Revenue growth accelerated to 19.2% in 2026Q1, supported by a robust gross margin profile that reached a peak of 87.4% during the same period.
| Sales/Revenue | 1.29B | 1.24B | 1.19B | 1.09B | 901M | 791M | 647M | 785M | 959.92M | 1.15B | 968.89M |
| Revenue Growth % | 10.25% | 4.29% | 8.69% | 21.31% | 13.91% | 22.26% | -17.58% | -18.22% | -16.39% | 18.5% | - |
| Cost of Goods Sold | 218M | 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 | 1.07B | 993M | 957M | 919M | 750M | 664M | 550M | 645M | 825.25M | 1.03B | 858.08M |
| Gross Margin % | 83.11% | 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 | 643M | 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 | 570M | 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 | 74M | 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 | -1000K | -3M | 200M | 390M | 288M | -32M | 17M | 19M | 0 | 0 | 0 |
| Operating Income | 430M | 265M | 32M | -156M | -81M | 213M | -156M | 178M | 317.11M | 423.32M | 337.92M |
| Operating Margin % | 33.31% | 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 | 447M | 285M | 61M | -141M | -65M | 235M | -130M | 206M | 332.39M | 436.97M | 350.74M |
| EBITDA Margin % | 34.62% | 23% | 5.13% | -12.9% | -7.21% | 29.71% | -20.09% | 26.24% | 34.63% | 38.06% | 36.2% |
| EBITDA Growth % | 480.52% | 367.21% | 143.26% | -116.92% | -127.66% | 280.77% | -163.11% | -38.02% | -23.93% | 24.59% | - |
| D&A (Non-Cash Add-back) | 17M | 20M | 29M | 15M | 16M | 22M | 26M | 28M | 15.28M | 13.66M | 12.82M |
| EBIT | 435M | 284M | 55M | -114M | -62M | 216M | -149M | 202M | 295.14M | 193M | 136.45M |
| Net Interest Income | -19M | -23M | -18M | 8M | -10M | -22M | -17M | 2M | -14M | -42M | -51M |
| Interest Income | 21M | 22M | 23M | 43M | 19M | 4M | 7M | 24M | 17M | 7M | 0 |
| Interest Expense | 40M | 45M | 41M | 35M | 29M | 26M | 24M | 22M | 31M | 49M | 51M |
| Other Income/Expense | -135M | -26M | -18M | 7M | -8M | -23M | -17M | 2M | -14M | -56M | -51M |
| Pretax Income | 295M | 239M | 14M | -149M | -89M | 190M | -173M | 180M | 265.53M | 143.91M | 89.75M |
| Pretax Margin % | 22.85% | 19.29% | 1.18% | -13.63% | -9.88% | 24.02% | -26.74% | 22.93% | 27.66% | 12.53% | 9.26% |
| Income Tax | 44M | 29M | 11M | -20M | -44M | -15M | -25M | 46M | 2.87M | 82.98M | 57.69M |
| Effective Tax Rate % | 14.92% | 12.13% | 78.57% | 13.42% | 49.44% | -7.89% | 14.45% | 25.56% | 1.08% | 57.66% | 64.29% |
| Net Income | 251M | 210M | 2M | -129M | -44M | 205M | -148M | 134M | 262.67M | 60.92M | 32.05M |
| Net Margin % | 19.44% | 16.95% | 0.17% | -11.8% | -4.88% | 25.92% | -22.87% | 17.07% | 27.36% | 5.31% | 3.31% |
| Net Income Growth % | 1830.77% | 10400% | 101.55% | -193.18% | -121.46% | 238.51% | -210.45% | -48.98% | 331.14% | 90.08% | - |
| Net Income (Continuing) | 251M | 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) | 1.95 | 1.64 | 0.02 | 0.01 | -0.37 | 1.31 | -1.08 | 0.92 | 1.75 | 0.41 | 0.22 |
| EPS Growth % | 1314.29% | 10833.33% | 6.38% | 103.81% | -128.24% | 221.3% | -217.39% | -47.43% | 326.83% | 86.36% | - |
| EPS (Basic) | - | 1.68 | 0.02 | 0.01 | -0.37 | 1.38 | -1.08 | 0.95 | 1.81 | 0.42 | 0.22 |
| Diluted Shares Outstanding | 129M | 128M | 133M | 141.8M | 139.01M | 154.23M | 146.57M | 151.07M | 150.23M | 149.7M | 148.64M |
| Basic Shares Outstanding | 125.35M | 125M | 132M | 137.31M | 139.01M | 145.66M | 146.57M | 146.05M | 145.43M | 144.23M | 143.97M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 197.14% |
Litigation and competitive displacement
According to recent financial filings, Indivior has achieved a notable revenue acceleration, with growth reaching 19.2% in 2026Q1, signaling that the strategic pivot toward the Sublocade injectable franchise is successfully offsetting the structural decline of legacy sublingual film products within the competitive US market.
The recent uptick in top-line growth suggests that the company is successfully navigating the transition from a volume-based oral model to a higher-value, recurring injectable model. Investors should monitor whether this growth rate remains sustainable as the company faces increased competition from new market entrants in the long-acting injectable space.
As reported in quarterly statements, Indivior maintains a robust gross margin profile, peaking at 87.4% in 2026Q1, which reflects the premium pricing power inherent in its specialized injectable delivery system despite the ongoing pressures of government-mandated rebates and complex distribution channel economics.
The high gross margin suggests that the company's proprietary delivery technology provides a significant moat against generic commoditization. However, the variability in operating margins indicates that the company's profitability remains highly sensitive to non-recurring legal expenses and the aggressive marketing spend required to defend its market position.
Based on the provided income statement data, Indivior has demonstrated improved operating leverage, with operating income rising to $137.0M in 2026Q1, suggesting that the company is beginning to realize economies of scale as the specialized sales force matures and administrative costs stabilize relative to revenue.
The expansion of operating margins from the lows seen in 2024 suggests that management is successfully controlling overhead costs while scaling the injectable business. This trend warrants further investigation to determine if the current efficiency gains are permanent or merely a result of reduced litigation-related outflows in the most recent period.
Financial disclosures indicate that Indivior's net income remains subject to significant volatility, with EPS fluctuating from a loss of $0.72 in 2024Q2 to a profit of $0.82 in 2025Q4, largely due to the irregular impact of litigation contingency reserves and other non-operating charges.
The wide variance in quarterly earnings suggests that investors should focus on adjusted metrics that strip out legal and one-time items to gauge the true underlying profitability of the business. The presence of stock-based compensation, while currently moderate, should be monitored as a potential dilution risk for long-term shareholders.
While current performance appears strong, the entry of direct competitors like Braeburn Pharmaceuticals poses a credible threat to Indivior's pricing power, as evidenced by the potential for margin compression if the company is forced to increase rebates to maintain its preferred status on insurance formularies.
Short-sellers may focus on the finite capacity of the specialized treatment infrastructure, which could limit the total addressable market for Sublocade. If the company fails to maintain its first-mover advantage in Organized Health Systems, the current valuation may prove difficult to justify given the inherent risks of the specialty pharma sector.
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.