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]

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]

Financial Data and Key Metrics Changes - Total net revenue in Q1 2025 declined by 6% year on year, amounting to $266 million, primarily due to intensified competition from generic film providers and the discontinuation of PERSERIS [6][16] - Non-GAAP adjusted operating profit increased by 10% compared to the previous year, reflecting lower expenses that partially offset the reduction in total net revenue [11] - Non-GAAP adjusted net income decreased by 11% year on year to $51 million, influenced by revenue dynamics and increased net finance expenses [25] Business Line Data and Key Metrics Changes - SUBLOCADE revenue declined by 2% year on year, with U.S. performance impacted by funding challenges in the justice system, although there was growth in the organized health system channel [7][18] - SUBLOCADE's net revenue outside the U.S. grew by 8% to $13 million, indicating strong performance in international markets [18] - Suboxone Film's average market share in the U.S. was approximately 15%, down by three percentage points from the previous year, reflecting ongoing pricing pressures [21] Market Data and Key Metrics Changes - U.S. net revenue declined by 8% year on year, while the rest of the world saw a 3% increase in reported revenue [16][17] - Approximately 170,700 patients were treated in the U.S. over the past twelve months, representing a 14% increase year on year [9] Company Strategy and Development Direction - The company is focused on reinvesting approximately $50 million of gross savings into SUBLOCADE and its pipeline, while maintaining financial flexibility and disciplined capital allocation [12][28] - Management anticipates that SUBLOCADE's net revenue performance will improve in the second half of the year due to commercial investments and label updates [10][19] - The company is actively monitoring the evolving funding landscape in the justice system, with expectations for growth as new systems are added and funding challenges are addressed [56][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering full-year 2025 guidance, despite current challenges, and noted that the opioid epidemic remains a bipartisan issue with strong governmental support [35][29] - The company expects to see stabilization in the competitive landscape for SUBLOCADE, with new patient share remaining stable at over 70% [10][45] - Management highlighted the importance of generating real-world evidence to support the use of OpV and the potential for growth in the long-acting injectable category [84][86] Other Important Information - The company ended Q1 with gross cash and investments of $400 million, higher than expected due to a decrease in net working capital [27] - The court granted the company's motion to dismiss U.S. shareholder claims, with a 30-day period for plaintiffs to amend their complaint [29] Q&A Session Summary Question: Any proposals regarding Medicaid funding that might change the outlook? - Management is closely monitoring the situation, noting that it remains a bipartisan issue with strong governmental support for opioid treatment [35] Question: When will SUBLOCADE return to growth? - Management expects growth to accelerate in the organized health system channel through marketing initiatives and label enhancements [44] Question: Expectations for CGS dynamics and funding improvements? - Management anticipates growth in criminal justice accounts through the year, with potential funding improvements from various interventions [56][60] Question: Impact of pricing and destocking for SUBLOCADE in Q1? - There was some destocking in Q1, but overall pricing remained stable [63] Question: Expectations around the marketing campaign and new label? - Management sees significant opportunity for awareness and growth in the long-acting injectable category, with early indicators showing positive impact from marketing efforts [68] Question: Further pricing pressure for Suboxone? - Management expects continued price erosion due to competitive pressures, particularly with the introduction of additional generics [76][78] Question: Progress on alternate sites of care for SUBLOCADE? - The company has made progress with eight partners and is working to expand access to alternate sites of care [105]