INDV on Nasdaq

Indivior

Specialty pharmaceuticals company

Indivior is an American pharmaceuticals company. Established as a division of Reckitt Benckiser in 1994 and demerged from that company in December 2014, it is focussed on substitution products for opioid addiction.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1994Founded¹

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TickerINDV on Nasdaq¹
IndustryPharmaceutical Preparations¹
HeadquartersRichmond¹
Websiteindivior.com
Legal formpublic company¹
Incorporated inDE⁴
Business address10710 Midlothian Turnpike, Suite 125, North Chesterfield, Va 23235⁴
Filer categoryLarge accelerated filer⁴

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

80.2%Gross margin⁷

21.1%Operating margin⁷

16.9%Net margin⁷

4.3%Revenue growth, 2025⁷

-$93.0MFree cash flow⁷

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueSelling, general and adminProfit

Cost of revenue20¢$246.0M
Selling, general and admin51¢$634.0M
Other costs10¢$120.0M
Income tax2¢$29.0M
Profit17¢$210.0M

Out of $1.2B in revenue.⁷

Financial statements

Revenue⁸⁷$1.2B in 2025+38% since 2022

Gross profit⁹⁸⁷$994.0M in 2025+50% since 2021

Operating income⁹¹⁰⁷$262.0M in 2025+23% since 2021

Net income⁹¹⁰⁷$210.0M in 2025+2% since 2021

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net revenue	$1.2B	$1.2B	$1.1B
Cost of sales	$246.0M	$231.0M	$174.0M
Gross profit	$994.0M	$957.0M	$919.0M
Selling, general and administrative	$634.0M	$612.0M	$565.0M
Research and development	$97.0M	$107.0M	$116.0M
Acquired in-process research and development	$0	$1.0M	$162.0M
Litigation settlement	$3.0M	$195.0M	$239.0M
Other operating (income) expense, net	-$3.0M	$4.0M	-$9.0M
Operating income (loss)	$262.0M	$38.0M	-$152.0M
Interest income	-$22.0M	-$23.0M	-$43.0M
Interest expense	$45.0M	$41.0M	$35.0M
Income (loss) before income taxes	$239.0M	$20.0M	-$145.0M
Income tax expense (benefit)	$29.0M	$13.0M	-$19.0M
Net income (loss)	$210.0M	$7.0M	-$126.0M
Basic (in dollars per share)	$1.68	$0.05	-$0.92
Diluted (in dollars per share)	$1.64	$0.05	-$0.92
Basic (in shares)	125.0M shares	132.0M shares	137.0M shares
Diluted (in shares)	128.0M shares	133.0M shares	137.0M shares

Total assets⁹⁷$1.2B in 2025−34% since 2021

Total liabilities⁹⁷$1.3B in 2025−20% since 2021

Shareholders’ equity⁹⁸⁷-$98.0M in 2025

Cash⁹⁸⁷$195.0M in 2025−77% since 2020

Long-term debt⁸⁷$290.0M in 2025+22% since 2023

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$195.0M	$319.0M
Short-term investments	$0	$1.0M
Accounts receivable, net of allowances of $4 (2025) and $3 (2024)	$253.0M	$254.0M
Inventories	$153.0M	$167.0M	$126.0M
Prepaid expenses	$34.0M	$31.0M
Current tax receivable	$2.0M	$33.0M
Other current assets	$16.0M	$21.0M
Total current assets	$652.0M	$827.0M	$1.3B
Long-term investments	$28.0M	$27.0M
Property, plant and equipment, net	$144.0M	$100.0M
Operating lease right of use assets, net	$26.0M	$39.0M
Goodwill and other intangible assets, net	$2.0M	$6.0M
Deferred tax assets	$323.0M	$277.0M	$286.0M
Other noncurrent assets	$27.0M	$39.0M	$36.0M
Total assets	$1.2B	$1.3B	$1.8B
Accrued rebates and product returns	$582.0M	$562.0M
Accounts payable and accrued expenses	$250.0M	$216.0M	$195.0M
Accrued litigation settlement expenses, current	$42.0M	$99.0M
Current portion of long-term debt	$29.0M	$18.0M
Operating lease liabilities, current	$10.0M	$10.0M
Income taxes payable	$2.0M	$7.0M
Other current liabilities	$0	$11.0M
Total current liabilities	$914.0M	$924.0M	$1.3B
Long-term debt, less current portion	$290.0M	$315.0M
Accrued litigation settlement expenses, noncurrent	$52.0M	$365.0M
Operating lease liabilities, noncurrent	$22.0M	$32.0M
Other noncurrent liabilities	$21.0M	$18.0M
Total liabilities	$1.3B	$1.7B	$1.9B
Common stock, par value $0.50 per share Issued shares: 125 (2025) and 125 (2024)	$62.0M	$62.0M
Additional paid-in capital	$112.0M	$90.0M
Share repurchase commitment	$0	-$10.0M
Accumulated other comprehensive loss	-$30.0M	-$36.0M
Accumulated deficit	-$243.0M	-$443.0M	-$288.0M
Total stockholders' deficit	-$98.0M	-$337.0M	-$184.0M
Total liabilities and stockholders' deficit	$1.2B	$1.3B	$1.8B
Accounts receivable, allowances	$4.0M	$3.0M
Common stock, par value (in dollars per share)	$0.50	$0.50
Common stock, issued shares (in shares)	125.0M shares	125.0M shares	137.0M shares

Cash from operations⁹¹⁰⁷-$27.0M in 2025

Capital spending⁹⁸⁷$66.0M in 2025+1550% since 2021

Free cash flow⁹¹⁰⁷-$93.0M in 2025

Share buybacks⁸⁷$11.0M in 2025−88% since 2022

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	$210.0M	$7.0M	-$126.0M
Depreciation and amortization	$10.0M	$16.0M	$15.0M
Amortization of right-of-use assets	$10.0M	$12.0M	$0
Stock-based compensation expense	$26.0M	$24.0M	$21.0M
Impairment of tangible and intangible assets	$19.0M	$8.0M	$0
Unrealized loss on equity investments	$0	$9.0M	$0
Deferred income taxes	-$46.0M	$7.0M	-$64.0M
Acquired in-process research and development	$0	$1.0M	$162.0M
Impact from foreign exchange movements	$1.0M	-$2.0M	-$10.0M
Accounts receivable	$3.0M	-$1.0M	-$33.0M
Current inventories	$18.0M	-$43.0M	-$6.0M
Other current and noncurrent assets	$49.0M	$377.0M	-$418.0M
Accrued legal and settlement expenses	-$368.0M	-$387.0M	$50.0M
Other current and noncurrent liabilities	$41.0M	$8.0M	$110.0M
Net cash (used in) provided by operating activities	-$27.0M	$36.0M	-$300.0M
Purchases of property and equipment	-$66.0M	-$29.0M	-$8.0M
Purchases of in-process research and development and intangible assets	-$1.0M	-$2.0M	-$45.0M
Acquisitions, net of cash acquired	$0	$0	-$129.0M
Purchases of investments in debt securities	-$20.0M	-$17.0M	-$45.0M
Sales of equity securities	$1.0M	$0	$0
Sales and maturities of debt securities	$19.0M	$117.0M	$129.0M
Other proceeds from investing activities	$0	$0	$3.0M
Net cash (used in) provided by investing activities	-$66.0M	$69.0M	-$95.0M
Proceeds from the issuance of common stock	$2.0M	$3.0M	$3.0M
Cash paid for repurchases of common stock	-$11.0M	-$173.0M	-$33.0M
Proceeds from debt, net	$0	$332.0M	$0
Repayments of debt	-$17.0M	-$240.0M	-$12.0M
Transaction costs related to debt refinancing	$0	-$2.0M	$0
Settlement of tax on equity awards	-$5.0M	-$22.0M	-$22.0M
Net cash used in financing activities	-$30.0M	-$102.0M	-$64.0M
Net (decrease) increase in cash and cash equivalents	-$124.0M	$3.0M	-$459.0M
Exchange differences	-$1.0M	$0	$1.0M

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The story

The company was established as the Buprenorphine division of Reckitt Benckiser in 1994. In December 2014, Reckitt Benckiser spun off its specialty pharmaceuticals business into a separate company named Indivior. By February 2015, the company was capitalised at £2.3 billion (US$3.1 billion) on the London Stock Exchange.

In 2019, Indivior was indicted over claims that it had made false marketing claims about the safety of its drug, Suboxone, and had concocted a scheme to direct patients towards doctors who were likely to prescribe Suboxone. Reckitt Benckiser has settled with the Justice Department to pay $1.4 billion to resolve a U.S. Federal investigation into sales and marketing of opioid addiction treatment.

In July 2020, Indivior Solutions, Indivior Inc., and Indivior PLC agreed to pay $600 million to resolve liability related to false marketing of Suboxone to MassHealth for use by patients with children under the age of six years old. Additionally, Indivior Solutions Inc pleaded guilty to one-count of felony information.

In November 2022, it was announced Indivior had acquired the Santa Monica-headquartered, NASDAQ-listed biopharmaceutical company, Opiant.

In June 2023, the company listed its shares on both the US Nasdaq and UK London Stock Exchange.

In July 2023, Indivior paid $20.4 million to C4X Discovery for the full rights to the orexin-1 receptor antagonist being developed for substance use disorder. Indivior had already made an upfront payment of $10 million in 2018 and pledged milestone payments of up to $284 million. Under the new agreement C4X Discovery waived any rights to further payment.

In May 2024, the company confirmed that it would transfer its primary share listing to the US, with its UK listing becoming secondary.

In February 2025, the company announced the appointment of Joe Ciaffoni as its chief executive, replacing Mark Crossley.

Read the full text

In June 2025, Indivior delisted from the UK's stock exchange but retained its US listing.

From Wikipedia’s article on Indivior, shared under CC BY-SA 4.0.⁵

Products and brands

buprenorphine

Listed on Wikidata.¹

The company's main products are Sublocade, Subutex and its Naloxone-combined preparation Suboxone, both substitution products for opioid addiction. Other products include remedies for cocaine and opioid analgesic overdose and treatment for alcohol dependence: the company claims this to be the largest pipeline of addiction drugs in the world.

From Wikipedia’s article on Indivior, shared under CC BY-SA 4.0.⁵

Subsidiaries and ownership

Owners

Northern Cross 6.8%
Janus Capital Group 5.7%
M&G Investments 5.2%
Fidelity Investments 5.1%

From Wikidata.¹

Former names

INDIVIOR PLCDec 2, 2014 to Jan 8, 2026⁴

Timeline

1994Founded Founded¹

Recent filings

Oct 6, 20268-K
Oct 6, 2026425
Sep 30, 2026SCHEDULE 13G
Sep 17, 20268-K
Sep 17, 2026425
Sep 15, 20268-K
Sep 11, 2026424B3
Sep 11, 2026EFFECT
Sep 9, 2026S-4/A
Aug 28, 2026S-4
Aug 27, 20264
Aug 13, 2026SCHEDULE 13D/A
Aug 5, 20264
Aug 3, 20268-K
Aug 3, 2026425

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataIndivior on Wikidata
2
SEC EDGARIndivior filings on SEC EDGAR
3
WikipediaIndivior on Wikipedia
4
SEC EDGARIndivior filings on SEC EDGAR
5
WikipediaIndivior on Wikipedia (revision used)
6
Wikimedia CommonsIndivior photo by Jr de Barbosa, CC BY-SA 3.0
7
SEC EDGARIndivior 10-K for fiscal 2025
8
SEC EDGARIndivior 10-K for fiscal 2022
9
SEC EDGARIndivior 10-K for fiscal 2021
10
SEC EDGARIndivior 10-K for fiscal 2022
11
SEC EDGARIndivior 10-Q for fiscal 2026
12
SEC EDGARIndivior 10-Q for fiscal 2026