Indivior Pharmaceuticals, Inc. (INDV): Results of Operations and Financial Condition
Indivior Pharmaceuticals, Inc. (INDV) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Indivior Reports Second Quarter 2026 Financial Results and Raises Full-Year 2026 Guidance • Q2’26 Total Net Revenue of $343 Million, Up 14% YoY • Record Quarterly Total SUBLOCADE ® Net Revenue of $253 Million in Q2’26, Up 21% YoY • Record Quarterly GAAP Net Income of
How this was made
The 30-second read
Why it matters
The newest tradable information is the raised 2026 guidance range and the quarter’s record SUBLOCADE revenue and profitability metrics, alongside a disclosed buyback and merger timing expectation for Q4.
Market read
Traders can update models immediately using the revised full-year revenue and adjusted EBITDA ranges and the disclosed Q2 record metrics, plus consider merger-related deal timing risk.
What to watch
The filing also notes a planned all-stock merger with Supernus expected in Q4, which can introduce deal-overhang, dilution expectations, and integration assumptions that may temper the immediate enthusiasm.
Indivior Reports Second Quarter 2026 Financial Results and Raises Full-Year 2026 Guidance
Q2 total net revenue increased 14% year-over-year to $343 million, total SUBLOCADE net revenue increased 21% to $253 million, GAAP net income reached $122 million, and Adjusted EBITDA increased 111% to $186 million. The company raised its full-year 2026 ranges for net revenue, total SUBLOCADE net revenue, and Adjusted EBITDA.
Actuals vs. the company’s prior outlook
from its previous release| Metric | Guided | Reported | Verdict |
|---|---|---|---|
| Net Revenue | $1,215 million to $1,285 million | $343 million | n/a |
| Total SUBLOCADE Net Revenue | $950 million to $990 million | $253 million | n/a |
| Non-GAAP Operating Expenses | $430 million to $450 million | $112 million | n/a |
| Adjusted EBITDA | $620 million to $660 million | $186 million | n/a |
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total net revenueother | $343 million | – | 14% increase year-over-year |
| Total SUBLOCADE net revenueother | $253 million | – | 21% increase year-over-year |
| GAAP operating expensesGAAP | $134 million | – | 25% decrease year-over-year |
| Non-GAAP operating expensesnon-GAAP | $112 million | – | 33% decrease year-over-year |
| GAAP net incomeGAAP | $122 million | – | – |
| GAAP diluted earnings per shareGAAP | $0.98 diluted earnings per share | – | – |
| Non-GAAP net incomenon-GAAP | $142 million | – | – |
| Non-GAAP diluted earnings per sharenon-GAAP | $1.15 diluted earnings per share | – | – |
| Adjusted EBITDAnon-GAAP | $186 million | – | 111% increase year-over-year |
| Cash and investmentsother | $249 million | – | – |
| U.S. SUBLOCADE dispense unit volume growthother | 18% dispense unit volume growth | – | – |
| SUBLOCADE new patient startsother | 32,816 | – | – |
| Patients in the U.S. prescribed SUBLOCADE since launchother | over 545,000 patients | – | – |
| Six-month total net revenueother | $660 million | – | 16% increase year-over-year |
| Six-month total SUBLOCADE net revenueother | $486 million | – | 26% increase year-over-year |
| Six-month GAAP operating expensesGAAP | $273 million | – | 18% decrease year-over-year |
| Six-month non-GAAP operating expensesnon-GAAP | $229 million | – | 27% decrease year-over-year |
| Six-month GAAP net incomeGAAP | $211 million | – | – |
| Six-month GAAP diluted earnings per shareGAAP | $1.67 diluted earnings per share | – | – |
| Six-month non-GAAP net incomenon-GAAP | $266 million | – | – |
| Six-month non-GAAP diluted earnings per sharenon-GAAP | $2.10 diluted earnings per share | – | – |
| Six-month Adjusted EBITDAnon-GAAP | $350 million | – | 112% increase year-over-year |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Total SUBLOCADERecord quarterly total SUBLOCADE net revenue. | $253 million | – | 21% increase year-over-year |
| U.S. SUBLOCADEDriven by 18% dispense unit volume growth; net revenue also benefited from more favorable price/mix and gross-to-net adjustments. | $238 million | – | 22% increase year-over-year |
Full-year 2026 outlook
- Revenue$1,295 million to $1,365 million
- Operating expenses$430 million to $450 million
- NoteTotal SUBLOCADE Net Revenue: $1,010 million to $1,050 million
- NoteAdjusted EBITDA: $700 million to $740 million
- NoteFull-year financial guidance assumes no material change in exchange rates for key currencies compared with 2025 average rates, notably USD/GBP and USD/EUR.
Capital returns
- Repurchased 4,664,540 shares at an average price of $37.52 for a total of $175 million in the second quarter.
- Year-to-date, repurchased 8,638,693 shares at an average price of $34.73 for a total of $300 million.
What drove it
- Total SUBLOCADE net revenue grew 21% year-over-year to $253 million.
- U.S. SUBLOCADE net revenue increased 22% year-over-year to $238 million, driven by 18% dispense unit volume growth.
- New patient starts of 32,816 were a record.
- SUBLOCADE net revenue benefited from more favorable price/mix and gross-to-net adjustments.
- GAAP operating expenses decreased 25% year-over-year and non-GAAP operating expenses decreased 33% year-over-year.
- The company announced findings from two new real-world evidence studies associating adherence to SUBLOCADE with lower relapse risk, fewer infection-related complications, and reduced healthcare utilization among people living with opioid use disorder.
Concerns
- The company stated that the proposed merger with Supernus is expected in the fourth quarter, subject to the risks and uncertainties described in its forward-looking statements.
- Full-year guidance assumes no material change in exchange rates for key currencies compared with 2025 average rates, notably USD/GBP and USD/EUR.
- The filing identifies risks including lower than expected future sales of products, greater than expected impacts from competition, unanticipated costs including potential tariffs and potential retaliatory tariffs, and market conditions.
What to watch
- Delivery against revised full-year net revenue guidance of $1,295 million to $1,365 million.
- Delivery against revised full-year total SUBLOCADE net revenue guidance of $1,010 million to $1,050 million.
- Delivery against non-GAAP operating expenses guidance of $430 million to $450 million and Adjusted EBITDA guidance of $700 million to $740 million.
- U.S. SUBLOCADE dispense unit volume growth, new patient starts, price/mix, and gross-to-net adjustments.
- Closing of the proposed merger with Supernus, which is expected in the fourth quarter.
Balance sheet and cash flow
- The Company ended the 2026 quarter with cash and investments of $249 million.
Analysis
Indivior reported a strong second quarter ended June 30, 2026, led by $343 million of total net revenue, up 14% year-over-year, and record quarterly total SUBLOCADE net revenue of $253 million, up 21% year-over-year. U.S. SUBLOCADE net revenue was $238 million and increased 22% year-over-year. Management attributed U.S. growth to 18% dispense unit volume growth, record new patient starts of 32,816, more favorable price/mix, and gross-to-net adjustments.
Expense performance amplified the revenue growth. GAAP operating expenses were $134 million, down 25% year-over-year, while non-GAAP operating expenses were $112 million, down 33% year-over-year. GAAP net income was $122 million, or $0.98 diluted earnings per share, compared with $18 million, or $0.14 diluted earnings per share, in the 2025 quarter. Non-GAAP net income was $142 million, or $1.15 diluted earnings per share, compared with $64 million, or $0.51 diluted earnings per share. Adjusted EBITDA reached a record $186 million and increased 111% year-over-year.
The six-month results also show sustained growth and lower costs. Total net revenue for the six months ended June 30, 2026 was $660 million, up 16% year-over-year, while total SUBLOCADE net revenue was $486 million, up 26% year-over-year. Six-month GAAP operating expenses declined 18% year-over-year to $273 million, non-GAAP operating expenses declined 27% to $229 million, and Adjusted EBITDA increased 112% to $350 million.
Management raised full-year 2026 net revenue guidance to $1,295 million to $1,365 million from $1,215 million to $1,285 million. It raised total SUBLOCADE net revenue guidance to $1,010 million to $1,050 million from $950 million to $990 million and Adjusted EBITDA guidance to $700 million to $740 million from $620 million to $660 million. Non-GAAP operating expense guidance remained $430 million to $450 million. The revised outlook assumes no material change in exchange rates for key currencies compared with 2025 average rates, notably USD/GBP and USD/EUR.
Capital allocation included $175 million spent to repurchase 4,664,540 shares in the second quarter, at an average price of $37.52. Year-to-date repurchases totaled $300 million for 8,638,693 shares at an average price of $34.73. The company ended the quarter with cash and investments of $249 million. The proposed all-stock merger of equals with Supernus remains a major near-term corporate event, with closing expected in the fourth quarter.
Management, verbatim
Exceptional operational execution in Phase II – Accelerate – of the Indivior Action Agenda fueled strong SUBLOCADE performance in the quarter and is the primary driver of our raised 2026 guidance.
Joe Ciaffoni, Chief Executive Officer
We remain focused on Phase II – Accelerate – for the remainder of 2026 and look forward to closing our proposed merger with Supernus, which is expected in the fourth quarter.
Joe Ciaffoni, Chief Executive Officer
We delivered record SUBLOCADE net revenue and adjusted EBITDA in the quarter leading us to raise our 2026 guidance.
Ryan Preblick, Chief Financial Officer
Not in the filing
stated, not guessed- GAAP gross profit and gross margin for Q2 2026 and the comparable prior-year quarter.
- GAAP operating income for Q2 2026 and the comparable prior-year quarter.
- Non-GAAP operating income for Q2 2026 and the comparable prior-year quarter.
- Operating cash flow.
- Free cash flow.
- Debt balance.
- Dividend information.
- Quarter-over-quarter comparisons for reported Q2 metrics.
- Prior-year revenue amount for U.S. SUBLOCADE.
- Full-year 2026 gross margin guidance.
- Full-year 2026 tax-rate guidance.
- Comparable full-year actual results needed to assess prior full-year guidance against actual performance.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) with Q2 2026 financial results and revised full-year 2026 guidance, plus commentary on SUBLOCADE performance and a proposed all-stock merger with Supernus.
Ticker impact
Indivior reported Q2 2026 results and raised full-year 2026 guidance, including higher Total SUBLOCADE net revenue and adjusted EBITDA targets.
Likely positive bias for INDV as guidance is increased and SUBLOCADE growth metrics were strong in Q2.
The filing discloses specific Q2 outperformance (revenue, adjusted EBITDA, GAAP/non-GAAP income) and a revised full-year range with explicit growth expectations, plus a $175M buyback in the quarter.
Market effects
Strength in SUBLOCADE demand and raised guidance may improve sentiment toward CNS/opioid-use-disorder biopharma peers and payer-coverage confidence.
Limited direct regional spillover; primary impact is company-specific within US-listed pharma.
Guidance explicitly assumes no material FX change, so global currency moves could affect reported results but the raised ranges are the main driver.
Counterpoint
The guidance raise could already be partially anticipated; the market may focus on execution risk for the remainder of 2026 and merger closing uncertainty.
Key entities
- issuerIndivior Pharmaceuticals, Inc.
Nasdaq-listed company reporting Q2 2026 results, record SUBLOCADE performance, and raised full-year 2026 guidance.
- counterpartySupernus Pharmaceuticals, Inc.
Partner in a proposed all-stock merger of equals expected to close in Q4 2026.
- productSUBLOCADE
Indivior’s opioid-use-disorder treatment whose net revenue and growth drove the guidance raise.
