Indivior (INDV) Jefferies Global Healthcare Conference summary

Strategic direction and growth

• Focused on addiction treatment with a scalable model, leveraging a 20-year track record and clear shareholder value strategy, with 84% of $1,124m net revenue in the trailing twelve months through Q1 2024 generated in the U.S. and a presence in 37 countries.

• Sublocade, a once-monthly long-acting treatment, is the primary growth driver, representing 60% of revenue, with 54% year-over-year growth in 2023, targeting over $1.5 billion in sales and 136,900 patients, with a $1bn run-rate expected by end of 2025.

• Diversification includes expanding products internationally, acquiring Opiant to add OPVEE, and continued growth of PERSERIS for schizophrenia.

• Pipeline includes assets for opioid, cannabis, and alcohol use disorders, with several candidates in phase II and III trials, aiming for first-to-market opportunities and ongoing R&D investments.

• Operational excellence and capital allocation have driven margin expansion, with ongoing investments in manufacturing, three $100 million share buybacks, and a $100m share repurchase program.

Market trends and regulatory environment

• The opioid epidemic remains severe, with over 80,000 annual overdoses in the U.S. and over 60 million people using opioids non-medically globally, mostly from synthetic opioids like fentanyl.

• Low treatment rates present significant market growth potential; only 1.2 million in treatment out of 9 million abusing opioids.

• Regulatory changes, such as the removal of DATA 2000, have expanded prescriber access and alternate care sites, supporting Sublocade's growth.

• Increased federal and state funding, telehealth expansion, and justice system engagement are improving access to treatment.

• SUBLOCADE is positioned as a paradigm-shifting treatment, with expanding access through regulatory changes, telehealth, and increased funding.

Product and pipeline highlights

• Sublocade's unique monthly dosing and rapid therapeutic levels address evolving drug trends, especially synthetic opioids.

• OPVEE, a nalmefene-based rescue medication, is positioned as a fast-acting, potent alternative to naloxone, with early adoption in 31 states and strong interest from first responders.

• Cannabis use disorder asset AEF0117 is in phase IIb, with a readout expected in Q3 and potential phase III entry in 2025.

• Additional pipeline assets target three-monthly opioid injectables, non-opioid oral treatments, and alcohol use disorder.

• Indivior is confident in delivering peak net revenue goals of $1.5bn+ for SUBLOCADE, $150m–$250m for OPVEE, and $200m–$300m for PERSERIS.