Indivior Pharmaceuticals, Inc.INDV
Indivior Pharmaceuticals, Inc. Segments Disclosure
3. Segment, Geographic and Other Revenue Information
The Company derives revenues from customers through the development, manufacture and sale of buprenorphine-based prescription drugs for treatment of opioid dependence and related disorders. The Company offers two primary product lines, with the financial results reported on a consolidated basis and reviewed as a single component. The CEO is responsible for assessing performance of the business, establishing and approving budgets, setting and evaluating performance goals, and making all key decisions aligned with strategic objectives of the Company. Accordingly, the CEO has been identified as the chief operating decision maker (“CODM”). The CEO reviews the Company's financial information on a consolidated basis for purposes of allocating resources and evaluating performance. Accordingly, the Company has concluded that it operates in a single operating and reportable segment for all periods presented. Please refer to Note 1. Business Overview for more information on the products and services of the Company.
The CODM uses income from operations to measure the profitability of the segment. This amount is determined in accordance with the accounting policies of the consolidated entity as described in Note 2. Summary of Significant Accounting Policies. These amounts are reported on the Consolidated Statements of Operations. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets.
The CODM reviews net revenue and operating income (loss) on a consolidated basis and compares to forecasted totals to evaluate financial performance. In addition, the CODM reviews the total disaggregated U.S. net revenue by product line. No additional financial information is provided by product line. The financial data provided to the CODM is as follows:
| Twelve Months Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
US: | ||||||||||||||||||||
SUBLOCADE* | $ | 794 | $ | 704 | $ | 588 | ||||||||||||||
Sublingual & other | 226 | 250 | 282 | |||||||||||||||||
OPVEE1 | 8 | 15 | — | |||||||||||||||||
PERSERIS2 | 24 | 40 | 42 | |||||||||||||||||
Total US | 1,053 | 1,008 | 912 | |||||||||||||||||
Rest of World | 186 | 179 | 181 | |||||||||||||||||
| Net revenue | 1,239 | 1,188 | 1,093 | |||||||||||||||||
| Cost of sales | 246 | 231 | 174 | |||||||||||||||||
| Gross profit | 994 | 957 | 919 | |||||||||||||||||
| Operating expenses: | ||||||||||||||||||||
Selling and marketing | 315 | 255 | 236 | |||||||||||||||||
Administrative and general | 319 | 357 | 329 | |||||||||||||||||
Total selling, general and administrative | 634 | 612 | 565 | |||||||||||||||||
| Research and development | 97 | 107 | 116 | |||||||||||||||||
| Acquired in-process research and development | — | 1 | 162 | |||||||||||||||||
| Litigation settlement | 3 | 195 | 239 | |||||||||||||||||
Other operating (income) expense, net | (3) | 4 | (9) | |||||||||||||||||
| Total operating expenses, net | 732 | 919 | 1,072 | |||||||||||||||||
Operating income (loss) | 262 | 38 | (152) | |||||||||||||||||
Other (income) and expenses: | ||||||||||||||||||||
| Interest income | (22) | (23) | (43) | |||||||||||||||||
| Interest expense | 45 | 41 | 35 | |||||||||||||||||
Income (loss) before income taxes | 239 | 20 | (145) | |||||||||||||||||
Income tax expense (benefit) | 29 | 13 | (19) | |||||||||||||||||
Net income (loss) | $ | 210 | $ | 7 | $ | (126) | ||||||||||||||
*Total SUBLOCADE net revenue | $ | 856 | $ | 756 | $ | 630 | ||||||||||||||
| Depreciation and amortization | 10 | 16 | 15 | |||||||||||||||||
Stock-based compensation expense | 26 | 24 | 21 | |||||||||||||||||
1Marketing and promotion activities for OPVEE were discontinued in the third quarter of 2025.
2Marketing and promotion activities for PERSERIS were discontinued in 2024.
Significant segment expenses within net income (loss) include cost of sales, selling and marketing, general and administrative, research and development, and litigation settlement at the consolidated level. Other segment items within net income (loss) include acquired in-process research and development, other operating expense (income), net, interest (income), interest expense, and income tax expense (benefit). Our CODM is also regularly provided depreciation and amortization and stock-based compensation
expense information, both of which are presented above and are recorded within cost of sales and selling, general and administrative expenses.
During 2025 and 2024, net revenue was increased by $87 million and $28 million, respectively, from recognition of performance obligations satisfied in prior years. During 2023, net revenue was decreased by $9 million from recognition of performance obligations satisfied in prior years.
Significant customers that amount to 10% or more of the Company’s net revenues are as follows (in percentages of total net revenue for each year):
| Twelve Months Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Customer A | 20 | % | 18 | % | 19 | % | |||||||||||
| Customer B | 18 | % | 19 | % | 19 | % | |||||||||||
| Customer C | 13 | % | 18 | % | 16 | % | |||||||||||
| Customer D | 13 | % | 11 | % | 9 | % | |||||||||||
The following table summarizes the Company's long-lived assets, which include property, plant and equipment and right of use assets, by geographic area:
| December 31, 2025 | December 31, 2024 | ||||||||||
| United States | $ | 113 | $ | 74 | |||||||
Rest of World | 57 | 65 | |||||||||
| Total long-lived tangible assets | $ | 170 | $ | 139 | |||||||
Total capital expenditures were $66 million, $29 million and $8 million for year ended December 31, 2025, 2024 and 2023, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.