Revenue reached $356.0M in 2026Q3 with operating margin rising to 50.8% from 43.2% in 2026Q1, suggesting operating income is scaling faster than revenue on a flat SG&A base near $119-124M.
Indivior Pharmaceuticals Inc (INDV) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 1.37B | 1.24B | 1.19B | 1.09B | 901M | 791M | 647M | 785M | 959.92M | 1.15B | 968.89M |
| Revenue Growth % | 16.34% | 4.29% | 8.69% | 21.31% | 13.91% | 22.26% | -17.58% | -18.22% | -16.39% | 18.5% | - |
| Cost of Goods Sold | 204M | 246M | 231M | 174M | 151M | 127M | 97M | 140M | 134.68M | 122.9M | 110.81M |
| COGS % of Revenue | - | 19.85% | 19.44% | 15.92% | 16.76% | 16.06% | 14.99% | 17.83% | 14.03% | 10.7% | 11.44% |
| Gross Profit | 1.17B | 993M | 957M | 919M | 750M | 664M | 550M | 645M | 825.25M | 1.03B | 858.08M |
| Gross Margin % | 85.15% | 80.15% | 80.56% | 84.08% | 83.24% | 83.94% | 85.01% | 82.17% | 85.97% | 89.3% | 88.56% |
| Gross Profit Growth % | - | 3.76% | 4.13% | 22.53% | 12.95% | 20.73% | -14.73% | -21.84% | -19.5% | 19.48% | - |
| Operating Expenses | 570M | 728M | 925M | 1.07B | 831M | 451M | 706M | 467M | 508.14M | 601.89M | 520.16M |
| OpEx % of Revenue | - | 58.76% | 77.86% | 98.35% | 92.23% | 57.02% | 109.12% | 59.49% | 52.94% | 52.42% | 53.69% |
| Selling, General & Admin | 520M | 634M | 618M | 569M | 469M | 431M | 649M | 395M | 444.14M | 508.4M | 411.18M |
| SG&A % of Revenue | - | 51.17% | 52.02% | 52.06% | 52.05% | 54.49% | 100.31% | 50.32% | 46.27% | 44.28% | 42.44% |
| Research & Development | 50M | 97M | 107M | 116M | 74M | 52M | 40M | 53M | 63.99M | 93.49M | 108.98M |
| R&D % of Revenue | - | 7.83% | 9.01% | 10.61% | 8.21% | 6.57% | 6.18% | 6.75% | 6.67% | 8.14% | 11.25% |
| Other Operating Expenses | 0 | -3M | 200M | 390M | 288M | -32M | 17M | 19M | 0 | 0 | 0 |
| Operating Income | 600M | 265M | 32M | -156M | -81M | 213M | -156M | 178M | 317.11M | 423.32M | 337.92M |
| Operating Margin % | 43.67% | 21.39% | 2.69% | -14.27% | -8.99% | 26.93% | -24.11% | 22.68% | 33.03% | 36.87% | 34.88% |
| Operating Income Growth % | - | 728.13% | 120.51% | -92.59% | -138.03% | 236.54% | -187.64% | -43.87% | -25.09% | 25.27% | - |
| EBITDA | 613M | 285M | 60M | -141M | -65M | 235M | -130M | 206M | 333.11M | 436.32M | 351.92M |
| EBITDA Margin % | 44.61% | 23% | 5.05% | -12.9% | -7.21% | 29.71% | -20.09% | 26.24% | 34.7% | 38% | 36.32% |
| EBITDA Growth % | 73.65% | 375% | 142.55% | -116.92% | -127.66% | 280.77% | -163.11% | -38.16% | -23.65% | 23.98% | - |
| D&A (Non-Cash Add-back) | 13M | 20M | 28M | 15M | 16M | 22M | 26M | 28M | 16M | 13M | 14M |
| EBIT | 555M | 284M | 55M | -114M | -62M | 216M | -149M | 202M | 295.14M | 193M | 136.45M |
| Net Interest Income | -1M | -23M | -18M | 8M | -10M | -22M | -17M | 2M | -14M | -42M | -51M |
| Interest Income | 16M | 22M | 23M | 43M | 19M | 4M | 7M | 24M | 17M | 7M | 0 |
| Interest Expense | 17M | 45M | 41M | 35M | 29M | 26M | 24M | 22M | 31M | 49M | 51M |
| Other Income/Expense | -62M | -26M | -18M | 7M | -8M | -23M | -17M | 2M | -14M | -56M | -51M |
| Pretax Income | 538M | 239M | 14M | -149M | -89M | 190M | -173M | 180M | 265.53M | 143.91M | 89.75M |
| Pretax Margin % | 39.16% | 19.29% | 1.18% | -13.63% | -9.88% | 24.02% | -26.74% | 22.93% | 27.66% | 12.53% | 9.26% |
| Income Tax | 88M | 29M | 11M | -20M | -44M | -15M | -25M | 46M | 2.87M | 82.98M | 57.69M |
| Effective Tax Rate % | 16.36% | 12.13% | 78.57% | 13.42% | 49.44% | -7.89% | 14.45% | 25.56% | 1.08% | 57.66% | 64.29% |
| Net Income | 450M | 210M | 2M | -129M | -44M | 205M | -148M | 134M | 262.67M | 60.92M | 32.05M |
| Net Margin % | 32.75% | 16.95% | 0.17% | -11.8% | -4.88% | 25.92% | -22.87% | 17.07% | 27.36% | 5.31% | 3.31% |
| Net Income Growth % | 171.08% | 10400% | 101.55% | -193.18% | -121.46% | 238.51% | -210.45% | -48.98% | 331.14% | 90.08% | - |
| Net Income (Continuing) | 450M | 210M | 3M | -129M | -45M | 205M | -148M | 134M | 262.67M | 60.92M | 32.05M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.69 | 1.64 | 0.02 | -0.91 | -0.37 | 1.31 | -1.08 | 0.92 | 1.75 | 0.41 | 0.22 |
| EPS Growth % | 175.38% | 10833.33% | 101.65% | -145.95% | -128.24% | 221.3% | -217.39% | -47.43% | 326.83% | 86.36% | - |
| EPS (Basic) | - | 1.68 | 0.02 | -0.94 | -0.37 | 1.38 | -1.08 | 0.95 | 1.81 | 0.42 | 0.22 |
| Diluted Shares Outstanding | 122M | 128M | 133M | 141.8M | 139.01M | 154.23M | 146.57M | 151.07M | 150.23M | 149.7M | 148.64M |
| Basic Shares Outstanding | 118M | 125M | 132M | 137.31M | 139.01M | 145.66M | 146.57M | 146.05M | 145.43M | 144.23M | 143.97M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 215.28% |
Quick answers to the most common questions about buying INDV stock.
For fiscal year 2025, Indivior Pharmaceuticals Inc (INDV) reported total revenue of $1.24B. This represents a 27.9% increase compared to $968.9M in 2016.
Indivior Pharmaceuticals Inc (INDV) is profitable, generating $210.0M in net income for the fiscal year ending 2025 with a net profit margin of 16.9%.
Indivior Pharmaceuticals Inc (INDV) reported an operating income of $265.0M, resulting in an operating profit margin of 21.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Indivior Pharmaceuticals Inc (INDV) generated $993.0M in gross profit for the year, representing a gross profit margin of 80.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Single-product revenue concentration risk
Metrics are mathematically derived from official filings.
Revenue Growth Re-Accelerating Through 2026
Based on reported quarterly figures, Indivior's revenue rose from $317.0M in 2026Q1 to $356.0M in 2026Q3, with year-over-year growth of 13.4% in the latest quarter, indicating sustained demand momentum for its injectable franchise.
The shift from 2025 low-single-digit growth to the low-to-mid teens suggests the injectable portfolio is offsetting erosion in legacy oral products. Investors should assess whether this growth reflects durable patient starts or timing effects in specialty distribution inventory, which the reported figures alone cannot resolve.
Gross Margin Stability Above Generic Peers
As reported in the quarterly income statements, Indivior's gross margin held between 85.7% and 87.4% across the three most recent quarters, well above the 59-60% gross margins of several specialty peers such as Collegium and Bausch Health.
This elevated margin structure is consistent with a patented, injectable product carrying limited direct manufacturing cost per dose. However, the margin may be exposed to rebate and gross-to-net pressure from payers, and a sustained gap of this size invites scrutiny of whether pricing can be defended as competition from long-acting alternatives intensifies.
Operating Leverage Emerging but Uneven
Based on reported figures, operating margin expanded from 43.2% in 2026Q1 to 50.8% in 2026Q3 while SG&A remained roughly flat near $119-124M, suggesting operating income is scaling faster than gross profit.
The combination of stable SG&A and rising gross profit indicates favorable operating leverage in the current period. The prior-year volatility, including a negative operating income quarter in 2024Q4, suggests this leverage has not yet proven durable through a full cycle and warrants continued monitoring.
Margin Durability Faces Competitive Test
Based on the reported figures, Indivior's gross margin of 85.7% in 2026Q3 and its peak of 92.3% in 2024Q4 sit far above peers, which may attract payer rebate pressure and new long-acting competition over time.
Short-sellers would likely argue that the recent operating margin surge from 43.2% to 50.8% rests on a narrow SG&A base and a single franchise, leaving little cushion if Brixadi or other injectables erode pricing. The sharp swings in the 2024 and 2025 quarters, including the $(118.0)M operating loss in 2024Q2, indicate that the current margin level has not been tested through a full cycle.
2025 Q3 Marked the Profitability Turn
As reported in the income statement history, Indivior's operating margin moved from 23.8% in 2025Q2 to 31.5% in 2025Q3 and continued rising to 50.8% by 2026Q3, marking the clearest operational inflection in the ten-quarter record.
The sustained climb suggests the injectable mix shift and cost discipline began compounding after mid-2025. The lasting significance depends on whether this margin level is maintained once competitive long-acting entrants reach scale, which the reported data cannot yet confirm.