Indivior Pharmaceuticals Inc

INDV

Healthcare|Drug Manufacturers - Specialty & Generic|USA

$40.50

-0.80 (-1.94%)

Earnings Power

$19.49

Financials

Financial Snapshot

Market Cap

$4.79B

Enterprise Value

$-334.0M

Revenue (TTM)

$1.29B

Net Income (TTM)

$251.0M

Cash & Equivalents

—

Net Cash/Share

$-9.56

Free Cash Flow (TTM)

$-193.0M

Operating CF (TTM)

$-111.0M

Debt/Equity

-3.54

Cash Runway & Burn Rate

Cash on Hand

$0.00

Quarterly Burn

$27.8M

Monthly Burn

$9.3M

Est. Runway

—

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$692.0M	$863.0M	$924.0M	$1.06B	$858.0M	$1.10B	$893.0M	$410.0M	$320.0M	$195.0M	$175.0M
Operating Cash Flow	$407.0M	$295.0M	$303.0M	$151.0M	$-193.0M	$353.0M	$-4.0M	$-300.0M	$36.0M	$-27.0M	$-111.0M
Free Cash Flow	$372.0M	$252.0M	$262.0M	$144.0M	$-197.0M	$319.0M	$-9.0M	$-353.0M	$5.0M	$-94.0M	$-193.0M
Capital Expenditure	$-35.0M	$-43.0M	$-41.0M	$-7.0M	$-4.0M	$-34.0M	$-5.0M	$-53.0M	$-31.0M	$-67.0M	$-82.0M
Financing Cash Flow	$-147.0M	$-84.0M	$-237.0M	$-13.0M	$-10.0M	$-94.0M	$-101.0M	$-64.0M	$-102.0M	$-30.0M	$-6.0M

R&D Spending

R&D (TTM)

$91.0M

R&D Intensity

7.0%

R&D Growth YoY

-6.2%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$1.06B	$1.09B	$1.00B	$785.0M	$647.0M	$791.0M	$901.0M	$1.09B	$1.19B	$1.24B	$1.29B
R&D Expense	$119.0M	$89.0M	$67.0M	$53.0M	$40.0M	$52.0M	$74.0M	$116.0M	$107.0M	$97.0M	$91.0M
R&D % of Revenue	11.2%	8.1%	6.7%	6.8%	6.2%	6.6%	8.2%	10.6%	9.0%	7.8%	7.0%
SG&A	$669.0M	$694.0M	$481.0M	$395.0M	$649.0M	$431.0M	$469.0M	$565.0M	$612.0M	$634.0M	$626.0M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$1.06B	$1.09B	$1.00B	$785.0M	$647.0M	$791.0M	$901.0M	$1.09B	$1.19B	$1.24B	$1.29B
Cost of Goods Sold	$107.0M	$104.0M	$128.0M	$140.0M	$97.0M	$127.0M	$151.0M	$174.0M	$231.0M	$246.0M	$242.0M
Gross Profit	$951.0M	$989.0M	$877.0M	$645.0M	$550.0M	$664.0M	$750.0M	$919.0M	$957.0M	$993.0M	$1.05B
R&D	$119.0M	$89.0M	$67.0M	$53.0M	$40.0M	$52.0M	$74.0M	$116.0M	$107.0M	$97.0M	$91.0M
SG&A	$669.0M	$694.0M	$481.0M	$395.0M	$649.0M	$431.0M	$469.0M	$565.0M	$612.0M	$634.0M	$626.0M
Operating Income	$149.0M	$193.0M	$316.0M	$178.0M	$-156.0M	$181.0M	$215.0M	$247.0M	$234.0M	$265.0M	$335.0M
Interest Expense	$-44.0M	$-37.0M	$-28.0M	$-22.0M	$-24.0M	$-26.0M	$-27.0M	$-35.0M	$-41.0M	$-45.0M	$-40.0M
Pretax Income	$98.0M	$137.0M	$278.0M	$180.0M	$-173.0M	$190.0M	$-89.0M	$-145.0M	$20.0M	$239.0M	$295.0M
Net Income	$35.0M	$58.0M	$275.0M	$134.0M	$-148.0M	$205.0M	$-44.0M	$-126.0M	$7.0M	$210.0M	$251.0M
EPS (Diluted)	0.25	0.40	1.85	0.90	-1.00	1.35	-0.32	-0.92	0.05	1.64	1.95
EBITDA	$156.0M	$187.0M	$322.0M	$230.0M	$-123.0M	$238.0M	$-46.0M	$-95.0M	$89.0M	$304.0M	$354.0M
Shares Out. (M)	148.64	149.70	150.23	151.07	154.00	151.94	139.00	137.00	133.00	128.00	129.00

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$692.0M	$863.0M	$924.0M	$1.06B	$858.0M	$1.10B	$774.0M	$316.0M	$319.0M	$195.0M	$175.0M
Marketable Securities	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$119.0M	$94.0M	$1.0M	$0.00	$0.00
Total Current Assets	$990.0M	$1.23B	$1.33B	$1.36B	$1.19B	$1.44B	$1.26B	$1.27B	$827.0M	$652.0M	$667.0M
Total Assets	$1.21B	$1.44B	$1.55B	$1.65B	$1.53B	$1.83B	$1.77B	$1.76B	$1.32B	$1.20B	$1.20B
Total Current Liabilities	$1.03B	$854.0M	$818.0M	$742.0M	$599.0M	$804.0M	$1.02B	$1.29B	$924.0M	$914.0M	$779.0M
Long-Term Debt	$434.0M	$477.0M	$237.0M	$233.0M	$230.0M	$239.0M	$237.0M	$237.0M	$315.0M	$290.0M	$486.0M
Total Liabilities	$1.50B	$1.65B	$1.48B	$1.44B	$1.45B	$1.63B	$1.72B	$1.95B	$1.65B	$1.30B	$1.34B
Stockholders' Equity	$-295.0M	$-203.0M	$66.0M	$209.0M	$82.0M	$203.0M	$51.0M	$-192.0M	$-337.0M	$-99.0M	$-144.0M
Retained Earnings	$950.0M	$1.03B	$1.31B	$1.45B	$1.31B	$1.44B	$1.30B	$-295.0M	$-443.0M	$-243.0M	$-280.0M

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$407.0M	$295.0M	$303.0M	$151.0M	$-193.0M	$353.0M	$-4.0M	$-300.0M	$36.0M	$-27.0M	$-111.0M
Capital Expenditure	$-35.0M	$-43.0M	$-41.0M	$-7.0M	$-4.0M	$-34.0M	$-5.0M	$-53.0M	$-31.0M	$-67.0M	$-82.0M
Free Cash Flow	$372.0M	$252.0M	$262.0M	$144.0M	$-197.0M	$319.0M	$-9.0M	$-353.0M	$5.0M	$-94.0M	$-193.0M
Investing Cash Flow	$-35.0M	$-43.0M	$-4.0M	$-2.0M	$-4.0M	$-14.0M	$-222.0M	$-95.0M	$69.0M	$-66.0M	$-80.0M
Financing Cash Flow	$-147.0M	$-84.0M	$-237.0M	$-13.0M	$-10.0M	$-94.0M	$-101.0M	$-64.0M	$-102.0M	$-30.0M	$-6.0M
Issuance of Stock	$0.00	$2.0M	$3.0M	$0.00	$1.0M	$1.0M	$2.0M	$3.0M	$3.0M	$2.0M	$1.0M
Repurchase of Stock	$0.00	$0.00	$0.00	$0.00	$0.00	$-101.0M	$-90.0M	$-33.0M	$-173.0M	$-11.0M	$-126.0M
Issuance of Debt	$0.00	$487.0M	$0.00	$0.00	$0.00	$250.0M	$0.00	$0.00	$332.0M	$0.00	$489.0M
Payments of Debt	$-78.0M	$-573.0M	$-240.0M	$-13.0M	$-11.0M	$-244.0M	$-3.0M	$-12.0M	$-240.0M	$-17.0M	$-346.0M
Stock Based Comp.	$10.0M	$16.0M	$15.0M	$3.0M	$8.0M	$11.0M	$16.0M	$21.0M	$24.0M	$26.0M	$29.0M
Net Change in Cash	$225.0M	$171.0M	$61.0M	$136.0M	$-202.0M	$244.0M	$-328.0M	$-458.0M	$3.0M	$-124.0M	$-198.0M

Dilution Tracker

Shares Outstanding

129M

5-Year Share Growth

-15.1%

Stock Issuance (TTM)

$1.0M

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	148.64	149.70	150.23	151.07	154.00	151.94	139.00	137.00	133.00	128.00	129.00
YoY Change %	—	0.7%	0.4%	0.6%	1.9%	-1.3%	-8.5%	-1.4%	-2.9%	-3.8%	0.8%
Stock Issuance	$0.00	$2.0M	$3.0M	$0.00	$1.0M	$1.0M	$2.0M	$3.0M	$3.0M	$2.0M	$1.0M
Stock Repurchase	$0.00	$0.00	$0.00	$0.00	$0.00	$-101.0M	$-90.0M	$-33.0M	$-173.0M	$-11.0M	$-126.0M
Stock Based Comp.	$10.0M	$16.0M	$15.0M	$3.0M	$8.0M	$11.0M	$16.0M	$21.0M	$24.0M	$26.0M	$29.0M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	89.9%	90.5%	87.3%	82.2%	85.0%	83.9%	83.2%	84.1%	80.6%	80.1%	81.3%
Operating Margin %	14.1%	17.7%	31.4%	22.7%	-24.1%	22.9%	23.9%	22.6%	19.7%	21.4%	25.9%
Net Margin %	3.3%	5.3%	27.4%	17.1%	-22.9%	25.9%	-4.9%	-11.5%	0.6%	16.9%	19.4%
EBITDA Margin %	14.7%	17.1%	32.0%	29.3%	-19.0%	30.1%	-5.1%	-8.7%	7.5%	24.5%	27.4%
FCF Margin %	35.2%	23.1%	26.1%	18.3%	-30.4%	40.3%	-1.0%	-32.3%	0.4%	-7.6%	-14.9%
ROE %	Negative Equity	Negative Equity	Negative Equity	97.5%	-101.7%	143.9%	-34.6%	0.0%	Negative Equity	Negative Equity	Negative Equity
ROA %	3.3%	4.4%	18.4%	8.4%	-9.3%	12.2%	-2.4%	-7.1%	0.5%	16.7%	18.9%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)20.77

Historical1.46 / 18.24 / 179.92

Industry Med.20.86

P/S4.04

Historical0.37 / 2.65 / 4.62

Industry Med.2.30

P/B—

Historical1.49 / 12.86 / 291.76

Industry Med.1.91

EV/EBITDA14.47

Historical-132.00 / 7.58 / 25.93

Industry Med.12.96

EV/Revenue3.97

Historical-0.55 / 2.11 / 4.44

Industry Med.2.46

P/FCF—

Historical0.96 / 12.72 / 416.33

Industry Med.20.93

Intrinsic Value Models

Median P/S Value

$26.68

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	71.00	68.74	3.65	2.89	At Loss	12.78	At Loss	At Loss	248.60	21.88	20.77
PS Ratio	2.49	3.77	1.01	0.50	1.74	3.31	3.36	1.91	1.39	3.71	4.04
PB Ratio	0.00	0.00	15.38	1.88	13.77	12.91	11.75	0.00	0.00	0.00	0.00
EV/EBITDA	15.91	19.30	1.04	-1.63	-4.42	7.44	0.36	-20.61	18.06	15.27	14.47
EV/Revenue	2.35	3.30	0.33	-0.48	0.84	2.24	-0.02	1.79	1.35	3.75	3.97

Analyst Estimates & Quality

Altman Z-Score

3.70

Safe

Piotroski F-Score

Moderate

Beneish M-Score

-0.83

Possible Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$1,243M	$1,301M	$1,370M
Net Income	$462M	$493M	$532M
EPS	3.27	3.88	4.32
Book Value per Share	0.23	2.34	6.52
Operating Cash Flow per Share	0.00	0.00	0.00
Operating CF	$0.00M	$0.00M	$0.00M

Dividends

Yield 10Y Median

2.44%

Recent Payments

Ex-Date	Pay Date	Amount	Type
2016-06-16	2016-07-29	$0.475	Cash Div.
2015-09-17	2015-10-23	$0.16	Cash Div.

Revenue Segments

By Business

Segment	2025
SUBLOCADE	$794.0M
OPVEE	$8.0M
PERSERIS	$24.0M
Rest of World	$186.0M
Sublingual & other	$226.0M

By Geography

Segment	2025
United States	$1.05B
Rest of World	$186.0M