Here are 1-3 brief analogies to describe Indivior:

• Vertex Pharmaceuticals, but for addiction medicine. (Highlights their highly specialized focus on a challenging disease area.)
• Biogen, but focused on treatments for the opioid crisis and other addictions. (Compares their dedicated fight against a complex public health issue to Biogen's focus on neurological disorders.)

• Sublocade/Buvidal: A buprenorphine extended-release injectable administered once monthly or weekly/monthly for the treatment of moderate to severe opioid use disorder.
• Suboxone Film: A buprenorphine and naloxone sublingual film used for the maintenance treatment of opioid dependence.

Major Customers of Indivior (INDV)

Indivior plc, a pharmaceutical company, primarily sells its products to other companies, specifically major wholesale pharmaceutical distributors. These distributors then supply pharmacies, hospitals, and other healthcare providers, who in turn dispense the medications to individuals.

Based on Indivior's financial reports, a significant portion of its gross revenue is derived from three major US wholesale distributors. While not individually named by Indivior, these are commonly known in the pharmaceutical industry to be:

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

These three companies act as intermediaries, distributing Indivior's addiction treatment medications to a broad network of healthcare providers across the United States.

• Catalent (CTLT)
• Evonik (EVK.DE)
• Thermo Fisher Scientific (TMO)

Joe Ciaffoni, Chief Executive Officer

Joe Ciaffoni was appointed Chief Executive Officer in May 2025, having previously served as a Non-Executive Director from December 2024. He is an accomplished public company CEO with over 30 years of experience in pharmaceuticals and biotech, working with global and U.S. organizations of various sizes. He has a strong track record at the intersection of strategy and operations across diverse models and therapeutic areas, including specialty, rare disease, mass market, and hospital. Prior to Indivior, he served as President and CEO of Collegium Pharmaceutical and held senior roles at Endo International (President of U.S. Branded Pharmaceuticals), Biogen (SVP, Global Specialty Medicines Group; U.S. Commercial), and Shionogi Inc. (COO), as well as Schering-Plough, Sanofi, and Novartis.

Ryan Preblick, Chief Financial Officer

Ryan Preblick was appointed Chief Financial Officer in November 2020, after serving as Interim Chief Financial Officer from June 2020. He has been in financial leadership roles at Indivior since joining the company in 2012. Prior to his appointment as Interim CFO, he was Senior Vice President, Global Finance and Commercial Operations. Before joining Indivior, Ryan held various finance leadership positions at Altria Company (including Philip Morris USA) for twelve years and began his career in corporate finance at Honeywell International. In August 2025, Indivior updated his employment agreements to align with current U.S. executive agreements.

Angela Colon-Mahoney, Chief Human Resources Officer

Angela Colon-Mahoney was appointed Chief Human Resources Officer in September 2024. She is an accomplished senior executive with over two decades of experience in human resources and operations across various prominent organizations. Most recently, she was the Chief Human Resources Officer at Otsuka Pharmaceuticals, where she led the development and execution of HR strategy and business services. Her experience also includes leadership positions at The Estee Lauder Companies, Tyco International, Mercer Delta, and Unilever.

Vishal Kalia, Chief Strategy and Operating Officer

Vishal Kalia was appointed Global Chief Strategy and Operating Officer in November 2024, having previously served as Chief Strategy and Impact Officer, and Chief Strategy Officer. He brings over two decades of diverse global pharmaceutical experience to Indivior's Executive Committee. Prior to his tenure at Indivior, he spent over a decade at Reckitt Benckiser in global senior leadership roles, building teams and businesses across Europe, North America, and Asia, where he oversaw the launch of multibillion-dollar brands.

Jeffrey Burris, Chief Legal Officer

Jeffrey Burris was appointed Chief Legal Officer in December 2021. He has over 25 years of extensive legal, life sciences, and public company experience, including more than 15 years as the head of the legal function at various life sciences companies. Before joining Indivior, Jeff served as Vice President, General Counsel, Chief Compliance Officer, and Secretary at Arbor Pharmaceuticals, Alimera Sciences (a publicly traded pharmaceutical company), and CryoLife (now Artivion), a publicly traded biotechnology company.

The key risks to Indivior's business are primarily centered around intense market competition and declining revenue from its core products, ongoing significant litigation and regulatory challenges, and the inherent vulnerability associated with a concentrated product portfolio.

1. Intense Competition and Declining Revenue from Key Products

Indivior faces substantial and intensifying competition in the opioid dependence treatment market, which is directly leading to declining revenue for its key products. Suboxone, a former flagship product, has seen a significant decrease in sales and market share due to the proliferation of generic alternatives. Similarly, Sublocade is experiencing increased competition, notably from Camurus' Brixadi, which has eroded its market share and growth. The company also discontinued its schizophrenia treatment, Perseris, due to underwhelming sales and financial viability concerns, further contributing to a projected 17% decline in net revenue for 2025. This competitive pressure, coupled with the loss of product sales and repeated lowering of financial guidance, represents a major headwind for Indivior.

2. Litigation and Regulatory Challenges

Indivior has a history of significant litigation and continues to face regulatory scrutiny, which poses substantial financial and operational risks. The company has been involved in multiple lawsuits concerning the marketing and sale of Suboxone. Ongoing regulatory challenges and associated legal expenses can negatively impact profitability. The pharmaceutical industry, including Indivior, is subject to increased government scrutiny regarding pricing and competition, and non-compliance or adverse outcomes from investigations could result in fines, penalties, and commercial restrictions. There have also been allegations of securities fraud related to the company's forecasting abilities and the financial prospects of its products.

3. High Dependence on a Narrow Product Portfolio

Indivior's financial health is heavily reliant on a limited number of proprietary products, primarily in the opioid dependence market. This dependence makes the company particularly vulnerable to market shifts, increased competition, and patent expirations for these key drugs. Any issues affecting these core products, such as reduced demand, loss of patent protection, or adverse clinical outcomes, could significantly impact Indivior's revenue streams and market position. While the company has an early-stage pipeline, the discontinuance of products like Perseris and slower-than-expected growth for others like Opvee highlight the risks associated with this concentrated portfolio.

The development and potential future widespread adoption of opioid vaccines represents an emerging threat. These vaccines, currently in various stages of research and development, aim to prevent individuals from experiencing the euphoric effects of opioids or to block the effects of opioids in those undergoing treatment. If a safe, effective, and widely accessible opioid vaccine were to emerge and gain significant clinical adoption, it could fundamentally alter the landscape of opioid use disorder treatment, potentially reducing the long-term demand for pharmacological interventions like Indivior's Sublocade.

Indivior (INDV) is expected to drive future revenue growth over the next 2-3 years through several key strategies and product performances:

1. Accelerated Market Penetration and Volume Growth of SUBLOCADE: SUBLOCADE, Indivior's long-acting injectable for opioid use disorder, is consistently highlighted as the primary growth engine. The company is focused on increasing its market penetration and dispense volumes, particularly within the U.S. and across organized health systems, including the justice system. Indivior is also implementing direct-to-consumer campaigns, such as "Move Forward in Recovery," to raise awareness and drive demand for SUBLOCADE.
2. Strategic Optimization and Operational Efficiency through the "Indivior Action Agenda": The company's "Indivior Action Agenda" aims to simplify the organization, optimize the Rest of World (ROW) business by exiting non-U.S. markets, and streamline operations. These measures are projected to generate significant annual operating expense savings (at least $150 million beginning in 2026), which are expected to "accelerate profitability and cash flow generation at a rate that exceeds revenue growth." While primarily impacting the bottom line, these efficiencies can indirectly support revenue growth by allowing for reinvestment in commercial efforts or pipeline development.
3. Stability of SUBOXONE Film Pricing in the U.S.: While SUBLOCADE drives growth, the continued price stability of SUBOXONE Film in the U.S. market is expected to provide a consistent and foundational revenue stream. This stability contributes positively to the company's overall net revenue guidance.
4. Leveraging a Strengthened Financial Profile for Future Growth Drivers: Indivior anticipates leveraging its improved financial position to "acquire next growth drivers." This indicates a strategy of potential mergers, acquisitions, or licensing deals to expand its product portfolio and secure new revenue streams in the future. The company's strong cash position supports this initiative.
5. Advancement and Potential Launch of Products from the R&D Pipeline: Indivior maintains a "robust pipeline of product candidates designed to enhance its existing treatments and expand solutions available to patients." The company is focusing its R&D efforts on Phase 2 Opioid Use Disorder (OUD) assets. Successful progression and eventual launch of these new products from its pipeline within the next 2-3 years could contribute to future revenue growth.

Share Repurchases

• Indivior has consistently undertaken share repurchase programs, initiating multiple $100 million programs between 2021 and 2024.
• A $100 million share repurchase program, announced in July 2021, was completed by the end of 2022.
• A subsequent $100 million program, announced in November 2023, saw approximately $42 million in shares repurchased and cancelled by February 2024. Another $100 million program was approved in July 2024 and completed by February 2025, resulting in the repurchase and cancellation of approximately 9.4 million shares for a total consideration of $99.997 million.

Share Issuance

• Proceeds from the issuance of ordinary shares amounted to $4 million in fiscal year 2023 and $2 million in fiscal year 2022.
• Shareholders approved a 5:1 share consolidation on October 10, 2022, aimed at meeting minimum share price thresholds for an additional U.S. listing.

Outbound Investments

• In November 2022, Indivior acquired Opiant Pharmaceuticals, Inc., with a cash outflow of $124 million related to this acquisition in fiscal year 2023.
• In July 2023, Indivior paid $20.4 million to C4X Discovery for the full rights to an orexin-1 receptor antagonist in development for substance use disorder.

Capital Expenditures

• Capital expenditures are primarily directed towards investments in the expansion of the Raleigh Manufacturing Facility.
• The capital expenditure for the trailing twelve months ended September 2025 was -$60.00 million.
• For the three months ended September 2025, capital expenditures totaled -$20 million.