Indivior Pharmaceuticals Inc Q1 FY2026 earnings call

Joe Schifoni began with an overview of performance and progress against Phase 2 Accelerate of the Indivior Action Agenda. Pat Berry discussed sublocate performance, noting 32% year-over-year growth in sublocate net revenue, record new patient starts, and stable category share. Christian Heidbreder provided an update on the pipeline, including decisions on INDV 6001 and 2000 programs. Ryan Preba reviewed financials, noting strong top and bottom line growth, and discussed capital deployment strategy including debt management and share repurchases.

In the first quarter, total net revenue grew 19% year over year to $317 million. Total sublocate net revenue grew 32% year over year to $232 million, driven by 20% dispense unit growth. Sublocate category share was stable, and there were record new patient starts. Adjusted EBITDA was $164 million, up 112% year over year. For 2026, total net revenue is expected to be in the range of 1.215 to 1.285 billion, with sublocate net revenue expected to be 950 to 990 million. Adjusted EBITDA is expected to be 620 to 660 million, up 50% year over year at midpoint.

Total net revenue expected to be 1.215 - 1.285 billion in 2026. Sublocate net revenue expected 950 - 990 million, up 13% year-over-year. Adjusted EBITDA expected 620 - 660 million, up 50% year-over-year at midpoint, margin 51%. Capital deployment priorities include remaining share repurchase program and evaluating business development opportunities.

No specific risks explicitly detailed in the provided transcript section related to risks and operational failures.

Q: On gross margins, manufacturing transition and future margins; A: Ryan said Q1 benefited from prior year releases and manufacturing variances, guided mid-80s for year.

Q: Business development, therapeutic categories of interest; A: Joe said therapeutically agnostic, focused commercial stage, assets >200M peak sales.

Q: Accelerated second dosing and patient persistence; A: Pat said accelerated second dose helps achieve peak plasma levels early, important in synthetic opioid era, may help persistency.

Q: Lilly's bernipotide study and impact on Sublocate; A: Joe said Sublocate has long runway with patents, Christian said GLP-1 trials for substance use disorder are add-on to buprenorphine, evidence anecdotal.

Q: DTC and sublocate share; A: Joe said focus on net revenue, new patients, stable share not material.

Q: Sublocate dispense growth outlook; A: Christian said 20% first quarter, full year mid-teens, driven by dispense growth and mix.

Q: OPEX guidance and Phase 2 assets; A: Joe said focused on sublocate investment, OPEX guidance under $450M.

Q: Business development transaction size and leverage; A: Ryan said comfortable with up to three times leverage, focus on commercial stage assets, not anti-pipeline