Indivior (INDV) AI Stock Analysis

• Market Cap: $4.20B
• Dividend Yield: N/A
• Average Volume (3M): 2.91M
• Price to Earnings (P/E): 33.5
• Beta (1Y): 0.66
• 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): 0.72
• Shares Outstanding: 124,853,900
• 10 Day Avg. Volume: 1,900,583
• 30 Day Avg. Volume: 2,914,310
• PEG Ratio: 239.55
• Price to Book (P/B): -4.71
• Price to Sales (P/S): 1.38
• P/FCF Ratio: 234.39
• Enterprise Value/Market Cap: 0.62
• Enterprise Value/Revenue: 2.22
• Enterprise Value/Gross Profit: 2.68
• Enterprise Value/Ebitda: 8.32
• 1Y Price Target: $43.00
• Price Target Upside: 27.86% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 2.9
• Revenue Forecast (FY): $1.12B

• Rating: 71 Outperform
• Price Target: $40.00 ▲(18.94% Upside)

Score is driven by the operational rebound and constructive momentum (strong profitability recovery and positive trend/indicators), supported by upbeat guidance and cost-savings plans. It is held back by balance-sheet risk from negative equity and a relatively high P/E that leaves less room for execution missteps.

Positive Factors

Core product market traction (SUBLOCADE)

Consistent double-digit SUBLOCADE revenue and dispense growth indicates durable commercial adoption of its long‑acting injectable therapy. As the company's flagship product, sustained unit growth supports recurring revenue, stable prescribing patterns, and a defendable specialty-market position over the medium term.

Profitability and free cash flow recovery

A sharp rebound in margins and positive free cash flow (FCF) improves internal financing ability and operational resilience. Improved operating profitability and meaningful FCF enable funding of restructuring, reinvestment in commercial execution, and de-risking of legacy obligations without relying solely on external financing.

Structural de-risking and U.S. focus

Settlement of the DOJ obligation, planned U.S. re‑domicile and index inclusion materially reduce legal and structural overhangs while aligning governance with its primary market. Combined with a $150M annual opex savings goal, these actions should sustainably bolster margins, cash generation and strategic flexibility.

Negative Factors

Weakened balance sheet (negative equity)

Negative shareholders' equity signals accumulated deficits that limit financial flexibility and increase vulnerability to shocks. It can constrain capital allocation choices, reduce borrowing capacity or elevate funding costs, and amplify downside risk if cash generation slips or unexpected liabilities recur.

Multi-year earnings and cash flow volatility

Historic swings between profit and loss and variable cash flow reduce predictability of earnings and investment planning. This volatility suggests dependence on a narrow product set, regulatory/litigation sensitivity, and execution risk—challenges that can persist and hinder long‑term strategic commitments.

Limited LAI category penetration

The long‑acting injectable (LAI) market remains only modestly penetrated (~8%), capping near‑term TAM expansion for SUBLOCADE. Slow category adoption implies patient, prescriber, and payer hurdles that could restrain sustained unit growth and make revenue gains dependent on long, structural behavior shifts rather than quick wins.

Indivior Business Overview & Revenue Model

Company Description

Indivior PLC, together with its subsidiaries, engages in the development, manufacture, and sale of buprenorphine-based prescription drugs for the treatment of opioid dependence and co-occurring disorders in the United States, the United Kingdom, and internationally. The company develops medicines to treat substance use disorders, serious mental illnesses, and opioid overdose. Its core marketed products include SUBLOCADE and SUBUTEX PRO buprenorphine extended-release monthly injections; SUBOXONE, a buprenorphine and naloxone sublingual film; SUBOXONE, a buprenorphine and naloxone sublingual tablet; and SUBUTEX, a buprenorphine sublingual tablet for the treatment of opioid use disorder. The company also offers OPVEE nasal spray for opioid overdose reversal; and PERSERIS extended-release injectable suspension for the treatment of schizophrenia in adults. In addition, it is developing INDV-2000, a selective orexin-1 receptor antagonist that completed phase 1 clinical trial for the treatment of opioid use disorder (OUD); INDV-1000, a selective GABAb positive allosteric modulator, which is in pre-clinical development phase for the treatment of alcohol use disorder in collaboration with ADDEX therapeutics; INDV-6001, a buprenorphine-based long-acting injectable for the treatment of OUD in collaboration with Alar Pharmaceuticals Inc.; and CT-102, a digital therapeutic for the treatment of OUD in collaboration with Click Therapeutics. Further, the company is developing INDV-5004, a drinabant injection to treat acute cannabinoid overdose. It has a strategic partnership with Aelis Farma to develop AEF0117, a synthetic CB1 specific signaling inhibitor that is in phase 2B clinical trial for the treatment of cannabis use disorder. The company was incorporated in 2014 and is headquartered in North Chesterfield, Virginia.

How the Company Makes Money

Indivior generates revenue primarily through the sale of its pharmaceutical products, with Suboxone being its flagship product, contributing a significant portion of its sales. The company operates on a revenue model that includes direct sales to healthcare providers and pharmacies, as well as partnerships with healthcare organizations and distributors. Additionally, Indivior has engaged in licensing agreements and collaborations that provide further revenue streams. The company also invests in research and development to expand its product portfolio, aiming to introduce new therapies that target addiction and related disorders, which can enhance its earnings potential over time.

Indivior Financial Statement Overview

Summary

Indivior shows strong revenue growth and improving profitability, with a robust gross profit margin and net profit margin improvement. However, the balance sheet is concerning due to negative equity and high leverage, and cash flow management is mixed with declining free cash flow growth.

Income Statement

Indivior's income statement shows a strong gross profit margin of 82.8% TTM, indicating efficient cost management. The net profit margin improved significantly to 14.1% TTM from near breakeven levels in previous years, reflecting enhanced profitability. Revenue growth is robust at 59.6% TTM, showcasing strong sales momentum. However, EBIT and EBITDA margins, while improved, still suggest room for operational efficiency gains.

Balance Sheet

The balance sheet reveals a concerning negative stockholders' equity, leading to a negative debt-to-equity ratio. This indicates potential financial instability and high leverage risk. Return on equity is negative, highlighting challenges in generating returns for shareholders. The equity ratio is also negative, suggesting a reliance on debt financing.

Cash Flow

Cash flow analysis shows a decline in free cash flow growth by 30.7% TTM, indicating potential liquidity issues. However, the operating cash flow to net income ratio improved to 0.20 TTM, suggesting better cash conversion. The free cash flow to net income ratio of 0.69 TTM indicates a reasonable level of cash generation relative to profits.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.18B	1.19B	1.09B	901.00M	791.00M	647.00M
Gross Profit	978.00M	957.00M	919.00M	750.00M	664.00M	550.00M
EBITDA	315.00M	84.00M	-99.00M	-46.00M	238.00M	-123.00M
Net Income	166.00M	2.00M	-129.00M	-44.00M	205.00M	-148.00M
Balance Sheet
Total Assets	1.42B	1.32B	1.76B	1.78B	1.83B	1.53B
Cash, Cash Equivalents and Short-Term Investments	445.00M	320.00M	410.00M	897.83M	1.10B	858.00M
Total Debt	356.00M	375.00M	283.00M	277.00M	286.00M	285.00M
Total Liabilities	1.62B	1.67B	1.96B	1.73B	1.63B	1.45B
Stockholders Equity	-207.00M	-348.00M	-191.00M	51.28M	203.00M	82.00M
Cash Flow
Free Cash Flow	134.49M	7.00M	-353.00M	-9.00M	319.00M	-197.00M
Operating Cash Flow	193.43M	36.00M	-300.00M	-4.00M	353.00M	-193.00M
Investing Cash Flow	-35.01M	69.00M	-95.00M	-222.00M	-14.00M	-4.00M
Financing Cash Flow	4.44M	-102.00M	-64.00M	-101.00M	-94.00M	-10.00M

Indivior Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 33.63
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INDV, the sentiment is Neutral. The current price of 33.63 is below the 20-day moving average (MA) of 35.62, below the 50-day MA of 34.06, and above the 200-day MA of 21.71, indicating a neutral trend. The MACD of 0.16 indicates Positive momentum. The RSI at 37.93 is Neutral, neither overbought nor oversold. The STOCH value of 13.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for INDV.

Indivior Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NBIX	80 Outperform	$13.49B	32.32	14.96%	―	19.61%	11.36%
COLL	72 Outperform	$1.47B	28.98	22.96%	―	26.34%	-32.79%
INDV	71 Outperform	$4.20B	33.48	―	―	-0.25%	―
TEVA	60 Neutral	$37.08B	53.31	10.77%	―	-0.25%	―
AMRX	58 Neutral	$4.17B	933.10	―	―	9.50%	―
SUPN	55 Neutral	$2.97B	-152.00	-1.86%	―	4.54%	-130.59%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Indivior Corporate Events

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.

Indivior Concludes DOJ Settlement with Final Payment

On November 20, 2025, Indivior PLC announced the conclusion of its legacy matter with the U.S. Department of Justice by paying the remaining $295 million obligation. This payment, funded from the company’s cash reserves, terminates the resolution agreement with the DOJ, removing a significant liability and simplifying Indivior’s capital structure.

The most recent analyst rating on (INDV) stock is a Buy with a $41.00 price target. To see the full list of analyst forecasts on Indivior stock, see the INDV Stock Forecast page.

Indivior Plans Re-domicile to Delaware by December

On November 14, 2025, Indivior PLC announced its plan to re-domicile from the U.K. to Delaware, a move that will be voted on by shareholders at an Extraordinary General Meeting on December 11, 2025. This strategic shift is aimed at establishing Indivior Pharmaceuticals, Inc. as the new holding company for the Indivior Group, potentially impacting its operational framework and market positioning.

The most recent analyst rating on (INDV) stock is a Buy with a $41.00 price target. To see the full list of analyst forecasts on Indivior stock, see the INDV Stock Forecast page.

Indivior Raises 2025 Guidance Amid Strategic Moves

Indivior reported its third-quarter 2025 financial results, showing a 2% year-over-year increase in total net revenue to $314 million, driven by a 15% rise in SUBLOCADE’s net revenue. The company has raised its full-year 2025 financial guidance, expecting significant growth in adjusted EBITDA. Indivior is optimizing its Rest of World business by exiting several non-U.S. markets and plans to redomicile in the U.S. These strategic moves are expected to generate substantial operating expense savings and improve cash generation starting in 2026.

The most recent analyst rating on (INDV) stock is a Buy with a $34.00 price target. To see the full list of analyst forecasts on Indivior stock, see the INDV Stock Forecast page.