Indivior (INDV) Jefferies Global Healthcare Conference 2026 summary

Strategic agenda and business performance

• Executing the Indivior Action Agenda, transitioning from momentum-building to an acceleration phase, with SUBLOCADE as the primary growth driver and expectations for further acceleration into 2026 and beyond.

• Raised full-year guidance after a strong Q1, with continued positive trends in Q2 and confidence in revised outlook.

• Preparing to enter phase III, the breakout phase, focusing on enhancing and diversifying growth through commercial-stage acquisitions while maintaining a disciplined approach.

• Leveraging a stable cost structure, aiming for margin improvements and not expanding operational expenses as revenue grows.

SUBLOCADE growth drivers and market dynamics

• SUBLOCADE's growth is fueled by improved commercial execution, strong new patient starts, and effective consumer activation strategies.

• Direct-to-consumer (DTC) investments have significantly increased patient awareness and engagement, with monthly CRM enrollments rising from 60 to over 1,200.

• Over 95% of long-acting injectable starts come from patients transitioning from oral therapies, reflecting a committed patient base.

• Specialty pharmacy enhancements and focus on commercial payers are expected to improve conversion rates and channel mix, with each 1% commercial mix gain worth $8 million annually.

• SUBLOCADE maintains a stable market share in the mid-70% range, benefiting disproportionately from DTC efforts as the branded market leader.

Payer mix, pricing, and financial outlook

• Medicaid accounts for about 70% of dispensed units, with commercial at 25%; commercial growth is a focus due to higher net pricing.

• Each percentage point shift toward commercial payers provides a significant pricing tailwind.

• SUBOXONE, now a tail product, faces moderate share erosion but stable pricing is expected for 2026.

• Raised EBITDA guidance to the GBP 600s, with OPEX held steady; cost savings may be reinvested in growth initiatives or allowed to improve margins.

• Committed to sustained DTC investment for several years, over-investing relative to internal models to maximize long-acting injectable penetration.