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Here are 1-3 brief analogies for Indivior Pharmaceuticals:

• The Gilead Sciences for addiction and serious mental illness treatments.
• A pharmaceutical company focused on addiction and mental health, much like Biogen focuses on neurology.

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• Sublocade: An extended-release injectable medication for the treatment of moderate to severe opioid use disorder in adults.
• Suboxone Film: A sublingual film containing buprenorphine and naloxone used for the maintenance treatment of opioid dependence.
• Perseris: An extended-release injectable suspension of risperidone indicated for the treatment of schizophrenia in adults.
• Opvee: A nalmefene nasal spray approved for the emergency treatment of known or suspected opioid overdose.

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Indivior Pharmaceuticals (symbol: INDV) primarily sells its prescription pharmaceutical products to other companies, specifically a limited number of major pharmaceutical wholesalers. These wholesalers then distribute Indivior's products to pharmacies, hospitals, and clinics, which in turn dispense them to individual patients.

According to Indivior's public filings, a significant portion of their net revenue is generated through sales to a few large pharmaceutical wholesalers in the U.S. For example, their three largest wholesale distributors collectively represented approximately 90% of their U.S. net revenue in 2023.

The major customer companies for Indivior are:

• Cencora (formerly AmerisourceBergen Corporation) (symbol: COR)
• Cardinal Health, Inc. (symbol: CAH)
• McKesson Corporation (symbol: MCK)

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Joe Ciaffoni Chief Executive Officer

Joe Ciaffoni was appointed Chief Executive Officer of Indivior in May 2025, having previously served as a Non-Executive Director since December 2024. He brings over 30 years of experience in the pharmaceutical and biotech industries, leading global and U.S. organizations across various therapeutic areas. Prior to Indivior, Mr. Ciaffoni was President and CEO of Collegium Pharmaceutical. His career also includes senior leadership positions at Endo International, Biogen, Shionogi Inc. (where he was President), Schering-Plough (now Merck), Sanofi-Synthelabo (now Sanofi), and Novartis. He has a proven track record of driving growth and operational excellence in complex markets.

Ryan Preblick Chief Financial Officer

Ryan Preblick became Indivior's Chief Financial Officer in November 2020, after serving as Interim CFO earlier that year. He has held various senior roles within Indivior's global finance and commercial operations since 2012. His background includes financial leadership at Honeywell International and over a decade at Altria Corporation (including Philip Morris USA). He holds a BS in Finance from Penn State University and an MBA from the University of Richmond.

Dr. Christian Heidbreder Chief Scientific Officer

Dr. Christian Heidbreder has served as Indivior's Chief Scientific Officer since the company's formation. He possesses over 35 years of experience in the neurosciences and has authored more than 500 peer-reviewed publications. Before joining the industry, Dr. Heidbreder spent a decade in academia, holding research and teaching positions at the National Institute on Drug Abuse (NIDA) and the Swiss Federal Institute of Technology (ETH). Over the past 25 years, he has held senior leadership roles at SmithKline Beecham, GSK, Altria's Health Sciences, and Reckitt Benckiser.

Patrick Barry Chief Commercial Officer

Patrick Barry joined Indivior as Chief Commercial Officer in June 2025. With over 30 years of experience in pharmaceuticals, biotech, and medical devices, he has a history of building high-performing teams across complex markets. His previous roles include Executive Vice President and Chief Commercial Officer at Endo Inc. and various senior leadership positions at Sanofi.

Jeffrey Burris Chief Legal Officer

Jeffrey Burris became Indivior's Chief Legal Officer in December 2021. He brings more than 25 years of experience in life sciences and public companies. Mr. Burris has led legal functions at Arbor Pharmaceuticals (which was acquired by Azurity Pharmaceuticals), Alimera Sciences, and CryoLife (now known as Artivion). He began his career in corporate law at Arnall Golden Gregory.

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The most significant risks include:

1. Impacts from Competition and Product Sales: Indivior faces risks associated with lower than expected future sales of its products and greater than anticipated impacts from competition. This highlights the constant pressure in the pharmaceutical industry to maintain market share against existing rivals and new entrants.
2. Legal Proceedings and Regulatory Environment: The company is exposed to risks related to legal proceedings and the evolving impact of existing and future legislation and regulatory provisions on product exclusivity. Indivior has a history of significant legal matters, including past issues with the U.S. Department of Justice, which can result in substantial financial obligations and reputational damage.
3. Market Acceptance of Key Products: The market acceptance of Indivior's long-acting injectable products, such as SUBLOCADE®, is a crucial factor. While the company is focused on advancing these treatments for opioid use disorder, their success is dependent on broad adoption by patients and healthcare providers.

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Indivior Pharmaceuticals' main products primarily address the Opioid Use Disorder (OUD) market. The company's key products include Sublocade and Suboxone, both used for treating OUD. Indivior also had Perseris for schizophrenia, which was discontinued, and recently acquired Opvee for opioid overdose reversal.

Here are the addressable market sizes for Indivior's main products:

• Sublocade and Suboxone (Opioid Use Disorder Treatment)
  • The global Opioid Use Disorder (OUD) market size was valued at approximately USD 5.90 billion in 2025 and is predicted to increase to approximately USD 15.32 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 11.18% from 2025 to 2034.
  • The U.S. OUD market is projected to be valued at USD 3.04 billion by 2026. North America held a significant share of the global OUD market, accounting for 68.98% in 2024.
  • Specifically for Suboxone, the United States market is estimated to be valued at USD 2.39 billion in 2025 and is expected to reach USD 3.21 billion by 2032, growing at a CAGR of 4.3% from 2025 to 2032.
• Perseris (Schizophrenia Treatment)
  • Indivior discontinued the sales of Perseris in July 2024. Therefore, the addressable market for Indivior's Perseris is null.
• Opvee (Opioid Overdose Reversal)
  • null

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Indivior Pharmaceuticals (NASDAQ: INDV) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, primarily centered around its lead product, SUBLOCADE®, and strategic business optimization.

Here are the anticipated drivers:

1. Accelerated Growth of SUBLOCADE® in the U.S.: Indivior's primary focus for revenue growth is the continued expansion of SUBLOCADE, an extended-release buprenorphine injection for opioid use disorder (OUD). The company's "Indivior Action Agenda" in 2025 emphasized growing U.S. SUBLOCADE net revenue through improved commercial execution and increased volume. This strategy is supported by a national direct-to-consumer (DTC) campaign, "Move Forward in Recovery," aimed at patient activation. Positive clinical trial results, such as a study demonstrating higher treatment retention rates with rapid SUBLOCADE induction, are also expected to bolster its adoption. Indivior is also investing in accelerating long-acting injectable penetration in the U.S. BMAT category.
2. SUBOXONE® Film Price Stability: While facing generic competition for SUBOXONE Film, Indivior has highlighted the stability of its pricing in the U.S. market as a contributor to its financial guidance and overall revenue, offsetting some of the declines from generic erosion.
3. Strategic Optimization of Rest of World (ROW) Business: Indivior is undertaking an optimization of its ROW business, which includes plans to exit several non-U.S. markets (e.g., U.K., Ireland, Sweden, Israel, Finland, and Italy). This streamlining is part of "Phase I of the Indivior Action Agenda — Generate Momentum," designed to simplify the business and is expected to lead to at least $150 million in annual operating expense savings starting in 2026. While involving some market exits, this optimization aims to focus resources on higher-growth opportunities and improve overall profitability and cash generation, ultimately supporting more efficient revenue growth from core markets and products.
4. Benefits from U.S. Redomiciliation: The completion of Indivior's redomiciliation from the U.K. to the U.S. in January 2026 is anticipated to strengthen its U.S. capital markets presence and increase potential U.S. equity indexation. This move also aims to simplify corporate governance and further position Indivior as a U.S.-based treatment innovator, fostering closer collaboration with public health leaders on advancing SUBLOCADE for OUD, which could indirectly support future revenue growth through enhanced market presence and partnerships.

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Share Repurchases

• Indivior has authorized and undertaken multiple share repurchase programs of up to $100 million each, including programs announced in 2021, 2022, 2023, and 2024.
• Approximately $42 million was spent through February 16, 2024, as part of the $100 million share repurchase program announced on November 17, 2023.
• A new $100 million share repurchase program was approved on July 25, 2024, and was expected to be completed by January 31, 2025.

Share Issuance

• In January 2026, Indivior Pharmaceuticals adopted a new 2026 Omnibus Equity Incentive Plan, reserving up to 17,500,000 shares for future awards.
• As part of the company's redomiciliation to the United States on January 26, 2026, existing Indivior PLC ordinary shares were cancelled and replaced on a one-for-one basis with Indivior Pharmaceuticals common stock.
• Proceeds from the issuance of common stock were $2 million for the nine months ended September 30, 2025, and $3 million for the nine months ended September 30, 2024.

Outbound Investments

• In 2023, Indivior acquired Opiant Pharmaceuticals and subsequently launched the product OPVEE®.
• In Q3 2025, Indivior discontinued sales and marketing support for OPVEE® and initiated an optimization of its Rest of World (ROW) business.
• Purchases of in-process research and development and intangible assets amounted to $1 million for the nine months ended September 30, 2025, and $1 million for the nine months ended September 30, 2024.

Capital Expenditures

• Capital expenditures for purchases of property and equipment were $42 million for the nine months ended September 30, 2025, and $13 million for the nine months ended September 30, 2024.
• In 2023, increased research and development expenses, which rose to $106 million from $72 million in 2022, were partly attributed to process validation testing related to long-acting injectable (LAI) capacity expansion.