Indivior Pharmaceuticals, Inc.

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.