Indivior Pharmaceuticals — Financial Results
SUBLOCADE Is the Growth Engine, Now Driving 69% of Revenue
| Product | 2025 Revenue | 2024 Revenue | Change |
|---|---|---|---|
| SUBLOCADE | $856M | $756M | +13% |
| Sublingual & other | $351M | $377M | -7% |
| PERSERIS | $24M | $40M | -39% |
| OPVEE | $8M | $15M | -49% |
| Total | $1,239M | $1,188M | +4% |
SUBLOCADE — a long-acting injectable (LAI) treatment for opioid use disorder — grew 13% to $856 million and now accounts for 69% of total revenue, up from 64% in 2024. That growth is offsetting declines across older products, particularly SUBOXONE Film, which is losing ground to generic competitors. The overall business grew 4%, but the direction of travel is clear: Indivior is increasingly a one-product company.
Profit Surged, But Mostly Due to Fewer Legal Settlements
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Operating income | $262M | $38M | +594% |
| Litigation settlement expense | $13M | $195M | -93% |
| Net income | $210M | $7M | NM |
Operating income jumped dramatically, but a large portion of the swing came from $182 million less in litigation settlement expenses — not from the underlying business becoming that much more profitable. Gross margin held roughly flat at 80%, so the core business is healthy, but investors should understand that the profit improvement is partly a one-time effect.
A Major Restructuring Is Underway, Costing $127M Today to Save More Tomorrow
In mid-2025, Indivior launched the Indivior Action Agenda, a multi-year plan to simplify the business. Phase I involved cutting headcount, consolidating real estate, and exiting several international markets including the UK, Ireland, Sweden, Israel, Finland, and Italy. The company also stopped actively marketing OPVEE and PERSERIS. These moves cost $127 million in 2025, but management says total operating expenses are expected to "decrease substantially" in 2026 as a result.
Total Revenue Is Expected to Fall in 2026
Despite 2025's growth, Indivior is guiding investors to expect lower total revenue in 2026. The reasons: SUBOXONE Film faces continued pricing and volume pressure from generics, the international market exits will reduce Rest of World revenue (currently $186M), and PERSERIS and OPVEE will contribute almost nothing going forward. SUBLOCADE growth is expected to continue, but may not fully offset these headwinds.
Cash Flow Turned Negative Due to Large Legal Payments
| Cash Flow | 2025 | 2024 |
|---|---|---|
| Operating activities | -$27M | +$36M |
| Cash & equivalents | $195M | $319M |
Despite strong reported profits, operating cash flow was negative $27 million in 2025. The main reason: the company made significantly larger litigation settlement payments — including an optional early payoff of its remaining U.S. Department of Justice liability — totalling $208 million more than the prior year. Cash on hand fell from $319 million to $195 million. Management believes existing cash is sufficient for at least the next 12 months.