PresentationThibault BoutherinEquity Analyst I think we start. Good morning, everyone. Thank you for joining this session of the Morgan Stanley Global Healthcare Conference. I'm Thibault Boutherin, I co-head the European Pharm Equity Research team based in London. Before we start, I would like to refer to some important disclosures, which can be found on the Morgan Stanley website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales represent ...

Summary of Indivior Conference Call Company Overview - **Company**: Indivior - **Industry**: Pharmaceutical, specifically focused on treatments for opioid use disorder Key Points and Arguments Financial Performance and Guidance - Indivior is optimistic about its performance in 2025 and is focused on executing its financial guidance despite acknowledging the challenges ahead [2][4] - The company is generating significant revenue and has a strong growth driver in SUBLOCADE, which is the first long-acting injectable for opioid use disorder [11][12] - Indivior plans to reduce operational expenses significantly starting January 2026, with a focus on eliminating non-essential activities while investing heavily in SUBLOCADE [17][18][50] Indivior Action Agenda - The company is currently in phase one of its Indivior Action Agenda, aimed at generating momentum for SUBLOCADE through improved commercial execution [3][21] - Phase two, expected to start on January 1, 2026, will focus on accelerating SUBLOCADE's market penetration, particularly in the U.S. [4][21] Medicaid and Revenue Sources - Over half of Indivior's revenue comes from Medicaid, with approximately 65% of SUBLOCADE's revenue derived from this source [9][10] - The company is confident in its ability to grow SUBLOCADE within the Medicaid framework, especially given recent legislative support for opioid use disorder treatments [9][10] Market Position and Competition - SUBLOCADE is the number one prescribed long-acting injectable and has been used in over 350,000 patients, with 88% coverage in Medicare and Medicaid [22][23] - Indivior acknowledges competition from products like Brixadi but remains confident in SUBLOCADE's market position and its unique attributes [23][24] Long-Acting Injectable Market - Current penetration of long-acting injectables in the buprenorphine market is around 8%, with aspirations to increase this significantly through education and marketing efforts [25][27] - The company recognizes various barriers to increasing penetration, including patient preferences and physician inertia, and is focused on addressing these challenges [28][29] Strategic Focus and Future Plans - Indivior is committed to enhancing its commercial execution and is exploring options for its international operations, which currently contribute 15% of sales [19][20] - The company is also evaluating its pipeline, with two Phase 2 assets under consideration for potential advancement to Phase 3 [42][44] Capital Allocation and Shareholder Value - Indivior plans to reassess its capital allocation priorities in early 2026, focusing on executing its current operational strategies before considering M&A or returning cash to shareholders [46][48] - The CEO believes there is a significant gap between the intrinsic value of the company and its current stock price, attributing this to market misunderstandings regarding SUBLOCADE's growth potential and the company's cost structure [49][50] Additional Important Insights - Indivior's workforce is highly motivated, with over 85% of employees personally impacted by substance use disorder, contributing to the company's resilience [12] - The company is actively working to improve its organizational complexity and streamline operations to better focus on its core products [14][15] This summary encapsulates the key insights from the Indivior conference call, highlighting the company's strategic direction, market positioning, and financial outlook.

Company Participation in Investor Events - Indivior PLC will participate in the Morgan Stanley 23rd Annual Global Healthcare Conference on September 8th, where CEO Joe Ciaffoni and CFO Ryan Preblick will host meetings and a fireside discussion [1] - The company will also attend the H.C. Wainwright 27th Annual Global Investment Conference on September 9th, with similar meeting arrangements [2] Company Overview - Indivior is a global pharmaceutical company focused on developing medicines for opioid use disorder (OUD), aiming to transform OUD into a recognized chronic disease [3] - The company is headquartered in Richmond, VA, employs over 1,000 individuals globally, and its products are available in over 30 countries [3]

I focus on producing objective, data-driven research, mostly about small- to mid-cap companies, as these tend to be overlooked by many investors. From time to time, though, I also look at large-cap names, just to give a fuller sense of the broader equity markets. Analyst's Disclosure:I/we have a beneficial long position in the shares of INDV either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (ot ...

Investors might want to bet on Indivior PLC (INDV) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system come ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Unaudited Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Financial%20Statements.) This section presents the unaudited condensed consolidated financial statements for Q2 2025 and 2024, showing a shift to a net income of **$18 million** in Q2 2025 from a **$97 million** net loss in Q2 2024 due to the absence of a prior-year litigation settlement expense Condensed Consolidated Statements of Operations Highlights (in millions) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net revenue** | $302 | $299 | $568 | $583 | | **Gross profit** | $250 | $220 | $472 | $466 | | **Operating income (loss)** | $72 | $(118) | $138 | $(43) | | **Net income (loss)** | $18 | $(97) | $65 | $(36) | | **Diluted earnings (loss) per share** | $0.14 | $(0.72) | $0.52 | $(0.27) | Condensed Consolidated Balance Sheets Highlights (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $951 | $827 | | **Total assets** | $1,452 | $1,316 | | **Total current liabilities** | $1,056 | $924 | | **Total liabilities** | $1,709 | $1,652 | | **Total shareholders' deficit** | $(257) | $(337) | Condensed Consolidated Statements of Cash Flows Highlights (in millions) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $233 | $51 | | **Net cash (used in) provided by investing activities** | $(22) | $26 | | **Net cash used in financing activities** | $(22) | $(91) | [Note 2: Segment, Geographic and Other Revenue Information](index=12&type=section&id=Note%202.%20Segment,%20Geographic%20and%20Other%20Revenue%20Information) The company operates as a single segment, with Q2 2025 net revenue increasing **1%** to **$302 million**, driven by a **9%** rise in U.S. SUBLOCADE sales Net Revenue by Product and Geography (in millions) | Product/Region | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **U.S. SUBLOCADE** | $195 | $179 | $359 | $346 | | **U.S. Sublingual & other** | $52 | $63 | $107 | $126 | | **U.S. PERSERIS** | $8 | $13 | $12 | $23 | | **Total U.S.** | $256 | $255 | $478 | $496 | | **Rest of World** | $46 | $44 | $90 | $87 | | **Total Net Revenue** | $302 | $299 | $568 | $583 | - The company operates in a single operating and reportable segment, with the CEO identified as the chief operating decision maker (CODM)[36](index=36&type=chunk) [Note 3: Income Tax](index=13&type=section&id=Note%203.%20Income%20Tax) The effective tax rate for Q2 2025 was **71%**, significantly higher than the U.K. statutory rate, primarily due to a **$33 million** tax reserve for a U.K. HMRC settlement Effective Tax Rate | Period | 2025 | 2024 | | :--- | :--- | :--- | | **Three Months Ended June 30** | 71% | 19% | | **Six Months Ended June 30** | 46% | 25% | - A tax reserve of **$33 million** was recorded in Q2 2025 for a settlement with U.K. HMRC related to a finance structure in place from 2019 through May 2024[48](index=48&type=chunk) - The company is evaluating the implications of the new U.S. tax legislation, the 'One Big Beautiful Bill Act', but does not currently anticipate significant impacts[35](index=35&type=chunk) [Note 12: Commitments and Contingencies](index=18&type=section&id=Note%2012.%20Commitments%20and%20Contingencies) The company faces significant legal proceedings, including civil opioid litigation with a **$79 million** provision, and dental injury lawsuits with over **21,000** plaintiffs where loss cannot be estimated - A provision of **$79 million** has been recorded for a settlement in the civil opioid litigation, expected to be finalized in or before November 2025, pending sufficient participation from states and subdivisions[85](index=85&type=chunk)[60](index=60&type=chunk) - The company is a defendant in multi-district litigation (MDL) involving **1,877 cases** and **21,402 plaintiffs** alleging SUBOXONE Film caused dental injuries, but cannot estimate possible loss at this stage[88](index=88&type=chunk)[93](index=93&type=chunk) - A multiparty shareholder claim remains pending in the U.K. alleging false or misleading statements related to the product switch from SUBOXONE Tablets to SUBOXONE Film[94](index=94&type=chunk) [Note 13: Revision of Previously Issued Financial Statements](index=21&type=section&id=Note%2013.%20Revision%20of%20Previously%20Issued%20Financial%20Statements) The company revised its 2022-2024 financial statements to correct an error in the U.S. Branded Fee accrual, increasing FY 2024 net income from **$2 million** to **$7 million** - An error was identified in the methodology used to accrue for the annual U.S. fee on drug manufacturers (the 'Branded Fee'), resulting in an overstatement in prior periods[99](index=99&type=chunk) Impact of Revision on FY 2024 Consolidated Statement of Operations (in millions) | Metric | As Reported | Adjustment | Revised | | :--- | :--- | :--- | :--- | | **Operating income** | $32 | $6 | $38 | | **Net income** | $2 | $5 | $7 | | **Diluted EPS** | $0.02 | $0.03 | $0.05 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses a **1%** Q2 2025 net revenue increase to **$302 million**, driven by SUBLOCADE's **9%** growth, improved gross margin to **83%**, and a strengthened cash position of **$510 million** [Operating Results](index=26&type=section&id=MD%26A%20Operating%20Results) Q2 2025 net revenue increased **1%** to **$302 million**, driven by a **9%** rise in U.S. SUBLOCADE revenue, while gross margin improved to **83%** due to lower discontinuation costs Net Revenue by Product (in millions) | Product | Three Months Ended June 30, 2025 | % Change YoY | | :--- | :--- | :--- | | **SUBLOCADE (Total)** | $209 | 9% | | **U.S. Film/other** | $52 | (18)% | | **PERSERIS** | $8 | (37)% | - SUBLOCADE accounted for **69%** of net revenue for the three months ended June 30, 2025, up from **64%** in the same period in 2024[114](index=114&type=chunk) - Gross margin increased to **83%** in Q2 2025 from **74%** in Q2 2024, reflecting **$41 million** in costs in the 2024 period related to the discontinuation of marketing and promotion of PERSERIS[125](index=125&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=MD%26A%20Liquidity%20and%20Capital%20Resources) Cash and cash equivalents reached **$510 million** as of June 30, 2025, with net cash from operating activities increasing to **$233 million** in H1 2025, partly due to **$120 million** in government rebate payments Financial Position (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $510 | $319 | | **Total cash and investments** | $538 | $347 | | **Total Borrowings (Short & Long-term)** | $326 | $333 | - Net cash from operating activities increased by **$182 million** in H1 2025 compared to H1 2024, benefiting from the timing of receipt and processing of approximately **$120 million** in government rebate invoices[137](index=137&type=chunk) - The company anticipates capital expenditures of **$50 million to $70 million** for the full year 2025, primarily for the SUBLOCADE suite at the Raleigh Manufacturing Facility[141](index=141&type=chunk) [Regulatory Uncertainties](index=29&type=section&id=MD%26A%20Regulatory%20Uncertainties) The company is monitoring the 'One Big Beautiful Bill Act' (OBBBA), enacted in July 2025, which could impact Medicaid funding and eligibility rules, with most provisions effective in 2027-2028 - The OBBBA, signed into law in July 2025, could impact the business through changes to Medicaid funding, eligibility rules, and state formularies[133](index=133&type=chunk) - Most of the OBBBA provisions have effective dates in 2027 and 2028, and additional federal and state guidance is expected for implementation[134](index=134&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) No material changes in market risk have occurred since the information provided in the Company's Annual Report on Form 10-K - No material changes in market risk have occurred from the information provided in the Company's Annual Report on Form 10-K[152](index=152&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that Indivior PLC's disclosure controls and procedures were effective as of June 30, 2025[153](index=153&type=chunk) - No changes occurred during the quarter ended June 30, 2025, that have materially affected, or are likely to materially affect, the Company's internal control over financial reporting[154](index=154&type=chunk) [PART II - OTHER INFORMATION](index=34&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings.) This section incorporates by reference the detailed descriptions of the company's litigation and regulatory matters from Note 12 of the financial statements - The descriptions of litigation and regulatory matters are incorporated by reference from Note 12, 'Commitments and Contingencies'[156](index=156&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors.) The company has omitted the risk factor concerning multi-exchange share listings due to its recent delisting from the London Stock Exchange to trade exclusively on Nasdaq - The company has omitted the risk factor related to its ordinary shares being listed on more than one stock exchange[157](index=157&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During Q2 2025, the company repurchased **15,047 shares** at varying average prices, primarily to cover withholding taxes on employee equity awards, not as part of a public plan Share Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 2,484 | $9.53 | | May 2025 | 2,669 | $12.41 | | June 2025 | 9,894 | $13.86 | - The repurchased shares reflect shares netted to pay applicable withholding taxes on the release of awards under the 2020 LTIP, 2022 LTIP, and 2023 DBP[158](index=158&type=chunk) [Other Information](index=34&type=section&id=Item%205.%20Other%20Information.) Key updates include Indivior no longer qualifying as a 'foreign private issuer' from January 1, 2026, and the termination of a supply agreement with Curia Massachusetts effective January 31, 2026, for manufacturing consolidation - As of June 30, 2025, Indivior determined it no longer qualifies as a 'foreign private issuer' and will become subject to SEC rules for U.S. domestic issuers starting January 1, 2026[161](index=161&type=chunk) - On July 31, 2025, Indivior provided notice to terminate its Master Development and Supply Agreement with Curia Massachusetts, Inc., effective January 31, 2026, as part of a plan to consolidate manufacturing locations[162](index=162&type=chunk) [Exhibits](index=36&type=section&id=Item%206.%20Exhibits.) This section lists exhibits filed with the Form 10-Q, including amended Articles of Association, various agreements, and CEO/CFO certifications required by Sarbanes-Oxley Act

Company Performance - Indivior PLC reported quarterly earnings of $0.51 per share, exceeding the Zacks Consensus Estimate of $0.26 per share, and up from $0.44 per share a year ago, representing an earnings surprise of +96.15% [1] - The company posted revenues of $302 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 22.05%, compared to revenues of $299 million in the same quarter last year [2] - Over the last four quarters, Indivior has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance - Indivior shares have increased approximately 40% since the beginning of the year, significantly outperforming the S&P 500's gain of 8.2% [3] - The current consensus EPS estimate for the upcoming quarter is $0.26 on revenues of $253.66 million, and for the current fiscal year, it is $1.21 on revenues of $1.02 billion [7] Industry Outlook - The Medical - Drugs industry, to which Indivior belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Financial Data and Key Metrics Changes - Total net revenue for Q2 2025 was $300 million, an increase of 1% year-over-year, driven by record SUBLOCADE net revenue which offset pricing pressure on SUBOXONE Film [28][29] - Total SUBLOCADE net revenue reached $209 million, a 9% increase compared to Q2 2024 and a 19% increase sequentially [29] - Adjusted EBITDA for Q2 was $88 million, slightly down from the previous year due to increased marketing expenses [31] - The company raised its full-year 2025 net revenue guidance to a range of $1.03 billion to $1.08 billion, reflecting solid performance [33][34] Business Line Data and Key Metrics Changes - SUBLOCADE's dispense growth was 6% year-over-year and 9% sequentially, with market share in the U.S. remaining stable at approximately 75% [21] - The number of active SUBLOCADE prescribers increased by 14% year-over-year, indicating a solid base for future growth [22] - SUBOXONE Film outperformed expectations with a market share of 14% and benefited from stable pricing [29][30] Market Data and Key Metrics Changes - The company noted that the commercial channel represents a significant opportunity, with only 25% of SUBLOCADE volume coming from commercial patients despite 60% of covered lives being commercial [44][81] - Payer response to new dosing approaches for SUBLOCADE has been positive, with coverage reaching approximately 80% of covered lives [24] Company Strategy and Development Direction - The Indivior Action Agenda is a three-phased operational roadmap aimed at maximizing business potential and creating shareholder value, with Phase One focused on generating momentum for SUBLOCADE [10][12] - The company plans to simplify operations by eliminating non-essential activities and restructuring its R&D and medical affairs organizations [12][17] - Future phases aim to accelerate growth and profitability, with a focus on commercial stage acquisitions starting in 2026 [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed encouragement about the performance in the first half of 2025 but acknowledged the need for improvement in U.S. commercial execution [8][16] - The opioid crisis remains a significant focus, with management advocating for broader access to treatments for opioid use disorder [76][78] - The company is optimistic about the potential for SUBLOCADE, citing low long-acting injectable penetration rates as an opportunity for growth [42][78] Other Important Information - Indivior canceled its secondary listing on the London Stock Exchange to reduce costs and complexity [35] - The company was added to the U.S. Russell Indexes, enhancing its visibility among U.S. investors [35] Q&A Session Summary Question: Opportunity in commercially covered patients vs. Medicaid - Management emphasized the importance of both channels, noting that while Medicaid is crucial, there is significant potential in the commercial space where only 25% of SUBLOCADE volume currently comes from [39][44] Question: Criminal justice system channel strategy - Management acknowledged the criminal justice system as an opportunity and noted stability after previous challenges, indicating a focus on growth in this area [42] Question: Future R&D spending priorities - Management plans to reorganize R&D to maintain capabilities while focusing on essential programs, with a goal to transition successful programs into Phase 3 [41] Question: Price compression on Suboxone and SUBLOCADE growth expectations - Management has not seen signs of additional price erosion for Suboxone and expects demand-driven growth for SUBLOCADE in the second half of the year [50][52] Question: Cost savings from streamlining the business - Management indicated that significant reductions in the overall cost structure are expected, with a full-year effect anticipated in 2026 [56][57] Question: Long-term market share expectations for SUBLOCADE - Management expressed confidence in SUBLOCADE's market position and noted stabilization in market share, with a focus on increasing long-acting injectable penetration [58][59] Question: Aligning SG&A spend with industry peers - Management is assessing the organization to reduce complexity and high costs, with a focus on essential spending [66][67]

Financial Data and Key Metrics Changes - Total net revenue for the second quarter was $300 million, an increase of 1% year-over-year, driven by record SUBLOCADE net revenue which offset pricing pressure on SUBOXONE Film [29][30] - Total SUBLOCADE net revenue reached $209 million, a 9% increase compared to Q2 2024, and a 19% increase sequentially, reflecting a 9% increase in dispense volume [30] - Adjusted EBITDA for the quarter was $88 million, slightly down from the previous year due to increased marketing expenses [32] Business Line Data and Key Metrics Changes - SUBLOCADE's dispense growth was 6% year-over-year and 9% sequentially, with market share in the U.S. remaining stable at approximately 75% [21] - The number of active SUBLOCADE prescribers increased by 14% year-over-year, indicating a solid base for future growth [22] - SUBOXONE Film net revenue benefited from price stability and a modestly higher market share of 14% [30] Market Data and Key Metrics Changes - The commercial channel represents a significant opportunity, with 60% of covered lives being commercial patients, yet only 25% of SUBLOCADE volume coming from this segment [47][80] - The opioid crisis continues to drive demand, with LAI penetration currently at just under 8%, indicating substantial growth potential [44][76] Company Strategy and Development Direction - The Indivior Action Agenda is a three-phased operational roadmap aimed at maximizing business potential and improving execution, with Phase One focused on generating momentum for SUBLOCADE [10][11] - The company plans to simplify operations by eliminating non-essential activities and restructuring its R&D and medical affairs organizations [12][66] - Future phases aim to accelerate profitability and cash flow generation, with a focus on commercial stage acquisitions [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed encouragement about the performance in the first half of 2025 but acknowledged the need for improvement in U.S. commercial execution [8][39] - The company raised its full-year 2025 net revenue guidance to a range of $1.03 billion to $1.08 billion, reflecting solid year-to-date performance [35] - Management emphasized the importance of operational execution to generate momentum and achieve growth targets in 2026 [17][76] Other Important Information - Indivior canceled its secondary listing on the London Stock Exchange to reduce costs and complexity [36] - The company was added to the U.S. Russell Indexes, enhancing its visibility among U.S. investors [36] Q&A Session Summary Question: Opportunity in commercially covered patients vs. Medicaid - Management acknowledged the importance of both channels, emphasizing the need to capitalize on the commercial opportunity while maintaining focus on Medicaid [40][47] Question: Criminal justice system channel strategy - Management views the criminal justice system as a growth opportunity and plans to focus on it moving forward [44] Question: R&D spending priorities - Management indicated a significant reorganization of R&D is underway, focusing on maintaining capabilities for future programs while prioritizing essential activities [43] Question: Price compression on Suboxone - Management has not seen signs of additional price erosion for Suboxone but is factoring it into guidance [50][52] Question: Cost savings from streamlining the business - Management is focused on significant reductions in the overall cost structure, with expectations for benefits to be realized in 2026 [54][56] Question: Long-term market share expectations for SUBLOCADE - Management is optimistic about SUBLOCADE's market position and believes it will stabilize in the mid-70s percentage range [58]

Q2 2025 Performance - Total net revenue increased by 1% to $302 million compared to $299 million in Q2 2024[13, 33] - SUBLOCADE net revenue grew by 9% to $209 million compared to $192 million in Q2 2024[13, 33] - Adjusted EBITDA decreased by 5% to $88 million compared to $93 million in Q2 2024[13, 33] - Gross profit increased by 14% to $250 million, with a gross margin of 83%, a 900 bps increase from 74% in Q2 2024[33] SUBLOCADE Performance - SUBLOCADE dispense growth increased by 6% year-over-year and 9% quarter-over-quarter, reaching 165,700 in Q2 2025[24] - The prescriber base for SUBLOCADE grew by 14% year-over-year, reaching 8,284 prescribers in Q2 2025[24] - The number of healthcare professionals (HCPs) with 5+ SUBLOCADE patients increased by 9% year-over-year[25] - Total SUBLOCADE patients increased by 7% year-over-year, reaching 171,519 in Q2 2025[25] Financial Guidance - The company raised its full-year 2025 total net revenue guidance to $1030 million - $1080 million from the previous guidance of $955 million - $1025 million[14, 39] - The company raised its full-year 2025 Adjusted EBITDA guidance to $275 million - $300 million, a 20% increase at the mid-points, from the previous guidance of $220 million - $260 million[39]