Indivior Reaffirms 2026 Guidance as Supernus Merger Nears

The Tip Desk · October 31, 2026 · 3 min read

The opioid-use-disorder drugmaker posted record $267 million of SUBLOCADE sales and said it remains on track for $1,295 million to $1,365 million of 2026 net revenue as a standalone.

Indivior Pharmaceuticals (INDV) reported third-quarter total net revenue of $356 million, up 13% from a year earlier, as year-over-year growth slowed from 14% in the second quarter and 19% in the first.

The Richmond, Virginia, company said it remains on track to meet previously communicated full-year 2026 guidance as a standalone, excluding the pending Supernus combination. That outlook, raised in August, is $1,295 million to $1,365 million of net revenue, $1,010 million to $1,050 million of total SUBLOCADE net revenue, $430 million to $450 million of non-GAAP operating expenses, and $700 million to $740 million of adjusted EBITDA. Assuming the merger closes November 2, 2026, the company said the guidance will no longer apply.

Total SUBLOCADE net revenue reached a record $267 million, up 22% from $219 million a year earlier. Sequential year-over-year growth had been 21% in the second quarter and 32% in the first. U.S. SUBLOCADE net revenue was $252 million, up 24%, which the company attributed primarily to 17% dispense unit volume growth, with additional benefit from more favorable price/mix and gross-to-net adjustments. Rest-of-world net revenue was $48 million. As of September 30, more than 583,000 U.S. patients had been prescribed SUBLOCADE since launch.

Profitability widened. GAAP net income was a record $137 million, or $1.12 a share, compared with $42 million, or $0.33 a share, a year earlier. Non-GAAP net income was a record $161 million, or $1.32 a share. Net income margin was 39%, up 2,500 basis points year-over-year. Adjusted EBITDA was a record $211 million, up 76% from $120 million, with a 59% margin, up 2,100 basis points. Year-over-year adjusted EBITDA growth had been 111% in the second quarter and 112% in the first.

GAAP operating expenses fell 33% to $125 million. Non-GAAP operating expenses, which exclude stock-based compensation and other adjustments, fell 29% to $103 million. Research and development expense was $5 million. Cost of sales was $51 million. Operating income was $180 million.

In August, Indivior and Supernus Pharmaceuticals announced a definitive all-stock merger of equals to create a CNS-focused biopharmaceutical company. In September the board declared a special cash dividend contingent on closing, and in October shareholders approved the deal. The merger is expected to close November 2, 2026, after which the combined company will operate as Supernus, Inc. and trade on the Nasdaq Global Select Market under the ticker SUPN beginning November 3. Chief Executive Officer Joe Ciaffoni said the company is on track to close the merger on that date and that upon closing it will have completed all three phases of the Indivior Action Agenda.

Cash and investments were $332 million at quarter end. Cash and cash equivalents were $305 million. Current portion of long-term debt was $488 million, with no long-term debt remaining after the current portion. Stockholders’ deficit was $60 million. Issued shares were 118 million.

For the nine months ended September 30, 2026, total net revenue was $1,016 million, up 15% from $881 million. Total SUBLOCADE net revenue was $753 million. GAAP net income was $348 million, or $2.78 a share. Non-GAAP net income was $427 million, or $3.41 a share. Adjusted EBITDA was $562 million. Operating cash flow was $317 million. Financing cash flows included $302 million of share repurchases, $489 million of net debt proceeds, and $333 million of debt repayments.

The company said the standalone 2026 guidance assumed no material change in exchange rates for key currencies versus 2025 averages, notably USD/GBP and USD/EUR. U.S. sublingual and other products contributed $53 million of third-quarter U.S. revenue; PERSERIS contributed $2 million. OPVEE sales and marketing support had been discontinued in the third quarter of 2025.