Indivior reported record third-quarter results, led by continued growth in its opioid-use-disorder treatment SUBLOCADE, and said it remains on track to meet its 2026 standalone guidance. The update comes just days before the company’s planned all-stock merger with Supernus Pharmaceuticals, which shareholders have approved.
The merger is expected to close on November 2. The combined company will operate as Supernus, Inc., with its shares set to trade on Nasdaq under the ticker SUPN starting November 3.
Third-quarter results
- Revenue rose 13% year over year to $356 million. SUBLOCADE generated $267 million, up 22% from a year earlier and a quarterly record.
- U.S. SUBLOCADE revenue increased 24% to $252 million. Indivior attributed the growth mainly to a 17% increase in dispense-unit volume, along with more favorable price and product mix and gross-to-net adjustments. More than 583,000 U.S. patients had been prescribed SUBLOCADE since its launch as of September 30.
- Profitability increased sharply. GAAP net income was a record $137 million, or $1.12 per diluted share, compared with $42 million, or 33 cents per share, a year earlier. Non-GAAP net income was $161 million, or $1.32 per diluted share, versus $93 million, or 72 cents.
- Adjusted EBITDA reached a quarterly record of $211 million, up 76% year over year. Its margin was 59%, an increase of 21 percentage points.
- Expenses declined. GAAP operating expenses fell 33% to $125 million; non-GAAP operating expenses fell 29% to $103 million. Indivior’s reported net income margin was 39%, up 25 percentage points from the prior-year quarter.
- Cash and investments totaled $332 million at quarter-end.
- For the first nine months of 2026, revenue was $1.016 billion, compared with $881 million in the same period of 2025.
2026 guidance and merger
- Before the merger closes, Indivior said it is on track to meet its previously issued full-year guidance as a standalone company: revenue of $1.295 billion to $1.365 billion, including SUBLOCADE revenue of $1.010 billion to $1.050 billion; non-GAAP operating expenses of $430 million to $450 million; and adjusted EBITDA of $700 million to $740 million.
- The guidance assumes no material change in exchange rates for key currencies, particularly the U.S. dollar against the British pound and euro. Indivior said the standalone guidance will no longer apply once the merger is completed.
- Indivior and Supernus agreed in August to combine in an all-stock merger of equals, creating a larger company focused on central nervous system medicines. Indivior shareholders approved the transaction in October.
- Indivior’s board also declared a special cash dividend that is conditional on the merger closing. The announcement provided here did not specify the dividend amount.
The immediate change for shareholders is the planned transition from Indivior to the combined company, including a new company name and ticker. Indivior’s standalone financial targets apply only up to the merger closing; the reported quarter-end cash balance and results precede that transition.