Indivior — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total net revenue for Q3 2026 was $356 million, a 13% increase year-over-year (YoY) from $314 million in Q3 2025.
• Total SUBLOCADE net revenue reached a record $267 million in Q3 2026, up 22% YoY from $219 million.
• U.S. SUBLOCADE net revenue increased 24% YoY to $252 million, driven by 17% dispense unit volume growth and favorable price/mix.
• GAAP net income for Q3 2026 was $137 million ($1.12 diluted EPS), compared to $42 million ($0.33 diluted EPS) in Q3 2025.
• Non-GAAP net income for Q3 2026 was $161 million ($1.32 diluted EPS), compared to $93 million ($0.72 diluted EPS) in Q3 2025.
• Adjusted EBITDA for Q3 2026 was $211 million, a 76% increase YoY from $120 million.
• Net income margin was 39%, up 2,500 basis points YoY; Adjusted EBITDA margin was 59%, up 2,100 basis points YoY.
• GAAP operating expenses decreased 33% YoY to $125 million in Q3 2026 from $187 million; Non-GAAP operating expenses decreased 29% YoY to $103 million from $145 million.
• For the nine months ended September 30, 2026, total net revenue was $1,016 million (up 15% YoY from $881 million).
• For the nine months ended September 30, 2026, Adjusted EBITDA was $562 million, up 97% YoY from $286 million.
• Cash and investments totaled $332 million at the end of Q3 2026.
• Current portion of long-term debt increased to $488 million as of September 30, 2026, from $29 million as of December 31, 2025.

Guidance and Future Outlook:

• Indivior is on track to achieve its previously communicated full-year 2026 guidance as a standalone organization, assuming no material change in exchange rates for key currencies (USD/GBP, USD/EUR).
• Full-year 2026 guidance (excluding merger impact) includes:
  • Net Revenue: $1,295 million to $1,365 million.
  • Total SUBLOCADE Net Revenue: $1,010 million to $1,050 million.
  • Non-GAAP Operating Expenses: $430 million to $450 million.
  • Adjusted EBITDA: $700 million to $740 million.
• Guidance will no longer apply once the merger with Supernus is completed on November 2, 2026.

Business Segments and Product Lines:

• SUBLOCADE remains the primary revenue driver, with over 583,000 patients in the U.S. prescribed the product since launch.
• Sales and marketing support for OPVEE was discontinued in Q3 2025, resulting in $0 revenue for OPVEE in Q3 2026.
• Marketing and promotion activities for PERSERIS were discontinued in 2024, with PERSERIS revenue declining to $2 million in Q3 2026 from $6 million in Q3 2025.
• Non-SUBLOCADE U.S. revenue (Sublingual & other) was $53 million in Q3 2026 compared to $51 million in Q3 2025.

Market and Competitive Landscape:

• The company is positioned as the leader in long-acting injectable treatments for opioid use disorder (OUD).
• The pending merger with Supernus aims to create a leading, diversified, scaled, CNS-focused biopharmaceutical company.

Risks and Challenges:

• Forward-looking statements note risks including market disruptions, unanticipated delays, lower than expected future sales, and greater than expected impacts from competition.
• Potential risks include unanticipated costs from tariffs, additional indebtedness incurred to fund the special cash dividend, business disruption, and difficulties integrating the Supernus business.
• The company notes that actual results may differ materially from forward-looking guidance due to factors such as exchange rate variability and potential failure to realize anticipated synergies.

Management Commentary and Tone:

• CEO Joe Ciaffoni stated the company delivered record SUBLOCADE net revenue and adjusted EBITDA, reflecting the strength of the business and disciplined execution of the Indivior Action Agenda.
• Management confirmed the completion of all three phases of the Indivior Action Agenda upon the imminent closing of the Supernus merger.
• CFO Ryan Preblick highlighted strong cash generation and the achievement of record financial performance, expressing confidence in the company's ability to build on this foundation for the combined entity.

Other Key Points:

• Indivior and Supernus announced a definitive agreement in August 2026 for an all-stock merger of equals.
• Indivior shareholders approved the proposed merger with Supernus in October 2026.
• The merger is expected to close on November 2, 2026, with the combined company operating as Supernus, Inc. and trading on Nasdaq under the ticker "SUPN" starting November 3, 2026.
• In September 2026, the Board declared a special cash dividend contingent upon the closing of the merger transaction.
• GAAP operating expenses for the nine months ended September 30, 2026, included a $18 million loss on debt extinguishment.
• Non-GAAP operating expenses exclude stock-based compensation and other adjustments such as corporate initiative transition costs and litigation settlement expenses.