Indivior (INDV) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Business overview and product portfolio

• Focused on opioid use disorder (OUD) with a leading long-acting injectable, Sublocade, and a pipeline including a potential three-monthly injectable and a non-opioid oral medication in phase II trials.

• Acquired Opiant Pharma, adding Opvee, a nalmefene-based rescue medication for synthetic opioid overdoses, to the portfolio.

• Booked first BARDA order for Opvee, signaling strong market validation.

• Settled legacy legal matters, moving towards a more normalized company profile.

Market dynamics and growth outlook

• Sublocade continues to grow, with Q2 sales at $620 million and 25% year-over-year growth, despite Medicaid disenrollment headwinds.

• Medicaid renewal headwinds are expected to ease by year-end, with most states completing the process by November.

• No major tailwind expected from Medicaid re-enrollment; market is normalizing to pre-pandemic levels.

Competitive landscape and product differentiation

• Maintains about 70% share of new patient starts despite Brixadi's entry; market has significant unmet need with only 20% of diagnosed OUD patients in treatment.

• Long-acting injectables expected to play a larger role, with potential market penetration of 30-35%.

• Product improvements underway: extended out-of-fridge time, alternate injection sites, and rapid induction submissions to FDA.