Indivior PLC (INDV)
NASDAQ:INDV
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Indivior
(NASDAQ:INDV)
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Rating:70Outperform
Price Target:
$41.00
▲(25.38% Upside)
Action:Upgraded
Date:05/04/26
Overall score reflects strong earnings-call momentum (raised guidance, sharply higher EBITDA outlook, expected positive operating cash flow) and bullish technical trend. These positives are tempered by financial statement risks—especially negative equity and currently negative TTM operating/free cash flow—while valuation appears moderately attractive on a ~10.7 P/E.
Positive Factors
Market-leading OUD franchise (SUBLOCADE)
SUBLOCADE's strong, recurring injectable model with rapid new patient growth and expanding prescriber base supports durable revenue visibility. Monthly depot dosing fosters stickier demand and repeat revenue, reducing churn risk and underpinning the company's core commercial moat over the next 2–6 months.
Negative Factors
Negative stockholders' equity
Negative shareholders' equity is a material structural balance-sheet issue that can limit financial flexibility, complicate debt/equity metrics and investor perception, and constrain strategic options if adverse events occur. It remains a multi-quarter governance and capital-risk overhang.
Read all positive and negative factors
Positive Factors
Negative Factors
Market-leading OUD franchise (SUBLOCADE)
SUBLOCADE's strong, recurring injectable model with rapid new patient growth and expanding prescriber base supports durable revenue visibility. Monthly depot dosing fosters stickier demand and repeat revenue, reducing churn risk and underpinning the company's core commercial moat over the next 2–6 months.
Read all positive factors
Indivior (INDV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.58B
Dividend YieldN/A
Average Volume (3M)2.08M
Price to Earnings (P/E)10.7
Beta (1Y)0.69
Revenue Growth10.34%
EPS GrowthN/A
CountryUS
Employees1,030
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)2.01
Shares Outstanding121,922,060
10 Day Avg. Volume1,771,159
30 Day Avg. Volume2,079,012
Financial Highlights & Ratios
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 Cap1.10
Enterprise Value/Revenue3.89
Enterprise Value/Gross Profit4.68
Enterprise Value/Ebitda11.10
Forecast
1Y Price Target
$52.33Price Target Upside60.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)3.49
Revenue Forecast (FY)$1.23B
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 Subute...
How the Company Makes Money
Indivior primarily makes money by selling prescription pharmaceuticals, with revenue largely driven by net product sales (gross sales to wholesalers/specialty pharmacies and other customers, less rebates, chargebacks, returns, and other allowances...
Indivior Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call emphasized strong commercial execution and substantial financial improvement driven by SUBLOCADE (double-digit revenue growth, 20% dispense unit growth, record adjusted EBITDA up 112% and raised 2026 guidance). It also announced disciplined capital actions that improve the balance sheet and return capital to shareholders. Offsetting these positives were setbacks in early-stage R&D (INDV-6001 and INDV-2000 not advancing internally), expected gross-to-net pressure for 2026, and ongoing reliance on SUBLOCADE for growth. On balance, the favorable commercial and financial momentum and upgraded guidance materially outweigh the program setbacks and known headwinds.Positive Updates
Strong Top-Line Growth
Total net revenue grew 19% year-over-year to $317 million in Q1 2026.
Negative Updates
INDV-6001 Program Decision
Indivior will not advance INDV-6001 into Phase III; Alar Pharmaceuticals regains development rights and commercialization outside the U.S. Cited challenges include manufacturing scalability, limited anticipated payer/prescriber differentiation, and need for a more complex induction protocol versus SUBLOCADE.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total net revenue grew 19% year-over-year to $317 million in Q1 2026.
Read all positive updates
Company Guidance
Management raised 2026 guidance to total net revenue of $1.215–$1.285 billion (midpoint $1.25B, ~+1% vs 2025), with SUBLOCADE net revenue now guided to $950–$990 million (midpoint $970M, +13% YoY) driven by planned mid‑teens dispense‑unit growth in 2026 (vs 7% in 2025); adjusted EBITDA is guided to $620–$660 million (midpoint $640M, +50% YoY) implying a ~51% margin at the midpoint (up ~16 percentage points vs 2025), operating expenses $430–$450 million, and expected cash flow from operations of approximately $340 million. They ended Q1 with $201 million of gross cash and investments, project forward leverage of ~0.8x (midpoint), completed a $500 million convertible note due 2031 (used to repay a $333 million term loan and reduce interest to 0.625% from 9.5%), repurchased 4 million shares for $125 million at an average $31.45 (leaving roughly $275 million on the $400 million buyback), expect full‑year gross margins in the mid‑80s, and noted a $14 million prior‑year gross‑to‑net release in Q1 but cautioned gross‑to‑net adjustments will be a headwind in 2026.Indivior Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
34
Negative
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.29B | 1.24B | 1.19B | 1.09B | 901.00M | 791.00M |
| Gross Profit | 1.07B | 993.00M | 957.00M | 919.00M | 750.00M | 664.00M |
| EBITDA | 452.00M | 304.00M | 84.00M | -99.00M | -46.00M | 238.00M |
| Net Income | 251.00M | 210.00M | 2.00M | -129.00M | -44.00M | 205.00M |
Balance Sheet | ||||||
| Total Assets | 1.20B | 1.20B | 1.32B | 1.76B | 1.78B | 1.83B |
| Cash, Cash Equivalents and Short-Term Investments | 175.00M | 195.00M | 320.00M | 410.00M | 897.83M | 1.10B |
| Total Debt | 509.00M | 351.00M | 375.00M | 283.00M | 277.00M | 286.00M |
| Total Liabilities | 1.34B | 1.30B | 1.67B | 1.96B | 1.73B | 1.63B |
| Stockholders Equity | -144.00M | -98.00M | -348.00M | -191.00M | 51.28M | 203.00M |
Cash Flow | ||||||
| Free Cash Flow | -184.62M | -93.00M | 7.00M | -353.00M | -9.00M | 319.00M |
| Operating Cash Flow | -102.96M | -27.00M | 36.00M | -300.00M | -4.00M | 353.00M |
| Investing Cash Flow | -81.69M | -66.00M | 69.00M | -95.00M | -222.00M | -14.00M |
| Financing Cash Flow | -5.63M | -30.00M | -102.00M | -64.00M | -101.00M | -94.00M |
Indivior Technical Analysis
Positive
32.70
Price Trends
33.69
Positive
33.80
Positive
30.80
Positive
Market Momentum
1.00
Positive
57.64
Neutral
46.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INDV, the sentiment is Positive. The current price of 32.7 is below the 20-day moving average (MA) of 37.59, below the 50-day MA of 33.69, and above the 200-day MA of 30.80, indicating a neutral trend. The MACD of 1.00 indicates Positive momentum. The RSI at 57.64 is Neutral, neither overbought nor oversold. The STOCH value of 46.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INDV.
Indivior Risk Analysis
Indivior disclosed 22 risk factors in its most recent earnings report. Indivior reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Indivior Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $15.76B | 16.73 | 21.64% | ― | 28.59% | 120.51% | |
70 Outperform | $4.58B | 10.73 | -142.01% | ― | 10.34% | ― | |
69 Neutral | $1.11B | 18.30 | 26.74% | ― | 19.88% | 73.61% | |
63 Neutral | $2.80B | -324.88 | -2.73% | ― | 16.29% | -145.12% | |
61 Neutral | $40.59B | 23.59 | 20.79% | ― | 5.76% | ― | |
60 Neutral | $3.96B | 16.36 | -144.72% | ― | 7.62% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
INDV
Indivior
37.81
25.99
219.75%
NBIX
Neurocrine
155.73
33.09
26.98%
SUPN
Supernus Pharmaceuticals
47.77
15.17
46.53%
TEVA
Teva Pharmaceutical
34.61
16.90
95.43%
COLL
Collegium Pharmaceutical
33.78
4.30
14.59%
AMRX
Amneal Pharmaceuticals
12.79
5.50
75.45%
Indivior Corporate Events
Business Operations and StrategyStock Buyback
Indivior Announces $175 Million Accelerated Share Repurchase
Positive
May 4, 2026
On May 4, 2026, Indivior Pharmaceuticals, Inc. announced it had entered into a $175 million accelerated share repurchase agreement with Barclays Bank PLC under its existing $400 million buyback program, signaling confidence in its long-term strate...
Business Operations and StrategyStock BuybackFinancial DisclosuresPrivate Placements and Financing
Indivior Posts Strong Q1 Results, Raises 2026 Outlook
Positive
Apr 30, 2026
Indivior reported strong first-quarter 2026 results on April 30, 2026, with total net revenue rising 19% year-on-year to $317 million and SUBLOCADE net revenue up 32% to $232 million, driven by 20% U.S. volume growth and record new patient starts....
Business Operations and StrategyPrivate Placements and Financing
Indivior Issues $500 Million Convertible Senior Notes Offering
Positive
Mar 17, 2026
On March 17, 2026, Indivior Pharmaceuticals, Inc. issued $500 million of 0.625% Convertible Senior Notes due 2031, including $50 million from the full exercise of an option granted to initial purchasers, with the notes ranking as senior unsecured ...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Indivior Prices Upsized Convertible Notes for Debt Refinancing
Positive
Mar 13, 2026
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...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Indivior Announces $400 Million Convertible Notes and Buyback
Positive
Mar 12, 2026
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, offer...
Business Operations and StrategyStock BuybackFinancial Disclosures
Indivior Reports Record 2025 Results, Launches Share Buyback
Positive
Feb 26, 2026
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.