Indivior PLC

Good day and thank you for standing by. Welcome to the Indivia PLC Q3 Results 2025 webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host for today, Jason Thompson. Please go ahead.

Thanks, Sharon, and welcome to Indivia's third quarter 2025 earnings conference call. I'm joined today by Joe Schifoni, Chief Executive Officer, Patrick Berry, Chief Commercial Officer, and Ryan Prebuck, Chief Financial Officer. We're also joined by Christian Heidretter, our Chief Scientific Officer, who is also available for questions. Before we begin, I need to remind everyone on today's call that 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 this presentation that is now posted on our website at endivir.com. I'll now turn the call over to Joe Schifoni, our CEO.

Thanks, Jason. Good morning, and thank you for joining our third quarter results call. I'll start with a brief overview of our performance in the quarter and detail the progress we are making against the Indivier Action Agenda. Pat will then discuss Sublicate's performance and the progress we are making to improve Sublicate commercial execution. and Ryan will discuss our third quarter financial performance and our raised full year 2025 guidance. We will then open the call for questions. We are encouraged by our strong financial performance and improved commercial execution in the U.S. We are making steady progress versus our priorities in phase one, generate momentum of the INDIVIAR action agenda. We have taken several actions to simplify the organization and position Indivior for success moving forward. In the third quarter, we delivered strong 15% year-over-year growth in sublocade and benefited from continued price stability in suboxone film in the U.S. Total net revenue grew 2% year-over-year, and adjusted EBITDA was up 14%. The momentum we have generated year-to-date is enabling us to raise our 2025 financial guidance. We now expect total net revenue in 2025 to be up versus 2024, driven by sublocate growth of 10% at the midpoint and assumed suboxone film price stability for the remainder of the year. Adjusted EBITDA is now expected to grow 15% versus 2024 at the midpoint. I want to thank the end of your team for their performance in the quarter and for their commitment to making a positive difference in the lives of people living with opioid use disorder in the communities that we serve. For the rest of the year, we are focused on completing phase one generate momentum of the end of your action agenda and we will be ready to enter phase two accelerate on January 1 2026. The Indivior Action Agenda is a three-phased, multi-year operational roadmap intended to maximize the potential of our business and make a positive difference in the lives of people living with opioid use disorder while creating value for our shareholders. We are making steady progress in phase one, generate momentum, versus our key priorities that include growing sublocate in the U.S. the remainder of the year by improving commercial execution. taking actions to simplify the organization, eliminating all nonessential activities, and establishing our go-forward operating model, and determining the actions and investments necessary to accelerate long-acting injectable penetration in the U.S. BMAC category and to accelerate sublocate net revenue growth in 2026 and beyond. For our top priority, growing sublocate in the U.S., improved commercial execution was the primary driver of solid dispense unit growth. Pat will discuss our commercial progress in more detail. We also took several actions to simplify the organization, improve commercial productivity for sublocate, and strengthen our financial positions. These actions are expected to result in an annual reduction of operating expenses of at least $150 million as compared to 2025. Our 2026 operating budget will not exceed $450 million. To focus and simplify the organization in phase one generate momentum, we have completed the London Stock Exchange cancellation with Indivior now trading exclusively on the NASDAQ. We consolidated our operating footprint We restructured our R&D and medical affairs organizations while preserving key capabilities. We announced our intention to pursue a change in domicile from the UK to the US. We discontinued the sales and marketing efforts in support of OPFI. We will continue to distribute product upon request and meet all required contractual and regulatory obligations. and we are optimizing our rest of world business to focus on Australia, Canada, France, and Germany, which generates 77% of forecasted rest of world net revenue and 94% of forecasted adjusted EBITDA while further reducing organizational complexity. With these actions, we have established our go-forward operating model that we anticipate will generate immediate accretion to the bottom line and improve cash generation as we enter Phase 2, Accelerate, of the Indivier Action Agenda on January 1, 2026. We plan to provide full-year 2026 financial guidance in early January. Also, as part of Phase 1, we are determining actions and investments necessary to accelerate sublocate growth in the U.S. Included in this is our new direct-to-consumer campaign, which launched on October 1st. In Phase 2 Accelerate, we will be focused on accelerating U.S. sublocate growth throughout the year, and we expect to immediately accelerate profitability and cash generation at a faster rate in 2026. I am encouraged by the steady progress that we are making in Phase 1 Generate Momentum of the Indivia Action Agenda. I am confident that we will finish 2025 with momentum. and we are well positioned to enter phase two accelerate on January 1st, 2026. I will now turn the call over to Pat.

Thank you, Joe. We are encouraged by our strong U.S. sublocate performance this quarter, which was driven by improved commercial execution. Our commercial team is dedicated to helping people living with OUD and have a strong belief in sublocate as the number one prescribed long-acting injectable in the category. To strengthen commercial execution, We have been sharpening the field force's message delivery with higher utilization of Sublocate's core promotional materials on every call to improve overall intent to prescribe. We also are continuing to focus on improving field force call productivity to enable better reach and frequency on treatment providers. Building on our position as the clear number one LAI, we are reinforcing Sublocate's treatment benefits with prescribers, including broadening HCP awareness of Sublocate's label updates. These label updates include alternate sites of injection and rapid patient induction, along with the ability to receive a second injection of Sublocate at day eight. Sublocate's rapid induction is a unique offering in the LAI category, and this clinical option for patients can help maximize the time at effective blood plasma concentration levels by accelerating the second 300 milligram dose. This option is strongly resonating with treatment providers. This improved commercial execution led to strong Sublocade net revenue growth in third quarter. Unit dispense growth was solid at 8% versus prior year and 3% versus the second quarter. Total category share of LAIs and new patient share in the U.S. for Sublocade remain relatively stable at approximately 75%. We also saw 11% year-over-year growth in the number of active sublocated prescribers and 11% growth in those prescribing for five or more patients. The number of sublocated patients over the trailing 12 months also grew 5% year-over-year. These results are important early indicators of our commercial execution. For the rest of the year, we remain focused on executing phase one of the Indivior Action Agenda for sublocate. This includes continuous improvement in commercial execution to generate prescribing momentum for the benefit of patients and identifying investments to accelerate LAI penetration in the U.S. to deliver sustained sublocate net revenue growth in 2026 and beyond. As part of the investments we are making to accelerate the growth of sublocate, we rolled out a brand new direct-to-consumer campaign. On October 1st, we launched our new campaign, Move Forward in Recovery, which is designed to emotionally and authentically connect with patients and drive awareness of sublocate as a treatment option for patients struggling with moderate to severe opioid addiction. Grounded in patient insights and shaped by research and lived experiences from patients and caregivers, its objective is to connect with patients by celebrating the everyday moments of recovery progress. Through emotionally rich visuals and a deeply personal narrative, it highlights the potential for growth, transformation, and the motivation to move forward for oneself, family, and community. Importantly, the campaign addresses the stigma surrounding opioid use disorder by portraying the humanity and dignity of people in recovery, shifting the narrative toward hope and possibility. This campaign is being deployed with sustained investment levels through an omni-channel approach, including national television, digital and social media, and in-office and point of care materials, along with a newly designed patient website. We're pleased to have our new campaign in the marketplace that is raising awareness and educating patients on the hope and possibility of recovery. While I'm pleased with our progress, we have several opportunities to drive further growth in U.S. Sublocate. I'm confident that we will finish 2025 with momentum and accelerate U.S. sublocate growth in 2026 and beyond. I will now turn the call over to Ryan.

Thanks, Pat. First, I'll discuss our third quarter financial performance, then our RAISE 2025 financial guidance, and close on the financial impacts of our recent actions to simplify the organization. We are encouraged by our financial performance this quarter, which includes strong U.S. sublocate net revenue growth, stable Suboxone film pricing, and year-over-year adjusted EBITDA growth. We have taken meaningful steps to strengthen the business and are on track to achieve our financial commitments and complete phase one of the Endeavor Action Agenda, generate momentum. Looking at the third quarter results in more detail, starting with the top line, total net revenue of $314 million increased 2% versus the prior year. As sublocated net revenue more than offset expected pricing pressure on Suboxone film, and the continued wind down of PSERIS. Total sublocated net revenue of $219 million increased 15% versus Q3 2024. Dispense volume growth year over year was solid at 8%. On a sequential basis, total sublocated net revenue increased 5%, reflecting a 3% increase in dispense volume versus Q2. Q3 sublocated net revenue included a gross to net benefit of $10 million, as well as a stocking benefit of $4 million. Turning to Suboxone film net revenue in Q3, we benefited from continued price stability in the U.S. Q3 net revenue included a gross to net benefit of $13 million. Total non-GAAP operating expenses were $145 million in the third quarter, down 3% versus the same quarter last year. Non-GAAP SG&A was unchanged versus the year-ago quarter. Non-GAAP R&D expenses decreased 11% due to the reprioritization of pipeline activities and to benefits from the restructuring of the R&D and medical affairs organizations. Adjusted EBITDA was $120 million in the third quarter, up 14% versus the same quarter last year, driven by higher net revenue and lower operating expenses. Touching on the balance sheet, we ended the third quarter with gross cash and investments of $473 million, up from $347 million at year end. The increase in cash year to date was driven by approximately $200 million of cash flow from operations. Based on our solid performance year to date, we are raising our 2025 financial guidance. Our total net revenue guidance range is increasing to $1.18 billion to $1.22 billion. This raised guidance reflects better than expected year-to-date performance of Sublocade and stability in U.S. Suboxone film pricing. We now expect total net revenue in 2025 to be up versus 2024 at the midpoint. For Sublocade, we are raising our full-year 2025 net revenue guidance to the range of $825 to $845 million. This represents year-over-year growth of 10% at the midpoint. We continue to see improving fundamentals for sublocate and expect to see growth on a demand basis for the remainder of this year. We are maintaining our gross margin guidance in the low to mid 80% range and expect to come in at the high end of our non-GAAP operating expense guidance of 585 to 600. While our total non-GAAP operating expense guidance range is unchanged, We now expect SG&A between 510 to 520, reflecting increased investment behind U.S. sublocate and expect R&D between 75 to 80 million, reflecting the restructuring of our R&D and medical affairs organizations. We are raising our full year 2025 adjusted EBITDA guidance to 400 to 420 million. which is an increase of 15% versus 2024 at the midpoint. Turning to our actions to simplify the organization as part of phase one of the Indivior Action Agenda, we made several strategic decisions that position us to realize at least $150 million in annual operating expense savings off the top end of our 2025 non-GAAP operating expense guidance range, starting in 2026. These actions reduce operational complexity, increase our focus on growing sublocate in the U.S., and strengthen our financial position. All the actions taken as part of Phase 1 of the Indivior Action Agenda have resulted in non-GAAP charges of $65 million to date. These charges include severance costs, real estate consolidations, write-offs for inventory, equipment, and intangibles, as well as other termination payments and consulting costs. The related cash impact is expected to be $40 million and will largely be paid out in the third and fourth quarters of this year. We are on track to deliver Phase 1, Generate Momentum, and achieve our revised 2025 financial guidance. We are in a strong financial position as we enter Phase 2 of the Indivior Action Agenda, Accelerate, beginning in 2026, during which we expect to drop significant dollars to the bottom line and accelerate cash flow generation. We plan to announce our 2026 financial guidance in early January. I'll turn the call back over to Joe for concluding remarks.

Thanks, Ryan. In conclusion, we have made significant progress on phase one of the Indivior Action Agenda, Generate Momentum. We delivered strong U.S. sublocate performance in the quarter, we improved our commercial execution, and we took several actions to simplify our organization. With our go-forward operating model in place, we are well positioned to finish 2025 with momentum and begin phase two of the Indivia Action Agenda Accelerate on January 1st, 2026. On a final note, given the optimization of our rest of world business, I would like to take a moment to recognize and thank our colleagues outside the U.S. who are potentially impacted by this decision and who have worked so hard to ensure patients have access to our medicines. Your contributions to our mission of making a positive difference in the lives of people living with opioid use disorder are important and greatly appreciated. We will now open the call for questions. Operator?

Thank you. Thank you. To ask a question, you will need to press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. We will now go to your first question. And your first question today comes from the line of Dennis Ding from Jefferies. Please go ahead.

Hi. Good morning. Thanks for taking our questions, and congrats on the quarter. I have two for you guys. So number one, the new 150 million OPEX cuts for 2026, can you please break down where this is coming from? How much of this was from the recent restructuring plans from your 8K a few months ago, which I believe was all U.S. personnel? and how much of the OUS optimization is factored into this 150 number. And then number two, when I look at SG&A as a percentage of revenue, it's around 515 this year, or 43% of revenue. But when I look at industry peers, it's around 25%. So to get to the peer average, that implies at least 215 million cut in SG&A alone. Can you comment philosophically where do you eventually see yourself relative to peers on SG&A spend, and if your goal is to get the peer average or perhaps even better than peers? Thank you.

Dennis, thanks for the questions and for the congratulations. I'm going to have Ryan answer the first question, and then I'll take your second question.

Good morning. Thanks for the question. Before I get to the 150, I just want to make it clear that the first priority we had was to make sure we put the right resourcing and investments behind generating momentum behind Sublocate. And then we went through the exercise of taking a look at the cost structure and the complexity in the business. And what you saw was the net result here of $150 million. And you can break it down into four categories. The largest category, almost half, is tied to labor. We reduced our headcount by over 32%. The second component was the production of all the non-essential spend through the categories and the functions of the business. Then there was the discontinuation of the sales and marketing of OPFI. And then also the final decision to optimize the rest of the world.

Okay. And Dennis, with regards to your second question, we did not approach phase one of the action agenda, generate momentum from a perspective of targets. What we were focused on is doing what is in the best interest Vendivia are creating value for our shareholders. We believe that starts with maximizing the sublocate opportunity in the U.S. And then what we did from there is we removed what we believe are all non-essential costs from the organization. My commitment as we go forward is we will continue to ensure that we are only investing in activities that are essential to us maximizing sublocate in the U.S. and also maximizing the opportunity for our portfolio in Canada and Australia. So it's really not about targets. It's about what's right and in the best interest of Indivia and the value we can create for our shareholders.

Perfect. Thank you so much.

Thank you.

Thank you. Your next question comes from the line of David Amsalem from Piper Sandler. Please go ahead.

Hi, good morning. This is Alex on for David. Thank you for taking our question. First one for me is, you've talked about gaining traction in commercial patients who, as we know, are more profitable. Can you speak about that opportunity and also how you are balancing that with the core Medicaid population that comprises the majority of the business currently? And then second question is, can you help us contextualize R&D spend going forward given all the organizational changes? Thank you.

Sure. Thanks for the questions. I'll have Pat take the first one and Ryan can take the second.

Yeah, no, I appreciate the question on the commercial channel. And to your point, we want all channels to grow. We want Medicaid and commercial to grow. And we're certainly taking on the big effort of driving commercial volume. And so it starts with improved commercial execution around messaging and making sure that our customers understand the broad coverage that we have. and the fact that those commercial patients, in most cases, 95% of the time, will have a zero out-of-pocket. And then it continues with the important work of working with our specialty pharmacy channel to make that as an efficient channel as Medicaid. And so we're starting that work, and we do anticipate that while that will take some time, that we will see impact as we get into 2026. but the fact is that the commercial channel is growing, and certainly Medicaid is going to be the predominant channel for us, but we think commercial is a strong opportunity for us as well.

Yes, and on the R&D spend, what you're seeing there is the consolidation and streamlining of the R&D and the medical team cost consolidation and the complexity there, but as it stands right now, we are focused on the phase two assets and progressing them through 2025 and looking forward to the readouts in 2026. But to be very clear, if they are ready to proceed into phase three, we do have the capabilities to make that happen.

Thank you. Your next question comes from the line of Chase Knickerbocker from Craig Hallam. Please go ahead.

Good morning. Thanks for taking the questions and congrats on a great quarter here. Maybe just first on sublocated. Guidance implies a very strong Q4. Can you just speak to if we're starting to see a meaningful increase in willingness to prescribe from those label updates, kind of anything there? And then just second on that, on the LAI market generally, I mean, clearly back to substantial growth, do you think we're now clearly kind of seeing the benefits of two voices out there driving market growth? Or just kind of give us an update on kind of your thoughts on the market there as it's apparent It's very very very strong in the third quarter Yeah, so chase.

Thanks for the questions with regards to sublocate What I believe we're seeing is the cumulative effect of improved commercial execution right now as we're getting better We're doing better. We're also seeing the impact of the label changes as awareness rise and rises playing through in the marketplace along with significant investments we've made in commercial throughout the year. As it pertains to LAI penetration, what I would emphasize there is we believe and have learned we're the player that has the expertise and the resources to make the investment to create the awareness and drive the education around the category, and that's exactly what it is that we're committed to do. And I want to be clear, as we transition to 2026 with our broad DTC campaign, we are going to be investing beyond what it is that our models suggest that we should, because we are committed to maximizing the potential of sublocate in the U.S.

Just with the strength that we're seeing, I mean, I know it's probably too early of a question, but You know, certainly it seems like we should be thinking about sublocate next year as maintaining kind of double-digit year-over-year growth, as your guidance even implies for 2025 now. So just any thoughts you'd be willing to share there, Joe, and then just second on capital allocation. You know, Eva, the guide was impressive. Can you just speak to how you're thinking about capital allocation now that, you know, your balance sheet is going to be strengthening meaningfully?

Yeah, so with regards to sublocate in 2026, we'll hold. on commenting on that until we give our financial guidance for 2026 in January. What I would say is we are encouraged that all the indicators in support of sublocate are pointing in the right direction. As it pertains to capital allocation, we're going to ask people to be patient. We want the opportunity to finish phase one of the INDIVIER action agenda along with our internal planning process to ensure We have a clear line of sight to the top line in the cash that we will be generating. Obviously, we'll have a lot of optionality as we go forward. Thanks, Jeff. Thank you.

Thank you. Your next question comes from the line of Christian Glenny from Stiefel. Please go ahead.

Hi. Good morning, guys. Thanks for taking the questions. First one may be on some more around the sort of drivers here, potentially on sublocators. It relates to some topics maybe we haven't touched a bit on for a while, particularly things like whether there's any benefit you're seeing on average duration of use for patients, but then also the ultimate conversion of prescription into an actual dispense prescription. So anything to add there initially on that in terms of other drivers that could drive some growth?

Okay. Christian, thanks for the question. I'm going to ask Pat to take that one.

Yeah, no, on dispense growth, we're seeing really positive indicators. We saw 8% dispense growth year over year and a sequential growth that was solid off of a strong quarter. We're also pleased by the fact that some of the drivers behind that is we're increasing our prescriber base as well as increasing those that are committed to writing 5+, which is a good indicator of solid prescribing and adoption. And so those are the indicators that we're really, really focused on. And we do believe that enhanced label is a differentiator in the marketplace because we're the only long-acting injectable monthly that has that rapid induction, and that's resonating very well with customers.

Sorry, anything on the average duration that patients are on sublocate?

Yeah. So, Christian, with regards to, and that comes through the work we'll be doing through our specialty distribution in terms of conversion of patients to starts and how long they continue on treatment, that's a work stream we kicked off. We're digging deeply into, and we'll comment more on that in 2026, but we expect those efforts to to start to have impact in 2026. And that's one of the areas of which we believe will help accelerate sublocate dispense unit growth as we move forward.

Thanks. And then my second will be around just clarification on the OPEX guide for 2026 in terms of the savings. Certainly, does that imply that effectively the rest of the world is streamlined as it will be by the first of January, in fact, we have 26. And then just to clarify on the R&D part, does the guidance assume that those Phase II assets progress into Phase III, for example, with the cost of that, or is that something that may subsequently need an update?

Yeah, so I'll ask Ryan to take the first question. I'll take the second.

Yeah, so regarding the budget for next year where we said we will not spend more than $450 million, that includes everything. That includes our go-forward model in the U.S.

and in the rest of the world business. Okay. And from an R&D perspective, with the changes that we've made, we've preserved the capability. If we're fortunate enough to have programs to advance when the data reads out, to be able to do so, and that would not result in an additional increase to OPEX in 2026.

Thank you. Very clear. Thanks, guys.

Thank you.

Thank you. Your next question comes from the line of Brandon Foulkes from HC Wainwright. Please go ahead.

Hi. Thanks for taking my questions, and congratulations on a very good quarter. Maybe just following on from an earlier question. So, you know, as we look ahead to 2026 and the potential to move into phase three, what do you need to see from the Sublocade business to move into that phase? You know, are you expecting the enhanced commercial focus to be running at full speed at that stage? And alternatively, how do you see the sort of long-term path to peak sales on Sublocade or peak penetration in in the LAI market. And then along those lines, thinking again of phase three, what are you thinking about in terms of that breakout phase, in terms of assets you'd go after? Are these adjacencies that may not distract from the sublocated efforts? Just any color on that would be helpful.

Yeah, so Brandon, thank you for the congratulations and certainly appreciate the questions. First off, I want to emphasize we are head down in phase one. generate momentum and looking to finish off the year and be positioned to start phase two accelerate on January 1st. The second thing I want to emphasize, we've been clear we have to earn our way to phase three, and that starts with internally the confidence that we have the capabilities to take on more, and then of course externally that we have the credibility to do so. So we're not focused to phase three. At this point, we're focused around executing what we're setting out to do. I think to your question directly, when we transition to phase two, the answer will be, one, the assessment of the internal capabilities, which will be aligned to the results that we're delivering relative to the guidance that we're giving. From a what we would be looking at what i would be comfortable saying now if we earn our way to it will be commercial stage assets that have the potential to enhance our growth profile and to diversify our revenue And I'll let Pat comment on long-acting injectable penetration and what it is that we're doing to drive that.

Yeah, thanks, Joe. Look, right now we are the market leader, and we've more than stabilized share at 75%, but the fact is that the overall LAI category still sits at 8%. And so our focus is going to be on continuing to improve our commercial execution and As we get better, the business will get better. We do believe that our effectiveness will drive LAI category. And we also are placing a big bet on direct-to-consumer. As the category leader, we want to drive education of those OUD patients and drive traffic into our treaters' offices. And we're investing in that way in a sustained way to do just that. Certainly not going to call a peak penetration rate, but I might direct you to other analogs, whether it be the HIV market or the schizophrenia market, where LAIs have achieved 20% to 25% peak penetration. We're a long way off from that, but that's what's encouraging for us. When we get better, we have a big opportunity to capitalize on.

And, Brandon, one other thing I would add, we've also – Vanessa Proctor has joined our organization – And we believe that it's important that the work that we do in advocating for these patients, inclusive of public policy, will be key in ensuring access and ultimately increasing long-acting injectable penetration. So that, along with the consumer, are really where we're going to put our efforts to drive LAI penetration.

Great. And follow-up, if I may, and I think this may be for Ryan, it's a bit of a minutiae, but I just Cash flow from operations in the quarter, you know, are there one time is there just sort of the spend on the cost reduction and the Medicaid rebate that you called out in 2Q, anything else? And then maybe just any color and cash conversion in 2026. And then on that 450 OPEX spend, is that a cash basis or an adjusted accounting figure, which may include some non-cash figures? Sorry about the minutiae, but just want to get this right, and that's all from me. Thank you.

Brian? Yeah, so starting with the 2025 cash, the $200 million is primarily driven by the underlying business, the strong demand that got us up, then generate $200. But that was offset, as you can imagine, by some CapEx and some debt payments. So that's the walk in regards to 2025 cash. In regards to 2026, that 450 is our adjusted operating expense budget in terms of expense that will hit our P&L for next year.

Great. Thank you very much.

Thanks, Brandon.

Thank you. Your next question comes from the line of Thibaut Botherin from Morgan Stanley. Please go ahead.

Thank you. Just maybe a quick question on sublocation in the quarter, and I apologize for if it's been touched on and I missed it, but if you could give more details on the growth to net in the quarter for sublocade, given the guidance for the year, I assume there is no risk of reversal, but could that be a sort of bigger base when you think about growth for next year? And then the second question, just on suboxone, I know it's not the focus, but just if you could touch a bit on your visibility now that we've seen pricing being a bit stable for more time, the erosion seems to be So that's how you think about it in your building block when thinking about the outlook for the organization going forward. Thank you.

Thank you for the questions, Thibault. I'll take Suboxone and then hand the sublocate gross to net question off to Ryan. So look, what I'll comment on Suboxone is limited to 2025, which is we're at a point in the year Where in our RAISE guidance, we are not assuming any additional price erosion. So that's different than what we've previously said. We're assuming price stability. We've also seen a relatively slow decline from a share perspective. In terms of 2026, I'm going to hold until we have a full picture of the evolution of the payer landscape. in those dynamics. So we'll, that certainly from a revenue perspective, will be incorporated into the guidance that we give in 2026. And then Ryan on.

Yeah, so in regards to Q3 net revenue, to give you a little color, we booked the 219, which was up 15%. versus last year, driven primarily by the dispense. Within that number, you saw the result of our normal quarterly balance sheet review of our accruals. There was a gross and net release of $10 million in there, and then there was also some stocking in terms of shipment phasing. So that's the $4 million. So a total of $14 million of benefit in the quarter.

Thank you.

Thank you.

Thank you. I will now hand the call back to Joe for closing remarks.

Thank you, Operator, and thank you to everyone for joining the call today. We look forward to updating you on our progress as we execute the Indivia Action Agenda. Have a great day.

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.