The combination of strong revenue growth, significant EBITDA expansion, and a substantial share repurchase program suggests the company is executing well on its strategy. Traders should monitor the success of the DTC campaign and the acceleration of SUBLOCADE dispense unit growth to the mid-teens in 2026, as this will be key to achieving the raised guidance.
Price Chart
Executive Summary
Indivior reported strong 2025 financial results with record SUBLOCADE net revenue of $856 million (up 13% YoY) and full-year GAAP net income of $210 million, a significant improvement from $7 million in 2024. The company entered Phase II of its 'Accelerate' agenda, reaffirmed 2026 guidance for 8% SUBLOCADE revenue growth and 30% adjusted EBITDA growth, and authorized a new $400 million share repurchase program.
Key Financial Metrics
Key Facts
- Full-year 2025 total net revenue was $1.239 billion, up 4% YoY; SUBLOCADE net revenue was $856 million, up 13% YoY
- Full-year 2025 GAAP net income was $210 million vs. $7 million in 2024; non-GAAP net income was $320 million vs. $240 million
- Full-year 2025 adjusted EBITDA was $428 million, up 20% YoY
- Company reaffirmed 2026 guidance: SUBLOCADE net revenue of $905-$945 million (+8% YoY) and adjusted EBITDA of $535-$575 million (+30% YoY)
- Authorized a new $400 million share repurchase program with an 18-month term
Financial Impact
The company generated $428 million in adjusted EBITDA in 2025 and expects to grow this to $535-$575 million in 2026, representing a 30% increase. The $400 million share repurchase program represents approximately 18% of the company's current market capitalization.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| SUBLOCADE | $856.0M | +13.0% |
Risk Factors
- The company paid $295 million to conclude the legacy DOJ matter, which reduced cash and investments to $222 million
- 2026 total net revenue guidance is down 6% YoY, which could concern investors despite the focus on higher-margin SUBLOCADE growth
- The company's leverage ratio of 0.7x could limit financial flexibility for business development opportunities
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-073363 |
| Document: d713689dex993.htm | 0001193125-26-073363 |
| Document: d713689dex992.htm | 0001193125-26-073363 |
| Document: d713689d8k.htm | 0001193125-26-073363 |
| Document: 0001193125-26-073363-index-headers.html | 0001193125-26-073363 |
| Document: 0001193125-26-073363-index.html | 0001193125-26-073363 |
| Document: 0001193125-26-073363.txt | 0001193125-26-073363 |
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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