Document

1 Adjusted Basis excludes the impact of exceptional items and other adjustments as referenced and reconciled in the Adjusted Results appendix on page 27. Adjusted results are not a substitute for, or superior to, reported results presented in accordance with International Financial Reporting Standards ( IFRS ).

The Company refers to Indivior PLC and the Group refers to the Company and its consolidated subsidiaries.

Comment by Mark Crossley, CEO of Indivior PLC

"Our third quarter results show solid double-digit top- and bottom-line growth and are in line with the business update we issued on October 10th. The general market conditions we highlighted at that time continue and are reflected in our maintained FY 2024 outlook.

Despite these near-term competitive headwinds, we remain firm in our belief that SUBLOCADE has a differentiated and optimal profile for opioid use disorder patients, particularly with the ongoing proliferation of potent synthetic opioids. Furthermore, as highlighted at our business update, evidence among multiple co-prescribing cohorts since the competitor's launch supports our belief that SUBLOCADE will retain a leadership position in the long-acting injectable category, with SUBLOCADE share currently in the mid-60s percent range across these cohorts. Looking ahead, with continued strong execution supplemented by important potential FDA label updates, we expect to move beyond this near-term period of market disruption to ultimately deliver SUBLOCADE peak net revenue of greater than $1.5 billion.

To further support our goal, we are pursuing significant streamlining actions across both G A and R D, including termination of pipeline activities outside of OUD assets which are committed and underway. The savings from these efforts will be used to fuel SUBLOCADE growth, fund year-over-year incremental investment behind our two Phase 2 OUD assets and underpin our focus on supporting Group margins. Taken together, we expect to deliver a net reduction in overall operating expense in FY 2025 of $10 million to $20 million when compared to the mid-point of FY 2024 operating expense guidance.

Lastly, we continue to address legacy litigation to create greater certainty for all stakeholders. Our third quarter results include a $39 million provision for the preliminary agreement related to the remaining parties in the legacy antitrust litigation. While the parties must negotiate material terms and conditions of the final settlement agreement, when finalized this will close this legacy matter.

YTD Q3 2024 Financial Highlights

YTD 2024 total net revenue (NR) of $889m increased 11% (YTD 2023 $800m) Q3 2024 total NR of $307m increased 13% (Q3 2023 $271m).

YTD 2024 reported operating loss was $64m (YTD 2023 operating loss $65m) Q3 2024 reported operating profit was $4m (Q3 2023 operating loss $183m). YTD 2024 adjusted operating profit of $245m increased 21% (Adjusted YTD 2023 $202m). Q3 2024 adjusted operating profit of $97m increased 62% (Adjusted Q3 2023 $60m).

YTD 2024 reported net loss was $57m (YTD 2023 net loss $52m) Q3 2024 reported net income was $4m (Q3 2023 net loss $135m). YTD 2024 adjusted net income of $182m increased 12% (Adjusted YTD 2023 $162m). Q3 2024 adjusted net income of $72m increased 47% (Adjusted Q3 2023 $49m).

Cash and investments totaled $344m at September 30, 2024 (including $26m investments restricted for self-insurance) (FY 2023 $451m). The decrease was primarily due to the Group's litigation settlement payments of $158m and share repurchases of $122m, partly offset by cash flow from operating activities.

YTD Q3 2024 Product Highlights

SUBLOCADE (buprenorphine extended release) Injection YTD 2024 NR of $562m (+24% vs. YTD 2023) Q3 2024 NR of $191m (+14% vs. Q3 2023 and (1)% vs. Q2 2024). Year-over-year growth primarily reflects continued volume growth in Organized Health System and Criminal Justice System channels in the U.S. Q3 2024 U.S. units dispensed were approx. 158,500 (+19% vs. Q3 2023 and +2% vs. Q2 2024). Total U.S. patients on a 12-month rolling basis at the end of Q3 2024 were approximately 166,600 (+37% vs. Q3 2023 and +4% vs. Q2 2024).

OPVEE (nalmefene) nasal spray Q3 2024 NR of $15m comprised of two 100,000 unit orders from the U.S. Biomedical Advancement Research and Development Authority (BARDA). Near-term launch focus is on supporting policy changes to enable nalmefene opioid rescue treatment and increasing product trial among targeted users.

SUBOXONE (buprenorphine naloxone) Film U.S. share in Q3 2024 averaged 15% (Q3 2023 18%).

PERSERIS (risperidone) extended release injection YTD 2024 NR of $31m and Q3 2024 NR of $8m. As previously announced, sales and marketing of PERSERIS have been discontinued.

INDV-1000 (Alcohol Use Disorder) discontinuing development of preclinical GABA-b Positive Allosteric Modulator.

On October 10th, the Group updated its financial guidance for FY 2024 as detailed below.

Guidance assumes no material change in exchange rates for key currencies compared with FY 2023 average rates, notably USD GBP and USD EUR.

1As previously announced, sales and marketing of PERSERIS have been discontinued.

Share Repurchase Program

On July 25, 2024, Indivior announced a new non-discretionary $100m share repurchase program that commenced on August 5, 2024. Through October 11, the Group repurchased and canceled 4,862k Indivior ordinary shares as part of this program, equivalent to approximately 4% of diluted shares outstanding, at a daily weighted average purchase price of 839p. The cost was approximately $53m, which includes directly attributable transaction cost. This program is targeted to be completed by January 31, 2025.

Expected settlement reached with certain end payors to resolve remaining antitrust cases

Indivior continues to address legacy litigation to create greater certainty for all stakeholders. Today, the Group announces an expected settlement of the last remaining antitrust litigation with (i) Humana, Inc. and certain of its affiliates (collectively, "Humana") and (ii) with Centene Corporation, Wellcare Healthcare Plans, Inc., New York Quality Healthcare Corp. (d b a Fidelis Care), and Health Net, LLC (collectively, "Centene"). The Group has recorded a provision of $39m reflecting the net present value (NPV) at the risk-free rate of the agreed amounts to be paid in 2024 and 2025. The parties to the settlement still must negotiate material terms and conditions of the final settlement agreement, which Indivior expects to resolve shortly. Final settlement, if reached, would resolve all of the Group's remaining legacy antitrust litigation, including all claims in the Kentucky and Pennsylvania state court actions filed by Humana, and all claims in the Virginia state court action filed by Centene.

U.S. OUD Market Update

In Q3 2024, U.S. buprenorphine medication-assisted treatments (BMAT) grew in mid-single digits in volume terms. The Group continues to expect long-term U.S. growth to be sustained in the mid- to high-single digit percentage range due to increased overall public awareness of the opioid epidemic and approved treatments, together with regulatory and legislative actions.

Financial Performance in YTD Q3 2024

Total NR in YTD 2024 increased 11% to $889m (YTD 2023 $800m) at actual exchange rates (+11% at constant exchange rates1). In Q3 2024, total NR increased 13% to $307m (Q3 2023 $271m) at actual exchange rates (+13% at constant exchange rates1).

U.S. NR increased 14% in YTD 2024 to $755m (YTD 2023 $662m) and by 15% in Q3 2024 to $261m (Q3 2023 $227m). Double-digit year-over-year SUBLOCADE volume growth and the fulfillment of OPVEE orders from BARDA primarily drove the increases in NR in both periods. Q3 2024 NR also benefited from updates to channel mix and trade spend estimations for both SUBLOCADE and SUBOXONE Film. These benefits were partially offset by SUBLOCADE trade destocking versus stocking in the year-ago quarter. Pricing was not material to NR growth.

Rest of World (ROW) NR decreased 3% at actual exchange rates in YTD 2024 to $134m (YTD 2023 $138m) (-3% at constant exchange rates1). Positive contributions from new products (SUBLOCADE SUBUTEX Prolonged Release and SUBOXONE Film) were more than offset by the ongoing generic erosion of the legacy tablet business and the timing of shipments. In Q3 2024, ROW NR increased 5% at actual exchange rates to $46m (Q3 2023 $44m) (2% at constant exchange rates1) mainly reflecting positive contributions from new products that were partially offset by generic erosion of legacy tablet business. YTD 2024 SUBLOCADE SUBUTEX Prolonged Release NR increased 27% to $38m (YTD 2023 $30m) and in Q3 2024 increased 30% to $13m (Q3 2023 $10m), all at actual exchange rates.

Gross margin as reported in YTD 2024 was 77% (YTD 2023 83%) and 78% in Q3 2024 (Q3 2023 83%). YTD 2024 and Q3 2024 included $51m and $10m, respectively, of costs related to the discontinuation of sales and marketing for PERSERIS. In addition, adjustments for amortization of acquired intangible assets within cost of sales of $9m in YTD 2024 and $3m in Q3 2024 were also included in the reported gross margin. Excluding these costs and adjustments, adjusted gross margin was 83% and 82% in YTD 2024 and Q3 2024, respectively (both YTD 2023 and Q3 2023 84%). The decrease in adjusted gross margin in both YTD period and quarter primarily reflects cost inflation and favorable pricing on specified batches produced in Q3 2023 that did not repeat in Q3 2024 partially offset by a transitory benefit relating to the BARDA agreement that will reverse in future periods and an improved product mix from the continued growth of SUBLOCADE.

SG A expenses as reported in YTD 2024 were $665m (YTD 2023 $654m) and $208m in Q3 2024 (Q3 2023 $390m). YTD 2024 and Q3 2024 included $244m and $75m of exceptional items, respectively (YTD 2023 and Q3 2023 $262m and $240m, respectively). See Appendix for adjusted results for details of exceptional SG A expenses for YTD and Q3 2024 and 2023.

1 Net revenue at constant exchange rates is an alternative performance measure used by management to evaluate underlying performance of the business and is calculated by applying the prior year exchange rate to current year net revenue in the currencies of the foreign entities.

Excluding exceptional items, YTD 2024 adjusted SG A expense increased 7% to $421m (Adjusted YTD 2023 $392m), reflecting increased sales and marketing related to SUBLOCADE and the launch of OPVEE, as well as cost inflation Q3 2024 adjusted SG A expense decreased 11% to $133m (Adjusted Q3 2023 $150m), primarily reflecting lower expenses from the discontinuation of PERSERIS, as well as lower legal and other administrative expenses.

R D expenses in YTD 2024 and Q3 2024 were $76m and $22m, respectively (YTD 2023 $77m Q3 2023 $18m), and represented a decrease of 1% and an increase of 22%, respectively. The modest decrease in the YTD period was primarily due to lower activity related to post-marketing studies for SUBLOCADE offset by pipeline advancement activities principally related to Phase 2 studies for INDV-2000 and INDV-6001. The increase in Q3 2024 primarily reflects the aforementioned pipeline advancement activities for INDV-2000 and INDV-6001.

Operating loss as reported was $64m in YTD 2024 (YTD 2023 operating loss $65m). The change on a reported basis reflects higher NR and gross profit offset by increased operating expenses. (See Appendix for adjusted results details of exceptional expenses included in operating profit).

After excluding exceptional items and other adjustments of $309m and $267m in YTD 2024 and YTD 2023, respectively, YTD 2024 adjusted operating profit increased 21% to $245m (YTD 2023 $202m). The increase primarily reflects higher total NR partially offset by increased SG A expenses, primarily due to increased sales and marketing related to SUBLOCADE and the launch of OPVEE.

Q3 2024 operating profit as reported was $4m (Q3 2023 operating loss $183m). On an adjusted basis, Q3 2024 operating profit increased 62% to $97m (adjusted Q3 2023 $60m), excluding exceptional costs and other adjustments of $93m (Q3 2023 $243m). The increase on an adjusted basis primarily reflects higher total NR and lower SG A expenses.

Net finance expense was $10m in YTD 2024 (YTD 2023 $4m income) reflecting a decrease in interest income on lower cash and investment balances. Q3 2024 net finance expense was $5m (Q3 2023 $2m income).

Reported tax benefit was $17m in YTD 2024 and the effective tax rate was 23% (YTD 2023 tax expense rate $9m, 15%). YTD 2024 adjusted tax expense was $53m, and the adjusted effective tax rate was 23% (YTD 2023 adjusted tax expense rate $44m, 21%). The adjusted results exclude tax benefits on exceptional items and other adjustments. The movement in the effective tax rate on adjusted profits was impacted by an increase in the U.K. corporation tax rate from 23.5% to 25%. The Q3 2024 reported tax benefit was $5m, and the effective tax rate was not meaningful (Q3 2023 $46m, 25%). The tax expense on Q3 2024 adjusted profits was $20m, and the adjusted effective tax rate was 22%. The tax expense on Q3 2023 adjusted profits amounted to $13m, for a comparable adjusted effective tax rate of 21%.

Reported net loss in YTD 2024 was $57m and adjusted net income was $182m (YTD 2023 reported net loss $52m, adjusted net income $162m). The 12% increase in net income on an adjusted basis primarily reflected higher NR partly offset by an increase in operating expense. Q3 2024 net income on a reported basis was $4m (Q3 2023 net loss $135m), and net income of $72m on an adjusted basis excluding the net after-tax impact from exceptional items and other adjustments (Adjusted Q3 2023 $49m). Higher Q3 2024 net income on an adjusted basis was primarily due to an increase in NR.

Diluted (losses) earnings per share were $(0.42) on a reported basis and $1.34 on an adjusted basis in YTD 2024 (YTD 2023 $(0.38) diluted earnings per share and $1.14 adjusted diluted earnings per share). In Q3 2024, diluted losses per share and adjusted diluted earnings per share were $0.03 and $0.54, respectively (Q3 2023 $(0.98) earnings per share on a diluted basis and $0.34 earnings per share adjusted diluted basis).

Balance Sheet Cash Flow

Cash and investments totaled $344m at the end of Q3 2024, a decrease of $107m versus the $451m position at the end of 2023. The decrease was primarily due to the Group's litigation settlement payments of $158m and share repurchases of $122m, partly offset by cash inflow from operating and investing activities.

Net working capital, defined by management as inventory plus trade receivables, less trade and other payables, was negative $386m on September 30, 2024, versus negative $347m at the end of FY 2023, reflecting increases in the balance of accruals rebates, discounts and returns due to the timing of rebated invoicing.

Cash generated from operations in YTD 2024 was $94m (YTD 2023 cash used in operations $2m), reflecting ongoing operating performance partially offset by litigation payments of $158m. Net cash flow from operating activities was $41m in YTD 2024 (YTD 2023 cash outflow $34m) primarily reflecting cash generated from operations less tax payments.

Cash inflow from investing activities in YTD 2024 was $59m (YTD 2023 cash outflow $104m) reflecting investment maturities, partially offset by capital expenditures. In the prior year period, the outflow from investing activities primarily reflected the Opiant acquisition, net of cash assumed.

Cash outflow from financing activities in YTD 2024 was $129m (YTD 2023 cash outflow $25m) primarily reflecting shares repurchased and canceled. In the prior-year period, the outflow from financing activities primarily reflected shares repurchased and canceled and the extinguishment of debt assumed in the Opiant acquisition.

Principal Risks Update

The principal risks facing the Group for the second half of 2024 are expected to be consistent with those disclosed in the 2023 Annual Report and Accounts.

The average and period end exchange rates used for the translation of currencies into U.S. dollars that have the most significant impacts on the Group's results were

A live webcast presentation will be held on October 24, 2024, at 13 00 GMT (8 00 am EDT) hosted by Mark Crossley, CEO. The details are below. All materials will be available on the Group's website prior to the event at www.indivior.com. Please copy and paste the below web links into your browser.

The webcast link https edge.media-server.com mmc p ppm4ske8

Participants may access the presentation telephonically by registering with the following link (please cut and paste into your browser)

https register.vevent.com register BId4d5b45a6f3e4291ba42150c1620fc64

(Registrants will have an option to be called back directly immediately prior to the call or be provided a call-in # with a unique pin code following their registration)

For Further Information

Corporate Website www.indivior.com

This announcement does not constitute an offer to sell, or the solicitation of an offer to subscribe for or otherwise acquire or dispose of shares in the Group to any person in any jurisdiction to whom it is unlawful to make such offer or solicitation.

The person responsible for making this announcement is Kathryn Hudson, Company Secretary.

Indivior is a global pharmaceutical company working to help change patients' lives by developing medicines to treat substance use disorders (SUD), overdose and serious mental illnesses. Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of SUD. Indivior is dedicated to transforming SUD from a global human crisis to a recognized and treated chronic disease. Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to both expand on its heritage in this category and potentially address other chronic conditions and co-occurring disorders of SUD. Headquartered in the United States in Richmond, VA, Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com company indivior.

Important Cautionary Note Regarding Forward-Looking Statements

This announcement contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding the Indivior Group's financial guidance including operating and profit margins for 2024 and its medium- and long-term growth outlook expected future growth and expectations for sales levels for particular products (including without limitation SUBLOCADE) expectations regarding the future impact of factors that have affected sales in the past assumptions regarding expected changes in share and expectations regarding the extent and impact of competition assumptions regarding future exchange rates strategic priorities, strategies for value creation, and operational goals our expectations regarding the expected final terms, scope, and timing of an expected settlement related to the provision we recorded regarding claims (i) in the opioid litigation (including the MDL) brought by certain municipalities and tribal nations and (ii) by Humana, Centene, and their affiliates to settle legacy antitrust claims expected growth rates, growing normalization of medically assisted treatment for opioid use disorder, and expanded access to treatment and other statements containing the words believe, anticipate, plan, expect, expectations, intend, estimate, forecast, "strategy," "target," "guidance," "outlook," "potential," project, priority, may, will, should, would, could, can, outlook, guidance, the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future.

Actual results may differ materially from those expressed or implied in these forward-looking statements due to a number of factors, including lower than expected future sales of our products greater than expected impacts from competition failure to achieve market acceptance of OPVEE unanticipated costs whether we are able to identify efficiencies and fund additional investments that we expect to generate increased revenues, and the timing of such actions and litigants who choose to opt out of proposed settlements or with whom we are otherwise unable or unwilling to agree to final terms. For information about some of the risks and important factors that could affect our future results and financial condition, see Risk Factors in Indivior's Annual Report on Form 20-F for the fiscal year 2023 and its other filings with the U.S. Securities and Exchange Commission.

We have based the forward-looking statements in this press release on our current expectations and beliefs concerning future events. Forward-looking statements contained in this press release apply only at the date of this press release and, except as required by law, we undertake no obligation to update or revise any forward-looking statement, whether due to new information, future developments, or otherwise.

Unaudited condensed consolidated interim income statement

Unaudited condensed consolidated interim statement of comprehensive income

The notes are an integral part of these unaudited condensed consolidated interim financial statements.

Unaudited condensed consolidated interim balance sheet

1The unaudited condensed consolidated interim balance sheet as of December 31, 2023 was retrospectively adjusted during Q1 2024 to reflect measurement period adjustments related to the November 2023 acquisition of an aseptic manufacturing facility. Refer to Note 1 and Note 17.

The notes are an integral part of these unaudited condensed consolidated interim financial statements.

Unaudited condensed consolidated interim statement of changes in equity

The notes are an integral part of these unaudited condensed consolidated interim financial statements.

Unaudited condensed consolidated interim cash flow statement

1 Discontinuation of PERSERIS sales and marketing (refer to Note 18) resulted in impairment of inventory.

2Changes in the line items current and non-current other assets and provisions and other liabilities for YTD 2024 include the settlement of the Antitrust MDL liabilities (refer to Note 13) and release of related escrow funding following final court approval.

3Changes in the line item provisions and other liabilities for YTD 2024 also include litigation settlement payments totaling $158m (YTD 2023 $177m). $3m of interest paid on the DOJ Resolution in YTD 2024 has been recorded in the interest paid line item (YTD 2023 $3m).

The notes are an integral part of these unaudited condensed consolidated interim financial statements.

Notes to the unaudited condensed consolidated interim financial statements

1. BASIS OF PREPARATION AND ACCOUNTING POLICIES

Indivior PLC (the 'Company') is a public limited company incorporated on September 26, 2014 and domiciled in the United Kingdom. In these unaudited condensed consolidated interim financial statements ( Condensed Financial Statements'), reference to the Group' means the Company and all its subsidiaries.

The Condensed Financial Statements have been prepared in accordance with U.K. adopted International Accounting Standard 34, Interim Financial Reporting. The Condensed Financial Statements have been reviewed and are unaudited and do not include all the information and disclosures required in the annual financial statements. Therefore, the Condensed Financial Statements should be read in conjunction with the Group's Annual Report and Accounts for the year ended December 31, 2023, which were prepared in accordance with U.K. adopted International Accounting Standards and in conformity with the Companies Act 2006 as applicable to companies reporting under those standards. These Condensed Financial Statements were approved for issue on October 23, 2024.

In preparing these Condensed Financial Statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended December 31, 2023, except for changes in estimates that are required in determining the provision for income taxes and resolution of uncertainties for certain contingent liabilities.

In 2023, the Group acquired an aseptic manufacturing facility which was accounted for as a business combination. As the acquisition was completed in late 2023, a provisional fair value of assets acquired and liabilities assumed at the date of acquisition was disclosed in the consolidated financial statements for the year ended December 31, 2023. In Q1 2024, based on new information obtained about facts and circumstances that existed as of the acquisition date, the Group adjusted the provisional fair values for acquired property, plant and equipment and the assumed onerous contract provision, with an adjustment to goodwill equal to the change in the net assets acquired. These measurement period adjustments are reflected in the comparative period presented in the Condensed Financial Statements in accordance with IFRS 3 Business Combinations. The effect on depreciation and other changes in the related balances from the acquisition date to December 31, 2023 was immaterial. Refer to Note 17 for a reconciliation of the previously reported provisional fair value of net assets acquired to the adjusted provisional fair value.

Effective January 1, 2024, the functional currency of Indivior U.K. Limited, one of the Group's significant subsidiaries, changed from U.K. pound sterling to U.S. dollar (USD). This was the result of a change in the primary economic environment in which Indivior U.K. Limited operates, driven by growth of USD-denominated net revenue combined with an increase in USD-denominated costs and culminating with a shift in investing activities. The Group determined the USD had become the dominant currency from January 2024.

The Directors have assessed the Group's ability to maintain sufficient liquidity to fund its operations, fulfill financial and compliance obligations as set out in Note 11, and comply with the minimum liquidity covenant in the Group's term loan for the period to March 2026 (the going concern period). A base case model was produced reflecting

Board reviewed financial plans for the period and

settlement of liabilities and provisions in line with contractual terms.

The Directors also assessed a severe but plausible' downside scenario which included the following key changes to the base case within the going concern period