The strong Q1 beat and raised guidance confirm accelerating SUBLOCADE momentum and operating leverage. With $275M remaining on the buyback and a strengthened balance sheet, the stock should re-rate higher. Monitor the Q2 dispense unit growth trajectory and any business development announcements as the company targets Phase III Breakout in H2 2026.
Price Chart
Executive Summary
Indivior reported Q1 2026 results with total net revenue of $317M (+19% YoY) and GAAP diluted EPS of $0.69, beating the consensus estimate of $0.64. The company raised its full-year 2026 guidance across all key metrics, including total net revenue to $1.215B-$1.285B and adjusted EBITDA to $620M-$660M (+50% YoY at midpoint). The strong beat and raised guidance are driven by accelerating SUBLOCADE net revenue (+32% YoY) and record quarterly adjusted EBITDA of $164M (+112% YoY).
Key Financial Metrics
Key Facts
- Q1 2026 total net revenue of $317M, up 19% YoY from $266M
- Total SUBLOCADE net revenue of $232M, up 32% YoY from $176M
- GAAP net income of $89M ($0.69 diluted EPS) vs $47M ($0.38) YoY
- Non-GAAP net income of $123M ($0.96 diluted EPS) vs $56M ($0.45) YoY
- Record quarterly adjusted EBITDA of $164M, up 112% YoY from $78M
- Raised full-year 2026 guidance: net revenue $1.215B-$1.285B (from $1.125B-$1.195B)
- Raised SUBLOCADE net revenue guidance to $950M-$990M (from $905M-$945M)
- Raised adjusted EBITDA guidance to $620M-$660M (from $535M-$575M)
- Repurchased ~4M shares for $125M in Q1; $275M remaining under $400M buyback program
- Completed $500M convertible senior notes offering; repaid $333M term loan
- Discontinued internal development of INDV-6001 and INDV-2000 pipeline assets
Financial Impact
Q1 revenue beat consensus by ~$44M (16%); EPS beat by ~$0.05 (7.8%); full-year guidance raised by $90M at midpoint for revenue and $85M for adjusted EBITDA
Risk Factors
- Pipeline setbacks with discontinuation of INDV-6001 and INDV-2000 reduce long-term growth optionality
- SUBLOCADE faces eventual patent cliff starting 2031-2038
- Operating cash flow was negative $9M in Q1 due to working capital timing; full-year guidance of ~$340M depends on execution
- Convertible notes add $500M debt; dilution risk if shares convert
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-193925 |
| Document: d40828dex993.htm | 0001193125-26-193925 |
| Document: d40828dex992.htm | 0001193125-26-193925 |
| Document: d40828d8k.htm | 0001193125-26-193925 |
| Document: 0001193125-26-193925-index-headers.html | 0001193125-26-193925 |
| Document: 0001193125-26-193925-index.html | 0001193125-26-193925 |
| Document: 0001193125-26-193925.txt | 0001193125-26-193925 |
| 8-K Data (Synthetic) | 0001193125-26-193925 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | EFFECT | $34.47 $35.53 | ▲ +3.08% | ▲ +2.97% | $35.71 (+3.60%) |
Aug 28, 2026 4w ago | S-4 | $34.93 $34.32 | ▼ −1.75% | ▼ −1.60% | $35.71 (+2.23%) |
Aug 3, 2026 8w ago | 425 / 8-K | $37.37 $38.47 | ▲ +2.94% | ▲ +0.92% | $35.71 (−4.44%) |
Aug 3, 2026 8w ago | 425 | $37.37 $38.47 | ▲ +2.94% | ▲ +0.92% | $35.71 (−4.44%) |
Aug 3, 2026 8w ago | 8-K | $37.37 $38.47 | ▲ +2.94% | ▲ +0.92% | $35.71 (−4.44%) |
Aug 3, 2026 8w ago | 425 / 8-K | $37.37 $38.47 | ▲ +2.94% | ▲ +0.92% | $35.71 (−4.44%) |
Jul 23, 2026 10w ago | Press Release | $40.51 $40.22 | ▼ −0.72% | ▼ −1.19% | $35.71 (−11.85%) |
Jun 12, 2026 16w ago | Insider Cluster | $38.40 $38.32 | ▼ −0.21% | ▲ +1.17% | $35.71 (−7.01%) |
May 15, 2026 20w ago | 8-K | $36.54 $37.81 | ▲ +3.48% | ▲ +1.86% | $35.71 (−2.27%) |
May 4, 2026 21w ago | 8-K | $38.98 $38.84 | ▼ −0.36% | ▼ −3.30% | $35.71 (−8.39%) |
US Market Status
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