At a glance
Indivior PLC is worth $4.10B, about 21 times its fiscal 2025 earnings. Revenue grew 4.3% to $1.24B in fiscal 2025, with 16.9% kept as profit; over 3 years it has grown 11.2% a year. It pays no dividend; it spent $307.0M buying back its shares over FY2022–FY2025. The stock returned +39.6% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Indivior makes prescription medicines for opioid use disorder (OUD), a chronic, relapsing but treatable brain disease. Its two core products both contain buprenorphine, a medicine that reduces opioid cravings and withdrawal. SUBLOCADE is a once-a-month injection, and SUBOXONE Film is a strip that dissolves under the tongue. Indivior describes itself as the market leader in long-acting injectable OUD medicines. SUBLOCADE became its largest product by net revenue by the second quarter of 2022, and the company says it relies heavily on it.
The U.S. is the core market, providing 85% of net revenue in 2025 and 83% in 2023. There, Indivior offers only SUBLOCADE and SUBOXONE Film, and it depends on insurers and government programs such as Medicaid to pay for them. Revenue rose 4.3% to $1.24 billion in 2025. Gross margin was 80.2%, meaning about 80 cents of each sales dollar was left after the direct cost of making the drugs.
Outside the U.S., Indivior focuses on Canada, Australia and France, and offers products in Germany without local operations. In October 2025 it announced an exit from several markets, including the U.K., Ireland and Italy. It has two OUD drug candidates in development. Spun out of Reckitt Benckiser in 2014, it moved its legal home to Delaware in January 2026 and is based in Richmond, Virginia.
Price history
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INDV +39.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $356.0M, up 13.4% from a year earlier, and net income was $137.0M (+226.2%).
- For fiscal 2025, revenue was $1.24B (+4.3% year over year; +11.2% a year from FY2022 to FY2025) with a 16.9% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +11.2% good |
|---|---|
| Operating margin | 21.1% good |
| Free cash flow margin | -7.5% weak |
| Return on assets (FY2025) | 17.5% good |
| Net cash (cash minus debt) | $-156.0M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $901.0M | $-44.0M | $-9.0M |
| FY2023 | $1.09B | $-126.0M | $-308.0M |
| FY2024 | $1.19B | $7.0M | $7.0M |
| FY2025 | $1.24B | $210.0M | $-93.0M |
Valuation snapshot
| Market value | $4.10B |
|---|---|
| P/E ratio | 21.2 |
| Dividend yield | 0% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| INDV price data to Oct 28, 2026 | -3.1% | +39.6% | +19.5% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -3.1% |
| 2025 | +188.7% |
| 2024 | -18.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 5 open-market purchases ($139K) and 3 sales ($2.8M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 8, 2026 | Ryan Preblick Chief Financial Officer | sell (plan) | $1.4M |
| Jul 10, 2026 | Christian Heidbreder Chief Scientific Officer | sell (plan) | $765K |
| Jun 11, 2026 | Christian Heidbreder Chief Scientific Officer | sell (plan) | $707K |
| Aug 5, 2026 | Woodrow D Anderson Chief Accounting Officer | buy | $54K |
| Aug 27, 2026 | Woodrow D Anderson Chief Accounting Officer | buy | $54K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.3% | Dec 31, 2025 |
| Vanguard Portfolio Management | 6.55% | Mar 31, 2026 |
| Millennium Management LLC | 5.4% | Sep 23, 2026 |
| Vanguard Capital Management | 5.35% | Mar 31, 2026 |
| Fuller & Thaler Asset Management, Inc. | 3.72% | Mar 31, 2026 |
| Deerfield Mgmt, L.P. | 3.7% | Nov 10, 2025 |
| Morgan Stanley | 3.7% | Mar 31, 2025 |
| Madison Avenue International LP | 3.5% | Mar 31, 2026 |
| THE GOLDMAN SACHS GROUP, INC. | 2.9% | Dec 31, 2025 |
What could go wrong
- Heavy reliance on a single drug. Indivior relies heavily on SUBLOCADE for a significant portion of its revenue. Anything that hurts that one monthly injection, such as safety concerns, pricing pressure or a rival product, could hit results hard.
- New rivals, including cheaper generic copies. Competitors include companies with greater resources. Approval of generic or branded drugs that compete with SUBLOCADE, or another generic version of SUBOXONE Film, could cut sales and profits.
- Legal history and ongoing government restrictions. In 2020 a subsidiary pleaded guilty to a false-statement charge tied to SUBOXONE Film; the company agreed to pay $600 million. A Federal Trade Commission order lasts until November 2030; violations could bring criminal charges.
- Medicaid cuts could limit patient access. Indivior depends on insurers and government programs to pay for its drugs, and the U.S. provided 85% of 2025 net revenue. Congressional cuts to Medicaid could limit patients' access to its treatments.
- Strict manufacturing and controlled-substance rules. Outside firms make most of Indivior's products, and their plants must meet strict FDA standards. Buprenorphine is a controlled substance, so Drug Enforcement Administration rules add limits. A lapse could interrupt supply.
- Debt and negative shareholder equity. As of June 30, 2026, Indivior had $487 million of debt against $249 million of cash and investments, and its liabilities exceeded its assets. Loan terms limit flexibility, and a revenue drop could strain finances.
Recent events
- Other company announcement
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Investor presentation or announcement; Other company announcement
- Major agreement ended
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
For income and retirement investors
Indivior does not pay a dividend. It paid none in fiscal 2022 through 2025, and the yield was 0% as of October 28, 2026. For an income investor, that means no regular cash payouts; any return comes from share-price changes. The company has used buybacks instead, repurchasing $307 million of its own stock over fiscal 2022–2025, though only $11 million in 2025. Free cash flow (cash left after running and investing in the business) was negative $93 million in 2025, and the annual report warns that future dividends or buybacks are not assured.
Price figures cover about 3.4 years through October 28, 2026, so they do not show how the stock fared in the 2008, 2020 or 2022 market downturns. In that span, it fell as much as 69.9% from a peak, lost 18.6% in 2024 and gained about 189% in 2025. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Indivior make money?
Indivior earns its revenue from prescription medicines for opioid use disorder (OUD). Its two core products are SUBLOCADE, a once-a-month buprenorphine injection, and SUBOXONE Film, a buprenorphine-and-naloxone strip that dissolves under the tongue. SUBLOCADE became its largest product by net revenue by the second quarter of 2022. The U.S. provided 85% of net revenue in 2025, when total revenue was $1.24 billion. The company depends on insurers and government programs such as Medicaid to pay for its drugs.
Does Indivior pay a dividend?
No. Indivior paid no dividends in fiscal 2022 through 2025, and its dividend yield was 0% as of October 28, 2026. It has returned cash through buybacks (repurchases of its own stock) instead, spending $307 million over fiscal 2022–2025. The share count fell 5.3% between March 1, 2025 and July 28, 2026. The annual report warns that Indivior may not pay dividends or repurchase shares in the future.
Is Indivior profitable?
Yes, based on its latest annual results. Indivior earned net income of $210 million in 2025, or $1.64 per share, after net losses in 2022 and 2023. In the quarter ended June 30, 2026, revenue rose 13.6% from a year earlier to $343 million, and net income was $122 million. But free cash flow, the cash left after running and investing in the business, was negative $93 million in 2025. As of October 28, 2026, the stock traded at 21.2 times 2025 earnings.
What was the Indivior Suboxone settlement?
In 2020, Indivior settled criminal and civil cases over how it marketed SUBOXONE Film and SUBOXONE Tablet, agreeing to pay federal and state authorities $600 million. One subsidiary pleaded guilty to a single count of making false statements relating to health care matters and was barred from government health programs; the rest of the company was not. Indivior met its remaining obligations under the Justice Department agreement in November 2025, but a Federal Trade Commission order runs until November 2030.
What happened to Indivior PLC shares?
They were swapped one-for-one for common stock of Indivior Pharmaceuticals, Inc., a Delaware company, when Indivior moved its legal home from the U.K. to the U.S. on January 23, 2026. Indivior PLC became a subsidiary and was renamed Indivior Limited. The company had moved its main listing to Nasdaq in June 2024 and ended its London listing in July 2025. Its shares joined the Russell 2000 index in June 2025 and the S&P SmallCap 600 in December 2025.