INDV Indivior Pharmaceuticals, Inc.
Price Chart
Executive Summary
Indivior reported Q1 2026 results with total net revenue of $317M (+19% YoY) and GAAP diluted EPS of $0.69, beating the consensus estimate of $0.64. The company raised its full-year 2026 guidance across all key metrics, including total net revenue to $1.215B-$1.285B and adjusted EBITDA to $620M-$660M (+50% YoY at midpoint). The strong beat and raised guidance are driven by accelerating SUBLOCADE net revenue (+32% YoY) and record quarterly adjusted EBITDA of $164M (+112% YoY).
Key Financial Metrics
Actionable Insight
The strong Q1 beat and raised guidance confirm accelerating SUBLOCADE momentum and operating leverage. With $275M remaining on the buyback and a strengthened balance sheet, the stock should re-rate higher. Monitor the Q2 dispense unit growth trajectory and any business development announcements as the company targets Phase III Breakout in H2 2026.
Key Facts
- Q1 2026 total net revenue of $317M, up 19% YoY from $266M
- Total SUBLOCADE net revenue of $232M, up 32% YoY from $176M
- GAAP net income of $89M ($0.69 diluted EPS) vs $47M ($0.38) YoY
- Non-GAAP net income of $123M ($0.96 diluted EPS) vs $56M ($0.45) YoY
- Record quarterly adjusted EBITDA of $164M, up 112% YoY from $78M
- Raised full-year 2026 guidance: net revenue $1.215B-$1.285B (from $1.125B-$1.195B)
- Raised SUBLOCADE net revenue guidance to $950M-$990M (from $905M-$945M)
- Raised adjusted EBITDA guidance to $620M-$660M (from $535M-$575M)
- Repurchased ~4M shares for $125M in Q1; $275M remaining under $400M buyback program
- Completed $500M convertible senior notes offering; repaid $333M term loan
- Discontinued internal development of INDV-6001 and INDV-2000 pipeline assets
Financial Impact
Q1 revenue beat consensus by ~$44M (16%); EPS beat by ~$0.05 (7.8%); full-year guidance raised by $90M at midpoint for revenue and $85M for adjusted EBITDA
Risk Factors
- Pipeline setbacks with discontinuation of INDV-6001 and INDV-2000 reduce long-term growth optionality
- SUBLOCADE faces eventual patent cliff starting 2031-2038
- Operating cash flow was negative $9M in Q1 due to working capital timing; full-year guidance of ~$340M depends on execution
- Convertible notes add $500M debt; dilution risk if shares convert
Market Snapshot
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-193925 |
| Document: d40828dex993.htm | 0001193125-26-193925 |
| Document: d40828dex992.htm | 0001193125-26-193925 |
| Document: d40828d8k.htm | 0001193125-26-193925 |
| Document: 0001193125-26-193925-index-headers.html | 0001193125-26-193925 |
| Document: 0001193125-26-193925-index.html | 0001193125-26-193925 |
| Document: 0001193125-26-193925.txt | 0001193125-26-193925 |
| 8-K Data (Synthetic) | 0001193125-26-193925 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 15, 2026
8d ago
|
8-K
| $36.77 awaiting T+5 | awaiting T+5 | — | $37.53 (+2.07%) |
|
May 4, 2026
19d ago
|
8-K
| $38.98 $38.84 | ▼ −0.36% | ▼ −3.30% | $37.53 (−3.72%) |
|
Apr 30, 2026
23d ago
|
8-K
| $36.78 $40.61 | ▲ +10.41% | ▲ +8.69% | $37.53 (+2.04%) |
|
Apr 24, 2026
29d ago
|
Press Release
| $33.23 $36.78 | ▲ +10.68% | ▲ +9.77% | $37.53 (+12.94%) |
|
Apr 9, 2026
6w ago
|
Press Release
| $32.31 $31.51 | ▼ −2.48% | ▼ −5.66% | $37.53 (+16.16%) |
|
Mar 13, 2026
10w ago
|
8-K
| $31.11 $29.30 | ▼ −5.82% | ▼ −3.70% | $37.53 (+20.64%) |
|
Mar 13, 2026
10w ago
|
Press Release
| $31.11 $29.30 | ▼ −5.82% | ▼ −3.70% | $37.53 (+20.64%) |
|
Mar 12, 2026
10w ago
|
8-K
| $30.86 $30.50 | ▼ −1.17% | ▼ −0.19% | $37.53 (+21.61%) |
|
Mar 6, 2026
11w ago
|
Insider Cluster
| $32.27 $31.11 | ▼ −3.59% | ▼ −2.07% | $37.53 (+16.30%) |
|
Feb 26, 2026
12w ago
|
8-K
| $33.71 $32.05 | ▼ −4.92% | ▼ −3.80% | $37.53 (+11.33%) |
US Market Status
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