Indivior's U.S. Pivot Fuels Record Growth in Addiction Treatment

RICHMOND, VA – February 26, 2026 – Indivior Pharmaceuticals Inc. today announced a landmark year, posting record financial results for 2025 driven by the soaring success of its flagship opioid use disorder (OUD) treatment, SUBLOCADE. The strong performance, which saw full-year net income jump to $210 million from just $7 million the prior year, coincides with a series of bold strategic moves, including a corporate redomiciliation to the United States and the launch of a new $400 million share repurchase program, cementing a pivotal moment for the company.

These developments cap off the first phase of a multi-year strategy, positioning Indivior to accelerate its growth and deepen its impact on the ongoing opioid public health crisis. The company's full-year 2025 net revenue for SUBLOCADE reached an all-time high of $856 million, a 13% increase year-over-year, underscoring the treatment's growing adoption.

“In 2025 we successfully completed Phase I of the Indivior Action Agenda – Generate Momentum,” said Joe Ciaffoni, Chief Executive Officer, in a statement. “We sharpened our focus on our highest growth opportunity, U.S. SUBLOCADE, established our ‘go-forward’ operating model and strengthened our financial profile.”

A U.S.-Centric Strategy Takes Hold

At the heart of Indivior's recent success is the 'Indivior Action Agenda,' a strategic plan designed to transform the company. Phase I, 'Generate Momentum,' which concluded at the end of 2025, focused on streamlining the organization and solidifying the market position of SUBLOCADE. This phase included achieving over $150 million in expected annual operating expense savings and, critically, settling a legacy U.S. Department of Justice matter with a final payment of $295 million in November.

With these foundational steps complete, Indivior has now entered Phase II, 'Accelerate.' The company has set ambitious targets for 2026, forecasting SUBLOCADE dispense unit growth in the mid-teens, a significant jump from the 7% growth seen in 2025. This acceleration is expected to drive total net revenue to between $1.125 billion and $1.195 billion for the year.

Underscoring this strategic shift is the company’s recent redomiciliation from the United Kingdom to a new parent corporation in Delaware, completed on January 26, 2026. The move is designed to simplify corporate governance and strengthen Indivior's presence in the U.S. capital markets, its most critical region. This has already paid dividends with the company's inclusion in several key U.S. equity indexes, including the S&P SmallCap 600® Index, enhancing its visibility among American investors.

SUBLOCADE's Rise Amidst a Public Health Crisis

The financial success of SUBLOCADE is inextricably linked to its role in combating the devastating opioid crisis. In 2023, an estimated 5.7 million people in the United States were affected by OUD, with overdose deaths, largely driven by synthetic opioids like fentanyl, remaining at catastrophic levels. Globally, the World Health Organization estimates that of the 60 million people who engage in non-medical opioid use, less than 10% have access to treatment.

In this landscape, long-acting injectable (LAI) treatments like SUBLOCADE represent a critical advancement. Administered monthly by a healthcare professional, LAIs help ensure patient adherence, a major challenge with daily oral medications. This delivery method also mitigates the risk of medication diversion and misuse. With a market share in the mid-70% range for LAI treatments for OUD, SUBLOCADE is the leading therapy in its class.

The long-acting injectable category for OUD is currently penetrating about 9% of the addressable market, but Indivior sees potential for this to grow to between 20% and 30%. The company has bolstered its market leadership with a nationwide direct-to-consumer campaign, 'Move Forward in Recovery,' to raise awareness. Further enhancing its position, the FDA recently approved expanded use of SUBLOCADE, reducing the required induction time and allowing for new injection sites, which increases treatment flexibility for both patients and providers.

While SUBLOCADE leads the market, it faces competition from products like Braeburn Pharmaceuticals' Brixadi, a weekly and monthly injection approved in 2023, and Alkermes' Vivitrol, a non-opioid antagonist injection.

From Legal Headwinds to Financial Strength

Indivior's robust 2025 performance and confident 2026 outlook mark a significant financial turnaround. The resolution of its long-standing DOJ case removed what management described as a major overhang, freeing up capital and management focus. This newfound financial stability is immediately being put to work.

The company's board has authorized a new $400 million share repurchase program to be executed over the next 18 months. This move signals strong confidence in the company's future cash flow generation and a commitment to delivering shareholder value. The company projects it will generate approximately $300 million in cash flow from operations in 2026 alone.

“In 2026, we expect to deliver SUBLOCADE dispense unit growth in the mid-teens with operating expenses that will not exceed $450 million, and generate approximately $300 million in cash flow from operations,” said Ryan Preblick, Chief Financial Officer. He noted that capital deployment priorities include managing debt and evaluating business development opportunities as the company works toward Phase III of its agenda, 'Breakout,' which envisions acquiring new commercial-stage assets.

The company’s sharpened operational focus is also evident in its portfolio decisions, having discontinued marketing support for PERSERIS and OPVEE to concentrate resources on the significant growth opportunity presented by SUBLOCADE. With its legal challenges in the rearview mirror and a clear strategic path forward, Indivior appears poised to not only expand its business but also play an increasingly vital role in providing evidence-based solutions for one of the most pressing health crises of our time.