Tidbits From The Road With Management

Research evidence excerpt

Tidbits From The Road With Management

C O M PA N Y N O T E

M a y 2 1 , 2 0 2 6

Indivior PLC (INDV) Overweight

CONCLUSION PRICE: US$37.59

We recently hosted meetings with Indivior senior management and investors. The TARGET: US$59.00

commentary from management regarding the cost structure, particularly in the context of 13x EV/2027E EBITDA of $692M (assuming

continued expansion of the long-acting injectable (LAI) buprenorphine footprint, reinforced cash of $201M, debt of $486M, and ~129M

our view that we will see further operating leverage/margin expansion in 2027+. Given that shares outstanding), discounted by 15% for 1

backdrop (i.e., visibility into a long-term EBITDA CAGR (2027+) at least in the high-single year

digits, in our view), along with a lengthy exclusivity runway for Sublocade (Orange Book-

David Amsellemlisted patents that expire as late as 2038, with management noting that there are additional Sr. Research Analyst, Piper Sandler & Co.

patent applications in prosecution, which if issued, would give the product protection into 212 284-9455, david.amsellem@psc.com

2043-2045), we continue to argue for further multiple expansion from a current EV/2027E Alex von Riesemann

EBITDA of ~7x. We reiterate our Overweight rating and $59 PT. Research Analyst, Piper Sandler & Co.

212 284-9513, alex.vonriesemann@psc.com

• A word on spend in 2027. Recall that management last year announced ~$150M Naoki Martin

in annual cost savings (largely from SG&A efficiencies), and guided to 2026 adjusted Research Analyst, Piper Sandler & Co.

212 284-9402, naoki.martin@psc.com

operating expenses of $430M-$450M, compared to $629M in 2025. With essentially

minimal R&D spend expected going forward (recall that INDV discontinued development Changes Previous Current