Indivior Pharmaceuticals, Inc. · NASDAQ:INDV
Indivior Pharmaceuticals — Investor Presentation (April 2026)
31 slides from Indivior Pharmaceuticals's investor presentation, April 2026
Slide 1: Indivior Investor Presentation April 2026
Indivior, Powering Recovery, Renewing Hope. Investor Presentation April 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: expected future acceleration in the growth of adjusted EBITDA
Slide 3: Longstanding Leadership in the Treatment of Opioid Use Disorder
LONGSTANDING LEADERSHIP IN THE TREATMENT OF OPIOID USE DISORDER >500K >$1.2B Net revenue >25 Patients Prescribed SUBLOCADE® expected in 20261 Years of leadership in OUD treatment SUBLOCADE is a durable growth driver and is the Strong financial position Long history of helping people #1 prescribed, f
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: Q1 2026 Business Performance Highlights
Q1 2026 BUSINESS PERFORMANCE HIGHLIGHTS Total Net Revenue SUBLOCADE Net Revenue Adjusted EBITDA1 +19% +32% $317m +112% $232m $164m $266m $176m $78m 52% 29% Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 Adjusted EBITDA margin2 Executing Capital Deployment Strategy Opportunistically returned value to shareholde
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 mid-teens dispense unit growth Non-GAAP operating expenses will not exceed $450m; in 2026 from 7% in 2025 ~$340m in cash fl
Slide 8: 2026 Financial Guidance
2026 FINANCIAL GUIDANCE Guidance1 YoY Change2 (4/30/2026) Total Net Revenue $1,215m - $1,285m +1% SUBLOCADE Net $950m - $990m +13% Revenue Non-GAAP Operating $430m - $450m -29% Expenses3 Adjusted EBITDA3 $620m - $660m +50% 1. As of April 30, 2026, before exceptional items and assuming no material ch
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 181,300 191,600 170,500 136,900 82,500 • #1 prescribed LAI in the U.S. 2022 2023 2024 2025 Q1'26 TTM • Prescribed for >500K U.S. patients since launch in 2018 SUBLOCADE NET REVENUE • The only once-monthly LAI w
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
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
SUBLOCADE ON TRACK TO ACCELERATE IN 2026 DRIVEN BY IMPROVED COMMERCIAL EXECUTION AND PATIENT ACTIVTION Strong SUBLOCADE Dispense Growth1 Improving Commercial Execution2 Progress on DTC Campaign2 ~9% 1.2K+ +20% of new patients receiving accelerated CRM enrollments per YoY second dose exiting Q1’26 mo
Slide 15: Financials
Financials
Slide 16: 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 EBITDA MARGIN2 +13% +50% $970m1 $856m $640m1 $756m $630m $428m $358m $408m $306m 51% $245m 35% 30% 27% 28% 2022 2023 2024 2025 2026E 2022 2023 2024 2025 2026E Adjusted EB
Slide 17: Bottom-Line Expansion Driven by Simplified Operating Model
BOTTOM-LINE EXPANSION DRIVEN BY SIMPLIFIED OPERATING MODEL Simplification Actions Completed Non-GAAP operating expenses in 2025 to Generate Savings will not exceed $450m in 20261 Completed Consolidated LSE delisting operating footprint -5% -29% Restructured Discontinued $655m $622m R&D and Medical A
Slide 18: 2026 Capital Deployment Strategy
2026 CAPITAL DEPLOYMENT STRATEGY DEBT MANAGEMENT Completed offering of $500m $201m in cash and investments as of 3/31/26 convertible senior notes due in 2031; proceeds used to repay $333m term loan SHARE REPURCHASES Repurchased ~4m shares at an ~$340m in cash flow from operations expected in 20261 a
Slide 19: Summary
Summary
Slide 20: 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 | APRIL 2026 20
Slide 21: Appendix
Appendix
Slide 22: Q1 2026 Financial Highlights
Q1 2026 FINANCIAL HIGHLIGHTS OPERATING RESULTS: KEY TAKEAWAYS: $ mil Q1 2026 Q1 2025 Δ Total Net Revenue (NR): 317 266 19% Total SUBLOCADE NR: 232 176 32% Total Net Revenue (+19% vs. Q1’25) was primarily driven by strong SUBLOCADE net revenue growth in the U.S. (+33% YoY) Gross Profit: 277 221 25% G
Slide 23: Non-GAAP Gross Profit Reconciliation
NON-GAAP GROSS PROFIT RECONCILIATION 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 Columns may not foot due to rounding. INVESTOR PRESENTATION | APRIL 2026 23
Slide 24: Non-GAAP Operating Expenses Reconciliation
NON-GAAP OPERATING EXPENSES RECONCILIATION 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 $
Slide 25: Non-GAAP Operating Expenses Reconciliation
NON-GAAP OPERATING EXPENSES RECONCILIATION 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 cost
Slide 26: Non-GAAP SG&A Reconciliation
NON-GAAP SG&A RECONCILIATION 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
Slide 27: Non-GAAP Research & Development Reconciliation
NON-GAAP RESEARCH & DEVELOPMENT RECONCILIATION 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 Columns may not fo
Slide 28: Non-GAAP Net Income Reconciliations
NON-GAAP NET INCOME RECONCILIATIONS 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 dilu
Slide 29: Adjusted EBITDA Reconciliations
ADJUSTED EBITDA RECONCILIATIONS 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 tra
Slide 30: FY 2022–2024 Adjusted EBITDA Reconciliations
FY 2022–2024 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 compe
Slide 31: 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
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