The strong operational beat and raised guidance reinforce Indivior's execution momentum. The Supernus merger adds a transformative catalyst that could unlock synergies and diversification. Watch for shareholder vote details and regulatory timelines for the merger, as well as continued SUBLOCADE dispense growth trends in Q3.
Price Chart
Executive Summary
Indivior reported record Q2 2026 results with total net revenue of $343M (+14% YoY), record SUBLOCADE net revenue of $253M (+21% YoY), record GAAP net income of $122M ($0.98 diluted EPS), and record Adjusted EBITDA of $186M (+111% YoY). The company raised full-year 2026 guidance materially and announced a definitive all-stock merger of equals with Supernus Pharmaceuticals expected to close in Q4 2026. This combination of strong operational execution, raised guidance, and transformative M&A makes this a highly significant filing.
Key Financial Metrics
Key Facts
- Q2 2026 total net revenue $343M, up 14% YoY from $302M
- Record quarterly SUBLOCADE net revenue $253M, up 21% YoY
- GAAP net income $122M ($0.98 diluted EPS) vs $18M ($0.14) in Q2 2025
- Non-GAAP net income $142M ($1.15 diluted EPS) vs $64M ($0.51)
- Adjusted EBITDA $186M, up 111% YoY, margin 54%
- Raised FY2026 guidance: net revenue to $1,295M-$1,365M, Adjusted EBITDA to $700M-$740M
- Announced all-stock merger of equals with Supernus Pharmaceuticals, expected Q4 2026
- Repurchased 4.7M shares for $175M in Q2 ($300M YTD)
Financial Impact
Revenue beat consensus by ~$35M (+11.5%) and Non-GAAP EPS beat by ~$0.23 (+25%). Full-year revenue guidance raised by $80M at midpoint and Adjusted EBITDA by $80M at midpoint, representing 20% SUBLOCADE growth and 68% EBITDA growth YoY.
Risk Factors
- Merger integration risks and potential shareholder approval hurdles for the Supernus deal
- Pipeline setbacks with INDV-2000 and INDV-6001 not advancing internally
- Sustaining SUBLOCADE growth amid generic competition and pricing pressure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-329520 |
| Document: d118566dex992.htm | 0001193125-26-329520 |
| Document: d118566d8k.htm | 0001193125-26-329520 |
| Document: 0001193125-26-329520-index-headers.html | 0001193125-26-329520 |
| Document: 0001193125-26-329520-index.html | 0001193125-26-329520 |
| Document: 0001193125-26-329520.txt | 0001193125-26-329520 |
| 8-K Data (Synthetic) | 0001193125-26-329520 |
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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