Indivior reported strong financial results for Q4 and FY2025, driven by record SUBLOCADE net revenue and significant growth in adjusted EBITDA. The company is entering Phase II of its Action Agenda, focusing on accelerating SUBLOCADE growth and improving profitability, supported by a new share repurchase program and reaffirmed guidance for 2026.
Generated record quarterly and full-year total SUBLOCADE net revenue of $252 million and $856 million, respectively.
positiveAchieved record quarterly and full-year Adjusted EBITDA of $142 million and $428 million, representing 91% and 20% year-over-year growth, respectively.
positiveGAAP net income for Q4 2025 was $102 million ($0.79 diluted EPS), a significant increase from $21 million ($0.17 diluted EPS) in the prior year quarter.
positiveAuthorized a new $400 million share repurchase program, demonstrating commitment to shareholder value.
positiveNet cash used in operating activities was negative $27 million for the twelve months ended December 31, 2025, a significant deterioration from $36 million provided in the prior year.
negativeInventories increased to $153 million from $167 million in the prior year, but the change in operating assets and liabilities was a significant negative driver in cash flow.
attentionTotal net revenue for the full year 2025 was $1,239 million, a modest 4% increase year-over-year, with the 'Sublingual & other' segment in the US showing a decline from $250 million to $226 million.
attentionThe company ended the 2025 quarter with cash and investments of $222 million, down from $347 million as of December 31, 2024, due to the $295 million prepayment of legacy DOJ liabilities.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
US: SUBLOCADE | N/A | — | — | — |
US: Sublingual & other | N/A | — | — | — |
US: OPVEE | N/A | — | — | — |
US: PERSERIS | N/A | — | — | — |
Rest of World | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
In 2025 we successfully completed Phase I of the Indivior Action Agenda – Generate Momentum. We sharpened our focus on our highest growth opportunity, U.S. SUBLOCADE, established our “go-forward” operating model and strengthened our financial profile.
We are now executing Phase II of the Indivior Action Agenda – Accelerate, which includes accelerating SUBLOCADE throughout 2026 and immediately accelerating adjusted EBITDA and cash flow at a faster rate.
We delivered on our financial commitments in 2025, growing total SUBLOCADE net revenue 13% and adjusted EBITDA 20%, while positioning Indivior for acceleration in 2026.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.