Indivior Pharmaceuticals — Income Statement, Cash Flows & Balance Sheet
Is Indivior profitable?
After two years of large litigation charges wiping out profits, Indivior swung to a meaningful net income in 2025.
| 2023 | 2024 | 2025 | |
|---|---|---|---|
| Net revenue ($M) | $1,093 | $1,188 | $1,239 |
| Gross profit ($M) | $919 | $957 | $994 |
| Gross margin | 84% | 81% | 80% |
| Litigation settlement expense ($M) | $239 | $195 | $3 |
| Operating income / (loss) ($M) | $(152) | $38 | $262 |
| Net income / (loss) ($M) | $(126) | $7 | $210 |
Revenue has grown steadily over three years, and gross margins remain strong — around 80% — which is typical for a pharmaceutical company with a dominant branded product. The dramatic turnaround in net income reflects the near-disappearance of litigation charges, which had been the primary drag on reported profits in prior years.
One-time restructuring charges in 2025 are large and worth flagging.
| 2024 | 2025 | Change | |
|---|---|---|---|
| Total restructuring charges ($M) | $53 | $127 | +$74 |
| Within cost of sales ($M) | $41 | $48 | +$7 |
| Within R&D and SG&A ($M) | $12 | $79 | +$67 |
Indivior recorded significant charges in 2025 tied to discontinuing its OPVEE product, exiting several international markets, and headcount reductions. These are largely non-recurring items embedded across multiple line items, so the underlying business is more profitable than the headline figures for those lines suggest.
Where does Indivior's revenue come from?
SUBLOCADE, Indivior's injectable buprenorphine product, is the clear growth engine and now accounts for the majority of U.S. revenue.
| Product | 2023 | 2024 | 2025 | Change (2024–2025) |
|---|---|---|---|---|
| SUBLOCADE (U.S., $M) | $588 | $704 | $794 | +13% |
| Sublingual & other (U.S., $M) | $282 | $250 | $226 | -10% |
| OPVEE (U.S., $M) | $— | $15 | $18 | — |
| PERSERIS (U.S., $M) | $42 | $40 | $22 | -45% |
| Total U.S. ($M) | $912 | $1,008 | $1,053 | +4% |
| Rest of World ($M) | $181 | $179 | $186 | +4% |
SUBLOCADE's consistent double-digit growth is carrying the portfolio. The older sublingual (dissolving tablet/film) products are in a steady decline, and both OPVEE and PERSERIS have had their marketing discontinued, so investors should think of SUBLOCADE as the business going forward. International revenue is essentially flat, with the company actively exiting certain non-U.S. markets.
Does Indivior generate cash?
Despite strong profitability, operating cash flow was slightly negative in 2025, largely due to large litigation settlement payments.
| 2023 | 2024 | 2025 | Change (2024–2025) | |
|---|---|---|---|---|
| Net cash from operations ($M) | $(300) | $36 | $(27) | — |
| Capital expenditures ($M) | $(8) | $(29) | $(66) | +$37 |
| Accrued litigation payments (cash out, $M) | — | $(387) | $(368) | — |
Cash from operations looks weak on the surface, but the single biggest reason is that Indivior paid down approximately $368 million in litigation settlements during 2025 (primarily the DOJ resolution). Adjusting for that, the underlying operating business is cash generative. Capital expenditure tripled year-over-year as Indivior invested in its aseptic manufacturing facility, which is worth watching in future periods.
How strong is Indivior's balance sheet?
Indivior carries debt but has made dramatic progress clearing its litigation liabilities, which dominated the balance sheet a year ago.
| Dec 2024 | Dec 2025 | Change | |
|---|---|---|---|
| Cash & equivalents ($M) | $319 | $195 | -$124 |
| Total debt ($M) | $333 | $319 | -$14 |
| Accrued litigation liabilities ($M) | $464 | $94 | -$370 |
| Total liabilities ($M) | $1,652 | $1,300 | -$352 |
| Stockholders' deficit ($M) | $(337) | $(98) | +$239 |
The balance sheet still shows a technical stockholders' deficit — meaning total liabilities exceed total assets — but the gap has narrowed sharply as litigation obligations have been paid off. The remaining $333 million term loan matures in 2030, carries a floating rate (SOFR + 5.5%), and the company is comfortably within its debt covenants. A $50 million revolving credit line remains fully undrawn, providing an additional liquidity buffer. The ongoing Dental MDL (roughly 35,000 plaintiffs at various stages) is the most significant remaining legal uncertainty not yet reflected in the balance sheet.