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Indivior Pharmaceuticals

INDV on Nasdaq. Pharmaceutical preparations. Market value $4.2bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-2.6%low

For every $100 of what the whole company costs, it produced $-2.62 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
10.7×fair

You pay 10.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 30 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.

$35.90 a share, 58% above its 1-year low

Over the past year the price has ranged from $22.78 to $42.81.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.3
0.0
-0.1
-0.1
20232024202512 monthsto Jun '26
Revenue
$1.1bn$1.2bn$1.2bn
Operating margin
-13.9%3.2%21.1%
Debt to equity
n/an/an/a
Shares outstanding
0.14bn0.12bn0.12bn

Health checks

  • Free cash flow positive1 of 3 years
  • Accounting looks honest (Beneish)Warning signs
  • Financial strength (Piotroski)4 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesYes, 14% fewer since 2023

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $343 million last quarter, up 14% on a year ago.
  • Profit: $122 million, up 578% on a year ago.
  • It keeps 32 cents of each $1 of sales as operating profit, up from 19 cents a year earlier.
  • Over the past 12 months it spent $111 million more cash than it brought in. A year earlier it had $173 million spare.
  • 2% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $265 million more than cash. A year ago it had $184 million more cash than debt.
Sales by quarter
Sales by quarter
Quarter toAmount
December 2023Not reported
December 2024Not reported
March 2025$266m
June 2025$302m
September 2025$314m
December 2025$358m
March 2026$317m
June 2026$343m
Profit by quarter
Profit by quarter
Quarter toAmount
December 2023Not reported
December 2024Not reported
March 2025$47m
June 2025$18m
September 2025$42m
December 2025Not reported
March 2026$89m
June 2026$122m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
2 November 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 338 funds in all.

Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

10 investors own more than 5%; 1 of them is pushing for change.

  • BlackRock, Inc.
    Passive investor
    14.3%+7.5 pts
    Since 31 December 2025
  • 6.6%
    Since 31 March 2026
  • Oaktree Capital Group Holdings GP, LLC
    Activist
    Wants board seats
    5.7%−1.3 pts
    Since 24 December 2025
  • at least 5.4%+1.6 pts
    (filed with 2 related holders)
    Since 23 September 2026
  • 5.3%
    Since 31 March 2026
  • Two Seas Capital LP
    Passive investor
    at least 5.0%−0.7 pts
    (filed with 2 related holders)
    Since 23 December 2025
  • Deerfield Mgmt, L.P.
    Passive investor
    at least 3.7%−4.8 pts
    (filed with 3 related holders)
    Since 10 November 2025
  • Morgan Stanley
    Passive investor
    at least 3.7%
    (filed with 1 related holder)
    Since 31 March 2025
  • at least 3.5%−1.5 pts
    (filed with 5 related holders)
    Since 31 March 2026
  • at least 2.9%−2.3 pts
    (filed with 1 related holder)
    Since 31 December 2025
  • Sold down below 5%
    Since 31 March 2026
  • Oaktree Capital Holdings, LLC
    Activist
    Wants board seats
    Sold down below 5%
    Since 11 August 2026
  • Brookfield Asset Management ULC
    Sold down below 5%
    Since 16 December 2024
    What they said

    Item 4 to the Schedule 13D is hereby amended to incorporate the following at the end thereof: On December 16, 2024, OVO Fund, VOF, OPI Fund and Boston Patriot Arlington ST LLC (together, the "Oaktree Parties") entered into a Relationship Agreement (the "Relationship Agreement")…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 7 insiders bought $311,556 of shares on the open market. 2 sold $3m, $3m of it under preset trading plans.

  • Anderson Woodrow D
    Chief Accounting Officer
    Bought
    Date
    27 August 2026
    Shares
    1,500
    Price
    $35.69
    Value
    $53,535
  • Anderson Woodrow D
    Chief Accounting Officer
    Bought
    Date
    5 August 2026
    Shares
    1,500
    Price
    $36.28
    Value
    $54,420
  • Heidbreder Christian
    Chief Scientific Officer
    Sold
    under a preset trading plan
    Date
    10 July 2026
    Shares
    18,586
    Price
    $41.14
    Value
    $764,628
  • Heidbreder Christian
    Chief Scientific Officer
    Sold
    under a preset trading plan
    Date
    11 June 2026
    Shares
    18,586
    Price
    $38.06
    Value
    $707,383
  • Preblick Ryan
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    8 June 2026
    Shares
    36,000
    Price
    $37.70
    Value
    $1m
  • Ryan Barbara
    Director
    Bought
    Date
    13 March 2026
    Shares
    8
    Price
    $31.09
    Value
    $249
  • Ryan Barbara
    Director
    Bought
    Date
    9 March 2026
    Shares
    31
    Price
    $32.56
    Value
    $1,009
  • Kingsley Stuart A
    Director
    Bought
    Date
    6 March 2026
    Shares
    940
    Price
    $31.87
    Value
    $29,958
  • Humphreys Keith
    Director
    Bought
    under a preset trading plan
    Date
    5 January 2026
    Shares
    775
    Price
    $35.39
    Value
    $27,427
  • Ryan Barbara
    Director
    Bought
    under a preset trading plan
    Date
    5 January 2026
    Shares
    775
    Price
    $35.39
    Value
    $27,427

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 11 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
  • Its accounts show patterns that sometimes come before companies have to correct past results (Beneish score).
  • Profits run ahead of cash.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.