# Indivior Pharmaceuticals, Inc. (INDV)

> Source: Nexqual · https://nexqual.com/INDV · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Indivior Pharmaceuticals, Inc. (INDV), nexqual.com/INDV" · informational, not investment advice.

**Price:** USD 35.33 (+1.55% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 34.79 · day 34.54–35.36 · 52w 24.28–42.81 · market cap $4.17B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.33B, net income $355M (26.7% margin), free cash flow -$111M (SEC filings).
- Valuation: P/E 11.7x (avg 129.0x at the last 2 fiscal year-ends).
- 1 of 80 tracked superinvestors hold INDV (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $2.8M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $108K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.75 on a 1–5 scale) (4 analysts), mean target USD 49 (range 43–53).
- Total return with dividends: 1Y +39.8% vs S&P 500 +14.9%; 5Y +122.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.12, revenue estimate $329M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $901M | $1.09B | $1.19B | $1.24B | $1.33B |
| Gross profit | $749M | $919M | $957M | $994M | — |
| Operating income | -$81.0M | -$152M | $38.0M | $262M | $421M |
| Net income | -$44.0M | -$126M | $7.0M | $210M | $355M |
| EPS (diluted) | -$0.32 | -$0.92 | $0.05 | $1.64 | — |
| Free cash flow | -$9.0M | -$308M | $7.0M | -$93.0M | -$111M |
| Gross margin | 83.1% | 84.1% | 80.6% | 80.2% | — |
| Operating margin | -9.0% | -13.9% | 3.2% | 21.1% | 31.6% |
| Net margin | -4.9% | -11.5% | 0.6% | 16.9% | 26.7% |
| Revenue growth | — | +21.3% | +8.7% | +4.3% | — |
| Cash + short-term investments | $774M | $410M | $320M | $195M | — |
| Total debt | — | $240M | $333M | $319M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.7x · P/S 3.1x · FCF yield -2.66% · Earnings yield 8.51% · Buyback yield (TTM) 7.24%
P/E at fiscal year-ends: Dec 2025 21.9x, Dec 2024 236.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold INDV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 6.65% | $251M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-10 | Heidbreder Christian | Chief Scientific Officer | 18,586 | $765K | 8.2% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-11 | Heidbreder Christian | Chief Scientific Officer | 18,586 | $707K | 7.5% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08 | Preblick Ryan | Chief Financial Officer | 36,000 | $1.4M | 11.2% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $108K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-27 | Anderson Woodrow D | Chief Accounting Officer | 1,500 | $54K | 35.69 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05 | Anderson Woodrow D | Chief Accounting Officer | 1,500 | $54K | 36.28 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 4 analysts; mean target USD 49 (low 43, high 53).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-05 | Barclays | Target lowered | Overweight | $46 → $43 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +39.8% | +122.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +39.9% | +17.3% |
| Volatility (annualized) | 36.3% | 128.8% |
| Max drawdown | -22.4% (Jun 2026→Oct 2026) | -85.5% (Apr 2022→Nov 2022) |

## Peers (Drug Manufacturers - Specialty & Generic)
AMLX (Amylyx Pharmaceuticals, Inc.) USD 28.57 -1.58% · RGC (Regencell Bioscience Holdings L) USD 9.81 -9.17% · LQDA (Liquidia Corporation) USD 39.69 +2.14% · KNSA (Kiniksa Pharmaceuticals Interna) USD 80.79 +1.37% · LNTH (Lantheus Holdings, Inc.) USD 100.1 -0.14% · HIMS (Hims & Hers Health, Inc.) USD 29.13 -0.27%

## More
Full page: https://nexqual.com/INDV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Customer concentration

Period ended 2025-12-31: 20%, 18%, 13%, 13% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-08-03)

- "Guidance • Q2'26 Total Net Revenue of $343 Million, Up 14% YoY • Record Quarterly Total SUBLOCADE ®"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.12 | $0.99 | +13.0% | $329.4M | 2 |
| Next quarter (ends 2026-12-31) | $1.21 | $1.06 | +14.2% | $337.9M | 2 |
| Current fiscal year (ends 2026-12-31) | $4.41 | $3.85 | +14.4% | $1.33B | 3 |
| Next fiscal year (ends 2027-12-31) | $4.88 | $3.92 | +24.6% | $1.40B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±14.4%; last 6 reports averaged ±13.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 64.5% | ±14.4% |
| 2026-12-18 | 56 | 56.9% | ±17.8% |
| 2027-01-15 | 84 | 48.8% | ±18.5% |
| 2027-02-19 | 119 | 44.4% | ±20.2% |
| 2027-03-19 | 147 | 44.7% | ±22.3% |
| 2027-05-21 | 210 | 48.8% | ±28.8% |