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1. Company Snapshot

1.a. Company Description

Indivior PLC, together with its subsidiaries, engages in the development, manufacture, and sale of buprenorphine-based prescription drugs for the treatment of opioid dependence and co-occurring disorders.The company's product pipeline focuses on treating opioid use disorder, addiction, and schizophrenia.It markets and promotes SUBLOCADE injection for subcutaneous use; and SUBOXONE sublingual film, SUBOXONE sublingual tablet, and SUBUTEX sublingual tablet, as well as sells legacy products that include Temgesic, Burpex, and Buprenex.


The company operates in approximately 40 countries worldwide.Indivior PLC has research collaboration agreement with Addex Therapeutics Ltd.The company was incorporated in 2014 and is headquartered in North Chesterfield, Virginia.

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1.b. Last Insights on INDV

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1.c. Company Highlights

2. Indivior's Q3 2025 Earnings: Strong Financial Performance and Progress on Indivior Action Agenda

Indivior PLC reported a robust financial performance in Q3 2025, with total net revenue growing 2% year-over-year to $314 million, driven by a 15% growth in SUBLOCADE, which offset pricing pressure on SUBOXONE Film. The company's adjusted EBITDA was $120 million, up 14% year-over-year. Earnings per share (EPS) came in at $0.2943, significantly beating analyst estimates of $0.1807. The strong financial performance was accompanied by a raise in 2025 financial guidance, with total net revenue expected to be between $1.18 billion and $1.22 billion, and adjusted EBITDA growth of 15% versus 2024 at the midpoint.

Publication Date: Nov -03

📋 Highlights
  • Revenue Growth Driven by SUBLOCADE:: Total net revenue rose 2% YoY to $314M, with SUBLOCADE contributing 15% growth, offsetting SUBOXONE Film pricing pressure.
  • Adjusted EBITDA Increase:: Adjusted EBITDA climbed 14% YoY to $120M, with 2025 guidance raised to $400M–$420M (15% growth vs. 2024).
  • Cost-Cutting and Efficiency:: 32% headcount reduction and operational streamlining expected to save $150M annually starting 2026.
  • SUBLOCADE Market Leadership:: Maintains 75% share in LAI market, with 8% YoY dispense growth and $14M gross-to-net benefit in Q3.
  • 2025 Guidance Expansion:: Revenue target raised to $1.18B–$1.22B, with SUBLOCADE growth at 10% midpoint and $450M OpEx budget for 2026.

Operational Efficiency and Cost Savings

Indivior has taken significant steps to simplify its organization, including reducing its headcount by 32%, discontinuing nonessential activities, and optimizing its Rest of World business. These actions are expected to result in annual operating expense savings of at least $150 million starting in 2026. The company's go-forward operating model is now in place, positioning it to finish 2025 with momentum and begin Phase 2 of the Indivior Action Agenda, Accelerate, on January 1, 2026.

SUBLOCADE Growth and LAI Market Share

SUBLOCADE's label updates are driving awareness and growth, with the company investing in commercial and direct-to-consumer campaigns to maximize potential. The long-acting injectable (LAI) market is growing substantially, with Indivior maintaining a 75% market share. The company aims to drive education and awareness to increase LAI penetration, citing analogs in HIV and schizophrenia markets. SUBLOCADE's dispense growth was 8% year-over-year, with a sequential growth, indicating a positive trend.

Valuation and Outlook

With a P/E Ratio of 22.12 and an EV/EBITDA of 10.66, Indivior's valuation appears reasonable, considering its strong growth prospects. Analysts estimate next year's revenue growth at 3.3%, which is relatively modest compared to the company's current momentum. As the company continues to execute on its Indivior Action Agenda and drive growth in SUBLOCADE, investors may expect further upside. The company's cash flow from operations was $200 million, primarily driven by strong demand, and its OpEx guide for 2026 is $450 million, which includes go-forward models in the US and Rest of World business.

Guidance and Price Stability

Indivior assumes price stability for SUBOXONE in 2025, with limited price erosion. Visibility into 2026 will depend on the evolution of the payer landscape. The company's guidance implies strong Q4 growth, with a cumulative effect of improved execution and label changes. As the company progresses into 2026, investors will be watching for updates on SUBLOCADE's growth and the overall LAI market. With a strong financial performance and a clear plan for growth, Indivior is well-positioned for success in the coming year. The $450 million OpEx spend is an adjusted operating expense budget.

3. NewsRoom

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Indivior to Participate in Upcoming Investor Events

Aug -20

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The Street Loves This ‘Strong Buy’ Pharma Stock

Aug -08

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All You Need to Know About Indivior (INDV) Rating Upgrade to Strong Buy

Aug -05

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Best Momentum Stock to Buy for August 5th

Aug -05

Source: zacks.com

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Indivior Plc (INDV) Jumps 22.8% on Impressive Earnings, Outlook

Aug -03

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Indivior (INDV) Extends Jump on 3rd Day with 16% Gain

Aug -01

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Indivior PLC (INDV) Tops Q2 Earnings and Revenue Estimates

Jul -31

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Indivior Reports Second Quarter 2025 Financial Results and Raises FY 2025 Financial Guidance

Jul -31

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.00%)

6. Segments

Buprenorphine-based Prescription Drugs

Expected Growth: 11%

Indivior PLC's Buprenorphine-based prescription drugs segment growth is driven by increasing opioid addiction awareness, favorable government policies, and rising demand for medication-assisted treatment. Additionally, the company's strong brand presence, expanding distribution channels, and ongoing research and development efforts contribute to the 11% growth.

7. Detailed Products

Suboxone Film

A prescription medication used to treat opioid dependence in adults and adolescents aged 16 and older.

Suboxone Tablet

A prescription medication used to treat opioid dependence in adults.

Subutex

A prescription medication used to treat opioid dependence in adults.

Perseris

A once-monthly injectable medication used to treat schizophrenia in adults.

8. Indivior PLC's Porter Forces

Forces Ranking

Threat Of Substitutes

Indivior PLC faces moderate threat from substitutes as there are alternative treatment options available for opioid addiction, such as methadone and buprenorphine. However, Sublocade, Indivior's flagship product, has a unique selling proposition as a once-monthly injectable treatment, which differentiates it from other options.

Bargaining Power Of Customers

Indivior PLC's customers, primarily healthcare providers and patients, have limited bargaining power due to the company's strong brand presence and limited availability of alternative treatment options for opioid addiction.

Bargaining Power Of Suppliers

Indivior PLC's suppliers, primarily pharmaceutical ingredient manufacturers, have moderate bargaining power due to the company's dependence on a limited number of suppliers for its products. However, the company's strong relationships with its suppliers and the complexity of the manufacturing process mitigate the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants in the opioid addiction treatment market is low due to the high barriers to entry, including the need for significant investment in research and development, regulatory approvals, and manufacturing capabilities.

Intensity Of Rivalry

The intensity of rivalry in the opioid addiction treatment market is high due to the presence of established players, such as Alkermes and Titan Pharmaceuticals, and the increasing competition from new entrants. Indivior PLC faces intense competition in terms of pricing, product offerings, and marketing efforts.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.69%
Debt Cost 4.97%
Equity Weight 82.31%
Equity Cost 4.97%
WACC 4.97%
Leverage 21.49%

11. Quality Control: Indivior PLC passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Growth: 2.8

Quality: 7.1

Yield: 0.0

Momentum: 10.0

Volatility: 5.7

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Quality: 5.5

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Assertio

A-Score: 3.4/10

Value: 9.2

Growth: 2.7

Quality: 4.5

Yield: 0.0

Momentum: 1.0

Volatility: 3.0

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A-Score: 3.2/10

Value: 7.3

Growth: 4.8

Quality: 5.0

Yield: 0.0

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A-Score: 3.2/10

Value: 6.6

Growth: 1.3

Quality: 4.3

Yield: 0.0

Momentum: 5.5

Volatility: 1.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.38$

Current Price

12.38$

Potential

-0.00%

Expected Cash-Flows