Indivior Pharmaceuticals, Inc. (NASDAQ: INDV)

Indivior Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of evidence-based pharmacotherapies for opioid use disorder (OUD). The company operates in the addiction medicine industry, delivering long-acting injectable and sublingual medications designed to support long-term patient recovery and expand access to care. Indivior markets its core products in the United States, Canada, Australia, France, and Germany, with the U. S. representing the primary geographic market for its net revenues.

Indivior generates revenue primarily through the sale of its two core products: SUBLOCADE, a buprenorphine extended-release monthly injection, and SUBOXONE Film, a buprenorphine and naloxone sublingual film. Both products are indicated for the treatment of moderate to severe OUD. The company distributes SUBLOCADE in the U. S., Australia, and Canada, and SUBOXONE Film in the same regions. Revenue is derived from sales to healthcare providers, specialty pharmacies, distributors, and government payors including Medicaid and commercial insurance plans. The U. S. accounted for approximately 85% of net revenues in 2025, with the remainder coming from international markets.

The company operates through the following segments:

• SUBLOCADE segment – This segment includes the long-acting injectable buprenorphine product administered subcutaneously once monthly for the treatment of OUD. It is designed to improve treatment retention, reduce cravings and withdrawal symptoms, and minimize the risk of diversion due to its extended-release formulation and closed distribution system.

• SUBOXONE Film segment – This segment includes the buprenorphine and naloxone sublingual film used for both induction and maintenance phases of OUD treatment. It delivers medication through fast-dissolving film placed under the tongue or inside the cheek, offering an alternative to daily dosing with reduced abuse potential compared to tablet formulations.

Indivior holds a market leadership position in long-acting injectable medications for OUD, particularly through its SUBLOCADE product, which was the first FDA-approved monthly buprenorphine-based injectable for moderate to severe OUD. The company faces competition from Camurus’ BRIXADI (marketed as BUVIDAL outside the U. S.), which has gained traction in Australia and Canada, and from generic versions of SUBOXONE Film in the U. S. Indivior’s competitive advantages include its established brand recognition, patent protection for key products in major markets, and its REMS-compliant distribution system for SUBLOCADE that limits diversion risk.

Indivior serves a diverse customer base that includes healthcare providers in private practice, organized health systems such as hospitals and addiction treatment centers, criminal justice systems including prisons and specialty treatment courts, and federal and state agencies responsible for public health and corrections. The company also sells through specialty pharmacies and pharmaceutical wholesalers, with its three largest customers in the U. S. accounting for over half of global net revenues in recent years. These customers are primarily wholesale distributors that supply SUBOXONE Film to pharmacies and institutional end-users.