Indivior Pharmaceuticals, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 3 August 2026: press release. Guidance figures: 5 raised, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Total net revenue rose 14%: Total net revenue was $343 million, compared with $302 million a year earlier, an increase of 14%. Source
• Total SUBLOCADE revenue rose 21%: Total SUBLOCADE net revenue was $253 million, compared with $209 million a year earlier, an increase of 21%. Source
• Adjusted EBITDA more than doubled: Adjusted EBITDA was $186 million, compared with $88 million a year earlier, an increase of 111%. Source
• U.S. dispense units grew 18%: U.S. SUBLOCADE net revenue rose 22% to $238 million, driven by 18% dispense unit volume growth. Source
• Operating expenses fell sharply: GAAP operating expenses were $134 million, down 25%. Non-GAAP operating expenses were $112 million, down 33% from $167 million. Source
• Quarter share repurchases: In the second quarter the company repurchased 4,664,540 shares at an average price of $37.52, for a total of $175 million. Source
• All-stock merger with Supernus: Indivior and Supernus announced a definitive agreement for an all-stock merger of equals to create a diversified, CNS-focused biopharmaceutical company. Source

“We delivered record SUBLOCADE net revenue and adjusted EBITDA in the quarter leading us to raise our 2026 guidance,”

Ryan Preblick, Chief Financial Officer

Guidance

What changed from last quarter

• Guidance raised: Full-year 2026 guidance was raised for net revenue, total SUBLOCADE net revenue and adjusted EBITDA. Source
• Guidance kept: Full-year 2026 non-GAAP operating expenses guidance was kept at $430 million to $450 million. Source
• New: Indivior agreed to combine with Supernus Pharmaceuticals in an all-stock merger of equals, to form a CNS-focused biopharmaceutical company. Source

Results and growth drivers

• Total net revenue rose 14%: Total net revenue was $343 million, compared with $302 million a year earlier, an increase of 14%. Source
• Total SUBLOCADE revenue rose 21%: Total SUBLOCADE net revenue was $253 million, compared with $209 million a year earlier, an increase of 21%. Source
• Adjusted EBITDA more than doubled: Adjusted EBITDA was $186 million, compared with $88 million a year earlier, an increase of 111%. Source
• GAAP net income and diluted EPS: GAAP net income was $122 million, or $0.98 diluted EPS, compared with $18 million, or $0.14 diluted EPS, a year earlier. Source
• Non-GAAP net income and diluted EPS: Non-GAAP net income was $142 million, or $1.15 diluted EPS, compared with $64 million, or $0.51 diluted EPS, a year earlier. Source
• Six-month results year over year: Six-month net revenue was $660 million, up 16%. Six-month SUBLOCADE net revenue was $486 million, up 26%, and six-month adjusted EBITDA was $350 million, up 112%. Source

Segments and regions

• U.S. revenue increased: Total U.S. net revenue was $300 million, compared with $256 million a year earlier. Six-month U.S. net revenue was $572 million, compared with $478 million. Source
• Rest of World revenue slightly lower: Rest of World net revenue was $43 million, compared with $46 million a year earlier. Six-month Rest of World net revenue was $88 million, compared with $90 million. Source
• Sublingual and PERSERIS sales: U.S. sublingual and other net revenue was $57 million, compared with $52 million. PERSERIS net revenue was $5 million, compared with $8 million. Source

“We are committed to creating long-term shareholder value.”

Ryan Preblick, Chief Financial Officer

Products and customers

• Patients prescribed since launch: The company reported that over 545,000 patients in the U.S. had been prescribed SUBLOCADE since launch as of June 30, 2026. Source
• Real-world adherence studies announced: The company announced findings from two real-world evidence studies associating SUBLOCADE adherence with lower relapse risk, fewer infection-related complications and reduced healthcare use. Source

Demand and dispense volumes

• U.S. dispense units grew 18%: U.S. SUBLOCADE net revenue rose 22% to $238 million, driven by 18% dispense unit volume growth. Source
• New patient starts of 32,816: The company described new patient starts of 32,816 as a record for the quarter. Source

“We remain focused on Phase II - Accelerate - for the remainder of 2026”

Joe Ciaffoni, Chief Executive Officer

Costs

• Operating expenses fell sharply: GAAP operating expenses were $134 million, down 25%. Non-GAAP operating expenses were $112 million, down 33% from $167 million. Source
• Corporate transition costs excluded: Corporate initiative transition costs of $10 million were excluded from non-GAAP operating expenses. The footnote describes them as severance, consulting, impairment and facility-closure costs. Source
• SG&A expense lower: Selling, general and administrative expense was $122 million, compared with $158 million a year earlier. Six-month SG&A was $245 million, compared with $291 million. Source

Margins and pricing

• Gross profit rose, cost of sales fell: Gross profit was $294 million, compared with $250 million. Cost of sales was $50 million, compared with $52 million. Source
• Price, mix and gross-to-net helped: The company said net revenue benefited from more favorable price/mix and gross-to-net adjustments, in addition to dispense unit growth. Source
• Income tax expense lower: Income tax expense was $38 million, compared with $44 million. Income before income taxes was $160 million, compared with $62 million. Source

Capital, cash and shareholder returns

• Quarter share repurchases: In the second quarter the company repurchased 4,664,540 shares at an average price of $37.52, for a total of $175 million. Source
• Year-to-date repurchases: Year to date, the company has repurchased 8,638,693 shares at an average price of $34.73, for a total of $300 million. Source
• Cash and investments at quarter end: Cash and investments were $249 million at June 30, 2026. Balance sheet cash and cash equivalents were $222 million, compared with $195 million at December 31, 2025. Source
• Six-month operating cash flow lower: Net cash provided by operating activities was $220 million for the six months, compared with $233 million. The change in operating assets and liabilities was negative $99 million. Source
• Debt proceeds and repayments: For the six months, net proceeds from debt were $489 million and debt repayments were $333 million, with $5 million of refinancing transaction costs. Source
• Stockholders' deficit widened: Total stockholders' deficit was $208 million at June 30, 2026, compared with $98 million at December 31, 2025. Source

Strategy and transaction

• All-stock merger with Supernus: Indivior and Supernus announced a definitive agreement for an all-stock merger of equals to create a diversified, CNS-focused biopharmaceutical company. Source
• Joint call replaces Q2 earnings call: Indivior will host a joint transaction call with Supernus instead of its previously scheduled second quarter 2026 earnings call. Source
• Investor presentation for webcast: An investor presentation, to be referenced during the webcast, is available from the investor relations sections of both companies' websites. Source

Coming up, as management said on 3 August 2026

• Supernus merger expected to close: Management expects the proposed merger with Supernus to close in the fourth quarter of 2026. Source
• Form S-4 registration statement planned: Indivior intends to file a Form S-4 with the SEC, including a joint proxy statement and prospectus with Supernus. Source

Figures management reported

Earlier plans management reported on

• Not stated: Management said all three phases of the Indivior Action Agenda will have been completed once the proposed merger with Supernus closes. Source

Other quarters

• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.