Indivior Q2 2025 presentation: SUBLOCADE growth drives raised guidance

Introduction & Market Context

Indivior PLC (NASDAQ:INDV) presented its Q2 2025 financial results on July 31, 2025, highlighting modest revenue growth driven by its flagship SUBLOCADE treatment for opioid use disorder. The company, which has seen its stock price rise significantly over the past year with a 211% return according to available data, is focusing on accelerating SUBLOCADE’s market penetration while implementing a new strategic roadmap under fresh leadership.

The presentation revealed a company in transition, with new CEO Joe Ciaffoni outlining a three-phase "Indivior Action Agenda" designed to generate momentum, accelerate growth, and achieve breakout performance in the coming years. Indivior’s shares closed at $23.87 on October 14, 2025, representing a 2.81% increase, and have traded between $7.62 and $25.10 over the past 52 weeks.

Quarterly Performance Highlights

Indivior reported total net revenue of $302 million for Q2 2025, a modest 1% increase compared to $299 million in the same quarter last year. SUBLOCADE, the company’s injectable buprenorphine treatment for opioid use disorder, continued to be the primary growth driver with net revenue of $209 million, representing a 9% year-over-year increase.

As shown in the following chart of quarterly business highlights:

Despite the revenue growth, Adjusted EBITDA decreased by 5% to $88 million compared to $93 million in Q2 2024, reflecting increased commercial investments in SUBLOCADE. The company’s gross profit increased by 14% to $250 million, with gross margin expanding by 900 basis points to 83%. However, on a non-GAAP basis, gross profit remained flat at $252 million with a stable gross margin of 84%.

The detailed financial results show how SUBLOCADE’s growth is offsetting declines in other areas:

SUBLOCADE Growth Strategy

SUBLOCADE’s performance metrics showed solid progress across key indicators. The company reported 165,700 SUBLOCADE dispenses in Q2 2025, a 6% year-over-year increase and a 9% sequential increase from Q1 2025. The trailing twelve-month patient count reached 171,519, up 7% from the previous year, while the prescriber base expanded by 14% to 8,284 healthcare providers.

The following chart illustrates SUBLOCADE’s key performance metrics:

Chief Commercial Officer Patrick Barry outlined a strategy to improve SUBLOCADE’s commercial execution, focusing on four key areas: field force execution, payor pull-through, specialty pharmacy performance, and healthcare provider/patient media. The overriding goal, as stated in the presentation, is to "Extend SUBLOCADE’s Position as No. 1 LAI Choice."

Indivior’s commercial strategy for SUBLOCADE includes:

Financial Position & Updated Guidance

Indivior’s cash position strengthened significantly during the first half of 2025. As of June 30, 2025, the company reported $538 million in total cash and investments, up from $347 million at the end of 2024. This improvement was attributed to strong cash generated from operations, including a temporary working capital benefit of approximately $120 million from the timing of Medicaid rebate invoices.

The company’s financial position is summarized in the following chart:

Based on the strong performance in the first half of 2025, Indivior raised its full-year financial guidance. The company now expects total net revenue between $1.03 billion and $1.08 billion, up from the previous range of $955 million to $1.025 billion. SUBLOCADE net revenue guidance was increased to $765-$785 million from $725-$765 million, while Adjusted EBITDA guidance was raised to $275-$300 million from $220-$260 million, representing a 20% increase at the midpoint.

The updated guidance is detailed in the following table:

Strategic Initiatives

Indivior’s newly appointed CEO, Joe Ciaffoni, introduced a three-phase "Indivior Action Agenda" designed to drive future growth. The first phase, focused on generating momentum, began in Q2 2025 with emphasis on growing U.S. SUBLOCADE net revenue, simplifying the organization, and determining actions to expand long-acting injectable penetration.

The second phase, set to begin in January 2026, aims to accelerate U.S. SUBLOCADE net revenue and generate immediate accretion from profitability. The third phase, planned for the second half of 2026 and beyond, will leverage the strengthened financial profile to acquire next growth drivers.

The company’s strategic roadmap is illustrated in this chart:

Indivior has also made significant leadership changes to support its strategic initiatives. The presentation highlighted several key appointments, including Joe Ciaffoni as CEO, Dr. David Wheadon as Board Chair, Patrick Barry as Chief Commercial Officer, and several new independent directors.

Conclusion

Indivior’s Q2 2025 results demonstrate the company’s ability to drive modest growth through its SUBLOCADE product line while investing in future expansion. The raised guidance reflects management’s confidence in continued momentum through the remainder of 2025, particularly for SUBLOCADE.

The introduction of the three-phase "Indivior Action Agenda" signals a strategic shift under new leadership, with clear focus on execution and delivering on commitments. As CEO Joe Ciaffoni emphasized during the earnings call, "The single most important thing when you think of SUBLOCADE is long-acting injectable penetration," highlighting the company’s strategic priority.

While the company faces challenges including a complex organizational structure and the need to increase market penetration beyond the current 8% level for long-acting injectables, Indivior’s strong cash position and focused strategy position it well to navigate these obstacles and potentially deliver on its ambitious growth targets.

Full presentation:

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