Indivior Pharmaceuticals, Inc.

Good day and thank you for standing by. Welcome to the Indivia PLC Q1 2025 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 1, 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1, 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host today, Jason Thompson. Please go ahead.

Thanks, Heidi, and good morning and good afternoon, everyone. Before we begin, I need to remind everyone that on today's call, we may make forward-looking statements that are subject to risks and uncertainties, and that actual results may differ materially. We list the factors that may cause our results to be materially different on slide two of this presentation. We also may refer to non-GAAP measures, the reconciliations for which may also be found in the appendix to the presentation that is now posted on our website at indivior.com. I'll now turn the call over to Mark Crossley, our CEO.

Thanks, Jason. Good morning, good afternoon, everyone. Thanks for joining us on this call to discuss our financial and business performance during the first quarter of 2025. I'll start with a brief overview of the quarter before handing it over to Ryan, our chief financial officer, to discuss the financials. We'll then conclude with a Q&A session during which we'll be joined by Christian Heidbreder, our chief scientific officer. Turning to slide four, overall results in the first quarter were in line with our expectations and consistent with our full year 2025 outlook. Total net revenue in the quarter declined by 6% year-on-year. The results primarily reflects intensified competition from the generic film providers that resulted in lower suboxone film pricing as well as the discontinuation of Preceris. This total net revenue performance was in line with our full-year net revenue outlook, as was a modest 2% year-over-year decline in sublocated net revenue in the quarter. As expected, sublocate net revenue performance in the quarter was primarily impacted by near-term justice system funding challenges. These impacts were partially offset by net revenue growth for sublocate in the organized health system channel. We ended the first quarter having treated approximately 170,700 patients in the prior 12-month period in the US, which is a 14% increase year over year. Looking at patient dynamics, Our analysis indicates that the US LAI category is continuing to stabilize with Sublocade maintaining expected share levels. Setting aside the justice system, Sublocade's new patient share averaged over 70% in the quarter and has been stable for three quarters. Furthermore, our cohort analysis indicates that Sublocade's share among experienced dual prescribers has remained stable at approximately 65%. Our belief is that this stabilization of share reflects Sublocade's unique product profile. Looking ahead, we continue to expect Sublocade net revenue performance to improve in the second half of the year from the commercial investments we're making and from the important label updates that we believe will further improve the patient and physician experience. Turning to non-GAAP adjusted operating profit, this increased by 10% versus the year-ago quarter, primarily reflecting lower expenses partially offsetting the reduction in total net revenue. Set against this, we've made good progress in our efforts to streamline our cost base and drive gross savings of over $100 million in 2025. Ryan will share more details on our streamlining progress in a moment. As we previously indicated, we're reinvesting approximately $50 million of these gross savings behind sublocated in our pipeline, while the balance of over $50 million will be used to protect our profit and drop to the bottom line. Taken together, we're on track to deliver our full year 2025 guidance. Lastly, as you're aware, I'll be stepping down as CEO of Indivior with anticipated effect from our AGM in May. It's been an immense privilege to lead Indivior over the past five years, and I'm proud of what we've achieved together. We've grown Sublocate into an important treatment for opioid use disorder, and in doing so, we've helped many hundreds of thousands of patients on their path to recovery. Through our tireless efforts and advocacy, we've been on the front line of combating one of the biggest health epidemics of our times, and we've made great progress in de-risking Indivior by clearing legacy issues so that we can fulfill our mission and vision unencumbered. With this strong foundation in place, I'm confident that our team, under Joe's leadership, will deliver on the next chapter of growth and value creation for Indivier and its stakeholders. I'd now like to hand the call over to Ryan.