Indivior Raises Full-Year Outlook and Announces Supernus Merger
The pharmaceutical company raised its 2026 net revenue guidance to a range between $1,295 million and $1,365 million.
Indivior Pharmaceuticals (INDV) reported total net revenue of $343 million for the second quarter of 2026, an increase of 14% from $302 million in the prior-year period.
The results coincided with the announcement of a definitive agreement to combine with Supernus Pharmaceuticals, Inc. in an all-stock merger of equals, which the company expects to close in the fourth quarter of 2026.
Net income rose to $122 million from $18 million in the second quarter of 2025. Adjusted EBITDA grew 111% to $186 million, compared to $88 million in the same quarter last year. Non-GAAP operating expenses decreased 33% to $112 million from $167 million in the prior-year period.
Growth was led by SUBLOCADE, which generated $253 million in net revenue, up 21% from $209 million in the second quarter of 2025. In the U.S., SUBLOCADE net revenue rose 22% to $238 million, supported by an 18% increase in dispense unit volume. This followed a 33% year-over-year increase in U.S. SUBLOCADE net revenue in the first quarter of 2026, which was driven by 20% dispense unit volume growth.
Indivior raised its full-year 2026 net revenue guidance to between $1,295 million and $1,365 million from a previous range of $1,215 million to $1,285 million. The company also increased its full-year total SUBLOCADE net revenue guidance to $1,010 million to $1,050 million from $950 million to $990 million.
Full-year 2026 Adjusted EBITDA guidance was raised to a range of $700 million to $740 million from $620 million to $660 million.
During the second quarter, the company repurchased 4.66 million shares for $175 million. Year-to-date repurchases totaled 8.64 million shares for $300 million.