Indivior PLC Reports $266 Million Net Revenue in Q1 2025, Down 6% Year-Over-Year

Indivior PLC reported a net revenue of $266 million for the first quarter of 2025, a decrease of 6% from $284 million in the same period of 2024. The decline was primarily attributed to increased competitive pressures leading to lower pricing and market share for its SUBOXONE Film product, alongside the discontinuation of marketing for PERSERIS in July 2024. U.S. net revenue fell by 8% to $222 million, while revenue from the Rest of the World increased by 3% to $44 million, reflecting positive contributions from newer products like SUBLOCADE and SUBUTEX Prolonged Release.

The company's gross profit for the quarter was $221 million, resulting in a gross margin of 83%, down from 87% in the prior year. Operating expenses decreased by 9% to $156 million, driven by a reduction in selling, general, and administrative expenses, which fell by 8% to $132 million. Research and development expenses also declined by 19% to $22 million as the company refocused its development pipeline. Net income for the quarter was $47 million, down from $61 million in the previous year, leading to earnings per share of $0.38, compared to $0.45 in the same quarter of 2024.

In terms of operational developments, Indivior's customer engagement metrics showed a decline in the oral buprenorphine medically assisted treatment market share for SUBOXONE Film, which dropped to 14.8% from 17.5% year-over-year. The company continues to focus on its core products, with SUBLOCADE accounting for 66% of net revenue in the latest quarter. The FDA approved label changes for SUBLOCADE in February 2025, allowing for a rapid initiation protocol and alternative injection sites, which are expected to enhance treatment flexibility for patients.

Indivior's financial position improved, with cash and cash equivalents increasing to $372 million from $319 million at the end of 2024. The company reported net cash provided by operating activities of $75 million, a significant turnaround from the $37 million used in the same period last year. However, current liabilities exceeded current assets by $122 million, indicating potential liquidity challenges. Looking ahead, Indivior anticipates continued pressure on pricing and market share, particularly for SUBOXONE Film, while expecting incremental growth from new products to offset declines in legacy offerings. The company remains committed to managing its cash flow and operational efficiency to navigate these challenges.