Loading...
01/10 17:31
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The company has raised its financial guidance for 2025, indicating strong performance and growth expectations. The Q&A section reveals effective cost management and strategic focus on SUBLOCADE's growth, with positive indicators such as increased dispense growth and prescriber base. Despite some management evasiveness, the overall sentiment is positive, supported by strong financial metrics and optimistic guidance.
Total net revenue $314 million, increased 2% year-over-year. The increase was driven by SUBLOCADE net revenue growth, which offset expected pricing pressure on SUBOXONE Film and the continued wind down of PERSERIS.
SUBLOCADE net revenue $219 million, increased 15% year-over-year. This growth was attributed to an 8% year-over-year dispense volume growth and included a gross to net benefit of $10 million and a stocking benefit of $4 million.
Adjusted EBITDA $120 million, up 14% year-over-year. The increase was driven by higher net revenue and lower operating expenses.
Non-GAAP operating expenses $145 million, down 3% year-over-year. This decrease was due to the reprioritization of pipeline activities and benefits from restructuring R&D and Medical Affairs organizations.
Gross cash and investments $473 million, up from $347 million at year-end. The increase was driven by approximately $200 million of cash flow from operations.
SUBLOCADE growth: SUBLOCADE net revenue grew 15% year-over-year in Q3 2025, with an 8% increase in dispense volume. The product remains the #1 prescribed long-acting injectable in its category.
Direct-to-consumer campaign: A new campaign, 'Move Forward in Recovery,' was launched on October 1, 2025, to raise awareness and reduce stigma around opioid use disorder. It uses an omnichannel approach, including TV, digital, and social media.
Market focus shift: The company is optimizing its Rest of World business to focus on Australia, Canada, France, and Germany, which generate 77% of forecasted Rest of World net revenue and 94% of forecasted adjusted EBITDA.
Cost reduction: Actions taken to simplify the organization are expected to result in annual operating expense savings of at least $150 million starting in 2026. The 2026 operating budget will not exceed $450 million.
Organizational restructuring: The company restructured its R&D and medical affairs organizations, discontinued sales and marketing for OPVEE, and consolidated its operating footprint. It also plans to change its domicile from the U.K. to the U.S.
Indivior Action Agenda: The company is completing Phase 1, 'Generate Momentum,' and preparing for Phase 2, 'Accelerate,' starting January 1, 2026. This includes actions to simplify operations and investments to accelerate SUBLOCADE growth.
Regulatory and Legal Risks: The company has announced its intention to pursue a change in domicile from the U.K. to the U.S., which may involve regulatory and legal complexities. Additionally, the discontinuation of sales and marketing efforts for OPVEE while meeting contractual and regulatory obligations could pose compliance challenges.
Operational Simplification Risks: The restructuring of R&D and medical affairs organizations, along with the consolidation of the operating footprint and discontinuation of certain activities, may lead to potential disruptions or loss of key capabilities.
Market and Competitive Risks: SUBLOCADE's growth is heavily reliant on improved commercial execution and maintaining its position as the #1 prescribed long-acting injectable in its category. Any failure to sustain this momentum or respond to competitive pressures could adversely impact revenue.
Financial Risks: The company is targeting significant cost reductions, including $150 million in annual operating expense savings starting in 2026. However, achieving these savings without negatively impacting operations or growth initiatives could be challenging.
Geographical Focus Risks: The optimization of the Rest of World business to focus on a few key markets (Australia, Canada, France, and Germany) may limit growth opportunities in other regions and increase dependency on these markets.
Economic and Pricing Risks: The company is benefiting from price stability in SUBOXONE Film in the U.S., but any future pricing pressures could impact financial performance.
2025 Financial Guidance: Total net revenue guidance increased to $1.18 billion to $1.22 billion, reflecting better-than-expected year-to-date performance of SUBLOCADE and stability in U.S. SUBOXONE Film pricing. SUBLOCADE's full-year 2025 net revenue guidance raised to $825 million to $845 million, representing year-over-year growth of 10% at the midpoint. Adjusted EBITDA guidance raised to $400 million to $420 million, an increase of 15% versus 2024 at the midpoint.
SUBLOCADE Growth Projections: SUBLOCADE net revenue is expected to grow 10% year-over-year at the midpoint in 2025. Growth is driven by improved commercial execution, including a new direct-to-consumer campaign launched on October 1, 2025. The campaign aims to raise awareness and educate patients about SUBLOCADE as a treatment option for opioid addiction.
Operating Expense Reductions: Annual operating expenses are expected to reduce by at least $150 million starting in 2026, with the 2026 operating budget not exceeding $450 million. These reductions result from organizational simplifications, including restructuring R&D and medical affairs, discontinuing OPVEE sales and marketing, and optimizing the Rest of World business.
Phase 2 of Indivior Action Agenda: Phase 2, Accelerate, begins on January 1, 2026, focusing on accelerating U.S. SUBLOCADE growth and profitability. The company expects to immediately accelerate cash generation and profitability at a faster rate in 2026.
Rest of World Business Optimization: The company is optimizing its Rest of World business to focus on Australia, Canada, France, and Germany, which generate 77% of forecasted Rest of World net revenue and 94% of forecasted adjusted EBITDA. This optimization aims to reduce organizational complexity and improve financial performance.
The selected topic was not discussed during the call.
The company has raised its financial guidance for 2025, indicating strong performance and growth expectations. The Q&A section reveals effective cost management and strategic focus on SUBLOCADE's growth, with positive indicators such as increased dispense growth and prescriber base. Despite some management evasiveness, the overall sentiment is positive, supported by strong financial metrics and optimistic guidance.
The earnings call presents a mixed picture: modest revenue growth and strong SUBLOCADE performance are offset by execution risks and vague guidance. The Q&A reveals management's strategic focus but lacks specific targets, leading to uncertainty. The stock's market cap suggests modest volatility, aligning with a neutral prediction.
The earnings call indicates strong financial performance with significant revenue and net income growth. Despite some concerns such as pipeline risks and gross margin decline, the positive aspects like the successful share buyback program, strong cash position, and optimistic guidance for SUBLOCADE overshadow them. The Q&A further supports a positive outlook with encouraging data on new patient share and strategic focus on SUBLOCADE. Given the market cap, the stock is likely to see a positive movement of 2% to 8% over the next two weeks.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
