Indivior PLC(US:INDV)2025-10-30 20:09Revenue Performance - SUBLOCADE accounted for 70% of net revenue for Q3 2025, up from 62% in Q3 2024, while other buprenorphine-based products represented 26% of net revenue in Q3 2025, down from 30% in Q3 2024[120]. - Total net revenue for Q3 2025 was $314 million, a 2% increase from $307 million in Q3 2024, while net revenue for the nine months ended September 30, 2025 was $881 million, a 1% decrease from $889 million in the same period of 2024[128]. - U.S. net revenue from SUBLOCADE increased by $25 million, or 14%, in Q3 2025 compared to Q3 2024, and by $38 million, or 7%, for the nine months ended September 30, 2025 compared to the same period in 2024[129]. Expenses and Costs - The company recognized $35 million in costs related to the Indivior Action Agenda in Q3 2025, including severance and impairment costs[122]. - The decision to discontinue sales and marketing support for OPVEE resulted in $37 million of costs in Q3 2025, including inventory write-downs[123]. - Research and development expenses increased by $11 million, or 48%, in Q3 2025 compared to Q3 2024, primarily due to restructuring costs related to the Indivior Action Agenda[137]. - Selling, general and administrative expenses rose by $13 million, or 9%, in Q3 2025 compared to Q3 2024, influenced by corporate transition initiative costs[136]. - Gross margin decreased to 73% in Q3 2025 from 79% in Q3 2024, primarily due to increased costs associated with the discontinuation of OPVEE[135]. Financial Position - Current liabilities exceed current assets by $43 million, and total liabilities exceed total assets by $207 million[152]. - Cash and cash equivalents increased to $445 million as of September 30, 2025, up from $319 million at December 31, 2024[144]. - Net cash provided by operating activities rose to $194 million for the nine months ended September 30, 2025, an increase of $141 million from $53 million in 2024[146]. - Net cash used in investing activities was $42 million for the nine months ended September 30, 2025, compared to net cash provided of $61 million in 2024, reflecting a decrease of $103 million[148]. - Capital expenditures for the nine months ended September 30, 2025, were $42 million, significantly up from $13 million in 2024[154]. Future Outlook - The company plans to exit several non-U.S. markets, which are expected to result in total charges ranging from $30 million to $50 million[125]. - The company anticipates that existing cash, cash equivalents, and operations will meet cash needs for at least the next twelve months[153]. - Capital expenditures for 2025 are expected to be between $45 million and $55 million, with an additional $35 million to $45 million planned for 2026[149]. - The company is evaluating the implications of the OBBBA tax law changes enacted in July 2025 but does not expect material impacts[141]. Tax and Interest - Income tax benefit was $5 million for the three months and income tax expense was $50 million for the nine months ended September 30, 2025, resulting in effective tax rates of 14% and 32% respectively[140]. - Net interest expense increased to $6 million and $23 million for the three and nine months ended September 30, 2025, compared to $5 million and $10 million for the same periods in 2024[139]. Accrued Liabilities - Accrued rebates and product returns increased to $616 million as of September 30, 2025, up from $608 million as of September 30, 2024[132].