Indivior: Still Attractive After FY25 Earnings Beat

Indivior has rallied over 300% since 2024 lows, driven by Sublocade market share stability, cost controls, and shareholder activism. INDV remains a 'buy' at a $3.7bn market cap, with management targeting 8% Sublocade sales growth in 2026 and 48% adj. EBITDA margins. Valuation is attractive at sub-10x NTM EV/EBITDA and a 10% FCF yield, with a $400m buyback approved for 2026–2027.