INDVIndivior Pharmaceuticals, Inc.

Pharmaceutical Preparations

Revenue: $1.2B; 4.3% YoY
Operating margin: 21.1%; 561% YoY
EBITDA: $272M; 404% YoY
Market cap: $4.2B
Employees: 818,000; $2K revenue each
Net debt / EBITDA: -1.1×; −$305M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-13% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-41% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$2K · 13th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 26th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
3 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$901M	$1.1B	$1.2B	$1.2B	4.3%
Operating income	−$77M	−$152M	$38M	$262M	589%
Net income	−$42M	−$126M	$7M	$210M	2900%
Operating cash flow	−$4M	−$300M	$36M	−$27M	175%
Capex	$5M	$8M	$29M	$66M	128%
Stock-based comp	$16M	$21M	$24M	$26M	8.3%
Buybacks	$90M	$33M	$173M	$11M	94%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 13, 2026	Oaktree Capital Holdings, LLC	SCHEDULE 13D/A	0.8%	Active
Dec 30, 2025	Oaktree Capital Holdings, LLC	SCHEDULE 13D/A	5.7%	Active
Dec 23, 2025	Two Seas Capital LP	SCHEDULE 13D/A	5.0%	Passive
Dec 10, 2025	Two Seas Capital LP	SCHEDULE 13D/A	5.7%	Passive
Nov 13, 2025	Oaktree Capital Holdings, LLC	SCHEDULE 13D/A	7.0%	Active
Nov 5, 2025	Two Seas Capital LP	SCHEDULE 13D/A	7.4%	Passive
Sep 5, 2025	Two Seas Capital LP	SCHEDULE 13D/A	8.3%	Passive
Jul 29, 2025	Two Seas Capital LP	SCHEDULE 13D/A	9.3%	Passive
Jul 14, 2025	Two Seas Capital LP	SCHEDULE 13D/A	9.7%	Passive
Jun 18, 2025	Two Seas Capital LP	SCHEDULE 13D/A	9.7%	Passive

Insider trading

Open-market buys, 12 mo: $312K · 10
Open-market sells, 12 mo: $3M · 3
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.