Indivior (INDV) Piper Sandler 36th Annual Healthcare Conference summary

Strategic focus and business updates

• Narrowed strategic focus to commercial execution of SUBLOCADE and OUD pipeline assets, discontinuing Perseris for schizophrenia.

• Two phase II OUD assets in development: a three-monthly injectable and an Orexin-1 non-opioid medication.

• Opvee nasal rescue drug in its second year of launch, with top-line potential of $150M–$250M.

• Streamlined operations, reducing OpEx by $10M–$20M year-over-year despite inflation and increased R&D spend.

• Settled legacy antitrust legal matters and refinanced with a $400M debt facility for financial flexibility.

SUBLOCADE performance and market dynamics

• SUBLOCADE maintains leadership in new patient share, stabilizing at 65–72% among early adopters.

• Facing competitive pressure from Brixadi, especially in large West Coast accounts and criminal justice systems.

• LAI buprenorphine market penetration remains low at 7%, with significant growth potential as only 20% of OUD patients receive treatment.

• Cohort data suggests SUBLOCADE's share may stabilize at 65% over the next 12–18 months.

• Criminal justice system is a fast-growing channel, now 22% of business, with over 600 justice systems activated.

Channel expansion and competitive initiatives

• Building a nationwide network of 1,200 alternate care sites to improve SUBLOCADE access, aiming for retail pharmacy-like convenience.

• Filed for FDA approval of rapid induction protocol and alternate injection sites, with a priority review decision expected by February 7.

• Rapid induction and new injection sites expected to close competitive gaps and offer operational advantages, especially in justice settings.

• Needle size (19 gauge) seen as a minor issue; efficacy remains the primary driver for prescribers.