 2025E 2026E 2024 202
Slide 8: 2026 Financial Guidance
2026 FINANCIAL GUIDANCE Guidance Range1 YoY Change2 Commentary U.S. SUBOXONE Film pressure; ROW optimization; PERSERIS® Total Net Revenue $1,125m - $1,195m -3% run-off; cessation of OPVEE® promotion Acceleration of U.S. SUBLOCADE SUBLOCADE Net Revenue $905m - $945m +11% dispense unit growth to mid-
Slide 9: SUBLOCADE
SUBLOCADE®
Slide 10: Significant Opportunity to Increase Use of LAI Buprenorphine Medications in the Treatment of OUD
SIGNIFICANT OPPORTUNITY TO INCREASE USE OF LAI BUPRENORPHINE MEDICATIONS IN THE TREATMENT OF OUD 8.9m 1 Misuse opioids in U.S. (Total Addressable Market) ~8% Current LAI usage in BMAT population 5.9m 1 2.0m 2 allows for significant potential expansion OUD diagnosed in U.S. BMAT 20-30% (Service Addre
Slide 11: SUBLOCADE: A Durable Growth Asset with IP Protection to 2031-2038
SUBLOCADE: A DURABLE GROWTH ASSET WITH IP PROTECTION TO 2031-2038 TTM SUBLOCADE PATIENTS 170,500 174,7002 [X]2 136,900 82,500 • #1 prescribed LAI in the U.S. 2022 2023 2024 Q3'25 2026E • Over 465K lives treated SUBLOCADE NET REVENUE • The only once-monthly LAI with rapid $925m4 initiation on day 1 $
Slide 12: Strong Fundamentals Position SUBLOCADE for Growth
STRONG FUNDAMENTALS POSITION SUBLOCADE FOR GROWTH BROAD PAYOR ACCESS FOR SUBLOCADE HIGH INTENT TO PRESCRIBE1 Coverage in Medicaid and Commercial 74% of HCPs consider SUBLOCADE to be appropriate for patients with severe OUD • Simple single prior authorization (PA) ~88% • PA is label aligned 83% of HC
Slide 13: Initiatives to Accelerate SUBLOCADE Growth
INITIATIVES TO ACCELERATE SUBLOCADE GROWTH Expanding Patient Awareness Unlocking Access Through Policy Improving Commercial Execution and Engagement Leadership • Strengthen field force messaging • Advance state and federal and productivity • Increase patient awareness of policies that support durabl
Slide 14: SUBLOCADE on Track to Accelerate in 2026 with Consumer Activation Efforts
SUBCLOCADE ON TRACK TO ACCELERATE IN 2026 WITH CONSUMER ACTIVATION EFFORTS ACCELERATION IN NEW PATIENT STARTS ADOPTION OF NEW PATIENTS RECEIVING ACCELERATED SECOND DOSE Percent of new patients receiving +25 November 2024 to November 2025 % accelerated dose more than doubled Growth in new patient sta
Slide 15: Pipeline
Pipeline
Slide 16: OUD Focused Pipeline
OUD FOCUSED PIPELINE Patients & Trial Design Primary Endpoints Completion Patent Protection Population INDV-6001 3-month long- 122 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 17: Financials
Financials
Slide 18: Execution Against the Indivior Action Agenda Drives Strong Financial Performance
EXECUTION AGAINST THE INDIVIOR ACTION AGENDA DRIVES STRONG FINANCIAL PERFORMANCE GROWING SUBLOCADE NET REVENUE EXPANDING ADJUSTED EBITDA3 +11% +10% +35% $925m2 $555m2 $835m1 +15% $756m $410m1 $630m $358m $306m $408m $245m 48% 34% 30% 27% 28% 2022 2023 2024 2025E 2026E 2022 2023 2024 2025E 2026E Adju
Slide 19: Bottom-Line Expansion Driven by Simplified Operating Model
BOTTOM-LINE EXPANSION DRIVEN BY SIMPLIFIED OPERATING MODEL Simplification Actions to Generate Savings Expect at Least $150m in Non-GAAP Operating Expense Savings in 20261,2 Completed Consolidated LSE delisting operating footprint ~$60m ~$150m reduction reduction Restructured Discontinued $655m $593m
Slide 20: Significant Cash Flows and Strong Balance Sheet Enable Capital Allocation Optionality
SIGNIFICANT CASH FLOWS AND STRONG BALANCE SHEET ENABLE CAPITAL ALLOCATION OPTIONALITY DEBT MANAGEMENT $473m in cash and investments as of 9/30/25 $350m term loan maturing in 2030 with $50m revolving credit facility ~$300m in cash flow from operations expected in 20261 SHARE REPURCHASES ~$400m of sha
Slide 21: Summary
Summary
Slide 22: Delivering on Strategic Priorities to Accelerate in 2026
DELIVERING ON STRATEGIC PRIORITIES TO ACCELERATE IN 2026 Make a positive Maximize the Create long-term difference in the lives potential of the value for of people living with business shareholders OUD INVESTOR PRESENTATION | JANUARY 2026 22
Slide 23: Appendix
Appendix
Slide 24: FY 2024 Non-GAAP Operating Expense Reconciliation
FY 2024 NON-GAAP OPERATING EXPENSE RECONCILIATION ($ in mil.) 2024 Total Operating Expenses, net 919 Other operating expense (income), net (4) Acquired In-process R&D (1) Non-GAAP adjustments (235) Share based compesation (24) Non-GAAP operating expenses 655 Columns may not foot due to rounding. INV
Slide 25: FY 2022–2024 Adjusted EBITDA Reconciliations
FY 2022–2024 ADJUSTED EBITDA RECONCILIATIONS ($ in mil.) 2024 2023 2022 Net Income 7 (126) (42) Add Back: Interest Income (23) (43) (19) Interest Expense 41 35 27 Income Tax Expense / (Benefit) 13 (19) (43) Non-GAAP adjustments in Operations 280 265 297 Dep/Amort (excluding ROU Amort) 16 11 9 Share-
Slide 26: Q3 2025 TTM Leverage Reconciliation
Q3 2025 TTM LEVERAGE RECONCILIATION ($ in mil.) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Debt 1 287 Net income (loss) 21 47 18 42 Adjustments: Interest income (5) (4) (6) (6) Interest expense 13 12 15 12 Income tax expense (benefit) 17 11 44 (5) Depreciation/amortization (excluding ROU amortization) 6 3
Slide 27: 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