Indivior Pharmaceuticals Inc. reported its fourth‑quarter and full‑year 2025 financial results, posting a Non‑GAAP earnings per share of $0.82, a $0.15 beat over the consensus estimate of $0.67, and total revenue of $358 million, exceeding the $305.62 million consensus by $52.38 million.
The company’s flagship long‑acting injectable, SUBLOCADE, generated $252 million in net revenue in the quarter, up 30% from $194 million a year earlier, and contributed $856 million to the full‑year total, a 13% increase from $756 million in 2024. The growth was driven by strong demand in the U.S. market and a higher mix of high‑margin injectable sales.
Adjusted EBITDA rose 20% to $428 million for the year, up from $358 million in 2024, reflecting disciplined cost management and the simplification of the operating model that was launched in Phase I of the Action Agenda. The 35% margin expansion to 35% from 28% in 2024 underscores the company’s ability to convert revenue growth into profitability.
Management reiterated its 2026 outlook, projecting mid‑teen percent growth in SUBLOCADE dispense units, operating expenses capped at $450 million, and operating cash flow of at least $300 million. The guidance signals confidence that the company can accelerate EBITDA and cash flow at a faster rate than revenue, driven by the continued momentum of SUBLOCADE and the benefits of the simplified operating model.
The results also highlighted the company’s strategic shift away from legacy products. Indivior discontinued OPVEE and is winding down PERSERIS, while exiting six non‑U.S. markets. The company also completed its redomiciliation from the U.K. to the U.S. on January 26, 2026, and paid off a $295 million DOJ obligation in 2025, strengthening its balance sheet.
Analysts noted the strong earnings beat and the clarity of the 2026 guidance, reinforcing confidence in the company’s execution and future growth prospects.
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