Indivior (INDV) Guidance summary

Opening remarks and agenda

• Call began with a reminder about forward-looking statements and a focus on matters discussed in the announcement, with broader Q&A to follow at formal results.

• Preliminary Q3 2024 results and updated FY 2024 guidance were announced, with a focus on SUBLOCADE, OPVEE, and overall group performance.

Guidance on key objectives

• FY 2024 SUBLOCADE net revenue guidance revised to $725m–$745m, up 17% at midpoint vs. FY 2023, but below previous expectations.

• No longer expecting to reach a $1 billion annual net revenue run rate for SUBLOCADE by the end of 2025.

• Peak net revenue potential for SUBLOCADE remains above $1.5 billion, with conviction in long-term growth.

• Group net revenue guidance updated to $1,125m–$1,165m, a 5% increase at midpoint vs. FY 2023.

• Adjusted operating profit guidance set at $260m–$280m, flat at midpoint vs. FY 2023.

Market trends and strategic opportunities

• Increased competition has led to faster-than-expected initial adoption of a competitor product, especially among incumbent prescribers.

• SUBLOCADE's market share is stabilizing after initial competitor adoption, maintaining leadership in the clinic.

• Criminal justice system (CJS) channel faces unpredictable volumes due to funding variability and competitive pricing pressure.

• Long-acting injectables (LAIs) represent about 7% of medically-assisted treatment, with potential to reach 30% of patients.

• Continued growth in the wider LAI market supports the long-term opportunity for SUBLOCADE.