Indivior Q2 2025 slides: SUBLOCADE growth drives raised guidance, shares surge

Introduction & Market Context

Indivior PLC (LON:INDV) (NASDAQ:INDV) presented its Q2 2025 financial results on July 31, 2025, revealing solid performance driven by its flagship opioid use disorder treatment SUBLOCADE. The company’s shares surged 12.07% in premarket trading to $19.50, reflecting investor optimism about the raised full-year guidance and strategic direction under new leadership.

The positive market reaction marks a significant turnaround from the company’s Q4 2024 results, when shares plunged despite beating estimates amid concerns about 2025 being a "transition year." The current results suggest this transition is progressing better than initially anticipated.

Quarterly Performance Highlights

Indivior reported total net revenue of $302 million for Q2 2025, representing a modest 1% year-over-year increase. The growth was primarily driven by SUBLOCADE, which generated $209 million in net revenue, up 9% compared to the same period last year. This performance helped offset erosion in SUBOXONE Film revenue and the impact of PERSERIS discontinuation.

As shown in the following business highlights slide, the company also reported a significant improvement in net income, which reached $18 million in Q2 2025 compared to a loss of $97 million in Q2 2024:

SUBLOCADE’s strong performance was evident across multiple metrics. The company reported 165,700 SUBLOCADE dispenses in Q2 2025, representing a 6% year-over-year increase and a 9% sequential improvement from Q1 2025. The trailing twelve-month patient count reached 171,519, up 7% year-over-year, while the prescriber base expanded to 8,284, a 14% increase from Q2 2024.

The following slide illustrates SUBLOCADE’s continued momentum in the market:

Strategic Initiatives

Under the leadership of new CEO Joe Ciaffoni, Indivior has introduced a three-phase " Action (WA:ACT) Agenda" designed to drive sustainable growth. The strategy begins with generating momentum in Q2 2025, followed by acceleration in early 2026, and ultimately a breakout phase starting in the second half of 2026.

The company’s strategic roadmap is outlined in this comprehensive slide:

To support this agenda, Indivior has made significant leadership additions at both the Board and Executive levels, including Dr. David Wheadon as Board Chair, Joe Ciaffoni as CEO, and Patrick Barry as Chief Commercial Officer.

For the near term, the company is focusing on improving SUBLOCADE commercial execution through enhanced field force messaging, better payor pull-through, improved specialty pharmacy performance, and increased HCP and patient media investments. These initiatives aim to extend SUBLOCADE’s position as the leading long-acting injectable treatment for opioid use disorder.

Detailed Financial Analysis

Indivior’s Q2 2025 financial results showed notable improvements in several key areas. Gross profit increased by 14% to $250 million, with gross margin expanding by 900 basis points to 83%. This improvement reflects a favorable product mix shift toward higher-margin SUBLOCADE.

The company’s detailed financial performance is presented in the following slide:

Indivior maintained a strong balance sheet, with cash and investments totaling $538 million as of June 30, 2025, up significantly from $347 million at the end of 2024. The company’s adjusted leverage ratio remained stable at approximately 1.0.

The following slide provides a comprehensive view of Indivior’s cash and borrowing position:

Operating expenses increased by 2% on a non-GAAP basis, primarily due to elevated SUBLOCADE commercial investments. However, this was partially offset by streamlining actions, the discontinuation of PERSERIS, and a refocused R&D approach. Adjusted EBITDA declined by 5% to $88 million, reflecting the increased investments in SUBLOCADE commercialization.

Forward-Looking Statements

Based on the strong first-half performance, Indivior has raised its full-year 2025 financial guidance. The company now expects total net revenue between $1,030 million and $1,080 million, up from the previous range of $955 million to $1,025 million. SUBLOCADE net revenue guidance has been increased to $765-$785 million from $725-$765 million.

Most notably, Indivior has raised its Adjusted EBITDA guidance to $275-$300 million, representing a 20% increase at the midpoint compared to the previous range of $220-$260 million. This significant improvement reflects the company’s confidence in continued top-line growth and operational efficiency.

The updated guidance is detailed in the following comprehensive slide:

Looking beyond 2025, Indivior continues to invest in its pipeline, with two key clinical trials currently underway. INDV-6001, a 3-month long-acting buprenorphine formulation, is in Phase II trials with last patient visits expected in Q4 2025. Additionally, INDV-2000, a selective Orexin-1 receptor antagonist for opioid use disorder, is also in Phase II trials with similar timelines.

In his concluding remarks, CEO Joe Ciaffoni emphasized the company’s clear focus on executing the Action Agenda and delivering on its raised financial commitments for 2025, positioning Indivior for accelerated growth in 2026 and beyond.

The positive Q2 results and raised guidance, coupled with the premarket stock surge, suggest that investors are gaining confidence in Indivior’s strategic direction and growth prospects despite the acknowledged transitional nature of 2025.

Full presentation:

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