Indivior (INDV) Q4 2025 earnings summary

Executive summary

• Achieved record SUBLOCADE net revenue of $856M in 2025, up 13% year-over-year, with total net revenue of $1.24B, up 4% from 2024.

• Adjusted EBITDA grew 20% year-over-year to $428M, with margin improvement of 5 percentage points.

• Completed Phase I of the Action Agenda, simplifying the organization and focusing on growth and LAI penetration.

• Launched a direct-to-consumer campaign in October 2025, significantly increasing SUBLOCADE awareness and engagement.

• Paid $295M to resolve DOJ matter, eliminating a major liability, and authorized a new $400M share repurchase program.

Financial highlights

• Q4 2025 net revenue was $358M, up 20% year-over-year; SUBLOCADE net revenue was $252M, up 30% year-over-year.

• Full-year net revenue was $1.24B, up 4%; adjusted EBITDA was $428M, up 20% year-over-year.

• Q4 adjusted EBITDA rose 91% year-over-year to $142M, with margin at 40%.

• FY 2025 gross profit was $994M (80% margin); non-GAAP gross profit was $1,040M (84% margin).

• Net income for FY 2025 was $210M; non-GAAP net income was $320M, up 33% year-over-year.

Outlook and guidance

• 2026 total net revenue guidance: $1.125B–$1.195B; SUBLOCADE net revenue: $905M–$945M, 8% growth at midpoint.

• Adjusted EBITDA guidance: $535M–$575M, 30% growth at midpoint, with margin expansion to 48%.

• Non-GAAP operating expenses expected at $430M–$450M; operating expenses capped at $450M.

• SUBLOCADE dispense unit growth expected to accelerate from 7% in 2025 to mid-teens in 2026.

• Cash flow from operations expected to reach ~$300M in 2026.