Indivior Pharmaceuticals, Inc. · NASDAQ:INDV
Indivior Pharmaceuticals — Investor Presentation (October 2025)
41 slides from Indivior Pharmaceuticals's investor presentation, Oct 30, 2025
Slide 1: Investor Presentation
Investor Presentation October 30, 2025 For Investor Relations Purposes Only
Slide 2: Important Cautionary Statement Regarding Forward-looking Statements
INVESTOR PRESENTATION | OCTOBER 2025 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 g
Slide 3: Founded to Help Address the Opioid Crisis
INVESTOR PRESENTATION | OCTOBER 2025 Founded to Help Address the Opioid Crisis Leading with Science Financial Strength Leading in discovery and commercialization of TOTAL NET REVENUE buprenorphine evidence-based medicines for opioid +1% dependence for over 30 years $1,188m $1,200m4 10-year company h
Slide 4: Track Record of Strong Net Revenue Growth
INVESTOR PRESENTATION | OCTOBER 2025 Track Record of Strong Net Revenue Growth Revenue Growth Driven by the U.S.… …And Increasing Contribution from SUBLOCADE $1,188m $1,200m2 $1,188m $1,200m2 $1,093m $1,093m $901m $1,008m $901m $791m $912m $791m $835m $647m $732m $647m $756m $603m $630m $456m $408m
Slide 5: Clear Path to Generating Meaningful Cash Flows from Operations
INVESTOR PRESENTATION | OCTOBER 2025 Clear Path to Generating Meaningful Cash Flows from Operations Leverage Cost Structure… … To Drive Robust Bottom-line Growth $655m $410m1 $630m $593m1 $358m $517m $454m $466m $306m3 $245m $214m 70% $114m 59% 57% 58% 55% 49% 2020 2021 2022 2023 2024 2025E 2020 202
Slide 6: Indivior Action Agenda
INVESTOR PRESENTATION | OCTOBER 2025 Indivior Action Agenda Phase I – Generate Momentum – Underway Phase III – Breakout (H2’26 – Beyond) • Leverage strengthened financial profile to acquire next growth drivers Phase II – Accelerate (Jan. ’26) • Accelerate U.S. SUBLOCADE net revenue • Generate immedi
Slide 7: Progress on Phase I of the Indivior Action Agenda
INVESTOR PRESENTATION | OCTOBER 2025 Progress on Phase I of the Indivior Action Agenda 1 2 3 Simplify the organization Determine actions and investments Grow SUBLOCADE in the U.S. and establish “go-forward” necessary to expand LAI penetration in operating model U.S. BMAT category to accelerate U.S.
Slide 8: SUBLOCADE
= INDIVIOR SUBLOCADE”
Slide 9: Bipartisan Commitment to Addressing Opioid Crisis in the U.S.
INVESTOR PRESENTATION | OCTOBER 2025 Bipartisan Commitment to Addressing Opioid Crisis in the U.S. U.S. Illicit Opioid Use Could c Times Higher Than Be 20 AGED c Opioid Overdoses Remain the Leading May 12, 2025 Previously Estimated May 14, 2025 18-44 Cause of Death WTAS: Widespread Industry Support
Slide 10: American Society of Addiction Medicine (ASAM) BMAT Guidelines
INVESTOR PRESENTATION | OCTOBER 2025 American Society of Addiction Medicine (ASAM) BMAT Guidelines ASAM Clinical Guideline1 ASAM Clinical Consideration1,2 Treatment Goals with Buprenorphine1 For Individuals using High-Potency Synthetic Opioids (HPSO) Suppress opioid Stop or Reduce Engage patients wi
Slide 11: LAI Buprenorphine Medications are Under-Penetrated in the Treatment of OUD
INVESTOR PRESENTATION | OCTOBER 2025 LAI Buprenorphine Medications are Under-Penetrated in the Treatment of OUD Current ~8% LAI usage in BMAT population allows for significant potential expansion 8.9m1 Misuse opioids in U.S. (Total Addressable Market) 5.9m1 OUD diagnosed in U.S. (Service Addressable
Slide 12: ≥2 ng/mL Buprenorphine Blood Plasma Levels Were Needed in Most Individuals Studied
INVESTOR PRESENTATION | OCTOBER 2025 ≥2 ng/mL Buprenorphine Blood Plasma Levels Were Needed in Most Individuals Studied To Help Protect from Opioid-Rewarding Effects, Subject to Variability1,2 As buprenorphine plasma levels increase, the number of receptors available for opioids binding decreases, r
Slide 13: SUBLOCADE Delivers Continuous, Long-Lasting Buprenorphine Protection All Month
INVESTOR PRESENTATION | OCTOBER 2025 SUBLOCADE Delivers Continuous, Long-Lasting Buprenorphine Protection All Month with a 43 to 60 Day Half-Life1,2,3,4 Mean Buprenorphine Levels During TM BUP* Induction, Mean Weekly Buprenorphine Concentrations6,7 Dose-Stabilization, and After the First 2 Injection
Slide 14: Longer SUBLOCADE Treatment Shown to Improve Patient Outcomes
INVESTOR PRESENTATION | OCTOBER 2025 Longer SUBLOCADE Treatment Shown to Improve Patient Outcomes 75% Continuous 12-month self-reported abstinence if subjects stayed on SUBLOCADE for 12 months 80% 70% The longer the SUBLOCADE 75.0% % Abstinent subjects 60% treatment duration, the higher the likeliho
Slide 15: New SUBLOCADE Label Benefits
INVESTOR PRESENTATION | OCTOBER 2025 New SUBLOCADE Label Benefits1 Label Updates Further Differentiate SUBLOCADE for Today’s Opioid Crisis Driven by the Proliferation of Synthetic Opioids START PATIENTS ON SUBLOCADE SOONER: Only monthly CLINICALLY RELEVANT: Rapid initiation studied in majority fenta
Slide 16: Strong Fundamentals Position SUBLOCADE for Growth
INVESTOR PRESENTATION | OCTOBER 2025 Strong Fundamentals Position SUBLOCADE for Growth Growing SUBLOCADE Prescriber Base1 Prescribing Depth Improving: 7,945 8,568 HCPs with 5+ SUBLOCADE Patients1 3,375 6,653 3,128 2,750 4,893 1,975 3,419 1,220 2021 2022 2023 2024 Q3'25 2021 2022 2023 2024 Q3'25 Broa
Slide 17: Q3 2025 U.S. SUBLOCADE Performance
INVESTOR PRESENTATION | OCTOBER 2025 Q3 2025 U.S. SUBLOCADE Performance Solid SUBLOCADE Dispense Growth1 TTM SUBLOCADE Patients2 +8% YoY +5% +3% YoY QoQ 174,674 171,500 166,628 158,500 165,700 // Q3'24 Q2'25 Q3'25 Q3'24 Q3'25 1 Total number of dispenses (new and refill) within the quarter; Indivior
Slide 18: Improving U.S. SUBLOCADE Commercial Execution to Generate Momentum
INVESTOR PRESENTATION | OCTOBER 2025 Improving U.S. SUBLOCADE Commercial Execution to Generate Momentum OVERRIDING GOAL: Extend SUBLOCADE’s Position as No. 1 LAI Choice Field Force Execution: Payor Pull-Through: Specialty Pharmacy HCP and Patient Media: Performance: • Improving field force • Leverag
Slide 19: Direct-To-Consumer Campaign: Move Forward in Recovery
INVESTOR PRESENTATION | OCTOBER 2025 Direct-To-Consumer Campaign: Move Forward in Recovery Launched on October 1 Omnichannel patient activation initiative including: • National television, digital, and social media • In-office and point of care materials • Newly designed patient website Committed to
Slide 20: Pipeline
YEARS OF ae INDIVIOR
Slide 21: OUD Focused Pipeline
INVESTOR PRESENTATION | OCTOBER 2025 OUD Focused Pipeline Trial Patients & Population Design Primary Endpoints Estimated Completion INDV-6001 Evaluate PK, safety and 3-month long-acting 122 Patients Multiple dose tolerability of INDV-6001 Last Patient Last Visit buprenorphine Phase II PK study follo
Slide 22: Financials
1s6in INDIVIOR
Slide 23: Q3 2025 Business Highlights
INVESTOR PRESENTATION | OCTOBER 2025 Q3 2025 Business Highlights Total SUBLOCADE Adjusted Net Revenue Net Revenue EBITDA1 +2% +15% $307m $314m +14% $219m $191m $120m $105m Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Raising Full-Year 2025 Financial Guidance 1Adjusted EBITDA is a Non-GAAP Financial Measure w
Slide 24: Raising 2025 Financial Guidance: Reflecting Stronger Top-Line Growth
INVESTOR PRESENTATION | OCTOBER 2025 Raising 2025 Financial Guidance: Reflecting Stronger Top-Line Growth Previous Guidance Updated Guidance Change vs. (7/31/25) (10/30/25)1 20242 Total Net Revenue $1,030m - $1,080m $1,180m - $1,220m +1% SUBLOCADE Net Revenue $765m - $785m $825m - $845m +10% Non-GAA
Slide 25: "Go-Forward" Operating Model Established
INVESTOR PRESENTATION | OCTOBER 2025 “Go-Forward” Operating Model Established Expect at least $150m in Non-GAAP Simplification Actions to Generate Savings Operating Expense Savings in 20261,2 Completed Pursuing LSE delisting U.S. domicile ~$60m ≥ $150m reduction reduction from high- end of guidance
Slide 26: Generating Significant Cash Flow with Strong Balance Sheet
INVESTOR PRESENTATION | OCTOBER 2025 Generating Significant Cash Flow with Strong Balance Sheet Growing Adjusted EBITDA1 Key Balance Sheet Items $410m $473m of cash and investments as of Q3 2025 $358m $306m* ~$200m in net cash provided by operations in Q3 2025 YTD $245m $214m $350m term loan maturin
Slide 27: Transition to U.S. Focused Business
INVESTOR PRESENTATION | OCTOBER 2025 Transition to U.S. Focused Business Goals of Increasing U.S. Presence Expand Indivior’s U.S. Increase potential Simplify corporate governance Align with Indivior’s focus on capital markets presence U.S. equity indexation and reduce complexity growing SUBLOCADE in
Slide 28: Appendix
Appendix Latosha Regional Head of U.S.Medical Affairs-West, Indian Health Services Medical Lead
Slide 29: Q3 2025 Financial Highlights
INVESTOR PRESENTATION | OCTOBER 2025 Q3 2025 Financial Highlights OPERATING RESULTS: KEY TAKEAWAYS: (vs. Q3 2024 unless otherwise indicated) $ mil Q3 2025 Q3 2024 Change Total Net Revenue (+2%) Strong SUBLOCADE net revenue growth more Net Revenue (NR): 314 307 2% than offsetting SUBOXONE Film Net Re
Slide 30: Financial Reconciliations
INVESTOR PRESENTATION | OCTOBER 2025 Financial Reconciliations Reconciliation of GAAP to non-GAAP financial information Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 GAAP gross profit $ 230 $ 241 $ 702 $ 707 Adjustments within cost of sales Manufacturing transi
Slide 31: Financial Reconciliations
INVESTOR PRESENTATION | OCTOBER 2025 Financial Reconciliations Reconciliation of GAAP to non-GAAP financial information Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 GAAP operating expenses $ 187 $ 206 $ 521 $ 715 Share-based compensation 6 6 21 18 Corporate in
Slide 32: Financial Reconciliations
INVESTOR PRESENTATION | OCTOBER 2025 Financial Reconciliations Reconciliation of GAAP to non-GAAP financial information Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 GAAP general and administrative expenses $ 94 $ 87 $ 236 $ 250 Adjustments within G&A Share-bas
Slide 33: Financial Reconciliations
INVESTOR PRESENTATION | OCTOBER 2025 Financial Reconciliations Reconciliation of GAAP to non-GAAP financial information Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 GAAP selling and marketing expenses $ 62 $ 55 $ 209 $ 188 Adjustments within S&M Corporate init
Slide 34: Financial Reconciliations
INVESTOR PRESENTATION | OCTOBER 2025 Financial Reconciliations Reconciliation of GAAP to non-GAAP financial information Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 GAAP research and development expenses $ 33 $ 22 $ 76 $ 76 Adjustments within R&D Corporate ini
Slide 35: Financial Reconciliations
INVESTOR PRESENTATION | OCTOBER 2025 Financial Reconciliations Reconciliation of GAAP to non-GAAP financial information Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 GAAP tax expense (benefit) $ (5) $ 8 $ 50 $ (4) Tax on non-GAAP adjustments (19) (20) (26) (66)
Slide 36: Financial Reconciliations
INVESTOR PRESENTATION | OCTOBER 2025 Financial Reconciliations Reconciliation of GAAP to non-GAAP financial information Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 GAAP net income (loss) $ 42 $ 22 $ 108 $ (14) Adjustments in cost of sales 33 10 34 42 Adjustme
Slide 37: Financial Reconciliations
INVESTOR PRESENTATION | OCTOBER 2025 Financial Reconciliations Reconciliation of GAAP to non-GAAP financial information Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net income (loss) $ 42 $ 22 $ 108 $ (14) Interest (income) (6) (5) (16) (18) Interest expense 1
Slide 38: FY 2020–2024 Non-GAAP Operating Expense Reconciliations
INVESTOR PRESENTATION | OCTOBER 2025 FY 2020–2024 Non-GAAP Operating Expense Reconciliations Reconciliation of Non-GAAP operating expenses GAAP-------------------------------- IFRS-------------------- 2024 2023 2022 2021 2020 Total Operating Expenses, net 919 1,072 827 451 706 Other operating expens
Slide 39: FY 2020–2024 EBITDA Reconciliations
INVESTOR PRESENTATION | OCTOBER 2025 FY 2020–2024 EBTIDA Reconciliations Reconciliation of EBITDA GAAP---------------------------------IFRS--------------------- FY2024 FY2023 FY2022 FY2021 FY2020 Net Income 7 (126) (42) 205 (148) Add Back: Interest Income (23) (43) (19) (4) (9) Interest Expense 41 3
Slide 40: FY 2024 & TTM Leverage Reconciliation
INVESTOR PRESENTATION | OCTOBER 2025 FY 2024 & TTM Leverage Reconciliation* Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY2024 Q1 2025 Q2 2025 Q3 2025 Total Gross Debt 350 339 Net income (loss) 61 (97) 22 21 7 47 18 46 Adjustments: Interest income (7) (6) (5) (5) (23) (4) (6) (6) Interest expense 9 9 11 13 41 1
Slide 41: SUBLOCADE Indication and Highlighted Safety Information
INVESTOR PRESENTATION | OCTOBER 2025 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 buprenor
Indivior Pharmaceuticals — Investor Presentation (October 2025) on 6ix