Indivior (INDV) investor relations material

Executive summary

• Q1 2026 net revenue rose 19% year-over-year to $317 million, driven by strong SUBLOCADE performance in the U.S., with SUBLOCADE net revenue up 32–33% and record new patient starts.

• Adjusted EBITDA reached $164 million, up 112% year-over-year, with margin expanding by 23 percentage points to 51–52%.

• Net income nearly doubled to $89 million, reflecting operational leverage and cost discipline.

• Issued $500 million in convertible notes, repaid $333 million term loan, and repurchased $125 million in shares; $275 million remains authorized.

• Full-year 2026 guidance raised for revenue and adjusted EBITDA, reflecting robust SUBLOCADE trends and improved outlook.

Financial highlights

• Total net revenue for Q1 2026 was $317 million, up 19% year-over-year; SUBLOCADE net revenue was $232 million, up 32%.

• Gross margin improved to 87–88%, up 400–500 basis points year-over-year.

• Adjusted EBITDA margin expanded to 51–52% for Q1 2026.

• Non-GAAP operating expenses fell 21% year-over-year to $116 million, reflecting restructuring.

• Net income rose to $89 million, with diluted EPS up to $0.69 from $0.38 year-over-year.

Outlook and guidance

• 2026 net revenue guidance raised to $1.215–$1.285 billion, with SUBLOCADE net revenue expected at $950–$990 million.

• Adjusted EBITDA guidance for 2026: $620–$660 million, up 50% year-over-year at midpoint, with margin improving to 51%.

• Operating expenses expected at $430–$450 million for 2026.

• Projected $340 million in cash flow from operations and capital expenditures of $20–$30 million for 2026.

• Guidance assumes no material change in key currency exchange rates versus 2025.