Indivior Pharmaceuticals
INDVUSD
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- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
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- — Regular-session shares traded.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
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Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own INDV if Indivior is a focused opioid-use-disorder franchise whose value depends on long-acting injectable adoption outgrowing generic pressure while legal and working-capital cash drains fade.
INDV price history
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Investment thesis
What must happen next
Long-acting injectable OUD treatment keeps gaining share because it addresses adherence and diversion problems that daily buprenorphine-based therapies do not solve as well.StrengtheningMateriality: High
Company profile describes Indivior as the market leader in long-acting injectable medications for opioid use disorder. If this holds, Indivior has a growth engine beyond the legacy generic-exposed OUD base; if it breaks, the company becomes a lower-growth specialty pharma name with weaker pricing power.
Watch: Braeburn/Camurus Brixadi wins material preferred formulary or institutional OUD placement against Indivior’s injectable franchise.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Company profile describes Indivior as the market leader in long-acting injectable medications for opioid use disorder.
Open source ↗Indivior’s injectable-led mix and specialized OUD market position preserve specialty-pharma gross economics despite generic alternatives in the broader OUD category.StrengtheningMateriality: High
GAAP annual gross profit rose from $749 million in FY2022 to $994 million in FY2025. Durable gross margin gives the company room to fund commercialization, compliance and pipeline work; margin erosion would mean growth is being bought with price concessions.
Watch: Brixadi or another long-acting injectable competitor forces net-price concessions or rebate escalation.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit rose from $749 million in FY2022 to $994 million in FY2025.
Open source ↗The focused addiction-treatment commercial infrastructure can scale, so incremental revenue converts into operating income rather than being consumed by launch, legal or overhead spending.StrengtheningMateriality: Medium
GAAP annual operating income improved from a $152 million loss in FY2023 to $38 million of income in FY2024. Operating leverage is what turns a niche leadership position into compounding earnings; if costs re-accelerate, revenue growth will not translate into owner value.
Watch: Management must materially expand the sales force or market-access spend to defend the injectable OUD franchise.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income improved from a $152 million loss in FY2023 to $38 million of income in FY2024.
Open source ↗Legal, settlement and working-capital drains recede enough for reported earnings to convert into operating cash flow.HoldingMateriality: Medium
GAAP annual operating cash flow improved from negative $300 million in FY2023 to positive $36 million in FY2024. Without cash conversion, Indivior’s GAAP earnings cannot reliably reduce liabilities, fund growth, or return capital to shareholders.
Watch: New or expanded opioid-related, antitrust, reimbursement, or government settlement obligations create another cash-payment cycle.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow improved from negative $300 million in FY2023 to positive $36 million in FY2024.
Open source ↗The liability overhang continues to run off without forcing dilutive financing or constraining investment in the OUD franchise.HoldingMateriality: Medium
GAAP liabilities declined from $1.942 billion at FY2023 year-end to $1.300 billion at FY2025 year-end. A cleaner balance sheet would let shareholders capture more of the operating recovery; a renewed liability shock could transfer value to creditors or claimants.
Watch: A new legal judgment, settlement, tax claim, or government action increases liabilities before cash generation improves.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP liabilities declined from $1.942 billion at FY2023 year-end to $1.300 billion at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
Long-acting injectable OUD treatment keeps gaining share because it addresses adherence and diversion problems that daily buprenorphine-based therapies do not solve as well. If this holds, Indivior has a growth engine beyond the legacy generic-exposed OUD base; if it breaks, the company becomes a lower-growth specialty pharma name with weaker pricing power.
Indivior’s injectable-led mix and specialized OUD market position preserve specialty-pharma gross economics despite generic alternatives in the broader OUD category. Durable gross margin gives the company room to fund commercialization, compliance and pipeline work; margin erosion would mean growth is being bought with price concessions.
The focused addiction-treatment commercial infrastructure can scale, so incremental revenue converts into operating income rather than being consumed by launch, legal or overhead spending. Operating leverage is what turns a niche leadership position into compounding earnings; if costs re-accelerate, revenue growth will not translate into owner value.
Legal, settlement and working-capital drains recede enough for reported earnings to convert into operating cash flow. Without cash conversion, Indivior’s GAAP earnings cannot reliably reduce liabilities, fund growth, or return capital to shareholders.
The liability overhang continues to run off without forcing dilutive financing or constraining investment in the OUD franchise. A cleaner balance sheet would let shareholders capture more of the operating recovery; a renewed liability shock could transfer value to creditors or claimants.
All standing thesis claims
Original report summary
Indivior is a focused opioid-use-disorder franchise whose value depends on long-acting injectable adoption outgrowing generic pressure while legal and working-capital cash drains fade.
Bull case and bear case
Bull case and bear case for Indivior Pharmaceuticals
Where the evidence on Indivior Pharmaceuticals stands: Holding on the latest evidence (Oct 25, 2026). Of its 5 thesis points, 3 strengthening and 2 holding.
Bull case: what the evidence supports
Long-acting injectable OUD treatment keeps gaining share because it addresses adherence and diversion problems that daily buprenorphine-based therapies do not solve as well.
Indivior’s injectable-led mix and specialized OUD market position preserve specialty-pharma gross economics despite generic alternatives in the broader OUD category.
The focused addiction-treatment commercial infrastructure can scale, so incremental revenue converts into operating income rather than being consumed by launch, legal or overhead spending.
Legal, settlement and working-capital drains recede enough for reported earnings to convert into operating cash flow.
The liability overhang continues to run off without forcing dilutive financing or constraining investment in the OUD franchise.
Bear case: what would count against it
Braeburn/Camurus Brixadi wins material preferred formulary or institutional OUD placement against Indivior’s injectable franchise.
Brixadi or another long-acting injectable competitor forces net-price concessions or rebate escalation.
Management must materially expand the sales force or market-access spend to defend the injectable OUD franchise.
Thesis-Break Engine
Thesis-break watch · Indivior Pharmaceuticals
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedOther material event.
Indivior Pharmaceuticals filed an SEC 8-K on 2026-10-06: Other material event. It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Indivior Pharmaceuticals filed an SEC 8-K on 2026-09-17: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedTerminated a material definitive agreement.
Indivior Pharmaceuticals filed an SEC 8-K on 2026-09-15: Terminated a material definitive agreement. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Braeburn/Camurus Brixadi wins material preferred formulary or institutional OUD placement against Indivior’s injectable franchise.
- Brixadi or another long-acting injectable competitor forces net-price concessions or rebate escalation.
- Management must materially expand the sales force or market-access spend to defend the injectable OUD franchise.
- New or expanded opioid-related, antitrust, reimbursement, or government settlement obligations create another cash-payment cycle.
- A new legal judgment, settlement, tax claim, or government action increases liabilities before cash generation improves.
INDV news
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Financial statements
INDV income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
INDV: quick answers
- Which well-known investors own INDV?
- 2 of the 37 well-known funds tracked here reported INDV shares in their latest 13F filings. By share of the fund's portfolio: Oaktree Capital Management (Howard Marks), 3.5%; Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
INDV in well-known investors’ portfolios
2 of 37 funds reported INDV shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Howard MarksOaktree Capital Management | 3.5% | $251M | −12.3% | Q2 2026 |
| Ray DalioBridgewater Associates | 0.01% | $2.8M | +83.6% | Q2 2026 |