Indivior Pharmaceuticals, Inc: More Juice to Squeeze From Operational Turnaround - Initiate at OW with $46 PT

研报英文原文证据摘录

Indivior Pharmaceuticals, Inc: More Juice to Squeeze From Operational Turnaround - Initiate at OW with $46 PT

Equity Research

U.S. Specialty Pharmaceuticals

18 June 2026

Indivior Pharmaceuticals, Inc

More Juice to Squeeze From

Operational Turnaround - Initiate Initiating Coverage

INDV OVERWEIGHTat OW with $46 PT

from Not Rated

We see additional upside over the balance of FY26 driven by U.S. Specialty NEUTRAL Pharmaceuticals

UnchangedINDV's strong commercial execution amid a turnaround plan

acutely focused on 1) accelerating Sublocade and 2) Price Target USD 46.00 from N/A

enhancing profitability. We expect a beat/raise cycle and feel Price (17-Jun-26) USD 37.93

Potential Upside/Downside +21.3%encouraged by 2Q trends, which appear strong relative to

Source: Bloomberg, Barclays Research

new guide.

Market Cap (USD mn) 4624

Investment Thesis: We initiate coverage on INDV with an Overweight rating and $46 Price Shares Outstanding (mn) 121.92

Target. Indivior has undergone a transformation following the appointment of CEO Joe Ciaffoni Free Float (%) 99.25

last summer, the rollout of the Indivior Action Agenda and the transition to a US listing earlier 52 Wk Avg Daily Volume (mn) 2.5

this year. While these positive developments have certainly contributed to the stock's Dividend Yield (%) N/A

impressive performance – +168% over the past 12 months (S&P +25%) – we believe the Return on Equity TTM (%) N/A

company’s core fundamentals and outlook remain somewhat underappreciated. Looking Current BVPS (USD) -1.18

ahead, we expect additional beats and raises plus repo, which should contribute to a modest Source: Bloomberg

multiple re-rating that better reflects management guidance for disproportionate growth in

adjusted EBITDA (+50% in FY26) relative to topline growth (LSD).