Key Highlights

  • Total net Revenue rose 13% year-over-year to $356 million for Q3 2026, with SUBLOCADE net revenue up 22% to a record $267 million.
  • GAAP Net Income reached a record $137 million, or $1.12 per diluted share, versus $42 million, or $0.33 per diluted share, in Q3 2025.
  • Adjusted EBITDA climbed 76% year-over-year to a record $211 million, with an adjusted EBITDA Margin of 59%.
  • Shareholders approved the all-stock Merger with Supernus Pharmaceuticals, with closing expected on November 2, 2026.

Indivior Pharmaceuticals, Inc. (NASDAQ:INDV), the Richmond, Virginia-based biopharmaceutical company focused on opioid use disorder treatment, reported its highest-ever quarterly net income and adjusted EBITDA in the third quarter of 2026. Net income reached $137 million, or $1.12 per diluted share, compared with $42 million, or $0.33 per diluted share, in the same period of 2025. The results were anchored by continued commercial momentum behind SUBLOCADE, the company's long-acting injectable buprenorphine product, and significant Operating Expense reductions as the company advanced toward the close of its transformative merger with Supernus Pharmaceuticals.

SUBLOCADE Drives Revenue and Margin Expansion

Total net revenue for the third quarter of 2026 was $356 million, an increase of 13% from $314 million a year earlier. SUBLOCADE net revenue accounted for $267 million of the total, up 22% year-over-year from $219 million. U.S. SUBLOCADE net revenue climbed 24% to $252 million, supported by 17% growth in dispense unit Volume along with favorable price/mix and gross-to-net adjustments. As of September 30, 2026, more than 583,000 patients in the United States had been prescribed SUBLOCADE since its launch, underscoring the product's continued patient uptake.

For the nine months ended September 30, 2026, total net revenue was $1,016 million, up 15% from $881 million in the prior-year period. SUBLOCADE generated $753 million of that total, a 25% increase from $604 million. Indivior reaffirmed its full-year 2026 standalone guidance, which calls for net revenue of $1,295 million to $1,365 million and total SUBLOCADE net revenue of $1,010 million to $1,050 million.

Operating Expense Discipline Amplifies Earnings Growth

GAAP operating expenses dropped 33% year-over-year to $125 million in the third quarter, from $187 million in Q3 2025. Non-GAAP operating expenses, which exclude stock-based compensation and other adjustments, fell 29% to $103 million from $145 million. The reduction was a key contributor to adjusted EBITDA reaching $211 million, compared with $120 million a year earlier — a 76% increase that pushed the adjusted EBITDA margin to 59%, up 2,100 basis points year-over-year.

Non-GAAP net income for the quarter was $161 million, or $1.32 per diluted share, up from $93 million, or $0.72 per diluted share, in Q3 2025. The company ended the quarter with $332 million in cash and investments, providing financial resources to support operations through the Supernus transaction close.

Supernus Merger on Track for November Completion

In August 2026, Indivior and Supernus Pharmaceuticals announced a definitive all-stock merger of equals to create a diversified, scaled CNS-focused biopharmaceutical company. In September 2026, Indivior's board declared a special Cash Dividend contingent on the merger closing. In October 2026, Indivior shareholders approved the transaction, with closing now expected on November 2, 2026. Upon completion, the combined company will operate as Supernus, Inc. and trade on the Nasdaq Global Select Market under the ticker "SUPN" beginning November 3, 2026.

Indivior has noted that its standalone 2026 financial guidance — covering net revenue and SUBLOCADE revenue targets, as well as adjusted EBITDA — will no longer apply once the merger is completed, as the organization will operate on a combined basis from that point forward.

As Indivior heads into its final days as a standalone public company, its Q3 2026 financial results offer a picture of a Business that delivered meaningful commercial growth and operational efficiency gains in the periods preceding the Supernus transaction. The convergence of SUBLOCADE's continued patient uptake, a leaner cost structure, and an improving earnings profile set the stage for what the combined entity will inherit when operations formally merge in November.