Indivior Pharmaceuticals, Inc.
INDV evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for INDV—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · INDV
Indivior Pharmaceuticals is a specialty pharmaceutical company focused on the treatment of opioid use disorder (OUD), with its key growth driver being the injectable buprenorphine product SUBLOCADE.
Key risk: SUBLOCADE revenue concentration
BioSniper Score
Based on 6 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 6 clinical trials · 4 catalysts for Indivior Pharmaceuticals, Inc..
Indivior Pharmaceuticals is a specialty pharmaceutical company focused on the treatment of opioid use disorder (OUD), with its key growth driver being the injectable buprenorphine product SUBLOCADE.
- Total net revenue increased 4% year-over-year to $1.24 billion in 2025, driven primarily by SUBLOCADE net revenue growth of 13% to a record $856 million [sec · filed 2026-03-27].
- GAAP net income was $210 million in 2025, a 30x increase from 2024, and Adjusted EBITDA reached a record $428 million with a 500 basis point margin improvement to 35% [sec · filed 2026-03-27].
- As of 2026-06-30, the company reported cash & equivalents of $222.0M, total revenue of $343.0M (latest quarter), net income of $122.0M, shareholders' equity of -$98.0M, and total debt of $487.0M [sec].
- The company resolved a legacy U.S. Department of Justice matter by paying off the remaining outstanding obligation, eliminating a significant future liability [sec · filed 2026-03-27].
- Pipeline candidates include INDV-6001 (a sustained-release LAI prodrug of buprenorphine) and INDV-2000, with Phase 2 studies completed for INDV-6001 [sec · filed 2026-03-27][catalyst].
What works
- SUBLOCADE is a strong growth driver, with net revenue growing 13% year-over-year to a record $856 million in 2025, supported by label enhancements, increased marketing, and improved commercial execution [sec · filed 2026-03-27].
- The company generated record Adjusted EBITDA of $428 million in 2025, with a 500 basis point margin improvement to 35%, reflecting improved cash generation and profitability [sec · filed 2026-03-27].
- A $400 million share repurchase program has been authorized, and the company's capital deployment priorities include managing debt, opportunistic buybacks, and evaluating business development opportunities [sec · filed 2026-03-27].
- Resolution of the legacy DOJ matter has strengthened the balance sheet and removed a reputational overhang [sec · filed 2026-03-27].
What to weigh
- The company relies heavily on SUBLOCADE for a significant portion of its revenue, creating concentration risk [sec_mda · as of 2026-02-26].
- As of 2026-06-30, shareholders' equity is negative at -$98.0M, and total debt stands at $487.0M, indicating a leveraged balance sheet [sec].
- Pipeline products are still in development and require completion of clinical trials to demonstrate safety and efficacy, as well as FDA approval, with no guarantee of success [sec_mda · as of 2026-02-26].
- The company faces risks related to manufacturing, distribution, intellectual property litigation, and regulatory or legal matters [sec_mda · as of 2026-02-26].
From the filings
Quoted directly from source documents.
SUBLOCADE net revenue grew 13% year-over-year to a record $856 million in 2025.
“SUBLOCADE net revenue grew 13% year-over-year to a record $856 million”
SEC filings · March 27, 2026
The company delivered GAAP net income of $210 million in 2025, a 30x increase from 2024.
“We delivered GAAP net income of $210 million in 2025, a 30x increase from 2024.”
SEC filings · March 27, 2026
The company resolved the legacy U.S. Department of Justice matter by paying off the remaining outstanding obligation.
“Resolved the legacy U.S. Department of Justice ("DOJ") matter by paying off the remaining outstanding obligation, eliminating a significant future liability, further strengthening our balance sheet, and removing a reputational overhang.”
SEC filings · March 27, 2026
Pipeline products require completion of clinical trials and FDA approval.
“our pipeline reflects only potential products, and any product requires completion of clinical trials to demonstrate safety and efficacy, and approval by the FDA.”
SEC MD&A · February 26, 2026
Catalyst timeline
- 2028-02-13 · Patent_Expiry · PERSERIS KIT — Patent/exclusivity expiry for PERSERIS KIT may open the market to generic competition.
- 2030-03-26 · Patent_Expiry · SUBOXONE — Patent/exclusivity expiry for SUBOXONE may affect revenue from this product.
- 2038-06-22 · Patent_Expiry · SUBLOCADE — Patent/exclusivity expiry for SUBLOCADE, the key growth driver, is a long-term consideration.
- 2042-08-04 · Patent_Expiry · OPVEE — Patent/exclusivity expiry for OPVEE is a very long-term event.
Risks & what to watch (4)›
Key risks
- SUBLOCADE revenue concentration — The company relies heavily on SUBLOCADE for a significant portion of its revenue, creating concentration risk [sec_mda · as of 2026-02-26].
- Negative equity and high debt — As of 2026-06-30, shareholders' equity is -$98.0M and total debt is $487.0M, indicating a leveraged balance sheet [sec].
- Pipeline development risk — Pipeline candidates require successful clinical trials and FDA approval, with no guarantee of success [sec_mda · as of 2026-02-26].
- Intellectual property litigation — The company may incur substantial costs as a result of intellectual property litigation or other proceedings [sec_mda · as of 2026-02-26].
What to watch
- SUBLOCADE net revenue growth trajectory and market share in the OUD treatment space [sec · filed 2026-03-27].
- Progress of pipeline candidates INDV-6001 and INDV-2000 through clinical development and regulatory interactions [sec · filed 2026-03-27].
- Execution of the $400 million share repurchase program and debt management strategy [sec · filed 2026-03-27].
- Patent expiry dates for key products: PERSERIS KIT (2028-02-13), SUBOXONE (2030-03-26), SUBLOCADE (2038-06-22), and OPVEE (2042-08-04) [catalyst].
Sources: Catalysts · SEC filings · SEC MD&A · Generated August 10, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
OCF $229M · Net income $122M · Debt/OCF 0.3×
Lead: Phase 2
1 candidate
4 upcoming, next in ~532d
4 buys · 3 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
289
Total value held
$3.84B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 18,542,220 | $565.2M |
| vanguard capital management llc | 11,173,152 | $340.6M |
| vanguard portfolio management llc | 7,891,819 | $240.5M |
| oaktree capital management lp | 6,984,102 | $212.9M |
| state street corp | 4,903,993 | $149.5M |
| two seas capital lp | 4,746,510 | $144.7M |
| millennium management llc | 4,595,535 | $140.1M |
| fuller & thaler asset management, inc. | 4,529,583 | $138.1M |
| citadel advisors llc | 3,705,044 | $112.9M |
| morgan stanley | 3,505,817 | $106.9M |
Showing top 10 of 289 institutional holders of Indivior Pharmaceuticals, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 12.4%
- Days to cover
- 7.2
- Shares short
- 12,824,697
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
INDV short interestGovernance
Frequently asked questions
What is the AI investment thesis for Indivior Pharmaceuticals, Inc.?
Indivior Pharmaceuticals is a specialty pharmaceutical company focused on the treatment of opioid use disorder (OUD), with its key growth driver being the injectable buprenorphine product SUBLOCADE.
What is Indivior Pharmaceuticals, Inc.'s lead drug candidate?
Indivior Pharmaceuticals, Inc.'s most advanced tracked candidate is sublocade (Phase 2) for Moderate to Severe Opioid Use Disorder; Opioid-use Disorder; Opioid Use Disorder, Severe.
What is Indivior Pharmaceuticals, Inc.'s next catalyst?
Indivior Pharmaceuticals, Inc.'s next tracked catalyst is a Patent_Expiry event — "Patent/Exclusivity Expiry: PERSERIS KIT" — expected February 13, 2028.
Who is the CEO of Indivior Pharmaceuticals, Inc.?
Mr. Joseph J. Ciaffoni is the chief executive officer of Indivior Pharmaceuticals, Inc. (INDV).
Where is Indivior Pharmaceuticals, Inc. headquartered?
Indivior Pharmaceuticals, Inc. (INDV) is headquartered in North Chesterfield, VA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.