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Indivior Pharmaceuticals, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 29 October 2026: press release. Guidance figures: 4 kept. The quarter’s numbers.

Key takeaways

  • Revenue and SUBLOCADE both grew: Total net revenue was $356 million, up 13% from $314 million. Total SUBLOCADE net revenue was $267 million, up 22% from $219 million, described as a record quarter. Source
  • Profit reached record levels: GAAP net income was $137 million ($1.12 diluted EPS), and non-GAAP net income was $161 million ($1.32 diluted EPS). Adjusted EBITDA was $211 million, up 76% year over year, a record. Source
  • U.S. SUBLOCADE drove U.S. growth: U.S. SUBLOCADE net revenue was $252 million, up 24%, driven by 17% dispense unit volume growth. Total U.S. revenue was $307 million, up from $267 million. Source
  • Operating expenses fell sharply: GAAP operating expenses were $125 million, down 33%. Non-GAAP operating expenses were $103 million, down 29% from $145 million, mainly because the prior-year quarter included corporate initiative transition costs. Source
  • Margins expanded on price and mix: Net income margin was 39%, up 2,500 basis points, and adjusted EBITDA margin was 59%, up 2,100 basis points. Net revenue also benefited from more favorable price/mix and gross-to-net adjustments. Source
  • Cash and investments rose to $332 million: The company ended the quarter with cash and investments of $332 million, up from $249 million at June 30, 2026. Management cited strong cash generation. Source
  • Merger with Supernus set to close: Indivior and Supernus agreed in August 2026 to an all-stock merger of equals to create a CNS-focused company. The merger is expected to close November 2, 2026. Source

Guidance

AreaPeriodFigureAgainst last quarter
Net revenue SourceFY 2026$1,295 million to $1,365 millionKept
Total SUBLOCADE net revenue SourceFY 2026$1,010 million to $1,050 millionKept
Non-GAAP operating expenses SourceFY 2026$430 million to $450 millionKept
Adjusted EBITDA SourceFY 2026$700 million to $740 millionKept

What changed from last quarter

  • Guidance kept: Full-year 2026 guidance for net revenue, total SUBLOCADE net revenue, non-GAAP operating expenses and adjusted EBITDA was kept at the Q2 revised levels. Source
  • New: Board declared a special cash dividend contingent on closing of the pending Supernus merger, announced in September 2026. Source
  • New: Indivior shareholders approved the proposed merger with Supernus in October 2026; the combined company will trade as SUPN from November 3, 2026. Source

Results and growth drivers

  • Revenue and SUBLOCADE both grew: Total net revenue was $356 million, up 13% from $314 million. Total SUBLOCADE net revenue was $267 million, up 22% from $219 million, described as a record quarter. Source
  • Profit reached record levels: GAAP net income was $137 million ($1.12 diluted EPS), and non-GAAP net income was $161 million ($1.32 diluted EPS). Adjusted EBITDA was $211 million, up 76% year over year, a record. Source
  • Nine-month results up year over year: For the nine months, total net revenue was $1,016 million, up 15%, and adjusted EBITDA was $562 million, up 97%. GAAP diluted EPS was $2.78 against $0.85. Source

Segments and regions

  • U.S. SUBLOCADE drove U.S. growth: U.S. SUBLOCADE net revenue was $252 million, up 24%, driven by 17% dispense unit volume growth. Total U.S. revenue was $307 million, up from $267 million. Source
  • Rest of World revenue rose slightly: Rest of World net revenue was $48 million, compared with $47 million in the prior-year quarter. Source

Products and customers

  • Sublingual product revenue steady: U.S. Sublingual and other revenue was $53 million against $51 million a year earlier. OPVEE revenue was $1 million, after sales and marketing support was discontinued in Q3 2025. Source
  • Patient base continued to grow: As of September 30, 2026, over 583,000 patients in the U.S. have been prescribed SUBLOCADE since launch, up from over 545,000 at June 30, 2026. Source

Costs, margins and pricing

  • Operating expenses fell sharply: GAAP operating expenses were $125 million, down 33%. Non-GAAP operating expenses were $103 million, down 29% from $145 million, mainly because the prior-year quarter included corporate initiative transition costs. Source
  • Margins expanded on price and mix: Net income margin was 39%, up 2,500 basis points, and adjusted EBITDA margin was 59%, up 2,100 basis points. Net revenue also benefited from more favorable price/mix and gross-to-net adjustments. Source

Capital, cash and shareholder returns

  • Cash and investments rose to $332 million: The company ended the quarter with cash and investments of $332 million, up from $249 million at June 30, 2026. Management cited strong cash generation. Source
  • Special dividend tied to merger: The special cash dividend declared in September 2026 is contingent on the Supernus merger closing. The 2026 nine-month cash flow statement shows $302 million of share repurchases. Source

Strategy and merger with Supernus

  • Merger with Supernus set to close: Indivior and Supernus agreed in August 2026 to an all-stock merger of equals to create a CNS-focused company. The merger is expected to close November 2, 2026. Source
  • Action Agenda phases complete at close: Management said that once the merger closes, all three phases of the Indivior Action Agenda will have been completed. Source

Leadership

  • CEO credited team execution: The CEO credited the Indivior team for the quarter's record results and the Supernus transaction. He said he is confident in Supernus' future after the merger. Source

Other quarters

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.