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I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 Important
Cautionary Statement Regarding Forward-looking Statements This presentation contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding expected future cash
flows; the Company's financial guidance including operating and profit margins for 2025 and its medium- and long-term growth outlook; expected future savings; expected future growth and expectations for sales levels for particular products;
expected future product launches in particular markets; expected growth in LAI usage, the prescriber base, payor access, and the number of patients treated with our products; our product development pipeline and potential future products, the timing
of clinical trials, expectations regarding regulatory approval of such product candidates, the timing of such approvals, and the timing of commercial launch of such products or product candidates, and eventual annual revenues of such future
products; patent applications the potential future issuance of patents; and other statements containing the words believe, anticipate, plan, expect, intend, estimate, forecast, "strategy," "target," "guidance,"
"outlook," "potential," project, priority, may, will, should, would, could, 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. c 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 including the effects of potential tariffs and potential retaliatory tariffs; 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 other unanticipated events. For additional 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 10-K for the fiscal year 2024 filed March 3, 2025 and its other filings with the U.S. Securities and Exchange Commission.
Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update or
revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events. 1
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 Founded to
Help Address the Opioid Crisis Leading with Science Financial Strength Leading in discovery and commercialization of buprenorphine evidence-based $1,188m total net revenue (NR) (FY2024) medicines for opioid dependence for over 30
years 4 $320m Non-GAAP operating income (FY2024) 10-year company history of bringing science-based, life-transforming treatments c Ability to leverage revenue growth and create to tackle the opioid crisis, one of the largest
and most urgent U.S. public health durable cash generation emergencies of our time $400m in cash and investments (as of Q1 2025) SUBLOCADE is a first-in-class monthly subcutaneous long-acting injectable (LAI) medication for the
treatment of moderate to severe opioid use disorder (OUD) 5 ~1.0x adjusted leverage ratio (excluding legal settlements) SUBLOCADE Positioned to be a Durable Growth Driver U.S. Commercial Portfolio Recovery Rescue No. 1 prescribed LAI
in the U.S., with over 350k lives treated, supporting OUD recovery Formulated to deliver sustained buprenorphine concentrations of >2ng/mL 1,2,3 throughout dosing intervals to block opioid-rewarding effects The only once monthly
LAI with rapid initiation on day 1 Strong IP management with patents to 2031-2038 1 2 3 Laffont CM, et al. Front Pharmacol. 2022;13:105213. doi:10.3389/fphar.2022.105213. Nasser AF, et al. Clin Pharmacokinet. 2014;53(9):813-824.
doi:10.1007/s40262-014-0155-0. Jones AK, et al. Clin Pharmacokinet. 4 5 2 2021;60(4):527- 540. doi:10.1007/s40262- 020- 00957- 0 See Non-GAAP Financial Measures in the Appendix for reconciliation; Defined as Total Debt at December 31, 2024 divided
by FY 2024 Non-GAAP EBITDA; For a discussion of additional obligations, see Note 12 in form 10-K filed with the SEC on March 3, 2025; See Non-GAAP Financial Measures in the Appendix for reconciliation
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 Track Record
of Strong Net Revenue Growth Revenue Growth Driven by the U.S. And Increasing Contribution from SUBLOCADE $1,188m $1,188m $1,093m $1,093m $901m $901m $1,008m $912m $791m $791m $647m $647m $756m $732m $630m $603m $456m $408m $244m $130m
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 1 1 1 1,2 U.S. net revenue Rest of World net revenue SUBLOCADE net revenue Net revenue from other products 1 2 Financial data provided by Indivior in its Annual Reports on Forms 20-F and 10-K filed
with the SEC on June 5, 2023, March 6, 2024 and February 3, 2025. Other includes Sublingual Film/Tablets, OPVEE & PERSERIS . 3
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 Clear Path to
Generating Meaningful Cash Flows from Operations Leverage Cost Structure To Drive Robust Bottom-line Growth $679m $651m $533m $320m $477m $462m 2 $274m $220m $188m 71% 27% 60% 25% 59% 59% 57% 24% 24% $88m 14% 2020 2021 2022 2023 2024
2020 2021 2022 2023 2024 1 1 1 1 Non-GAAP operating expenses Non-GAAP operating expenses as % of net revenue Non-GAAP operating income Non-GAAP operating margin 1 Non-GAAP operating expense, Non-GAAP operating income, and Non-GAAP operating margin
are Non-GAAP financial measures; see appendix for reconciliation. Financial data provided by Indivior in its Annual Reports on Forms 4 2 20-F and 10-K filed with the SEC on June 5, 2023, March 6, 2024 and February 3, 2025. FY2023 Non-GAAP operating
income excludes $162m in acquired in-process R&D (primarily Opiant Pharmaceuticals acquisition).
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 U.S.
Commercial Portfolio Spanning Recovery and Rescue Recovery Medicines Rescue Medicine Durable Growth Driver with Genericized Market Strong Patent Protection Strong Patent Protection 12 Orange Book patents 2 Orange Book patents Genericized (2038
- 2042) (2031 - 2038) Daily self-administered treatment Nasal spray for emergency Long-acting injectable for moderate treatment of known or suspected for moderate to severe opioid use to severe opioid use disorder opioid overdose
disorder 5 Indication IP Protection
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 2025: A
Transition Year Current U.S. Dynamics Foundational Leadership Additions 2025 U.S. NR Headwinds: Strengthening expertise and leadership with Board of SUBLOCADE NR impacted by funding gaps in the Criminal Justice Directors (BOD) and Executive
Team additions System (CJS) channel SUBOXONE Film NR declining due to generic competition PERSERIS discontinuation Strengthening U.S. Capital Markets Presence: London Stock Exchange (LSE) listing cancellation effective
July 25, 2025 Dr. David Wheadon Joe Ciaffoni Daniel Ninivaggi Patrick Barry Anticipate inclusion in Russell U.S. indexes on June 30, 2025 BOD Chair Chief Executive Officer BOD Independent Chief Commercial Officer Non-Executive Director
Refocused Pipeline on OUD Investigational Candidate Preclinical Phase 1 Phase 2 Phase 3 Anticipated Milestones IP Protection Last Patient Last Visit INDV-6001 (Opioid Use Disorder) 2043 (3-month long-acting buprenorphine) Q4 2025 Last Patient Last
Visit INDV-2000 (Opioid Use Disorder) 2037 (Selective Orexin-1 (OX1) receptor antagonist) H1 2026 6
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 Transition
Year Focus Deliver 2025 Operating Plan Grow SUBLOCADE Advance the OUD Pipeline Strengthen the Balance Sheet 7
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 Bipartisan
Commitment to Addressing Opioid Crisis in the U.S. Opioid Overdoses U.S. Illicit Opioid Use Could AGED c c Remain the Leading Be 20 Times Higher Than May 12, 2025 18-44 Cause of Death Previously Estimated May 14, 2025 WTAS: Widespread Industry
Support of Bipartisan Secretary Kennedy Renews Public Health Emergency SUPPORT Act Declaration to Address National Opioid Crisis c c April 8, 2025 March 18, 2025 The SUPPORT for Patients and Communities Reauthorization Act of 2025 (H.R. 2483) The
U.S. Department of Health and Human Services (HHS) announced today that Secretary reauthorizes key public health programs focused on prevention, treatment, and recovery for Robert F. Kennedy, Jr. renewed the public health emergency declaration
addressing our patients with substance use disorder that were established in the Substance Use-Disorder nation's opioid crisis, which will allow sustained federal coordination efforts and preserve Prevention that Promotes Opioid Recovery and
Treatment (SUPPORT) for Patients and key flexibilities that enable HHS to continue leveraging expanded authorities to conduct Communities Act, which was signed into law in 2018. certain activities in response to the opioid overdose crisis. 9
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 LAI
Buprenorphine Medications are Under-Penetrated in the Treatment of OUD Current 7% LAI usage in BMAT population allows for significant potential expansion 1 8.9m Misuse opioids in U.S. (Total Addressable Market) 1 5.9m OUD diagnosed in U.S. (Service
Addressable Market) 2 2.0m Received Buprenorphine Medication Assisted Treatment (BMAT) HCPs Expect LAI Usage to Increase to 20-30% of the 3 BMAT population 1 2 3 2023 NSDUH Annual National Report (SAMSHA). Symphony and Indivior analytics, patient
treated over the last twelve months. HCP Survey conducted Q3 2024. N=400 HCP and patients combined in qual and quant. 10
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 American
Society of Addiction Medicine (ASAM) BMAT Guidelines 1 1,2 ASAM Clinical Guideline ASAM Clinical Consideration 1 Treatment Goals with Buprenorphine For Individuals using High-Potency Synthetic Opioids (HPSO) Suppress opioid Stop or Reduce Engage
patients withdrawal illicit opioid use in recovery Expert consensus based on limited available activities, evidence suggests that the high plasma Reduce opioid Block the including buprenorphine concentrations at steady state cravings opioid
"high" psychosocial and continuous exposure offered by extended- interventions 2 release buprenorphine may help stabilize some individuals with extensive HPSO exposure 1 Length of Treatment While limited, research suggests
treatment of <3 months has limited benefit; SIGNIFICANTLY LONGER DURATIONS are associated with more positive outcomes 1 2 This document is not a Clinical Practice Guideline (CPG) and does not follow the rigorous CPG methodology. Defined as
attaining a medically stable, steady state in which the patient is adequately supported to prevent 11 deterioration of their illness.
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 2
ng/mL Buprenorphine Blood Plasma Levels are Needed to Help 1,2 Protect Most Patients from Opioid-Rewarding Effects As buprenorphine plasma levels increase, the number of receptors available for opioids decreases, 1,3,4 resulting in a decrease in
opioid-rewarding effects. BLOCKS OPIOID- Lower ORO ( 50%) Higher ORO ( 70%) REWARDING 1 ng/mL 2 ng/mL 1,2 EFFECTS 0 ng/mL 6 ng/mL Low buprenorphine plasma concentrations Buprenorphine plasma concentrations >2
ng/mL few brain ORs are 70% brain ORs are occupied occupied less ORs are available for illicit opioids more ORs are available for illicit opioids 1 2 Laffont CM, Ngaimisi E,
Gopalakrishnan M, et al. Buprenorphine exposure levels to optimize treatment outcomes in opioid use disorder. Front Pharmacol. 2022;13:1052113. doi:10.3389/ fphar.2022.1052113. Nasser AF, Heidbreder C, Gomeni R, Fudala PJ, Zheng B, Greenwald
MK. A population pharmacokinetic and pharmacodynamic modelling approach to support the clinical development of RBP-6000, a new, subcutaneously injectable, long-acting, sustained-release 3 formulation of buprenorphine, for the treatment of opioid
dependence. Clin Pharmacokinet. 2014;53(9):813-824. doi:10.1007/ s40262-014-0155-0. Greenwald MK, Johanson C-E, Moody DE, et al. Effects of buprenorphine maintenance 12 4 dose on mu-opioid receptor availability, plasma concentrations, and
antagonist blockade in heroin-dependent volunteers. Neuropsychopharmacology. 2003;28(11):2000-2009. doi:10.1038/ sj.npp.1300251. Greenwald MK, Johanson C-E, Bueller J, et al. Buprenorphine duration of action: mu-opioid receptor availability
and pharmacokinetic and behavioral indices. Biol Psychiatry. 2007;61(1):101-110. doi:10.1016/ j.biopsych.2006.04.043.
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 SUBLOCADE
Delivers Continuous, Long-Lasting Protection All Month with 1,2,3 a 43 to 60 Day Half-Life Mean Buprenorphine Levels During TM* BUP Induction, 5,6 Mean Weekly Buprenorphine Concentrations 4 Dose-Stabilization, and After the First 2 Injections of
SUBLOCADE A peak occurred around 24 hours, the first measurement post- SUBLOCADE delivers target therapeutic buprenorphine plasma level of injection, then slowly decreased to a plateau around 2 ng/mL for 2 ng/mL throughout the
dosing interval in most patients after the 1,4 7 the first injection and 3 ng/mL for the second injection second injection of 300 mg SUBLOCADE helped provide stable plasma levels with continuous 1,4 buprenorphine delivery all month without
daily fluctuation 1 2 3 4 *TM BUP = transmucosal buprenorphine. SUBLOCADE Prescribing Information. Indivior Inc; 2025. BRIXADI Prescribing Information. Braeburn Inc; 2023. VIVITROL Prescribing Information. Alkermes, Inc; 2024. Laffont
CM, 5 Ngaimisi E, Gopalakrishnan M, et al. Buprenorphine exposure levels to optimize treatment outcomes in opioid use disorder. Front Pharmacol. 2022;13:1052113. doi:10.3389/ fphar.2022.1052113. Data on file. Indivior Inc. North 6
Chesterfield, VA. Haight BR, Learned SM, Laffont CM, et al. Efficacy and safety of a monthly buprenorphine depot injection for opioid use disorder: a multicenter, randomized, double-blind, placebo-controlled, phase 3 13 7 trial. Lancet.
2019;393(10173):778-790. doi:10.1016/S0140-6736(18)32259-1 Jones AK, Ngaimisi E, Gopalakrishnan M, Young MA, Laffont CM. Population pharmacokinetics of a monthly buprenorphine depot injection for the treatment of opioid use disorder: a combined
analysis of Phase II and Phase III trials. Clin Pharmacokinet. 2021;60(4):527-540. doi:10.1007/s40262-020-00957-0.
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 Longer
SUBLOCADE Treatment Shown to Improve Patient Outcomes Continuous 12-month self-reported abstinence 75% if subjects stayed on SUBLOCADE for 12 months 80% 70% 75.0% The longer the SUBLOCADE 60% treatment duration, 50% the higher the likelihood of 40%
continuous self-reported 38.0% 24.0% 30% abstinence 12 months after 29.0% treatment cessation 20% 0-2 months 3-5 months 6-11 months 12 months Length of SUBLOCADE treatment Source: Ling W, Nadipelli VR, Aldridge AP, Ronquest NA, Solem CT, Chilcoat H,
Albright V, Johnson C, Learned SM, Mehra V, Heidbreder C. Recovery From Opioid Use Disorder (OUD) After Monthly 14 Long-acting Buprenorphine Treatment: 12-Month Longitudinal Outcomes From RECOVER, an Observational Study. J Addict Med. 2020
Sep/Oct;14(5):e233-e240. doi: 10.1097/ADM.0000000000000647. % Abstinent subjects
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 SUBLOCADE
Helps Transform Recovery SUBLOCADE Offers Month Long Continuous Protection from Opioid-Rewarding Effects Continuous Protection Long-Lasting Reliable From the Start Effects Dosing Effective blockade from day 1 - the Longest
half-life (43-60 days) of Straightforward monthly dosing only monthly LAI with rapid initiation approved buprenorphine LAIs One decision, once a month to Higher therapeutic levels (2ng/mL+) Proven treatment retention
with put the focus on patient recovery to address threats of synthetics reduced illicit opioid use Most prescribed LAI for OUD with over 350k patients treated since launch Fit-for-purpose medication positioned to be durable growth
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 New SUBLOCADE
Label Benefits Label Updates Further Differentiate SUBLOCADE for Today's Opioid Crisis Driven by the Proliferation of Synthetic Opioids START PATIENTS ON SUBLOCADE SOONER: Only monthly CLINICALLY RELEVANT: Rapid initiation studied in majority
fentanyl ADDITIONAL INJECTION SITES: LAI to initiate on Day 1 (no 7-day oral induction). positive patients & high-risk users. Choice supports patient preference and buy-in. Includes nd EARLER 2 INJECTION: Helps patients reach 2+ ng/mL all four
sites from Day 1. earlier - enables continuous protection. Abdomen 16 Thigh Back of the Upper Arm Buttock 16
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 Strong
Fundamentals Position SUBLOCADE for Growth 1 10,665 Growing SUBLOCADE Prescriber Base Prescribing Depth Improving: 5,277 1 HCPs with 5+ SUBLOCADE Patients 8,768 4,358 6,322 3,047 4,475 1,870 3,255 1,186 2020 2021 2022 2023 2024 2020 2021 2022 2023
2024 Broad Payor Access for SUBLOCADE High Intent to Prescribe of HCPs associate SUBLOCADE with efficacy 90% as primary attribute Coverage in Medicaid and Commercial of patients suitable for SUBLOCADE today (per HCPs) 2/3 ~88% Simple single
prior authorization (PA) PA is label aligned of HCPs expected to increase prescribing of 47% SUBLOCADE in the next 18 months 1 Active count of prescribing HCPs excludes delisted and Specialty HCPs. 17
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 SUBLOCADE
U.S. Commercial Focus GOAL: GOAL: SUBLOCADE as #1 LAI Choice LAI First Line in All Care Settings Enhanced competitiveness across all key channels Activate patients through direct-to-consumer (DTC) campaign Driving broad, rapid HCP awareness of new
label benefits (including "Peer-to-Peer" education) Pull through strong payor access, including robust commercial coverage Upgraded efficacy story and campaign Improve efficiency of distribution model to ensure treatment delivery to
patients "Surround Sound" targeting HCPs via media outlets CJS funding enablement at the state and local levels 18
I N V E S T O R P R E S E N T A T I O N | J U N E 2 0 2 5 Potent