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Indivior Pharmaceuticals, Inc. and its subsidiaries (together, "Indivior" or the "Company") is the market leader in long-acting injectable medications for opioid use disorder (OUD). Indivior is focused on delivering evidence-based pharmacotherapies for OUD and is committed to advancing the neurobiological understanding of OUD as a chronic, relapsing, but treatable brain disease.
Margins and capital returns are both well above average: 21.15% operating margin, ROIC at 166.43%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 4.3%, steady but not accelerating. Free cash flow declined 1429% despite revenue growth, conversion is weakening.
Free cash flow declined 1429% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$93M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.29B
▲ +4.3% YoY
Net Income (TTM)
$252M
▲ +2900.0% YoY
Op. Margin
25.81%
▲ +17.9pp YoY
ROIC
73.07%
▲ +124.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$192M
▼ -1428.6% YoY
Op. Cash Flow (TTM)
-$111M
▼ -175.0% YoY
Net Debt
$334M
Cash & Equiv.
$175M
3Y CAGR: +11.2%
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