Indivior Pharmaceuticals, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
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Under review: our cash-flow value ($1.58) was left out of our combined valuation (it is 0.04x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.
Under review: our cash-flow value ($1.58) was left out of our combined valuation (it is 0.04x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.
Indivior Pharmaceuticals, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to September 2026 was $1.37bn, up 16.3% on a year earlier, faster than the 13.5% growth a quarter earlier. Free-cash-flow margin fell to 2.3% from 10.1% a year earlier. Operating margin widened to 40.6% from 19.2%.
Our model value for Indivior Pharmaceuticals is under review, so past values are not shown until it is resolved.
Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation
Indivior's revenue for the twelve months to June 2026 reached $1.37bn, a 16.3% rise on the prior year and an acceleration from the 13.5% growth recorded a quarter earlier. Profitability told a mixed story. Operating margin widened sharply, to 40.6% from 19.2%, yet free-cash-flow margin slipped to just 2.3%, down from 10.1% a year earlier, suggesting the improvement in reported earnings has not yet translated into cash generation. Our model value has been trimmed as a result, falling from $60.25 to $55.94 a share. Even at the lower figure, the shares, trading at $34.77, sit well below our estimate of fair value, leaving a sizeable gap between the market price and the model's assessment of the business.
Revenue for the twelve months to June 2026 was $1.33bn. Free-cash-flow margin fell to -8.3% from 14.7% a year earlier. Operating margin widened to 31.6% from 18.7%. It passes 2 of our 5 financial-health checks.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Indivior Pharmaceuticals, Inc.'s trailing-twelve-month revenue grew 16.3% year on year, with a free-cash-flow margin of 2.3%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 53 pharmaceuticals companies we cover.
Our discounted-cash-flow model values the business at ~$1.6 per share in the base case (~$0.8–$2.6 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 73.9% while net income grew 251.6%: a 326pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The company also guided to total sublocade net revenue of $1,010.00m to $1,050.00m for the full-year 2026; non-gaap operating expenses of $430.00m to $450.00m for the full-year 2026.
Our value per share comes from a discounted-cash-flow model of Indivior Pharmaceuticals, Inc.'s free cash flow after stock-based pay ( $11.7M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Indivior Pharmaceuticals, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.73 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$1.6 ~$0.8–$2.6 | Left out: out of range vs price (0.04x) |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$40 ~$42–$83 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Indivior Pharmaceuticals, Inc. with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|
| Share price | $21.75 | $15.27 | $12.43 | $35.88 | $36.28 |
| Market value | $3.0bn | $2.1bn | $1.7bn | $4.6bn | $4.6bn |
| + Net debt (− = net cash) | −$774m | −$76m | $14m | $124m | $183m |
| Enterprise value | $2.2bn | $2.0bn | $1.7bn | $4.7bn | $4.8bn |
| Multiples | |||||
| Price / sales | 3.4x | 1.9x | 1.4x | 3.7x | 3.3x |
| Price / earnings | — | — | n/m | 21.9x | 10.2x |
| Price / free cash flow | — | — | n/m | — | 148.3x |
| EV / EBITDA | — | — | 30.9x | 17.3x | 8.5x |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $4.42 | +77% | $1.3bn | +8% |
| Next | $4.51 | +2% | $1.4bn | +5% |
Next year's EPS estimate has moved +8.1% in 90 days, across 3 analysts.
The consensus EPS forecast for the current fiscal year is +14.5% on 90 days ago. In the last 30 days, 3 analysts raised Indivior Pharmaceuticals, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $3.85 | $4.17 |
| 60 days ago | $4.41 | $4.88 |
| 30 days ago | $4.41 | $4.88 |
| 7 days ago | $4.41 | $4.88 |
| Now | $4.42 | $4.51 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $1.13 | $1.32 | +17.2% |
| Jun 2026 | $0.92 | $1.15 | +24.8% |
| Mar 2026 | $0.66 | $0.96 | +45.5% |
| Dec 2025 | $0.67 | $0.82 | +21.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
Our cash-flow model grows Indivior Pharmaceuticals, Inc.'s revenue by +4.8% next year and +13.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+0.7%, weight 33%) , management guidance (+0.5%, weight 40%) and the company's own record (+16.3%, weight 27%) . How the weights are set.
Last 12 months +23.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.2bn | $1.3bn | +13.5% |
| Net margin | 9.2% | 26.7% | +189.7% |
| P/E multiple | 34.7x | 13.1x | −62.2% |
| Share count | 128m | 129m | −0.6% |
Biggest factor: net margin.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| INDV | +136% | +26% | −30% | −19% | +189% | +1% |
| Industry peers (median) | −20% | −52% | −13% | −2% | +7% | −14% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| INDV | 75% | 67% | 42% | 42% | 75% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| INDV | −21% | −86% | −41% | −68% | −34% | −22% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 94% from June 5, 2018 to April 11, 2019. Getting back needed a 1519% gain, reached on November 28, 2025, 2423 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 29, 2026 | +1.7% | −2.1% | — | — |
| August 3, 2026 | −8.8% | +3.3% | −3.8% | −13.6% |
| April 30, 2026 | +10.3% | +1.3% | +16.0% | +2.1% |
| February 26, 2026 | −2.7% | −1.0% | −4.7% | −13.9% |
| October 30, 2025 | +16.4% | −0.8% | +26.3% | +33.1% |
| July 31, 2025 | +21.0% | −2.0% | +26.7% | +39.5% |
| April 24, 2025 | +22.3% | +2.8% | +22.2% | +19.2% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q4 | $1.2B |
| FY25 Q1 | $1.2B |
| FY25 Q2 | $1.2B |
| FY25 Q3 | $1.2B |
| FY25 Q4 | $1.2B |
| FY26 Q1 | $1.3B |
| FY26 Q2 | $1.3B |
| FY26 Q3 | $1.4B |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY25 Q4 | 4.3% |
| FY26 Q1 | 10.2% |
| FY26 Q2 | 13.5% |
| FY26 Q3 | 16.3% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q4 | 3.2% |
| FY25 Q1 | 2.5% |
| FY25 Q2 | 18.7% |
| FY25 Q3 | 19.2% |
| FY25 Q4 | 21.1% |
| FY26 Q1 | 25.8% |
| FY26 Q2 | 31.6% |
| FY26 Q3 | 40.6% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q4 | 0.6% |
| FY25 Q1 | 9.9% |
| FY25 Q2 | 14.7% |
| FY25 Q3 | 10.1% |
| FY25 Q4 | -7.5% |
| FY26 Q1 | -14.9% |
| FY26 Q2 | -8.3% |
| FY26 Q3 | 2.3% |
Each dollar Indivior Pharmaceuticals took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
| Revenue | $1.2B | |
|---|---|---|
| Cost of revenue | $246M | 19.9% of revenue |
| Gross profit | $994M | 80.2% of revenue |
| Research and development | $97M | 7.8% of revenue |
| Selling, general and admin | $634M | 51.2% of revenue |
| Operating income | $262M | 21.1% of revenue |
| Income tax | $29M | 2.3% of revenue |
| Interest and other | $23M | 1.9% of revenue |
| Net income | $210M | 16.9% of revenue |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Sept 2026 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 901 | 1,093 | 1,188 | 1,239 | 1,374 |
| Gross profit | 749 | 919 | 957 | 994 | 1,168 |
| EBITDA | −61 | −137 | 54 | 272 | 565 |
| Operating income | −77 | −152 | 38 | 262 | 558 |
| Net income | −42 | −126 | 7 | 210 | 450 |
| Diluted EPS | −$0.30 | −$0.92 | $0.05 | $1.64 | $3.55 |
| Growth (year on year) | |||||
| Revenue | — | +21.3% | +8.7% | +4.3% | +16.3% |
| EBITDA | — | — | — | +403.7% | +135.4% |
| Operating income | — | — | — | +589.5% | +145.8% |
| Net income | — | — | — | — | +251.6% |
| Diluted EPS | — | — | — | — | +251.6% |
| Margins | |||||
| Gross margin | 83.1% | 84.1% | 80.6% | 80.2% | 85.0% |
| EBITDA margin | −6.8% | −12.5% | 4.5% | 22.0% | 41.1% |
| Operating margin | −8.5% | −13.9% | 3.2% | 21.1% | 40.6% |
| Net margin | −4.7% | −11.5% | 0.6% | 16.9% | 32.8% |
| Free-cash-flow margin | −1.0% | −28.2% | 0.6% | −7.5% | 2.3% |
| Cash flow | |||||
| Cash from operations | −4 | −300 | 36 | −27 | 96 |
| Capital spending | 5 | 8 | 29 | 66 | 65 |
| Free cash flow | −9 | −308 | 7 | −93 | 31 |
| Stock-based pay | 16 | 21 | 24 | 26 | 33 |
| Free cash flow after stock pay | −25 | −329 | −17 | −119 | −2 |
| Balance sheet | |||||
| Cash | 774 | 316 | 319 | 195 | 305 |
| Total debt | 0 | 240 | 333 | 319 | 488 |
| Net debt (negative = net cash) | −774 | −76 | 14 | 124 | 183 |
| Diluted shares | 139m | 137m | 133m | 128m | 127m |
| Returned to shareholders | |||||
| Buybacks | 90 | 33 | 173 | 11 | 302 |
| Total returned | 90 | 33 | 173 | 11 | 302 |
| Quarter | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 | 2026 Q3 Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 299 | 266 | 302 | 314 | 358 | 317 | 343 | 356 |
| Gross profit | 250 | 221 | 250 | 230 | 292 | 277 | 294 | 305 |
| EBITDA | 51 | 69 | 74 | 46 | 83 | 139 | 162 | 181 |
| Operating income | 46 | 66 | 72 | 43 | 81 | 137 | 160 | 180 |
| Net income | 21 | 47 | 18 | 42 | 102 | 89 | 122 | 137 |
| Diluted EPS | $0.16 | $0.38 | $0.14 | $0.33 | $0.79 | $0.69 | $0.98 | $1.12 |
| Growth (year on year) | ||||||||
| Revenue | — | −6.3% | +1.0% | +2.3% | +19.7% | +19.2% | +13.6% | +13.4% |
| EBITDA | — | −13.8% | — | +17.9% | +62.7% | +101.4% | +118.9% | +293.5% |
| Operating income | — | −12.0% | — | +22.9% | +76.1% | +107.6% | +122.2% | +318.6% |
| Net income | — | −23.0% | — | +90.9% | +385.7% | +89.4% | +577.8% | +226.2% |
| Diluted EPS | — | −15.6% | — | +106.3% | +393.8% | +81.6% | +600.0% | +239.4% |
| Margins | ||||||||
| Gross margin | 83.6% | 83.1% | 82.8% | 73.2% | 81.6% | 87.4% | 85.7% | 85.7% |
| EBITDA margin | 17.1% | 25.9% | 24.5% | 14.6% | 23.2% | 43.8% | 47.2% | 50.8% |
| Operating margin | 15.4% | 24.8% | 23.8% | 13.7% | 22.6% | 43.2% | 46.6% | 50.6% |
| Net margin | 7.0% | 17.7% | 6.0% | 13.4% | 28.5% | 28.1% | 35.6% | 38.5% |
| Free-cash-flow margin | −11.0% | 26.3% | 46.7% | −18.8% | −68.4% | −9.1% | 64.7% | 23.3% |
| Cash flow | ||||||||
| Cash from operations | −17 | 75 | 158 | −39 | −221 | −9 | 229 | 97 |
| Capital spending | 16 | 5 | 17 | 20 | 24 | 20 | 7 | 14 |
| Free cash flow | −33 | 70 | 141 | −59 | −245 | −29 | 222 | 83 |
| Stock-based pay | 6 | 6 | 8 | 6 | 5 | 9 | 11 | 8 |
| Free cash flow after stock pay | −39 | 64 | 133 | −65 | −250 | −38 | 211 | 75 |
| Last 12 months unless stated | INDV | PAHC | LNTH | TRLV | PBH | ANIP | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.4bn | $1.5bn | $1.6bn | $1.1bn | $1.1bn | $978m | $276m |
| Revenue growth, last 12 months | 16.3% | 17.1% | 2.3% | −3.9% | −1.4% | 30.9% | 9.9% |
| Revenue growth, 3-year average | — | 15.8% | 11.4% | −0.6% | −0.7% | 34.6% | 5.5% |
| Revenue growth, latest quarter | 13.4% | 4.8% | 2.7% | −10.3% | 6.5% | 25.9% | 6.5% |
| Gross margin | 85.0% | 33.8% | 60.1% | 59.5% | 53.5% | 60.0% | 62.0% |
| Operating margin | 40.6% | 12.8% | 19.4% | −24.3% | 26.3% | 15.4% | −5.9% |
| Operating margin, 3-year average | — | 8.9% | 26.7% | −1.4% | 28.6% | 8.9% | −7.4% |
| Net margin | 32.8% | 6.6% | 17.7% | −41.6% | 15.6% | 11.1% | −7.3% |
| Cash from operations / revenue | 7.0% | 4.5% | 26.5% | 21.5% | 22.6% | 19.4% | 10.2% |
| Free-cash-flow margin | 2.3% | 0.6% | 24.9% | 17.1% | 21.3% | 17.7% | 8.6% |
| Free-cash-flow margin, 3-year average | — | 2.8% | 28.6% | 19.0% | 22.4% | 17.6% | 7.4% |
| Stock pay / revenue | 2.4% | 0.1% | 5.0% | 1.8% | 1.0% | 4.2% | 3.6% |
| Change in share count | 0.0% | 0.7% | −7.8% | 1.4% | −3.6% | 11.6% | 1.9% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 16.3% | 10.0% | 27 of 74 |
| Change in growth rate Growth | +2.9pp | -0.3pp | 19 of 74 |
| Gross margin Profitability | 85.0% | 59.8% | 5 of 59 |
| Operating margin Profitability | 40.6% | -5.9% | 5 of 67 |
| Net margin Profitability | 32.8% | -7.3% | 6 of 75 |
| Free-cash-flow margin Cash generation | 2.3% | 10.1% | 43 of 74 |
| Stock pay as % of revenue Cash generation | 2.4% | 3.6% | 30 of 69 |
| Long-term debt as % of assets Balance sheet | 0.0% | 23.8% | 1 of 53 |
| Change in share count Balance sheet | 0.0% | 1.5% | 20 of 62 |
| Days sales outstanding Balance sheet | 73 days | 72 days | 31 of 59 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $768M | 18.7M | 15.2% | ▲ 0.9% |
| Vanguard Portfolio Management LLC | $311M | 7.6M | 6.2% | ▼ 4.0% |
| Oaktree Capital Management LP | $251M | 6.1M | 5.0% | ▼ 12.3% |
| Vanguard Capital Management LLC | $225M | 5.5M | 4.5% | ▼ 1.6% |
| State Street Corp | $205M | 5.0M | 4.1% | ▲ 1.8% |
| Fuller & Thaler Asset Management, Inc. | $189M | 4.6M | 3.8% | ▲ 1.9% |
| Two Seas Capital LP | $143M | 3.5M | 2.8% | ▼ 26.7% |
| Morgan Stanley | $139M | 3.4M | 2.8% | ▼ 3.1% |
| Franklin Resources Inc | $136M | 3.3M | 2.7% | ▲ 2871.8% |
| Geode Capital Management, LLC | $130M | 3.2M | 2.6% | ▲ 8.0% |
| Assenagon Asset Management S.A. | $126M | 3.1M | 2.5% | New |
| Madison Avenue Partners, LP | $118M | 2.9M | 2.3% | ▼ 33.4% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Indivior Pharmaceuticals, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Anderson Woodrow D Chief Accounting Officer | August 27, 2026 | Buy | 1,500 | $35.69 | $53,535 |
| Anderson Woodrow D Chief Accounting Officer | August 5, 2026 | Buy | 1,500 | $36.28 | $54,420 |
| Heidbreder Christian Chief Scientific Officer | July 10, 2026 | Sell pre-set plan | 18,586 | $41.14 | $764,628 |
| Heidbreder Christian Chief Scientific Officer | June 11, 2026 | Sell pre-set plan | 18,586 | $38.06 | $707,383 |
| Preblick Ryan Chief Financial Officer | June 8, 2026 | Sell pre-set plan | 36,000 | $37.70 | $1.4M |
| Ryan Barbara Director | March 13, 2026 | Buy | 8 | $31.09 | $249 |
| Ryan Barbara Director | March 9, 2026 | Buy | 31 | $32.56 | $1,009 |
| Kingsley Stuart A Director | March 6, 2026 | Buy | 940 | $31.87 | $29,958 |
| Wheadon David E. Director | January 5, 2026 | Buy pre-set plan | 1,771 | $35.39 | $62,676 |
| Stejbach Mark Director | January 5, 2026 | Buy pre-set plan | 775 | $35.39 | $27,427 |
| Ninivaggi Daniel A Director | January 5, 2026 | Buy pre-set plan | 775 | $35.39 | $27,427 |
| Humphreys Keith Director | January 5, 2026 | Buy pre-set plan | 775 | $35.39 | $27,427 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around February 1, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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