Indivior (INDV) AI Stock Analysis

• Market Cap: $3.89B
• Dividend Yield: N/A
• Average Volume (3M): 2.10M
• Price to Earnings (P/E): 21.4
• Beta (1Y): 0.60
• Revenue Growth: -0.25%
• EPS Growth: N/A
• Country: US
• Employees: 1,030
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): N/A
• Shares Outstanding: 125,065,240
• 10 Day Avg. Volume: 3,075,502
• 30 Day Avg. Volume: 2,099,130
• PEG Ratio: <0.01
• Price to Book (P/B): -45.77
• Price to Sales (P/S): 3.62
• P/FCF Ratio: -48.23
• Enterprise Value/Market Cap: 1.04
• Enterprise Value/Revenue: 3.26
• Enterprise Value/Gross Profit: 4.05
• Enterprise Value/Ebitda: 13.41
• 1Y Price Target: $49.00
• Price Target Upside: 58.78% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 3.09
• Revenue Forecast (FY): $1.16B

• Rating: 54 Neutral
• Price Target: $31.00 ▲(0.45% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is held back primarily by weak cash-flow consistency and balance-sheet constraints (negative equity), with additional pressure from bearish technicals. Offsetting these, management’s 2026 outlook points to strong EBITDA and cash-flow improvement and valuation is moderate, while recent refinancing/buyback actions modestly support financial flexibility.

Positive Factors

SUBLOCADE Commercial Momentum

Sustained prescriber adoption, rising new patient starts and effective DTC/CRM initiatives create a durable growth engine. Persistent unit-volume expansion and strong branded uptake underpin long-term revenue visibility and provide a structural base for margins and reinvestment over the next several years.

High & Stable Gross Margins

Very strong product-level gross margins reflect pricing power and a favorable product mix typical of specialty pharma. This margin profile supports durable profitability, funds R&D or BD selectively, and provides buffer against commodity or channel pressures over a multi-quarter horizon.

Lower Leverage and Refinancing Steps

Substantial reduction in traditional bank debt materially lowers refinancing risk and interest burden, expanding strategic flexibility. A stronger leverage position supports opportunistic buybacks, targeted M&A and reduces insolvency tail risk, improving the company's capacity to execute its 2026 plan.

Negative Factors

Negative Shareholders' Equity

Persistent negative equity weakens the balance sheet and limits financial flexibility: it can constrain borrowing capacity, complicate covenant negotiations, and magnify downside in adverse scenarios, reducing optionality for capital allocation and making external funding costlier.

Inconsistent Cash Generation

Volatile and recently negative operating and free cash flows indicate difficulty converting earnings into cash. This undermines self-funding for buybacks, BD or capex, increases reliance on financing, and makes multi-year planning contingent on achieving projected 2026 cash recovery.

Concentration on SUBLOCADE / LAI Penetration Risk

Heavy dependence on one franchise increases execution and payer-access risk: if LAI category expansion slows, or channel/payer hurdles persist, company growth and cash generation could falter. Generic pressure on SUBOXONE further amplifies revenue concentration risk.

Indivior Business Overview & Revenue Model

Company Description

Indivior Pharmaceuticals Inc is a holding company, which engages in the development, manufacture and sale of buprenorphine-based prescription drugs for treatment of opioid dependence. Its products include Suboxone Film, Suboxone Tablet, and Subutex Tablet. It operates through the following geographical segments: United States, Rest of World, and United Kingdom. The company was founded on September 26, 2014 and is headquartered in North Chesterfield, VA.

How the Company Makes Money

Indivior primarily makes money by selling prescription medicines, with revenue recognized from product sales to wholesalers, specialty distributors, pharmacies, and other healthcare supply-chain customers (depending on market). Its key revenue streams have historically been branded OUD treatments, notably SUBLOCADE (a long-acting injectable buprenorphine product) and, previously, SUBOXONE Film (a buprenorphine/naloxone transmucosal film), with demand driven by diagnosis and treatment rates, prescriber adoption, payer coverage/reimbursement, and formulary positioning. The company’s net revenue is typically reduced by statutory and commercial deductions such as rebates and discounts (e.g., Medicaid/Medicare-related programs and managed care rebates), returns, chargebacks, and patient assistance/co-pay programs, which are common in U.S. pharmaceuticals. Indivior may also generate revenue from collaboration or licensing arrangements (e.g., milestone payments, royalties, or supply-related income) when applicable; if present, these are generally secondary to product sales and depend on the terms of specific agreements. Key factors influencing earnings include competitive dynamics (including generic competition where applicable), regulatory and litigation outcomes, pricing and payer negotiations, and the company’s ability to expand indications, geography, and adoption for its core brands.

Indivior Financial Statement Overview

Summary

Strong revenue growth and consistently high gross margins support improving fundamentals, but the balance sheet remains constrained by negative equity and cash generation is a key weakness with 2025 operating cash flow and free cash flow turning negative.

Income Statement

Revenue has grown steadily over the period (from $647M in 2020 to $1.239B in 2025), and gross margins are consistently very strong (~80%+), indicating solid pricing power/product mix. Profitability, however, has been volatile: large losses in 2020, 2022, and 2023 were followed by a sharp rebound in 2024–2025, culminating in a healthy 2025 net margin (~17%) and EBITDA margin (~21%). Overall, the trajectory is improving, but the multi-year earnings swings temper the score.

Balance Sheet

Leverage risk has improved meaningfully with total debt dropping to $61M in 2025 from $375M in 2024 and ~$285M range earlier, which is a clear positive. The key weakness is that shareholders’ equity is negative in recent years (including 2025), which reduces balance-sheet flexibility and can amplify risk during downturns. Total assets remain sizable (~$1.2B in 2025), but the negative equity profile keeps the balance sheet score below average despite the debt reduction.

Cash Flow

Cash generation has been inconsistent and recently weakened: operating cash flow turned negative in 2025 (-$27M) after being modestly positive in 2024, and free cash flow fell to -$93M in 2025. Prior years also show significant volatility, including deeply negative cash flow in 2023. While the company can be profitable on the income statement (notably 2025), the inability to consistently translate that into positive operating and free cash flow is a material concern.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.24B	1.19B	1.09B	901.00M	791.00M
Gross Profit	994.00M	957.00M	919.00M	750.00M	664.00M
EBITDA	304.00M	84.00M	-99.00M	-46.00M	238.00M
Net Income	210.00M	2.00M	-129.00M	-44.00M	205.00M
Balance Sheet
Total Assets	1.20B	1.32B	1.76B	1.78B	1.83B
Cash, Cash Equivalents and Short-Term Investments	195.00M	320.00M	410.00M	897.83M	1.10B
Total Debt	351.00M	375.00M	283.00M	277.00M	286.00M
Total Liabilities	1.30B	1.67B	1.96B	1.73B	1.63B
Stockholders Equity	-98.00M	-348.00M	-191.00M	51.28M	203.00M
Cash Flow
Free Cash Flow	-93.00M	7.00M	-353.00M	-9.00M	319.00M
Operating Cash Flow	-27.00M	36.00M	-300.00M	-4.00M	353.00M
Investing Cash Flow	-66.00M	69.00M	-95.00M	-222.00M	-14.00M
Financing Cash Flow	-30.00M	-102.00M	-64.00M	-101.00M	-94.00M

Indivior Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 30.86
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INDV, the sentiment is Negative. The current price of 30.86 is below the 20-day moving average (MA) of 32.91, below the 50-day MA of 33.82, and above the 200-day MA of 26.30, indicating a neutral trend. The MACD of -0.63 indicates Positive momentum. The RSI at 38.35 is Neutral, neither overbought nor oversold. The STOCH value of 34.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for INDV.

Indivior Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NBIX	78 Outperform	$13.03B	29.49	16.67%	―	19.61%	11.36%
TEVA	63 Neutral	$34.41B	25.43	20.09%	―	-0.25%	―
COLL	62 Neutral	$1.10B	21.64	24.11%	―	26.34%	-32.79%
SUPN	60 Neutral	$2.87B	-72.78	-0.01%	―	4.54%	-130.59%
INDV	54 Neutral	$3.89B	21.36	-98.94%	―	-0.25%	―
AMRX	54 Neutral	$3.72B	54.80	-67.91%	―	9.50%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Indivior Corporate Events

Indivior Prices Upsized Convertible Notes for Debt Refinancing

On March 12, 2026, Indivior Pharmaceuticals, Inc. announced it had priced an upsized private offering of $450 million aggregate principal amount of 0.625% convertible senior notes due 2031 to qualified institutional buyers under Rule 144A, with an option for initial purchasers to buy an additional $50 million. The notes, which are senior unsecured obligations, carry an initial conversion rate equivalent to a price of about $41.66 per share, a roughly 35% premium to the company’s March 12, 2026 Nasdaq closing price, and may be redeemed by Indivior from 2029 if share price conditions are met.

Indivior expects net proceeds of about $437.7 million, or up to $486.4 million if the option is fully exercised, and plans to use roughly $239 million plus $102 million of cash on hand to repay and terminate its existing term loan and revolving credit facilities, about $75 million to repurchase approximately 2.4 million shares in concurrent private transactions, and the remainder for general corporate purposes. The concurrent stock repurchases may have supported a higher trading price and, in turn, a higher initial conversion price for the notes, signaling a strategic balance-sheet refinancing that reduces reliance on traditional bank debt while returning capital to shareholders and potentially strengthening Indivior’s financial flexibility in its core opioid use disorder treatment market.

The most recent analyst rating on (INDV) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Indivior stock, see the INDV Stock Forecast page.

Indivior Announces $400 Million Convertible Notes and Buyback

On March 12, 2026, Indivior Pharmaceuticals, Inc. announced a proposed private offering of $400 million in convertible senior notes due 2031, with an option for initial purchasers to buy an additional $60 million. The senior unsecured notes, offered to qualified institutional buyers under Rule 144A, will pay semi-annual interest and may be converted into cash and, if applicable, common stock under specified conditions.

Indivior plans to use about $239 million of the proceeds, along with roughly $102 million of existing cash, to repay and terminate its term loan and revolving credit facilities, strengthening its balance sheet. Up to approximately $75 million of the proceeds may fund concurrent share repurchases, a move that could support the company’s stock price and influence the effective conversion price of the notes, with the remaining funds allocated to general corporate purposes.

The most recent analyst rating on (INDV) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on Indivior stock, see the INDV Stock Forecast page.

Indivior Reports Record 2025 Results, Launches Share Buyback

Indivior reported on February 26, 2026, that it delivered record fourth-quarter and full-year 2025 results driven by SUBLOCADE, with net revenue from the drug rising 13% for the year to $856 million and 30% in the quarter to $252 million, helping push full-year adjusted EBITDA up 20% to $428 million and GAAP net income to $210 million. The company completed Phase I of its Indivior Action Agenda, paid off a $295 million legacy DOJ obligation, relocated its corporate domicile from the U.K. to the U.S., entered Phase II focused on accelerating SUBLOCADE growth and cash generation, reaffirmed its 2026 guidance, and authorized a new $400 million share buyback program, underscoring stronger financial flexibility and an emphasis on shareholder returns.

The most recent analyst rating on (INDV) stock is a Hold with a $35.00 price target. To see the full list of analyst forecasts on Indivior stock, see the INDV Stock Forecast page.

Indivior Completes U.S. Domestication and Governance Realignment

On January 26, 2026, Indivior U.S. announced the effectiveness of a court-approved Scheme of Arrangement and the completion of its U.S. Domestication, under which Indivior Pharmaceuticals, Inc. became the ultimate parent of Indivior U.K., each Indivior U.K. ordinary share was exchanged for Indivior U.S. common stock, and the company’s financial reporting and capital structure shifted from the U.K. to a Delaware, U.S.-listed framework. In connection with the change of domicile, the company amended its existing Note Purchase Agreement so that financial statements and related covenants are now reported at the U.S. top company level, put in place broad indemnification agreements for directors and executive officers, replicated the prior U.K. board and committee structure under Indivior U.S., assumed and updated legacy equity incentive and savings plans while adopting a new 2026 Omnibus Equity Incentive Plan and a detailed non-employee director compensation policy, and implemented a Delaware-style charter and bylaws featuring anti-takeover protections, director election mechanics, and forum-selection and indemnification provisions that collectively strengthen its U.S. corporate governance framework and may influence control contests and stockholder litigation dynamics.

The most recent analyst rating on (INDV) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on Indivior stock, see the INDV Stock Forecast page.

Indivior issues 2026 guidance and enters Accelerate phase

On January 8, 2026, Indivior issued full-year 2026 financial guidance, projecting total net revenue between $1.125 billion and $1.195 billion, with SUBLOCADE net revenue expected at $905 million to $945 million, non-GAAP operating expenses of $430 million to $450 million, and adjusted EBITDA of $535 million to $575 million, implying strong margin expansion driven by growth in SUBLOCADE dispense units and a simplified operating model. The company reported completing Phase I of its Indivior Action Agenda in 2025—generating momentum by growing U.S. SUBLOCADE revenue, simplifying the organization and transforming its operating model to deliver at least $150 million in annual non-GAAP operating expense savings—and said it entered Phase II, “Accelerate,” on January 1, 2026, while also highlighting its December 22, 2025 inclusion in the S&P SmallCap 600 index, shareholder approval to redomicile from the U.K. to the U.S. with the new parent Indivior Pharmaceuticals, Inc. expected on January 26, 2026, and the full settlement of a legacy U.S. Department of Justice obligation of $295 million, collectively reinforcing its financial flexibility, U.S. market focus and standing with investors and regulators.

The most recent analyst rating on (INDV) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on Indivior stock, see the INDV Stock Forecast page.

Indivior Added to S&P SmallCap 600, Enhancing Visibility

On December 22, 2025, Indivior PLC announced that its ordinary shares were included in the S&P SmallCap 600 index, aligning its capital markets profile more closely with its U.S.-focused business and signaling that it meets key criteria for liquidity and financial viability in the small-cap segment. Management highlighted the move as a significant milestone that supports its strategy to grow SUBLOCADE, its leading long-acting injectable treatment for moderate to severe opioid use disorder, under a simplified operating model, which could enhance visibility among investors and potentially bolster its competitive position in the addiction-treatment market.

The most recent analyst rating on (INDV) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Indivior stock, see the INDV Stock Forecast page.

Indivior approves executive salary increases for senior leadership

On December 12, 2025, Indivior PLC’s board approved base salary increases for its top executives, effective January 1, 2026, following a competitive market review and recommendations from its Compensation Committee and external consultants. Chief Executive Officer Joseph Ciaffoni’s annual base salary will rise from $1,050,000 to $1,115,000, while Chief Financial Officer Ryan Preblick’s base pay will increase from $559,000 to $604,000, signaling the company’s intention to retain and reward senior leadership amid ongoing market pressures in the pharmaceutical sector.

The most recent analyst rating on (INDV) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on Indivior stock, see the INDV Stock Forecast page.

Indivior Shareholders Approve Scheme of Arrangement

On December 11, 2025, Indivior PLC shareholders approved amended articles of association to facilitate a scheme of arrangement. This scheme ensures that Indivior PLC becomes a wholly-owned subsidiary of Indivior Pharmaceuticals, Inc. The approval process included two shareholder meetings, with resolutions passed to authorize necessary actions for the scheme’s implementation. The scheme’s completion is pending a court sanction expected in January 2026.

The most recent analyst rating on (INDV) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on Indivior stock, see the INDV Stock Forecast page.