Indivior Pharmaceuticals — Financial Results
SUBLOCADE Is Carrying the Whole Business -- and Growing Fast
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| SUBLOCADE net revenue | $856M | $756M | +13% |
| SUBLOCADE share of total revenue | 69% | 64% | +5pp |
| U.S. SUBLOCADE net revenue | $794M | $704M | +13% |
SUBLOCADE is Indivior's once-monthly injectable treatment for opioid use disorder, and it is now the clear engine of the business. The 13% revenue increase came from both more patients using it (7% volume growth) and favorable adjustments to rebates and discounts (6%). The broader U.S. long-acting injectable market grew at a high-teens percentage rate, and Indivior holds a mid-70% share of that market.
Total Revenue Grew Modestly, but Older Products Are in Decline
| Product | 2025 | 2024 | Change |
|---|---|---|---|
| Sublingual & other (e.g. SUBOXONE Film) | $351M | $377M | -7% |
| PERSERIS | $24M | $40M | -39% |
| OPVEE | $8M | $15M | -49% |
While SUBLOCADE surged, the rest of the portfolio shrank. SUBOXONE Film (the older under-the-tongue strip) lost market share to generic competition, dropping from a 16% to 14% share of its category. PERSERIS and OPVEE are effectively being wound down -- the company stopped actively marketing both. Total revenue still grew 4% to $1.24 billion, but the direction of the non-SUBLOCADE business is clearly downward, and the company has flagged that total 2026 revenue is expected to decline.
A Major Restructuring Is Underway, With $127M in One-Time Costs
Indivior launched what it calls the Indivior Action Agenda in mid-2025 -- a multi-year plan to simplify the company and focus squarely on SUBLOCADE. This included cutting headcount, consolidating office space, and exiting several international markets including the U.K., Ireland, Sweden, and Italy. The restructuring cost $127 million in 2025 across severance, real estate, asset write-downs, and consulting fees. The company expects total operating expenses to fall substantially in 2026 as these savings flow through.
Profit Jumped Dramatically, Largely Due to Lower Legal Costs
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Litigation settlement expenses | $13M | $195M | -$182M |
| Operating income | $262M | $38M | +594% |
| Net income | $210M | $7M | NM |
Operating income (revenue minus operating costs) surged from $38M to $262M, and net income went from nearly zero to $210M. The biggest driver was not business performance -- it was a $182M drop in legal settlement costs. In 2024, the company paid out heavily on past legal disputes. Investors should note this improvement may not repeat, as litigation costs are unpredictable by nature.
Cash Declined as the Company Prepaid Its DOJ Settlement
Despite strong reported profits, Indivior actually used $27M in cash from operations in 2025 -- compared to generating $36M the year before. The reason: the company chose to make an optional early payment to clear its remaining Department of Justice settlement liability, resulting in $208M more in legal payments than the prior year. Cash on hand dropped from $319M to $195M. The company says its remaining cash and expected operating cash flows are sufficient to cover obligations for at least the next 12 months.