Indivior Pharmaceuticals, Inc.
INDV · Pharmaceutical Preparations · 121.9M shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $12M (gross $33M, SBC $21M)
Reference price $38.06 · est. market cap ~$4.6B — last insider sale, 2026-06-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70Addiction-treatment pharma (Sublocade) — operating-profitable with strong returns, but negative equity, weak liquidity, and litigation overhang.
Strengths
- Operating profitability and returns — operating margin 21% (91st), net margin 17% (88th), ROA 17% (96th)
- Durable opioid-use-disorder franchise — per 10-K
Risks
- Negative equity and weak liquidity — D/E artifact, current ratio 0.71 (11th)
- FCF pressured by legal settlements — FCF -$93M
- Competition/litigation overhang — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Negative equityNegative book equity (debt/equity -2.96)
- Cash burnNegative free cash flow (-93.0M)
- Weak liquidityCurrent ratio 0.71 (<1)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~85% of revenue from one customer/distributor — , which accounted for 85%, 85%, and 83% of net revenues for the years ended December 31, 2025, 2024, and 2023, respectively
- Strong balance sheetStrong balance sheet — $223M cash & investments, ~10 quarters of runway
- Insider buyingInsider buying — 8 open-market buy(s) by 6 insider(s) (cluster of 6 insiders, ~$203,608, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$2M, last 6mo) Form 4 ↗
- Revenue declineRevenue -11.5% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
80.2%
Operating margin
21.1%
Net margin
16.9%
Return on equity
-214.3%
Return on assets
17.5%
ROIC
107.8%
Revenue growth (QoQ)
-11.5%
Debt / equity
-3.0×
Net debt / EBITDA
0.2×
Current ratio
0.7×
Free cash flow
-$93M
EBITDA
$272M
Tangible book value
-$100M
Cash & investments
$223M
Cash runway
10q
Stock comp / revenue
2.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Ciaffoni Joseph | Tax withheld | 613K | $38.32 |
| 2026-06-22 | Ciaffoni Joseph | Option exercise | 1.3M | — |
| 2026-06-11 | Heidbreder Christian | Sell | 19K | $38.06 |
| 2026-06-08 | Preblick Ryan | Sell | 36K | $37.70 |
| 2026-05-13 | Thompson Juliet | Grant | 6.5K | — |
| 2026-05-13 | Humphreys Keith | Grant | 6.5K | — |
| 2026-05-13 | Ryan Barbara | Grant | 6.5K | — |
| 2026-05-13 | Wheadon David E. | Grant | 10K | — |
| 2026-05-13 | Stejbach Mark | Grant | 6.5K | — |
| 2026-05-13 | Kingsley Stuart A | Grant | 6.5K | — |
| 2026-05-13 | NINIVAGGI DANIEL A | Grant | 6.5K | — |
| 2026-05-12 | Thompson Juliet | Tax withheld | 1.1K | $38.28 |
| 2026-03-14 | Preblick Ryan | Option exercise | 6.3K | — |
| 2026-03-14 | Preblick Ryan | Tax withheld | 2.8K | $31.11 |
| 2026-03-13 | Ryan Barbara | Buy | 8 | $31.09 |
| 2026-03-09 | Ryan Barbara | Buy | 31 | $32.56 |
| 2026-03-06 | Kingsley Stuart A | Buy | 940 | $31.86 |
| 2026-03-03 | Preblick Ryan | Tax withheld | 88K | $31.98 |
| 2026-03-03 | Preblick Ryan | Option exercise | 87K | — |
| 2026-03-03 | Heidbreder Christian | Option exercise | 102K | — |
| 2026-03-03 | Heidbreder Christian | Tax withheld | 46K | $31.98 |
| 2026-03-03 | Anderson Woodrow D | Option exercise | 18K | — |
| 2026-03-03 | Anderson Woodrow D | Tax withheld | 8.3K | $31.98 |
| 2026-03-03 | Anderson Woodrow D | Option exercise | 5.9K | — |
| 2026-03-03 | Anderson Woodrow D | Tax withheld | 2.7K | $31.98 |
| 2026-03-03 | Burris Jeffrey W | Option exercise | 80K | — |
| 2026-03-03 | Burris Jeffrey W | Tax withheld | 36K | $31.98 |
| 2026-02-10 | Preblick Ryan | Grant | 37K | — |
| 2026-02-10 | Heidbreder Christian | Grant | 34K | — |
| 2026-02-10 | Anderson Woodrow D | Grant | 6.9K | — |
| 2026-02-10 | Barry Patrick A | Grant | 31K | — |
| 2026-02-10 | Burris Jeffrey W | Grant | 27K | — |
| 2026-02-10 | Ciaffoni Joseph | Grant | 80K | — |
| 2026-01-26 | Humphreys Keith | Grant | 3.7K | — |
| 2026-01-26 | Ryan Barbara | Grant | 3.7K | — |
| 2026-01-26 | Wheadon David E. | Grant | 6.0K | — |
| 2026-01-26 | Thompson Juliet | Grant | 3.7K | — |
| 2026-01-26 | Stejbach Mark | Grant | 3.7K | — |
| 2026-01-26 | Kingsley Stuart A | Grant | 3.7K | — |
| 2026-01-26 | NINIVAGGI DANIEL A | Grant | 3.7K | — |
| 2026-01-05 | Humphreys Keith | Buy | 775 | $35.39 |
| 2026-01-05 | Ryan Barbara | Buy | 775 | $35.39 |
| 2026-01-05 | Wheadon David E. | Buy | 1.8K | $35.39 |
| 2026-01-05 | Stejbach Mark | Buy | 775 | $35.39 |
| 2026-01-05 | NINIVAGGI DANIEL A | Buy | 775 | $35.39 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-15 | Exec/director changeShareholder vote | filing ↗ |
| 2026-05-04 | Reg FDOtherExhibits | filing ↗ |
| 2026-04-30 | ResultsReg FDExhibits | filing ↗ |
| 2026-03-17 | Material agreement1.02Debt obligation3.02Exhibits | filing ↗ |
| 2026-03-13 | OtherExhibits | filing ↗ |
| 2026-03-12 | OtherExhibits | filing ↗ |
| 2026-02-26 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-26 | Material agreementDebt obligation3.023.035.01Exec/director change5.035.05Reg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-15 | 2026-05-13 | 0001625297-26-000024 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001625297-26-000021 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001628280-26-028850 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001193125-26-193925 ↗ |
| 8-K | 2026-03-17 | 2026-03-17 | 0001625297-26-000015 ↗ |
| 8-K | 2026-03-13 | 2026-03-12 | 0001625297-26-000012 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001625297-26-000008 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001628280-26-012237 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-073363 ↗ |
| 8-K | 2026-01-26 | 2026-01-23 | 0001193125-26-021660 ↗ |
| 8-K | 2026-01-08 | 2026-01-08 | 0001193125-26-006993 ↗ |
| 8-K | 2025-12-22 | 2025-12-22 | 0001625297-25-000078 ↗ |