Indivior PLC Reports $302 Million Net Revenue in Q2 2025, Driven by SUBLOCADE Sales

Indivior PLC reported a net revenue of $302 million for the second quarter of 2025, a slight increase of 1% compared to $299 million in the same period of 2024. For the first half of 2025, the company generated $568 million in revenue, down 3% from $583 million in the prior year. The increase in quarterly revenue was primarily driven by a 9% rise in U.S. sales of SUBLOCADE, which accounted for 69% of total revenue, reflecting strong demand and favorable changes in rebate estimates. However, this was partially offset by declines in sales of other products, particularly SUBOXONE Film and PERSERIS, due to increased competition and the discontinuation of marketing support for PERSERIS.

The company's gross profit for the second quarter rose to $250 million, up from $220 million a year earlier, resulting in a gross margin of 83%, compared to 74% in the prior year. This improvement was attributed to a significant reduction in cost of sales, which decreased by 34% to $52 million, largely due to the absence of costs associated with the discontinued marketing of PERSERIS. Operating income for the quarter was $72 million, a turnaround from a loss of $118 million in the same quarter of 2024. Net income for the second quarter was $18 million, compared to a loss of $97 million in the prior year.

Indivior's operational metrics showed a notable increase in cash flow, with net cash provided by operating activities reaching $233 million in the first half of 2025, compared to $51 million in the same period of 2024. The company ended the quarter with cash and cash equivalents of $510 million, up from $319 million at the end of 2024. This increase was bolstered by the timing of government rebate payments, which positively impacted cash flow. The company also reported a total employee headcount of over 1,000, maintaining its workforce as it continues to focus on its core business of opioid use disorder treatments.

Strategically, Indivior has made significant changes to its leadership, appointing Joe Ciaffoni as CEO in May 2025, following the departure of Mark Crossley. The company also delisted from the London Stock Exchange in July 2025, now trading exclusively on Nasdaq, which aligns with its focus on the U.S. market. Looking ahead, Indivior anticipates continued growth from new products in the Rest of the World and expects to maintain its gross margin in the low-to-mid 80% range for the remainder of 2025. However, the company remains cautious about potential impacts from ongoing litigation and regulatory changes, particularly related to U.S. tax laws and market conditions.