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    Paul Cuddon • Deutsche Numis

    Paul Cuddon's questions to Indivior PLC (INDV) leadership

    Paul Cuddon's questions to Indivior PLC (INDV) leadership • Q1 2025

    Question

    Paul Cuddon asked about any early impact from the SUBLOCADE label change, whether a competitor's licensing of KLOXXADO makes the OPVEE market more challenging, and how the company views its cash generation relative to looming litigation payments.

    Answer

    CEO Mark Crossley stated it's too early for data on the label change's impact but subjective feedback is positive. Regarding OPVEE, he argued that a competitor licensing a higher-dose naloxone product actually reinforces the need for OPVEE. CFO Ryan Preblick expressed confidence in the company's ability to generate strong cash flows to meet its known litigation obligations, noting that the business is growing and many payments are scheduled further out.

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    Paul Cuddon's questions to Indivior PLC (INDV) leadership • Q4 2024

    Question

    Paul Cuddon questioned the conservatism in the 2025 SUBLOCADE guidance, noting that Q4 2024 performance exceeded expectations. He also asked for details on the source of SUBOXONE pricing pressure and the company's visibility on a potential fifth generic competitor.

    Answer

    CFO Ryan Preblick acknowledged that Q4 was stronger than anticipated but explained the 2025 guidance reflects expected consistent growth in the base OHS business offset by funding challenges in the Justice Channel in H1. Regarding SUBOXONE, Preblick detailed that recent price decay was driven by the fourth generic entrant, which accelerated pricing actions at the end of 2024. CEO Mark Crossley added that the guidance for a ~55% decline in SUBOXONE revenue accounts for this intensified competition and the potential impact of a fifth generic entrant.

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    Paul Cuddon's questions to Indivior PLC (INDV) leadership • Q3 2024

    Question

    Paul Cuddon questioned the viability of the low end of the Q4 SUBLOCADE guidance given favorable trends and asked for clarification on whether a key account was lost entirely to a competitor.

    Answer

    CEO Mark Crossley explained the guidance range accounts for continued competitor adoption, CJS funding fluctuations, and destocking, with the low end reflecting a higher intensity of these factors. He clarified that the cohort data showing share leadership is from Organized Health Systems (OHS), while the lost account was a separate issue within the West Coast Justice System where a competitor used pricing to gain entry.

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