Indivior Pharmaceuticals — Income Statement, Cash Flows & Balance Sheet
Is Indivior profitable?
After two years of heavy litigation charges, Indivior swung to a strong profit 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 the business has always been highly profitable at the gross level — keeping roughly 80 cents of every sales dollar after manufacturing costs. The dramatic swing from losses to profit is almost entirely explained by litigation charges shrinking from over $200 million in prior years to near zero in 2025, following the resolution of the company's DOJ settlement.
However, a large restructuring charge in 2025 is worth noting as a one-time distortion in the other direction.
| 2024 | 2025 | Change | |
|---|---|---|---|
| Total restructuring charges ($M) | $53 | $127 | +$74 |
| Key drivers | PERSERIS wind-down | OPVEE discontinuation + headcount cuts | — |
Indivior recorded $127 million in restructuring costs in 2025 — spread across cost of sales, R&D, and SG&A — related to discontinuing its OPVEE product and cutting headcount as part of a strategic reset. These charges reduced reported profits meaningfully and are unlikely to repeat at the same scale.
Where does Indivior's revenue come from?
SUBLOCADE, Indivior's injectable treatment for opioid use disorder, is the undisputed growth engine of the business.
| Product / Region | 2023 | 2024 | 2025 | Change (2023–2025) |
|---|---|---|---|---|
| SUBLOCADE (US, $M) | $588 | $704 | $794 | +35% |
| Total SUBLOCADE incl. other ($M) | $630 | $756 | $856 | +36% |
| Sublingual & other US ($M) | $282 | $250 | $226 | -20% |
| Rest of World ($M) | $181 | $179 | $186 | +3% |
| Total net revenue ($M) | $1,093 | $1,188 | $1,239 | +13% |
SUBLOCADE now accounts for roughly two-thirds of total revenue and has grown more than a third over two years, more than offsetting the intentional decline in older sublingual (dissolving film/tablet) products. Rest of World is a small and relatively flat contributor. The strategic direction is clear: the company is pivoting its entire commercial focus toward SUBLOCADE while winding down legacy and non-core products like OPVEE and PERSERIS.
Does Indivior generate cash?
Despite strong accounting profits, Indivior consumed cash in 2025 due to large litigation payments and a major factory investment.
| Cash flow item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net cash from operations ($M) | $(300) | $36 | $(27) |
| Capital expenditures ($M) | $(8) | $(29) | $(66) |
| Litigation payments (within ops, $M) | — | $(387) | $(368) |
Operating cash flow turned negative again primarily because Indivior paid down nearly $370 million in litigation settlements during 2025 — even though most of the related income statement charges were recognised in prior years. Capital spending also tripled as the company invested in its aseptic (sterile injection) manufacturing facility. With litigation obligations now largely cleared, this cash drain is expected to ease materially going forward.
How strong is Indivior's balance sheet?
The balance sheet is technically in deficit, but the picture has improved substantially as litigation liabilities roll off.
| Dec 31, 2024 | Dec 31, 2025 | Change | |
|---|---|---|---|
| Cash & equivalents ($M) | $319 | $195 | -$124 |
| Total debt ($M) | $333 | $319 | -$14 |
| Accrued litigation liabilities ($M) | $464 | $94 | -$370 |
| Total stockholders' deficit ($M) | $(337) | $(98) | +$239 |
The most important balance sheet story is the near-elimination of litigation liabilities — down from $464 million to $94 million — as DOJ and antitrust settlements were paid off. The remaining $94 million is mainly opioid-related and expected to be paid over five years. Stockholders' deficit (meaning total liabilities exceed total assets) shrank sharply and should continue improving as profits accumulate. Long-term debt of $319 million at a floating rate (SOFR + 5.5%) matures in 2030, and the company is currently in compliance with all loan covenants.