Indivior Pharmaceuticals, Inc. · NASDAQ:INDV
Indivior Pharmaceuticals — Investor Presentation (February 2026)
35 slides from Indivior Pharmaceuticals's investor presentation, Feb 26, 2026
Slide 1: Investor Presentation
Indivior, Powering Recovery, Renewing Hope. Investor Presentation 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: Longstanding Leadership in the Treatment of Opioid Use Disorder
LONGSTANDING LEADERSHIP IN THE TREATMENT OF OPIOID USE DISORDER 475K+ $1.2B 20+ Patients treated Revenue in 20251 Years of leadership in OUD treatment SUBLOCADE® is a durable Strong financial position growth driver and is the and poised to accelerate Long history of helping people #1 prescribed, fir
Slide 4: Executing the Indivior Action Agenda and Entering 2026 Stronger
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: 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 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: 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 9: SUBLOCADE
SUBLOCADE®
Slide 10: Significant Opportunity to Increase Use of LAI Buprenorphine Medications in OUD
SIGNIFICANT OPPORTUNITY TO INCREASE USE OF LAI BUPRENORPHINE MEDICATIONS IN THE TREATMENT OF OUD 7.8m 1 Misuse opioids in U.S. (Total Addressable Market) ~8.5%3 Current LAI usage in BMAT population 4.8m 1 2.0m 2 allows for significant potential expansion OUD diagnosed in U.S. BMAT 20-30%4 (Service A
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 PATIENTS2 170,500 181,300 136,900 82,500 • #1 prescribed LAI in the U.S. 2022 2023 2024 2025 • Over 475K lives treated SUBLOCADE NET REVENUE • The only once-monthly LAI with rapid $925m3 initiation on day 1 $856m $756m $
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: Sustained Initiatives to Accelerate SUBLOCADE Growth Started in H2'25
SUSTAINED INITIATIVES TO ACCELERATE SUBLOCADE GROWTH STARTED IN H2’25 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 p
Slide 14: SUBLOCADE on Track to Accelerate in 2026 Driven by Patient Education
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 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- 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 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 EBITDA2 +8% +30% $925m1 $555m1 $856m $756m $428m $630m $358m $306m $408m $245m 48% 35% 30% 27% 28% 2022 2023 2024 2025 2026E 2022 2023 2024 2025 2026E Adjusted EBITDA mar
Slide 19: Bottom-Line Expansion Driven by Simplified Operating Model
BOTTOM-LINE EXPANSION DRIVEN BY SIMPLIFIED OPERATING MODEL Simplification Actions to Generate Savings Non-GAAP operating expenses will not exceed $450m in 20261 Completed Consolidated LSE delisting operating footprint -5% -29% Restructured Discontinued $655m $622m R&D and Medical Affairs sales and m
Slide 20: 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 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 | FEBRUARY 2026 22
Slide 23: Appendix
Appendix
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: FY 2022–2025 Adjusted EBITDA Reconciliations
FY 2022–2025 ADJUSTED EBITDA RECONCILIATIONS 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 c
Slide 34: 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 35: 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
Indivior Pharmaceuticals — Investor Presentation (February 2026) on 6ix