Key Highlights

  • Net Revenue of USD 356 million rose 13% year over year and topped the consensus estimate of USD 329.35 million.
  • Earnings per share of USD 1.32 beat the consensus estimate of USD 1.06, while GAAP diluted EPS was USD 1.12.
  • SUBLOCADE net revenue climbed 22% to USD 267 million and made up 75% of total net revenue.
  • Gross Margin widened to 86% from 73%, and Operating Income reached USD 180 million versus USD 43 million.

Indivior Pharmaceuticals, Inc. (NASDAQ:INDV) reported third quarter 2026 net revenue of USD 356 million, up 13% from USD 314 million and above a consensus estimate of USD 329.35 million. Earnings Per Share of USD 1.32 compared with a consensus estimate of USD 1.06, and GAAP diluted EPS was USD 1.12 versus USD 0.33 a year earlier. Net Income rose to USD 137 million from USD 42 million, helped by an 86% gross margin and lower operating costs.

SUBLOCADE Volume and Cost Cuts Lift Profit

U.S. SUBLOCADE net revenue rose 24% to USD 252 million, driven by dispense unit volume growth of 17%, gross to net benefits and favorable price and mix. Total SUBLOCADE net revenue, including Rest of World, reached USD 267 million. Film and other products grew 5% to USD 53 million, while OPVEE brought in nothing and PERSERIS fell to USD 2 million after Marketing was discontinued. Rest of World revenue was USD 48 million, up 4%, aided by extra volumes ahead of planned market exits, and the company projects a substantial decline in that Business in future periods.

Cost of sales fell 39% to USD 51 million because the prior year carried USD 37 million of OPVEE Impairment and related charges. Selling, general and administrative expense dropped 23% to USD 119 million on headcount reductions, and Research and Development fell 84% to USD 5 million after the company ceased pipeline activities. Operating income was USD 180 million. Income tax expense was USD 45 million, an effective rate of 25%. Prior period rebate benefits of USD 97 million over nine months included Medicaid adjustments and refunds that are not projected to recur at similar scale.

Merger, Special Dividend and Capital Structure

On August 1, 2026 the company signed an all-stock Merger of equals with Supernus. Stockholders of both companies approved it on October 15, 2026. Each Supernus share converts into 1.5401 Indivior shares, and Indivior would then be renamed Supernus, Inc. Indivior holders would own about 56.5% of the combined company. The company states the close is targeted on or about November 2, 2026. Termination fees are USD 174 million payable by Indivior and USD 101 million payable by Supernus in limited circumstances.

A special Cash Dividend totaling USD 1,000 million, equal to USD 8.13 per share, was declared for holders of record on October 30, and a USD 650 million senior secured term Loan Commitment from Citibank, N.A. supports the payout. Cash and equivalents stood at USD 305 million. Nine month Operating Cash Flow was USD 317 million, and the company repurchased 8,638,693 shares for USD 300 million under a USD 400 million program.

Dated Items After the Quarter

Several specific items follow the quarter. The Supernus closing date of about November 2 comes first, followed by the special dividend payment after the effective time. On October 19 the company agreed to sell its SUBUTEX tablet business in France and Germany for USD 95 million, with 90% paid at closing and regulatory approvals running into the first half of 2027. That business contributed less than 4% of 2025 net revenue. Convertible notes of USD 488 million are classified as current because the dividend gave holders a temporary conversion right, and capital spending of about USD 10 million is projected for the fourth quarter, mainly for the Raleigh, North Carolina plant.