Indivior Pharmaceuticals, Inc.

Indivior Pharmaceuticals, Inc. develops and commercializes treatments for opioid use disorder, with a portfolio centered on long-acting injectable and transmucosal buprenorphine products. The company is headquartered in Richmond, Virginia and sells primarily in the U.S., with a smaller international footprint in Canada, Australia, France, Germany and selected other markets.

22,0 %

80,2 %

16,9 %

+4,3 %

0.71

0.55

— Indivior Pharmaceuticals, Inc.
%
OUD injectable therapy64% Long-acting injectable medication used to treat opioid use disorder, anchored by SUBLOCADE.
OUD transmucosal therapy28% Sublingual buprenorphine/naloxone film sold mainly in the U.S. through pharmacy channels.
Rest of World legacy and newer products7% International sales of SUBLOCADE, SUBUTEX Prolonged Release and legacy tablet products.
Overdose reversal and other products1% OPVEE and smaller product lines that are being de-emphasized or supported selectively.

Indivior sells mainly into the U.S. healthcare system, where wholesalers, specialty pharmacies and distributors...

  • U.S. wholesale pharmaceutical distributorsprimary

    Buy SUBOXONE Film and other products for downstream pharmacy and institutional distribution; they are critical because they represent a concentrated share of revenue.

  • Specialty pharmacies and specialty distributorsprimary

    Purchase and dispense SUBLOCADE under REMS controls, supporting growth as the product shifts toward broader use.

  • Healthcare providers and treatment centersprimary

    Prescribers and organized health systems choose the therapy based on efficacy, access and administration convenience.

  • Government and public payorssecondary

    Medicaid, federal programs and 340B-related channels buy or reimburse products and strongly influence net pricing.

  • International wholesalers and pharmaciessecondary

    Buy products in Canada, Australia, France and Germany, with additional markets being exited or reduced.

The U.S. is Indivior’s core market and accounted for 85% of net revenue in 2025, with the balance coming from Rest of...

  • •U.S. generated 85% of 2025 net revenue and is the main profit pool
  • •Rest of World contributed 15% of 2025 net revenue
  • •Core non-U.S. markets include Canada, Australia, France and Germany
  • •Plans to exit several smaller markets reduce international complexity
  • •Raleigh and Hull facilities are important to supply and manufacturing

Indivior’s current strategy is to concentrate resources on its highest-value OUD therapies, especially SUBLOCADE, while...

01
Grow SUBLOCADE in the U.S.short-term

It is the main growth engine and offsets declines in legacy products.

02
Simplify the operating modelshort-term

Lower overhead and a leaner structure should improve execution and margins.

03
Rationalize international marketsmedium-term

Concentrating on higher-return countries reduces complexity and execution risk.

04
Protect supply and compliance capabilitiesmedium-term

Controlled-substance products require reliable manufacturing, REMS and distribution controls.

Indivior’s business is exposed to concentration in SUBLOCADE and to a highly regulated controlled-substance...

high

Dependence on SUBLOCADE

A large share of revenue comes from one product, so any slowdown in adoption, pricing or supply would materially affect results.

Scope
U.S. OUD treatment market
Materiality
high
high

Generic and competitive pressure on SUBOXONE Film

Competition has already reduced category share and pricing, lowering revenue from the legacy oral product.

Scope
U.S. pharmacy channel
Materiality
high
high

Regulatory and REMS compliance

Products are controlled substances and require certified distribution and strict manufacturing compliance.

Scope
FDA, DEA, Health Canada and other regulators
Materiality
high
high

Reimbursement and Medicaid pricing pressure

Rebates, discounts, best-price rules and payor negotiations directly reduce net revenue.

Scope
U.S. public and commercial payors
Materiality
high
medium

Litigation and enforcement scrutiny

The company operates in a sector with elevated legal and regulatory exposure, including patient assistance program scrutiny.

Scope
U.S. legal and enforcement environment
Materiality
high
medium

Foreign exchange and market exits

International revenue is smaller but exposed to currency swings and execution risk as markets are exited.

Scope
Rest of World operations
Materiality
medium
Revenue deductions and rebate reserves
Accrued rebates and product returns were $585 million at year-end 2025
Gross-to-net adjustments
Can change reported revenue growth versus underlying demand
Restructuring and impairment charges
2025 charges were significant and expected to lower 2026 operating expense
Litigation and contractual obligations
Can affect liabilities, cash flow and comparability across periods

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: 28.4.2026