Indivior

Annual Report and Accounts 2024
Latosha
Regional Head of U.S. 
Medical Affairs-West, Indian 
Health Services Medical Lead

Important Cautionary Note 
Regarding Forward-Looking 
Statements
This Annual Report and Accounts contains 
certain statements that are forward-looking. 
Forward-looking statements include, among 
other things, express and implied statements 
regarding:  the Group’s financial guidance 
including operating and profit margins for 
2025, including expected operational savings 
and expected benefits from our reinvestment 
efforts; expectations regarding the extent and 
impact of competition, our expectations that 
we can reach a final settlement related to the 
provisions we recorded regarding opioid 
litigation (including the opioid MDL) brought 
by certain municipalities and tribal nations 
and the material terms and conditions of the 
final settlement agreement, including the 
ultimate timing and structure of payments and 
products distribution, injunctive relief and 
scope of releases; our intent to extend 
SUBLOCADE to Denmark and Norway;  
expectations regarding the growth rates of 
buprenorphine medically assisted treatment, 
expected future growth and expectations and 
sales levels for particular products; 
expectations regarding our product 
development pipeline and potential future 
products;  expectations that Mark Crossley will 
serve as CEO through the AGM and that Joe 
Ciaffoni will succeed him as CEO, 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," "can," "outlook," "guidance," 
the negatives thereof, and variations thereon 
and similar expressions. By their nature, such 
forward-looking statements involve risks and 
uncertainties as they relate to events or 
circumstances that may or may not occur in 
the future. Actual results may differ materially 
from those expressed or implied in these 
forward-looking statements. In particular, our 
actual results, performance or achievements 
or industry results could be affected by, among 
other things: the substantial litigation to which 
we are or may become a party; our reliance on 
third parties to manufacture commercial 
supplies of most of our products, conduct our 
clinical trials and at times to collaborate on 
products in our pipeline; our ability to comply 
with legal and regulatory settlements, 
healthcare laws and regulations, requirements 
imposed by regulatory agencies and payment 
and reporting obligations under government 
pricing programs; risks related to the 
manufacture and distribution of our products, 
most of which contain controlled substances; 
market acceptance of our products as well as 
our ability to commercialize our products and 
compete with other market participants; the 
fact that a substantial portion of our revenue 
derives from a small number of key proprietary 
products; competition; our dependence on 
third-party payors for the reimbursement of 
our products and the increasing focus on 
pricing and competition in our industry; 
unintended side effects caused by the clinical 
study or commercial use of our products; our 
use of hazardous materials in our 
manufacturing facilities; and our ability to 
successfully execute acquisitions, partnerships, 
joint ventures, dispositions or other strategic 
acquisitions; our ability to protect our 
Strategic Report
1
Financial Highlights
2
Our Journey
4
A Human Crisis
6
Addressing the Challenge
8
Creating a Pipeline for Tomorrow
10
Our Culture
12
Chair’s Statement
14
Chief Executive Officer’s Review
18
Case study
20
Chief Scientific Officer’s Review
22
Our Business Model
24
Stakeholder Engagement
31
2020 Resolution Agreement Update and 
Legacy Legal Matters
32
Managing Indivior’s 
Business Responsibly
46 
Task Force on Climate-related Financial 
Disclosures (TCFD)
50
Non-Financial and Sustainability 
Information Statement
52
Financial Review
59
Legal Proceedings
61
Risk Management
71
Viability Statement
Governance
72
Chair’s Governance Statement
74
Board of Directors
76
Executive Committee
78
Corporate Governance
106
Directors’ Remuneration Report
125
Directors’ Report
129
Statement of Directors’ Responsibilities
Financial Statements
130
Independent Auditors’ Report
139
Financial Statements
Additional Information
188
Information for Shareholders
190
Publications and Conference Abstracts
  Indivior.com
intellectual property rights and the substantial 
cost of litigation or other proceedings related 
to intellectual property rights; the risks related 
to product liability claims or product recalls; 
the significant number of laws and regulations 
that we are subject to, including due to the 
international nature of our business; 
macroeconomic trends and other global 
developments such as  pandemics; the terms 
of our debt instruments, changes in our credit 
ratings and our ability to service our 
indebtedness and other obligations as they 
come due; changes in applicable tax rate or tax 
rules, regulations or interpretations and our 
ability to realize our deferred tax assets; 
volatility in our share price due to factors 
unrelated to our operating performance; and 
such other factors as set out in this Annual 
Report and Accounts.
Forward-looking statements contained in this 
Annual Report and Accounts apply only at the 
date of this Annual Report and Accounts. We 
undertake no obligation publicly to update or 
revise any forward-looking statement, whether 
as a result of new information, future 
developments or otherwise.
Front Cover 
Indivior employee:
Latosha
Regional Head of U.S. Medical Affairs-West, 
Indian Health Services Medical Lead
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INDIVIOR IS MAKING 
MEANINGFUL RECOVERY FROM 
ADDICTION ACHIEVABLE AND 
ATTAINABLE FOR EVERYONE.
2024 
Net revenue:
$1,188m
(2023 : $1,093m)
Adjusted net income:
$222m
(2023 : $223m)
Net revenue from SUBLOCADE®:
$756m
(2023 $630m)
Net (loss)/income:
($48m)
(2023 : $2m)
Adjusted operating profit:
$312m
(2023 : $269m)
Operating loss:
$23m
(2023 : $4m)
Year-end cash and 
investments
$347m
(2023 : $451m)
Financial highlights
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10 YEARS 
OF MAKING RECOVERY
HUMANLY POSSIBLE
Changing 
the Face 
of Recovery 
Our vision is that 
millions of people 
across the globe 
suffering from 
substance use 
disorders (SUD) or 
overdose have access 
to evidence-based 
treatment to change 
their lives.
Our Journey
Keith
Commercial Head, 
Criminal Justice Systems
– Richmond, U.S.
“Apathy and ignorance remain 
major barriers. There are many 
areas where there’s still a lot 
of stigma around addiction and 
addiction treatment. We’re trying 
to break through those barriers.”
Latosha
Regional Head of U.S. Medical 
Affairs-West, Indian Health Services 
Medical Lead
– Fort Collins, U.S.
“If I can do my part to help people 
with opioid use disorder, then it 
is worth it.”
 Read Keith's full story on page 19
Eddie
Senior Regional Director Criminal 
Justice System
“My team supports customers in the 
field that are helping people change 
their lives.”
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Our Mission Continues 
At Indivior, we believe that meaningful recovery from addiction is 
humanly possible. And we will do everything we can to ensure that 
it is achieved.
Opioid use disorder is a disease that could happen to any of us.
It’s possible that recovery can happen to any of us too.
Rachael
Head of Global Finance Operations
“It’s amazing when you hear how 
our products are changing lives.”
“You can’t understand the numbers 
if you don’t understand the story 
behind them.”
Michael
Director, User Services & Security 
Operations, Information Technology
“Indivior stands apart with a 
distinctive culture. Rather than 
being nice aspirations or platitudes, 
our Guiding Principles capture the 
essence of Indivior and the spirit  
of our remarkable people.”
  Read Michael's full story  
on page 18
Ryan
Lead Scientist, Analytical Development, 
Research and Development
“We’re each doing a small part to make 
sure we’re providing the best solutions 
and products to our patients.”
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MILLIONS OF PEOPLE 
AROUND THE WORLD ARE 
ADDICTED TO OPIOIDS – 
AND IT’S TEARING  
THEIR LIVES APART.
 U.S. opioid misuse
8.9m2
people in the U.S.  
misuse opioids
Opioid use worldwide
60m1
people used opioids for 
non-medical purposes
OUD in the U.S.
5.7m2
people diagnosed  
with OUD in the U.S.
 U.S. OUD treatment
1m2
people in medication-
assisted treatment
According to the United Nations, in 2022, worldwide 
approximately 60m people used opioids for non-
medical purposes and 292m people misused drugs. 
This represents approximately 1 in 18 people. 
In the U.S. around 5.7m have been diagnosed with opioid use 
disorder (OUD) and around 8.9m misuse opioids. Only around 
1m people in the U.S. with OUD have received medication-
assisted treatment (MAT) over the last 12 months.
1. UNODC World Drug Report 2024, page 44
2. Key Substance Use and Mental Health Indicators in the United States: 
Results from the 2023 National Survey on Drug Use and Health, pages 20, 
29 and 45
A Human Crisis
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OUR COMPANY WAS 
FOUNDED TO HELP 
COMBAT THE OPIOID 
CRISIS, ONE OF THE 
MOST URGENT PUBLIC 
HEALTH EMERGENCIES 
OF OUR TIME. 
As the pioneer in developing medication for 
opioid use disorder (MOUD), Indivior has 
worked for over 25 years to reduce barriers to 
access, while advocating that OUD should be 
treated like other chronic diseases.
Today, we continue to pioneer innovative, life-transforming 
treatments for people with substance use disorder 
and serious mental illness. Our vision is that the 
millions of people across the globe suffering from 
these diseases have access to evidence-based 
treatment to change lives.
U.S. – 85%
Rest of world – 15%
Net revenue by geography
SUBLOCADE – 64%
Other – 36%
Other (incl. SUBOXONE film, ROW 
(ex. SUBLOCADE), PERSERIS and OPVEE)
Net revenue by product
Addressing the Challenge
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AT THE HEART OF 
RESEARCH AND DEVELOPMENT 
(R&D) IS AN UNWAVERING 
COMMITMENT TO SUPPORT 
THE PATIENT JOURNEY TO 
TREATMENT AND RECOVERY.
In 2024 we conducted pipeline prioritization and made significant progress 
in advancing two assets for the treatment of OUD. 
First, following the acquisition of the exclusive global rights to develop, manufacture, and commercialize 
Alar Pharmaceuticals Inc.'s portfolio of long-acting injectable formulations of buprenorphine, we 
initiated non-clinical reproductive studies, a clinical Phase 2 multiple dose pharmacokinetics study 
as well as formulation development work with INDV-6001, our 3-month buprenorphine injectable 
candidate. Second, we pursued the development of INDV-2000 (selective Orexin-1 receptor antagonist 
for the non-opioid treatment of OUD) with the initiation of a clinical Phase 2 proof-of-concept study 
and a clinical Phase 3 drug substance manufacturing campaign.
Creating a Pipeline for Tomorrow
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WE TAKE BUILDING OUR 
CULTURE OF COMPLIANCE 
SERIOUSLY. WE ARE 
CONDUCTING OUR 
BUSINESS WITH 
INTEGRITY WHICH IS 
CRITICAL TO OUR 
LONG-TERM SUCCESS.
Guiding Principles
We have a special responsibility to the patients we serve to conduct 
ourselves at a high level of integrity. As a business operating in a 
highly regulated environment, compliance and conducting our 
business with integrity are critical to our long-term success. Our 
commitment to strong governance is embedded within a culture 
focused on patient needs, patient safety and product quality.
Supported by our Guiding Principles, the Indivior Global Integrity 
& Compliance Program (IGICP) is based on U.S. global regulatory 
and industry code standards. IGICP is designed to guide our daily 
activities and behaviors with systems, tools and ongoing learning 
through a cycle of “Learn, Adjust, Prevent”.
At our core are six Guiding Principles 
that define the way we work
Our Culture
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INDIVIOR CAN MAKE A HUGE DIFFERENCE 
TO THE LIVES OF PATIENTS, FAMILIES, AND 
COMMUNITIES AROUND THE WORLD
I am delighted to introduce my first Indivior Annual 
Report and Accounts as Chair, having had the honor 
of being appointed to the role in January 2025. Having 
worked for many years in the biopharmaceutical 
industry, and with my experience in global health 
policy, quality assurance, and patient safety, I know 
that OUD is a disease that can happen to any of us 
and I strongly believe that Indivior can make a huge 
difference to the lives of patients, families, and 
communities around the world.
The shareholder experience in 2024 was certainly not what 
we expected entering the year. While the Group did ultimately 
deliver another year of net revenue and adjusted operating 
profit growth, it was below the expectations we outlined at the 
beginning of 2024. This resulted in the Board and the executive 
team taking decisive action to refocus the Group on its highest 
value-at-stake opportunity – delivering on SUBLOCADE’s peak 
annual net revenue potential of more than $1.5bn.
Toward this end, the Group has been streamlined to focus 
on the core opportunities in OUD treatment. The major actions 
associated with this strategic realignment include:
• Reductions to the workforce to optimize the Group’s 
efficiency, with a portion of the savings used to further 
fuel SUBLOCADE’s growth.
• Terminating pipeline activities outside our pharmacological 
OUD treatment assets.
• Finalizing plans for incremental investment to fuel patient 
and healthcare provider awareness of SUBLOCADE.
With a refined focus, we believe the Group is now better 
positioned to deliver on the core opportunities in OUD 
treatment, and in turn generate long-term shareholder 
value. What has not changed is our view that SUBLOCADE 
has a substantial role to play in helping solve the U.S. 
opioid epidemic. We believe LAIs like SUBLOCADE are uniquely 
suited to address the challenges posed by addiction treatment, 
particularly adherence to treatment.
Further supporting our confidence are the continued strides 
the Group made in 2024 to create greater certainty for all 
stakeholders. We continued to put legacy litigation in the 
rearview mirror, and we have fortified the Group’s financial 
position with $400m in new financing.
In summary, the Group’s opportunity to create sustainable 
long-term value remains undiminished. And now, with a 
clear focus and firmer footing, the Group is well prepared 
to capitalize on the opportunity before it.
Transfer of primary listing to the U.S.
In 2024, we were pleased shareholders overwhelmingly 
approved the move from a U.K. to a U.S. primary listing. Given 
that the U.S. is the Group’s largest source of net revenue and 
remains our main growth driver, migrating trading of our shares 
to the U.S. to attract more U.S.-based investors and analysts is 
a logical progression, matching the long-term opportunity we 
see for the Group. To further solidify our commitment to the 
U.S. market, in 2025 we have transitioned to U.S. GAAP reporting. 
We believe this will facilitate greater major U.S. stock indices 
inclusion over time, as U.S. GAAP financials are among the 
criteria for inclusion in higher profile U.S. stock indices.
Board Changes
There have been several important changes to the Board. 
In June, I was appointed as an Independent Non-Executive 
Director. In October, we announced Graham Hetherington’s 
decision to step down from the Board as Chair. Graham 
departed from the Board in December and, pending the 
appointment of a new Chair, the position was ably filled on 
an interim basis by Juliet Thompson, our Lead Independent 
Director. 
Chair’s Statement
“With a refined focus, we believe the Group is 
now better positioned to deliver on the core 
opportunities in OUD treatment, and in turn 
generate long-term shareholder value.”
Dr. David Wheadon, Chair
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At the same time, Jerome Lande of Scopia Capital stepped down 
from the Board as a Non-Executive Director and, following 
discussions with Oaktree Capital Management L.P. (Oaktree),   
a major shareholder in Indivior, Robert Schriesheim and Joe 
Ciaffoni were appointed as Independent Non-Executive Directors. 
Also in December, Ryan Preblick, the CFO, stepped down from 
his role on the Board. Ryan continues to serve as CFO but his 
stepping down from the Board, which has resulted in one 
Executive Director – the CEO – remaining on the Board, now 
aligns our Board composition with U.S.-listed company practice.
I would like to thank Graham and Jerome for their significant 
contributions to Indivior. Through their efforts, and the 
collective efforts of the Board, we are today a stronger  
company and well-positioned to continue to help patients 
suffering with OUD.
In January 2025, Daniel Ninivaggi was appointed as an 
Independent Non-Executive Director. Daniel is a seasoned 
public company executive and we look forward to benefitting 
from his significant board and operational experience. As 
announced in March 2025, Daniel will shortly assume 
responsibility as Chair of our Nomination Committee.
In March 2025, we entered into an Amended and Restated 
Relationship Agreement with Oaktree pursuant to which the 
Company agreed to reduce the size of the Board from eleven  
to seven Directors, effective from our AGM in May 2025. As 
previously announced, Robert Schriesheim, Independent Non-
Executive Director, stepped down from the Board in March 2025. 
Consistent with the Company's switch to a U.S. primary listing 
in 2024, Peter Bains and Jo LeCouilliard, Independent Non-
Executive Directors, decided not to stand for re-election and 
therefore will step down from the Board effective the close of 
our AGM in May 2025. I would like to express my appreciation 
to Peter and Jo for their commitment to bringing needed 
therapeutic interventions for patients suffering from OUD. 
I am pleased to confirm that Barbara Ryan will succeed Jo 
LeCouilliard as Chair of the Compensation Committee. In due 
course, we will announce the successor to Peter as Chair of the 
Science Committee. These changes will be made effective from 
the date of the May 2025 AGM.
CEO change
In February 2025, we announced the appointment of  
Joe Ciaffoni as Chief Executive Officer. Joe will succeed  
Mark Crossley, who is stepping down following a distinguished 
tenure leading the company.
Joe is a proven public company CEO with more than 30 years  
of experience in pharmaceuticals and biotech, most recently 
serving as President and CEO of Collegium Pharmaceuticals. He 
has a strong track record of operational and strategic success, 
working across diverse models and therapeutic areas spanning 
specialty, rare disease, mass market, and hospital. Joe has a 
clear mandate to fuel the next stage of Indivior’s growth and 
deliver on the Company’s significant potential.
The terms of Joe’s appointment are subject to, and effective 
upon, the approval by shareholders of a new remuneration 
policy at our AGM in May 2025.
Mark was appointed as CEO in June 2020 and, under his 
stewardship, Indivior has strengthened its commitment to 
patients, expanded access to treatment, and advanced its 
mission of pioneering life-transforming treatments for SUD. 
We owe him much gratitude for his many contributions to 
Indivior and we wish him the very best for the future.
As I start my tenure in what is Indivior’s 10-year anniversary  
as an independent company, I am very proud to lead the Board 
and support Indivior’s mission to help change patients’ lives by 
bringing pioneering life-transforming treatments for OUD.
I would like to thank my fellow Directors and all of Indivior’s 
employees for their support and warm welcome.
Dr. David Wheadon
Chair of the Board
March 6, 2025
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CLEAR STRATEGIC PRIORITIES CONTINUE 
TO DRIVE VALUE CREATION
2024 was a challenging year for our Company. We 
faced several external pressures on our business 
and a changed competitive landscape in the U.S. 
In the face of these challenges, I am pleased to 
report that we delivered top- and bottom-line 
growth, with Indivior’s overall net revenue in 2024 
increasing 9% to $1,188m, including 20% growth in 
overall SUBLOCADE net revenue to $756m. Adjusted 
operating profit increased 16% to $312m in 2024. 
Beyond our financial results, in 2024 we achieved milestones 
that we believe have created greater certainty for our patients, 
employees, shareholders, and other key stakeholders. These 
include continuing to settle major legacy litigation and 
increasing our financial flexibility with a new $400m financing 
commitment. We also took streamlining actions across the 
business that are expected to generate pre-tax savings of over 
$100m in 2025. While difficult because these actions involved 
people, a portion of the savings generated will be used to 
reinvest in SUBLOCADE’s leadership position in the U.S. 
as well as to reduce our expense base by approximately $50m 
versus FY 2024. 
As we look forward, our confidence in the long-term value 
we can create for stakeholders remains unwavering. The U.S. 
OUD disease space continues to have significant unmet patient 
needs. As a leading treatment provider with more than two 
decades of experience and a sharpened focus on OUD, Indivior 
continues to be well positioned to meet patient needs and 
create shareholder value. Our clearly defined Guiding Principles 
and strategic priorities, our culture, and our narrowed focus on 
OUD are key competitive advantages that I believe will enable 
us to make progress against our mission to change patients’ 
lives by pioneering life transforming treatments for addiction.
Below I expand on the progress we are making against our four 
strategic priorities that we and the Board believe will create 
sustainable long-term value for all Indivior stakeholders.
Chief Executive Officer’s Review
“As a leading treatment provider with more than 
two decades of experience and a sharpened 
focus on OUD, Indivior continues to be well 
positioned to meet patient needs and create 
shareholder value.”
Mark Crossley, CEO
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1
Grow SUBLOCADE 
>$1.5bn
2
Diversify Revenue
3 
Progress the Pipeline
4
Optimize Our 
Operating Model
TO DELIVER ON OUR 
PURPOSE, AND ACHIEVE OUR 
VISION, WE HAVE IDENTIFIED 
FOUR STRATEGIC PRIORITIES
FOR VALUE CREATION
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1. Grow SUBLOCADE >$1.5bn
In 2024, SUBLOCADE’s growth was challenged in new ways.  
We had to navigate external transitory pressures impacting our 
U.S. net revenue, including Medicaid patient reductions, funding 
changes among certain CJS customers, a cyberattack on a major 
medical claims processor, and a changed market backdrop, with 
a new competitor to SUBLOCADE in the U.S. market. While the 
confluence of these events during the year significantly 
challenged our ability to accurately forecast demand for 
SUBLOCADE, we continue to expect to achieve SUBLOCADE's peak 
net revenue goal of >$1.5bn.
We refocused the entire organization on growing  
our position in OUD treatment and delivering SUBLOCADE’s 
full commercial potential. Our strategy in the U.S. is ensuring 
SUBLOCADE’s position in the near term while also accelerating 
both LAI and OUD treatment penetration long term. Only about 
8% of patients receiving MOUD are being treated with an LAI, 
and as we have stated, we believe that has the potential to grow 
to over 30%. Further, our market research shows that OUD 
patients’ general awareness of MOUD remains low, with less 
than 15% of patients aware of any brand name in the category. 
Near term, we continue to believe that in an opioid epidemic 
fueled by synthetic opioids, efficacy remains the single most 
important order of choice for prescribers. Our teams continue  
to elevate differentiation by focusing on patient outcomes. In 
February 2025, the FDA approved SUBLOCADE label changes, 
which cover rapid induction and alternate sites of injection  
on the body. We believe these changes mark a significant 
advancement in the treatment of moderate to severe OUD. Along 
with an approved extended time out of refrigeration (12 weeks), 
these new label updates are expected to improve the patient  
and healthcare provider (HCP) experience with SUBLOCADE. 
In addition, we are continuing to build additional pathways to 
treatment, so all OUD patients can access LAIs regardless of  
their care setting. Our efforts here include scaling up our network 
of alternate sites of care (ASOC). At the end of 2024, our ASOC 
network contained approximately 1,230 locations across 23 states 
with five partners. We believe this growing network will be critical 
in addressing treatment gaps for patients transitioning from CJS 
or patients seeking treatment via telehealth, which has been 
extended by the U.S. government.
Longer term, we are focused on growing the overall awareness 
of MOUD, and patient requests for SUBLOCADE specifically. The 
opportunity we see is to expand reach and engagement with a 
broader patient pool – the three to six million patients that 
have been diagnosed with OUD. Our major initiative toward this 
is the launch of a direct-to-consumer (DTC) campaign. This 
campaign began in late 2024 and leading indicators, including 
SUBLOCADE site traffic, are up significantly.
As our FY 2025 net revenue guidance suggests, we expect largely 
unchanged net revenue for SUBLOCADE at the mid-point of 
guidance, as strong overall U.S. LAI category growth and 
expected benefits from our commercial investments are offset 
by ongoing competitive dynamics in the U.S. and near-term 
Justice System funding challenges. 
2. Diversify Revenue
Our diversification strategy is solely focused on OUD treatment 
and launching OPVEE® (nalmefene) Nasal Spray, our opioid 
overdose rescue medicine, as well as continuing to grow 
SUBLOCADE outside the U.S. These are our priorities  
in the near and medium term. 
For OPVEE in 2024, the focus has been on generating greater 
trial and experience with the product among first responders. 
We ended the year with 180 experience programs activated 
versus 10 at the beginning of 2024 and have standing orders 
now in 35 states. This is progress, but we are somewhat 
disappointed that we are not further along the adoption  
curve. We recognized when we launched OPVEE that the harm 
reduction advocates would be vocal, but the voice has been 
louder than we expected. We are countering this voice with 
real-world evidence and testimonials from users to reinforce 
OPVEE’s differentiation.
We were also pleased in the third quarter of 2024 to book  
$15m of net revenue for OPVEE, comprised of two 100,000-unit 
orders from the U.S. Biomedical Advancement Research and 
Development Authority (BARDA). This order is part of the 10-year 
agreement with them that, based on certain milestones and 
other provisions, is expected to be worth $110m. 
Our peak net revenue goal expected for OPVEE remains $150 to 
$250m.
In terms of geographic diversification, we were pleased to see 
continued growth in the new products that we have introduced 
in select countries outside of the U.S. SUBLOCADE is now 
available in six additional countries and we expect to extend its 
availability to Denmark and Norway in 2025. 
Our expectation in the current year would be for continued 
steady net revenue progression for our new products outside 
the U.S. again mainly driven by SUBLOCADE. Our continued 
progress is expected to offset the declines we continue to 
experience in our legacy tablet business outside the U.S. from 
generic competition.
Chief Executive Officer’s Review continued
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3. Progress the Pipeline
Turning to our R&D pipeline, as part of the reprioritization to 
focus on OUD treatment, our pipeline assets now comprise 
INDV-6001, a three-month long-acting buprenorphine injectable 
and INDV-2000, a selective Orexin-1 receptor antagonist. The 
Phase 2 studies for both assets have been committed to and 
funded, and development activities for both assets are on track. 
For INDV-6001, the multiple dose PK study will inform any future 
Phase 3 study. The first subject first visit was achieved last 
September. The completion of this study with last subject last 
visit is currently scheduled for Q4-2025. The INDV-2000 Phase 2 
proof-of-concept study also began in 2024. The first subject was 
dosed in June, and through end of 2024, 98 patients have been 
dosed. Our excitement about this asset reflects our belief in the 
significant unmet need for a non-opioid option for patients as 
part of the OUD treatment continuum. The completion of this 
proof-of-concept study with last subject last visit is currently 
scheduled for Q4 in 2025. 
4. Optimize Our Operating Model
On our last strategic priority, I am pleased that again in 2024 we 
made great strides in creating greater certainty for all Indivior 
stakeholders. The two major items in 2024 were continuing to 
reduce enterprise risk with the settlements of major legacy 
litigation related to the anti-trust and opioid multi-district 
litigation, and increased capital flexibility with $400m of  
new financing commitments. 
More specifically on the completed legal settlements, we  
have now fully resolved the legacy antitrust matters with the 
agreement we reached with the remaining parties in this legacy 
matter. We also reached an agreement with certain parties  
in the opioid multi-district litigation covering most litigants.  
I am also pleased that in 2024 we extended our strong record  
of meeting our mandated integrity and compliance 
commitments. We are well on track to complete our  
obligations under the Corporate Integrity Agreement (CIA) 
this year.
Indivior’s continued growth under new leadership
This year – 2025 – is our 10-year anniversary as a standalone Company and, for me personally, it will be a year of mixed emotions as 
I step down as CEO (following the AGM in May).
It has been a privilege to have worked at Indivior over the decade, the last five as CEO. I am filled with pride for the positive 
difference Indivior has made in the lives of patients, families, and communities around the world. Throughout our journey so far,  
we have stood true to our mission of helping those struggling with addiction achieve and maintain meaningful recovery. Our clear 
purpose and unwavering commitment have been the driving forces behind the impact we have achieved.
Our employees deserve all the credit for our success. As a team, we have seen strong growth for SUBLOCADE, already  
halfway towards its peak net revenue of greater than $1.5bn while helping over 350,000 patients since launch. We have pioneered 
treatment in CJS. Hundreds of organizational health systems now routinely prescribe SUBLOCADE as their treatment of choice for 
OUD. We are pioneering innovation to support widening treatment, such as ASOC, and transition from CJS to normal society. 
Our employees’ dedication to our patients and Guiding Principles continues to inspire me, and I want to thank them for  
their hard work and drive, not just this year but over the last decade and more.
Indivior has been a wonderful and inspiring company in which to spend the last 10 years. My belief in our vision and commitment to 
helping our patients and widening access to treatment remains as strong as it ever was. I am confident the Company will continue to 
lead the way in tackling the opioid epidemic behind new leadership, an excellent management team, and Indivior’s amazing people. 
Mark Crossley
Chief Executive Officer
Indivior Annual Report and Accounts 2024 |
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Michael, Director, User Services & Security 
Operations, Information Technology
Michael has been at Indivior for seven years.  
As Director of End User Services and Security 
Operations, Michael takes care of the computers  
and mobile devices we use daily. His team provides 
software tools for tasks and IT support for Indivior 
colleagues, helping them with any technical issues  
or questions. The Security Operations team manages 
all security incidents and investigations.
My wife and I are licensed foster parents, committed to 
restoring families facing difficulties. In our community,  
as in many others nationwide, we witness the challenges of 
substance abuse firsthand. Recently, we fostered a baby and 
her six-year-old brother. Their parents, though in recovery,  
were homeless and living in their car as they struggled with  
the fallout from substance abuse. Just days before Christmas, 
the children were placed with us. We endeavored to keep the 
parents engaged in their children's lives as much as possible 
and mobilized community resources to secure them housing, 
food, transportation, and loving support.
The parents of our foster kids had opted for methadone 
treatment, requiring daily visits to the clinic. As we supported 
them, we discovered how disruptive and restrictive this 
treatment regimen was, yet also how it is essential for their 
recovery. My wife accompanied them when they couldn't 
manage the trips on their own. Witnessing the signs of 
withdrawal was deeply distressing, as was the restrictive  
nature of their chosen course of treatment.
We observed the difficult compromises these loving parents  
had to make. From missing their son's first soccer game and 
their infant daughter’s doctor appointments, to struggles  
with school enrollment and steady employment. The daily 
methadone visits were both crucial and obstructive. 
Understanding the transformative impact our medications  
have on families in both rescue and recovery is one of the  
core reasons I work for Indivior.
Since IT doesn’t directly interact with patients, my goal is to 
support my colleagues. Every time employees face an IT issue, 
perform a task inefficiently, or spend time trying to figure 
something out, they lose time that could be spent 
accomplishing their goals. Our job in IT is to focus on 
employees so that they can focus on the patient.
My main role is to help people unlock their creativity and remove 
obstacles. I believe work should be done where and when people 
can be most efficient, which often means leaders getting out of 
the way to let the experts do their thing. All of us approach tasks 
uniquely with our own strengths. I enjoy coaching to identify 
these strengths and help people clear barriers, making it easier 
for them to see it, own it, and make it happen.
The biggest hurdle for me is carving out time to concentrate.  
My calendar is packed with back-to-back meetings, forcing  
me to jump from one discussion to another. Although I enjoy 
working on different projects, managing such a hectic schedule 
means it can be hard to figure out which tasks to tackle first.  
I'm blessed to have an incredible team supporting me. Without 
them, all our daily challenges would be too much to handle.
In my department, we’re integral to almost every aspect of the 
business, but it’s our success with new staff that stands out. 
Whether Indivior is launching new departments (Market Access 
or CJS), or onboarding team members from major acquisitions 
(Opiant or Raleigh), we play a crucial role in ensuring that a new 
employee’s first impressions reflect our exceptional corporate 
culture. Our success in creating a world-class onboarding 
experience is a credit to the extraordinary talent within my team 
and our willingness to partner with other departments, 
including Human Resources and Finance.
Two of my team members have received IT-wide awards,  
and one has won an Indivior LEADS award. These accolades 
recognize their approach to work, not just the tasks they 
perform. I’m immensely proud of our team's commitment  
to engaging with others to seek wisdom, and their habit of 
assuming positive intentions in people's actions. Witnessing  
our team members being acknowledged for their contributions, 
both within the department and company-wide, ranks among 
my most rewarding experiences at Indivior.
Many of us have experienced corporate environments that are 
focused on personal gain and financial outcomes, environments 
where profit comes before people. Indivior stands apart with a 
distinctive culture defined by our Guiding Principles.
These principles go beyond mere slogans on office walls; they 
embody who we are, how we operate, and our interactions with 
each other and our priorities, particularly in making the patient 
our ultimate focus.
Rather than being nice aspirations or platitudes, our Guiding 
Principles capture the essence of Indivior and the spirit of our 
remarkable people. It’s as if someone spent some time 
observing the Indivior workplace and wrote down the most 
common characteristics they saw. That’s the foundation we  
have from the last 10 years, which is why I’m hopeful and 
looking forward to our next chapter.
October 23, 2024
INDIVIOR 10-YEAR ANNIVERSARY  
EMPLOYEE PROFILE
Case study
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Keith, Commercial Head, Criminal Justice Systems
Keith joined Reckitt Benckiser Pharmaceuticals  
in 2007 as a national account manager. During the 
past 17 years, he has been involved with SUBOXONE 
tablets and film products and, more recently, 
SUBLOCADE. In 2019, Keith was asked to help start up 
the CJS team, which he has been heading ever since.
The CJS team hit the ground running right before the COVID-19 
pandemic. It was a baptism of fire. We’ve gradually grown 
from a team of six at the end of 2019 to a team of more 
than 40 currently.
My job is to help make sure that everybody out there who wants 
treatment can get treatment. When we first started up, we 
talked about the local jail being the front door to addiction 
treatment. I believe that about two-thirds of people who have 
OUD at some point end up in the criminal justice system. So it's 
one of the best places to intervene. I just try to make sure we're 
doing everything we can to get treatment to the people who get 
wrapped up in that system.
Apathy and ignorance remain major barriers. There are many 
areas where there's still a lot of stigma around addiction and 
addiction treatment. We're trying to break through those 
barriers. And there's a big push right now from a policy 
perspective to push corrections facilities to provide  
treatment for people.
The funding for these programs is also a challenge. It’s not 
usually a line item in any state or local municipality budget. 
They mostly turn to grants. It's a challenge helping people get 
connected to funding for their programs.
My personal motivation is that my younger brother died of a 
heroin overdose. That was back in 2010, before treatment was 
widely available. I often wonder what would have happened if 
there had been some intervention point while he was incarcerated.
Also, my own child had terrible drug problems, primarily with 
opiates and heroin, and my wife and I have had custody of our 
granddaughter since she was two years old. She’s nine now. She 
calls me ‘Poppy’ and said that when she turns 11, she wants me 
to change her last name to mine. So, I know what this disease 
does to people, how it impacts families, how it impacts 
communities. And that's what drives me. It’s very personal.
When you have things like that happen, you realize they happen 
every day all across this country and all around the world. You 
know that drugs cause problems. People lose their own children 
because they can't deal with their drug problems. People lose 
their brothers and others in their families. This disease knows 
no boundaries. It goes across every single segment of society, 
from poor people up to those who are wealthy and famous. You 
see it every day, but sometimes you don't hear about it at all.
Dr. Ed Johnson was very influential with early research on 
buprenorphine at Johns Hopkins University. He was very 
passionate about treatment and doing the right thing, and was 
literally at the forefront of putting buprenorphine into syringe 
drops and under people's tongues. He was the one who really 
started the ball rolling. Whenever he talked, it resonated. One  
of the things he said that's always stuck with me is that if we 
sell treatment, we'll be successful. If we just sell buprenorphine, 
we'll fail. And I've always believed that it's not about the drug. 
It's about getting people connected to treatment and trying to 
figure out how we keep them in treatment. Because the longer 
they're in treatment, the better they're going to do.
I like it at Indivior. I like the people here. I like the products  
we have. I believe in what we do. That's why I stay. I've been 
proud to work here. It's been interesting. My plan is to work 
here until I retire.
I’m very proud of getting a Guiding Principle Award for 
demonstrating honesty and integrity at all times, because  
that's something your peers nominate you for and people 
discuss. To get that award was special. My personal favorite 
Guiding Principle is ‘See It, Own It, Make It Happen.’ That’s the 
one that really gets me up and drives me every day because 
that's what my team does – we make things happen.
Looking around, it’s clear some progress is being made. The 
elimination of the waiver requirement is making treatment 
more accessible by allowing more people to prescribe 
buprenorphine. The availability of opioid reversal drugs is also 
starting to help drive the trend towards a decrease in overdose 
deaths. And we're partly responsible for that decrease. But over 
100,000 people died from an overdose in the past year. So 
there's still a very long way to go.
It's so difficult to help someone who has this disease. But when 
you do, it's amazing. It's very rewarding. That motivates me 
because I've experienced firsthand what it can do to families. 
October 21, 2024
INDIVIOR 10-YEAR ANNIVERSARY  
EMPLOYEE PROFILE
Indivior Annual Report and Accounts 2024 |
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PIONEERING MEDICATION-ASSISTED 
RECOVERY FOR OPIOID USE DISORDER
In the U.S., nearly 90% of individuals with OUD 
nationwide who may benefit from MOUD treatment 
do not receive it.1 For patients receiving MOUD, 
continuous therapy is essential to improving patient 
outcomes. Even in settings with advanced 
treatment, retention in care after a few weeks or 
months has been low (<30–50%).2 Patients typically 
cycle between care episodes and intermittent drug 
use, with increased risk of relapse and death when 
out of treatment.3 While time on MOUD has been 
linked to a 60–80% decrease in overdose or 
mortality when compared to time out of treatment,4
there is a dearth of clinical decision support 
grounded in empirical research to better customize 
care pathways for specific patients.5 It is therefore 
essential to continue to demonstrate that 
comprehensive treatment and overdose reversal 
strategies lead to better outcomes that ultimately 
offset medical costs associated with OUD.
In 2024, our Research & Development (R&D) and Medical 
Affairs & Safety (MA&S) organization continued to characterize 
the process of recovery and identify factors that promote 
or hinder treatment success. We conducted clinical Phase 4 
studies and associated regulatory filings to address knowledge 
gaps in the areas of rapid treatment initiation and alternative 
injection sites with SUBLOCADE, long-term recovery outcomes, 
and treatment cessation guidance. 
We also oversaw medical education, real-world evidence (RWE) 
studies, externally sponsored studies (ESS), and independent 
medical education (IME) grants. Throughout the year, our team 
produced a substantial number of new CJS, federal health, 
payor, and disease-state materials related to OUD, as well as 
peer-reviewed publications and conference presentations 
(see pages 190-192). Outside of the U.S., we expanded access 
to SUBLOCADE by securing regulatory approvals in several 
additional countries. We also expanded access to SUBOXONE 
film with regulatory approvals in several additional countries. 
The availability of illegally manufactured synthetic opioids like 
fentanyl accounts for 90% of all opioid overdose deaths in the 
U.S.6 In 2023, the Drug Enforcement Administration (DEA) seized 
more than 80m fentanyl-laced counterfeit pills and nearly 12,000 
pounds of fentanyl powder, equivalent to more than 381m lethal 
doses.7 Following regulatory approval of OPVEE (nalmefene) nasal 
spray by the FDA in May 2023, the Biomedical Advanced Research 
and Development Authority (BARDA) issued a contract to invest 
Project Bioshield funds to support OPVEE in the following 
activities: post-marketing studies; a three-year stability study to 
support shelf-life extension; RWE and Phase 4 clinical studies; 
and the procurement of finished, packaged OPVEE held as Vendor 
Managed Inventory (VMI). This VMI would act as a medical 
countermeasure in the event of a synthetic opioid community or 
mass casualty event. Two VMI stockings of 100,000 units took 
place in August and September 2024. Our RWE team 
is currently working on numerous retrospective and prospective 
studies to understand the real-world utilization of OPVEE.
During 2024, we stopped the development of several pipeline 
projects on cannabis use disorder (CUD), alcohol use disorder 
(AUD), acute cannabinoid overdose (ACO), and digital 
therapeutics in order to refocus our skills and expertise 
on treating OUD. 
Chief Scientific Officer’s Review
“During 2024, we stopped the development of 
several pipeline products on cannabis use 
disorder (CUD), alcohol use disorder (AUD), 
acute cannabinoid overdose (ACO), and digital 
therapeutics, in order to refocus our skills and 
expertise on treating OUD.”
Christian Heidbreder, CSO
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First, we ended our collaboration with Aelis Farma on the 
development of AEF0117. This was Aelis’s first-in-class synthetic 
Signaling Specific inhibitor (SSi), engineered to modulate the 
cannabinoid type 1 (CB1) receptor (CB1-SSi) for the treatment  
of CUD. We also decided not to exercise Indivior’s exclusive 
option to license the global rights to AEF0117, in the absence  
of conclusive efficacy data from Aelis’s clinical Phase 2B trial. 
Second, we opted to terminate the internal development of 
INDV-1000 for the treatment of AUD. Despite our successful 
collaboration with Addex Therapeutics for the lead optimization 
of INDV-1000, which resulted in the selection of ADX110201 as  
a clinical candidate in June 2024, we took the decision to halt 
INDV-1000 following the completion of IND-enabling studies. 
Third, following challenges with the formulation of parenteral 
medicinal products and on-hold operations at the National 
Center for Advancing Translational Sciences (NCATS), we 
decided to halt the development of Drinabant for ACO. Lastly, 
we deprioritized and terminated our partnership with Click 
Therapeutics for the development and commercialization  
of CT-102, a prescription digital therapeutics platform.
Notwithstanding pipeline prioritization, we made significant 
progress in advancing two assets for the treatment of OUD.  
First, after acquiring the exclusive global rights to develop, 
manufacture, and commercialize Alar Pharmaceuticals Inc.'s 
portfolio of LAI formulations of buprenorphine, we initiated the 
following: nonclinical reproductive studies; a clinical Phase 
2 multiple dose pharmacokinetics study; and formulation 
development work with INDV-6001, our three-month 
buprenorphine injectable candidate. Second, we pursued the 
development of INDV-2000 (selective Orexin-1 receptor 
antagonist for the non-opioid treatment of OUD), with the 
initiation of a clinical Phase 2 proof-of-concept study and a 
clinical Phase 3 drug substance manufacturing campaign.
Christian Heidbreder 
Chief Scientific Officer
 Our R&D Center at Fort Collins, Colorado
1. Krawczyk N et al., 2022. Has the treatment gap for opioid use 
disorder narrowed in the US? A yearly assessment from 2010 to 2019. 
Int J. Drug Policy; Jul. 19, 103786. https://doi.org/10.1016/j.
drugpo.2022.103786.
2. Socías ME et al. 2018. Trends in engagement in the cascade of care 
for opioid use disorder, Vancouver, Canada, 2006-2016. Drug Alcohol 
Depend. 189, 90–95. https://doi.org/10.1016/j.drugalcdep.2018.04.026
3. Sordo L et al., 2017. Mortality risk during and after opioid 
substitution treatment: systematic review and meta-analysis  
of cohort studies. BMJ 2017 357 (j1550), 1–14.
4. Degenhardt L et al., 2011. Mortality among regular or dependent 
users of heroin and other opioids: a systematic review and  
meta-analysis of cohort studies. Addiction 106, 32–51.
5. Meinhofer A et al. 2019. Prescribing decisions at buprenorphine 
treatment initiation: do they matter for treatment discontinuation 
and adverse opioid-related events? J. Subst. Abuse Treat. 105, 37–43.
6. Ahmad FB, C. J., Rossen LM, Sutton P., 2024. Provisional drug 
overdose death counts. National Center for Health Statistics, 
https://www.cdc.gov/nchs/nvss/vsrr/drug-overdose-data.htm
7. United States Drug Enforcement Administration, 2024. One Pill  
Can Kill. https://www.dea.gov/onepill
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BUILDING A BETTER FUTURE  
FOR PATIENTS
GUIDED BY OUR PURPOSE, INSPIRED BY OUR PEOPLE AND CULTURE, 
AND INFORMED BY OUR EXPERTISE, INSIGHT, SCIENTIFIC INNOVATION, 
AND STAKEHOLDER RELATIONSHIPS, WE AIM TO ADDRESS PATIENTS’ 
UNMET NEEDS AROUND THE WORLD.
We develop, produce, and market evidence-based treatments to help patients suffering from 
substance use disorders and overdose.
Highly skilled and knowledgeable people
An able workforce and management team with  
a deep understanding of patient needs and a  
strong commitment to improving patient lives.
OUR STRENGTHS
Vision
Our vision is that the millions  
of people across the globe 
suffering from substance use 
disorders or overdose have  
access to evidence-based 
treatment to change their lives.
Mission
Our mission is to be the global 
leader and a pioneer in developing 
innovative prescription treatments 
for people suffering from substance 
use disorders and overdose.
Governance
We recognize the importance  
of a strong governance and 
compliance framework which 
supports our business and 
facilitates good decision-making.
Culture
Based on a clearly defined set of Guiding Principles, 
our culture is a key competitive advantage, enabling 
Indivior to drive sustainable and strategic business 
growth and create social value.
Product portfolio
Our product portfolio is focused on helping to meet 
adult patient needs in addiction and overdose.
Capital base
Indivior employs disciplined capital allocation.  
We focus on retaining a robust capital base to  
enable flexibility in addressing legal matters,  
agility in managing unknown market impacts,  
and the ability to pursue identified growth  
and diversification opportunities.
Purpose
Our purpose is to pioneer 
life-transforming treatment.
Our Business Model
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Sustainability
We believe our business is a force for positive 
change in society. We seek to create value for  
all stakeholders and aim to do this sustainably  
by progressing the science of medicine and 
treatment while protecting natural and  
human resources.
 Read more on page 32
Meeting patient needs
Leveraging a deep understanding of patient needs, 
Indivior is committed to addressing the global 
addiction and overdose crisis by progressing  
the availability of evidence-based treatments  
and enhancing treatment access.
Guiding Principles 
 Guiding Principles – read more on page 10
Regularly communicate and 
interact with our stakeholders, 
who are fundamental to who we 
are and how we operate. The 
perspectives and priorities of 
our stakeholders help to inform 
our decision-making and, in 
turn, support progress towards 
realizing our purpose, vision, 
and mission.
Improve the lives of patients 
through an uninterrupted supply 
of high-quality products.
Advance treatment innovation by 
developing new patient-focused 
treatments. We aim to progress 
the scope of the treatment the 
Group provides to help address 
addiction and overdose.
Deliver high-quality products  
and accurate information and 
maintain strong and credible 
relationships with customers  
and key stakeholders.
Effectively manage our  
business and assets to  
enable reinvestment and  
meet stakeholder obligations.
HOW WE  
DO IT
HOW WE  
GENERATE 
VALUE
OUR 
STRATEGIC 
PRIORITIES
Stakeholder 
engagement
Strong and enduring 
relationships with  
key stakeholders.
Research and 
development
World-class  
treatment innovation.
Operational  
discipline
Effectively managing  
our business.
Sales and  
marketing
Carefully managed 
compliance and adherence 
to good practice.
Manufacturing
Producer of high-
quality medicines.
1
2
3
4
5
 Read more on pages 24 to 30
1
Grow 
SUBLOCADE 
>$1.5bn
2
Diversify 
Revenue
3 
Progress  
the Pipeline
4
Optimize 
Our Operating  
Model
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Our stakeholders – from employees, patients, 
healthcare providers, and the greater community, 
to suppliers, policymakers, and civil society – are 
fundamental to how we operate and who we are.
We believe ongoing engagement with our stakeholders is 
fundamental to developing and maintaining a robust, 
sustainable, and successful business. Our stakeholders’ 
perspectives and priority areas help to inform our decision-
making and, in turn, help us to make progress toward realizing 
Indivior’s purpose, vision, and mission.
Indivior regularly reviews its understanding of each stakeholder 
group and priority area, and assesses its efforts to identify 
further opportunities to strengthen and learn from these 
relationships. We employ experienced and qualified individuals 
to conduct our stakeholder engagement activities. These 
employees include members of the governance, investor 
relations, government affairs, advocacy, and global impact 
teams, supported by knowledgeable and experienced 
external advisors.
UNDERSTANDING OUR 
STAKEHOLDERS
Stakeholder Engagement
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Section 172 Statement
Section 172 of the U.K. Companies Act 2006 requires each 
Director of the Company to act in the way he or she considers, 
in good faith, would most likely promote the success of the 
Company for the benefit of its members as a whole.
In this way, Section 172 requires a Director to have regard, 
among other matters, to the: 
• likely consequences of any decisions in the long term;
• interests of the Company’s employees;
• need to foster the Company’s business relationships with 
suppliers, customers, and others;
• impact of the Company’s operations on local communities 
and the environment;
• desirability of the Company maintaining a reputation for  
high standards of business conduct; and the
• need to act fairly between members of the Company.
In discharging its Section 172 duties, the Board regularly 
considers the factors set out above and the views of 
key stakeholders. It then applies this information in its 
decision-making.
The Board acknowledges that some decisions will not 
necessarily result in a positive outcome for all of Indivior’s 
stakeholders. However, by considering the Company’s purpose, 
mission, vision, and commitment to responsible business, 
together with its strategic priorities and process decision-
making, the Board aims to ensure that its decisions are in the 
best interests of the Company and its stakeholders. Further 
information regarding the principal activities and decisions 
taken by the Board during the year can be found in the 
principal activities section on pages 83 to 84. 
The key themes and strategies highlighted in this report section 
will be continued into 2025. The increased emphasis on 
sustainability reporting, which began in 2022 with the 
publication of our first Sustainability Report, will be  
continued in 2025 with the publication of a fourth report.
The following table summarizes our key stakeholders; their  
key areas of interest; why each group matters to everyone at 
Indivior; how engagement activity is conducted; stakeholder 
engagement highlights in 2024; the involvement of the Board in 
Indivior’s stakeholder engagement; and how the Board applied 
the knowledge acquired through engagement to its decision-
making processes. Further information is also available on page 
85 of this report and in Indivior’s latest Sustainability Report.
Building a Model for Advocacy
Drawing on her background in sales and social work,  
as well as her grassroots advocacy experience, Melissa 
Warren McDaniel, Indivior’s Director of County Government 
Relations and Advocacy, recently engaged key internal  
and external stakeholders on an initiative to support the 
efficacy of opioid response (OR) programs in Pennsylvania.
By collaborating with various members of Indivior  
and other relevant organizations, McDaniel sparked 
conversations with the city council about policies to 
help maintain the community’s access to essential 
services. A pilot program followed whereby treatment 
facilities were installed at Kensington, Philadelphia, 
a neighborhood heavily impacted by the opioid crisis. 
These efforts helped to create a more informed and 
supportive environment for individuals struggling with 
OUD, highlighting the importance of policy changes 
and community engagement in addressing the opioid 
crisis. As a result of her efforts, she will be testifying in 
front of the Philadelphia City Council about their 
groundbreaking efforts to install treatment facilities 
in Kensington.
McDaniel is now focused on creating a case study of this 
work in Kensington that can be used as a model for what 
advocacy work at Indivior looks like and the impact it 
can have for patients. She believes that a case study can 
help shape a grassroots advocacy program to bridge the 
gap between the community and access to services. This 
initiative can not only provide valuable insights but also 
lay the groundwork for future advocacy efforts aimed at 
improving the lives of those affected by opioid addiction.
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PATIENTS
Our vision is that all patients around the world will 
have access to evidence-based treatment for OUD. 
Indivior is dedicated to transforming OUD from a 
global human crisis to a recognized and treated 
chronic disease.
HCPS
Addiction and overdose are uniquely challenging 
treatment spaces. Dialogue and engagement with 
HCPs are important aspects of the journey that will 
ensure access to treatment for all.
Key stakeholder issues
• Access to treatment and support
• Product pricing and availability
• Product safety and efficacy
Key stakeholder issues
• Product availability, safety, and efficacy
• Accurate and up-to-date information about Indivior’s products
Key issues for Indivior
• Advocacy activities to support Indivior’s vision
• Ensuring evidence-based treatment for OUD is available to 
everyone who needs it promptly
• Providing treatment distribution through responsible HCPs
• Breaking down barriers to care so more patients have access to 
the evidence-based treatment they need on their recovery journey
• Expanding the U.S. go-to-market capabilities to continue growth 
in organized health systems
Key issues for Indivior
• Responsible pricing, marketing, and distribution supported 
by internal compliance activities
• Pioneering, producing, and marketing evidence-based innovative 
treatments for OUD
• Ensuring that evidenced-based treatments are available 
to greater numbers of HCPs and patients around the world
• Expanding Medicare-supported access to treatment for OUD 
within the U.S. CJS
How Indivior engages
• Adhering to regulatory and industry best practice requirements 
(for instance, product labeling and information)
• Campaigning and lobbying with other interested parties to 
increase access to treatment
• Monitoring HCPs that dispense Indivior’s treatments to patients 
How Indivior engages
• Conducting responsible pricing, marketing, and distribution 
activities supported by rigorous internal compliance measures
• Supporting regulatory, legislative, and logistical developments to 
improve treatment access for patients and enable HCPs to treat 
more patients when they decide to seek help
Board involvement highlights
• Monitoring compliance information concerning product 
marketing, communications, and distribution
• Conducting dialogue with HCPs and industry experts to better 
understand the needs of patients with opioid addiction
Board involvement highlights
• Overseeing Indivior’s research and development strategy and the 
setting of goals and objectives, with support from the Science 
Committee
• Overseeing Indivior’s pipeline development program, with support 
from the Science Committee
• Overseeing Indivior’s Global Integrity & Compliance program
2024 highlights
• Developed advocacy activities to focus on the state as well as 
federal level, aiming to achieve expanded treatment funding 
for MOUD within CJS
2024 highlights
• Indivior field personnel continued to interact with HCPs and 
their staff within healthcare institutions, offices, treatment 
centers, and criminal justice systems focused on MOUD and 
overdose
• Indivior personnel regularly attended local, regional, and 
national events and conferences to engage with the HCP 
community on MOUD and overdose
Priorities for the year ahead
• Maintain campaigning activity to increase access to treatment
• Continue to monitor regulatory requirements concerning treatment 
information to ensure compliance and patient safety
• Continue to focus on state-level advocacy in the U.S.
Priorities for the year ahead
• Continue proactive engagement with the healthcare community about 
overdose and addiction
• Continue regular conference and event attendance to increase 
understanding of overdose and addiction within the healthcare 
community
Stakeholder Engagement continued
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Strategic Report
WORKFORCE
Indivior has a talented workforce with a shared 
commitment to its purpose, vision, mission, 
and patients.
SHAREHOLDERS AND 
CAPITAL PROVIDERS
Indivior’s relationships with its shareholders and 
other providers of capital are a key contributor to 
the stability and long-term success of the business.
Key stakeholder issues
• A shared commitment to Indivior’s purpose, vision, and mission
• A healthy and safe workplace defined by flexibility, responsible 
business practices, and clear communication channels
• Comprehensive provision of training, development, learning, 
and career opportunities
• Industry-leading terms, conditions, and remuneration levels
Key stakeholder issues
• Effective strategy and business model in the short, medium, 
and long term
• Financial and share price performance
• Optimal capital allocation and effective risk management
• Governance, compliance, quality of leadership, succession 
planning, and transparency
• Sustainability approach and performance
Key issues for Indivior
• Recruitment and retention of talent to enable the achievement 
of Indivior’s purpose, vision, and mission
• Maintenance of an optimal workplace culture to enable 
innovation, personal success, and the achievement of Indivior’s 
strategic objectives
• Maintenance of a healthy and safe workplace
Key issues for Indivior
• A Board-level fiduciary duty to communicate regularly with and 
receive feedback from shareholders and other capital providers 
concerning Indivior’s strategy and performance
• Regular dialogue required to facilitate market understanding 
and awareness of the Group’s strategic progress and performance
• Operating in certain territories requires Indivior to adhere to a 
variety of regulatory and legal obligations, and to regularly report 
and communicate its financial and non-financial performance
How Indivior engages
• Annual culture surveys
• Frequent Town Hall and other communication and dialogue 
events hosted by the senior management team, occasionally 
featuring industry experts
• A global Culture Champions Network to help the Board better 
understand the opinions and concerns of employees
• Annual personal development reviews (PDRs) for all employees.
• Regular training and development activity tailored to 
departmental requirements
How Indivior engages
• Dedicated IR, finance, governance, and communications functions
• A corporate website with a dedicated investor relations section, 
which includes detailed financial and governance information
• Quarterly results presentations led by the executive directors and 
senior management, regular attendance at investor healthcare 
events, plus regular dialogue with current and potential investors
• Regular dialogue about sustainability and ESG issues that relate 
to the Group’s business
• Frequent dialogue with financial analysts
Board involvement highlights
• Regularly considering workforce matters and taking their 
impacts into account during decision-making (see page 85 
for more information)
• Interacting with the workforce at employee engagement events, 
such as town halls
• Overseeing and supporting the senior management team in the 
maintenance of Indivior’s compliance driven and welcoming 
culture
Board involvement highlights
• AGM held on May 9, 2024, and General Meeting held on May 23, 
2024, where shareholders approved the transfer of Indivior’s 
London listing from premium to standard, enabling Indivior 
to move its primary listing to Nasdaq on June 27, 2024
• Several investor and financial presentations and meetings 
attended by Indivior’s CEO, CFO and other senior management
• Chair and Lead Independent Director serves as an intermediary 
for the other Directors and shareholders when required
2024 highlights
• Continued to foster community through the Culture 
Champions Network
• Conducted employee speaker programs highlighting the 
importance of advocacy in relation to addiction and overdose
• Maintained focus on wellbeing and health and safety
2024 highlights
• Primary listing on Nasdaq achieved
• Presentations at several healthcare conferences
• Ongoing dialogue about ESG matters that relate to the Group’s 
business and publication of third annual sustainability report
• Conducted a ”teach-in” for specialty pharma equity analysts
Priorities for the year ahead
• Continue to focus on workforce understanding of the importance 
of advocacy activity
• Employee engagement activity will continue to be a management 
priority
• Maintenance of Indivior’s workplace culture across all sites
Priorities for the year ahead
• Further develop understanding of the potential of Indivior’s current 
and potential products
• Continue to grow the LAI category
• Continue to develop stakeholder understanding of Indivior’s 
sustainability credentials
Indivior Annual Report and Accounts 2024 |
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SUPPLIERS AND 
DISTRIBUTORS
Indivior has a small supply chain consisting of raw 
material suppliers, manufacturing businesses, and 
service providers in the main.
COMMUNITIES
Indivior’s important role in addressing global 
addiction and overdose means it has a responsibility 
to work with community organizations and patient 
advocacy groups, to raise awareness of the global 
addiction crisis and to support their activities.
Key stakeholder issues
• Product quality requirements, terms of business, and Indivior’s 
expectations as outlined in the Third-Party Code of Conduct
• Contractual composition and payment timings
• Product pipeline and development plans
• Tender process details and mechanisms
• Climate change and greenhouse gas information requirements
Key stakeholder issues
• Indivior’s reputation as a reliable and proactive community 
citizen and partner
• Indivior’s commitment to and role in addressing the global 
addiction and overdose crisis
• Indivior’s track record and methods applied in supporting and 
working with patient advocacy groups, NGOs, and charities that 
help people affected by addiction and overdose
Key issues for Indivior
• The required product quality is essential for regulatory and 
compliance purposes and to ensure patient safety
• A reliable and robust supply chain is critical for the effective 
and regular distribution of treatments
• Indivior is working closely with suppliers to collect accurate 
Scope 3 emissions data
Key issues for Indivior
• Indivior builds relationships with community organizations 
aligned to its vision and values, aiming to reduce stigmatization 
and break down barriers to care
• Indivior aims to work with community partners to advocate and 
educate stakeholders about addiction, overdose, and how to 
address these issues effectively
How Indivior engages
• Regular two-way dialogue between Indivior and its key suppliers 
concerning production matters and Indivior’s requirements
• The provision of a dedicated Indivior supplier management team
• The supply and regular updating of written information about 
tenders, terms of business, contractual terms, and payment 
timings
• Indivior’s Third-Party Code of Conduct
How Indivior engages
• Dedicated Indivior global impact and strategy team
• Federal and local advocacy activities, conducted in partnership 
with a wide variety of community stakeholders
• Financial support for projects which relate to Indivior’s purpose 
and vision
Board involvement highlights
• Regular updates on the status of and relationship 
with Indivior’s key suppliers
• Oversight of the development of the manufacturing facility 
at Raleigh
Board involvement highlights
• Oversight of management supervision of Indivior’s advocacy 
activity and relationships with key government agencies and 
community organizations
2024 highlights
• Development of new Raleigh facility
• Consideration of key suppliers as part of the ongoing 
assessment of business continuity risks
• Communication of Indivior’s supplier requirements 
including those outlined in the Third-Party Code of Conduct
• Ongoing dialogue about greenhouse gas emissions and 
data collection
2024 highlights
• Ongoing dialogue and collaboration with a variety of 
stakeholders relating to addiction and overdose and 
the U.S. criminal justice system
• Ongoing dialogue and collaboration with a variety of 
stakeholders relating to addiction and overdose and 
treatment options
• Continuation of the Indivior volunteer policy, which 
enables employees to take paid time off to engage 
in volunteering activities
Priorities for the year ahead
• Continue to work with suppliers to more fully understand Indivior’s 
climate change and environmental impacts
• Continue to work closely with suppliers to maintain high product 
quality and safety
• Continue to look for ways of improving the sustainability of Indivior’s 
products through working with suppliers
Priorities for the year ahead
• Developing community partnerships in conjunction with state-level 
advocacy activity
• Maintenance of the Indivior volunteer policy
Stakeholder Engagement continued
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REGULATORS AND 
PROFESSIONAL 
ADVISORS
Indivior works closely with and is advised by this 
group of stakeholders to ensure compliance with 
regulatory and industry best practice requirements.
MEDIA
Our stakeholders require up-to-date, timely, 
complete and accurate information about Indivior’s 
products and the science behind them.
Key stakeholder issues
• Product quality and safety as required by HCPs, patients, 
and regulators
• Responsible marketing and distribution activities
• Responsible and fair pricing
• Adherence to applicable laws and regulations
• Adherence to the 2020 Resolution Agreements
Key stakeholder issues
• Accurate and timely news and information about Indivior’s 
current and planned activities
• Points of contact for further information and clarification
Key issues for Indivior
• Indivior’s license to operate and reputation with stakeholders 
depends on its compliance with the relevant legal and regulatory 
requirements
• All members of Indivior’s workforce should fully understand 
Indivior’s obligations and be aware of forthcoming regulatory 
and legal requirements
Key issues for Indivior
• Dissemination of accurate and timely news and information 
about Indivior’s strategy, activities, and results
• Prevention of inaccurate information dissemination
• Working with the media to develop and maintain Indivior’s 
reputation and stakeholder understanding of its activities, 
aims and objectives
How Indivior engages
• Regular engagement with governments and regulators to ensure 
they have a full and up-to-date understanding of Indivior’s 
activities
• Regular training for and dialogue with Indivior’s workforce 
about compliance matters to ensure everyone understands 
their obligations
• Provision and regular monitoring of the Indivior EthicsLine
How Indivior engages
• Distribution of news and information in a timely, accurate, and 
targeted manner
• Provision of an experienced and dedicated Global Impact Team
• Provision of a corporate website, including facilities for news and 
information distribution
• Use of social media
Board involvement highlights
• Regular review of the integrity compliance dashboards, which 
illustrate performance across all Global Integrity & Compliance 
Program areas
Board involvement highlights
• Oversight of Indivior communications activity, including 
maintenance of Indivior’s reputation
2024 highlights
• Successful transfer of Indivior’s primary listing from the 
London Stock Exchange to Nasdaq
• Continued adherence to the requirements of the three 
agreements signed with the U.S. authorities in July 2020, 
including the filing of all scheduled and ad hoc reporting 
and notifications
• Actioning the performance of a double materiality assessment 
in preparation for the requirements of EU CSRD
2024 highlights
• Development of a range of communication materials to 
support the development of Indivior’s advocacy activities, 
and stakeholder awareness of addiction and overdose
• Development of the global website to highlight the importance 
of employee roles and responsibilities
• Development of communication action plans for 2025 
and beyond to raise stakeholder awareness of addiction 
and overdose
Priorities for the year ahead
• Working with professional advisors to develop a formal sustainability 
plan and ensure alignment with EU CSRD requirements
• Continuation of Indivior’s rigorous approach to integrity and 
compliance matters
• Maintenance of Indivior’s excellent product quality and safety record
Priorities for the year ahead
• Continue to support Indivior’s advocacy activities 
• Roll out of Indivior’s communication plan
• Further development of Indivior’s online presence
Indivior Annual Report and Accounts 2024 |
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LEGISLATORS AND 
GOVERNING BODIES
The escalating opioid and overdose crisis calls 
for relationships between Indivior, legislators, 
governing bodies and policy makers so patients 
have access to evidence-based treatments during 
their recovery journey.
Key stakeholder issues
• Solutions to the opioid epidemic
• Access to evidence-based treatment for patients in need
• Reduction of the global stigma surrounding patients suffering 
from addiction and overdose
• Effective and prompt treatment of overdose emergencies
Key issues for Indivior
• Ensuring patient access to evidence-based treatment for OUD 
and overdose
• Understanding funding sources to ensure funding prioritizes 
treatment for patients who need it
• Building relationships in the Criminal Justice System so people 
involved with this system do not experience a lapse in care
How Indivior engages
• Driving advocacy attention to the policy issues created by stigma 
and urging change
• Campaigning and lobbying with other stakeholders to increase 
access to treatment
Board involvement highlights
• Oversight of management supervision of Indivior’s advocacy 
activity and relationships with key government agencies an 
community organizations.
2024 highlights
• U.S. state standing orders further expanded to improve access 
to emergency treatment of known or suspected overdose 
induced by natural or synthetic opioids
• Enabling access to SUBLOCADE by Indivior’s CJS team in 
over 900 CJS facilities across the U.S.
Priorities for the year ahead
• Continue to work with stakeholders to improve access to SUBLOCADE 
within the U.S. Criminal Justice System
• Work with state level authorities to improve understanding of and 
access to treatment for overdose and addiction
Stakeholder Engagement continued
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Strategic Report
Indivior is committed to conducting timely and 
transparent disclosure of all material matters which 
are relevant to its shareholders and stakeholders
Part of that responsibility is to continue to provide our 
stakeholders with appropriate transparent updates in relation 
to the Resolution Agreement with the U.S. Department of Justice 
(DOJ) in 2020 and legacy legal matters. These matters relate to 
activities that occurred several years ago.
The 2020 DOJ settlement
In 2020, Indivior and certain of its subsidiaries reached 
agreements with the DOJ, the U.S. Federal Trade Commission 
(FTC), the U.S. Attorney’s Office for the Western District of 
Virginia, and U.S. state attorneys general. The agreements 
resolved potential criminal and civil liability arising from an 
indictment brought in 2019 by a grand jury in the Western 
District of Virginia, civil lawsuits in which the DOJ partially 
intervened, and an investigation by the FTC, all of which 
generally concerned Indivior’s marketing and promotion  
of SUBOXONE film.
As part of our agreement with the DOJ (the Resolution 
Agreement), a wholly owned indirect subsidiary of Indivior PLC 
pleaded guilty to a single count of making false statements 
relating to healthcare matters in 2012. This subsidiary was 
excluded from participating in government healthcare 
programs. The exclusion did not pertain to the rest of the Group 
and did not limit access to our medications for patients in the 
U.S. The DOJ dismissed all charges in the 2019 indictment 
against the rest of the Group, and the Group agreed to make 
payments over time to federal and state authorities totaling 
$600m. As of March 2025, the Group still has remaining 
payments of $300m plus interest (more information can be 
found on pages 168 to 169 of this Annual Report and Accounts).
Compliance measures, FTC Stipulated Order 
and Corporate Integrity Agreement
Indivior also agreed to significant compliance and reporting 
obligations under (1) the Resolution Agreement, (2) a stipulated 
order with the FTC (the FTC Stipulated Order) and (3) a 
Corporate Integrity Agreement (CIA) between Indivior Inc. and 
the Office of Inspector General of the U.S. Department of Health 
and Human Services (HHS-OIG). The Resolution Agreement 
generally concerns Indivior’s sales and marketing practices. 
It requires an annual certification by the Chief Executive Officer 
to the DOJ about compliance activities, as well as an annual 
resolution from the Board of Directors that it has reviewed the 
effectiveness of Indivior’s compliance program. The CIA requires, 
among other things, that Indivior Inc. engages an Independent 
Review Organization and a Board Compliance Expert to assess 
its compliance program and alignment with CIA requirements. 
Indivior Inc. is also required to implement measures designed  
to ensure compliance with the statutes, regulations, and written 
directives of U.S. Medicare, U.S. Medicaid, all other U.S. Federal 
healthcare programs and the U.S. Food and Drug Administration. 
We continue to comply with our reporting obligations under 
each of the agreements. 
We also continue with the investments we have made in 
Indivior’s Global Integrity & Compliance Program (IGICP)  
to promote compliance and drive continuous learning and 
evolution in this area.
The CIA has a term of five years, which addresses the period 
from July 2020 to July 2025 provided however that certain 
provisions of the CIA will continue for 120 days after the  
HHS-OIG's receipt of: (a) Indivior’s final Annual Report or (b) any 
additional materials requested by HHS-OIG, whichever is later.
Settlement of certain legacy legal matters 
in 2024
In 2024, Indivior settled its remaining antitrust legacy litigation to 
create greater certainty for all stakeholders as discussed below 
and on pages 58 and 168 of this Annual Report and Accounts.
Civil opioid litigation
The Group has been named as a defendant in more than 400 
civil lawsuits alleging that manufacturers, distributors, and 
retailers of opioids engaged in a longstanding practice of 
marketing opioids as safe and effective for the treatment of 
long-term chronic pain to increase the market for opioids and 
their own market shares, or alleging individual personal injury 
claims. Most of these cases have been consolidated and nearly 
two-thirds were filed by cities and counties. Nearly one-third 
were filed by individual plaintiffs.
On July 25, 2024, as part of the Q2 results announcement, the 
Group announced an expected settlement related to civil opioid 
litigation, including certain parties in the opioid multidistrict 
litigation (MDL). The parties to the settlement still must 
negotiate material terms and conditions of the final settlement 
agreement including timing and structure of payments and 
product distribution, injuncture relief, and scope of the release. 
The proposed settlement does not include private plaintiffs. 
More information about the Group's litigation can be found on 
pages 59 to 60 of this Annual Report and Accounts.
COMMITMENT TO TRANSPARENT 
DISCLOSURE
2020 Resolution Agreement Update and Legacy Legal Matters
Indivior Annual Report and Accounts 2024 |
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Strategic Report

OUR SUSTAINABILITY APPROACH
Indivior was founded to help combat the opioid crisis, the largest and most urgent public 
health crisis of our time. Indivior is a leader and pioneer in developing evidence-based 
treatments for substance use disorders and overdose. We are committed to reducing 
barriers to treatments and raising awareness of often stigmatized diseases that should 
be normalized and treated like other chronic diseases.
Why
How
STRATEGY AND POLICY
MANAGEMENT SYSTEMS AND PROCESSES
PERFORMANCE MEASUREMENT AND MONITORING
STAKEHOLDER ENGAGEMENT
Transparency
Prioritize 
our people
Conduct our 
business with 
integrity
Address our 
environmental 
responsibilities
Provide 
our products
What
Transform 
patient lives
See page 36
See page 36
See page 40
See page 43
See page 45
Managing Indivior’s Business Responsibly
As we develop more treatments and raise awareness of addiction and overdose, we are working to deepen 
and strengthen our approach to sustainability. The five key pillars of our approach to sustainability are:
Indivior Annual Report and Accounts 2024 |
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Strategic Report
Strategic Report
RECENT HIGHLIGHTS
At Indivior, we are committed to changing 
patients’ lives through science-based, 
life-transforming treatments. 
We create positive societal change by developing, producing 
and promoting treatments that support individuals with OUD 
and those at risk of overdose. To do so, we know that we must 
conduct business with the highest integrity.
MANAGING INDIVIOR’S BUSINESS 
RESPONSIBLY
• Indivior became a participant in the UN Global Compact in 
2022.
• Indivior has developed its greenhouse gas emissions 
reporting, including quarterly internal emissions reporting 
and comprehensive measurement of Scope 3 emissions.
• Indivior now conducts annual sustainability reporting aligned 
to the Global Reporting Initiative and will publish its third 
report in the second quarter.
• Indivior conducted its first Double Materiality Assessment in 
2024. See page 34 for further information.
• Indivior has recently conducted a qualitative and quantitative 
climate change risk assessment. See pages 47 to 49 for further 
information.
• Indivior recently developed its sustainability-related 
governance. At Board level, there is now a Compliance, Ethics 
and Sustainability Committee. See pages 102 to 103 for further 
information. These efforts are supported by the Sustainability 
Committee, which comprises all members of Indivior’s 
Executive Committee and meets at least quarterly.
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DOUBLE MATERIALITY ASSESSMENT  
AND CSRD COMPLIANCE
Double materiality assessment
Aims
We completed our first double materiality assessment (DMA) 
with the support of knowledgeable and experienced external 
advisors in 2024. The principal aims of this exercise were:
• to ensure that our approach to sustainability is focused on 
the most material impacts, risks and opportunities (IROs) for 
Indivior; and
• to ensure that Indivior is aligned with the more rigorous 
materiality assessments required by new and forthcoming 
regulations – most notably the EU Corporate Sustainability 
Reporting Directive (CSRD), which requires the application of 
the principle of double materiality.
Key areas considered
These objectives require the business to have a comprehensive 
understanding of materiality and sustainability. The key areas 
considered in the exercise included:
• financial IROs;
• Indivior’s own operations and those of the value chain; and
• the views and perspectives of all material stakeholders.
Scope and four main steps
The scope of the exercise addressed Indivior’s global operations 
and supply chain activities and comprised four main steps:
1. Creating a shared understanding of Indivior’s business and 
sustainability context.
2. Identifying a long list of sustainability IROs.
3. Assessing each IRO based on standard scoring criteria and in 
alignment with Indivior’s current enterprise risk management 
approach.
4. Setting thresholds for IRO scores to determine which IROs 
would be material for reporting under CSRD.
Results
In alignment with the guidance provided with the European 
Sustainability Reporting Standards (ESRS), the assessment 
evaluated a long list of IROs across environmental, social, and 
governance topics. Quantitative and qualitative inputs from 
stakeholders were applied to evaluate which topics are 
material. The outcomes are recorded in the diagram below.
Managing Indivior’s Business Responsibly continued
Next steps – preparing for CSRD compliance
Indivior is awaiting the finalization of the CSRD data collection, 
assurance, and reporting requirements. A plan to address these 
will be developed when this is completed by the EU.
Environment
Social
Governance
G1 Business Conduct
E1 Climate Change
E2 Pollution
S3 Affected Communities
E4 Biodiversity and 
Ecosystems
S1 Own Workforce
S2 Workers in the 
Value Chain
E3 Water and Marine 
Resources
S4 Consumers and  
End-Users
E5 Resources Use and 
Circular Economy
DMA Outcomes
Double Material (Both Impact & Financial)
Financially Material
Impact Material
Non-Material
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Strategic Report
 SDG 3: Good Health and Well-Being
Relevant SDG targets 
3.5 Strengthen the prevention and treatment of substance abuse, 
including narcotic drug abuse and harmful use of alcohol.
Why Indivior selected this topic 
Target 3.5 is directly aligned with Indivior’s purpose. Indivior was 
founded to help tackle the opioid crisis, one of the largest and most 
urgent public health emergencies of our time. Indivior’s purpose is 
to pioneer life-transforming treatment, ensuring that the millions of 
people across the globe suffering from SUDs and overdose have 
access to evidence-based treatment to change their lives.
 SDG 16: Peace, Justice and Strong Institutions
Relevant SDG targets 
16.5 Substantially reduce corruption and bribery in all its forms.
16.6 Develop effective, accountable, and transparent institutions at 
all levels.
Why Indivior selected this topic 
Indivior advances targets 16.5 and 16.6 through its Global 
Integrity & Compliance Program and its Anti-Bribery, Anti-
Corruption and Sanctions Programs. These programs help to 
ensure that its business activities are conducted in a responsible 
and compliant manner.
 SDG 12: Responsible Consumption and Production
Relevant SDG targets 
12.2 Achieve sustainable management and efficient use of 
natural resources.
12.4 Achieve the environmentally sound management of 
chemicals and all wastes throughout their life cycle.
12.5 Substantially reduce waste generation through prevention, 
reduction, recycling and reuse.
Why Indivior selected this topic
Product quality is embedded in Indivior’s culture. Indivior 
believes that its long-term success is directly linked to operating 
in a responsible way and in a way that minimizes its impact on 
the environment and natural resources, thereby aligning to 
targets 12.2, 12.4 and 12.5.
 SDG 13: Climate Action
Relevant SDG targets 
13.2 Integrate climate change measures into national policies, 
strategies and planning.
Why Indivior selected this topic 
Indivior supports the activities of groups such as the 
Intergovernmental Panel on Climate Change (IPCC) and the UN 
Framework Convention on Climate Change (UNFCCC). Indivior 
also supports the various regulatory and other initiatives that 
aim to achieve greater transparency and enable stakeholders to 
monitor related areas of climate change and environmental 
performance.
 SDG 5: Gender Equality
Relevant SDG targets
5.1 End all forms of discrimination against women and girls 
everywhere.
5.5 Ensure women’s full and effective participation and equal 
opportunities for leadership at all levels of decision-making in 
political, economic, and public life.
Why Indivior selected this topic
Indivior’s workforce is aligned with targets 5.1 and 5.5. Indivior 
believes that a welcoming workplace for all employees enables 
innovation, continuous improvement in the quality of its 
decision-making, and increased speed and efficiency in meeting 
the various needs of its employees, patients, and stakeholders. 
The management team strives to nurture a culture that values all 
employees regardless of their legally protected characteristics.
Alignment with the UN Sustainable Development 
Goals (UN SDGs)
Alignment with the 17 UN SDGs is one important way that 
Indivior monitors and prioritizes its ESG and sustainability 
activities. Indivior began mapping its ESG and sustainability 
activities to the SDGs in 2021, and is deepening this exercise 
over time as it develops its approach in this area.
Indivior Annual Report and Accounts 2024 |
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Strategic Report

Pillar 1 Transform Patient Lives
Overcoming stigmas
As a global leader in addiction treatments, we understand the 
complexities and stigmas of addiction, substance abuse and 
overdose. Our vision at Indivior is that millions of people who 
suffer from diseases like OUD have access to evidence-based 
treatments to change their lives. By developing robust, science-
based treatments and advocating for better understanding, we 
aim one day to overcome those stigmas and remove barriers to 
access for patients.
Our current products include SUBLOCADE; SUBOXONE film; 
SUBOXONE tablet; and SUBUTEX tablet, which are treatments 
for OUD. OPVEE nasal spray offers help to U.S.-based patients 
aged 12 years or older who are experiencing a known or 
suspected opioid overdose.
The availability of our medications may vary across countries, 
including in terms of dosage form, strength, and indication.
Advocating for change
We advocate on public policy issues that relate to substance use. 
We responsibly engage with public officials, policymakers, and 
other stakeholders at all levels of government, as well as 
healthcare professionals and community organizations.
In the U.S., Indivior works to shape policy through a patient-
focused advocacy and government affairs agenda with the 
following four goals:
• Ensure opioid crisis funds are allocated toward treatment.
• Address and eliminate barriers to OUD treatment.
• Expand MOUD in the criminal justice system (CJS).
• Ensure patients have access to innovative overdose 
reversal medication.
We work at the local county and city levels, as well as at state 
and federal levels, to help enact change needed to address the 
largest and most urgent public health crisis of our time – the 
opioid crisis. For example, Indivior continues to work to change 
state standing orders to include all FDA-approved overdose 
medications and to ensure patients have access to innovative 
new products that can save lives.
 See page 25 for further information
Pillar 2 Prioritize our People
At Indivior, our commitment to nurturing an engaging, safe, and 
collaborative environment is reflected in our actions.
Our Guiding Principles model our decision-making across the 
organization and enable us to prioritize safety, quality, integrity, 
and innovation. Embedding these principles in our operations 
also ensures we demonstrate regulatory compliance and create 
an inclusive culture.
Our Code of Conduct outlines our standards of expected 
behavior for the workforce and our Board of Directors. All 
individuals are required to read and acknowledge that they 
understand the Code of Conduct and are in full compliance with 
it. It is available to download from Indivior’s website.
Managing Indivior’s Business Responsibly continued
Focus on patient needs to  
drive decisions
Seek the wisdom of the team
Demonstrate honesty and integrity  
at all times
See it, own it, make it happen
Care enough to coach
Believe that people's actions are  
well intended
Our Guiding Principles
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Indivior Annual Report and Accounts 2024 |
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Strategic Report

Managing Indivior’s Business Responsibly continued
Employee engagement
Indivior’s employee speaker programs are hosted by Dr. Terry 
Horton, Vice President, Patient Insights & Advocacy. All 
employees are expected to attend these events either in person 
or virtually. During 2024, the speakers included:
• Dr. Tom McLellan, a preeminent addiction scientist and 
former deputy director of the White House Office of National 
Drug Control Policy.
• Dr. David Nutt, Professor of Neuropsychopharmacology at 
Imperial College in London.
• Dr. Denise Hien, Senior Vice Provost for Research, Chancellor’s 
Office, Rutgers University.
Training and development
We provide our employees with developmental training in 
accordance with their specific role and career path and pay 
considerable attention to Integrity & Compliance training. 
All employees have access to a variety of training and career 
development tools and opportunities including, but not 
limited to:
• Performance development reviews that include personal 
development objectives.
• Individual development plans.
• On-the-job/functional training and cross-functional project 
work.
• Competency-based career paths and/or functional/
leadership competency profiles with competency-based 
development tools.
• Mentorship programs.
• Tuition reimbursement programs.
• Attendance at conferences/seminars.
• 360 degrees and leadership potential assessments.
• Culture training.
• Internal/external on-demand learning programs.
• Commercial workforce training.
An important area is the training and development we provide 
for our commercial workforce, who are responsible for 
marketing Indivior’s products to healthcare professionals. We 
aim to ensure that all Indivior’s marketing activities are 
conducted responsibly, with focus and clarity, and that the 
information imparted to healthcare providers is truthful and 
accurate, helping them take appropriate action with patients 
and their caregivers.
A key component of our commercial workforce training and 
development is the identification of individual and team-level 
skills gaps and training needs. Our commercial organization 
conducts a wide variety of regular communication and feedback 
activities with all team members. The aim of this process is to 
promote knowledge sharing and ensure that everyone has 
up-to-date information concerning Indivior’s products. The 
activities range in size and frequency and can include weekly 
team phone calls, meetings, and training workshops over one or 
several days. We also run mentoring programs and in-the-field 
training.
On average, yearly training and development per commercial 
employee includes 100 hours of core capabilities training, 
supplemented by weekly calls, workshops (10 to 12 hours), 
online learning (six to eight hours), and other forms of training 
as appropriate. These numbers do not include hours spent on 
Integrity & Compliance training for all our employees.
Commercial workforce incentives
Within our Addiction Sciences and Behavioral Health Business 
units, compensation is designed to ensure that financial 
incentives do not inappropriately motivate employees to engage 
in or tolerate the marketing, promotion or selling of Company 
products:
• for unapproved uses;
• at dosages above maximum recommended doses in the 
package insert; or
• to prescribers on a government sanctions list or those who 
have been delisted pursuant to Indivior’s Prescriber Concern 
Reporting Policy.
Indivior Annual Report and Accounts 2024 |
38
Strategic Report
Workforce data by function
Number of employees by function
December 31, 2024
December 31, 2023
Commercial
479
564
Finance
79
79
Global Impact & Corporate Affairs
18
11
Human Resources
30
25
Information Technology
39
36
Integrity & Compliance
18
21
Legal & Governance
22
19
Medical
92
93
Research & Development
115
132
Strategy
14
6
Supply
188
178
Total
1,094
1,164
Workforce data by region
Number of employees by region
December 31, 2024
December 31, 2023
United States
762
849
Europe, Middle East, Africa, Canada
302
283
Australia
30
32
Total
1,094
1,164
Gender diversity data1 at December 31, 2024
Number of employees
Total
Women
%
Men
%
Not declared
%
Directors of Indivior PLC
13
3
23
10
77
–
–
Senior managers2
38
13
34
25
66
–
–
All employees
1,094
555
51
538
49
1
–
1. This information is required to be disclosed under Section 414C(8)(c) of the U.K. Companies Act 2006 
2. Includes members of the Executive Committee who are not Directors of Indivior PLC and all subsidiary company directors.
Employee wellbeing and safety
Indivior has two manufacturing locations. The Fine Chemical 
Plant (FCP), located in Hull, U.K., manufactures buprenorphine.  
A second finished product manufacturing site, located at Raleigh 
in North Carolina, was purchased in November 2023. These sites 
represent the most significant potential areas of health and 
safety risk. The FCP holds ISO 45001:2018 certification.
Both manufacturing sites have health and safety management 
systems which adhere to industry best practice. Indivior 
continuously reviews and invests in these systems to improve 
efficiency and reduce risk.
Performance is regularly reviewed by Indivior’s Chief 
Manufacturing and Supply Officer, who is a member of the 
Executive Committee. In 2024, Indivior maintained its zero 
fatality rate and a negligible annual incident rate.
Indivior also has two research and development centers in Hull, 
U.K., which also holds ISO 45001:2018 certification, and Fort 
Collins, Colorado, in the U.S. Indivior’s office sites comprise a 
main corporate headquarters in Richmond, Virginia, corporate 
offices in Slough and London, U.K., and smaller offices in 
Canada, several European countries and Australia.
Indivior has a global health and safety policy, which was 
approved in 2022. Following the global pandemic in 2020 and 
2021, key changes were introduced to evolve working practices 
and benefit employee wellbeing. These changes included the 
introduction of a flexible working policy at most of Indivior’s 
locations.
Indivior Annual Report and Accounts 2024 |
39
Strategic Report

Pillar 3 Conduct our Business  
with Integrity
Indivior values integrity, compliance and responsible business 
conduct. The focus of our experienced Integrity & Compliance 
(I&C) team is to drive a culture of learning and ongoing 
evolution. The main tenets of the Indivior Global I&C Program 
(IGICP) are ‘Learn, Adjust, Prevent.’ This approach helps to 
ensure that risks are anticipated, promptly identified and 
mitigated effectively. Key features include an annual Risk 
Assessment & Mitigation Plan (RAMP) process and a focus on 
RiskIQ (risk awareness and application). We regard these as 
critical inputs to the development of an enterprise-wide 
functional business strategy and related execution. The IGICP is 
based on U.S. and global regulatory and industry code 
standards.
Our integrity and compliance commitments
Indivior’s goal is to become an industry leader in compliance, 
ethics and integrity. Our commitment to excellence in meeting 
these obligations is a testament to our strong culture and 
efforts at all levels to embed an effective and sustainable IGICP.
Our management team is deeply committed to building a 
culture of compliance and integrity. We believe we have a 
responsibility to the patients we serve to conduct our activities 
with a high level of integrity. Mark Crossley, Indivior’s Chief 
Executive Officer, monitors the performance of the IGICP and is 
responsible for its day-to-day operation. He is supported at 
Board level by the Compliance, Ethics & Sustainability 
Committee. The Board is supported by an independent 
compliance expert, who also reviews the performance and 
operation of the IGICP and related culture annually, with the 
results reported to the Board. Cindy Cetani, Indivior’s Chief 
Integrity & Compliance Officer (CICO) and an Executive 
Committee member, leads the design and administration of the 
IGICP. The I&C team operates with independence from the 
business, as defined by U.S. government standards and 
requirements. The CICO has a dual reporting line to the Chief 
Executive Officer and the Compliance, Ethics & Sustainability 
Committee of the Board.
Our operational controls also include regular reporting to and 
oversight by the Indivior Compliance Committee, which meets 
regularly and comprises all members of Indivior’s Executive 
Committee. Indivior has three regional compliance committees. 
These are staffed by regional management and chaired by the 
regional compliance officers to monitor the regional 
implementation and performance of the IGICP.
We also schedule quarterly meetings with the assigned U.S. 
Office of Inspector General (OIG). These meetings cover the 
status of and our approach to the Corporate Integrity 
Agreement (CIA) administration. They are also used to 
present on aspects of the IGICP or business activities.
Independent analysis
The IGICP is further evaluated for effectiveness by the 
independent compliance expert to the Board of Directors, as 
required by the CIA for years one and three. We also engaged 
the independent compliance expert to the Board in year two 
and plan to engage for the balance of the CIA term.
In addition, we have engaged an independent review 
organization to perform transactions testing each year, and 
systems testing in select years, as specified in the CIA.
These reports are provided to assigned monitors from the OIG, 
which oversees Indivior’s implementation of the CIA.
Annual Compliance Program Perception Survey 
and EthicsLine
Indivior engages Ethisphere, an independent third-party 
provider that defines and measures corporate ethical 
standards, to conduct an annual internal Ethics and Compliance 
Program Perceptions Survey. This survey is distributed to all of 
Indivior’s global workforce. Other resources include a reporting 
EthicsLine maintained by Navex Global, another established 
third-party provider.
Cybersecurity and Data Privacy
Indivior has implemented Cybersecurity and Data Privacy 
programs based on best practice frameworks, such as NIST 
500-83, Sarbanes Oxley and GDPR.
Committee
Frequency
Presenter
Indivior Compliance Committee
Approximately 10 times a year
CICO, I&C team, functional leaders
Board of Directors
Twice a year
CICO
Compliance, Ethics & 
Sustainability Committee
At least quarterly
CICO and other functional leaders
Audit & Risk Committee
Annually
CICO
Managing Indivior’s Business Responsibly continued
Indivior Annual Report and Accounts 2024 |
40
Strategic Report
The Main IGICP Operating Framework and Underlying Principles
Indivior Global Integrity & Compliance 
Program Framework
Program evaluation and measurement to guide continuous evolution includes:
*
Report included in Annual Corporate Integrity Agreement Report to U.S. Department of Health and Human Services Office of Inspector General
Indivior Global Integrity & Compliance 
Program Maturity Journey Strategy
Indivior Guiding Principles
Indivior Global Integrity & Compliance Program
I&C team administration and strategic partner advisors
Culture
Seamless 
orchestration of 
accountability and 
tone at all levels, 
integrated 
incentives/
performance 
management, 
operating with 
confidence and 
competence
Risk IQ
Embed awareness 
and ownership to 
identify and manage 
in real time Indivior's 
evolving compliance 
risk profile through 
effective mitigation 
and excellence in 
execution
Analytics
Robust and 
continually evolving 
analytic tools and 
capabilities to 
proactively identify 
key risk signals and 
outlier detection, 
with continuous 
controls monitoring
Program Effectiveness Measurement
People
Process & Controls
Systems
Risk Based
CICO/Governance
Audits/
Monitoring
Investigation/
Disciplinary 
Enforcement
Written Standards
Open Lines of 
Communication
Response/
Corrective Action
Training/Education
Culture
Indivior 
Audit
Services
Self-
Assessment: 
HCCA/OIG 
Resource 
Guide
I&C 
Dashboard 
& Analytics
Independent 
targeted 
program 
assessment
Navex 
Global 
Speak Up 
Benchmarks
Epsilon 
Board 
Compliance 
Expert: 
Program 
Effectiveness 
Report*
EY 
Independent 
Review 
Organization 
Transaction/ 
Systems 
Testing*
Internal
I&C audits, 
monitoring 
investigations
Ethisphere 
Ethics & 
Compliance 
Program 
Perceptions 
Annual Survey 
Benchmarks
PREVENT
LEARN
ADJUST
I
N
T
E
G
R
I
T
Y
&
C
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M
P
L
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Indivior Annual Report and Accounts 2024 |
41
Strategic Report

IGICP – Overview
WHO
WHAT
HOW
Chief 
Executive 
Officer
Reports to
Global: 
Strategic governance/ 
Oversight:  
CICO Chairs
Board of Directors: 
Compliance, Ethics, 
& Sustainability 
Committee
Integrated business ownership across Indivior embedded in Performance Management System
Comprehensive 
Internal  
Management 
Reporting
Comprehensive 
Processes,  
Systems, Audits/
Monitoring  
& Controls
Epsilon 
Life Sciences 
Independent  
Compliance Experts  
to Board of Directors
(Per Corporate  
Integrity  
Agreement)
EY  
Independent 
Review Organization 
(IRO)
(Per Corporate  
Integrity  
Agreement)
Chief Integrity  
& Compliance  
Officer (CICO)
Leads program 
administration; 
operates with 
independence from 
the business as 
defined in 
government  
standards
External
Regional: 
Operational 
Governance/
Oversight; 
Regional I&C 
Officer Chairs
AUA Compliance 
Committee
U.S. Compliance 
Administration 
Council
EUCAN 
Compliance 
Committee
Indivior  
Compliance 
Committee  
(ICC)
Supports CICO in  
Global Program 
Administration; 
defined in ICC 
Charter; comprised 
of Executive 
Committee 
members
IGICP 
Framework
IGICP Maturity 
Journey Strategy
Programs 
Evaluation & 
Measurement to 
Guide Continuous 
Evolution
Managing Indivior’s Business Responsibly continued
Indivior Annual Report and Accounts 2024 |
42
Strategic Report
Pillar 4 Address our Environmental 
Responsibilities
In 2024, Indivior continued to develop its approach to 
environmental and climate change matters in line with the 
process that commenced in 2022. The matters being addressed 
include water stewardship, biodiversity, efficient use of raw 
materials, responsible waste management and energy use. 
During the year, our new manufacturing facility at Raleigh, North 
Carolina, was integrated into our overall environmental 
management approach.
Indivior’s primary environmental impacts 
include:
• Greenhouse gas and other emissions:
• Direct emissions produced by the salesforce car fleet.
• Natural gas used in manufacturing processes and the 
heating of buildings.
• Indirect emissions through energy consumption at 
Indivior’s sites.
• The environmental effects of Indivior’s manufacturing 
activities at the Fine Chemical Plant (FCP) in Hull, U.K., and at 
Raleigh, North Carolina.
• The environmental effects of third-party supplier 
manufacturing activities in the U.K. and U.S.
Environmental management at Indivior’s 
manufacturing sites
Indivior’s manufacturing sites have a tailored environmental 
management program encompassing air, water, waste 
management, energy use, use of resources and ecological 
management. The FCP and R&D site in Hull U.K. are both ISO 
14001:2015 certified and comply with the requirements of the 
U.K. Environment Agency. No significant environmental incidents 
have occurred since Indivior was listed in London in 2014.
Water use, management and reporting
Our manufacturing processes are not water intensive. Water is 
used in manufacturing processes and for purposes such as 
cleaning and hygiene maintenance.
We do not withdraw water from or discharge water into 
freshwater sources. Two of our sites, the R&D center at Fort 
Collins, Colorado, and the new site at Raleigh, North Carolina, 
are located in extremely high water-stressed areas and apply 
the WRI Aqueduct Risk Atlas analysis. At the FCP and Fort 
Collins, water is extracted from the main supply and the 
withdrawal data is monitored and measured. Most of Indivior’s 
other locations (offices in North America, Europe and Australia) 
do not have access to this kind of information to facilitate 
reporting.
Indivior has participated in CDP’s annual water security 
reporting exercise for the past four years.
Biodiversity
Indivior has a small manufacturing supply chain based in North 
America and two manufacturing sites at Hull, U.K., and Raleigh, 
North Carolina. Raw materials for the FCP are grown in 
Tasmania. All sites operate in highly regulated environments, 
and none are in areas of high biodiversity importance.
Indivior’s Third-Party Code of Conduct requires suppliers to 
address environmental matters responsibly.
2024 environmental highlights
• Installation of additional solar panels to facilitate greater 
renewable energy use at the FCP.
• Increased sourcing of sustainable cartons, which were applied 
in the packaging for SUBOXONE® Film.
• Conversion of 56% of the sales car fleet to hybrid vehicles by 
the end of the year.
• Installation of electric vehicle charging points at Raleigh and 
the FCP.
• Rollout of renewable energy supply adoption initiatives at the 
FCP, the Chapleo Building and at Raleigh.
• Changed to a sustainably sourced natural gas supply at our 
Raleigh site.
Greenhouse gas emissions, energy use and 
intensity data
Indivior calculates its GHG emissions using the GHG protocol 
developed by the World Resource Institute. This process 
involves applying emissions factors from sources including the 
U.S. Environmental Protection Agency (EPA), the U.K. 
Environment Agency, the U.K.’s Department for Business, Energy 
and Industrial Strategy, and the IPCC.
GHG reporting includes all subsidiary locations, consistent with 
our consolidated financial reporting.
Indivior’s greenhouse gas emission data and energy 
consumption for 2024 is recorded below. Consistent with the 
Group's consolidated financial reporting, the table includes data 
from all of Indivior's subsidiaries.
Indivior Annual Report and Accounts 2024 |
43
Strategic Report

Emissions type / intensity ratio
Total 2024  
tons CO2e
Total 2023 
tons CO2e  
revised1, 2
Total 2023  
tons CO2e2
Scope 1
6,986
4,573
4,573
Scope 2 location-based
5,335
2,196
2,196
Scope 2 market-based
5,174
2,366
2,366
Scope 3
129,350
107,779
1,665
Total emissions location-based
141,671
114,548
8,434
Total emissions market-based
141,510
114,718
8,604
Intensity ratios
GHG emissions tons per employee, location-based (location-based emissions/  
number of employees)
129.5
98.4
7.25
GHG emissions per employee market-based (market-based emissions/ 
number of employees)
129.4
98.6
7.39
GHG emissions per unit of revenue ($m) location-based
119.25
104.80
7.72
GHG emissions per unit of revenue ($m), market-based
119.12
104.96
7.87
Greenhouse gas emissions by territory
Scope 1 U.K.
289
405
405
Scope 1 non-U.K.
6,697
4,168
4,168
Total Scope 1
6,986
4,573
4,573
Scope 2 location-based U.K.
492
542
542
Scope 2 location-based non-U.K.
4,843
1,654
1,654
Total Scope 2 location-based
5,335
2,196
2,196
Scope 2 market-based U.K.
368
701
701
Scope 2 market-based non-U.K.
4,806
1,665
1,665
Total Scope 2 market-based
5,174
2,366
2,366
Scope 3 U.K.
3,445
5,020
213
Scope 3 non-U.K.
125,905
102,759
1,452
Total Scope 3
129,350
107,779
1,665
Total emissions location-based U.K.
4,226
5,967
1,160
Total emissions location-based non-U.K.
137,445
108,581
7,274
Total emissions location-based
141,671
114,548
8,434
Total emissions market-based U.K.
4,102
6,126
1,319
Total emissions market-based non-U.K.
137,408
108,592
7,285
Total emissions market-based
141,510
114,718
8,604
Energy consumption in MWh (location and market-based)
Scope 1 U.K.
1,372
1,622
1,622
Scope 1 non-U.K.
30,649
17,986
17,986
Total Scope 1
32,021
19,608
19,608
Scope 2 U.K.
2,605
2,661
2,661
Scope 2 non-U.K.
15,830
4,737
4,737
Total Scope 2
18,435
7,398
7,398
1. The revised 2023 emissions figures include a comprehensive analysis of all Scope 3 emissions which first appeared in the 2023 Sustainability Report which 
was published subsequently to the 2023 Annual Report and Accounts.
2. The 2023 greenhouse gas emissions included for the first time the emissions produced by Opiant Pharmaceuticals UK Limited (Opiant) from the acquisition 
date of March 2, 2023 and the Raleigh, North Carolina (Raleigh) manufacturing facility from the date of purchase on November 1,  2023. The 2024 emissions 
and energy data includes a full calendar year of emissions and energy use for both Opiant and Raleigh.
Managing Indivior’s Business Responsibly continued
Indivior Annual Report and Accounts 2024 |
44
Strategic Report
Pillar 5 Provide our Products
Indivior’s products
Indivior's key products, which are presently available in over 30 
countries, consist of SUBLOCADE (buprenorphine extended 
release) injection, known as SUBUTEX prolonged release in 
certain countries; SUBOXONE film (buprenorphine and naloxone 
sublingual film); SUBOXONE tablet (buprenorphine and 
naloxone sublingual tablets); and SUBUTEX® tablet 
(buprenorphine sublingual tablets). These treatments are for 
opioid dependence. The availability of products may vary from 
country to country, including in terms of dosage form, strength 
and indication.
We also provide OPVEE (nalmefene) nasal spray for the 
emergency treatment of known or suspected opioid overdose 
induced by natural or synthetic opioids, in adults and pediatric 
patients aged 12 years and older. OPVEE provides fast onset and 
long duration reversal of opioid-induced respiratory depression. 
OPVEE was designed to address the challenges of today’s opioid 
overdose crisis.
Following standards for safety
Indivior follows strict regulatory guidelines and quality 
standards to ensure the safety of our products for patients. 
These guidelines, such as Good Manufacturing Practice (GMP), 
require pharmaceutical companies to establish and maintain 
rigorous processes for product development, manufacturing, 
testing and distribution. This includes using high-quality raw 
materials, conducting thorough testing at various stages of 
production, and adhering to proper storage and transportation 
practices. We have dedicated quality control and quality 
assurance teams that monitor every aspect of the 
manufacturing process to ensure compliance with regulations 
and business standards. We also have systems in place to track 
and trace products, from production to distribution, to minimize 
the risk of counterfeit or substandard products entering the 
market.
Managing systems and processes
Indivior has implemented management systems, including the 
FDA-required Risk Evaluation and Mitigation Strategies (REMS) 
program for SUBLOCADE, to mitigate the potential risk of serious 
harm or death from intravenous self-administration. 
Additionally, the organization is also part of the Buprenorphine-
Containing Transmucosal Products for Opioid Dependence 
(BTOD) REMS program for SUBOXONE film in the U.S., which aims 
to reduce the risks of accidental overdose, misuse, and abuse.
Quality control and safety
Indivior has always been focused on quality control, safety, and 
compliance. Our quality assurance teams monitor every aspect 
of the manufacturing process to ensure compliance with 
regulations and business standards. Since 2020, we have had no 
recalls of our products for any of our marketed treatments.
Establishing a supply chain ecosystem
Indivior product manufacturing and supply involves a highly 
intricate process that depends on both internal manufacturing 
capabilities and third-party sources. In 2023, we expanded our 
internal capabilities with the addition of a new Raleigh 
manufacturing facility, which will help ensure patient supply of 
SUBLOCADE. We view our suppliers, vendors, distributors, and 
all third-party entities that provide goods and services as 
critical business partners.
Our Third-Party Code of Conduct sets expectations and 
requirements for our partners. In it, we require all suppliers to 
responsibly address environmental and climate change issues. 
It is available to download from Indivior’s website. Our 
management team ensures compliance with regulations and 
monitors third-party manufacturing by mandating that all 
operations adhere to the strict rules and regulations governing 
the healthcare industry in the U.S. and the U.K.
Offering accessible treatments
Through our patient accessibility programs, we are working to 
remove stigma and barriers to treatments for everyone, no 
matter what the patient’s age, gender or socioeconomic 
background. This includes patients in the criminal justice 
system. Access to our products may reduce incarcerations and 
recidivism connected with SUDs, while also improving the cost 
burden in healthcare.
As part of our goal to make treatments available for everyone, 
we have developed a growth strategy for patient access that can 
remove barriers to access for as many as three million patients. 
This strategy involves:
• Accelerating adoption in organized health systems
These systems maintain high compliance and adherence to 
standards of care. They have the infrastructure and expertise 
to handle the logistics of patient access. They also have high 
process efficiency, enabling rapid adoption of our access 
program.
• Expanding access to treatment in the criminal justice system
This initiative encompasses federal, state, and county jails 
and will lead to an increase in patient access funding and 
access to treatments.
Indivior Annual Report and Accounts 2024 |
45
Strategic Report

Purpose of this statement and approach
This statement outlines Indivior’s alignment with the TCFD 
reporting recommendations and how the Group intends to 
extend its alignment in the future. The inclusion of this 
statement within this Annual Report and Accounts addresses 
the compliance requirements of Listing Rule 22.2.24(R).
During the preparation of this statement, the Group reviewed 
and considered TCFD’s All Sector Guidance (2021 TCFD Annex). 
Indivior does not operate in a sector requiring sector-specific 
disclosures.
Indivior and climate change
Over the last few years, Indivior has been working diligently to 
understand and address its environmental footprint and 
develop its related disclosures. These steps have been guided 
by the activities of initiatives such as the Intergovernmental 
Panel on Climate Change, the UN Framework Convention on 
Climate Change, and the UN Global Compact (Indivior has been 
a participant since September 2022) and CDP. Indivior is 
supportive of the activities of the IFRS Foundation (IFRS) and 
the International Sustainability Standard Board and notes that 
the requirements of IFRS S2, Climate-related Disclosures, are 
consistent with the four core recommendations and eleven 
recommended disclosures that have been published by 
the TCFD.
Indivior is conducting ongoing activities to address and improve 
the monitoring of its environmental footprint. They include:
• the introduction from 2023 of hybrid vehicles across Indivior’s 
U.S. sales car fleet; 56% of the fleet were hybrid powered at 
the end of 2024;
• ongoing improvements to the buprenorphine production 
process at the U.K. Fine Chemical Plant (FCP);
• the introduction of quarterly internal Scope 1 and Scope 2 
emissions reporting in 2023; and
• a program to facilitate increased use of solar panels for 
energy generation at Indivior’s manufacturing and research 
and development facilities.
Further information is provided on page 43 of this Annual 
Report and Accounts.
Most of the Group’s greenhouse gas (GHG) emissions are Scope 
3. The majority are created as the result of supply chain 
manufacturing activities, finished product storage at third-party 
businesses, and business travel. We have comprehensively 
reported our 2024 Scope 3 emissions within this Annual Report 
and Accounts along with the 2023 comparatives, which were 
previously disclosed in our 2023 Sustainability Report. 
In November 2023, Indivior purchased its own product 
manufacturing plant, located at Raleigh, North Carolina. The 
activities at this site are the main reason for the significant rise 
in overall Scope 1 and 2 emissions during 2024. Our other Scope 
1 and 2 emissions are created by buprenorphine manufacturing 
at our FCP in Hull, U.K., the activities at our two research and 
development centers, the operation of the U.S. fleet of vehicles, 
and at our office locations around the world.
We conducted an initial qualitative climate change scenario 
analysis in 2022 and conducted a first quantitative analysis in 
2023. In 2024 this quantitative analysis was updated to assess 
the effect the Raleigh manufacturing plant had on the Group’s 
climate-related risks and opportunities. 
The outcomes of this exercise are reported within this 
statement. All three exercises were conducted with the support 
of professional third-party experts.
Going forward, we intend to apply our expanded emissions 
knowledge and the greater understanding we have acquired 
about our climate-change risks and opportunities to enable the 
future setting of emissions targets. 
Alignment with the TCFD recommendations
The Group has considered its “consistent or not consistent” 
obligation under the U.K.’s Financial Conduct Authority Listing 
Rules. It has detailed its position at the end of 2024 in the 
following table in relation to the 11 recommended TCFD 
reporting disclosures. 
Sections marked “not consistent”
Indivior has not yet set emission targets or decided on the 
timing of target setting. Environmental KPIs are part of the 
Annual Incentive Plan modifier described on page 113 of this 
Annual Report and Accounts. The Group recognizes the 
importance of target setting and continues to evaluate their 
adoption as part of its approach to climate change.
Page
Progress
Governance
Describe the Board’s oversight of climate-
related risks and opportunities
46, 47, 84
Consistent
Describe the management’s role in assessing 
and managing climate-related risks and 
opportunities
46, 47
Consistent
Strategy
Describe the climate change risks and 
opportunities the organization has identified 
over the short, medium and long term
47, 48, 49
Consistent
Describe the impact of climate-related risk 
and opportunities on the organization’s 
business, strategy and financial planning
47, 48, 49
Consistent
Describe the resilience of the organization’s 
strategy, taking into consideration different 
climate-related scenarios, including a 2° or 
lower scenario
47, 48, 49
Consistent
Risk management
Describe the organization’s processes for 
identifying and assessing climate-related risks
48, 62
Consistent
Describe the organization’s processes for 
managing climate-related risks
49, 62
Consistent
Describe how processes for identifying, 
assessing and managing climate-related risks 
are integrated into the organization’s overall 
risk management
62
Consistent
Metrics and targets
Disclose the metrics used by the organization 
to assess climate-related risks and 
opportunities in line with its strategy and risk 
management processes
49
Consistent
Disclose Scope 1, Scope 2 and, if appropriate 
Scope 3 GHG emissions and the related risks
44, 49
Consistent
Describe the targets used by the organization 
to manage climate-related risks and 
opportunities and performance against targets
49
Not 
consistent
Task Force on Climate-related Financial Disclosures (TCFD)
Indivior Annual Report and Accounts 2024 |
46
Strategic Report
Governance
Indivior’s Chief Executive Officer is ultimately responsible for 
the executive management of the Group’s business, including 
its approach to environmental matters and climate change, the 
development of related strategy and approach, and delivery of 
performance against plans.
Climate change and environmental matters are actioned, 
monitored, and discussed regularly by the Board, executive-
level management, and at other managerial levels across the 
business. At Board level, responsibility is delegated to the 
Compliance, Ethics and Sustainability Committee. Its publicly 
available Charter states that its purpose is to assist the Board of 
Directors in overseeing and monitoring Indivior’s approach to 
ethical, responsible, and sustainable conduct. 
Board level
The Compliance, Ethics and Sustainability Committee is also 
responsible for overseeing the Group’s sustainability approach, 
performance, and reporting. It meets at least quarterly and on 
specific occasions when required. The Committee’s terms of 
reference are available for download from the Group website. 
The Board Committee also receives reports from the Chief 
Manufacturing and Supply Officer on at least a half-yearly basis. 
This information includes:
• the development of Indivior’s Group Sustainability Framework 
and objectives and performance against those objectives;
• Indivior’s performance against environmental goals and 
targets (including GHG emissions) which are applied for the 
ESG metric in the Annual Incentive Plan (see below); and
• the development of the Group’s climate change strategy and 
related policies and management systems, and the disclosure 
of climate-related information in compliance with emissions 
reporting requirements and other related compliance 
regulations.
Additionally, the Board Committee reviews and approves 
Indivior’s annual Sustainability Report and related disclosures, 
including this statement within the Annual Report and Accounts.
Executive management level
Indivior’s Sustainability Committee supports the activities of the 
Compliance, Ethics and Sustainability Committee in relation to 
environmental matters and climate change. It comprises all the 
members of Indivior’s Executive Committee. 
It supplies recommendations to the Board Committee and the 
Board relating to the development of Indivior’s approach to 
climate change. It also monitors Indivior’s progress in 
addressing future reporting requirements, including those 
required by the Securities and Exchange Commission (SEC), 
certain U.S. states, and the CSRD reporting requirements for 
companies operating in the EU. It advises the Board Committee 
on the steps required to meet these requirements and monitors 
future developments. 
The Sustainability Committee is supported in its activities by a 
further management-level Sustainability Team Committee which 
meets monthly. It comprises management team members 
drawn from across the business and external advisors.
ESG metric in the Annual Incentive Plan
In 2023, the Group introduced an ESG metric into the Annual 
Incentive Plan which is aligned to the Group’s sustainability 
strategy. It was consistently applied in 2024. Further information 
can be found in the Directors’ Remuneration Report on pages 
113 to 114.
Actions for 2025 and beyond
Our management team will continue to monitor climate-related 
performance, risks, and opportunities for the business and 
progress the Group towards the setting of emissions targets. It 
will also ensure that the Group is fully prepared to meet the 
increased reporting and transparency requirements required by 
the EU, the U.S. SEC, certain U.S. states, and any future 
requirements.
Strategy and Risk Management
Conduct of qualitative and quantitative climate 
change scenario analyses
Indivior’s Sustainability Committee led a qualitative climate 
change scenario analysis in 2022. In 2023, building on the 
qualitative assessment, we conducted a quantitative analysis 
which we updated in 2024 following the purchase of the 
manufacturing facility at Raleigh, North Carolina, at the 
beginning of November 2023. All three exercises were supported 
by professional advisors, the aim being to quantify current and 
potential climate risks and opportunities, which in turn will 
guide and inform our approach to climate change and stress 
test our value chain. 
High degree of uncertainty and risk selection
There is a very high degree of uncertainty in climate change 
scenario analysis and in the quantification of transition and 
physical risks. This means that the reported figures from the 
quantitative scenario analysis should be taken as an indicative 
order of magnitude assessment, with substantial uncertainty 
attached. It considers two climate risks and one opportunity 
selected by Indivior from the full list of risks and opportunities 
identified in the qualitative scenario analysis conducted in 2022. 
The 2023 assessment concluded that it was only possible to 
select these risks and opportunities for analysis from those 
highlighted in the qualitative analysis due to the availability of 
meaningful data. They were also considered to be the most 
relevant to the Group’s activities and the most material by 
Indivior and its team of professional advisors.
Indivior Annual Report and Accounts 2024 |
47
Strategic Report

Climate change scenario methodology
The same three climate change scenarios that we applied in the 
2023 analysis were used in the updated analysis after 
consideration of the possible impact of the Raleigh acquisition.
Scenario
Temperature 
change by 2100 
in comparison 
to pre-
industrial levels
The applied 
SSP1 and 
RCP1 within 
the 
modeling
Comment
A
Steady path to 
sustainability
1.5°C
SSP 1
RCP 2.6
This scenario is 
optimistic about 
decarbonization and 
assumes there is a 
globally coordinated 
effort to reach net-zero 
by 2050.
B
An unequal 
world
2.5°C
SSP 2
RCP 4.5
The world follows a path 
in which social, economic 
and technological trends 
do not shift markedly 
from historical patterns.
C
Fossil-fueled 
growth
4°C
SSP 5
RCP 8.5
This scenario explores 
limited action on climate 
change with an 
energy-intensive, fossil 
fuel-based economy.
1. Shared Socioeconomic Pathway (SSP) and Representative Concentration 
Pathway (RCP).
Time horizons
We also applied the same time horizons in the 2024 update as 
we did in the 2023 quantitative analysis. They were short-term 
(present to 2027), medium-term (2028 to 2035) and long-term 
(2035 to 2050).
Assumptions
As with the 2023 analysis, in the 2024 update we applied our 
revenue growth estimates for 2027, 2035 and 2050. We also 
applied a linear relationship between revenue and emissions 
growth as an assumption. The climate projections do not 
include external factors that could impact key metrics, such as 
energy price changes. The updated analysis assumes that no 
mitigation or adaptation measures have been taken.
Financial materiality
The Group defines a material financial impact on the business 
as one which could influence economic decisions. The 
quantitative starting point for materiality is 1% to 1.5% of net 
revenue. From this objective baseline, we then evaluate actual 
or potential impacts considering subjective factors that may 
adjust the baseline higher or lower. 
Risks selected for analysis
Type
Description
Quantification rationale
Transition risk
Risk of greater costs incurred by regulatory 
policies and regulations (such as carbon taxes 
affecting transport and raw materials 
expenditure).
To implement a transition plan that accounts for the 
increasing cost of carbon-based transportation, raw 
materials and offsets, it is important to understand the 
risk of carbon taxes on Indivior’s portfolio.
Physical risks (2) – 
key Indivior and  
third-party sites
Risk to physical Indivior and key supply chain 
site structures from directly significant activities 
(e.g. catastrophic storm events or severe heat). 
Physical risks to these sites can lead to disruptions 
and loss of revenue. To assess Indivior’s resilience, it is 
important to understand the impact of these physical 
risks.
2024 quantitative update detailed findings - risks
Year
2027
2035
2050
Climate scenario
A
B
C
A
B
C
A
B
C
Transition Risk
Financial Impact
Low
Low
Not 
applicable*
Low
Low
Not 
applicable*
Not material
Low
Not 
applicable*
Change in comparison to 2023
↔
↔
↔
↔
↑
↔
Physical risks
Financial Impact
Low
Low
Low
Not material
Not material
Not material
Not material
Not material
Potentially 
material
Change in comparison to 2023
↔
↔
↔
↑
↑
↑
↑
↑
↑
Financial materiality key
Estimated % of net revenue
Financial materiality
0% - 0.5%
Low
0.51% to 1%
Not material
1.01% to 1.5%
Potentially material
 *
Under the fossil fuel scenario there is no risk from carbon tax as there is not a “transition” in the economy and therefore no transition risks are experienced.
Task Force on Climate-related Financial Disclosures (TCFD) continued
Indivior Annual Report and Accounts 2024 |
48
Strategic Report
2024 quantitative update detailed findings - 
transition opportunity
We conducted a similar analysis for the single opportunity we 
identified. This opportunity refers to the projected annual 
energy cost savings from the upgrade and installation of solar 
panels at the FCP in Hull, U.K., the Chapleo Building (also in 
Hull) and at the manufacturing facility in Raleigh, North 
Carolina. The analysis showed that the estimated financial 
savings were not financially material when applying the criteria 
recorded in this statement.
Conclusions from updated 2024 quantitative results
From our updated 2024 quantitative results, we conclude that:
• Indivior has a climate-resilient business with limited and 
financially immaterial exposure to climate risk. Despite the 
increased estimated financial costs, key characteristics of our 
business model make our business inherently resilient to 
climate change:
• Indivior’s margins are resilient to cost increases.
• Indivior produces products which are not carbon intensive; 
we are therefore limited in our exposure to carbon tax.
• The key raw material (thebaine) that Indivior relies on is 
climate resilient due to its production location in Tasmania.
• Indivior has become slightly more exposed due to an increase 
in ‘own operations’, but remains below the financially 
material threshold. The updated qualitative analysis shows 
that we have become slightly less climate resilient:
• The increase in ‘own operations’ reduces our diversification 
against climate risks because of the smaller number of 
production sites and the location of the Raleigh plant.
• This results in a greater estimated financial impact, driven 
primarily by increases in estimated physical risk costs. 
However, this has been mitigated through geographical 
diversification. An alternative manufacturing site is located 
at Albuquerque in New Mexico. There is also a safety stock 
strategy to mitigate any impact of physical risk at the 
Raleigh site.
• This situation is compounded by higher estimated growth, 
increasing the estimated revenue lost during extreme 
weather events due to reduced output.
• The recently acquired production site at Raleigh in North 
Carolina has storm exposure, leading to an increased 
estimated financial impact, which is mitigated by the 
alternative manufacturing site.
• An analysis of moderate-to-severe and major storms 
suggests that Raleigh is more exposed to moderate storms 
than other Indivior sites.
• The addition of the Raleigh site in the analysis has 
increased the financial impact of storms in all the years 
and scenarios analyzed.
• There is still a clear business case to install solar panels at 
our sites. There are projected overall savings in the region of 
$300,000 to $600,000 under the various scenarios. Solar 
power generation at these sites will protect Indivior from 
energy price fluctuations, decrease our carbon footprint, and 
showcase our commitment to climate change mitigation.
• The updated 2024 assessment determined that climate change 
is not currently a short- or medium-term principal risk.
Ongoing management of climate risks and 
opportunities
Climate risks and opportunities are evaluated as part of 
Indivior’s common risk assessment approach. More information 
about our overall risk management approach is recorded on 
pages 61 to 70 of this Annual Report and Accounts.
We conduct annual reviews of our portfolio of physical assets 
and supply chain to highlight opportunities to limit climate-
related risk. Such opportunities include the consideration of 
geographical location and working in partnership with new and 
existing suppliers to address physical risks and improve 
mitigation measures. We continually examine opportunities to 
improve internal energy efficiency and, through the use of 
renewable energy sources, to mitigate transition risks and 
reduce costs.
Actions for 2025 and beyond
Indivior will continue to monitor all of the climate-related risks 
and opportunities highlighted in the 2022 qualitative analysis, 
with a view to highlighting and addressing any material risks 
and opportunities as they arise. These measures will be 
conducted as part of our common risk assessment approach 
and the operation of our governance structures, which are 
explained within this statement. The information from the 
highlighted qualitative and quantitative analyses will be applied 
to develop Indivior’s climate change strategy going forward.
Metrics and targets
We measure our emissions quarterly for internal reporting 
purposes, and this information is carefully monitored by 
management (see the Governance section of this TFCD 
statement). Annual emissions are reported on page 44 of this 
Annual Report and Accounts and will be included in our 
Sustainability Report (due for publication in the summer of 2025). 
This Annual Report and Accounts includes a comprehensive 
Scope 3 emissions calculation with comparatives for 2023. 
This data, along with other environmental and climate change 
information, is also reported to the investment community and 
other interested stakeholders annually via CDP. The Scope 1 and 
2 calculations include the greenhouse gas emissions from all 
Indivior locations.
Actions for 2025 and beyond
We recognize the requirement from our stakeholders, including 
under the EU’s CSRD regulations, to set emissions reduction 
plans. We intend to continue our progression towards these 
requirements as we further develop our understanding of the 
future Raleigh operations and understanding of our Scope 3 
emissions through dialogue and co-operation with our suppliers.
Indivior Annual Report and Accounts 2024 |
49
Strategic Report

Non-Financial and Sustainability Information Statement
NON-FINANCIAL AND SUSTAINABILITY 
INFORMATION STATEMENT
Commitment to transparency
Indivior is committed to the transparent reporting and 
disclosure of its financial and non-financial performance, risks 
and opportunities, where this information is relevant to 
shareholders and other key stakeholders. Indivior is required to 
comply with the reporting requirements contained in Sections 
414, 414CA and 414CB of the U.K. Companies Act 2006.
The information in the table below is provided to aid 
understanding of our approach, policies and performance 
relating to non-financial and sustainability matters. No material 
breaches of policy were identified during 2024.
It also highlights where further information, other than that 
disclosed in this report, can be accessed (for instance the 
environmental and climate change information reported 
annually to CDP).
We regularly conduct dialogue with investors and other 
stakeholders about non-financial and sustainability matters, 
and in the summer of 2024 we published our third Sustainability 
Report.
Key highlights
Recent highlights
 Page 33
Business model
An explanation of Indivior’s business model
 Pages 22 and 23
Responsibility
How Indivior conducts its business activities responsibly
 Pages 32 to 45
Risk 
A description of principal risks and their potential impact 
on the business
 Pages 61 to 70
Indivior Annual Report and Accounts 2024 |
50
Strategic Report
Reporting 
requirement
Policies and standards which 
govern Indivior’s approach
Where to read more in the report about 
Indivior’s impact, including the principal risks 
relating to these matters
Where to read more in Indivior’s 
2023 Sustainability Report 
and elsewhere
Environmental 
Matters 
• Statement of Indivior’s 
approach to climate change
• Global Code of Conduct
• Third-Party Code of Conduct
• Managing Indivior's Business 
Responsibly, pages 32 to 45 
• Taskforce on Climate-Related 
Financial Disclosures (TCFD), pages 46 
to 49
• Pages 16 to 18 
• Indivior.com Responsibility 
section
Employees 
• Global Code of Conduct
• Stakeholder Engagement, pages 24 to 
30
• Managing Indivior's Business 
Responsibly, pages 32 to 45
• Pages 10 to 12
• Indivior.com Responsibility 
section
Social Matters 
• Global Code of Conduct
• Third-Party Code of Conduct
• Stakeholder Engagement, pages 24 to 
30
• Managing Indivior's Business 
Responsibly, pages 32 to 45
• Pages 8 to 9
• Indivior.com Responsibility 
section
Human Rights 
• Global Code of Conduct
• Third-Party Code of Conduct
• U.K. Modern Slavery 
Statement
• Stakeholder Engagement, pages 24 to 
30
• Managing Indivior's Business 
Responsibly, pages 32 to 45
• Pages 8 to 9 
• Indivior.com Responsibility 
section
Anti-Corruption & 
Anti-Bribery 
• Anti-Bribery Policy
• Code of Ethics
• 2020 Resolution Agreement Update 
and Legacy Legal Matters, page 31 
• Managing Indivior's Business 
Responsibly, pages 32 to 45
• Pages 13 to 15
Description of the 
Business Model 
• Business Model, pages 22 to 23
Description of 
Principal Risks and 
Impact of Business 
Activity 
• Risk Management, pages 61 to 70
Climate-related 
Disclosures 
• Statement of Indivior’s 
Approach to Climate Change
• Global Code of Conduct
• Third-Party Code of Conduct
• Taskforce on Climate-related Financial 
Disclosures (TCFD), pages 46-49
Indivior Annual Report and Accounts 2024 |
51
Strategic Report

Year ended December 31 (as reported)
2024
2023
$m
$m
% Change
Net revenue
 
1,188  
1,093 
 9 %
Operating loss
 
(23)  
(4) 
NM
Net (loss)/income
 
(48)  
2 
NM
Diluted (LPS)/EPS (dollars per share)
 
(0.36)  
0.01 
NM
NM: Not meaningful
2024 operating and financial highlights
• Net revenue was $1,188m (+9% vs. 2023). 2024 SUBLOCADE net revenue grew to $756m (+20% vs. 2023) reflecting new U.S. patient 
enrollments from further penetration in Organized Health Systems (OHS) and justice system channels. 2024 U.S. units dispensed 
were approximately 624,000 (+23% vs. 2023). Total U.S. SUBLOCADE patients on a 12-month rolling basis at the end of 2024 were 
approximately 170,500. SUBLOCADE performance was impacted by competition in the U.S. long-acting injection (LAI) category and 
transitory items.
• Reported operating loss was $23m (2023 operating loss: $4m). Adjusted operating profit1 was $312m in 2024 (+16% vs. Adj. 2023).
• Reported net loss was $48m (2023 net income: $2m). Adjusted net income1 was $222m in 2024 (Adj. 2023: $223m).
• 2024 ending cash and investments balance totaled $347m (including $27m restricted for self-insurance) (2023: $451m), reflecting 
net cash outflows of $173m related to litigation settlements and $173m to fund share repurchases, partly offset by cash inflow 
from operating activities and net proceeds from debt refinance.
• Remaining legacy antitrust litigation claims have been settled.
• Streamlining actions were taken to save $100m annually; this was partially reinvested to support SUBLOCADE long-term growth 
and Phase 2 OUD assets.
• PERSERIS marketing and promotion discontinued in second half of 2024 to renew focus on OUD pipeline.
Net revenue
1,188
1,093
901
2024
2023
2022
U.S. dollars (m)
Cash and investments balance
347
451
991
2024
2023
2022
U.S. dollars (m)
Adjusted net income1
222
223
169
2024
2023
2022
U.S. dollars (m)
Net (debt)/cash2
-3
207
745
2024
2023
2022
U.S. dollars (m)
1. Alternative performance measures (adjusted results). See pages 54-58 for a reconciliation to the corresponding IFRS measure.
2. See page 58 for the definition of net (debt)/cash.
Financial Review
FINANCIAL REVIEW
Indivior Annual Report and Accounts 2024 |
52
Strategic Report
Operating review
Share repurchase program
On July 25, 2024, Indivior announced a fourth share repurchase 
program of up to $100m, which was completed on January 31, 
2025. As part of this program, the Group repurchased and 
canceled 9,416k Indivior ordinary shares, equivalent to 
approximately 7% of diluted shares outstanding at December 31, 
2024, at a daily weighted average purchase price of 825p. The 
cost was approximately $100m, which includes directly 
attributable transaction costs. See Note 23 to the Group 
financial statements for further discussion.
U.S. opioid use disorder (OUD) market update
In 2024, U.S. buprenorphine medication-assisted treatments 
(BMAT) grew mid-single digits in volume terms. The Group 
continues to expect long-term U.S. growth to be sustained in the 
mid- to high-single digit percentage range due to increased 
overall public awareness of the opioid epidemic and approved 
treatments, together with regulatory and legislative actions to 
increase access to BMAT treatments. 
Financial performance
Total net revenue in 2024 increased 9% to $1,188m (2023: 
$1,093m) at actual exchange rates (+9% at constant exchange 
rates).
2024 U.S. net revenue increased 11% to $1,008m (2023: $912m). 
Strong year-over-year SUBLOCADE volume growth and the 
fulfillment of OPVEE orders from BARDA were the principal 
drivers of the net revenue increase. Pricing was not a material 
factor in net revenue growth.
2024 Rest of World and United Kingdom (collectively “ROW”) net 
revenue decreased 1% at actual exchange rates to $180m (2023: 
$181m; +1% at constant exchange rates). Positive contributions 
from new products (SUBLOCADE/SUBUTEX Prolonged Release 
and SUBOXONE film) were partially offset by ongoing generic 
erosion of the legacy tablet business. 2024 SUBLOCADE/
SUBUTEX Prolonged Release net revenue in ROW was $52m 
(2023: $41m) at actual exchange rates. Net revenue at a constant 
exchange rate is an alternative performance measure used by 
management to evaluate underlying performance of the 
business and is calculated by applying the 2023 average 
exchange rate to net revenue in the currency of the foreign 
entity.
Gross margin was 78% in 2024 (2023: 83%). Excluding $49m of 
costs related to the discontinuation of PERSERIS and $11m for 
amortization of acquired intangible assets within cost of sales, 
adjusted gross margin was 83%. (2023: 84% after excluding $2m 
for amortization of acquired intangible assets). The modest 
decline in adjusted gross margin in 2024 primarily reflects cost 
inflation partially offset by improved product mix from the 
continued growth of SUBLOCADE.
2024 SG&A expenses were $807m (2023: $811m). Adjusted SG&A 
expenses increased 6% to $576m (2023: $543m) after excluding 
$231m of exceptional costs (2023: $268m) primarily related to 
litigation settlement expenses in both years, expenses 
associated with the discontinuation of PERSERIS, restructuring 
and debt refinancing costs in 2024 and acquisition-related costs 
in 2023. (Refer to page 55 for further details of exceptional SG&A 
expenses). The increase in adjusted SG&A expenses primarily 
reflects sales and marketing investments related to SUBLOCADE 
and OPVEE, financial reporting initiatives and cost inflation. 
These costs were partially offset by lower sales and marketing 
expenses due to discontinuation of PERSERIS. 
2024 R&D expenses were $142m (2023: $106m) and represented 
an increase of 34%. Exceptional costs of $39m in 2024 (2023: nil) 
reflected the impairment of products in development and 
related fees. Adjusted R&D expenses decreased 3% to $103m 
(2023: $106m). The decrease primarily reflected the re-
prioritization of pipeline activities to the Group's OUD assets as 
well as related cost savings.
2024 net other operating loss was $4m (2023: income of $6m). 
2024 included $9m net mark-to-market losses on equity 
securities, including $5m of exceptional expenses reflecting a 
significant drop in the market price of Aelis Farma shares 
following the announcement of a study that did not 
demonstrate the anticipated results. Net other operating 
income in 2023 included $3m of income recognized in relation 
to a supply agreement. 
2024 operating loss was $23m (2023: $4m loss). The change 
reflects higher net revenue more than offset by exceptional 
expenses and investments in sales and marketing, primarily 
related to SUBLOCADE. Adjusted operating profit increased 16% 
to $312m (2023: $269m). The increase primarily reflected higher 
net revenue partially offset by increased SG&A expenses. 
Exceptional costs and other adjustments of $339m and $273m in 
2024 and 2023, respectively, were as discussed above.
2024 net finance expense was $20m (2023: $5m income) 
reflecting a $4m write-off of unamortized deferred financing 
costs due to early extinguishment of the previous term loan as 
well as a decrease in earned interest income on lower cash and 
investment balances, in addition to increased borrowings under 
the Group's new debt facility. 
Tax expense was $5m in 2024, or a rate of (12)% (2023 tax 
benefit/rate: $1m, (100)%). Adjusted tax expense was $74m in 
2024 and the adjusted tax rate was 25%. The 2024 effective tax 
rate increased due to the write-off of deferred tax assets 
relating to net operating losses, restrictions on deductibility of 
corporate interest expense, the impact of the prior year U.K. tax 
rate change to 25% and higher current year disallowed 
deductions for shareholder costs and impairment charges, 
partially offset by lower current year disallowed litigation and 
executive compensation expenses. Adjusted tax expense was 
$51m in 2023, excluding the $52m tax benefit on exceptional 
items and other adjustments, resulting in an adjusted effective 
tax rate of 19%. 
Indivior Annual Report and Accounts 2024 |
53
Strategic Report

Net loss was $48m and adjusted net income was $222m (2023 
reported net income: $2m and adjusted net income: $223m) 
reflecting the impacts described above.
Diluted losses per share were $0.36 and adjusted diluted 
earnings per share were $1.66 in 2024 (2023: $0.01 earnings per 
share and adjusted diluted earnings per share of $1.57).
Balance sheet and cash flow
Cash and investments were $347m at the end of 2024, a 
decrease of $104m versus the $451m position at the end of 2023. 
The decrease was primarily due to litigation settlement-related 
payments of $173m and share repurchases of $173m, partly 
offset by cash inflow from operating activities and net refinance 
proceeds.
Net working capital (defined by management as inventory plus 
trade receivables, less trade and other payables) was negative 
$365m at year-end 2024, versus negative $347m at the end of 
2023. The change reflected an increase in the balance of 
accruals, rebates, discounts and returns due to the timing of 
rebate invoicing, partly offset by higher inventory balances.
Cash generated from operations in 2024 was $84m (2023 cash 
used in operations: $292m), reflecting ongoing operating 
performance partially offset by scheduled litigation payments of 
$173m. Net cash flow from operating activities was $23m in 2024 
(2023 cash outflow: $315m) reflecting cash generated from 
operations less net interest and tax payments.
2024 cash outflow from investing activities was $69m (2023 cash 
outflow: $98m) reflecting maturing investments, partially offset 
by capital expenditure. In the prior year period, the outflow 
from investing activities primarily reflected the Opiant 
acquisition, net of cash assumed.
2024 cash outflow from financing activities was $89m (2023 cash 
outflow: $46m) reflecting shares repurchased and canceled, 
partly offset by an increase in net borrowings. In 2023, the 
outflow from financing activities primarily reflected shares 
repurchased and canceled and the extinguishment of debt 
assumed in the Opiant acquisition.
Alternative performance measures (adjusted results)1
Exceptional items and other adjustments represent significant 
expenses or income that do not reflect the Group’s ongoing 
operations, or the adjustment of which may help with the 
comparison to prior periods. Exceptional items and other 
adjustments are excluded from adjusted results consistent with 
the internal reporting provided to management and the 
Directors. Examples of such items could include income or 
restructuring and related expenses from the reconfiguration of 
the Group’s activities and/or capital structure, amortization of 
acquired intangible assets, impairment of current and non-
current assets, gains and losses from the sale of intangible 
assets, certain costs arising as a result of significant and non-
recurring regulatory and litigation matters, and certain tax-
related matters. 
Adjusted results are not measures defined by IFRS and are not a 
substitute for, or superior to, reported results presented in 
accordance with IFRS. Adjusted results as presented by the 
Group are not necessarily comparable to similarly titled 
measures used by other companies. As a result, these 
performance measures should not be considered in isolation 
from, or as a substitute analysis for, the Group's reported 
results presented in accordance with IFRS. Management 
performs a quantitative and qualitative assessment to 
determine if an item should be considered for adjustment. The 
table below sets out exceptional items and other adjustments 
recorded in each period:
Financial Review continued
1  Adjusted results are not a substitute for, or superior to, reported results presented in accordance with IFRS.
Indivior Annual Report and Accounts 2024 |
54
Strategic Report
Exceptional items and other adjustments
2024
$m
2023
$m
Exceptional items and other adjustments within cost of sales
Amortization of acquired intangible assets1
 
(11)  
(8) 
Discontinuation of PERSERIS marketing and promotion2
 
(49)  
— 
Total exceptional items and other adjustments within cost of sales
 
(60)  
(8) 
Exceptional items within SG&A
Legal costs/provision3
 
(195)  
(240) 
Discontinuation of PERSERIS marketing and promotion2
 
(12)  
— 
Acquisition-related costs4
 
(4)  
(22) 
Restructuring and other costs, including severance5
 
(12)  
— 
Debt refinancing costs6
 
(4)  
— 
U.S. listing costs7
 
(4)  
(6) 
Total exceptional items within SG&A
 
(231)  
(268) 
Exceptional Items within R&D
Impairment of products in development and related fees8
 
(39)  
— 
Total exceptional items within R&D
 
(39)  
— 
Exceptional items within net other operating (loss)/income
Income recognized in relation to a supply agreement9
 
—  
3 
Mark-to-market on equity investments10
 
(5)  
— 
Total exceptional items within net other operating (loss)/income
 
(5)  
3 
Exceptional items and other adjustments within net finance expense
Finance expense11
 
(4)  
— 
Total exceptional items and other adjustments within finance expense
 
(4)  
— 
Total exceptional items and other adjustments before taxes
 
(339)  
(273) 
Exceptional items and other adjustments within tax
Tax on exceptional items and other adjustments
 
81  
63 
Exceptional tax items12
 
(12)  
(11) 
Total exceptional items and other adjustments within taxation
 
69  
52 
Total exceptional items and other adjustments
 
(270)  
(221) 
1. The Group adjusts cost of sales to exclude amortization of acquired 
intangible assets.
2. In 2024, the Group recognized $61m of exceptional costs related to the 
discontinuation of PERSERIS marketing and promotion, including inventory 
provisions, contract termination and related supplier charges, impairment 
of assets and severance.
3. 2024 exceptional costs include $123m related to the settlement of certain 
antitrust legal matters and $75m related to the Opioid MDL, net of a $4m 
provision release (refer to Notes 19 and 21).
4. The Group incurred exceptional costs in 2023 and 2024 related to the 
acquisition and integration of the aseptic manufacturing site acquired in 
November 2023 (refer to Note 28). In 2023, exceptional costs related to the 
acquisition of Opiant (refer to Note 27).
5. In 2024, the Group recognized $12m of restructuring and other costs, 
primarily consisting of severance costs.
6. The Group incurred $4m of exceptional transaction and advisory costs in 
relation to placement of the new term loan (refer to Note 17).
7. Exceptional expenses relate to listing Indivior shares on NASDAQ as the 
primary listing. 
8. 2024 includes exceptional expenses for impairment charges of a product in 
development resulting from a clinical study that did not demonstrate the 
anticipated results ($28m) and a digital therapeutic product in 
development ($7m) and related contract termination and supplier charges 
($4m). 
9. In 2023, the Group recognized $3m of exceptional income related to a 
supply agreement.
10.2024 includes an exceptional mark-to-market adjustment directly related 
to the quoted market price impact on ordinary shares of Aelis Farma from 
the announcement that the clinical Phase 2B study with AEF0117 in 
participants with cannabis use disorder did not demonstrate the 
anticipated results.
11. In 2024, the Group wrote off $4m of unamortized deferred financing costs 
due to early extinguishment of its previous term loan.
12.Exceptional tax items in 2024 largely comprise the write-off of deferred tax 
assets relating to net operating losses arising from planned restructuring 
to address changes in tax law. FY 2023 exceptional tax items are comprised 
of $5m write-off of deferred tax assets and tax expense due to limitation 
on the deduction of executive compensation by U.S. publicly traded 
companies, $3m change in estimate as to the tax benefit of legal provisions 
booked in the prior year, and $3m accrual for adjustments to Opiant 
predecessor period taxes.
Indivior Annual Report and Accounts 2024 |
55
Strategic Report

Management provides certain adjusted financial measures which may be useful to investors. These adjusted financial measures 
exclude items which do not reflect the Group's day-to-day operations and therefore may help with comparisons to prior periods or 
among companies. Occasionally, management may use these financial measures to better understand trends in the business. 
The tables below show the list of adjustments between the reported and adjusted results for 2024 and 2023.
Reconciliation of gross profit to adjusted gross profit:
2024
2023
$m
$m
Gross profit
 
930  
907 
Exceptional items and other adjustments in cost of sales
 
60  
8 
Adjusted gross profit
 
990  
915 
We define adjusted gross margin % as adjusted gross profit divided by net revenue.
Reconciliation of selling, general and administrative expenses to adjusted selling, general and administrative 
expenses:
2024
2023
$m
$m
Selling, general and administrative expenses
 
(807)  
(811) 
Exceptional items and other adjustments in selling, general and administrative expenses
 
231  
268 
Adjusted selling, general and administrative expenses
 
(576)  
(543) 
Reconciliation of research and development expenses to adjusted research and development expenses:
2024
2023
$m
$m
Research and development expenses
 
(142)  
(106) 
Exceptional items and other adjustments in research and development expenses
 
39  
— 
Adjusted research and development expenses
 
(103)  
(106) 
Reconciliation of operating loss to adjusted operating profit:
2024
2023
$m
$m
Operating loss
 
(23)  
(4) 
Exceptional items and other adjustments in cost of sales
 
60  
8 
Exceptional items and other adjustments in selling, general and administrative expenses
 
231  
268 
Exceptional items and other adjustments in research and development expenses
 
39  
— 
Exceptional items and other adjustments in net other operating income
 
5  
(3) 
Adjusted operating profit
 
312  
269 
We define adjusted operating margin as adjusted operating profit divided by net revenue.
Financial Review continued
Indivior Annual Report and Accounts 2024 |
56
Strategic Report
Reconciliation of (loss)/profit before taxation to adjusted profit before taxation:
2024
2023
$m
$m
Profit/(loss) before taxation
 
(43)  
1 
Exceptional items and other adjustments in cost of sales
 
60  
8 
Exceptional items and other adjustments in selling, general and administrative expenses
 
231  
268 
Exceptional items and other adjustments in research and development expenses
 
39  
— 
Exceptional items and other adjustments in net other operating income
 
5  
(3) 
Exceptional items and other adjustments in net finance income (expense)
 
4  
— 
Adjusted profit before taxation
 
296  
274 
Reconciliation of tax (expense) benefit to adjusted tax expense:
2024
2023
$m
$m
Tax (expense) benefit
 
(5)  
1 
Tax on exceptional items and other adjustments
 
(81)  
(63) 
Exceptional tax items
 
12  
11 
Adjusted tax expense
 
(74)  
(51) 
We define adjusted effective tax rate as adjusted tax expense divided by adjusted profit before taxation.
Indivior Annual Report and Accounts 2024 |
57
Strategic Report

Reconciliation of net (loss)/income to adjusted net income:
2024
2023
$m
$m
Net (loss)/income
 
(48)  
2 
Exceptional items and other adjustments in cost of sales
 
60  
8 
Exceptional items and other adjustments in selling, general and administrative expenses
 
231  
268 
Exceptional items and other adjustments in research and development expenses
 
39  
— 
Exceptional items and other adjustments in net other operating income
 
5  
(3) 
Exceptional items and other adjustments in finance expense
 
4  
— 
Tax on exceptional items and other adjustments
 
(81)  
(63) 
Exceptional tax items
 
12  
11 
Adjusted net income
 
222  
223 
Adjusted diluted (loss)/earnings per share
Management believes that diluted (loss)/earnings per share, adjusted for the impact of exceptional items and other adjustments 
after the appropriate tax amount, may provide meaningful information on underlying trends to shareholders in respect of earnings 
per ordinary share. A reconciliation of net (loss)/income to adjusted net income is included above.
Weighted average shares used in computing diluted (loss)/earnings per share is reconciled to weighted average shares used in 
computing adjusted diluted earnings per share below:
2024
2023
thousands
thousands
Weighted average shares used in computing diluted earnings/(loss) per share
 
132,309  
141,800 
Potentially dilutive share excluded, because effect was anti-dilutive1
 
1,554  
— 
Weighted average shares used in computing adjusted diluted earnings per share
 
133,863  
141,800 
1.  As there was a loss in 2024, the effect of potentially dilutive shares of 1,554k was not dilutive.
Reconciliation of net (debt)/cash1:
2024
2023
$m
$m
Net cash at the beginning of the year
 
207  
745 
Net decrease in cash and cash equivalents
 
3  
(458) 
Net decrease in investments
 
(107)  
(82) 
New borrowings2
 
(350)  
(10) 
Repayment of borrowings
 
244  
12 
Net (debt)/cash at the end of the year
 
(3)  
207 
Analysis of net (debt)/cash1:
2024
2023
$m
$m
Cash and cash equivalents 
 
319  
316 
Investments
 
28  
135 
Borrowings2
 
(350)  
(244) 
Total net (debt)/cash 
 
(3)  
207 
1. Net (debt)/cash is calculated as cash and cash equivalents plus short-term and long-term investments less total gross borrowings. 2023 amounts have been 
restated to reflect the updated definition of net (debt)/cash.
2. Borrowings reflect the gross outstanding principal amount of the term loan, before debt issuance costs of $17m (2023: $5m).
Financial Review continued
Indivior Annual Report and Accounts 2024 |
58
Strategic Report
Antitrust litigation and consumer protection
On November 27, 2024, Indivior Inc. and Indivior Solutions Inc. 
entered into a settlement agreement with Humana Inc. and 
certain of its affiliates, and Centene Corp, and certain of its 
affiliates to resolve all remaining antitrust litigation against the 
Group, including Humana Inc. v. Indivior Inc., No. 21-CI-004833 
(Ky. Cir. Ct.) (Jefferson Cnty), Centene Corp. v. Indivior Inc., No. 
CL23000054-00 (Va. Cir. Ct.) (Roanoke Cnty), and Carefirst of 
Maryland, Inc. et al. v. Reckitt Benckiser Inc., et al., Case. No. 2875 
(Phila. Ct. Common Pleas). Under the agreement, Indivior Inc. 
and Indivior Solutions Inc. will pay a total of $40m to the 
Humana and Centene companies. $15m was paid in December, 
2024, with the remaining installments of $5m and $20m due on 
or before March 15, 2025 and December 15, 2025, respectively.
Civil opioid litigation
The Group has been named as a defendant in more than 400 
civil lawsuits alleging that manufacturers, distributors, and 
retailers of opioids engaged in a longstanding practice to 
market opioids as safe and effective for the treatment of long-
term chronic pain to increase the market for opioids and their 
own market shares for opioids, or alleging individual personal 
injury claims. Most of these cases have been consolidated and 
are pending in a federal multi-district litigation in the U.S. 
District Court for the Northern District of Ohio. See In re 
National Prescription Opiate Litigation, MDL No. 2804 (N.D. Ohio) 
(the Opioid MDL). Nearly two thirds of the cases in the Opioid 
MDL were filed by cities and counties, while nearly one third of 
the cases were filed by private plaintiffs, most of whom assert 
claims relating to neonatal abstinence syndrome (NAS). 
Cases brought by cities and counties outside of the MDL include, 
for example, 35 actions pending in New York state court, 8 writs 
filed in Pennsylvania state court, and actions brought in federal 
district courts in Florida and Georgia. Litigation against the 
Group in the Opioid MDL and the other federal courts is stayed. 
The New York state court has not yet entered a case 
management order. The Group has not yet been served with a 
complaint in any of the Pennsylvania state court matters.
Pursuant to mediation, the Group, the Plaintiffs' Executive 
Committee in the Opioid MDL, Tribal Leadership Committee, and 
certain state attorneys general reached agreement on the 
amount of a potential settlement. The Group has recorded a 
related provision of $76m, reflecting the net present value (NPV) 
of the agreed amount (See Note 19). The parties, however, still 
must negotiate material terms and conditions of the final 
settlement agreement, including the ultimate timing and 
structure of payments and product distribution, injunctive relief, 
and scope of the release. The proposed settlement would 
resolve claims by cities and counties, but would not resolve 
private plaintiff cases against the Group (whether in the MDL or 
proceeding separately).
With respect to cases outside the MDL that were not filed by 
cities or counties:
Indivior Inc. was named as a defendant in San Miguel Hospital 
Corp. d/b/a Alta Vista Regional Medical Center v. Johnson & 
Johnson, et al., No. 1:23-cv-00903 (D.N.M.). On March 4, 2025, the 
court dismissed the complaint.
On October 28, 2024, Indivior Inc. was named as one of 
numerous defendants in five individual complaints filed in West 
Virginia state court that were transferred to West Virginia's Mass 
Litigation Panel (MLP). See In re Opioid Litigation, No. 22-C-9000 
NAS (W.V. Kanawha Cnty. Cir. Ct.). The MLP granted Indivior's 
motion to dismiss on April 17, 2023. The plaintiffs appealed, and 
the Intermediate Court of Appeals of West Virginia affirmed 
dismissal of all claims against Indivior on December 27, 2024. 
The plaintiffs filed a notice of appeal in the West Virginia 
Supreme Court as to all defendants, including Indivior, on 
February 27, 2025.
On October 28, 2024, Indivior Inc. was named along with dozens 
of other manufacturers and distributors in a putative class 
action brought by West Virginia school districts in federal 
district court. See Marshall County Board of Education and 
Wetzel County Board of Education v. Cephalon, et al., No. 5:24-
cv-00207 (N.D.W. Va.). Indivior's response to the complaint is not 
yet due.
Additionally, on May 23, 2024, the Consumer Protection Division 
of the Office of the Attorney General of Maryland served on 
Indivior Inc. an administrative subpoena related generally to 
opioid products marketed and sold in Maryland. Indivior Inc.’s 
response to the subpoena remains ongoing.
The Group has begun its evaluation of all of the claims, believes 
it has meritorious defenses, and intends to vigorously defend 
itself in all actions that would not be resolved by the proposed 
settlement. Given the status and preliminary stage of litigation, 
no estimate of possible loss for those matters can be made at 
this time.
False Claims Act allegations
In August 2018, the U.S. District Court for the Western District of 
Virginia unsealed a declined qui tam complaint alleging causes 
of action under the Federal and state False Claims Acts against 
certain entities within the Group predicated on best price issues 
and claims of retaliation. See United States ex rel. Miller v. 
Reckitt Benckiser Group PLC et al., Case No. 1:15-cv-00017 (W.D. 
Va.). The suit also seeks reasonable attorneys’ fees and costs. 
The Group filed a Motion to Dismiss in June 2021, which was 
granted in part and denied in part on October 17, 2023. The 
relator filed a sixth amended complaint against only Indivior 
Inc. on December 7, 2023, which Indivior answered on March 18, 
2024. Discovery has been stayed pending resolution of certain 
discovery disputes. The Group is evaluating the claims, believes 
it has meritorious defenses, and intends to vigorously defend 
itself. Given the status and preliminary stage of the litigation, no 
estimate of possible loss can be made at this time.
U.K. shareholder claims
On September 21, 2022, certain shareholders issued 
representative and multiparty claims against Indivior PLC in the 
High Court of Justice for the Business and Property Courts of 
England and Wales, King’s Bench Division. 
Legal Proceedings
LEGAL PROCEEDINGS
Indivior Annual Report and Accounts 2024 |
59
Strategic Report

On January 16, 2023, the representative served its Particular of 
Claims setting forth in more detail the claims against the Group, 
while the same law firm that represents the representative also 
sent its draft Particular of Claims for the multiparty action. The 
claims made in both the representative and multiparty actions 
generally allege that Indivior PLC violated the U.K. Financial 
Services and Markets Act 2000 (FSMA 2000) by making false or 
misleading statements or material omissions in public 
disclosures, including the 2014 Demerger Prospectus, regarding 
an alleged product-hopping scheme regarding the switch from 
SUBOXONE Tablets to SUBOXONE film. Indivior PLC filed an 
application to strike out the representative action. On December 
5, 2023, the court handed down a judgment allowing the Group's 
application to strike out the representative action. The court 
subsequently awarded certain costs to the Group. The claimants 
appealed and the appellate court affirmed the dismissal by 
order dated January 23, 2025. 
The claimants applied for permission to appeal to the U.K. 
Supreme Court and the court refused the application on 
February 27, 2025. The claimants have until March 27, 2025 to 
apply to the U.K. Supreme Court directly to further appeal.  The 
Group has begun its evaluation of the remaining claims, 
believes it has meritorious defenses, and intends to vigorously 
defend itself. Given the status and preliminary stage of the 
litigation, no estimate of possible loss can be made at this time.
U.S. shareholder claims
A class action lawsuit was filed against Indivior PLC, Mark 
Crossley (the CEO of the Group), and Ryan Preblick (the CFO of 
the Group) on August 2, 2024, alleging violations of certain U.S. 
federal securities laws. The putative class, as alleged, includes 
plaintiffs that purchased or otherwise acquired Indivior 
securities between February 22, 2024 and July 8, 2024. The court 
entered an order appointing a lead plaintiff on October 7, 2024, 
and the lead plaintiff filed an amended complaint on December 
5, 2024, which additionally named Richard Simkin (the Chief 
Commercial Officer of the Group) as a defendant. The 
defendants filed a motion to dismiss on January 10, 2025, which 
remains pending. The Group has begun its evaluation of the 
remaining claims, believes it has meritorious defenses, and 
intends to vigorously defend itself. Given the status and 
preliminary stage of the litigation, no estimate of possible loss 
can be made at this time.
Opiant shareholder claims
On November 8, 2023, plaintiff James Litten filed a class action 
complaint in the Delaware Court of Chancery alleging that 
former officers and directors of Opiant Pharmaceuticals, Inc. 
(Opiant) breached fiduciary duties of care, loyalty, and good 
faith in connection with Indivior PLC's 2022 acquisition of 
Opiant. The defendants moved to dismiss the complaint on 
January 26, 2024. On March 21, 2024, the plaintiff filed an 
amended complaint. The defendants moved to dismiss the 
amended complaint on June 21, 2024. The court heard argument 
on the motion to dismiss on January 17, 2025 and heard 
additional argument on February 19, 2025. The motion remains 
pending. The Group has begun its evaluation of the claims, 
believes it has meritorious defenses, and intends to vigorously 
defend itself. Given the status and preliminary stage of the 
litigation, no estimate of possible loss can be made at this time.
Dental allegations
The Group has been named as a defendant in numerous 
lawsuits alleging that SUBOXONE film was defectively designed 
and caused dental injury, and that the Group failed to properly 
warn of the risks of such injuries. The plaintiffs generally seek 
compensatory damages, as well as punitive damages and 
attorneys’ fees and costs. Plaintiffs and potential plaintiffs 
related to these lawsuits generally can be grouped as follows:
Dental MDL Plaintiffs: Approximately 1,300 of these cases have 
been consolidated in multi-district litigation in the Northern 
District of Ohio. See In Re Suboxone (Buprenorphine/Naloxone) 
Film Products Liability Litigation, MDL No. 3092 (N.D. Oh.) (the 
Dental MDL).
Dental MDL Schedule A Plaintiffs: One complaint filed in the 
Dental MDL on June 14, 2024 attached a schedule of nearly 
10,000 plaintiffs (the Schedule A Plaintiffs). The parties 
negotiated a tolling agreement for the Schedule A Plaintiffs that 
would permit plaintiffs’ counsel additional time to investigate 
issues such as whether and when the Schedule A Plaintiffs used 
any Indivior product before determining whether to file 
individual complaints that ultimately would be coordinated with 
the Dental MDL. Plaintiffs indicated to the court they will 
dismiss more than 1,400 plaintiffs in the future, pursuant to a 
mechanism to be provided by the court. On February 7, 2025, the 
plaintiffs filed an amended Schedule A that reduced the 
number of Schedule A claimants to 8,623.
State Court Plaintiffs: One complaint has been filed in New 
Jersey state court, and the parties have agreed to toll the claims 
of more than 850 other individuals in Delaware, New Jersey, and 
Virginia. Complaints have not yet been filed on behalf of the 
tolled individuals.
Product liability cases such as these typically involve issues 
relating to medical causation, label warnings and reliance on 
those warnings, scientific evidence and findings, actual/
provable injury and other matters. These cases are in their 
preliminary stages. These lawsuits and claims follow a June 2022 
required revision to the Prescribing Information and Patient 
Medication Guide about dental problems reported in 
connection with buprenorphine medicines dissolved in the 
mouth to treat opioid use disorder. This revision was required 
by the FDA of all manufacturers of these products. The Group 
has been informed by its primary insurance carrier that defense 
costs for the Dental MDL should begin to be reimbursed now 
that the Group's self-insurance retention has been exhausted. 
Additionally, the Group's primary insurance carrier has issued a 
reservation of rights against payment of any liability costs. In 
the event of a liability finding, various factors could affect 
reimbursement or payment by insurers, if any, including (i) the 
scope of the insurers’ purported defenses and exclusions to 
avoid coverage, (ii) the outcome of negotiations with insurers, 
(iii) delays in or avoidance of payment by insurers and (iv) the 
extent to which insurers may become insolvent in the future. 
The Group has begun its evaluation of the claims, believes it has 
meritorious defenses, and intends to vigorously defend itself. 
Given the status and preliminary stage of the litigation, no 
estimate of possible loss can be made at this time.
Applications to file class actions based on similar allegations as 
in the Dental MDL, but also relating to SUBOXONE Tablets, were 
filed in Quebec and British Columbia against various 
subsidiaries of the Group, among other defendants, in April 
2024. The Group has begun its evaluation of the claims, believes 
it has meritorious defenses, and intends to vigorously defend 
itself. Given the status and preliminary stage of the litigation, no 
estimate of possible loss can be made at this time.
Legal Proceedings continued
Indivior Annual Report and Accounts 2024 |
60
Strategic Report
INDIVIOR’S APPROACH TO RISK
Risk Management
Our Board of Directors oversees Indivior’s risk management, determines the Group’s risk appetite, carries 
out an assessment of the Group’s principal and emerging risks, and oversees the governance of Indivior’s 
principal risks.
Board of Directors
IDENTIFYING AND MANAGING RISK IS KEY TO OUR PURPOSE AND 
THE DELIVERY OF OUR STRATEGY
Our Risk Management Governance Structure
Our Executive Committee monitors the effectiveness of risk management activities and reviews Indivior’s 
principal risks.
Our Risk Management Team coordinates the ERM process.
Indivior Audit Services provides independent assurance of the effectiveness of governance, risk 
management and controls.
Executive Committee
Risk Management Team
Internal Audit Team
Our Integrity & Compliance Department develops 
and implements an effective compliance 
management program.
Integrity & Compliance
Department
Our business unit and corporate functional 
leadership executes day-to-day risk 
management activities and manages risk 
mitigation actions within their respective 
functions or areas.
Business unit and corporate
functional leadership
Indivior Annual Report and Accounts 2024 |
61
Strategic Report

Risk Management continued
Principal risks and risk management 
Effective identification and management of existing and 
emerging risks is critical to the success of our Group and the 
achievement of our strategic objectives. Risk must be accepted 
to a reasonable degree for our Group to execute these 
objectives and pursue business opportunities aligned with our 
mission. Risk management is therefore an integral component 
of our culture and governance.
Managing risks
Our Enterprise Risk Management (ERM) process is designed to 
identify, assess, manage, report, and monitor risks and 
opportunities that may impact the achievement of the Group’s 
strategy and objectives. The Board defines the Group’s risk 
appetite. This enables the Group to define both quantitative 
and qualitative criteria, and considering likelihood and risk 
impact, to ultimately determine the level of risk it is prepared to 
take in pursuing its strategic objectives. An effective ERM 
process is fundamental to our ability to meet our operational 
and strategic objectives. The competitive market in which we 
operate has industry-specific risks, particularly those relating to 
new product development and commercialization, intellectual 
property enforcement and legal proceedings, and compliance 
with laws and regulations. This requires that existing and 
emerging business risks be effectively assessed, appropriately 
measured, regularly monitored, and addressed through 
mitigation plans. Our ERM process fosters and embeds a Group-
wide culture of risk management that is responsive, forward-
looking, consistent, and accountable.
Examples of our 2024 risk management activities include: an 
assessment of how the Group impacts the environment and 
society, as well as sustainability issues that may affect the 
Group’s financial performance (i.e., double materiality 
assessment), cybersecurity penetration testing, an updated 
quantitative assessment of climate-related risks, an external 
review of our ERM program, and various tabletop exercises as 
part of the Group’s business resilience program.
Governance and responsibilities 
The Board of Directors of Indivior PLC (the Board) has overall 
responsibility for the Group’s risk management. The Audit & Risk 
Committee assists the Board in overseeing the Group’s risk 
management activities, including reviewing the Group’s 
principal and emerging risks. In addition, the Board’s 
Committees regularly review risks relevant to their area of focus. 
These risks include, but are not limited to, risks relating to legal, 
financial, commercial, regulatory, and compliance matters.
The Board has tasked the Executive Committee to manage the 
Group’s risk management activities. Quarterly, the Executive 
Committee reviews enterprise risks as part of its regular 
business reviews. It also assesses any changes impacting the 
Group, including emerging risks and their impacts to Indivior’s 
principal risks, as well as underlying mitigating plans.
Business unit and functional leadership executes day-to-day 
risk management activities, including risk identification. It also 
manages risk mitigation actions within its respective areas, in 
alignment with the ERM framework. 
The Risk Management team facilitates the ERM program, 
including the implementation of processes and tools to identify, 
assess, measure, monitor and report risks.
Principal risks
The Board has carried out a robust risk assessment so that 
principal risks are effectively managed and/or mitigated to help 
ensure the Group remains viable. The Board considers principal 
risks to be the most significant faced by the Group; they include 
those that could threaten the Group’s business model, future 
performance, solvency, or liquidity.
While the Group aims to identify and manage such risks, no risk 
management strategy can provide absolute assurance against loss.
Pages 63 to 70 provide insight into the Group’s principal risks, 
outlining why effective management of these risks is important, 
how we manage them, how the risks relate to the Group’s strategic 
priorities, and changes to the status of these risks compared to 
previous year. Additional risks, not listed here, that the Group 
cannot presently predict or does not believe to be equally 
significant, may also adversely affect the Group’s business, 
operational results and financial condition. The principal risks  
and uncertainties are not listed in order of significance.
Principal risks remain broadly unchanged compared to last 
year, except for three principal risks. With the presence of a 
competitor for long-acting injectable BMAT in the U.S., combined 
with continued worldwide pricing, reimbursement, and funding 
pressure on pharmaceuticals products; our Commercialization 
principal risk has increased. In addition, the overall Business 
operations risk has increased due to the combination of the rise 
of IT security threats for both internal and third-party networks, 
and the highly competitive labor market conditions for certain 
key positions. Conversely, the Legal and IP principal risk has 
decreased compared to last year given the resolution of certain 
legacy litigations, including the settlement of all U.S. antitrust 
cases with the various plaintiffs.
Any single risk or combination of the risks listed below could 
impact the Group’s viability (see our Viability Statement on 
page 71).
Emerging risks
Emerging risks are those whose effects have not yet been 
substantially realized in the enterprise but have the potential to 
be a challenge for the Group. These risks are unlikely to impact 
the business next year; however, they can rapidly change and/
or are nonlinear. There is a continuous focus on identifying and 
assessing potential emerging risks. Our Risk Management and 
Financial Planning & Analysis teams, in partnership with the 
business functions, monitor potential disruptions that could 
dramatically impact our industry and business from a risk and 
opportunity perspective. The Board and Executive Committee 
carry out a robust review of emerging risks.
The identification and assessment of climate-related risk is part 
of the ERM process mentioned above. Following our updated 
scenario assessment (see our TCFD disclosure on page 46), we 
have determined that climate change is not currently a principal 
risk to our business, but we will continue to monitor it as an 
emerging risk.  
Indivior Annual Report and Accounts 2024 |
62
Strategic Report
BUSINESS OPERATIONS
Trend versus
prior year
The Group’s operations rely on complex processes and systems, strategic partnerships, and specially 
qualified and high-performing personnel to develop, manufacture and sell our products. Failure to 
continuously maintain operational and compliance processes and systems, or to retain and/or recruit 
qualified personnel, could adversely impact product availability and patient health, and ultimately the 
Group’s performance and financials. Additionally, we operate in an ever-evolving regulatory, political, 
and technological landscape. We therefore need the right priorities, capabilities, and structures in 
place to successfully execute on our business strategy and adapt to this changing environment.
Cybersecurity – Cybersecurity threats (both within our IT and third-party networks) continue to 
increase and evolve in their sophistication, including ransomware. The pharmaceutical industry 
remains a primary target for various cybercriminal groups, with a steady increase in the targeting of 
technology running manufacturing facilities. Cyberattacks can be initiated from a variety of sources 
and can target the Group in several ways, including via networks, systems, and applications used by 
the Group or third-party partners. Furthermore, the Group does not have control over the 
cybersecurity systems of its third-party partners. The Group continuously assesses cyber risks and 
makes significant financial and resources investments in systems, monitoring capabilities, and 
training, to mitigate and manage these risks. However, these efforts cannot provide absolute security 
against cyberattacks.
Talent management and retention – Highly competitive labor market conditions may have a potential 
negative impact on the Group’s attrition rate and its ability to recruit for some key positions in certain 
geographies. The Group has established tools, recruitment and succession plans, performance 
management and reward programs to develop, retain, and recruit key personnel.
The overall business 
operations risk has 
increased due to the 
combination of the rise 
and increasing 
sophistication of IT 
security threats for 
both internal and third-
party networks and the 
highly competitive 
labor market 
conditions for some 
key positions.
Examples of risks
• Failure, disruptions, or significant 
performance issues experienced 
with our key processes, Information 
Technology (IT) systems, and/or by 
our critical third-party partners 
• Cybersecurity breaches could have 
a significant impact on our 
operations and/or result in loss or 
disclosure of intellectual property, 
confidential data, and Personally 
Identifiable Information (PII) 
• Failure to motivate, retain, 
and recruit qualified workforce 
and key talent 
Management actions
• Business operating standards, monitoring processes, and 
business resilience program 
• IT Strategy, governance, policies, processes, systems, and 
disaster recovery plans supporting overall business 
continuity, including cyber incidence response readiness
• Updated processes, tools, and controls to secure 
applications and systems, and protect data from internal 
and external threats
• Continued security awareness, including e-learning and 
phishing exercises
• Updated crisis communication plan and cyber incident 
response plan and procedures. Enhanced awareness and 
training with resilience tabletop exercises
• Talent management and culture development programs, 
including talent review and retention programs focused on 
identifying key roles and successors
• Hybrid work policy enabling flexible ways of working
Link to strategic 
priorities
1
Grow SUBLOCADE 
to > $1.5bn
3
Progress the 
Pipeline
4
Optimize Our 
Operating Model
Increased risk
No change
Decreased risk
Indivior Annual Report and Accounts 2024 |
63
Strategic Report

Risk Management continued
PRODUCT PIPELINE, REGULATORY AND SAFETY
Trend versus
prior year
The R&D of new products and technologies is an inherently uncertain and lengthy process. It requires 
significant and continuous financial and resource investments, and strategic partnerships without any 
guarantee of success. Any stage of the R&D process is susceptible to failure. Promising new product 
candidates may never make it to market or may only experience limited commercial success, because 
of issues related to efficacy or safety; poor clinical outcomes; difficulty obtaining regulatory approvals; 
narrow range of approved uses; prohibitively high manufacturing costs; inability to create or protect 
intellectual property rights; or infringement of the intellectual property of others. Therefore, the 
failure to successfully advance our product pipeline could have a material effect on the Group’s 
long-term performance and prospects.
The Group focuses on helping patients along their journey to recovery by developing treatment 
options for opioid use disorder (OUD) and continues to develop its late-stage assets (i.e., two clinical 
Phase 2 assets). Our nonclinical and clinical activities are primarily outsourced, and most of our 
clinical studies are carried out by independent third-party contract research organizations (CROs). 
These activities include pre-study visits, training, program management, document preparation, site 
identification, screening, and preparation. We have no direct control over the CROs’ activities. Delays 
and/or interruptions in the CROs’ activities may delay or postpone the progress of our clinical studies. 
Furthermore, we depend on the reliability and validity of these activities to support our regulatory 
filings. If any of the CROs’ work products were to be erroneous or insufficient, it might negatively 
impact our own clinical data, results, and corresponding regulatory approvals.
Research, development, manufacturing, and distribution are governed by complex, strict and multi-
jurisdictional regulations, including those of the U.S. FDA. Regulatory approvals may not be given at 
all, or in a timely manner, for new products or for additional indications or uses of already approved 
ones. Patient safety depends on our ability to perform robust safety assessment and interpretation, to 
ensure that appropriate decisions are made regarding the benefit/risk profiles of our products. 
Deviations from these quality and safety practices could impact patient safety and market access, 
which can have a material effect on the Group’s performance and prospects.
In addition, strong competition exists for strategic collaborations, licensing arrangements and 
acquisition targets. If we are unable to execute these transactions, or if such transactions do not 
yield the expected product development, synergies or financial performance, our business prospects 
may suffer.
Examples of risks
• Failure to advance the development 
and/or obtain regulatory approval 
of pipeline products 
• Failure to identify R&D early assets 
and/or M&A targets, conduct 
effective due diligence, or to 
integrate newly acquired business 
effectively and/or achieve expected 
potential due to integration 
challenges
• Potential liability and/or additional 
expenses associated with ongoing 
regulatory obligations and oversight 
• Unexpected changes to the benefit/
risk profiles of our products 
Management actions
• Product development process, including a stage-gate 
process to continually evaluate R&D investment decisions
• Post-marketing study and real-world evidence programs
• Ongoing Quality, Safety and Regulatory monitoring and 
auditing programs
• Policies and standards governing scientific interactions 
and communication
• Strategies to defend against and pursue appropriate 
resolution of potential product liability claims
• Rigorous pharmacovigilance processes for ongoing 
evaluation of data collected from multiple sources related to 
patient safety. These include Risk Evaluation & Mitigation 
Strategy (REMS) programs in the U.S. and Risk Management 
Plans (RMPs) outside the U.S.
• Market valuation and financial modeling
• Business development strategy aligned with the 
Group’s strategy
• Comprehensive cross-functional due-diligence process, 
supported by external experts
• Integration plan and team for M&A-related activities
Link to strategic 
priorities
1
Grow SUBLOCADE 
to > $1.5bn
2
Diversify Revenue
3
Progress the 
Pipeline
Increased risk
No change
Decreased risk
Indivior Annual Report and Accounts 2024 |
64
Strategic Report
COMMERCIALIZATION
Trend versus
prior year
Successful commercialization of our products is a critical factor for the Group’s sustained growth and 
robust financial position. New and existing products involve substantial investment in marketing, 
market access and sales activities, product stocks, and other investments. Certain factors, if different 
than anticipated, can significantly impact the Group’s performance and position. These factors 
include: final label claims; healthcare professional (HCP)/patient adoption and adherence; generic 
and brand competition; pricing pressures; private and government reimbursement schemes and 
systems; negotiations with payors; erosion and/or infringement of intellectual property (IP) rights; 
product availability; and political and socioeconomic factors.
Competition - In Q3 2023, a competitor launched another long-acting injectable BMAT product in the 
U.S. Long-acting injectables are estimated to the mid-to-high single of BMAT digits. While SUBLOCADE 
has a differentiated profile for opioid use disorder patients, specifically given the ongoing 
proliferation of potent synthetic opioids, the competitor’s entrance has created some near-term 
market disruption.
Pricing, reimbursement, and funding pressure - Governments across the world continue to consider 
and take actions to reduce expenditure on drugs and to implement various cost-control measures. In 
the U.S., Congress is considering proposals to enact significant cuts to Medicaid via its fiscal 2026 
budget that may include as much as $880 billion in cuts from Medicaid and health spending 
projections over 10 years. Approval of such a budget does not mean immediate reductions in 
Medicaid but rather sets off a long legislative process. Many barriers remain to enacting major 
Medicaid cuts. Additionally, there is bi-partisan support for drug pricing reforms at both federal and 
state levels, which include potential legislative and regulatory actions. Examples of such actions 
include: encouraging the import of drugs; pricing drugs according to a defined international pricing 
reference; encouraging more competition; implementing drug pricing provisions of the Inflation 
Reduction Act of 2022; establishing state-based registration and disclosure requirements; and 
undertaking other initiatives. These measures, together with federal and state government fiscal 
constraints and potential regulatory changes, pose direct and indirect downward pressure risk on 
drug prices, cost containment measures, government programs and systems funding (e.g., U.S. 
Medicaid, U.S. Criminal Justice System), and the relative generosity of public benefit coverage 
programs. The Group continues to monitor potential legislative and regulatory changes and their 
impacts, advocating for the Group’s products based on scientific studies and patient-centered 
outcomes. However, certain potential legislative and regulatory changes to drug pricing and coverage 
could have an adverse impact on the Group’s financial performance and results in the future.
The entrance of long-acting injectables for OUD and an additional generic sublingual film product in 
the U.S. continue to create pricing pressure as payors will try to negotiate higher rebates to maintain 
SUBLOCADE’s and SUBOXONE’s Film’s respective position on their formulary.
The overall risk 
increased given 
continued pricing, 
reimbursement, and 
funding pressure; and 
uncertainties 
compounded by 
competition in the U.S. 
BMAT market.
Examples of risks
• Increased branded and/or generic 
product competition 
• Lower facility adoption, HCP 
adoption and patient enrollments 
and/or adherence to SUBLOCADE
• Unexpected changes to government 
and/or commercial reimbursement 
levels, government pricing and/or 
funding pressures and market 
access 
• Revenue diversification in the U.S. 
(i.e., OPVEE) and outside the U.S. 
Management actions
• Continued access investments in organization health 
systems, including the expansion of the dedicated team for 
the Criminal Justice System (CJS)
• Expansion of point of care (i.e., patient injection pharmacy) 
for OUD treatment through various partnerships 
• Emphasizing value of products and health economics 
tailored to commercial and government payors through 
market access activities, medical education, and enhanced 
real-world evidence
• Patient platforms supporting provider location, 
reimbursement support and co-pay assistance for eligible 
patients; and other tools (e.g., community re-entry providers) 
• Ongoing training and development for field-based employees
• Policies and standards governing commercial activities, 
including pricing
• Monitoring of government and commercial pricing and 
reimbursement-related trends/measures, as well as  
development of mitigation strategies and advocacy programs
• Enhanced marketing and advertising strategic model/approach
• Submission for the expansion of subcutaneous injection sites 
and shortening of the induction protocol for SUBLOCADE
• International growth, pipeline development and marketing 
activities
Link to strategic 
priorities
1
Grow SUBLOCADE 
to > $1.5bn
Increased risk
No change
Decreased risk
Indivior Annual Report and Accounts 2024 |
65
Strategic Report

Risk Management continued
ECONOMIC AND FINANCIAL
Trend versus
prior year
The pharmaceutical industry includes inherent risks and uncertainties, requiring the Group to make 
significant financial investments to develop and support the success of our product portfolio. 
Generating cash flow from our approved products, together with external financing, sustains our 
financial position, enables the development of new products, and funds business growth. Realizing 
value on those investments is dependent upon regulatory approvals, market acceptance (including 
pricing reimbursement levels), strategic partnerships, competition, and legal developments. Together 
with potential pressure on our level of net working capital, our ability to comply with our debt 
covenants in the long term could be negatively impacted. As a global business, we are also subject to 
political, economic, capital markets, and tax regulation changes.
Global business environment - A volatile political, economic, and geopolitical environment creates 
risks such as global inflation, debt and energy price crises. These risks may cause pressures on central 
banks and public finances leading to potential monetary tightening, tax increase, deficit reduction 
measures, and potential tariffs on pharmaceutical products.
Examples of risks
• Inability to raise capital, or execute 
business development and alliance 
opportunities 
• Failure to meet financial obligations 
and performance 
• Changes to tax environment and 
regulations, including potential tax 
increases and tariffs as 
governments seek to fund public 
finances 
• Global inflation, debt and monetary   
pressures impacting tax and fiscal 
policies, and monetary tightening
Management actions
• Process to optimize cost and finance structures, and active 
expense management
• Ongoing monitoring of financial performance and 
compliance with financial covenants
• Strategies supporting expansion opportunities and 
diversification
• Regular appraisals of debt and capital market conditions 
with advisors and counterparties, including refinancing of 
long-term debt
• Ongoing monitoring of potential changes in tax legislations 
and their related impacts, including Pillar Two global tax 
regulations
• Proactive supply chain planning and cost monitoring 
activities
Link to strategic 
priorities
1
Grow SUBLOCADE 
to > $1.5bn
3
Progress the 
Pipeline
4
Optimize Our 
Operating Model
Increased risk
No change
Decreased risk
Indivior Annual Report and Accounts 2024 |
66
Strategic Report
SUPPLY
Trend versus
prior year
The manufacturing and supply of our products are highly complex processes. They depend on a 
combination of internal manufacturing capabilities and third parties for the timely supply of our 
finished drug and combination drug products. The Group almost exclusively relies on third parties, 
including contract manufacturing organizations (CMOs), to manufacture, test, and distribute our 
finished products. The manufacturing of oral solid dose, film products, aseptically filled injectables, 
and nasal sprays, is subject to stringent global regulatory, quality, and safety standards, including 
Good Manufacturing Practice (GMP). Major delays or interruptions in the supply chain and/or product 
quality failures could significantly disrupt patient access, adversely impact the Group’s financial 
performance, and lead to product recalls and/or potential regulatory actions against the Group, along 
with potential reputational damage.
Outsourcing partners - The Group’s products are filled and packaged by CMOs in the U.S. and U.K., 
and some are single-sourced. The Group’s supply development and monitoring and contingency 
planning processes include: additional and redundant capacity (e.g., qualification of additional sites 
and building of additional capacity at an existing supplier), proactive management of inventories 
throughout the supply-to-patient delivery process; and initiatives to identify and qualify alternative 
sites and/or suppliers. In 2023, an alternative high-volume CMO site was approved by the U.S. FDA. The 
Group also acquired a sterile manufacturing facility in Raleigh, North Carolina in Q4 2023. The facility 
is being expanded and will become a critical hub for sterile injectable manufacturing in 2026. Despite 
these additional capacities and mitigating measures, if major delays, interruptions, or quality events 
occur at these CMOs, the delivery of products to our patients could be significantly disrupted. 
Examples of risks
• Disruptions at our critical CMOs 
and/or at supply chain partners, 
including freight and logistics 
providers 
• Inability to supply compliant-
finished products in a continuous 
and timely manner 
Management actions
• Business continuity, disaster recovery, emergency response 
plans, and enhanced communication protocols across the 
supply chain network 
• Expansion at the sterile manufacturing plant in the U.S.
• Developed redundancy networks for active pharmaceutical 
ingredients and key materials
• Periodic risk-based reviews for critical vendors and 
development of a second/third-tier supplier risk analysis is 
underway
• Contingency plans (including qualification of alternative 
suppliers/providers) and management of safety stocks
• Comprehensive product quality and control processes and 
manufacturing performance monitoring across the supply 
chain network
• Ongoing monitoring of inventory levels, detailed production 
prioritization, and monitoring of CMO execution 
Link to strategic 
priorities
1
Grow SUBLOCADE 
to > $1.5bn
LEGAL AND INTELLECTUAL PROPERTY 
Trend versus
prior year
Our pharmaceutical operations, which include the use of controlled substances, are subject to a wide 
range of laws and regulations. Perceived or actual non-compliance with these laws and regulations 
can result in investigations or proceedings leading to civil or criminal sanctions, fines and/or 
damages, as well as reputational damages.
As a publicly traded company, we may face litigation in the U.S. or in the U.K. alleging fraud or other 
violations of securities laws when the market price of our shares has been volatile, even in the 
absence of any wrongdoing. 
IP rights protecting our products may be challenged by external parties, including generic 
pharmaceutical manufacturers. Although we have developed patent protection for our products, 
including SUBLOCADE, we are exposed to the risk that courts may decide that our IP rights are invalid 
and/or that third parties do not infringe these rights. 
The overall legal risk 
decreased primarily 
due to  the settlement 
of all the U.S. antitrust 
cases with the various 
plaintiffs.
Increased risk
No change
Decreased risk
Indivior Annual Report and Accounts 2024 |
67
Strategic Report

Risk Management continued
LEGAL AND INTELLECTUAL PROPERTY continued
Trend versus
prior year
Pharmaceutical operations carry the inherent risk of product liability claims. The Group’s drugs may 
cause, or may be alleged or suspected to have caused, injury or dangerous drug interactions or may 
produce undesirable or unintended side effects. Further, we may not learn about or understand 
those effects until the drugs have been administered to patients for a prolonged period. An adverse 
judgment in a product liability suit, even if insured or eventually overturned on appeal, could 
generate substantial negative publicity about the Group’s products and business. 
In connection with the agreements entered in 2020 to resolve criminal charges and civil complaints 
related to SUBOXONE film, the Group has specific requirements to fulfill. The Group could be subject to 
penalties if it fails to fulfill the requirements within the stated agreements (for more information, see the 
Compliance Principal Risk on page 69). These are in addition to the Group’s pre-existing obligations to 
comply with applicable laws and regulations associated with its U.S. pharmaceutical operations.
The Group is also a defendant in more than 400 civil lawsuits alleging that manufacturers, 
distributors and retailers of opioids engaged in a longstanding practice to promote opioids as safe 
and effective for the treatment of long-term chronic pain to increase the market for opioids and their 
own market shares, or alleging personal injury claims. Most of these cases have been consolidated 
and are pending in a federal multi-district litigation (the Opioid MDL) in the U.S. District Court for the 
Northern District of Ohio. Nearly two thirds of the cases in the Opioid MDL were filed by cities and 
counties, while nearly one third of the cases were filed by individual plaintiffs, most of whom assert 
claims relating to neonatal abstinence syndrome (NAS). As previously announced by the Group in July 
of 2024, pursuant to mediation, the Group, the Plaintiffs' Executive Committee in the Opioid MDL, 
Tribal Leadership Committee, and certain state attorneys general, reached agreement on the amount 
of a potential settlement. The parties, however, still must negotiate material terms and conditions of 
the final settlement agreement, including the ultimate timing and structure of payments and product 
distribution structure and scope of the release. The proposed settlement does not include private 
plaintiffs (for more information, see the Legal Proceedings section on page 59).
The Group is a defendant in a declined qui tam complaint that was unsealed in 2018. The complaint 
alleges causes of action under the Federal and State False Claims Acts and other laws related to best 
price issues and claims of retaliation (for more information, see the Legal Proceedings section on 
page 59).
The Group has been named as a defendant in numerous lawsuits alleging that SUBOXONE film was 
defectively designed and caused dental injury, and that the Group failed to properly warn of the risks 
of such injuries. The plaintiffs generally seek compensatory damages, as well as punitive damages 
and attorneys’ fees and costs (for more information, see the Legal Proceedings section on page 60).
On September 21, 2022, certain shareholders issued representative and multiparty claims against the 
Group in the High Court of Justice for the Business and Property Courts of England and Wales, King’s 
Bench Division. The claims made in both the representative and multiparty actions generally allege 
that the Group violated the U.K. Financial Services and Markets Act 2000 (FSMA 2000) by making false 
or misleading statements or material omissions in public disclosures (for more information, see the 
Legal Proceedings section on page 59).
A class action lawsuit was filed in the U.S. District Court for the District of Eastern Virginia against the 
Group and its CEO, CFO, and CCO in 2024, alleging violations of certain U.S. federal securities laws (for 
more information, see the Legal Proceedings section on page 60).
Unfavorable outcomes in any of these legal proceedings could have a material adverse impact on the 
Group’s business, financial condition and/or operating results (for more information, see the Legal 
Proceedings section on page 59).
The overall legal 
risk has decreased 
primarily due to the 
settlement of all the 
U.S. antitrust cases 
with the various 
plaintiffs.
Examples of risks
• Legal proceedings related to 
antitrust, state, shareholders, 
product liability claims, government 
enforcement and/or private 
litigation associated with our 
products 
• Inability to obtain, maintain, and 
protect patents and other 
proprietary rights 
Management actions
• Quality, patient safety, monitoring and compliance 
embedded in the Group’s processes and culture 
• Cooperation with government authorities in connection with 
ongoing litigations, utilizing internal and external counsel 
• Settlements of cases with various plaintiffs and strategies to 
defend against and pursue resolution of IP claims 
• Insurance coverage, financial modeling, and monitoring activities
• Ongoing active review, management and enforcement of 
product patents, marketing exclusivity and other IP rights
Link to strategic 
priorities
1
Grow SUBLOCADE 
to > $1.5bn
3
Progress the 
Pipeline
Increased risk
No change
Decreased risk
Indivior Annual Report and Accounts 2024 |
68
Strategic Report
COMPLIANCE
Trend versus
prior year
Our Group operates globally, and the pharmaceutical industry is both highly competitive and 
regulated. Complying with all applicable laws and regulations, including engaging in activities that are 
consistent with legal and industry standards, and with our Group’s Code of Conduct, are core to the 
Group’s mission, culture, and practices. The Group has processes and procedures to comply with 
regulatory requirements and industry standards, including identifying, analyzing, and investigating any 
potential or actual violations of policy or law and, if necessary, taking appropriate remedial or 
corrective actions. Effective procedures and controls are necessary to provide reliable information, 
meet compliance requirements, and prevent and detect potential fraud and/or misconduct. Failure to 
comply with applicable laws and regulations may subject the Group to civil, criminal, and 
administrative liability, including the imposition of substantial monetary penalties, fines, and 
damages. Non-compliance may also result in the restructuring of the Group’s operations through the 
imposition of compliance or integrity obligations, with a potential adverse impact on the Group’s 
prospects, reputation, operational results, and financial condition.
Compliance with government agreements - In 2020, as part of the Group’s resolution of federal 
criminal and civil charges related to its legacy products (for more information, see Legal Proceedings 
section on page 59), the Group also entered into a CIA with the U.S. Department of Health & Human 
Services Office of Inspector General (HHS-OIG). The CIA, requires, among other things, that the Group 
implement measures designed to ensure compliance with the statutes, regulations and written 
directives of U.S. Medicare, U.S. Medicaid, and all other U.S. Federal healthcare programs, as well as 
with the statutes, regulations, and written directives of the U.S. FDA. The Group is subject to additional 
periodic reporting and monitoring requirements related to these Agreements. The CIA expires in July 
2025, provided however that certain provisions of the CIA may continue for up to 120 days after 
HHS-OIG's receipt of: (a) Indivior's final Annual Report or (b) any additional materials requested by 
HHS-OIG, whichever is later.
In addition, the CIA requires reviews by an independent review organization, a compliance expert to 
advise the Board in years one and three, compliance-related certifications from the Group’s 
executives and certain Board members, and the implementation of a risk assessment and mitigation 
process. The CIA sets out specified monetary penalties that may be imposed on a per-day basis for 
failure to comply with its specified obligations. The CIA also includes specific procedures under which 
the Group must notify HHS-OIG if it fails to meet the CIA’s requirements. In the event that HHS-OIG 
determines the Group to be in material breach of certain requirements of the CIA (including repeated 
violations or any flagrant obligations under the CIA, a failure by the Group to report a reportable event 
and/or take corrective action, a failure to engage and use an independent review organization, or a 
failure to respond to certain requests from HHS-OIG), the Group may be excluded from participating 
in the U.S. Federal healthcare programs. This would have a severe impact on the Group’s ability to 
comply with the financial covenants in the Group’s debt facility, maintain sufficient liquidity to fund 
its operations, pay off its debt facility in 2030, and generate future revenue. These outcomes would in 
turn impact the Group’s viability.
The Resolution Agreement with the U.S. Attorney’s Office for the Western District of Virginia and 
Consumer Protection Branch contains certain requirements. These requirements include various 
reporting obligations and specify that the Group’s CEO must (a) certify on an annual basis that, to the 
best of their knowledge, after reasonable inquiry, the Group is in compliance with the U.S. Federal 
Food, Drug and Cosmetic Act and has not committed healthcare fraud, or (b) provide a list of all 
non-compliant activities and steps taken to remedy the activity. The U.S. Federal Trade Commission 
(FTC) Stipulated Order contains specific notice and reporting requirements over a ten-year period 
related to certain activities (e.g., follow-on drug product, filing of a Citizen Petition). The Group is 
subject to contempt prosecution if it fails to comply with any terms of the Resolution Agreement.
As part of the Group’s Global Integrity & Compliance Program (I&C Program), comprehensive policies, 
processes, and systems have been implemented to educate, monitor, report, and embed compliance, 
ethics, and integrity-related matters. The Group’s Chief Executive Officer is responsible for the 
day-to-day operation of the I&C Program, with the oversight of the Group’s Board. The Group’s Chief 
Integrity & Compliance Officer (CICO) leads the I&C Program administration, supported by a global 
team of compliance professionals. 
U.S. listing reporting requirements - Following the U.S. listing on the Nasdaq, the Group is subject to 
the reporting requirements of the Securities Exchange Act of 1934 (as amended), the Sarbanes-Oxley 
Act of 2002, the listing requirements of the Nasdaq Stock Market, and other applicable securities rules 
and regulations. The Group is subject to Section 304 of the Sarbanes-Oxley Act of 2022 effective 
January 1, 2024.
Increased risk
No change
Decreased risk
Indivior Annual Report and Accounts 2024 |
69
Strategic Report

COMPLIANCE continued
Examples of risks
• Failure to meet the requirements of 
the government agreements (i.e., 
CIA, DOJ, and FTC) 
• Non-compliance with our Code of 
Conduct, anti-corruption, 
healthcare, data privacy, or local 
laws and regulations across all 
geographies 
• Inability to adequately respond to 
changes in laws and regulations, 
including data privacy 
• Failure to comply with payment and 
reporting obligations under U.S. 
and foreign government programs 
• Inability to meet all requirements 
related to a U.S. stock listing
Management actions
• Oversight, monitoring and reporting of compliance 
requirements with government agreements, including a 
management certification, and defined sub-certification 
process
• I&C Program and development of compliance capabilities, 
guided by a defined strategic plan and learnings from 
program operations and continuous evolution
• Engagement of compliance expert to advise the Board in 
years one and three of CIA
• Updated Code of Conduct promoting and upholding the 
ethical conduct of employees, covering: environmental and 
climate change; human rights; anti-bribery and corruption
• Supplier Code of Conduct defining the standards of conduct 
expected of the Group’s suppliers
• Compliance policies and processes, including Code of 
Conduct and a comprehensive healthcare compliance risk 
assessment, and related mandatory employee training 
programs, including the development of healthcare 
compliance digital standards for the U.S. 
• Confidential independent reporting process with multiple 
avenues for employees to report concerns (including 
anonymous reporting where local law permits)
• Oversight and monitoring of controls, including regional 
compliance committees
• Data privacy governance, management framework, and 
training
• Continuous review and assessment of developments in the 
law, applicable industry standards, and business practices
• Ongoing monitoring of controls over government pricing and 
reporting
• Internal processes and procedures for reporting under 
applicable U.S. securities rules and regulations 
• Sustainability Working Group reviews and assessments of 
ESG regulations and reporting requirements
Link to strategic 
priorities
1
Grow SUBLOCADE 
to > $1.5bn
2
Diversify Revenue
3
Progress the 
Pipeline
Increased risk
No change
Decreased risk
Risk Management continued
Indivior Annual Report and Accounts 2024 |
70
Strategic Report
The Group’s viability depends upon successful execution of our 
business strategy, with a focus on:
• continued growth of SUBLOCADE toward its potential of 
>$1.5bn in annual net revenue;
• diversification of net revenue, including OPVEE and net 
revenues outside the U.S.;
• building and progressing our new product pipeline; and
• optimizing our operating model, including management of 
litigation risks.
The Directors evaluate the Group’s future business prospects as 
part of the strategic planning process. This process is led by the 
Chief Executive Officer through the Executive Committee and 
involves all relevant functions, such as R&D, manufacturing & 
supply chain, commercial, legal, integrity & compliance, human 
resources, and finance. Development of the strategic plan 
includes a thorough examination of the principal risks and 
potential actions required to manage and mitigate those risks.
The strategic plan summarizes the Group’s strategic priorities, 
the relevant and material principal risks that could prevent the 
priorities from being realized, and the financial budget covering 
the following year. The Board reviews and approves the 
strategic plan, including the financial budget, which involves 
challenging key assumptions and risk mitigation plans.
In accordance with the U.K. Corporate Governance Code, the 
Directors have assessed the viability of the Group. In 
determining the appropriate period for assessing viability, the 
Directors considered:
• the Group’s strategic plan; 
• the impact of current and future competition, including the 
expected patent protection of our products;
• our ongoing legal proceedings; and 
• our liquidity forecast, including the final payment of our DOJ 
Resolution Agreement and financial covenants under the 
Group’s new term loan. 
The Directors believe a four-year period to the end of 2028 
appropriately addresses these considerations. A four-year 
period is consistent with the Group’s prior-year viability 
assessments. This assessment period provides a reasonable 
horizon for the financial impact of these developments to be 
reasonably considered. Uncertainty in financial forecasts 
increases over the period covered by our viability assessment. 
The final term loan balloon payment is due approximately 
22 months after the viability assessment period.
The strategic plan reflects the Directors’ best estimate of the 
Group’s future business prospects. The plan builds on our 
near-term expectations for 2025, including branded competition 
for SUBLOCADE and a reversion to observed generic analogs for 
SUBOXONE film in the U.S. The plan was then “stress tested”, 
exploring the Group’s resilience to the potential impacts of the 
principal risks set out on pages 61 to 70. This sensitivity reflects 
‘severe but plausible’ concurrent circumstances the Group 
could experience, specific to commercialization risks such as:
• the risk that SUBLOCADE will not meet revenue growth 
expectations in the U.S. by modeling a 10% decline on 
forecasts; and
• the risk that revenue projections outside the U.S. and for 
OPVEE will not meet expectations by modeling a $25m 
reduction in forecasts.
Having considered these risks along with the other principal 
risks set out on pages 61 to 70, the Directors have assessed the 
Group’s ability to comply with the financial covenants under the 
Group’s term loan, fulfill obligations under litigation settlements 
and the DOJ Resolution Agreement, make required loan 
amortization payments and maintain sufficient liquidity to fund 
its operations, pipeline investments and planned capital 
expenditures.
Other principal risks, set out on pages 61 to 70, were also 
considered. However, the above financial risks were regarded 
the most immediate and significant that could prevent the 
Group from delivering on its strategic priorities and remaining 
viable. Other aspects of the principal risks, including possible 
changes to government pharmaceutical pricing and 
reimbursement and further litigation, could also threaten the 
Group’s viability in its current form. Due to their nature and/or 
potential impact (if they were to occur), these outcomes were 
not modeled because the range of reasonably possible impacts 
are unknown.
The stress testing showed the Group would be able to withstand 
the impact of the ‘severe but plausible’ scenario over the period 
of the viability assessment, with excess liquidity to absorb 
reasonably possible non-modeled risks. Although cuts to the 
Group’s operating costs and planned strategic investments were 
not required in the scenario planning, various actions can be 
executed to ensure the Group’s ongoing viability.
The Group’s viability during the assessment period could be 
impacted by sensitivities discussed above which are beyond 
‘severe but plausible’, or by impacts that are currently unknown. 
In the early portion of the viability period, the Directors’ control 
over certain matters, such as the strategy to respond to and/or 
settle legal proceedings, including potential appeals of adverse 
decisions, helps mitigate risk to the Group’s viability. However, 
over the full viability period, the Directors’ ability to influence 
the outcome of such matters is more limited. The impacts of 
government pharmaceutical pricing and reimbursement 
changes, competition, further litigation and the development of 
our pipeline, may present further risks after the viability 
assessment period.
Based on their assessment of the Group’s business prospects 
and viability, the Directors confirm their reasonable expectation 
that the Group will continue in operation and will meet its 
liabilities as they become due over the four-year period ending 
December 31, 2028.
The Strategic Report on pages 1 to 71 was approved by the 
Board on March 6, 2025.
By Order of the Board
Kathryn Hudson 
Company Secretary
VIABILITY STATEMENT
Indivior Annual Report and Accounts 2024 |
71
Strategic Report

Chair’s Governance Statement
Dear Shareholder,
On behalf of the Board, I am pleased to introduce our 
Corporate Governance Report for the year ended 
December 31, 2024.
This is my first Governance Statement as Chair of the 
Board of Directors of Indivior, having been appointed 
to that position in January 2025. It was an honor to be 
appointed as Chair, following my initial appointment 
to the Board as an Independent Non-Executive 
Director in June 2024. I am proud to lead the Board 
and support Indivior in its mission to help change 
patients’ lives by pioneering life-transforming 
treatments for opioid use disorder.
Transfer of primary listing
2024 was a milestone year for Indivior. 
In June 2023, Indivior’s shares were listed on the Nasdaq Global 
Select Market as a secondary listing. Over the course of 2023 
and early 2024, the Board continued to assess the optimal 
listing structure for Indivior’s shares and concluded that 
relocating Indivior’s primary listing to the U.S. would further 
elevate Indivior’s visibility and profile in its largest market and 
would help attract a broader group of biopharma investors.
In February 2024, we announced our intention to consult with 
shareholders regarding the proposed relocation of our primary 
listing from the U.K. to the U.S. by transferring Indivior’s listing 
category on the Official List from a Premium Listing to a 
Standard Listing. 
Following consultation, we announced in April 2024 our 
intention to seek shareholders’ approval for the proposed 
transfer. In late May 2024, we held a General Meeting to seek 
shareholders’ approval to transfer our primary listing from the 
U.K. to the U.S., and were pleased to receive support from the 
overwhelming majority of shareholders.
In June 2024, a year after our additional Nasdaq listing, we 
transferred our primary listing from the London Stock Exchange 
to Nasdaq. Subsequently, the U.K. Financial Conduct Authority 
implemented reforms to the U.K. Listing Rules and Indivior was 
mapped from a Standard Listing to the new Transition category.
As a consequence of the transfer of the primary listing, certain 
U.K. governance requirements fell away. One of these was the 
requirement to comply, or explain non-compliance, with the U.K. 
Corporate Governance Code (U.K. Code). We chose to continue 
to comply with the U.K. Code until December 31, 2024 on a 
voluntary basis and then, effective January 1, 2025, we adopted a 
new governance framework which now underpins and drives 
our governance practices. Our new framework, which reflects 
practices which are aligned with U.S. listed companies, supports 
our transition to becoming a U.S.-listed domestic filer. 
As we have retained our U.K. listing as a secondary listing, we 
will continue to comply with certain U.K. requirements and our 
new governance framework is designed to meet these 
requirements, in addition to those in the U.S.
Throughout this process, the Board has been mindful of the 
importance of acting in the best interests of shareholders 
as a whole.
Shareholder engagement
In November 2024, Indivior’s Relationship Agreement with 
Scopia Capital Management (Scopia), which had been in 
place since March 2021, was terminated as a result of 
Scopia’s shareholding reducing below the threshold for 
automatic termination.
In December 2024, Indivior entered into a Relationship 
Agreement with Oaktree Capital Management, L.P. (Oaktree), 
a major shareholder in Indivior. As part of that agreement, 
the Company agreed to appoint additional Independent 
Non-Executive Directors to its Board and to take other 
related actions.
Dr. David Wheadon
Chair of the Board
Indivior Annual Report and Accounts 2024 |
72
Governance
In March 2025, we entered into an Amended and Restated 
Relationship Agreement with Oaktree pursuant to which 
the Company agreed to reduce the maximum number of 
Directors on the Board from eleven to seven. As a result, seven 
of our Directors will be standing for re-election at our 
forthcoming AGM. 
Further details regarding the terms of the Relationship 
Agreement with Oaktree made in December 2024, and the 
Amended and Restated Relationship Agreement made in 
March 2025, can be found on page 127.
Board changes and succession planning
The Board composition changed significantly in recent months.
In addition to my joining the Board in June 2024, in December 
2024, we welcomed two new Independent Non-Executive 
Directors – Joe Ciaffoni and Robert Schriesheim.
In February 2025, we announced that Joe has been appointed as 
our Chief Executive Officer and will be taking over from Mark 
Crossley who is stepping down from the Board this year. Joe is 
an accomplished public company Chief Executive Officer with 
over 30 years of experience in pharmaceuticals and biotech, 
serving global and U.S. organizations of all sizes. The terms of 
Joe’s appointment are subject to, and effective upon, the 
approval by shareholders of a new remuneration policy at our 
forthcoming AGM. 
Graham Hetherington, who was appointed as an independent 
Non-Executive Director in 2019 and as Chair in 2020, stepped 
down from the Board effective December 31, 2024. Although I 
only worked alongside Graham for a brief period, I know the 
Board will wholeheartedly join me in expressing our gratitude 
to him for his leadership and dedication during his tenure. 
Also effective December 31, 2024, Jerome Lande, a Non-Executive 
Director who represented Scopia, stepped down from the Board. 
At the same time, Ryan Preblick, our Chief Financial Officer, 
also stepped down from the Board. Ryan remains our Chief 
Financial Officer and an employee of the Company. This means 
that the Board now comprises one Executive Director only, 
which aligns our Board composition with U.S. listed company 
practice. I would like to express my thanks, on behalf of the 
Board, to both Jerome and Ryan for their significant 
contributions as Board members over the years. 
In January 2025, Daniel Ninivaggi joined the Board. Daniel has 
significant public company experience as a director and executive 
and I am confident that we will benefit from his extensive board 
and operational experience as we work together to deliver value 
to all Indivior stakeholders. 
As announced in March 2025, and in line with the Amended and 
Restated Relationship Agreement with Oaktree, Robert Schriesheim 
stepped down as an Independent Non-Executive Director.
Consistent with the Company’s switch to a U.S. primary listing 
in 2024, Peter Bains and Jo LeCouilliard have decided not to 
stand for re-election at our AGM in May 2025 and will step down 
from the Board effective the close of the AGM. I would like to 
express my appreciation to Peter and Jo for their commitment 
to bringing needed therapeutic interventions for patients 
suffering from Opioid Use Disorder.
Our strong governance framework has helped us to navigate 
and support these significant Board changes. Our Nomination 
Committee has played a key role in ensuring that we have the 
right people in place to drive the Company’s strategic success. 
Culture
As a Board, we know that a strong culture underpins our 
success and gives us resilience during challenging times. 
We were pleased with the results of this year’s annual 
employee Culture Survey which yet again exceeded the 
industry benchmark. 
We recognize, however, that the survey is reflective of views only 
at a point in time and, since the survey was undertaken early in 
2024, Indivior has experienced external transitory pressures. It is 
therefore important that, as a Board, we monitor culture on a 
continuous basis which we do through briefings to the Board 
and also in our own interactions with employees. 
Looking ahead
The depth of experience, skills, and capabilities on our 
Board means we are well positioned to support Indivior’s 
performance and long-term success. As a Board, our focus is  
to ensure management has the tools it needs to enable delivery 
of SUBLOCADE’s peak annual net revenue potential of more 
than $1.5bn and to provide robust challenge to management 
when necessary. 
I look forward to working closely with the Board and 
management team to leverage Indivior’s deep expertise, long 
track record, and strong culture. As a Board, we are determined 
to help realize the Company’s great potential and deliver value 
for shareholders and our wider stakeholders.
Dr. David Wheadon
Chair of the Board
March 6, 2025
Indivior Annual Report and Accounts 2024 |
73
Governance

Board of Directors
4
5
1
2
3
2. Mark Crossley 
Chief Executive Officer
Appointed to the Board: February 2017
Skills and experience
• Appointed Chief Executive Officer in June 2020. 
Appointed to the Board as Chief Financial Officer 
in February 2017. In July 2019, took on additional 
responsibilities and was appointed Chief 
Financial & Operations Officer with oversight of 
the finance, information technology, 
manufacturing, supply, quality and procurement 
functions. Joined the Group in 2012 as Global 
Finance Director and served as Chief Strategy 
Officer between 2014 and 2017. 
• Prior to joining Indivior, spent 13 years at Procter 
& Gamble in various finance leadership roles 
including Corporate Portfolio, Strategic and 
Business Planning (Female Beauty), as well as 
multiple roles in Corporate Treasury and its Baby 
Care division. Also enjoyed an eight-year career 
with various operational and staff assignments 
in the United States Coast Guard.
• Has a wealth of financial and pharmaceutical 
industry experience and knowledge. Mark’s 
extensive career experience across multiple 
disciplines covering strategy, finance, information 
technology and systems, treasury, supply and 
procurement allows him to bring a valuable 
perspective to the Board. This, complemented 
with an understanding of the risks and 
opportunities within the pharmaceutical industry, 
is highly valued by the Board.
• Graduated from the United States Coast Guard 
Academy with a BS in Management and 
Economics, and from Boston College with an MBA.
Current external appointments
• None
3. Peter Bains 
Independent 
Non-Executive Director
Appointed to the Board: August 2019 
Skills and experience
• Over 30 years of experience in the pharmaceutical 
and biotechnology industries, including a 23-year 
career at GlaxoSmithKline holding numerous senior 
operational and strategic roles. Also served as the 
Representative Executive Officer and Chief Executive 
Officer of Sosei Group Corporation, a Tokyo listed 
biotech company, and Chief Executive Officer of 
Syngene International, which he successfully took 
public on the Mumbai Exchanges in 2015. 
• Background provides international experience and 
a deep commercial understanding of sustained 
delivery coupled with investment appraisal and 
contracting. The Board values Peter’s experience in 
understanding the risks and opportunities present 
in these industries. 
• Holds a BSc (Combined Honours) in Physiology/
Zoology from Sheffield University.
Current external appointments:
• Apterna Limited: Non-Executive Director 
• Biocon Limited: Group CEO (non-Board 
appointment, formerly Non-Executive Director)
• ILC Therapeutics Limited: Non-Executive Chair
• MiNA Therapeutics Limited: Non-Executive Director
4. Joe Ciaffoni 
Independent Non-Executive Director 
Appointed to the Board: December 2024
Skills and experience
• An accomplished public company Chief Executive 
Officer with 30+ years of experience in 
pharmaceuticals and biotech, serving global and 
U.S. organizations of all sizes. A track record of 
success at the intersection of strategy and 
operations across diverse models and 
therapeutic areas spanning specialty, rare 
disease, mass market and hospital. 
• Most recently served as President and CEO of 
Collegium Pharmaceutical and has prior 
experience at Endo International (President of 
U.S. Branded Pharmaceuticals), Biogen (SVP, 
Global Specialty Medicines Group; U.S. 
Commercial), Shionogi Inc. (COO), Schering-
Plough, Sanofi and Novartis.
• Received an MBA and a BA from Rutgers University.
Current external appointments
• None
5. Dr. Keith Humphreys 
Independent 
Non-Executive Director
Appointed to the Board: November 2023
Skills and experience
• Over 30 years of experience in the field of 
clinical psychology and substance use disorders.
• Previously a Senior Policy Advisor in the White 
House Office of National Drug Control Policy in 
the Obama Administration. 
• Awarded an OBE in September 2022 for services 
to science and policy on addiction. 
• Holds a BA in Psychology from Michigan State 
University and an AM in Clinical/Community 
Psychology and PhD in Psychology from the 
University of Illinois.
Current external appointments:
• Department of Psychiatry and Behavioral 
Sciences, Stanford University – Esther Ting 
Memorial Professor
• Institute of Psychiatry King’s College, London – 
Honorary Professor of Psychiatry
1. Dr. David Wheadon 
Chair
Appointed to the Board: June 2024
Skills and experience
• Previously served as Senior Vice President of 
Global Regulatory Affairs, Patient Safety, and 
Quality Assurance at AstraZeneca Plc from 
December 2014 to July 2019. Prior to that, from 
May 2013 to December 2014, was Executive Vice 
President, Research and Advocacy at Juvenile 
Diabetes Research Foundation International Inc. 
and, from January 2009 to May 2013, was Senior 
Vice President, Scientific and Regulatory Affairs 
at Pharmaceutical Research and Manufacturers 
of America (PhRMA). 
• Served as Vice President, Global Pharmaceutical 
Regulatory and Medical Science, and Group Vice 
President, Global Pharmaceutical Regulatory 
Affairs at Abbott Laboratories from 2005 to 2009 
and held senior regulatory and clinical 
development leadership positions at 
GlaxoSmithKline Plc and Eli Lilly and Company.
• Received an MD from Johns Hopkins University 
School of Medicine and an AB in Biology from 
Harvard University. Completed postdoctoral 
training in Psychiatry at Tufts/New England 
Medical Center in Boston, Massachusetts.
Current external appointments:
• Sotera Health Company – Non-Executive 
Independent Director 
• Vaxart, Inc. – Non-Executive Independent 
Director, Chair of Compensation Committee 
• Seaport Therapeutics, Inc. – Non-Executive 
Independent Director
• ConnectiveRx – Non-Executive 
Independent Director 
• Mount Sinai Health System – Member of the 
Board of Trustees
N
N
S
S
C
N
N
C
S
Board Committee 
membership key
Committee Chair
A
Audit & Risk Committee
C
Compensation Committee 
Compliance, Ethics & 
Sustainability Committee
N
Nomination Committee
S
Science Committee
Indivior Annual Report and Accounts 2024 |
74
Governance
9
10
6
7
8
6. Jo LeCouilliard 
Independent 
Non-Executive Director 
Designated Non-Executive Director for 
Workforce Engagement 
Appointed to the Board: March 2021
Skills and experience
• Healthcare industry veteran with over 25 years 
of healthcare management experience gained 
in Europe, the U.S. and Asia. Much of Jo’s career 
has been in pharmaceuticals at GlaxoSmithKline 
where, amongst other roles, she headed the U.S. 
vaccines business and Asia Pacific Pharmaceuticals 
business and led a program to modernize the 
commercial model. Prior to GlaxoSmithKline, was 
Chief Operating Officer at BMI Healthcare. 
• Previously a Non-Executive Director and Chair 
of the Audit & Risk Committee at NIOX Group PLC, 
Non-Executive Chair and Chair of the Nomination 
Committee at Alliance Pharma plc and a 
Non-Executive Director at Frimley Park NHS 
Foundation Trust in the U.K., Cello Health PLC and 
at the Duke NUS Medical School in Singapore. 
• Chartered Accountant holding an ACA from the 
Institute of Chartered Accountants and a Masters in 
Natural Sciences from the University of Cambridge.
Current external appointments:
• Recordati S.p.A. – Non-Executive Director, Chair 
of Remuneration & Nominations Committee
• Washington Topco Limited (holding company 
of GlobalData Healthcare, U.K.) – Board Director
7. Daniel Ninivaggi
Independent 
Non-Executive Director
Appointed to the Board: January 2025
Skills and experience
• Significant public company experience as a 
director and executive with a strong background in 
operations and capital allocation, as well as legal 
and finance expertise.
• Previously served as Chief Executive Officer and 
subsequently Executive Chairman of Lordstown 
Motors Corp, Chief Executive Officer of Icahn 
Automotive Group LLC, Co-Chief Executive Officer 
and Co-Chairman of Federal-Mogul Holdings Corp 
and President and Chief Executive Officer of Icahn 
Enterprises L.P. Prior to that, held various senior 
executive positions at Lear Corporation and was a 
partner specializing in corporate law at Winston & 
Strawn LLP. 
• Has been a director of numerous public and 
private companies, including Garrett Motion Inc., 
Lordstown Motors Corp., Hertz Global Holdings 
Inc., Navistar International Corporation, Icahn 
Enterprises G.P. Inc. (the general partner of Icahn 
Enterprises), CVR Energy Inc., XO Holdings, 
Tropicana Entertainment Inc., Motorola Mobility 
Holdings Inc., and CIT Group, Inc.
• Holds a BA from Columbia University, an MBA 
from the University of Chicago Graduate School 
of Business, and a JD degree (with distinction) 
from Stanford University School of Law
Current external appointments
• Garret Motion Inc. – Chairman of the Board and 
Chair of Finance Committee
• Metalsa S.A. – Management Executive Committee 
(non-public company)
8. Barbara Ryan 
A
C
N
S
Independent 
Non-Executive Director
Appointed to the Board: June 2022
Skills and experience
• Previously a Wall Street sell-side research 
analyst covering the U.S. Large Cap 
Pharmaceutical industry for more than 30 years 
before founding Barbara Ryan Advisors, a capital 
markets and communications firm, in 2012. 
• Founder of Fabulous Pharma Females, a 
non-profit organization whose mission is to 
advance women in the biopharmaceutical 
industry. Currently a Senior Advisor at 
Ernst & Young (a part-time role). 
• Has deep experience in equity and debt 
financings, M&A, valuation, SEC reporting, 
financial analysis and corporate strategy across 
a broad range of life sciences companies. 
Current external appointments:
• Azitra, Inc. – Board Member, Chair of 
Compensation Committee
• INVO Bioscience, Inc. – Non-Executive Director
• MiNK Therapeutics, Inc. – Non-Executive Director, 
Chair of Audit Committee
• Safecor Health, LLC – Board Member 
(non-public company)
9. Mark Stejbach 
A
N
S
Independent 
Non-Executive Director 
Designated Non-Executive Director for 
Workforce Engagement 
Appointed to the Board: March 2021
Skills and experience
• Over 30 years of experience in biotechnology 
and pharmaceuticals, including senior roles in a 
broad range of commercial functions including 
marketing, sales, economic affairs, managed care 
and finance. 
• Previously served as Senior Vice President and 
Chief Commercial Officer at Alkermes plc, a 
publicly traded global biopharmaceutical 
company focused on development and 
commercialization of addiction and 
schizophrenia treatments. Also served as Senior 
Commercial Advisor at EIP Pharma Inc. and Chief 
Commercial Officer at Tengion, Inc. 
• Previously a Non-Executive Director of Flexion 
Therapeutics, Inc. 
• Holds an MBA from the Wharton School, 
University of Pennsylvania and a BS in 
Mathematics from Virginia Tech.
Current external appointments: 
• Nirsum Laboratories, Inc. – Non-
Executive Director
10. Juliet Thompson 
Lead Independent Director
Appointed to the Board: March 2021
Skills and experience
• Over 30 years of finance, banking and board 
experience with significant focus on the 
healthcare sector. A proven FTSE 250 audit chair 
and a former investment banker who has spent 
her career advising pharmaceutical and biotech 
companies. Played a leading role in setting up 
Code Securities, which was later acquired by 
Nomura (becoming Nomura Code). At Nomura 
Code, was a member of the Board and head of 
corporate finance, and as Managing Director 
worked on over 50 transactions including IPOs, 
secondary offerings, private placements and 
M&A. From Nomura Code, joined Stifel to head 
up the life sciences and clean tech teams.
• Previously a Non-Executive Director of Vectura 
plc and GI Dynamics. 
• Holds a BSc in Economics from the University of 
Bristol and qualified as a Chartered Accountant 
and holds an ACA from the Association of 
Chartered Certified Accountants.
Current external appointments:
• ANGLE plc – Non-Executive Director, Chair of 
Audit Committee
• Novacyt S.A. – Non-Executive Director, Chair of 
Audit Committee
• OrganOx Limited – Non-Executive Director, Chair 
of Audit Committee 
N
C
A
N
A
N
Indivior Annual Report and Accounts 2024 |
75
Governance

Executive Committee
4
5
6
1
2
3
1. Mark Crossley
Chief Executive Officer
See biography on page 74.
2. Ryan Preblick
Chief Financial Officer
Skills and experience
• Served in a financial leadership capacity 
since joining Indivior in 2012
• Wealth of financial and pharmaceutical 
industry knowledge and experience across 
multiple disciplines 
• BS in finance from Penn State University and 
MBA from the University of Richmond 
Key previous roles
• Indivior: Executive Director (November 2020 
to December 2024)
• Indivior: Senior Vice President, Global Finance 
and Commercial Operations
• Indivior: Vice President, U.S. Finance
• Indivior: U.S. Commercial Controller
• Altria Corporation (formerly Phillip Morris): 
Senior Manager Financial Planning & Analysis
• Honeywell International: Corporate Finance
3. Jeff Burris
Chief Legal Officer
Skills and experience
• 25+ years
• Over 16 years as head of the legal function 
at various life sciences companies
Key previous roles
• Azurity Pharmaceuticals: Vice President, General 
Counsel, Chief Compliance Officer and Secretary
• Alimera Sciences: Vice President, General 
Counsel, Chief Compliance Officer and Secretary
• CryoLife (now known as Artivion): Vice President, 
General Counsel and Chief Compliance Officer
• University of Chicago Law School: JD
4. Cindy Cetani
Chief Integrity and 
Compliance Officer
Skills and experience
• 35+ years
• Certification: Leading Professional in Ethics and 
Compliance (LPEC)
Key previous roles
• Novartis Pharmaceuticals Corp.: Chief 
Compliance Officer and U.S. Country Compliance 
Head
• Novartis International AG: Head of Compliance 
Operations, Group Integrity & Compliance
• Pharmacia Corp.: Director of Operations, 
Managed Markets
• Prudential Healthcare: Manager,
Advertising Compliance
• U.S. Life: Assistant Vice President,
Commissions and Compensation
5. Angela Colon-Mahoney
Chief Human Resources Officer
Skills and experience
• 20+ years
• Master of Science in organisation change 
management
Key previous roles
• Otsuka Pharmaceuticals: Chief Human Resources 
Officer
• The Estée Lauder Companies: Global Human 
Resources Leader
• Tyco International: Global Talent and Human 
Resources Leader
• Mercer Delta: Organisation 
Development Consultant
• Unilever: Human Resources Business Partner 
and Talent Specialist
6. Christian Heidbreder
Chief Scientific Officer
Skills and experience
• 30 years’ leadership in neurosciences
• 450+ publications
• Affiliate Professor, Dept. of Pharmacology 
& Toxicology of the VCU School of Medicine
• Member of the National Advisory Council 
on Drug Abuse
• Member of the Helping to End Addiction 
Long-term (HEAL) Multi-Disciplinary Working 
Group
Key previous roles
• Reckitt Benckiser Pharmaceuticals Inc.:
Global R&D Director
• Altria: Health Sciences
• GlaxoSmithKline: R&D Centre of Excellence
for Drug Discovery in Psychiatry
• SmithKline Beecham: R&D Neuroscience
• Swiss Federal Institute of Technology 
(ETH): Biology
• National Institute on Drug Abuse:
Intramural Research Program
• University of Louvain: Psychopharmacology 
D
C
S
D
C
S
M
D
C
S
M
D
C
S
D
C
S
D
C
S
M
Indivior Annual Report and Accounts 2024 |
76
Governance
9
10
7
8
7. Kathryn Hudson
Company Secretary
Skills and experience
• 20+ years of experience as a Company Secretary 
and Chartered Governance Professional
• Fellow of the Chartered Governance Institute
Key previous roles
• Kingfisher plc: Company Secretary
• Burberry Group plc: Deputy Company Secretary
• ICAP plc: Deputy Company Secretary
8. Vishal Kalia
Chief Impact and Strategy Officer
Skills and experience
• 20+ years of global experience across 
multiple industries
• 10+ award-winning campaigns; initiated, 
launched and managed several multi-billion-
dollar brands
• Masters degree in international 
marketing management
Key previous roles
• Indivior: Senior Vice President, U.S. 
Commercial Access
• Indivior: Business Unit Head, 
U.S. Addiction Sciences
• Indivior: U.S. Marketing and New Asset 
Commercialization Head
• Reckitt Benckiser: Regional Marketing 
Director, Turkey
• Reckitt Benckiser: Global Brand Director, 
NA, Europe
9. Richard Simkin
Chief Commercial Officer
Skills and experience
• 20+ years
Key previous roles
• Reckitt Benckiser Pharmaceuticals Inc.:
President, North America
• Reckitt Benckiser: General Manager Portugal
• Reckitt Benckiser: Marketing Director 
U.K. Healthcare
• Reckitt Benckiser: two global category roles and 
a number of general management positions
10. Hillel West
Chief Manufacturing and 
Supply Officer
Skills and experience
• 25+ years
Key previous roles
• Teva Pharmaceuticals: VP,
Integration & Separation Management
• Teva Pharmaceuticals: Exec. Director,
Head of Specialty Medicines Supply Chain
• Teva Pharmaceuticals: Exec. Director,
Global Supply Chain and Operations Strategy
• PwC Consulting Europe: Head of Supply Chain 
Strategy, Emerging Markets
• PwC Consulting U.S.: Senior Director,
Supply Chain Transformation
Executive Committee 
membership key
C
Compliance Committee
D
SEC Disclosure Committee
S
Sustainability Committee
M
U.K. MAR Disclosure Committee
D
C
S
M
D
C
S
D
C
S
M
D
C
S
Indivior Annual Report and Accounts 2024 |
77
Governance

Corporate governance statement
In May 2024, the Company obtained shareholder approval to 
transfer its listing category on the Official List of the U.K. 
Financial Conduct Authority (FCA) and on the Main Market of the 
London Stock Exchange (LSE) from the "Premium Listing 
(commercial company)" category to the "Standard Listing 
(shares)" category (Listing Transfer). The Listing Transfer took 
effect on June 27, 2024, and this enabled the orderly process to 
relocate the Company’s primary listing from the U.K. to the U.S. 
on that date. On July 29, 2024, the FCA implemented a series of 
reforms to its U.K. Listing Rules which removed the “premium” 
and “standard” listing categories and introduced new categories 
in their place. As a result, the Company was mapped to a new 
“Equity Shares (Transition)” category on that date.
U.K. Corporate Governance Code
From January 1, 2024 to the Listing Transfer on June 27, 2024, as 
a premium listed company, Indivior was required to apply the 
principles and comply or explain non-compliance with the 
provisions of the U.K. Corporate Governance Code 2018 (U.K. 
Code). The U.K. Code, published by the U.K. Financial Reporting 
Council (FRC), sets out the standards of good practice in relation 
to board leadership and company purpose; division of 
responsibilities; composition, succession and evaluation; audit, 
risk and internal control; and remuneration. 
As a result of the Listing Transfer on June 27, 2024, the 
requirement to apply the U.K. Code principles and comply or 
explain non-compliance with its provisions fell away. However, 
notwithstanding this, the Company chose to continue to apply 
the U.K. Code on a voluntary basis during the period from June 
28, 2024 to December 31, 2024. From January 1, 2024 to June 27, 
2024, when the Company was required to apply the U.K. Code, it 
was in full compliance with the U.K. Code provisions. 
For the purpose of Rules 7.2.1 to 7.2.3 of the FCA Disclosure 
Guidance and Transparency Rules, the Company was subject to 
the U.K. Code from January 1, 2024 to June 27, 2024 and 
voluntarily applied the U.K. Code from June 28, 2024 to 
December 31, 2024. The U.K. Code is available on the FRC’s 
website at www.frc.org.uk. 
Corporate Governance
New governance framework
Following the Listing Transfer and the changes to the Company’s 
listing category in the U.K. as described above, during the year 
the Board undertook a comprehensive review of its governance 
framework to ensure it supports the Company as it continues its 
transition to the requirements of a U.S.-listed domestic filer, 
while also meeting the requirements of an “Equity Shares 
(Transition)” issuer in the U.K. 
Pursuant to that review, effective January 1, 2025, the Board 
adopted new Corporate Governance Guidelines which describe 
the principles and practices the Board will follow in carrying out 
its responsibilities. In addition, each Board Committee’s Terms 
of Reference was replaced by a U.S.-style Charter. To further 
align with U.S. practices, the Remuneration Committee changed 
its name to the Compensation Committee and the Senior 
Independent Director was re-designated the Lead Independent 
Director. These changes are designed to meet the governance 
expectations and requirements to which a U.S.-listed domestic 
filer is expected to adhere. The new Corporate Governance 
Guidelines and Board Committee Charters are available at  
www.indivior.com.
Board leadership and company purpose
Role of the Board
The primary role of the Board is to lead Indivior in a way that 
promotes its long-term sustainable success for the benefit of all 
its stakeholders, creating value for shareholders and 
contributing to wider society. The Board provides strategic 
leadership and oversight of the Group’s operations, either 
directly or through the work of its principal Committees, within 
a framework of prudent and effective controls. It has ultimate 
responsibility for the supervision and monitoring of the Group’s 
governance, principal risks, and control framework. The Board is 
responsible for setting the long-term business strategy and 
establishing Indivior’s purpose, vision and values, which 
together underpin the culture of the business.
The Board is responsible for ensuring there is a robust and 
transparent governance framework in place. This framework 
defines the responsibilities and accountabilities of Board 
members, both collectively and individually, as well as those of 
the principal Committees established by the Board to support 
its leadership and oversight role.
Indivior Annual Report and Accounts 2024 |
78
Governance
Chair
The Chair leads the Board and is responsible for ensuring its overall effectiveness. The Chair works with the Chief Executive Officer and the 
Company Secretary to set the Board’s agenda and ensure that all Directors receive timely and clear information. The Chair also works closely 
with the Lead Independent Director and the Non-Executive Directors. A part of each Board meeting is reserved for a private session of the Chair 
and the Non-Executive Directors. 
Lead Independent Director
The Lead Independent Director 
acts as a sounding board for  
the Chair and can be an 
intermediary for the other 
Directors and shareholders 
when required. She leads the 
other Non-Executive Directors in 
the annual performance 
evaluation of the Chair.
Chief Executive Officer
The Chief Executive Officer has 
delegated responsibility from 
the Board for the day-to-day 
leadership of the business. He is 
supported in this role by the 
Executive Committee.
Non-Executive Directors
Through their broad range of 
skills and experience, the 
Non-Executive Directors bring 
judgment, oversight, and 
constructive challenge to the 
Executive Directors, holding their 
performance to account against 
agreed performance objectives.
Company Secretary
The Company Secretary ensures 
that the Board receives 
appropriate and timely 
information and provides 
advice and support to the 
Chair, Board, and senior 
management on regulatory and 
governance matters.
Audit & Risk  
Committee
Oversight of financial 
reporting, audit, and risk.
A
Nomination 
Committee
Oversight of Board and 
Committee composition 
and succession planning.
N
Compliance,  
Ethics  
& Sustainability 
Committee
Oversight of the Group’s 
Global Integrity & 
Compliance Program and 
approach to ethical, 
responsible, and 
sustainable conduct.
Compensation 
Committee
Oversight of the link of 
reward to strategy.
C
Science 
Committee
Oversight of R&D strategy 
and pipeline development.
S
Executive 
Committee
Comprises key functional 
leaders from the business 
and is chaired by the 
Chief Executive Officer.
Meets monthly and its 
purpose is to assist the 
Chief Executive Officer in 
discharging his duties 
and to have oversight of 
the implementation of 
the Group’s strategic plan.
Biographical details of 
the members of the 
Executive Committee are 
on pages 76 to 77.
E
SEC Disclosure 
Committee
Comprises key functional 
leaders, including, but not 
limited to, representation 
from finance, investor 
relations, and legal 
functions.
Meets as necessary and 
assists the Chief Executive 
Officer and the Chief 
Financial Officer in 
fulfilling their 
responsibility for 
oversight of the accuracy 
and timeliness of 
disclosures made by the 
Company to the U.S. 
Securities and Exchange 
Commission.
D
Compliance 
Committee
Comprises all members of 
the Executive Committee 
and is chaired by the 
Chief Integrity and 
Compliance Officer. 
Meets monthly and is 
responsible for 
overseeing compliance 
with applicable laws and 
rules and regulations 
related to certain Indivior 
business operations. The 
Committee has oversight 
of the Group’s Global 
Integrity & Compliance 
Program.
U.K. MAR 
Disclosure  
Committee
Comprises the Chief 
Financial Officer, the 
Chief Commercial Officer, 
the Chief Legal Officer, 
the Chief Scientific Officer, 
and the Company Secretary 
and is chaired by the 
Chief Financial Officer.
Meets as necessary and 
oversees disclosures in 
accordance with the U.K. 
Market Abuse Regulation 
and the FCA’s Disclosure 
Guidance and Transparency 
Rules.
M
Sustainability  
Committee
Comprises all members of 
the Executive Committee 
and is co-chaired by the 
Chief Strategy and 
Operating Officer and 
Chief Manufacturing and 
Supply Officer.
Meets quarterly and has 
responsibility for the 
development, 
implementation and 
monitoring of the Group’s 
sustainability strategy.
E
C
Executive Committees
Principal Board Committees
Indivior Annual Report and Accounts 2024 |
79
Governance

Matters reserved for the Board
The Board has a schedule of matters specifically reserved for its decision-making and approval which is regularly reviewed. The key 
areas reserved to the Board include:
Purpose, values, 
and culture
• Establish the Group’s purpose, values, and strategy and satisfy itself that these are aligned with the 
Group’s culture.
• Assess and monitor the Group’s culture.
Strategy and risk 
assessment
• Determine the Group’s overarching strategy.
• Determine the nature and extent of the principal risks the Group is willing to take in order to achieve 
its long-term strategic objectives.
• Carry out a robust assessment of the Group’s principal and emerging risks and opportunities.
Operational and 
financial management
• Approval of annual budget and corporate plans.
• Approval of the Company’s dividend policy.
• Approval of any increase in, or significant variation in, the terms of the borrowing facilities of 
the Group.
• Approval of major capital projects, acquisitions or divestments.
• Approval of capital expenditure projects outside the scope of the approved annual budgets 
and plans.
Financial reporting and 
internal controls
• Approval of annual, half-yearly, and quarterly financial reports and the reports included therein.
• Ensure the maintenance of a sound system of internal control and risk management.
Board composition and 
succession planning
• Review the structure, size, and composition of the Board and its Committees.
• Consider recommendations from the Nomination Committee regarding appointments to the Board 
and its Committees.
• Consider reports from the Nomination Committee regarding Non-Executive and Executive 
succession plans.
Governance and 
compliance
• Undertake a formal and rigorous annual review of the Board’s performance and that of its 
Committees and individual Directors.
• Approval of Directors’ conflicts of interest.
• Oversee the Group’s Global Integrity & Compliance Program.
Ethics & sustainability 
• Review the Group’s confidential reporting hotline facility (EthicsLine) and ensure that arrangements 
are in place for investigations and follow-up action.
Stakeholder engagement
• Establish an effective method for gathering the views of the Group’s workforce and keep this 
mechanism under review.
• Consider the interests of the Group’s shareholders and other key stakeholders in its discussions 
and decision-making.
Corporate Governance continued
Indivior Annual Report and Accounts 2024 |
80
Governance
Board and Committee attendance
Directors are expected to attend all Board meetings, other than in exceptional circumstances. The Board met seven times during the 
year in accordance with its scheduled meeting calendar. Of these meetings, five were held in person (three in the U.S. and two in the 
U.K.) and two by video conference. In addition, the Board met a further 17 times by video conference to consider other matters, 
including preliminary financial results, the transfer of the Company’s primary listing to Nasdaq, the strategic viability of PERSERIS, 
updates to FY 2024 guidance, the share buyback program, engagement with Oaktree, the relationship agreement with Scopia, 
the appointment of new Non-Executive Directors, and the Group’s opioid multi-district litigation and Healthcare Services Corp 
(HCSC) litigation.
Board and Committee attendance 2024 
Independent
Date appointed  
to the Board
Board
Audit & Risk
Compensation1
Compliance, 
Ethics & 
Sustainability
Nomination 
Science
Peter Bains
Yes
August 2019
24/24
–
5/5
–
6/6
3/3
Joe Ciaffoni2
Yes
December 2024
–
–
–
–
–
–
Mark Crossley
n/a
February 2017
23/243
–
–
–
–
–
Dr. Keith Humphreys
Yes
November 2023
21/2410
–
–
4/4
5/611
3/3
Jo LeCouilliard
Yes
March 2021
22/2410 
6/6
5/5
–
6/6
–
Barbara Ryan
Yes
June 2022
24/24
6/6
5/5
–
6/6
2/313
Mark Stejbach
Yes
March 2021
21/2410
6/6
–
4/4
6/6
3/3
Juliet Thompson
Yes
March 2021
22/2410
6/6
–
3/412
6/6
–
Dr. David Wheadon4
Yes
June 2024
16/1810
–
3/3
–
5/5
2/2
Retired Directors
Graham Hetherington5
n/a
November 2019
19/24
–
4/5
3/4
2/6
–
Jerome Lande6
n/a
March 2021
22/2410
–
–
3/4
1/1
–
Dr. A. Thomas McLellan7
n/a
November 2014
1/1
–
–
0/1
0/1
-
Ryan Preblick8
n/a
November 2020
22/24
–
–
–
–
–
Robert Schriesheim9
n/a
December 2024
–
–
–
–
–
–
1. On January 1, 2025 the Remuneration Committee was renamed the Compensation Committee.
2. Joe Ciaffoni was appointed an Independent Non-Executive Director and a member of the Nomination Committee on December 16, 2024.
3. Mark Crossley did not attend one Board meeting as he had an interest in the matter being discussed. 
4. Dr. David Wheadon was appointed an Independent Non-Executive Director and a member of the Nomination, Compensation, and Science Committees on June 
1, 2024. He was appointed Chair of the Board on January 27, 2025. 
5. Graham Hetherington stepped down from the Board as Chair on December 31, 2024. He did not attend five Board meetings for personal reasons.
6. Jerome Lande stepped down as a member of the Nomination Committee on May 31, 2024 and retired from the Board as a Non-Executive Director on December 
31, 2024. He was unable to attend a Compliance, Ethics & Sustainability Committee meeting due to a conflicting appointment. 
7. Dr. A. Thomas McLellan retired as a Non-Executive Director on February 29, 2024. He was unable to attend a Compliance, Ethics & Sustainability Committee 
meeting and a Nomination Committee meeting due to attendance at international policy discussions on the development of treatment for Opioid Use Disorder. 
8. Ryan Preblick stepped down from the Board as an Executive Director on December 31, 2024. He did not attend two Board meetings as he had interest in the 
matters being discussed. 
9. Robert Schriesheim was appointed an Independent Non-Executive Director and a member of the Nomination Committee on December 16, 2024. He stepped 
down from the Board on March 2, 2025.
10. Non-Executive Directors attended all scheduled Board meetings. Non-attendance relates to those Non-Executive Directors who were unable to attend ad hoc 
Board meetings which were called at short notice. In these cases, Non-Executive Directors were given the opportunity to discuss the subject matter with the 
Chair ahead of the meetings and provide their feedback for consideration. In addition, Jerome Lande was unable to attend a Board meeting as he had an 
interest in the matter being discussed.
11. Dr. Keith Humphreys was unable to attend a Nomination Committee meeting which was called at short notice due to a prior commitment. 
12. Juliet Thompson was unable to attend a Compliance, Ethics & Sustainability Committee meeting due to a conflicting appointment.
13. Barbara Ryan was unable to attend a Science Committee meeting due to a conflicting appointment.
Indivior Annual Report and Accounts 2024 |
81
Governance

Corporate Governance continued
Providing strategic leadership
Our four strategic priorities provide the backdrop against which every item of business is considered, and every decision is made, by 
the Board.
Our four strategic 
priorities for value 
creation:
2024 Annual strategy day
In September 2024, the Board held its annual strategy day. 
Ahead of this, Directors were asked to share their 
perspectives to help shape and focus the agenda through 
individual “Seek the Wisdom” sessions with the Chief 
Strategy and Operating Officer. 
Attendees
All Directors were in attendance for the annual strategy day 
discussions. Executive Committee members, other senior 
leaders and a physician attended for parts of the session 
as appropriate. 
What the Board considered
The focus of the day was to undertake a deep dive into 
Indivior’s strategy, including capital allocation choices and 
priorities for the year ahead. The session also provided an 
opportunity for the Board to reflect upon the Group’s recent 
performance, leadership, and investor perspectives.
The Board began by revisiting the output of its 2023 strategy 
day where it had been agreed that the drive towards the 
goal of SUBLOCADE net revenues of >$1.5bn remained a 
key priority. 
The Board considered the 2023 strategy day output in the 
context of the current environment – including the 
significant gaps in OUD treatment and opportunities in the 
LAI category. The Board also considered the investments 
required to expand into SUD adjacencies, the current 
SUBLOCADE headwinds and the disappointing study results 
of AEF0117 in participants with CUD.
Following these considerations, the Board considered an  
in-depth analysis from management on the external 
transitory pressures impacting SUBLOCADE’s performance 
including Medicaid patient reductions, a cyberattack on a 
major medical claims processor, and a changed market 
backdrop, with a new competitor to SUBLOCADE in the U.S. 
market. Notwithstanding these pressures, management 
remained firm in its conviction that SUBLOCADE had a 
differentiated and optimal profile for OUD patients and 
believed that it would best meet the increasing challenges 
that synthetic opioids were presenting to OUD patients and 
treatment providers.
In the context of the above, management’s recommendation 
was to narrow the focus to OUD and to reinvest further 
behind SUBLOCADE to reignite its growth trajectory.
Outcomes
The Chair and Non-Executive Directors held a private 
session without the Executive Directors to consider 
management’s proposed strategy. The Chair and Non-
Executive Directors confirmed their alignment with 
management’s view that the Group’s strategy be streamlined 
to focus on the core opportunities in OUD treatment.
The Board confirmed its alignment with the investments to 
fuel SUBLOCADE’s growth in 2025, noting that these would 
be funded through a cost-optimization program.
1. Grow 
SUBLOCADE 
>$1.5bn
2. Diversify 
Revenue
3. Progress  
the Pipeline
4. Optimize 
Our Operating  
Model
Indivior Annual Report and Accounts 2024 |
82
Governance
Principal activities undertaken by the Board in 2024
The Directors consider that they met sufficiently frequently to enable them to discharge their duties effectively. Details of the 
principal matters discussed and decisions made during the year are shown in the following table.
Consideration of all of the Group’s stakeholders is an integral part of the Board’s decision-making and is predicated on discussions 
held with stakeholders. Further information on the Group’s engagement with stakeholders can be found in the Strategic Report on 
pages 24 to 30.
Matters 
considered
Board action
Purpose, values, 
and culture
• The Board reviewed and discussed the results of the 2024 employee Culture Survey. The Chief Human 
Resources Officer attended the July Board meeting to provide insights from the survey. Further 
information can be found on page 85.
• Jo LeCouilliard and Mark Stejbach, Non-Executive Directors with responsibility for Workforce Engagement, 
provided feedback to the Board on an employee engagement event they led with members of the 
Culture Champions Network at the Company’s Richmond headquarters. Further information can be 
found on page 86.
• Juliet Thompson and Jo LeCouilliard, Lead Independent Director and Non-Executive Director respectively, 
briefed the Board on their visit to the Company’s Fine Chemical Plant and R&D facilities in Hull, U.K. 
Strategy and risk 
assessment
• The Board held a strategy day session in September 2024. Further information can be found on page 82.
• The Board reviewed various strategic options for PERSERIS, ultimately concluding that there was no 
longer a path forward that was financially viable. As a result, the Board agreed to cease all promotion 
and marketing support activities relating to PERSERIS. Further information can be found in note 29 of the 
Notes to the Group financial statements on page 178.
• The Board received a comprehensive presentation on cybersecurity including an update from an 
external cybersecurity expert on industry cyber risks and current cyber threats to Indivior, particularly in 
relation to artificial intelligence risks, ransomware attacks, and third party/vendor attacks. The Board 
reviewed the results of an external cybersecurity assessment of Indivior which indicated that Indivior 
was operating at a high level and was advanced in its cybersecurity posture compared to the industry at 
large and there had been no material cybersecurity incidents involving Indivior’s assets. In addition, the 
Board received an overview of the Group’s cybersecurity strategy. 
• The Board initiated a consultation with shareholders on the proposed transfer of the Company’s primary 
listing from the U.K. to the U.S. Following consultation feedback, the Board considered the optimal timing 
for the transfer and the likely impact of the transfer in the short and longer term, and reviewed and 
monitored the Company’s preparedness for the transfer. The Board agreed to seek shareholder approval 
for the transfer at a general meeting in May 2024. The Board also received regular updates on the FCA’s 
proposed reforms to its Listing Rules and the impact of the implementation of these reforms on the 
transfer of primary listing. 
• The Board approved the entry into mediation discussions and a proposed settlement agreement with 
end payor plaintiffs in the Health Care Services Corp (HCSC) consolidated cases.
• The Board reviewed, with counsel, the Group’s litigation and legal strategy.
• The Board undertook a robust assessment of the Company’s emerging and principal risks. 
 Further information regarding the Group’s approach to risk management, including the management of its 
principal and emerging risks, can be found on pages 61 to 70
Financial and 
operational 
performance
• The Board received an update on the operational performance of the business at each scheduled 
meeting. In particular, the Board received regular updates on, and analyzed, the financial performance 
of SUBLOCADE. 
• The Board reviewed the Group’s use of capital and approved the implementation of a further $100m 
share repurchase program, which commenced in August 2024, following completion of the share 
repurchase program which had commenced in November 2023. Further information can be found in 
Note 23 to the Group financial statements on page 174.
• The Board approved the $400m refinancing of Indivior’s credit facility. Further information can be found 
in Note 17 to the Group financial statements on page 166. 
Indivior Annual Report and Accounts 2024 |
83
Governance

Matters 
considered
Board action
Financial 
reporting and 
internal 
controls
• The Board reviewed and approved the FY 2023 preliminary announcement, the Q1 2024 results announcement, 
the 2023 Annual Report and Accounts, the 2024 half-year results announcement and the Q3 2024 results 
announcement.
• On the recommendation of the Audit & Risk Committee, the Board agreed to recommend the re-
appointment of PricewaterhouseCoopers LLP (PwC) as the External Auditor.
• Supported by the Audit & Risk and Disclosure Committees, the Board reviewed the 2023 Annual Report and 
Accounts and concluded that, when taken as a whole, it is fair, balanced, and understandable and provides 
the information necessary for shareholders to assess the Group’s position, performance, business model 
and strategy. The Board noted the Audit & Risk Committee's review of the going concern assumption and 
Viability Statement and considered it appropriate to adopt the going concern basis of accounting in the 
preparation of the financial statements. The Board approved the Viability Statement which can be found on 
page 71. The Statement of Directors’ Responsibilities can be found on page 129.
• Supported by the Audit & Risk and Disclosure Committees, the Board reviewed and approved the Annual 
Report on Form 20-F.
• All matters discussed by the Audit & Risk Committee were summarized to the Board for consideration or 
approval. Further information regarding the work of the Audit & Risk Committee, including its review of the 
effectiveness of internal control and risk management systems and any significant internal audit findings in 
2024, can be found on pages 90 to 97.
Board 
composition 
and succession 
planning
• The Board approved the appointment of Dr. David Wheadon as an Independent Non-Executive Director effective 
June 1, 2024. David was also appointed as a member of the Nomination, Compensation and Science Committees.
• Following engagement with Oaktree, the Company agreed to appoint additional Non-Executive Directors to 
the Board. Joe Ciaffoni and Robert Schriesheim were appointed as Independent Non-Executive Directors on 
December 16, 2024. Both Robert and Joe were also appointed as members of the Nomination Committee. In 
addition, effective December 31, 2024, Ryan Preblick stepped down as an Executive Director whilst remaining 
as CFO. This change aligns the Board composition with U.S. listed company practice. 
• The Board, through the Nomination Committee, commenced a comprehensive search process to identify a 
successor to the Chair, Graham Hetherington, following his decision to retire from the Board at the end of 2024.
Governance and 
compliance
• The Chief Integrity and Compliance Officer attended two Board meetings to give a detailed update and 
answer questions on the continued progress of the Group’s Global Integrity & Compliance Program. 
• The Board approved the submission of the Annual Board of Directors’ Resolution as required by the U.S. 
Department of Justice (DOJ) Resolution Agreement.
• The Board received refresher training on the expectations and indicia of an effective compliance program. 
The training also provided a reminder of the Board’s obligations under Indivior’s government agreements. 
• The Board approved the adoption of new Corporate Governance Guidelines and new Charters for the Audit 
& Risk, Compensation, Compliance, Ethics & Sustainability, Nomination and Science Committees, all effective 
from January 1, 2025. 
Ethics and 
sustainability 
• The Board received updates from the Compliance, Ethics & Sustainability Committee on the work being 
undertaken by that Committee.
• The Board reviewed and approved the Group’s Modern Slavery Statement, a copy of which can be found at 
www.indivior.com.
• The Board approved a new Group Code of Conduct, designed to be more principles-based and interactive 
than the previous Code. 
• The Board reviewed and approved the disclosures against the TCFD framework for inclusion in the 2023 
Annual Report. Please refer to the Task Force on Climate-related Financial Disclosures within the “Managing 
Indivior’s Business Responsibly” section on pages 46 to 49 for more information on activities during 2024.
Stakeholder 
engagement 
• The Board held an in-person “patient conversation” with a patient who provided an overview of his personal 
journey to recovery from OUD, achieved through treatment and counseling. He shared his perspectives 
regarding recovery and responded to questions posed by the Directors.
• The Board met with a physician experienced in treating OUD who shared her approach to, and experiences 
of, treating OUD patients. The physician responded to questions posed by the Directors.
• The Chief Executive Officer and Chief Financial Officer provided an update on feedback from investors 
following each quarterly results announcement and generally throughout the year.
• The Board was kept abreast of the views of shareholders during the year by management and presentations 
from the Group’s brokers and sell-side analysts. The Board engaged with shareholders during the year and 
entered into a Relationship Agreement with one of its largest shareholders, Oaktree, which included 
agreement to make certain changes to the Board’s composition as described above. 
Corporate Governance continued
Indivior Annual Report and Accounts 2024 |
84
Governance
Our culture
It is critical to Indivior’s strategy and long-term success that 
there is a culture and set of values that are widely understood 
and that guide the organization in everything it does, and 
indeed the Group’s culture is considered one of its key 
strengths. Our culture, driven by our Guiding Principles, puts our 
purpose into action. Our Guiding Principles shape our decision-
making process and provide a blueprint for all our activities. 
We strive to cultivate a culture of integrity and commit to high 
standards of governance, while putting the needs of our 
patients front and center.
The Board has responsibility for assessing, embedding, and 
monitoring the culture of the Group and ensuring that it is 
aligned with its policies and practices.
How the Board assesses and monitors culture
The Board recognizes that a thriving culture is an enabler for 
the delivery of our vision and strategic priorities. It assesses 
and monitors culture through the following:
In-depth review of annual Culture Survey
Each year the Group undertakes an externally-facilitated 
employee Culture Survey. The results of the 2024 Culture Survey 
were presented to the Board at its meeting in July 2024 by the 
Chief Human Resources Officer. This gave the Board an 
opportunity to take a deeper-dive assessment into culture. The 
Board was pleased with the participation rate of 90% which 
highlighted strong engagement and exceeded industry norms. 
The Survey measured employees’ views on 22 essential 
behaviors and the results for each behavior were compared to 
our scores in prior years and those of a life sciences industry 
benchmark. There were no significant changes in the overall 
results compared to the 2023 survey and Indivior maintained 
scores which were above the life sciences industry benchmark 
on every measure. Mission alignment, values, and pride 
remained the foundational strengths of culture. The Board 
discussed the results of, and the key opportunities presented 
by, the Survey.
Engagement with our Culture Champions
During the year, Jo LeCouilliard and Mark Stejbach, Independent 
Non-Executive Directors with responsibility for Workforce 
Engagement, attended a session with members of the Culture 
Champions Network at our Richmond headquarters. The 
outcomes from that event were discussed at the July 2024 Board 
meeting. In particular, the impact of the decision to discontinue 
the promotion and marketing supporting activities relating to 
PERSERIS and the consequential workforce reduction were 
discussed, noting that this had impacted morale.
The Board believes that Indivior’s culture continues to thrive. 
Notwithstanding Indivior’s positive culture, the Board recognizes 
that embedding and monitoring culture is an ongoing process if 
it is to remain a key competitive advantage enabling Indivior to 
drive sustainable and strategic business growth.
Recognition of Indivior’s culture 
During the year, Indivior was recognized as one of the U.K.’s Best 
Workplaces in BioPharma™ and one of the U.K.‘s Best 
Workplaces for WomenTM by Great Place To Work® U.K. The 
“Great Place to Work” certification utilizes company culture as 
the global benchmark for measuring outstanding employee 
experience, including engagement, leadership, wellbeing, and 
fairness.
Engaging with our stakeholders
As part of its decision-making processes, the Board considers 
the interests of shareholders, key stakeholders, and wider 
society. Further information regarding the Board’s stakeholder 
engagement activities can be found in the “Stakeholder 
Engagement” section set out on pages 24 to 30 of the Strategic 
Report and the “Managing Indivior’s Business Responsibly” 
section on pages 32 to 45. Further information regarding the 
Board’s activities during the year, including examples of how it 
considered the interests of stakeholders, is provided in the 
“Principal activities undertaken by the Board in 2024” section on 
pages 83 to 84.
Our Guiding Principles
Focus on patient needs to drive decisions
Seek the wisdom of the team
Believe that people's actions are well-intended
Care enough to coach
Demonstrate honesty and integrity at all times
See it, own it, make it happen
Indivior Annual Report and Accounts 2024 |
85
Governance

Workforce engagement
The July 2024 Board meeting was held in the Company’s 
Richmond headquarters and the Board took the opportunity to 
hold a number of employee engagement events. This included 
an employee luncheon which allowed the Non-Executive 
Directors to hear employees’ views firsthand. An engagement 
event with members of the Culture Champions Network, and a 
dinner with the Executive Committee and selected direct 
reports, allowed the Board to meet with developing talent and 
high potential employees.
Jo LeCouilliard and Mark Stejbach, Non-Executive Directors 
responsible for Workforce Engagement, provided feedback to 
the Board on the engagement event with members of the 
Culture Champions Network. They reported that employee 
morale had been impacted by the announcement concerning 
the discontinuation of PERSERIS promotion and marketing 
support activities, but the Culture Champions had commended 
the transparency of management’s communications. They also 
commended the Group’s hybrid working policy, which was 
considered to be operating well. 
Earlier in the year, Juliet Thompson and Jo LeCouilliard, Lead 
Independent Director and Independent Non-Executive Director 
respectively, visited the Group’s Fine Chemical Plant and R&D 
facilities in Hull, U.K. 
Workforce policies and practices 
The Board keeps workforce policies and practices under review 
to ensure they are consistent with the Group’s values and 
support the long-term sustainable success of the Group. The 
Group’s Code of Conduct (“Doing the Right Things Right”) sets 
out standards expected of the workforce and how these 
standards align with the Group’s culture and Guiding Principles.
During the year, the Chief Integrity and Compliance Officer 
updated the Board on the continued focus on the Group’s 
Global Integrity & Compliance Program, including key program 
enhancements and compliance with the Resolution Agreement. 
Pursuant to the Resolution Agreement, members of the Group 
are subject to certain ongoing reporting and compliance 
requirements, including to the U.S. Department of Justice, U.S. 
Federal Trade Commission, and the U.S. Department of Health & 
Human Services Office of Inspector General. Further information 
on the Resolution Agreement and the ongoing reporting and 
compliance requirements can be found in the “Commitment to 
Transparent Disclosure” section on page 31.
The Chief Integrity and Compliance Officer provided an overview 
of reports received via the confidential reporting hotline facility 
(EthicsLine), which provides a facility for members of the 
workforce to raise concerns in confidence and (where local 
regulations permit) anonymously.
In 2023, the Group evolved its “Speak Up” program for the 
reporting and handling of potential concerns. As part of this 
evolution, workforce members are encouraged to present ideas, 
raise concerns and ask questions through a number of different 
channels: through their immediate supervisor, through the 
Integrity & Compliance, Human Resources, and Legal functions, 
or by using the EthicsLine confidential reporting facility. 
Managers and functions are responsible for maintaining an 
“open door” for workforce members who may need or want to 
reach out to them. This initiative has had a positive impact on 
reporting, including individuals self-reporting issues that 
have arisen.
The Compliance, Ethics & Sustainability Committee routinely 
reviews reports received via the EthicsLine and monitors the 
case management and investigation process at each meeting. 
The Board has ultimate responsibility for the Group’s 
confidential reporting facility and there is a process in place for 
promptly escalating significant reports.
During the year, the Board reviewed a summary of the reports 
received through the confidential reporting facility and the 
arrangements in place for investigation and follow-up action.
Further information regarding the Group’s Global Integrity & 
Compliance Program, including the 2024 program highlights, can 
be found in the “Managing Indivior’s Business Responsibly” 
section on pages 32 to 49.
The Compensation Committee is responsible for reviewing 
workforce remuneration and related policies and the alignment 
of incentives with culture. Further information regarding the 
Compensation Committee’s review in 2024 can be found on 
page 119.
Engagement with shareholders
The Board recognizes the importance of regular, effective and 
constructive communications with its shareholders.
The principal opportunity for shareholders to engage with the 
Board is at the AGM. The 2024 AGM was held in person at the 
Marlborough Theatre, No. 11 Cavendish Square, London, W1G 0AN.
The AGM provides an opportunity for shareholders to put 
questions to the Board and to vote on the resolutions set out in 
the Notice of Meeting.
All resolutions are voted on by way of poll, with one vote for 
each share held, which the Board considers a more democratic 
method of voting. The results of the poll were announced to the 
LSE and published on Indivior’s website shortly after the end of 
the AGM.
Prior to the AGM, the Board receives and considers corporate 
governance and voting guidelines issued by the Company’s 
major institutional shareholders, representative bodies, and 
proxy advisory organizations.
Corporate Governance continued
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The Group announces its financial results on a quarterly basis, 
and these are released to the LSE via an authorized Regulatory 
Information Service, and subsequently published on the Group’s 
website. In addition, the results are also furnished to the U.S. 
Securities and Exchange Commission. Results announcements 
are accompanied by a presentation for analysts and investors 
from the Chief Executive Officer, Chief Financial Officer and 
other executives; these are webcast live and archived on the 
Group’s website. These presentations include question and 
answer sessions where attendees are invited to ask questions.
The Chair seeks engagement with major shareholders when 
appropriate. During the year, the Board engaged extensively 
with shareholders in relation to the Relationship Agreement 
with Oaktree and the appointment of new Independent Non-
Executive Directors.
The Chair of the Compensation Committee also engaged with 
major shareholders on executive remuneration matters. 
2025 Annual General Meeting
The 2025 AGM will be held at the Marlborough Theatre,  
No. 11 Cavendish Square, London, W1G 0AN on May 8, 2025.
Division of responsibilities 
Board balance and independence
There is a clear division of responsibilities between the 
leadership of the Board and the executive leadership of the 
business. The roles of the Chair, Chief Executive Officer and 
Lead Independent Director are clearly separated and set out in 
writing. Their division of responsibilities, plus the matters 
reserved for the Board and the Charter for each principal 
Committee, ensure that no single individual can have unfettered 
powers of decision-making.
On December 31, 2024, Graham Hetherington, Chair, Jerome 
Lande, Non-Executive Director, and Ryan Preblick, Chief 
Financial Officer, stepped down from the Board. Following this 
change, the Board comprised the Chief Executive Officer and 
nine Non-Executive Directors. On January 27, 2025, Dr. David 
Wheadon, an Independent Non-Executive Director, was 
appointed as Chair. On January 31, 2025, Daniel Ninivaggi was 
appointed an Independent Non-Executive Director. On March 2, 
2025, Robert Schriesheim stepped down from the Board as an 
Independent Non-Executive Director. The Board currently 
comprises the Chair, Chief Executive Officer and eight Non-
Executive Directors 
The Board considers the independence of its Non-Executive 
Directors annually. In 2024, this consideration was based on the 
criteria in the U.K. Code and followed review by the Nomination 
Committee. As at December 31, 2024, following the retirement of 
Jerome Lande, the Board considered that all Non-Executive 
Directors were independent.
The Non-Executive Directors bring an external perspective to 
Board discussions. The Company has benefited from the broad 
range of skills and experience that the Non-Executive Directors 
provide from different businesses and fields, including the 
pharmaceutical, financial, and research sectors. They offer 
specialist advice, constructive challenge, and strategic guidance 
to the Executive Directors as well as holding them to account.
Throughout the year the Non-Executive Directors helped to 
shape the Group’s strategy, scrutinized the performance of 
management, agreed goals and objectives, and monitored the 
Group’s risk profile and reporting of performance.
Board processes and the role of the 
Company Secretary
The Company Secretary ensures that the Board receives 
appropriate and timely information and provides advice and 
support to the Chair, Board, and senior management on 
regulatory and governance matters. All Directors have access to 
the Board portal, which is used to distribute Board and 
Committee materials and governance resources.
Board meetings are scheduled well in advance. Where it is 
necessary to call meetings at short notice, efforts are made to 
find suitable times when all Directors can attend. Where this is 
not possible, Directors are provided with briefing materials and 
can discuss any agenda item with the Chair, Chief Executive 
Officer, or relevant Committee Chair. In addition, updates and 
analysts’ notes are uploaded to the Board portal to ensure that 
Directors are kept apprised of developments.
All Directors have direct access to the advice and services of the 
Company Secretary. Directors may also obtain independent 
professional advice at the Company’s expense.
Time commitment
The letters of appointment for the Chair and Non-Executive 
Directors state the expected time commitment to fulfill their 
roles. The Chair and Non-Executive Directors are expected to set 
aside sufficient time to prepare for meetings. The Board is 
satisfied that all Directors continue to devote sufficient time to 
discharge their duties effectively.
Composition, succession, and evaluation
Appointment and reappointment of Directors
There is a formal, rigorous, and transparent procedure for the 
appointment of new Directors. The process for new 
appointments is led by the Nomination Committee, which 
makes recommendations to the Board.
All Directors will stand for reappointment at the 2025 AGM. 
The 2025 Notice of AGM includes a biography for each Director 
setting out the skills they bring to the Board and why their 
contribution is, and continues to be, important to the long-term 
success of the Group.
Further information regarding the process for the appointment 
of the Chair, Chief Executive, and Non-Executive Directors can 
be found in the Nomination Committee Report on page 100.
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Governance

Succession planning 
The Nomination Committee is responsible for developing and 
overseeing the succession plans for the Board and senior 
management and, as part of this review, takes consideration of 
the length of service of each Director. The Committee also 
considers the skills and experience of each of the Directors and 
maintains a skills matrix. Appointments and succession plans 
are based on merit and objective criteria.
Further information regarding the review of succession planning 
in 2024 can be found in the Nomination Committee Report on 
pages 98 to 101.
Board performance review
2024 performance review
The Board recognizes the benefits of undertaking a rigorous 
review of its own performance and that of its Committees and 
individual Directors. A review is undertaken every year and is 
normally carried out externally every third year. The most recent 
external review was undertaken in 2021/22.
The 2024 internal review was facilitated by the Chair, supported 
by the Company Secretary and Lintstock, an independent 
consultancy that does not have any other connection with 
the Company.
The review comprised an online survey, which was completed 
by each Director and the Company Secretary. The responses to 
the survey were collated and reports for the Board and each of 
its Committees were prepared by Lintstock and distributed to all 
Directors. 
The key themes arising from the review were: 
• reflecting the transition to a U.S. listing in the Board’s skills and 
profile, ensuring there is adequate U.S. representation and 
experience on the Board, and facilitating access to support on 
the U.S. market, shareholder, and governance environments;
• giving greater focus to strategy and creating more time to 
discuss this at the Board, particularly in light of changes in 
the competitive environment, reviewing the current strategy 
to ensure it remains fit for purpose, and giving further 
consideration to diversification;
• supporting the pipeline, given the strategic importance of 
delivering current and future assets and diversification, and 
spending more time considering pipeline evolution at the 
Board; and
• enhancing Board dynamics and meeting management, 
increasing the time available for debate, reducing the time 
spent on operational matters, and addressing the balance of 
Director contribution. 
The Board agreed on the following key priorities for the 
year ahead:
• focusing on strategy and making more time for high-quality 
strategic discussions; 
• optimizing the business model and pipeline; and
• focusing on executive succession.
Board induction and training
New Directors receive a comprehensive, tailored induction 
program, which takes into account their background, skills 
and their position on the Board and Committees. The 
Company Secretary facilitates the induction of Directors 
and monitors ongoing training needs for the Board. Where 
an existing Director takes on new responsibilities, they 
receive additional training relevant to their new role. 
Board induction of Dr. David Wheadon
Dr. David Wheadon was appointed as an Independent 
Non-Executive Director in June 2024 and completed his 
induction program during the year. His induction program 
contained a number of core elements, including:
Induction pack
A comprehensive induction pack was provided, containing 
key corporate documents, governance documents, and 
copies of recent press releases and analysts’ notes.
Business induction
Meetings were scheduled with members of the Executive 
Committee and key employees to provide an understanding 
of the Group’s financial, R&D, and commercial operations.
Corporate governance
David attended a corporate governance induction session, 
which was delivered by external counsel and covered the 
role, duties, and responsibilities of a Director and U.K. and 
U.S. legislative and regulatory matters.
Integrity and compliance
David completed compliance training modules relating to 
Indivior’s Code of Conduct, CIA, and DOJ Compliance Measures.
Legal
The Chief Legal Officer provided an overview of the key 
litigation matters impacting the Group.
Comprehensive induction programs, covering the same 
topics, were developed for Joe Ciaffoni, Daniel Ninivaggi, 
and Robert Schriesheim following their appointments.
Corporate Governance continued
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Governance
During the remainder of the year, the Board implemented the 
following actions in response to the matters highlighted:
• at the 2024 annual strategy day, considered an in-depth 
analysis of SUBLOCADE’s performance and agreed that the 
Group’s strategy be streamlined to focus on the core 
opportunities in OUD treatment;
• the AELIS Phase 2b study did not meet its endpoints and 
consequently the decision was made not to move forward 
with the asset; and
• approved the recommendation to discontinue the 
development of INDV-1000, a pre-clinical asset targeting 
alcohol use disorder.
Audit, risk, and internal control
The Board has ultimate responsibility for internal control and 
risk management systems and considers regular reviews, at 
least annually, carried out by the Audit & Risk Committee, which 
has responsibility for monitoring such systems.
Further information about the role and work of the Audit & Risk 
Committee is set out in the Audit & Risk Committee Report on 
pages 90 to 97.
Further information regarding the Group’s approach to risk 
management, including the management of principal and 
emerging risks, can be found on pages 61 to 70.
Board accountability
The Board is responsible for the integrity of the Group’s Annual 
Report and Accounts and recognizes its responsibility to present 
a fair, balanced, and understandable assessment of the Group’s 
position and prospects.
The Board has assessed, together with the Audit & Risk and 
Disclosure Committees, all information available in considering 
the overall drafting of the Group’s Annual Report and Accounts 
and the process by which it was compiled and reviewed. In 
doing so, the Board ensured that adequate time was dedicated 
to the drafting process so that linkages and consistencies were 
worked through and tested. Drafts were reviewed by 
knowledgeable executives and senior management not directly 
involved in the year-end process.
The Board recognizes that this responsibility extends to interim 
and other inside information, information required to be 
presented in relation to statutory requests and reports to 
regulators. In relation to these requirements, reference is made 
to the Statement of Directors’ Responsibilities in respect of the 
and financial statements set out on page 129.
Remuneration
Further information about our approach to remuneration and 
the role and work of the Compensation Committee is set out in 
the Directors’ Remuneration Report on pages 106 to 124.
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At December 31, 2024, the membership 
of the Committee was as follows:
• Juliet Thompson (Chair)
• Jo LeCouilliard
• Barbara Ryan
• Mark Stejbach
  Details of attendance at Committee 
meetings can be found on page 81
Audit & Risk Committee
On behalf of the Board, I am pleased to present the 
Audit & Risk Committee Report for the financial year ended 
December 31, 2024.
This report provides an insight into the activities undertaken by 
the Committee during the year and the key governance 
responsibility which the Committee continues to fulfill in 
ensuring the integrity of the Group’s published financial 
information and the effectiveness of its risk management, 
controls, and related processes. This report should be read in 
conjunction with the separate section of compliance under the 
U.K. Corporate Governance Code (U.K. Code) on page 78.
In April 2024, the Committee was notified by its External Auditor 
that the FRC’s Audit Quality Review (AQR) team, as part of its 
ordinary review process, was performing a review of the audit of 
the Group’s financial statements for the year ended December 
31, 2023. In November 2024, the AQR team notified the 
Committee and External Auditor that no key findings were 
identified in the work within the scope of their review. The 
Committee discussed the results of the review with the External 
Auditor and was satisfied as to the quality of the audit.
Also during the year, we recommended to the Board the 
adoption of a new Committee Charter to replace our Terms of 
Reference, effective January 1, 2025. Whereas the Terms of 
Reference largely reflected the requirements of the U.K. Code 
(which no longer applies to Indivior following the transfer of its 
primary listing from the U.K. to the U.S.), the Charter is more 
aligned to U.S. best practice. It reflects U.S. governance 
requirements and expectations and will support our transition 
to becoming a U.S. listed domestic filer.
The Committee will continue to work closely with the Board to 
drive stakeholder value, to support the strategic ambitions of 
the Group and address the opportunities and challenges that 
2025 will bring.
Juliet Thompson
Chair of the Audit & Risk Committee
 Members and meetings
Throughout the year, Juliet Thompson and Jo LeCouilliard were 
both considered to have recent and relevant financial 
experience and competence in auditing and accounting. 
The Committee as a whole has financial and commercial 
competence relevant to the sector in which the Group operates, 
and each member of the Committee satisfies the relevant 
independence requirements of the U.K. Code. Further 
information on the skills, expertise, and experience of the 
Committee members is set out on pages 74 to 75.
The Committee, throughout the course of the year, invited the 
Chair of the Board, Chief Executive Officer, Chief Financial 
Officer, Senior Vice President-Group Controller, Vice President-
Chief Audit Executive, Company Secretary, Chief Legal Officer, 
Vice President-Tax, External Audit Partners, and other 
representatives from management and the External Auditor to 
attend Committee meetings. The Deputy Company Secretary 
acts as the secretary to the Committee. The Committee reserves 
the right to meet without any of these individuals present.
The Chair of the Committee reports to the Board, as a separate 
Board agenda item, on the activity of the Committee and matters 
of relevance. The Board has access to the Committee’s papers 
and receives copies of the minutes of the Committee’s meetings.
For part of each Committee meeting, the members meet 
separately with each of the Chief Financial Officer, Vice 
President-Chief Audit Executive, and the External Auditor. 
The Committee regularly meets privately without management 
present. The Committee has unrestricted access to Group 
documents, information, employees, and the External Auditor. 
The Committee may also take independent professional advice 
on any matters covered by its Charter at the Group’s expense.
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Governance
 Role and responsibilities
The Committee has an extensive agenda focused on its 
responsibility to oversee and give assurance to the Board 
regarding the integrity of financial reporting, internal controls 
over financial reporting, risk management, and audit 
arrangements. In discharging this responsibility, the Committee, 
with the assistance of management and Indivior Audit Services 
(the Group’s internal auditor), and interactions with the External 
Auditor, focuses its attention in the following areas:
Financial oversight and reporting
• Monitoring the integrity of the Group’s financial reporting, 
including all formal announcements relating to financial 
results and compliance with accounting standards.
• Informing the Board of the outcome of the Group’s internal 
and external audits and explaining how they contribute to the 
integrity of financial reporting.
• Reviewing the Group’s strategy for management of key 
financial risks and obtaining assurances that the Group has 
followed appropriate accounting policies and made 
appropriate estimates and judgments.
• Challenging, where necessary, the consistency of, and any 
changes to, accounting and treasury policies, the clarity and 
completeness of disclosures including exceptional items and 
other adjustments, any adjustments resulting from the 
external audit, the going concern assessment, assumptions 
underlying the determination of viability, and compliance 
with accounting standards.
• Reviewing the content of the quarterly, half-yearly, and 
annual financial results and advising the Board of the 
integrity of each. Further information is set out on page 92.
Narrative reporting
• Reviewing a draft copy of the Committee’s Report for 
inclusion in the Annual Report and Accounts.
• Considering whether, taken as a whole, the Annual Report and 
Accounts is fair, balanced, and understandable and provides the 
information necessary for shareholders to assess the Group’s 
position and performance, business model, and strategy.
• Reviewing and approving the going concern disclosure and 
Viability Statement to be included in the Annual Report 
and Accounts.
Risk management
• Assisting the Board in relation to its robust assessment of the 
principal and emerging risks facing the Group and the 
prospects of the Group for the purposes of disclosures 
required in the Annual Report and Accounts and the interim 
financial statements issued across the year.
• Monitoring the Group’s policies, procedures, and controls for 
preventing fraud, bribery, and money laundering.
Internal controls
• Reviewing the effectiveness of the Group’s internal controls 
over financial reporting, including the policies and overall 
processes for assessing financial control and the 
effectiveness of corrective action taken by management. 
Further information is set out on page 93.
Internal audit
• Monitoring and reviewing the effectiveness of the Indivior 
Audit Services function in the context of the Group’s overall 
governance, risks, and controls framework.
• Considering and reviewing the remit of the Indivior Audit 
Services function, ensuring it has adequate resources and 
access to all information necessary to enable the effective 
performance of the function. Further information is set out on 
page 95.
• Reviewing progress against the Indivior Audit Services plan 
along with any significant findings and the tracking of 
remedial actions.
External audit
• Overseeing the relationship between the Group and the 
External Auditor, advising the Board how the External Auditor 
has contributed to the integrity of the Group’s financial 
reporting process, and reporting to the Board whether the 
audit contract should be put out to tender to comply with the 
mandatory tender requirements or otherwise. Further 
information is set out on pages 96 to 97.
• Reviewing and monitoring the External Auditor’s objectivity 
and independence, agreeing the scope of their work, 
negotiating and approving fees paid for the external audit, 
overseeing the assessment of the effectiveness of the audit 
process, and agreeing the policy in relation to the provision 
of non-audit services.
The Committee’s Charter is available to view on the Company’s 
website at www.indivior.com.
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Audit & Risk Committee continued
The Committee’s annual work plan is linked to 
events in the Group’s financial calendar including 
standing items the Committee considers in 
addition to any specific matters requiring the 
Committee’s attention.
The Committee met a total of six times during the 
year, which it considers sufficient to discharge its 
duties effectively. Details of the principal matters 
discussed during the year are set out below.
Financial oversight and reporting
• Received an update from the Chief Financial Officer on the 
financial performance of the business at each scheduled 
meeting, including market guidance where appropriate.
• Reviewed and recommended to the Board the quarterly, 
half-yearly, and annual financial results, including any 
recommended updates to market guidance.
• Reviewed matters relating to going concern, with 
supporting analysis.
• Reviewed key accounting matters to ensure the Group 
followed appropriate accounting policies and made 
appropriate estimates and judgments.
• At scheduled Committee meetings, the Senior Vice President-
Group Controller presented an update on treasury operations, 
including the application of the Group Treasury Investment 
Policy. In July 2024, the Committee supported the Board in 
reviewing capital allocation priorities and recommending a 
further share repurchase program.
• Received a presentation from the Vice President-Tax regarding 
proposed updates to the annual tax strategy, which were 
approved by the Committee. A copy of the Group’s tax strategy 
is available on the Group’s website at www.indivior.com.
• Received a presentation on U.S. Gross-to-Net margin analysis 
from the Senior Vice President-U.S. Finance outlining the 
Group’s approach, processes, estimates used, and judgments 
taken with respect to rebates and similar arrangements when 
determining the ultimate amount of net revenue to 
be recorded.
• Reviewed the draft 2025 financial plan.
• Considered and approved management’s assessment of the 
Group’s prospects and longer-term viability.
• Reviewed the Group’s debt refinancing strategy.
• Met privately with the Chief Financial Officer following each 
scheduled meeting.
ACTIVITIES 
DURING 
THE YEAR
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Governance
Narrative reporting
• Reviewed and approved a draft copy of the Committee’s 
Report for inclusion in the Annual Report and Accounts. In 
addition, and supported by the U.K. MAR Disclosure 
Committee, considered whether, taken as a whole, the Annual 
Report and Accounts is fair, balanced, and understandable 
and provides the information necessary for shareholders to 
assess the Group’s position and performance, business 
model, and strategy.
• Reviewed and approved the going concern disclosure 
and Viability Statement to be included in the Annual Report 
and Accounts.
• The Viability Statement is set out on page 71.
Risk management
• Reviewed the Group’s principal and emerging risks for 
inclusion in the Annual Report and Accounts and financial 
results announcements. Further information regarding the 
Group’s principal risks is set out on pages 61 to 70.
• Reviewed the Group’s Enterprise Risk Management (ERM) 
program and process.
• Reviewed the Group’s approach to cybersecurity and the 
threats posed to the Group and discussed the same with the 
Group’s Chief Information & Innovation Officer and Senior 
Information Security Head.
• Reviewed climate-related risks as part of the Group’s 
common risk assessment approach. Matters relating to 
Climate-related Financial Disclosures are set out on pages 46 
to 49.
Internal controls
• Reviewed the effectiveness of the Group’s risk management 
and internal control systems covering all material controls, 
including financial, operational, and compliance controls. The 
internal control systems were in place throughout the year 
under review and up to the date of approval of the Annual 
Report and Accounts.
Internal audit
• Agreed the Indivior Audit Services plan for 2024 and reviewed 
and approved the 2025 Indivior Audit Services plan. Both 
plans factored key risks to the Group, including any potential 
impact of global events on the Group’s strategic goals, with a 
particular focus on data privacy and the Group’s Raleigh 
production facility.
• Received presentations from the Vice President-Chief Audit 
Executive on progress and delivery against the Indivior Audit 
Services plan and results of Indivior Audit Services activities, 
including significant findings and remediation plans (where 
necessary).
• Reviewed the effectiveness of the Indivior Audit Services 
function, including the annual quality assessment.
• The Committee met privately with the Vice President-Chief 
Audit Executive following each scheduled meeting.
External audit
• Agreed the External Auditor engagement and audit fee for 
2024 as well as the external audit plan for 2024.
• Considered accounting and audit matters from the 
External Auditor’s reports issued throughout the year.
• Reviewed and approved updates to the Group’s policy 
regarding engagement of the External Auditor.
• Reviewed the independence of the External Auditor and 
approved the provision of non-audit services by the 
External Auditor pursuant to the Group’s policy on 
engagement of the External Auditor.
• The annual quality assessment of the External Auditor was 
undertaken and reviewed by the Committee (see page 96).
• Considered the contents of a letter received from the FRC’s 
Audit Quality Review team following a review of the 
External Auditor’s 2023 audit. The Committee was satisfied 
that no matters were identified.
• Recommended to the Board the reappointment of PwC as 
the External Auditor.
• The Committee regularly meets privately with the External 
Auditor without management present.
Other matters
• Received an update from the Group’s Chief Integrity and 
Compliance Officer on the work of the Group’s Integrity & 
Compliance function, including the “Speak Up” program.
• Recommended to the Board a further share repurchase 
program, which was implemented in August 2024 and 
completed on January 31, 2025.
• Reviewed the Group’s insurance program and made 
various recommendations regarding the 2024/25 renewal 
planning process.
• Reviewed the Directors’ & Officers’ Insurance program for 
the Group.
• Reviewed and approved updates to the Group’s Related 
Party Transactions Policy.
The Committee reviewed and recommended to the Board for 
approval a new Charter to replace the Committee’s Terms of 
Reference with effect from January 1, 2025.
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Governance

Significant judgments
In preparation for each meeting, management produced 
briefing papers on significant matters for review and discussion 
by the Committee. Management are invited to attend Committee 
meetings to respond to Committee inquiries. The following 
areas of focus in relation to the Group’s Annual Report and 
Accounts and other judgmental accounting areas were 
considered and discussed with both management and the 
External Auditor.
Critical accounting judgments and disclosures, and key 
sources of estimation
When applying the Group’s accounting policies, management 
must make a number of key judgments on the application of 
applicable accounting standards, estimates, and assumptions. 
These judgments and estimates are based on relevant factors.
The Committee considered and challenged management on key 
judgments and sources of estimation covering a number of 
areas underlying the Group’s financial statements and results, 
including those discussed below.
Estimates for returns, discounts, incentives, and rebates were 
discussed with the Committee. Further information can be 
found in Note 2 to the Group financial statements.
The Committee considered management’s overall forecasts for 
the Group in assessing going concern, viability, and 
recoverability of deferred tax assets. These forecasts were also 
considered in relation to the Parent Company financial 
statements recoverability of the investments in subsidiaries 
carrying value.
Additionally, management forecasts for OPVEE were considered 
by the Committee in conjunctions with intangible asset 
impairment and recoverability judgements.
Judgements regarding tax uncertainties and matters under 
audit, including discussion of management’s rationale and 
support, were evaluated by the Committee.
Although substantially mitigated as of year-end, during the year 
the Committee discussed the uncertainty and potential 
outcome of ongoing litigation matters the Group faced to 
support judgements taken by management regarding recording 
of provisions.
Given the judgments underlying certain matters disclosed in the 
Annual Report and Accounts, the Committee has reviewed 
management’s assumptions and inputs into their analysis and 
development of the judgments, estimates, and disclosures and 
discussed the critical nature of each with both management 
and the External Auditor.
The Committee has satisfied itself that the Group’s accounting 
policies and their application by management are appropriate. 
The Committee is also satisfied with both the appropriateness 
of analysis performed by management, including the judgments 
made and estimates used, and the related disclosures.
Fair, balanced, and understandable assessment
At the request of the Board, the Committee assessed whether 
the content of the 2024 Annual Report and Accounts, full-year 
results announcement, and the full-year results presentation 
were, taken as a whole, fair, balanced, and understandable.
In its assessment, consideration was given to whether key 
information and messaging were included consistently across 
the announcement, results presentation, and Annual Report 
and Accounts. Drafts of the Annual Report and Accounts were 
received by the relevant Board and Committee members during 
the drafting process in sufficient time to allow for challenge to 
the disclosures. Management also reported describing the 
approach taken in the preparation of the Annual Report and 
Accounts and highlighting the key messages and information.
The Committee advised the Board it was satisfied that, taken as 
a whole, the Annual Report and Accounts is fair, balanced, 
understandable, and provides the information necessary for 
shareholders to assess the Group’s position, performance, 
business model, and strategy.
Global events, including various national elections and conflicts 
in Ukraine and the Middle East, among others, had the potential 
to cause a range of implications for risk management and 
corporate reporting during the year. Key risk factors and trends 
have been considered in the assessment of the Group’s 
principal and emerging risks and uncertainties.
Monitoring the integrity of reported financial 
information
Ensuring the integrity of the financial statements and 
associated announcements is a fundamental responsibility of 
the Committee. During the year, the Committee reviewed the 
Group’s FY 2023 preliminary results announcement, the 2023 
Annual Report and Accounts, and the 2024 half-yearly and 
quarterly financial results. Further, as at the date of this report, 
the Committee also reviewed the FY 2024 preliminary results 
announcement and this 2024 Annual Report and Accounts. In 
doing so, these reviews considered:
• the accounting principles, policies, and practices adopted in 
the Group’s financial statements, any proposed changes to 
them, and the adequacy of their disclosure;
• the description of performance to ensure it was fair, 
balanced, and understandable;
• accounting matters or areas of complexity, the actions, 
estimates, and judgments of management in relation to 
financial reporting, and the assumptions underlying the going 
concern and viability statements;
• any significant adjustments to financial reporting identified 
by the External Auditor;
• cybersecurity threats posed to the overall operating 
effectiveness of controls;
• tax contingencies, compliance with statutory tax obligations, 
and the Group’s tax strategy;
• litigation and contingent liabilities affecting the Group;
• treasury policies; and
• long-term funding options.
Audit & Risk Committee continued
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Internal Audit
Indivior Audit Services, which formally reports to the Committee, 
provides assurance and advisory services to senior 
management and the Board primarily on the Group’s 
governance, risks, and controls, in line with an agreed 
audit plan.
Indivior Audit Services, led by the Vice President-Chief Audit 
Executive, is composed of appropriately qualified and 
experienced professionals. The Committee recognized that 
throughout the year the Indivior Audit Services function had the 
necessary blend of skills, experience, and quality of leadership 
to understand all aspects of the Group worldwide. Third parties 
may be engaged to support audit engagements as appropriate.
The Vice President-Chief Audit Executive has direct access to 
and regular meetings with the Committee Chair and prepares 
reports for Committee meetings on key activities and significant 
observations, together with the status of management’s 
implementation of audit remediations. The Committee has 
unrestricted access to all of Indivior Audit Services’ reports.
During the year, the Committee monitored progress with the 
audit plan and approved changes to the plan. Indivior Audit 
Services and management work closely together to deliver the 
audit plan and develop actions to remediate audit observations.
The Committee noted Indivior Audit Services’ continued 
contributions in supporting and delivering value to the Group 
and the Committee during the year, including in the 
implementation and assessment of the Group’s framework for 
internal control over financial reporting. The Committee was 
satisfied with Indivior Audit Services’ organization and structure 
and the quality, experience, and expertise of the function and 
concluded it was effective throughout the year and remained 
appropriate for the requirements of the Group.
Internal control over financial reporting and 
risk management 
The Committee acknowledges its duty to assist the Board to 
fulfill its responsibilities for the Group’s risk management and 
internal control systems, including the adequacy and 
effectiveness of the control environment, internal control over 
financial reporting, and the Group’s compliance with the 
U.K. Code.
During the year, all business areas prepared annual operating 
plans and budgets. These are regularly reviewed and updated 
as necessary. Performance against budget is monitored 
centrally and is discussed at Committee and Board meetings. 
The cash position of the Group is monitored daily by the 
treasury function.
Clear policy guidelines are in place for capital expenditure and 
investment decisions. These include budget preparation, 
appraisal, and review procedures and delegated authority levels.
Effective controls ensure the Group’s exposure to avoidable risk 
is minimized, and the Committee is cognizant of the material 
controls within the Group, including, among other things, that 
proper accounting records are maintained, financial information 
used within all business areas is reliable and up-to-date, and 
the financial reporting processes comply with relevant 
regulatory reporting requirements.
Internal controls over financial reporting are in place for 
preparation of consolidated accounts. Accordingly, the 
Committee confirms there is a process for identifying, 
evaluating, and managing the risks faced by the Group and the 
operational effectiveness and monitoring of related controls, all 
of which have been in place for the year under review and up to 
the date of approval of the Annual Report and Accounts. The 
Committee also confirms that it has regularly monitored the 
effectiveness of risk management and internal control. This 
encompasses policies and procedures that relate to the 
maintenance of records, which accurately and fairly reflect 
transactions, provide reasonable assurance that transactions 
are recorded as necessary to permit the preparation of financial 
statements, require representatives of the Group to certify that 
their reported information gives a true and fair view of the state 
of affairs of the business and its results for the year, and review 
and reconcile reported data. The Senior Vice President-Group 
Controller regularly updates the Committee on the Group’s 
internal control over financial reporting.
The Committee, having regard to the above-referenced controls 
coupled with support from Indivior Audit Services, is of the view 
that the Group has an effective system of internal control.
Control processes are designed to manage, rather than 
eliminate, the risk of assets being unprotected and guard 
against their unauthorized use, culminating in the failure to 
achieve business objectives. Internal controls provide 
reasonable and not total assurance against material 
misstatement or loss.
The Group’s Enterprise Risk Management process is designed to 
identify, assess, manage, report, and monitor risks and 
opportunities that may impact the achievement of the Group’s 
strategy, objectives, and future success. This includes adjusting 
the risk profile in line with the Group’s risk tolerances to 
respond to new threats and opportunities.
To fulfill its duties, the Committee reviewed:
• medium- and longer-term strategic plans, reports on key 
operational issues, tax, treasury, risk management, and 
Indivior Audit Services reports;
• presentations from the Chief Information & Innovation Officer 
outlining the Group’s approach to IT and cybersecurity;
• reports from Indivior Audit Services at each scheduled 
Committee meeting covering key audit areas and any 
deficiencies in the control environment covering internal 
financial control, operational, IT, and risk management;
• reports from management on the oversight and progress of 
ongoing work to ensure all aspects of financial reporting are 
compliant with the requirements of differing regulatory 
regimes; and
• the External Auditor’s reports to the Committee.
Accordingly, the Committee confirms its oversight of the process 
for identifying, evaluating, and managing risks faced by the 
Group. The Committee also confirms its oversight of the 
operational effectiveness of the appropriate controls, all of 
which have been in place throughout the year and up to the 
date of approval of the 2024 Annual Report and Accounts, and 
all of which accord with the respective guidance. The Committee 
considered whether any matter required disclosure as a 
significant failing or weakness in internal control during the 
year; no such matters were identified.
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Audit & Risk Committee continued
Misstatements
Throughout the year, management reported to the Committee 
that they were not aware of any material misstatements or 
immaterial misstatements made intentionally to achieve a 
particular result.
External Auditor
PwC were appointed as the Group’s External Auditor on 
demerger in December 2014 and were last re-appointed by 
shareholders at the AGM in May 2024.
The U.K. External Audit team is led by Darryl Phillips (U.K. audit 
partner), who was appointed following the conclusion of the 
2021 year-end audit. The U.S. External Audit team is led by 
Alison Mount (U.S. audit partner), who was appointed following 
the conclusion of the 2023 year-end audit. Both the U.K. and U.S. 
External Audit teams interact on a regular basis to share ideas, 
utilize the work performed between each other where possible, 
and jointly communicate responses to any key matters.
The Committee oversees the work undertaken by the External 
Auditor and is responsible for the development, 
implementation, and monitoring of policies and procedures on 
the use of the External Auditor for non-audit services in 
accordance with professional and regulatory requirements. 
These policies are reviewed to ensure the Group benefits, 
in a cost-effective manner, from the cumulative knowledge 
and experience of the External Auditor while ensuring the 
External Auditor maintains the necessary degree of objectivity 
and independence.
The Committee considers the objectivity and independence of 
the External Auditor regularly throughout the year. It receives 
reports from the External Auditor on its internal quality controls 
and independence rules and considers carefully the extent of 
non-audit services provided. Accordingly, the Committee is of 
the view that the External Auditor was objective and 
independent throughout 2024.
During the year, the Committee continued to meet with the 
External Auditor following Committee meetings, without 
members of management being present, and reviewed key 
issues within their scope of interest and responsibility. Such 
meetings provided a forum for open dialogue and feedback.
External Auditor effectiveness
On behalf of the Board, the Committee is responsible for 
assessing the effectiveness of the audit process. This 
process was in place throughout the year and post year-end 
up to and including the date of approval of the Annual 
Report and Accounts.
In fulfilling its responsibilities in assessing the effectiveness of 
the External Auditor, the Committee reviewed:
• the fulfillment by the External Auditor of the agreed 
audit plan;
• reports highlighting the significant risks and key judgments 
that arose during the audit and their resolution;
• a report from the External Auditor at each Committee 
meeting; and
• fees charged for execution of the external audit.
The FRC’s AQR team routinely monitors the quality of the audit 
work of certain U.K. audit firms through inspections of sample 
audits and related quality processes. The AQR team selected to 
review the Group’s financial statements for the year ended 
December 31, 2023. The AQR provided a copy of its confidential 
report, which was reviewed and discussed by the Committee 
with the External Auditor. The Committee is satisfied there were 
no key findings identified.
The Committee also monitors audit effectiveness by reviewing 
the Audit Quality Implementation reports published by the FRC, 
with particular reference to the FRC 2023/24 Audit Quality 
Inspection and Supervision report into the largest U.K. audit 
firms, published in July 2024. The Committee is also aware of, 
acknowledges, and seeks to implement the FRC Audit 
Committees and the External Audit: Minimum Standard, 
published May 2023 (Minimum Standard).
As in previous years, the Committee received feedback from key 
internal stakeholders in assessing the performance and 
effectiveness of the External Auditor. This assessment was 
undertaken by Lintstock, an independent evaluation 
consultancy, on the quality of the External Auditor’s 
communication, delivery, and interaction with key internal 
stakeholders and included audit work undertaken by the 
External Auditor in relation to the audit of the transition of 
accounting framework from IFRS to U.S. GAAP as a result of the 
transfer of the Group’s primary listing to the U.S.
The results were discussed with the Committee and the External 
Auditor at the Committee meeting held in February 2025. The 
Committee concluded that the overall working relationship with 
the External Auditor was effective and that the audit had been 
undertaken in an independent, constructive, and professional 
manner with appropriate challenge.
To fulfill its responsibilities for oversight of the external audit 
process, the Committee reviewed:
• the terms, remuneration, areas of responsibility, associated 
duties, and scope of the audit as set out in the engagement 
letter with the External Auditor;
• the Minimum Standard to ensure there was nothing of note 
therein that differs from how the Committee operates;
• the overall audit plan and fee proposal;
• key accounting and audit judgments and how the External 
Auditor applied constructive challenge and professional 
skepticism when dealing with management;
• recommendations made by the External Auditor to the 
Committee and the adequacy of management’s response;
• recent and historical performance of the External Auditor in 
relation to the Group’s audits including the quality and 
probity of communication with the Committee;
• the depth of understanding of the Group’s business, 
operations and systems, and accounting policies and 
practices; and
• the demonstration of professional integrity and objectivity to 
rotate and select other key engagement partners at least 
every five years or as otherwise required by applicable law 
or regulation.
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Governance
During the year, the External Auditor challenged management’s 
judgments and assertions regarding:
• U.S. sales rebate adjustments and accruals; and
• focus on management’s forecasts used to support going 
concern and recoverability of assets.
The Committee continues to review annually the appointment of 
the External Auditor, taking into account the External Auditor’s 
effectiveness, independence, and Audit Partner rotation, and 
makes a recommendation to the Board accordingly.
Further details of the responsibilities of the Committee 
regarding the engagement of the External Auditor and the 
supply of non-audit services can be found in the Committee’s 
Charter, which is available on the Group’s website.
External Auditor independence 
Indivior has a formal policy in place to safeguard the 
independence of the External Auditor. The Committee and the 
Chief Financial Officer keep the independence of the External 
Auditor under review, and during the year the Committee 
formally reviewed the independence of the External Auditor and 
believes it remained independent throughout the year. 
Separately, the External Auditor has reported to the Committee 
confirming its independence throughout the year within the 
meaning of the regulations on this matter and in accordance 
with its professional standards.
To fulfill its responsibilities to ensure the independence of the 
External Auditor, the Committee reviewed:
• a report from the External Auditor describing arrangements to 
identify, report, and manage any conflict of interest, and 
policies and procedures for maintaining independence and 
monitoring compliance with relevant requirements; and
• the extent of non-audit services provided by the 
External Auditor.
The Committee has reviewed the nature and level of non-audit 
services undertaken by the External Auditor during the year to 
satisfy itself that there is no effect on its independence.
Non-audit services
The Committee and the Board place great emphasis on the 
objectivity of the Group’s External Auditor in reporting to 
shareholders. The Group’s policy relating to the Provision of 
Non-Audit Services recognizes the criticality of the objectivity 
and independence of the External Auditor and the need to 
ensure independence is not impaired by the provision of non-
audit services.
The Committee, in keeping under review the nature and level 
of non-audit services undertaken by the External Auditor, 
recognizes it may be more beneficial for the External Auditor 
to provide certain services because of its existing knowledge 
of the business or because the information required is a by-
product of the audit process. In these circumstances, the 
External Auditor is permitted to provide certain non-audit 
services where these are not, and are not perceived to be, 
in conflict with its independence.
The Committee considers non-audit services when it is in the 
best interests of the Group to do so, provided they can be 
undertaken without jeopardizing the independence of the 
External Auditor.
The Group’s policy on engagement of the External Auditor states 
that, on an annual basis, non-audit fees by the External Auditor 
must not exceed 70% of the average of the Group’s external 
audit fees billed over the last three-year period. The Group’s 
policy also requires Committee approval of all services prior to 
engagement of the External Auditor, except the Committee Chair 
may approve services costing less than $0.25m. The Chief 
Financial Officer may approve fees less than $0.05m for 
engagement services that have already been pre-approved by 
the Committee.
Total fees charged by the External Auditor during the year were 
$7.6m (2023: $6.0m; 2022: $6.4m), comprising $6.8m (2023: $5.2m; 
2022: $3.6m) for audit services and $0.8m (2023: $0.8m; 2022: 
$2.8m) for audit-related assurance services as set out in Note 4 
to the Group financial statements. The ratio of non-audit fees 
for the year over the last three year’s average audit fee is 19%.
In conclusion, taking into account the nature of the Group’s 
engagement of the External Auditor, the Committee was 
satisfied the External Auditor was independent at all times 
during the year under review.
External Auditor reappointment and audit 
tender process
The Committee has recommended to the Board that PwC be 
proposed for reappointment by shareholders as the External 
Auditor at the AGM in May 2025. PwC has completed its eleventh 
year as External Auditor to the Company. Pursuant to regulatory 
provisions, the external audit contract would ordinarily be put 
out to tender at least every 10 years.
As noted in the 2023 Annual Report and Accounts, the FRC 
granted a two-year extension to the 10-year mandatory tender 
requirement. Management, with oversight by the Committee, 
initiated a competitive tender process in 2024 for the 2026 
year-end audit. Initial discussions with accounting firms 
potentially interested in participating in a competitive tender 
for the 2026 year-end audit have been held. The formal tender 
process will begin in Spring 2025 to allow the Company 
sufficient time to solicit, review, respond to, and appoint the 
audit firm that will provide the highest-quality and most 
effective and efficient audit.
Juliet Thompson
Chair of the Audit & Risk Committee
March 6, 2025
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At December 31, 2024, the membership 
of the Committee was as follows:
Nomination Committee
On behalf of the Board, I am pleased to present the 
Nomination Committee Report for the financial year 
ended December 31, 2024.
There were a number of changes to the Board in 2024 and, 
consequently, the Committee had a full agenda supporting the 
Board with these activities. 
In March, my appointment as a Non-Executive Director was 
announced and I subsequently joined the Board on June 1, 2024. 
My appointment was the culmination of an extensive search 
process that commenced in late 2022, focused on adding 
scientific, biopharmaceutical, and healthcare industry 
experience skills to the Board. Russell Reynolds supported the 
Committee in the search process, which also led to the 
appointment of Dr. Keith Humphreys in November 2023.
In October 2024, we announced that Graham Hetherington had 
informed the Board of his intention to retire at the end of 2024. 
The Committee, led by the Lead Independent Director, Juliet 
Thompson, commenced a comprehensive internal and external 
search process to identify Graham’s successor, supported by 
Egon Zehnder. In January 2025, I was honored to be appointed 
Chair of the Board.
Following engagement with Oaktree Capital Management, L.P. 
(Oaktree), a major shareholder in Indivior, the Board entered 
into a Relationship Agreement with Oaktree in December 2024. 
As part of that agreement, the Board agreed to appoint 
additional independent directors proposed by Oaktree. The 
Committee recommended to the Board the appointment of Joe 
Ciaffoni and Robert Schriesheim as Independent Non-Executive 
Directors with effect from December 16, 2024.
Following Joe and Robert’s appointment, the Company 
continued to work with Oaktree to identify and appoint an 
additional Independent Non-Executive Director. Following a 
recommendation by the Committee, the Board agreed to 
appoint Daniel Ninivaggi as an Independent Non-Executive 
Director effective January 31, 2025. 
Also during the year, we recommended to the Board the 
adoption of a new Committee Charter to replace our Terms 
of Reference, effective January 1, 2025. Whereas the Terms 
of Reference largely reflected the requirements of the 
U.K. Corporate Governance Code (which no longer applies to 
Indivior following the transfer of its primary listing from the U.K. 
to the U.S.), the Charter is more aligned to U.S. best practice. It 
reflects U.S. governance requirements and expectations and will 
support our transition to becoming a U.S. listed domestic filer. 
These, and the Committee’s other activities during the year, are 
described more fully in this report.
In March 2025, we entered into an Amended and Restated 
Relationship Agreement with Oaktree pursuant to which the 
Company agreed to reduce the size of the Board from eleven to 
seven Directors, effective from our AGM in May 2025. Robert 
Schriesheim, Independent Non-Executive Director, stepped 
down from the Board on March 2, 2025.
Consistent with the Company’s switch to a U.S. primary 
listing in 2024, Peter Bains and Jo LeCouilliard, Independent 
Non-Executive Directors, have decided not to stand for 
re-election at our AGM in May 2025 and therefore will step 
down the from the Board effective the close of the AGM. 
Daniel Ninivaggi will take over from me as Chair of the 
Nomination Committee in March 2025 and Barbara Ryan will 
take over from Jo LeCouilliard as Chair of the Compensation 
Committee in May 2025. In due course, we will announce a 
successor to Peter Bains as Chair of the Science Committee.
Dr. David Wheadon
Chair of the Nomination Committee
 Members and meetings
At the invitation of the Committee, the Chief Executive Officer, 
the Chief Human Resources Officer and the Company Secretary 
attended meetings of the Committee.
The Company Secretary is secretary to the Committee.
The Chair of the Committee reports on the activities of the 
Committee at the following Board meeting, and copies of the 
minutes of Committee meetings are circulated to all Directors.
The Committee has delegated authority from the Board, which 
is set out in its Charter, and has authority to appoint search 
consultants and other advisors at its discretion.
  Details of attendance at Committee 
meetings can be found on page 81
• Graham Hetherington (Chair)1
• Peter Bains
• Joe Ciaffoni
• Dr. Keith Humphreys
• Jo LeCouilliard
• Barbara Ryan
• Robert Schriesheim2
• Mark Stejbach
• Juliet Thompson
• Dr. David Wheadon3
1. Graham Hetherington stepped down as Chair of the Committee on 
December 31, 2024.
2. Robert Schriesheim stepped down as an Independent Non-Executive 
Director on March 2, 2025.
3. Dr. David Wheadon was appointed Chair of the Committee on January 1, 2025.
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Governance
 Role and responsibilities
The principal role and responsibilities of the Committee include: 
Board and Committee composition and performance
• Reviewing the structure, size, composition of the Board and 
its Committees and determining whether to recommend the 
addition or removal of individuals consistent with the criteria 
approved by the Board. 
• Reviewing the process for monitoring and evaluating the 
performance and effectiveness of the Board and its Committees.
Board and Committee appointments
• Overseeing the appointment process for Directors and making 
recommendations to the Board regarding appointments to 
the Board and its Committees.
Succession planning
• Overseeing succession plans for the Board, its Committees 
and for senior management, and ensuring that these support 
the development of a diverse pipeline for succession.
Conflicts of interest
• Reviewing and evaluating additional external appointments 
for, and conflicts of interest notified by, the Directors of 
Indivior PLC and making recommendations to the Board. 
• Reviewing and approving external appointments for members 
of the Executive Committee.
Director independence and conflicts of interest
Processes exist for actual or potential conflicts of interest to be 
reviewed and disclosed and to ensure Directors do not 
participate in any decisions where they may have a conflict or 
potential conflict.
 ACTIVITIES DURING THE YEAR
During the year, the Committee considered,  
among other items, the following matters:
Succession planning
Chair
• The Committee oversaw the search process for a new 
Chair following Graham Hetherington’s decision to retire 
from the Board effective December 31, 2024. The Committee, 
led by the Lead Independent Director, Juliet Thompson, 
commenced a comprehensive search process to identify 
Graham’s successor. Egon Zehnder was engaged to support 
the Committee in an extensive internal and external search 
process to identify an individual with significant prior board 
and extensive biopharmaceutical industry experience.
Non-Executive
• The Committee oversaw the search process for a new 
Non-Executive Director to bring additional skills relating to 
biopharmaceutical and healthcare industry experience to 
the Board. This led to the appointment of Dr. David 
Wheadon as an independent Non-Executive Director with 
effect from June 1, 2024. 
• Following engagement with Oaktree, the Board entered into a 
Relationship Agreement with Oaktree in December 2024. 
As part of that agreement, the Board agreed to appoint 
additional independent directors proposed by Oaktree. 
Following consideration of their independence, which 
included consideration of any material relationships, 
including current and former directorships and potential 
conflicts of interest, the Committee recommended to the 
Board the appointment of Joe Ciaffoni and Robert 
Schriesheim as Independent Non-Executive Directors with 
effect from December 16, 2024. 
Board Committee structure and composition
• In light of changes to the Board composition as described 
above, the Committee also considered the membership of 
each Board Committee to ensure an appropriate balance 
of skills, expertise and experience across all Board 
Committees and to ensure that the membership of each 
Board Committee supported Indivior’s transition to the 
requirements of a U.S. listed domestic filer. 
Executive succession
• The Committee received a presentation from the Chief 
Executive Officer and Chief Human Resources Officer on the 
talent assessment of members of the Executive Committee 
and the succession plans in place for each of them.
Conflicts of interest 
• The Committee reviewed and approved an updated 
External Appointments Policy. This policy requires that all 
Directors of Indivior PLC receive approval from the Board, 
and that Executive Committee members receive approval 
from the Committee, prior to accepting an additional 
external appointment. 
• The Committee considered the independence of the  
Non-Executive Directors and their other commitments and 
whether these were likely to give rise to a potential conflict 
of interest. On the recommendation of the Committee, the 
Board confirmed that each of the Non-Executive Directors, 
with the exception of Dr. Tom McLellan (who had served 
for more than nine years) and Jerome Lande (who was a 
representative of Scopia Capital Management LP, a 
shareholder of the Company), remained independent.
• The Committee reviewed the Register of Directors’ 
Conflicts of Interests.
Board and Committee effectiveness review
• The Board undertook a review of the effectiveness of its 
performance and that of its Committees and individual 
Directors during the year. The review was internally 
facilitated by the Chair, supported by the Company 
Secretary and Lintstock, an independent consultancy that 
does not have any other connection with the Company. 
Further information regarding the Board and Committee 
effectiveness review undertaken during the year can be 
found on page 88.
Other
• The Committee reviewed and recommended to the Board 
for approval, a new Charter to replace the Committee’s 
Terms of Reference with effect from January 1, 2025. 
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Governance

Nomination Committee continued
External appointments
The Company’s External Appointments Policy requires that the 
Directors of Indivior PLC receive approval from the Board, 
following a recommendation from the Committee, prior to 
accepting an external appointment.
In reviewing an additional appointment, consideration will be 
given to the Director’s length of tenure, existing commitments, 
the likely time commitment of the new role (having regard to 
“overboarding” guidelines) and if the appointment is likely to 
give rise to a conflict of interest.
Executive Directors may hold one non-executive appointment 
and members of the Executive Committee may hold one 
external appointment subject to the approval of the Committee. 
The Executive Directors do not hold any external directorships.
Approach to succession planning 
When considering succession planning, the Committee takes a 
phased and orderly approach by regularly reviewing short-, 
medium- and long-term Board and Board Committee 
requirements. These activities take into account good practice 
guidelines, the various legal and regulatory requirements 
concerning Board composition, Board and Board Committee 
performance reviews and Indivior’s strategic priorities and 
planned business developments. The aim is to support the 
development of a pipeline of talented people to ensure the 
continuation of Indivior’s success.
When considering Executive Director succession, the Committee 
undertakes an annual review of Executive Committee members’ 
performance, strengths and development opportunities and, 
where appropriate, considers their potential for succession to 
the Board.
The Committee also receives insights from external search firms 
on the external landscape, including the availability of potential 
candidates and the typical lead time from start of search 
to close.
At least annually, the Committee undertakes a review of 
Executive Committee direct reports and considers their 
potential for succession to the Executive Committee. Where 
employees are identified as potential successors, the 
Committee considers their readiness in the near and long term.
Appointments to the Board
There is a formal process in place for the recruitment of new 
Directors. This process will normally include the appointment of 
an external search consultancy to support the Committee in the 
development of a candidate specification, development of long 
and shortlists, conducting of screening interviews and taking 
up references.
Candidate specifications are developed by reference to  
a skills matrix, which is regularly reviewed and updated by 
the Committee.
Prior to recommendation, there is an assessment of the 
proposed Director’s existing commitments and a review is 
undertaken of any actual or potential conflicts. Following these 
steps, the Committee makes a recommendation to the Board 
regarding the appointment of the preferred candidate to the 
Board and relevant Committees. 
Following engagement with Oaktree, the Board entered into a 
Relationship Agreement with Oaktree in December 2024. As part 
of that agreement, the Board agreed to appoint additional 
independent directors proposed by Oaktree. Members of the 
Committee met with Oaktree’s proposed candidates and 
subsequently recommended to the Board the appointment of 
Joe Ciaffoni and Robert Schriesheim as Independent Non-
Executive Directors with effect from December 16, 2024. An 
external search process was not used in connection with these 
appointments. 
Diversity 
The following disclosures are made in compliance with Rule 
7.2.8A of the U.K. Financial Conduct Authority’s Disclosure 
Guidance and Transparency Rules:
Indivior’s approach to diversity is set out in our Code of Conduct 
(Code) and other supporting policies. The Code is available on 
the Group’s website at www.indivior.com. The Code and the 
supporting policies apply to all appointments and the 
commitments set out in the policies are made in accordance 
with U.K. Listing Rule 22.2.30R and other relevant guidance. 
The policies commit Indivior to supporting and furthering talent 
management through:
• targeted sourcing of people from a variety of backgrounds;
• accelerated development of key talent within the 
organization; and
• an ongoing focus on creating an environment that allows all 
of our talented people to prosper.
The Board recognizes the advantages that are derived from 
bringing different perspectives and skills to ensure effective 
decision making. The Board is committed to opportunity 
regardless of personal characteristics. 
All Board and senior management appointments are based on 
merit and objective criteria, seeking to maintain and enhance 
the effectiveness of the Board and senior leadership.
The Committee endeavors to enhance the Board and 
Committees’ overall effectiveness and, within this context, 
considers all factors the Committee deems appropriate, which 
may include minimum individual qualifications, strength of 
character, judgment, independent, cognitive and personal 
strengths, familiarity with the Company’s business and industry, 
and the ability to work collegially, and other factors the 
Committee considers appropriate. Candidate long and shortlists 
for appointments are drawn from a variety of sources and 
include a broad range of characteristics in accordance with the 
Committee’s Charter.
Where appropriate, the Committee engages external search 
firms to assist with Board appointments. Whenever an external 
search firm is used, the mandate includes the development of a 
slate of candidates with a broad range of characteristics.
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Governance
Disclosures required by U.K. Listing Rule 22.2.30R
The tables below set out the diversity data required to be disclosed in accordance with U.K. Listing Rule 22.2.30R:
Gender as at December 31, 2024:
Number of Board 
members
Percentage of 
the Board
Number of 
senior positions 
on the Board 
(CEO, CFO, SID 
and Chair)
Number in 
executive 
management1
Percentage of 
executive 
management1
Men
10
77%
3
8
73%
Women
3
23%
1
3
27%
Not specified/prefer not to say
-
-
-
-
-
Ethnic background as at December 31, 2024:
Number of Board 
members
Percentage of 
the Board
Number of 
senior positions 
on the Board 
(CEO, CFO, SID 
and Chair)
Number in 
executive 
management1
Percentage of 
executive 
management1
White British or other White (including minority-White groups)
12
92%
4
8
73%
Mixed/Multiple Ethnic Groups
-
-
-
1
9%
Asian/Asian British
-
-
-
1
9%
Black/African/Caribbean/Black British
1
8%
-
-
-
Other ethnic group
-
-
-
-
-
Not specified/prefer not to say
-
-
-
1
9%
1. In accordance with the U.K. Listing Rules definition, executive management comprises the Executive Committee. Details of Executive Committee membership 
as at the date of this report can be found on pages 76 to 77.
The above data was collected by each Board and Executive 
Committee member completing a questionnaire on a 
confidential and voluntary basis through which they self-
reported their gender and ethnicity. In each case, the data was 
aligned to the definitions set out in the U.K. Listing Rules.
The Company has selected December 31, 2024 as its chosen 
reference date for the purpose of the above disclosures.
On December 31, 2024, Graham Hetherington, Chair, Jerome 
Lande, Non-Executive Director, and Ryan Preblick, Chief 
Financial Officer, stepped down from the Board. On January 31, 
2025, Daniel Ninivaggi was appointed as an Independent Non-
Executive Director. On March 2, 2025, Robert Schriesheim 
stepped down from the Board. Therefore, as at the date of this 
Annual Report and Accounts, the Board comprises seven men 
(70%) and three women (30%).
As at December 31, 2024, the Company had met two of the three 
diversity targets set out in U.K. Listing Rule 22.2.30R(1):
• At least one senior-level Board position is held by a woman. 
• At least one member of the Board is from a minority 
ethnic background.
The remaining target not yet met by the Company is that at 
least 40% of Board members are women.
As further vacancies arise, compliance with the U.K. Listing Rules 
will remain an area of focus for the Committee.
Dr. David Wheadon
Chair of the Nomination Committee
March 6, 2025
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Governance

At December 31, 2024, the membership 
of the Committee was as follows:
• Mark Stejbach (Chair)
• Juliet Thompson
• Dr. Keith Humphreys
• Graham Hetherington*
• Jerome Lande*
*Graham Hetherington and Jerome Lande retired from the Board 
and as members of the Committee on December 31, 2024.
  Details of attendance at Committee 
meetings can be found on page 81
Compliance, Ethics & Sustainability Committee
On behalf of the Board, I am pleased to present the 
Compliance, Ethics & Sustainability Committee Report 
for the financial year ended December 31, 2024.
This report provides insight into the compliance, ethics, and 
sustainability matters undertaken by the Committee during 
the year. 
The Committee has responsibility for oversight of the Group’s 
Global Integrity & Compliance Program and, in addition, has 
broader responsibility for oversight of the Group’s approach to 
ethical, responsible, and sustainable conduct. This includes 
responsibility for assessing effectiveness of the Group’s Global 
Integrity & Compliance Program and oversight of the Group’s 
Sustainability Framework, which includes the Group’s climate 
change strategy.
Also during the year, we recommended to the Board the 
adoption of a new Committee Charter to replace our Terms of 
Reference, effective January 1, 2025. Whereas the Terms of 
Reference largely reflected the requirements of the U.K. 
Corporate Governance Code (which no longer applies to Indivior 
following the transfer of its primary listing from the U.K. to the 
U.S.), the Charter is more aligned to U.S. best practice. It reflects 
U.S. governance requirements and expectations and will support 
our transition to becoming a U.S. listed domestic filer.
The Committee will continue to work with the Board and 
stakeholders to drive the Group’s strategy of compliant, 
ethical, and sustainable behavior.
Mark Stejbach
Chair of the Compliance, Ethics 
& Sustainability Committee
 Members and meetings
At the invitation of the Committee, the Chief Executive Officer, 
the Chief Legal Officer, and the Company Secretary attended 
meetings of the Committee.
The Chief Integrity & Compliance Officer and the Compliance 
Expert to the Board attend the relevant section of each 
Committee meeting that relates to integrity and compliance 
matters. For part of each meeting, the Committee meets 
privately with the Chief Integrity & Compliance Officer and the 
Compliance Expert to the Board and then also separately meets 
with the Compliance Expert to the Board only.
The Deputy Company Secretary is secretary to the Committee.
The Chair of the Committee reports on the activities of the 
Committee at the following Board meeting, and copies of the 
minutes of Committee meetings are circulated to all Directors.
The Committee has delegated authority from the Board, which 
is set out in its Charter and available to view on the Group’s 
website at www.indivior.com.
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Governance
 Role and responsibilities
The principal role and responsibilities of the Committee include:
Integrity & Compliance
• Overseeing the Group’s Global Integrity & Compliance 
Program, which includes review of compliance program 
standards and resourcing levels, and development and 
maintenance of internal systems and controls to support 
the Group’s policies and procedures relating to 
compliance matters.
• Receiving regular reports from the Chief Integrity & 
Compliance Officer (on at least a quarterly basis) on 
corporate compliance matters.
• Receiving reports on the findings of internal investigations, 
including management’s response, and on any material 
inquiries received from regulators or governmental agencies.
Ethics & Sustainability
• Overseeing the development of the Group’s Sustainability 
Framework and objectives and performance against 
those objectives.
• Reviewing the Group’s performance against environmental 
goals and targets (including greenhouse gas emissions).
• Receiving regular reports from the Chief Strategy & Operating 
Officer and the Chief Manufacturing & Supply Officer (on at 
least a half-yearly basis) on the Group’s approach to ethical, 
responsible, and sustainable conduct.
• Overseeing the development of the Group’s climate change 
strategy and related policies and management systems 
and the disclosure of climate-related information required 
by emissions reporting requirements and other related 
regulations.
• Reviewing sustainability and related environmental, social, 
and governance disclosures (including disclosures 
recommended by the Task Force on Climate-related 
Financial Disclosures).
 ACTIVITIES DURING THE YEAR
During the year, the Committee considered, 
among other items, the following matters:
Integrity & Compliance
Ahead of each meeting, the Committee received the 
Integrity & Compliance dashboards, which showed 
performance across all program areas, including:
• progress against the Integrity & Compliance key strategic 
priorities for the year;
• key program enhancements, including developments to 
policies and process enhancements supported by 
external advisors;
• risk assessments and mitigation plans;
• details of training and workforce education activities;
• field monitoring activities;
• transparency reporting;
• reports received via the Group’s confidential reporting 
hotline (EthicsLine) and subsequent investigations; and
• staffing and resourcing of the Integrity & 
Compliance Department.
To support it in its oversight of the Integrity & Compliance 
Program, the Board appointed an independent consultancy, 
Epsilon Life Sciences, as Compliance Expert to the Board.
Further information regarding the Group’s Integrity & 
Compliance Program can be found on pages 41 to 42.
Ethics & Sustainability
On a half-yearly basis, the Committee received updates on 
progress made on the Group’s ESG and sustainability 
strategy and activities. This included details of key 
milestones achieved in 2024:
• development of a program of regular contact with investors 
and rating agencies, and increased engagement to enable a 
greater understanding of our commitment to sustainability;
• confirmation that the 2023 Sustainability Report, 
published in August 2024, had been proactively shared 
with stakeholders;
• completion of the required double materiality 
assessment with the assistance of third-party advisors;
• progress on the required CSRD-readiness assessment;
• development of an ESG strategy built on three pillars – 
transforming lives through meaningful recovery, growing 
our impact, and living our values and sharing our progress;
• update on sustainability metrics as an Annual Incentive 
Plan modifier; and
• overview of initiatives implemented during the year to 
reduce the Group’s carbon emissions, including:
• installation of solar panels at the Fine Chemical Plant (Hull, 
U.K.);
• continued transition of the commercial sales fleet to 
hybrid vehicles; and
• switch to a more sustainable packaging carton for 
SUBOXONE film.
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103
Governance

At December 31, 2024, the membership 
of the Committee was as follows:
• Peter Bains (Chair)
• Dr. Keith Humphreys
• Barbara Ryan
• Mark Stejbach
• Dr. David Wheadon
  Details of attendance at Committee 
meetings can be found on page 81
Science Committee
On behalf of the Board, I am pleased to present the 
Science Committee Report for the financial year 
ended December 31, 2024.
During the year, the Committee has continued to focus support 
in delivering to the Board the Group’s R&D and Medical Affairs 
and Safety (MA&S) strategies and considered future 
developments in medical science and technology within the 
sphere of substance use disorder. This has given the Committee 
further insight and understanding of the issues encountered in 
areas of substance use disorder and patient treatment.
Also, during the year, we recommended to the Board the 
adoption of a new Committee Charter to replace our Terms of 
Reference, effective January 1, 2025. Whereas the Terms of 
Reference largely reflected the requirements of the U.K. 
Corporate Governance Code (which no longer applies to Indivior 
following the transfer of its primary listing from the U.K. to the 
U.S.), the Charter is more aligned to U.S. best practice. It reflects 
U.S. governance requirements and expectations and will support 
our transition to becoming a U.S. listed domestic filer.
I will be stepping down as an Independent Non-Executive 
Director and as Chair of the Committee effective the close of 
our AGM in May 2025. An announcement on my successor as 
Chair of the Committee will be made in due course. It has been 
a privilege to serve as Chair of the Committee for the past five 
years and I know the Committee will continue to assist the 
Board in pursuing its strategic objectives.
Peter Bains
Chair of the Science Committee
 Members and meetings
During the year, there was a change to the composition of the 
Committee. On June 1, 2024, Dr. David Wheadon was appointed 
as a member of the Committee.
The Committee typically meets before scheduled meetings of 
the Board. At the invitation of the Chair of the Committee, the 
Chief Scientific Officer, Chief Commercial Officer, and Chief 
Strategy & Operating Officer regularly attend meetings of the 
Committee.
The Deputy Company Secretary is secretary to the Committee.
The Committee has delegated authority from the Board, which 
is set out in its Charter and available to view on the Group’s 
website at www.indivior.com.
The Committee has authority to appoint consultants and other 
advisors at its discretion.
The Committee holds a private session at each meeting without 
members of the management team being present.
The Chair of the Committee reports on the activities of the 
Committee at the following Board meeting, and copies of the 
minutes of Committee meetings are circulated to all Directors.
 Role and responsibilities
The principal role and responsibilities of the Committee include:
• Providing assurance to the Board regarding the quality, 
competitiveness, and integrity of the Group’s R&D and MA&S 
activities.
• Reviewing the scientific technology, R&D, and MA&S 
capabilities deployed within the business.
• Assessing the decision-making processes for R&D projects 
and programs, to include a review of benchmarking against 
industry and scientific best practice where appropriate.
Indivior Annual Report and Accounts 2024 |
104
Governance
During the year, the Committee:
• Monitored the strategic priorities of the R&D and MA&S 
teams to ensure continued alignment with the strategic 
objectives of the Group.
• Received detailed presentations, including but not 
limited to SUBLOCADE label updates, data collection 
through the RECOVER long-term study, Phase 4 studies, 
expansion of the U.S. Field Medical team, and the 
integrated use of data and data analytics.
• Received comprehensive briefings on scientific initiatives 
associated with substance use disorder and recovery 
treatments, including but not limited to cravings, rapid 
initiation protocol using buprenorphine in fentanyl-exposed 
individuals, and recovery research encompassing 
pharmacogenetics.
• Received comprehensive updates on 17 due diligence 
workstreams aimed at ranking and recommending the 
best business development opportunities in addiction 
medicine.
• Continued to monitor and review the planning and 
execution of the Group’s Phase 4 clinical studies, 
including SUBLOCADE rapid induction, alternative 
injection sites, long-term recovery outcomes, treatment 
cessation guidance and comparative effectiveness, as 
well as a platform for data integration/sharing with the 
scientific/medical communities (Recovery from OUD 
Open Access Data (ROAD)).
• Reviewed OPVEE post-marketing requirements, real-
world evidence studies, and the investment of Project 
Bioshield funds by the Biomedical Advanced Research 
and Development Authority (BARDA).
• Continued to monitor and review the progress and 
development of the Groupʼs product pipeline strategy 
and early-stage asset development opportunities, 
including:
• INDV-2000: selective Orexin-1 receptor antagonist for 
the treatment of opioid use disorder (OUD), and 
• INDV-6001: three-month long-acting injectable (LAI) 
buprenorphine for the treatment of OUD;
as well concluded on the discontinuation of the 
following pipeline products:
• INDV-1000: selective GABA-B positive allosteric 
modulator for the treatment of alcohol use disorder 
(AUD), 
• AEF0117: cannabinoid-1 negative allosteric modulator 
for the treatment of cannabis use disorder (CUD), 
• INDV-4002: intranasal naltrexone for the treatment of 
AUD, 
• INDV-5004: drinabant for the treatment of acute 
cannabinoid overdose, and
• CT-102: digital therapeutics for the treatment of OUD.
• Reviewed progress of regulatory filings outside the U.S. 
with particular emphasis on SUBOXONE film and 
SUBUTEX PRO.
• Agreed the 2025 real-world evidence and regulatory 
priorities, including new and ongoing studies in support 
of SUBLOCADE, OPVEE, INDV-2000, and INDV-6001.
• Received updates from the Chief Scientific Officer 
on progress of peer-reviewed publications in which 
the Group was involved and approved the 2025 
Peer-Reviewed Publication Plan and 2025 Key 
Conference Presentation Plan.
ACTIVITIES 
DURING 
THE YEAR
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105
Governance

My colleagues on the Compensation Committee and I hope that 
you find the report clear, transparent and informative, and we 
look forward to your support at our AGM on May 8, 2025 
(2025 AGM). 
Remuneration policies and practices
We continued to implement the Directors’ Remuneration Policy 
which was approved by Shareholders at the AGM in 2024 (2024 
Remuneration Policy) with the remuneration philosophy of 
aligning the incentives of senior executives with the Group’s 
strategic priorities. Our 2024 Remuneration Policy was designed 
to support our strategic priorities, the long-term sustainable 
success of the Group, and our purpose of pioneering life-
transforming treatments.
All payments to Directors during the year were made in 
accordance with the 2024 Remuneration Policy.
2024 business performance
The operational results enabled total net revenue to increase 
by 9% to $1,188m and adjusted operating profit to increase by 
16% to $312m.
While the Group did ultimately deliver another year of net 
revenue and adjusted operating profit growth, it was below the 
expectations set at the beginning of 2024.
2024 remuneration outcomes
The Group’s operational results in 2024 resulted in some 
outturn in respect of the 2024 AIP, but no vesting under the 
2022-2024 LTIP. The Committee believes that these outcomes 
accurately reflected the challenging operating environment 
during the year. In considering remuneration outcomes, the 
Committee was highly cognizant of shareholders’ experience 
during the year.
Factoring in the above, the Committee concluded that it was not 
necessary to exercise discretion to override the formulaic 
outcomes under the 2022-2024 LTIP and 2024 AIP.
AIP
The 2024 AIP measures were focused on accelerating the global 
growth of SUBLOCADE, advancing PERSERIS and OPVEE in the 
U.S. and the advancement of pipeline assets. In line with the 
Group’s strategic priorities, the majority of the weighting 
remained focused on SUBLOCADE. The 2024 AIP included a 
modifying metric, which was tied to the achievement of certain 
environmental, social and governance (ESG) objectives.
The Group continued to make solid progress in driving the net 
revenue growth of SUBLOCADE. However, SUBLOCADE’s growth 
was challenged by external transitory pressures impacting our 
U.S. net revenue, including Medicaid patient reductions; funding 
changes among certain criminal justice system customers; a 
cyberattack on a major medical claims processor; and a 
changed market backdrop, with a new competitor to SUBLOCADE 
in the U.S. market. As a result, revenues fell below our 
expectations for the year and consequently did not reach 
threshold vesting for this element. 
ANNUAL REMUNERATION STATEMENT
Dear Shareholders,
On behalf of the Board, I am pleased to present 
our Directors’ Remuneration Report for the financial 
year ended December 31, 2024.
Directors’ Remuneration Report
This report is split into three sections:
• The Annual Remuneration Statement, which 
summarizes the remuneration outcomes in 2024.
 Read more on pages 106 to 108
• The Annual Report on Remuneration, which 
describes how the 2024 Remuneration Policy 
was implemented in 2024.
 Read more on pages 109 to 122
• A summary of the 2024 Remuneration Policy, which was 
approved by shareholders at the AGM on May 9, 2024. 
 Read more on pages 123 to 124
Indivior Annual Report and Accounts 2024 |
106
Governance
During the year, the decision was made to discontinue the 
promotion and marketing support activities relating to PERSERIS 
as a result of market changes that would have made the 
product no longer financially viable. As a result, the 2024 
target for PERSERIS was measured to June 30, 2024 only. The 
remaining weighting was reallocated to the SUBLOCADE and 
OPVEE targets. Based upon the results from January 1, 2024 to 
June 30, 2024 of $23m, the outturn in respect of PERSERIS was 
between threshold and target, resulting in an outturn of 2% of 
the overall AIP.
Outturn in respect of OPVEE was at threshold, resulting in an 
outturn of 1.0% of the overall AIP. For the 2024 AIP, 20% of the 
bonus was based on performance against pipeline KPIs. 
In 2024, 20% of the AIP was based upon performance against 
pipeline KPIs, relating to development milestones in relation 
to INDV-6001, INDV-2000, INDV-1000 and AEF0117. Overall 
outturn in respect of the pipeline KPI measure was 17.5% of 
the overall AIP.
Overall, this resulted in an outturn of 20.5% of the maximum 
bonus payable. All objectives under the ESG modifier were 
achieved or exceeded, resulting in a 1.0 multiplier (i.e., no 
downward adjustment to overall AIP attainment). Further detail 
regarding performance against objectives set under the ESG 
metric can be found on pages 113 and 114.
In line with the 2024 Remuneration Policy, 75% of the 2024 
bonus will be delivered in cash, and 25% will be deferred into 
conditional shares for a period of two years under the 
Deferred Bonus Plan (DBP), subject to continuous employment 
and malus provisions.
LTIP
For LTIP awards granted in 2022, the year ended December 31, 
2024 was the final year of the three-year performance period. 
These awards were subject to two separate measures of equal 
weighting: 1) relative TSR versus the constituents of the FTSE 250 
(excluding investment trusts); and 2) relative TSR versus the 
constituents of the S&P 1500 Pharmaceutical and Biotech Index. 
The Group did not achieve threshold performance in respect of 
the performance measures and consequently there was 0% 
vesting of these awards and they lapsed in full.
The Committee believes that the 2024 Remuneration Policy 
operated as intended and considers that the Executive 
Directors’ remuneration in respect of the 2024 financial year 
was appropriate in the context of the underlying adjusted 
results of the Group and the experience of shareholders and 
the workforce.
Further information regarding the targets and remuneration 
outcomes are set out in the Annual Report on Remuneration on 
page 114.
Implementation of Remuneration Policy for the Executive 
Director in 2025
For the past decade, our approach to Directors’ remuneration 
has been a careful balancing of our position as a U.K. primary 
listed company subject to U.K. governance requirements 
and U.K. investor expectations, alongside our primarily U.S.-
focused business. 
As a result of the relocation of Indivior’s primary listing from the 
U.K. to the U.S., the Committee commenced a comprehensive 
review of our remuneration practices against U.S. market 
practice and a U.S. based peer group in 2024. The outcome of 
that review highlighted that our practices are significantly 
behind U.S. market norms in terms of overall competitiveness, 
both in structure and in quantum. As our highest value market, 
it is imperative for Indivior to have pay arrangements that are 
appropriate, attractive and competitive in comparison with the 
U.S. biopharmaceutical sector with which we compete for talent.
In December 2024, we commenced a consultation with our 
major shareholders to seek their views on making certain 
changes to our 2024 Remuneration Policy to increase the 
appropriateness and competitiveness of our arrangements. The 
changes we proposed at that time were an initial step in 
evolving our pay approach, and our intent was to move towards 
U.S. market norms over a number of years.
On February 27, 2025, we announced the appointment of Joe 
Ciaffoni as Chief Executive Officer, to succeed Mark Crossley who 
is stepping down from the Board this year. Joe is a proven 
public company CEO with more than 30 years of experience in 
pharmaceuticals and biotech, most recently serving as 
President and CEO of Collegium Pharmaceuticals. He has a 
strong track record of operational and strategic success, 
working across diverse models and therapeutic areas spanning 
specialty, rare disease, mass market and hospital.
Joe Ciaffoni’s appointment necessitates the acceleration of our 
move to U.S. market norms and the terms of his appointment 
are subject to, and effective upon, the approval by shareholders 
of a new remuneration policy at the 2025 AGM. We plan to 
discuss the proposed new remuneration policy (proposed 2025 
Remuneration Policy) with our major shareholders in the 
coming weeks. 
Given the timing of these changes, we have therefore 
determined that it is necessary to delay the publication of the 
proposed 2025 Remuneration Policy. For that reason, the 
proposed 2025 Remuneration Policy is not included in this 
report and it is currently intended that it will instead be 
published in our 2025 Notice of AGM. Details of how we intend 
to implement the proposed 2025 Remuneration Policy during 
2025 will also be set out in the 2025 Notice of AGM.
Indivior Annual Report and Accounts 2024 |
107
Governance

Directors’ Remuneration Report continued
Board changes
As announced on February 27, 2025, Mark Crossley will step 
down from the role of Chief Executive Officer and from the 
Board later this year. He is expected to remain as Chief 
Executive Officer until the date of the Company’s AGM in 
May 2025 when he would step down as director. Given the 
appointment of Mr. Ciaffoni as Chief Executive Officer is 
contingent upon approval of a new directors’ remuneration 
policy, to ensure a smooth transition from Mr. Crossley to 
Mr. Ciaffoni, Mr. Crossley’s notice period will commence on 
August 1, 2025 and he will remain an employee until the expiry 
of his notice period on August 1, 2026. A summary of his 
remuneration arrangements on departure is as follows:
• Mr. Crossley will continue to receive salary and benefits 
through the expiry of his notice period.
• The 2024 AIP bonus will be paid at the normally scheduled 
payment time, subject to deferral of 25% of the 2024 AIP 
bonus in line with the 2024 Remuneration Policy.
• He will be entitled to a payment under the 2025 AIP which will 
be based on 1) delivering a smooth transition to his successor 
and 2) achievement of the Group’s net revenue and adjusted 
operating profit targets for H1 2025.
• The LTIP awards granted to him in 2023 and 2024 shall vest 
subject to performance conditions without pro-ration and will 
be released in 2028 and 2029 respectively.
• He will not be eligible to receive an LTIP award in 2025.
Further details of Mr. Crossley’s termination arrangements and 
payments made will be disclosed on the Company’s website and 
in the 2025 Annual Report and Accounts in accordance with the 
relevant regulations.
Consistent with the Company’s move to a primary U.S. listing in 
2024, I have decided not to stand for re-election at this year’s 
AGM and will step down immediately thereafter. I would like to 
take this opportunity to thank shareholders for their valued 
engagement and support during my time as Chair of the 
Compensation Committee. I will be succeeded by Barbara Ryan 
who has been a member of the committee since October 2023. 
I look forward to continuing to worth with Barbara over the 
coming months to ensure a smooth transition.
About this report
This report should be read in conjunction with the 2025 
Notice of AGM, once published, and this report and the 2025 
Notice of AGM together comprise the annual Directors’ 
Remuneration Report.
Jo LeCouilliard
Chair of the Compensation Committee
March 6, 2025
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108
Governance
U.K. Corporate Governance Code: Provision 40
On June 27, 2024, Indivior transferred its listing category on the 
Official List of the U.K. Financial Conduct Authority (FCA) from the 
“Premium Listing (commercial company)” category to the “Standard 
Listing (shares)” category (Listing Transfer). The Listing Transfer took 
effect on June 27, 2024 and this enabled the orderly process to 
relocate the Company’s primary listing from the U.K. to the U.S. on 
that date. On July 29, 2024, the FCA implemented a series of reforms 
to its U.K. Listing Rules which removed the premium and standard 
listing categories and introduced new categories in their place. As a 
result, the Company was mapped to a new “Equity Shares 
(Transition)” category on that date.
From January 1, 2024 to the Listing Transfer on June 27, 2024, as 
a premium listed company, Indivior was required to apply the 
principles and comply or explain non-compliance with the 
provisions of the U.K. Corporate Governance Code 2018 (U.K. 
Code). As a result of the Listing Transfer on June 27, 2024, the 
requirement to apply the U.K. Code fell away. However, 
notwithstanding this, the Company chose to continue to apply 
the principles and comply or explain non-compliance with the 
provisions of the U.K. Code on a voluntary basis during the 
period from June 28, 2024 to December 31, 2024.
When developing and considering the proposed operation of the 
2024 Remuneration Policy in 2024, the Committee was mindful of, 
and feels it has appropriately addressed, the following factors set 
out in the U.K. Code:
Clarity
The Committee welcomes open and frequent dialogue 
with shareholders on our approach to pay. We are 
committed to clear and transparent disclosure on all 
aspects of executive remuneration. 
We wrote to our top shareholders and invited them to 
engage in respect of our 2024 Remuneration Policy.
Simplicity
We believe the remuneration arrangements for Executive 
Directors, as well as those throughout the organization, are 
simple in nature and well-understood by both participants 
and shareholders. The purpose, structure and strategic 
alignment have been clearly laid out in the 2024 
Remuneration Policy.
Risk
The Committee considers that the structure of incentive 
arrangements does not encourage inappropriate risk-taking. 
Performance targets for incentive arrangements are set to 
reward the delivery of the Group’s strategy, which is set in 
line with the Group’s risk appetite.
AIP deferral, the LTIP holding period and our shareholding 
requirement, including post-cessation holding, provide a 
clear link to the ongoing performance of the business and 
the experience of our shareholders. Malus and clawback 
provisions continue to apply to the AIP and LTIP, and are 
governed by the Company’s Malus & Clawback Policy.
Predictability
The 2024 Remuneration Policy contains details of threshold, 
target and maximum opportunity levels under our AIP and 
LTIP, with actual outcomes dependent on the performance 
achieved against predetermined measures and target 
ranges.  
Proportionality
Our performance measures and target ranges under the AIP 
and LTIP are aligned with the Group’s strategy and with 
shareholders’ interests over the longer term.
Under the AIP and LTIP discretion may be applied where 
formulaic outturns are not considered reflective of 
underlying Group or individual performance. The Committee 
exercised discretion in recent years to reduce the outcomes 
under the 2018 AIP, the 2017-2019 LTIP and 2018-2020 LTIP 
to zero.
The Committee reduced the quantum of awards granted 
under the LTIP in 2019 and 2020 to 325% and 225% of base 
salary respectively to mitigate against any potential 
windfall gains. 
Alignment to culture
The 2024 Remuneration Policy was designed to support the 
delivery of the Group’s key strategic priorities and are 
aligned to Indivior’s purpose, values and culture.
As part of the Group’s commitment to a culture of 
compliance and integrity, all employees are required to 
complete mandatory compliance training each year. Timely 
completion of the mandatory training is reflected in the 
governance component of an individual’s personal 
development review (PDR) objectives. This objective also 
includes such things as: adhering to all terms of our 
government agreements, ensuring timely reporting of 
adverse events and prescriber concerns, adhering to our 
Code of Conduct and other policies and procedures, and 
following our “Speak Up” culture for reporting concerns and 
elevating compliance risk. Failure to complete the 
mandatory compliance training or to meet other 
compliance objectives can impact any merit-based salary 
increase and/or annual bonus that may be awarded.
Indivior Annual Report and Accounts 2024 |
109
Governance

Annual Report on Remuneration
This Directors’ Remuneration Report has been prepared in 
accordance with the provisions of the Companies Act 2006 and 
Schedule 8 of the Large and Medium-sized Companies and 
Groups (Accounts and Reports) Regulation 2008 (as amended), 
the U.K. Corporate Governance Code (Code) and the U.K. 
Financial Conduct Authority’s Listing Rules and Disclosure 
Guidance and Transparency Rules.
The following report outlines our remuneration framework and 
how the 2024 Remuneration Policy was implemented in 2024.
This Annual Report on Remuneration, together with the Annual 
Remuneration Statement from the Chair of the Committee, will 
be submitted to an advisory shareholder vote at the 2025 AGM.
There were no deviations from the procedure for the 
implementation of the 2024 Remuneration Policy during the year.
The Compensation Committee
In line with U.S. market practice, the Remuneration Committee 
changed its name to the Compensation Committee on January 1, 
2025. All members of the Committee were considered to be 
independent for the purposes of the Code during the year, with the 
exception of the Chair of the Board, Graham Hetherington, who 
was independent on appointment. Graham Hetherington stepped 
down from the Board and the Committee on December 31, 2024. 
All members of the Committee exercise independent judgment 
and discretion when authorizing remuneration outcomes, and they 
do not have a personal financial interest, other than as 
shareholders, in the matters considered by the Committee. The 
Committee’s Terms of Reference (TOR), which were in effect until 
December 31, 2024, required that the Chair of the Committee 
should have served on a remuneration committee for at least 
12 months prior to appointment. 
During the year, we recommended to the Board the adoption of 
a new Committee Charter to replace the TOR, effective January 1, 
2025. Whereas the TOR largely reflected the requirements of the 
Code (which no longer applies to Indivior following the transfer 
of its primary listing from the U.K. to the U.S. in June 2024), the 
Charter is more aligned to U.S. best practice. It reflects U.S. 
governance requirements and expectations and will support our 
transition to becoming a U.S. listed domestic filer. 
Meetings
Only members of the Committee have the right to attend 
Committee meetings. The Company Secretary acts as secretary 
to the Committee. At the invitation of the Committee, the Chief 
Executive Officer, Chief Human Resources Officer, Global 
Compensation and Benefits Director and the Company Secretary 
attended meetings and provided advice to the Committee. The 
Committee meets with the advisors at each meeting without 
management present.
Members of the Committee and any person attending its 
meetings do not participate in and are not involved in deciding 
their own remuneration outcomes. 
The Chair of the Committee reports on the activities of the 
Committee at the following Board meeting, and copies of the 
minutes of Committee meetings are circulated to all Directors.
As at December 31, 2024 the membership 
of the Committee was as follows: 
• Jo LeCouilliard (Chair)
• Peter Bains
• Graham Hetherington
• Barbara Ryan
• Dr. David Wheadon
Changes during the year: 
• Dr. David Wheadon was appointed a member on 
June 1, 2024. 
• Graham Hetherington stepped down as a member on 
his retirement from the Board on December 31, 2024.
  Details of attendance at Committee  
meetings can be found on page 81
Advice provided to the Compensation 
Committee
The Committee appointed Mercer U.S. LLC (Mercer) (a global 
executive compensation advisory firm) as an advisor in May 
2024 in anticipation of the transfer of Indivior’s primary listing 
to the U.S. in June 2024. The Committee agreed that Deloitte LLP 
(Deloitte), which was appointed as an advisor in December 2014, 
would be retained to support through the transition period. 
Mercer is an independent compensation consultant primarily 
focused on U.S. pay practices and was selected as a result of its 
specific experience in supporting companies who have migrated 
their primary listing from the U.K. to the U.S. Deloitte is a 
member of the Remuneration Consultants Group and, as such, 
voluntarily operates under the code of conduct in relation to 
executive remuneration consulting in the U.K. Fees for advice 
provided to the Committee for the year, charged on a time 
spent basis, were $409k in respect of Mercer and £64.5k in 
respect of Deloitte. Mercer also provided employee benefits 
consulting support in the U.K., Germany and Australia.
Deloitte also provided advisory services supporting climate-
related disclosures as well as other employee and tax-related 
services to the Group during the year. This included payroll 
support for the Non-Executive Directors and tax return 
support in respect of the Executive Directors’ U.S. and U.K. 
taxable income.
The Committee reviews its relationships with its advisors 
periodically and is satisfied that the advice provided by Mercer 
and Deloitte is objective and independent. During the year, the 
Committee reviewed Deloitte and Mercer’s processes and 
internal protocols and concluded that they continued to remain 
objective and independent.
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110
Governance
 Role and responsibilities
Indivior’s remuneration policies and 
practices are designed to promote the 
Group’s purpose and its long-term 
sustainable success. The Committee’s 
role is to assist the Board of Directors in 
fulfilling its oversight responsibility by 
ensuring that its Remuneration Policy 
and practices reward fairly and 
responsibly, are linked to corporate 
performance, and take account of the 
generally accepted principles of good 
governance.
The Committee has delegated authority 
from the Board for determining the 
policy for Executive Director 
remuneration and setting remuneration 
for the Chair, Executive Directors, and 
senior management. This delegated 
authority was set out in the Committee’s 
TOR until December 31, 2024 and is now 
set out in the Committee’s Charter, which 
was adopted by the Committee and 
replaced the TOR with effect from 
January 1, 2025. 
On behalf of and subject to approval by 
the Board, the Committee primarily:
• sets and regularly reviews the Group’s 
overall remuneration strategy;
• determines the Remuneration Policy 
for Executive Directors, the Chair of the 
Board, and senior management;
• in respect of senior management sets, 
reviews, and approves:
• remuneration policies, including the 
Company’s equity-based 
compensation plans;
• individual remuneration and 
compensation arrangements;
• participation in the AIP and LTIP; and
• applicable targets for the AIP and LTIP.
 Key activities during the year
During the year, the Committee:
• Reviewed the Group’s executive remuneration arrangements in line with the 
2021 Remuneration Policy, ahead of considering and submitting the 2024 
Remuneration Policy to shareholders at the 2024 AGM (February).
• Reviewed and approved a standalone Malus & Clawback policy for the 
mandatory recovery of excess incentive-based compensation (February).
• Reviewed performance in respect of the outcome for the AIP for the 2023 
financial year and 2021-2023 LTIP awards (February).
• Approved the 2023 Directors’ Remuneration Report (February).
• Reviewed and approved the targets and measures in respect of the 2024 AIP 
and the 2024-2026 LTIP awards (granted in March 2024) (February).
• Reviewed participation rates for the Group’s all-employee share 
plans (February).
• Considered and approved the appointment of Mercer as a remuneration 
advisor, and considered the independence of its existing remuneration 
advisor, Deloitte (May).
• Considered the design of incentives for 2025, including the structure of the AIP 
and the LTIP (July, September, November).
• Reviewed and approved an updated peer group to align with U.S. market 
practice for remuneration benchmarking (July, September).
• Considered the Committee’s effectiveness and priorities for the forthcoming 
year (September).
• Reviewed and approved amendments to the rules of the LTIP, the DBP, and 
Sharesave plans to incorporate fixed share plan reserves in line with US 
market practice (September).
• Considered Executive Committee remuneration relative to the market 
(September).
• Considered benchmark shareholding requirements and reviewed the progress 
of the Executive Directors and members of the Executive Committee against 
their existing shareholding requirements (September).
• Reviewed workforce remuneration arrangements and related policies and 
their alignment with local market practice and executive remuneration 
arrangements (September).
• Conducted a comprehensive review of remuneration practice against U.S. 
market practice and a U.S. based peer group and developed a revised 
remuneration policy. The proposed changes were discussed with major 
shareholders and feedback from those discussions was considered by the 
Committee (July, September, November).
• Considered and approved Executive Committee salary reviews for 2025 
(November).
• Considered the fees for the incoming Chair, following a benchmarking 
review (November).
• Approved the Committee’s change of name with effect from January 1, 2025 
and approved its new Charter for recommendation to the Board (November).
Indivior Annual Report and Accounts 2024 |
111
Governance

Single total figure of remuneration for the Executive Directors (audited)
The table below sets out the remuneration of the Executive Directors for the financial year ended December 31, 2024, and 
comparative figures for the financial year ended December 31, 2023.
Executive Directors
Mark Crossley
Ryan Preblick4
2024 
$’000
2023 
$’000
2024 
$’000
2023 
$’000
Fixed pay
Base salary
871.7
834.2
539.9
516.7
Taxable benefits1
63.3
64.2
65.0
66.8
Pension benefits
29.3
28.0
29.3
28.0
Total fixed pay
964.4
926.4
634.2
611.5
Variable pay
AIP2
357.4
1,418.1
132.8
527.0
LTIP3
0.0
6,697.0
0.0
4,769.7
Total variable pay
357.4
8,115.1
132.8
5,296.7
Total pay
1,321.8
9,014.6
767.0
5,908.2
Note: Totals may not sum up due to rounding.
1. Taxable benefits included car allowances ($19.5k each for Mark Crossley and Ryan Preblick) and medical cover ($22.3k for Mark Crossley and $32.8k for Ryan Preblick).
2. The AIP is paid 75% in cash, with the remaining 25% deferred into conditional shares for two years under the DBP (subject to continued employment as well 
as malus provisions). Ryan Preblick is not required to defer part of his 2024 bonus as he is no longer an Executive Director.
3. The value of the 2021-2023 LTIP awards, which vested on March 1, 2024, has been updated to reflect the share price (1764.0p) on the vesting date and 
converted to $ using the exchange rate (£1:$1.2655) on the vesting date.
4. Ryan Preblick stepped down as an Executive Director on December 31, 2024. Mr Preblick continues in his role as Chief Financial Officer and he remains a 
member of the Executive Committee.
Base salary (audited)
The Executive Director received a base salary increase of 3.5% effective January 1, 2025. Senior executives were awarded base salary 
increases aligned with those for the wider workforce. The annual base salary for the Executive Director as at January 1, 2025 and 
January 1, 2024 is set out below
Executive Director
Base salary at 
January 1,  
2025 
$’000
Base salary at 
January 1,  
2024
$’000
% increase  
on prior year
Mark Crossley
902.3
871.7
3.5%
Taxable benefits (audited)
Taxable benefits consist primarily of healthcare, car allowance, life and disability insurance and professional support for the 
completion of U.S. and U.K. tax returns.
Pension benefits (audited)
During 2024, Mark Crossley and Ryan Preblick each received pension contributions consisting of profit-sharing contributions of 
$13.8k (4% of eligible compensation) and a Company match of $15.5k (75% on elected deferrals up to 4.5% of eligible compensation) 
as participants of the Indivior Profit Sharing Plan and 401(k) Plan. Contributions were subject to the limits set by the U.S. Internal 
Revenue Service. Executive Directors do not have a prospective entitlement to a defined benefit or cash balance pension by reason 
of qualifying service.
No changes have been made to the pension arrangements of the Executive Director for 2025. The Executive Director’s pension 
benefits remain fully aligned with those of the wider U.S. workforce. 
Directors’ Remuneration Report continued
Indivior Annual Report and Accounts 2024 |
112
Governance
Annual Incentive Plan 
AIP 2024 (audited)
The maximum AIP opportunity for the Chief Executive Officer was 200% of base salary. The maximum AIP opportunity for the Chief 
Financial Officer was 120% of base salary.
The 2024 AIP measures were focused on accelerating the global growth of SUBLOCADE, advancing PERSERIS and OPVEE in the U.S. 
and the advancement of pipeline assets. In line with the Group’s strategic priorities, the weighting remained focused on SUBLOCADE. 
The 2024 AIP included a modifying metric, which was tied to the achievement of certain ESG objectives. The Group continued to 
make solid progress in driving the global growth of SUBLOCADE, however, its continued growth was challenged by external transitory 
pressures. The results fell below our expectations for the year and consequently did not achieve the vesting threshold for this 
element. During the year, the decision was made to discontinue the promotion and marketing support activities relating to PERSERIS 
as a result of market changes that would have made the product no longer financially viable. As a result, the 2024 target for 
PERSERIS was measured to June 30, 2024 only. The remaining weighting was reallocated to the SUBLOCADE and OPVEE targets. Based 
upon the results from January 1, 2024 to June 30, 2024 of $23m, the outturn in respect of PERSERIS was between threshold and target, 
resulting in an outturn of 2% of the overall AIP. Outturn in respect of OPVEE was at threshold, resulting in an outturn of 1.0% of the 
overall AIP.
In 2024, 20% of the AIP was based upon performance against pipeline KPIs, relating to key objectives in respect of the development 
of INDV-6001 (three-month long-acting buprenorphine injectable), INDV-2000 (selective OX1 receptor antagonist), INDV-1000 (GABAB 
positive allosteric modular) and AEF0117 (cannabinoid-1 receptor synthetic signaling specific inhibitor). A total of ten pipeline KPI 
measures were set, nine of which were achieved within the timeframe set, resulting in an outturn of 17.5% of the overall AIP.
The table below provides an overview of the performance against the targets set by the Committee.
Measure
Performance targets
Achieved
Outturn as a % 
of maximum
Weighting
Threshold
Target
Maximum
Global net revenue – SUBLOCADE
63%
$820.0m
$855.0m
$890.0m
$755.8m
0%
U.S. net revenue – PERSERIS
8%
$22.4m
$26.4m
$30.5m
$23.3m
2.0%
U.S. net revenue – OPVEE
9%
$15.0m
$20.0m
$25.0$
$15.2 m
1.0%
Pipeline KPIs
20%
3/10 points
6/10 points
10 points
9/10 points
17.5%
Total
100%
20.5%
In addition, an ESG metric acted as a potential modifier to the AIP, reducing the overall AIP outturn by up to 10% if certain ESG 
targets were not met during the year. ESG metrics focused on how we drove forward our understanding of the disease state and 
created new science to pave the way for an even deeper understanding of patient needs. We honored our commitment to 
maintaining a robust and reasonable approach at all times, and minimized our impact on the environment. 
The ESG targets were as follows:
Pillar
Measure
Achievement
Environmental
Implement initiatives that will lead to 
a reduction in long-term Scope 1 and 
2 carbon emissions.
A number of key carbon emission reduction initiatives were 
implemented through the year. This included the installation of solar 
panels, switch to more sustainable product packaging, and continued 
roll-out of hybrid vehicles in the U.S. fleet. 
Social
Execute on agreed Real-World 
Evidence (RWE) studies and data 
generation plan.
All planned Real World Evidence studies and data generation plans 
were completed in the year.
Social
Execute on agreed 2024 publication 
strategy and presentation at scientific 
conferences.
All targeted submissions of peer-reviewed publications and conference 
presentations were delivered. 
Governance
Maintain compliance with 
Government Agreements and 
promotion of ‘Speak Up’ culture.
Maintained compliance with and achievements against targets relating 
to the ‘Speak Up’ culture, as demonstrated through survey results, 
which were above benchmark.
Overall
Overall performance resulted in a formulaic outturn of 20.5% of maximum. 25% of Mark Crossley’s 2024 AIP bonus payment will be 
deferred into conditional shares for two years under the DBP (subject to continued employment as well as malus provisions)
Indivior Annual Report and Accounts 2024 |
113
Governance

The Committee considered the formulaic outcome to be appropriate in the context of the underlying performance of the business and 
the wider context of the operating environment and our shareholders and stakeholders and therefore did not exercise its discretion.
DBP awards (audited)
In line with the 2024 Remuneration Policy, Executive Directors deferred 25% of their 2023 bonus into conditional shares under the 
DBP. The deferred conditional share awards were granted on March 14, 2024 and vest after two years, subject to continued 
employment as well as malus provisions.
Executive Directors for the year
ended December 31, 2024
Date of grant
No. of shares 
under award
Closing share 
price at date of 
grant
Face value
$’0001
Vesting date
Mark Crossley
Mar 14, 2024
16,959
1631.0p
354.5
Mar 14, 2026
Ryan Preblick2
Mar 14, 2024
6,302
1631.0p
131.7
Mar 14, 2026
1. The face value of the awards was calculated using the average mid-market closing price of Indivior’s shares on the business day immediately preceding the 
date of grant (1633.0p) and converted to $ using the closing exchange rate on the day immediately preceding the date of grant (£1: $1.2802).
2. Ryan Preblick stepped down as an Executive Director on December 31, 2024.
LTIP awards (audited)
2022‑2024 LTIP awards
Conditional awards were granted under the LTIP to Executive Directors on March 1, 2022. These awards were scheduled to vest on 
March 1, 2025.
Executive Directors for the year
ended December 31, 2024
Date of grant
No. of shares 
under award at 
maximum1
Closing share 
price at  
date of grant1
Face value 
$’0002
Performance Period
Vesting date
Release date
Mark Crossley
Mar 1, 2022
175,6993,4
1403.0p
3,224.0
Jan 2022 – Dec 2024
Mar 1, 2025
Mar 1, 2027
Ryan Preblick5
Mar 1, 2022
108,8203,4
1403.0p
1,996.8
Jan 2022 – Dec 2024
Mar 1, 2025
Mar 1, 2027
1. The number of shares under award and closing share price at date of grant have been restated to reflect the Company’s 5:1 share consolidation, which 
became effective on October 10, 2022.
2. The face value of the awards was calculated using the average mid-market closing price of Indivior’s shares on the five business days immediately preceding 
the date of grant (1370.6p) and converted to $ using the closing exchange rate on the day immediately preceding the date of grant (£1:$1.3388).
3. The number of shares awarded to Mark Crossley and Ryan Preblick reflect the maximum LTIP award opportunity of 400% of base salary.
4. Participants are entitled to receive any dividends paid (or cash equivalent of dividends paid) during the vesting and post-vesting holding period when the 
shares are released; no dividends were paid between the date of grant and the date of this report.
5. Ryan Preblick stepped down as an Executive Director on December 31, 2024.
The measures set and performance against those measures for the awards granted to Mark Crossley and Ryan Preblick were 
as follows:
Measure
Weighting of 
award
Outturn (as a % 
of maximum)
Relative TSR vs. the constituents of the FTSE 250 (excluding investment trusts)
50%
0%
Relative TSR vs. the constituents of the S&P 1500 Pharmaceutical and Biotech Index
50%
0%
Outcome
0%
The awards were subject to two separate measures of equal weighting: 1) relative TSR versus the constituents of the FTSE 250 Index 
(excluding investment trusts) and 2) relative TSR versus the constituents of the S&P 1500 Pharmaceutical and Biotech Index. 12.5% of 
the award would vest where Indivior was ranked at median, and 100% of the award would vest where Indivior was ranked upper 
quartile or above, with straight line vesting between media and upper quartile.
The TSR performance period ended on December 31, 2024, and Indivior ranked below median against both indices and consequently 
none of the awards vested. 
Directors’ Remuneration Report continued
Indivior Annual Report and Accounts 2024 |
114
Governance
2024‑2026 LTIP awards
Under the Remuneration Policy, conditional awards with a value of 400% of base salary or a maximum of 300,000 shares may be 
granted to the Executive Directors each year. On March 8, 2024, the Chief Executive Officer and Chief Financial Officer were granted 
conditional awards over shares with a value of 400% of base salary.
Executive Directors for the year 
ended December 31, 2024
Date of grant
No. of shares 
under award at 
maximum1
Closing share 
price at date of 
grant
Face value 
$’000
Performance period
Vesting date
Release date
Mark Crossley
Mar 8, 2024
157,732
1671.0p
3,487.0
Jan 2024–Dec 2026
Mar 8, 2027
Mar 8, 2029
Ryan Preblick2
Mar 8, 2024
97,692
1671.0p
2,159.7
Jan 2024–Dec 2026
Mar 8, 2027
Mar 8, 2029
1. The face value of the awards was calculated using the average mid-market closing price of Indivior’s shares on the five business days immediately preceding 
the date of grant (1728.2p) and converted to $ using the closing exchange rate on the day immediately preceding the date of grant (£1:$1.2792).
2. Ryan Preblick stepped down as an Executive Director on December 31, 2024.
The performance measures for 2024-2026 LTIP awards are as follows:
Measure
Weighting
Rationale for metric
Relative TSR vs. FTSE 250 (excluding 
investment trusts)
50%
Provides alignment with shareholders through the relative outperformance 
of other U.K.-listed companies
Relative TSR vs. S&P 1500 Pharmaceutical 
and Biotech Index
50%
Provides alignment with shareholders through the relative outperformance 
of direct sector peers who are subject to similar market influences
Relative TSR performance against each comparator group will be measured over three financial years (2024-2026). 12.5% of the 
maximum award will vest for Indivior being ranked median in comparison to the respective peer group, and 100% of the maximum 
award will vest for being ranked upper quartile. The award will vest on a straight-line basis between median and upper quartile, 
with no portion of the award vesting if Indivior is ranked below the median of the respective peer group. The 2024-2026 LTIP awards 
are subject to an additional two-year holding period following the end of the three-year performance period.
Malus and clawback
The Committee has the discretion to scale back or cancel any AIP, DBP, or LTIP awards; extend the performance period or defer the 
exercise period prior to the satisfaction of awards or after the end of any relevant holding period in the event: that results are 
materially misstated for part of the performance period applicable to an award; an individual’s conduct has amounted to gross 
misconduct; or, in the event of serious reputational damage to Indivior. Where awards have vested, the Committee has the 
discretion to “claw back” awards or reduce amounts of other payments due to the individual. LTIP awards may be clawed back if a 
trigger event occurs before the later of the second anniversary of vesting (or expiry of holding period, if applicable), and the fifth 
anniversary of the grant date. DBP awards may be clawed back if a trigger event occurs before the second anniversary of vesting. AIP 
payments may be clawed back if a trigger event occurs.
During the year, the Committee reviewed its malus and clawback provisions which were set out in a number of different documents, 
including rules embedded in applicable incentive plan rules, in the Executive Compensation Clawback Policy and in the Executive 
Financial Recoupment Program. To enable the various provisions to be better streamlined and accessible, the Committee adopted a 
standalone Malus & Clawback Policy, which compiled the provisions into one document. In addition to the summary of the malus & 
clawback provisions as set out above, the appendices of the Malus & Clawback Policy comprise the following policies in full:
Indivior PLC Executive Compensation Clawback Policy
The policy requires Indivior to recover incentive-based compensation if: (i) there is a restatement of the Company’s financial 
statements due to material non-compliance with any financial reporting requirement under securities laws, or that would result 
in a material misstatement if not corrected for prior periods; and (ii) a covered executive has received incentive-based 
compensation in excess of what they should have received if such compensation was instead calculated using the corrected 
Company financial statements. 
Executive Financial Recoupment Program
As part of the Group’s Corporate Integrity Agreement with the Office of the Inspector General of the U.S. Department of Health and 
Human Services, an Executive Financial Recoupment Program was implemented in 2020 (Recoupment Program). Under the terms of 
the Recoupment Program, up to two years of performance pay may be put at risk of forfeiture and/or recoupment for certain U.S.-
based executives (which includes serving Executive Directors).
Forfeiture and/or recoupment may be applied in the event that it is determined that there has been a “Triggering Event”; a 
Triggering Event includes significant misconduct (violation of law or regulation or a significant violation of an Indivior policy) related 
to covered activities or significant misconduct related to covered activities by subordinate employees in the business unit for which 
the relevant executive had responsibility that is not an isolated incident and which the relevant executive knew or should have 
known was occurring. Forfeiture and/or recoupment under the Recoupment Program may be applied to awards granted after 
November 20, 2020 and will cease to apply to awards on July 24, 2025 or the date on which the Group’s obligations under the 
Corporate Integrity Agreement expire (if later).
A copy of the Corporate Integrity Agreement can be found on the Group’s website www.indivior.com. 
Indivior Annual Report and Accounts 2024 |
115
Governance

Outstanding share awards under the LTIP and DBP (audited)
Details of conditional awards over shares at December 31, 2024 held by the Executive Directors in office at December 31, 2024 are 
shown below.
Plan
Date of grant
Normal  
Vesting Date1
Normal  
Release Date
No of shares 
under award at 
January 1, 
20242,3
Granted 
during the 
year
Released for 
net settlement 
during the 
year2
Vested and 
released 
during the 
year2
Vested and 
subject to 
holding 
period1,2
Unvested 
awards at 
December 31, 
2024
Performance 
period
Mark Crossley
LTIP
Mar 8, 2024
Mar 8, 2027
Mar 8, 2029
–
157,732
–
–
–
157,732
2024-2026
LTIP
Mar 3, 2023
Mar 3, 2026
Mar 3, 2028
183,271
–
–
–
–
183,271
2023–2025
LTIP
Mar 1, 2022
Mar 1, 2025
Mar 1, 2027
175,699
–
–
–
–
175,699
2022–2024
LTIP
Mar 1, 2021
Mar 1, 2024
Mar 1, 2026
300,000
–
12,300
–
287,700
–
2021–2023
LTIP
Nov 6, 20204
Mar 9, 2023
Mar 9, 2025
30,300
–
–
–
30,300
–
2020–2022
LTIP
Mar 9, 20204
Mar 9, 2023
Mar 9, 2025
394,649
–
–
–
394,649
–
2020–2022
LTIP
Aug 8, 2019
Mar 5, 2022
Mar 5, 2024
5,750
–
2,459
3,291
–
–
2019–2021
LTIP
Mar 5, 2019
Mar 5, 2022
Mar 5, 2024
153,561
–
65,648
87,913
–
–
2019–2021
DBP
Mar 14, 2024
Mar 14, 2026
n/a
–
16,959
–
–
–
16,959
n/a
DBP
Mar 16, 2023
Mar 16, 2025
n/a
18,169
–
–
–
–
18,169
n/a
DBP
Mar 15, 2022
Mar 15, 2024
n/a
19,215
–
8,666
10,549
–
-
n/a
Total
1,280,614
174,691
89,073
101,753
712,649
551,830
Ryan Preblick5
LTIP
Mar 8, 2024
Mar 8, 2027
Mar 8, 2029
–
97,692
–
–
–
97,692
2024-2026
LTIP
Mar 3, 2023
Mar 3, 2026
Mar 3, 2028
113,510
–
–
–
–
113,510
2023–2025
LTIP
Mar 1, 2022
Mar 1, 2025
Mar 1, 2027
108,820
–
–
–
–
108,820
2022–2024
LTIP
Mar 1, 2021
Mar 1, 2024
Mar 1, 2026
213,665
–
8,761
–
204,904
–
2021–2023
DBP
Mar 14, 2024
Mar 14, 2026
n/a
–
6,302
–
–
–
6,302
n/a
DBP
Mar 16, 2023
Mar 16, 2025
n/a
6,752
–
–
–
–
6,752
n/a
DBP
Mar 15, 2022
Mar 15, 2024
n/a
7,140
–
3,220
3,920
–
–
n/a
Total
449,887
103,994
11,981
3,920
204,904
333,076
1. Awards granted to Executive Directors under the LTIP are subject to a two-year post-vesting holding period, after which time the vested shares are released.
2. Where relevant, the number of shares under award has been restated to reflect the Company’s 5:1 share consolidation, which became effective on 
October 10, 2022.
3. Awards granted under the LTIP and the DBP are made in the form of conditional awards over shares. Participants are entitled to receive any dividends paid 
(or cash equivalent of dividends paid) on the number of vested shares between the dates of grant and vesting (or release date for awards subject to a 
post-vesting holding period).
4. Mark Crossley was granted an LTIP award with a value of 225% of base salary in March 2020. He was granted an additional award under the LTIP on November 
6, 2020, to reflect his increased base salary for 2020 following his appointment as Chief Executive Officer. On vesting, a proportion of the awards were released 
to enable the settlement of U.S. social taxes due. The award remains subject to a two-year post-vesting holding period. The holding period will end and the 
vested shares will be released on March 9, 2025.
5. Ryan Preblick stepped down as an Executive Director on December 31, 2024.
Executive Directors’ shareholding and share interests (audited)
Indivior’s remuneration schemes have been designed to promote long-term shareholdings by Executive Directors.
Under the 2024 Remuneration Policy, awards granted under the LTIP are subject to the achievement of stretching performance 
targets measured over a performance period of at least three years and are then subject to a two-year post-vesting holding period. 
In addition, 25% of any annual bonus paid under the AIP is deferred into conditional shares for two years under the DBP.
Aligned with the maximum opportunity under the LTIP, Executive Directors are required to build a shareholding with a value equivalent 
to 400% of base salary or 300,000 shares, whichever is lower. For the purposes of this requirement the following count towards an 
Executive Director’s shareholding: 1) shares held outright by the Executive Director (and where applicable shares held by persons closely 
associated with them); 2) vested LTIP awards that are subject to a post-vesting holding period (adjusted to take account of the estimated 
tax liability arising on release); and 3) unvested DBP awards (adjusted to take account of the estimated tax liability arising on vesting). 
Executive Directors have five years from the date of appointment to their current role in which to achieve this shareholding requirement. 
Members of the Executive Committee are expected to build a shareholding of 150% of base salary within the same time frames.
Directors’ Remuneration Report continued
Indivior Annual Report and Accounts 2024 |
116
Governance
Once the requirement has been met, Executive Directors are not expected to buy additional shares in the open market to rebuild 
their shareholding where the market value of their shares has subsequently reduced as a result of share price decline and/or 
exchange rate fluctuations. In such circumstances, Executive Directors would be expected to retain a proportion of shares arising 
from future vestings or release of shares to rebuild their holding.
The table below shows the shareholding of each of the Executive Directors in office at December 31, 2024 (together with interests 
held by persons closely associated with them) as at December 31, 2024 and, for Mark Crossley, as at the date of this report.
Executive Directors in office for 
the year ended  
December 31, 2024
Number of shares owned outright
LTIP awards
DBP awards
Shareholding 
requirement (% 
of base salary)
Shareholding at 
December 31, 
2024  
(% of base 
salary)1
Date by which 
shareholding 
requirement to 
be achieved2
At March 6,  
2025
At December 31, 
2024
Vested and 
subject to 
two-year 
post-vesting 
holding period 
Unvested and 
subject to 
performance 
conditions and 
continued 
employment
Unvested and 
subject to 
certain 
conditions 
Mark Crossley
97,671
97,671
712,649
516,702
35,128
400%
596%
Achieved
Ryan Preblick3
n/a
68,386
204,904
320,022
13,054
400%
356%
n/a
1. In line with Indivior’s executive shareholding requirements, the Executive Directors’ shareholdings as a % of base salary have been calculated based on the 
aggregate value of: 1) shares held outright; 2) vested LTIP awards that are subject to a post-vesting holding period (adjusted to take account of the estimated 
tax liability arising on release); and 3) unvested DBP awards (adjusted to take account of the estimated tax liability on vesting). Calculations were made using 
the three-month average share price to December 31, 2024 (795.5p); an estimated tax rate of 45% was assumed in calculating the net value of awards where a 
tax liability will arise upon exercise, vest or release.
2. Executive Directors have five years from date of appointment in which to achieve their shareholding requirement.
3. Ryan Preblick stepped down as an Executive Director on December 31, 2024.
Payments to past Directors (audited)
There were no payments to past Directors.
Payments for loss of office (audited)
There were no payments for loss of office.
External appointments
Subject to the prior approval of the Board, Executive Directors are able to accept an external appointment outside the Company. 
The Executive Director does not hold any external appointments.
Review of past performance
Historical TSR performance
The graph below shows the TSR of the Company and the FTSE 250 Index over the period from the Company’s admission to trading 
on the London Stock Exchange’s main market on December 23, 2014, to December 31, 2024. The FTSE 250 Index was selected on the 
basis that the Company was a member of the FTSE 250 Index for the majority of that period.
FTSE 250
Indivior
2014
2019
2015
2020
2016
2021
2017
2022
2018
2023
2024
0
50
100
150
200
250
300
Value (£) (rebased)
Indivior Annual Report and Accounts 2024 |
117
Governance

Chief Executive Officer remuneration
The historical total remuneration for the Chief Executive Officer for the period from January 1, 2015, to December 31, 2024, is set out 
in the table below. The AIP payout and LTIP vesting level as a percentage of the maximum opportunity are also shown.
Shaun  
Thaxter  
2015
Shaun  
Thaxter  
2016
Shaun 
Thaxter 
2017
Shaun  
Thaxter  
2018
Shaun  
Thaxter  
2019
Shaun 
Thaxter1 
2020
Mark 
Crossley1 
2020
Mark 
Crossley 
2021
Mark  
Crossley  
2022
Mark 
Crossley  
2023
Mark 
Crossley 
2024
Single figure of total 
remuneration ($’000)
4,317.9
5,024.8
9,215.7
1,009.6
2,138.7
557.3
760.5
5,185.0
9,974.1
9,041.6
1,321.8
AIP (outturn as a % 
of maximum)
94.5%
94.5%
78.5%
0%
65.5%
0%
0%
88.5%
75.5%
85.0%
20.5%
LTIP (outturn as a % 
of maximum)
93.3%
100%
73.5%
0%
0%
0%
0%
67.8%
100%
100%
0%
1. Mark Crossley was appointed Chief Executive Officer on June 29, 2020. Shaun Thaxter was Chief Executive Officer from the date of the Company’s listing in 2014 
until June 27, 2020.
The Group has fewer than 250 employees in the U.K. and is therefore not required to publish Chief Executive Officer pay ratio 
information as set out by The Companies (Miscellaneous Reporting) Regulations 2018.
Percentage change in the remuneration of Directors and employees
The following table sets out the change in remuneration, excluding LTIP and pension contributions, paid to the Directors who served 
on the Board during the year, compared with the average percentage change for the U.S. employee population since 2020 (2020 to 
2021; 2021 to 2022; 2022 to 2023; and 2023 to 2024). The U.S. employee population has been chosen, as the majority of the Group’s 
employees are based in the U.S.
Change in remuneration of Directors compared to U.S. employee population
Change from 2023 to 2024
Change from 2022 to 2023
Change from 2021 to 2022
Change from 2020 to 2021
Base 
salary/ 
fees
Taxable 
benefits
Annual 
bonus
Base 
salary/
fees
Taxable 
benefits12
Annual 
bonus
Base 
salary/
fees
Taxable 
benefits
Annual 
bonus
Base 
salary/
fees
Taxable 
benefits
Annual 
bonus
U.S. Employee Population1,2
4.5%
(2.3)%
(54.0)%
6.8%
(7.0)%
23.1%
3.6%
14.2%
(7.23)%
1.0%
(11.0)%
106%
Executive Directors
Mark Crossley3
4.5%
(1.3)%
(74.8)%
3.5%
5.9%
16.5%
4.0%
12.8%
(11.3)%
14.8%
(12.5)%
n/a
Ryan Preblick4
4.5%
(2.7)%
(74.8)%
3.5%
13.2%
16.5%
4.0%
14.6%
(11.3)% 766.7%
711.9%
n/a
Non-Executive Directors
Peter Bains
8.6%
55.8%
–
2.9%
n/a
–
0%
–
–
0%
–
–
Joe Ciaffoni10
n/a
n/a
–
–
–
–
–
–
–
–
–
–
Dr. Keith Humphreys5,11
n/a
n/a
–
n/a
n/a
–
–
–
–
–
–
–
Jo LeCouilliard
18.8% 106.6%
–
6.7%
n/a
–
29.4%
–
–
–
–
–
Barbara Ryan
18.8%
72.6%
–
n/a
n/a
–
–
–
–
–
–
–
Mark Stejbach
27.3%
78.5%
–
10.0%
n/a
–
29.4%
n/a
–
–
–
–
Juliet Thompson7
24.3%
54.6%
–
8.8%
n/a
–
32.2%
–
–
–
–
–
Dr. David Wheadon6
n/a
n/a
–
–
–
–
–
–
–
–
–
–
Retired Directors
Graham Hetherington9
0%
31.7%
–
0%
n/a
–
0%
–
–
157.5%
–
–
Jerome Lande9
2.5%
65.3%
–
(2.4%)
n/a
–
19.3%
n/a
–
–
–
–
Dr. A. Thomas McLellan8
n/a
n/a
–
3.3%
n/a
–
0%
n/a
–
0%
(100)%
–
Robert Schriesheim10,11
n/a
n/a
–
–
–
–
–
–
–
–
–
–
1. Indivior PLC is not an employing company and therefore the remuneration of the U.S employee population (on a full-time equivalent basis) has been 
included as the comparator group as this is where the majority of the Group’s employees are based.
2. The average merit increase for 2024 was 4.5%.
3. Further details of Mark Crossley’s remuneration arrangements can be found on page 112.
4. Further details of Ryan Preblick’s remuneration arrangements can be found on page 112.
5. Dr. Keith Humphreys was appointed to the Board on November 9, 2023.
6. Dr. David Wheadon was appointed to the Board on June 1, 2024.
7. Juliet Thompson was appointed Senior Independent Director on October 1, 2023.
8. Dr. A. Thomas McLellan retired from the Board on February 29, 2024.
9. Graham Hetherington and Jerome Lande stepped down from the Board on December 31, 2024.
10. Joe Ciaffoni and Robert Schriesheim were appointed to the Board on December 16, 2024.
11. Robert Schriesheim stepped down from the Board on March 2, 2025.
12. “n/a” refers to a nil value or part-year in the previous year which means that a year-on-year change cannot be calculated.
13. Benefits provided to Non-Executive Directors comprised the grossed-up cash value of travel and subsistence costs incurred in the normal course of business. 
in relation to attendance at Board meetings and in fulfilling their roles, and the cost of providing professional support for the completion of U.K. tax returns 
for U.S. tax residents. A directly comparable percentage change for 2023 compared to 2022 is not possible. The amount of taxable benefits received by Non-
Executive Directors in 2024 is shown on page 120. 
Directors’ Remuneration Report continued
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118
Governance
Workforce remuneration and engagement on executive remuneration
In September 2024, the Committee undertook a review of the remuneration arrangements and related policies for the wider 
workforce. This comprised a review of the Group’s core compensation programs, including the base salary merit increase process, 
benefits, and short- and long-term incentive arrangements. Variable remuneration schemes are designed to drive performance and 
behaviors consistent with the Group’s purpose, values and strategy. Performance measures under the AIP are designed to align to 
the key strategic drivers for the year ahead and are developed alongside the Group’s annual financial plans. Performance measures 
for awards granted to senior leaders under the LTIP are subject to relative TSR measures and are therefore directly aligned with the 
interests of shareholders.
The Committee did not consult with employees on executive remuneration in respect of the 2024 financial year as no changes were 
made to executive remuneration arrangements.
 Further information on workforce engagement can be found on page 86.
Relative importance of spend on pay
The following table shows total employee pay compared with shareholder distributions and research and development expenses 
for 2024 and 2023. Research and development expenses have been selected as a comparator as this measure is considered to be an 
indicator of investment in the future performance of the business.
2024 
$m
2023 
$m
% change
Total employee pay1
319
309
3%
Shareholder distributions2,3
168
33
409%
Research and development expenses4
142
106
34%
1. See Note 5 to the financial statements on page 153 for further information regarding employee costs. 
2. In line with the Dividend Policy approved by the Board in 2016, there were no dividends paid in respect of the 2023 and 2024 financial year. 
3. The Group commenced a share repurchase program of up to $100m or 13,632k shares in November 2023 which continued into 2024. From January 1, 2024 to 
August 2, 2024, the Company repurchased and canceled 4,532k shares. A further share repurchase program of up to $100m commenced immediately 
thereafter. Under this program, from August 5, 2024 to December 31, 2024, the Company repurchased and canceled 8,547k shares. See Note 23 to the financial 
statements on page 174 for further information regarding share capital.
4. See Note 4 to the financial statements on page 152 for further information regarding research and development expenses.
Share plan limits
The rules of Indivior’s share plans provide that awards can be satisfied by newly issued shares, the transfer of treasury shares, or 
existing shares (purchased in the market and held in an employee benefit trust).
Awards granted prior to the transfer of the Company’s primary listing to Nasdaq in June 2024 remain subject to U.K. dilution limits. 
Under those limits, the aggregate number of shares that may be issued to satisfy awards made under those plans must not exceed 
10% of the Company’s issued share capital in any 10-year period.
Awards granted after the transfer of the Company’s primary listing to Nasdaq are subject to share reserves that may be utilized in 
connection with the plans. 
Indivior Annual Report and Accounts 2024 |
119
Governance

Single total figure of remuneration for the Chair and Non-Executive Directors (audited)
The table below sets out the total remuneration received by the Chair and the Non-Executive Directors for the year ended December 
31, 2024.
Role as at December 31, 2024
2024 
Fees 
’0001
2023 
Fees 
’0001
2024  
Benefits  
’0002
2023  
Benefits  
’0002
2024  
Total  
’000
2023  
Total  
’000
Peter Bains3
Independent Non-Executive Director
£95.0
£87.5
£4.3
£2.8
£99.3
£90.3
Joe Ciaffoni12
Independent Non-Executive Director
$4.0
–
–
–
$4.0
–
Dr. Keith Humphreys5
Independent Non-Executive Director
$122.7
$17.8
$8.7
–
$131.4
$17.8
Jo LeCouilliard3,6
Independent Non-Executive Director
£95.0
£80.0
£4.9
£2.3
£99.9
£82.3
Barbara Ryan3,7
Independent Non-Executive Director
$137.1
$115.5
$9.5
$5.5
$146.6
$121.0
Mark Stejbach3,8
Independent Non-Executive Director
$151.6
$119.0
$10.8
$6.1
$162.4
$125.1
Juliet Thompson3,9
Senior Independent Director
£115.0
£92.5
£4.5
£2.9
£119.5
£95.4
Dr. David Wheadon11
Independent Non-Executive Director
$71.6
–
$4.9
–
$76.5
–
Retired Directors
Graham Hetherington3, 13
n/a
£275.0
£275.0
£7.7
£5.8
£282.7
£280.8
Jerome Lande3,4,13
n/a
$99.8
$97.4
$9.3
$5.6
$109.1
$103.0
Dr. A. Thomas McLellan3,10
n/a
$20.4
$111.9
–
$8.5
$20.4
$120.4
Robert Schriesheim12,14
n/a
$4.0
–
–
–
$4.0
–
Note: Totals may not sum up due to rounding.
1. Fees paid to the Chair and the Non-Executive Directors are paid in their local currency. In 2016, a fixed exchange rate (GB£1:US$1.4434) was applied to 
translate U.K. amounts into U.S. dollars, effectively setting fees at that time, on both a U.K. and U.S. basis.
2. Benefits comprise the grossed-up cash value of travel and subsistence costs incurred in the normal course of business in relation to attendance at Board 
meetings held in the U.K. and in fulfilling the Non-Executive Director’s role, and the cost of providing professional support for the completion of U.K. tax 
returns for U.S. tax residents. These costs were translated to US$ using the average exchange rate for the 2024 financial year (GB£1:US$1.278). 
3. The Chair and the Non-Executive Directors were appointed to the newly formed Nomination Committee on October 1, 2023.
4. Jerome Lande stepped down as a member of the Nomination Committee on May 31, 2024.
5. Dr. Keith Humphreys was appointed as an Independent Non-Executive Director and as a member of the Compliance, Ethics & Sustainability, Nomination, and 
Science Committees on November 9, 2023. He had no taxable benefits during 2023.
6. Jo LeCouilliard was appointed as Chair of the Compensation Committee on October 1, 2023.
7. Barbara Ryan was appointed as a member of the Compensation Committee on October 1, 2023. 
8. Mark Stejbach was appointed as a member and Chair of the Compliance, Ethics & Sustainability Committee on October 1, 2023. 
9. Juliet Thompson was appointed as Senior Independent Director on October 1, 2023. The role of the Senior Independent Director was redesignated as the Lead 
Independent Director with effect from January 1, 2025.
10. Dr. A. Thomas McLellan stepped down from the Board on February 29, 2024.
11. Dr. David Wheadon was appointed as an Independent Non-Executive Director and a member of the Nomination, Compensation, and Science Committees on 
June 1, 2024. He was appointed Chair of the Board on January 27, 2025.
12. Joe Ciaffoni and Robert Schriesheim were appointed as Independent Non-Executive Directors and members of the Nomination Committee on December 16, 2024.
13. Graham Hetherington and Jerome Lande stepped down from the Board on December 31, 2024.
14. Robert Schriesheim stepped down from the Board on March 2, 2025.
Directors’ Remuneration Report continued
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120
Governance
Chair and Non-Executive Directors’ fees (audited)
The current fee levels for the Chair and Non-Executive Directors are set out in the table below.
Fee in 
£1
Fee in 
$1
Chair fee2
n/a
$500,000
Non-Executive Director fee
£55,000
$79,387
Additional Senior Independent Director fee
£20,000
$28,868
Additional Committee Chair fee
£20,000
$28,868
Additional Committee membership fee
£10,000
$14,434
1. Fees paid to the Non-Executive Directors are paid in their local currency. In 2016, a fixed exchange rate (£1:$1.4434) was applied to translate U.K. amounts into 
U.S. dollars, effectively setting fees at that time, on both a U.K. and U.S. basis.
2. The fee paid to the Chair of the Board was increased to $500k with effect from the appointment of Dr. David Wheadon as Chair on January 27, 2025. He does 
not receive additional fees for being a member of a Committee or for chairing any Committee.
The fees paid to the Non-Executive Directors were determined at the time of the Company’s listing on the London Stock Exchange in 
2014 and have not been increased since that time. The Chair and Non-Executive Directors’ fees were reviewed in November 2024. 
The Compensation Committee agreed that the fee for the new Chair would be set at $500k from the time of appointment, aligning 
with U.S. benchmarks.
The Chair and the Non-Executive Directors are not eligible to participate in the Company’s AIP, LTIP, or pension schemes. 
Chair and Non-Executive Directors’ share interests (audited)
The Chair and Non-Executive Directors are expected to acquire an interest in Indivior shares over the course of their appointment. 
The following table shows the shareholdings of the Chair and Non-Executive Directors (together with the interests of persons closely 
associated with them) as at December 31, 2024 (or up to the date they stepped down from the Board, if earlier) and as at the date of 
this report1.
Total number of 
shares held at 
March 6, 20251
Total number of 
shares held at 
December 31, 
2024
Total number of 
shares held at 
December 31, 
2023
Peter Bains
10,800
10,800
10,800
Joe Ciaffoni2
56,000
–
n/a
Dr. Keith Humphreys
2,379
2,379
1,604
Jo LeCouilliard
1,490
1,490
–
Barbara Ryan
–
–
–
Mark Stejbach
13,924
13,924
12,584
Juliet Thompson
3,850
3,850
–
Dr. David Wheadon3
10,000
–
n/a
Retired Directors 
Graham Hetherington4,6
n/a
21,651
20,301
Jerome Lande4
n/a
63
63
Dr. A. Thomas McLellan5 
n/a
1,509
1,509
Robert Schriesheim2,7
n/a
21,400
n/a
1. Daniel Ninivaggi was appointed as an Independent Non-Executive Director on January 27, 2025. He held 15,000 shares as at March 6, 2025.
2. Joe Ciaffoni and Robert Schriesheim were appointed as Independent Non-Executive Directors on December 16, 2024.
3. Dr. David Wheadon was appointed as an independent Non-Executive Director on June 1, 2024 and as Chair of the Board on January 27, 2025.
4. Graham Hetherington and Jerome Lande stepped down from the Board on December 31, 2024.
5. Dr. A. Thomas McLellan retired from the Board on February 29, 2024. His interests during the year are shown as at that date.
6. The number of shares held by Graham Hetherington at December 31, 2023 has been restated to correct a discrepancy of five shares identified during the year.
7. Robert Schriesheim stepped down from the Board on March 2, 2025.
Indivior Annual Report and Accounts 2024 |
121
Governance

Executive Directors’ service agreements
The Executive Directors in office at December 31, 2024 have service agreements that set out the contract between them and 
the Group.
Date of appointment
Notice period  
from Group
Notice period  
from individual
Expiry of  
current term
Mark Crossley
June 2020
12 months
12 months
Rolling contract
Ryan Preblick1
November 2020
12 months
12 months
Rolling contract
1. Ryan Preblick stepped down as an Executive Director on December 31, 2024.
Chair and Non-Executive Directors’ letters of appointment
The terms of service of the Chair and the Non-Executive Directors are contained in letters of appointment. In accordance with the 
Corporate Governance Guidelines adopted by the Board with effect from January 1, 2025, the Chair and Non-Executive Directors are 
subject to election or re-election by shareholders at each Annual General Meeting. Neither the Chair nor the Non-Executive 
Directors are entitled to receive compensation for loss of office.
The table below sets out the dates of appointment of the Chair and the Non-Executive Directors and their length of service as at 
December 31, 2024.
Date of appointment
Length of Service  
at December 31,  
2024
Notice Period
Peter Bains
August 1, 2019
5
1 month
Joe Ciaffoni
December 16, 2024
<1
1 month
Graham Hetherington1
November 1, 2019
5
1 month
Dr. Keith Humphreys
November 9, 2023
1
1 month
Jerome Lande2
March 24, 2021
3
1 month
Jo LeCouilliard
March 24, 2021
3
1 month
Barbara Ryan
June 1, 2022
2
1 month
Robert Schriesheim3
December 16, 2024
<1
1 month
Mark Stejbach
March 24, 2021
3
1 month
Juliet Thompson
March 24, 2021
3
1 month
Dr. David Wheadon
June 1, 2024
<1
1 month
1. Graham Hetherington was appointed Chair of the Board in November 2020. He stepped down from the Board on December 31, 2024.
2. Jerome Lande’s appointment was subject to the terms of the Relationship Agreement between the Company and Scopia Capital Management LP. He stepped 
down from the Board on December 31, 2024.
3. Robert Schriesheim stepped down from the Board on March 2, 2025. 
Shareholder vote for the 2024 Remuneration Policy and 2023 Directors’ Remuneration Report
The table below sets out the voting outcome at the AGM held on 9 May 2024:
Resolution
Votes for
Votes for (%)
Votes against Votes against (%)
Votes withheld 
(abstentions)
Approve the 2023 Directors’ Remuneration Report1
81,895,483
96.05%
3,368,205
3.95%
36,863
Approve the 2024 Remuneration Policy2
82,968,417
97.29%
2,312,684
2.71%
19,450
1. Advisory vote. 
2. Binding vote. 
Directors’ Remuneration Report continued
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122
Governance
Summary Remuneration Policy
This section of the report sets out a summary of the 2024 Remuneration Policy that was approved by shareholders at the AGM on 
May 9, 2024 and became effective on that date. The full Policy can be found in the Directors’ Remuneration Report in the 2023 
Annual Report on the Company’s website at www.indivior.com.
Summary Policy table – Executive Directors
Remuneration 
element
Overview
Base salary
Base salaries are normally reviewed annually, with any increase normally being applied with effect from 
January 1 each year. Base salary levels/increases take account of: the scope and responsibility of the role; 
progression within the role; individual and overall business performance; salary increases awarded across 
the Group as a whole; and the competitive practice in the Group’s remuneration peer group.
Pension benefits
Executive Directors may receive contributions into a defined contribution scheme, a cash allowance, 
pension benefits in the form of profit-sharing contributions into the U.S. qualified 401(K) plan, Group 
matching on 401(K) elected deferrals, or a combination thereof.
Maximum levels of contributions for Executive Directors will be in line with the rates currently available to 
the wider workforce in the Executive Director’s local market.
Benefits
Executive Directors may receive various market-competitive benefits, which may include: a company car (or 
cash equivalent), travel allowance, private medical and dental insurance, travel accident policy, and 
disability and life assurance. Where appropriate, other benefits (including the tax thereon) may be provided 
to take account of individual circumstances, such as but not limited to expatriate allowances, relocation 
expenses, housing allowance and education support. The Company provides Directors’ and Officers’ liability 
insurance, and an indemnity to the extent permitted by law.
Annual Incentive 
Plan (AIP)
Performance is assessed on an annual basis with measures and targets normally set by the Committee at 
the start of the performance year. At the end of the performance year, the Committee determines the 
extent to which these have been achieved.
Bonuses are paid after the end of the performance year. Normally, 75% of the annual bonus is delivered in 
cash and 25% is deferred into shares. During the deferral period, which is usually a period of two years, 
deferred share awards are subject to continued employment and may be reduced or canceled in certain 
circumstances. Dividends or equivalents may be paid, normally in the form of additional shares, on 
deferred share awards up to the end of the deferral period, where relevant.
The Committee has discretion to adjust the formulaic bonus outcomes both upward and downward 
(including to zero) taking into account factors including, but not limited to, the underlying performance of 
the Group.
The maximum annual bonus payable under the AIP is 200% of base salary.
Long‑Term 
Incentive Plan (LTIP)
Awards under the LTIP may consist of grants of conditional share awards, nil cost options or market-value 
share options which normally vest subject to the achievement of stretching performance targets measured 
over a performance period of at least three years. Awards granted to Executive Directors are subject to an 
additional holding period following the performance period. For awards with a three-year performance 
period, this holding period will normally be two years.
The LTIP opportunity is reviewed annually with reference to market data and the associated cost to the 
Group is calculated using an expected value methodology. The performance conditions are reviewed before 
each award cycle to ensure they remain appropriate and targets are suitably stretching. In accordance with 
the terms of the LTIP, performance conditions applicable to subsisting awards may be amended if the 
Committee reasonably considers it appropriate, provided that the amended performance conditions are 
not materially easier or more difficult to satisfy than when originally set.
Dividends or dividend equivalents may be paid, normally in the form of additional shares, on LTIP awards 
that vest up to the end of the post-vesting holding period, where relevant.
The Committee has discretion to adjust the formulaic LTIP outcomes both upward and downward (including 
to zero) taking into account factors including, but not limited to, the underlying performance of the Group.
The maximum annual award that may be made to any individual in respect of any financial year will be the 
lower of 300,000 shares and 400% of base salary.
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Governance

Remuneration 
element
Overview
Shareholding 
guidelines
Executive Directors are expected to acquire a significant number of shares over a period of five years of the 
date of appointment to their current role and retain these until retirement from the Board of Directors. The 
shareholding requirement is the lower of 300,000 shares or the number of shares equivalent to 400% of 
base salary for the Executive Directors, in line with the overall LTIP maximum annual opportunity. This is 
generally expected to be achieved within five years of the date of appointment.
Executive Directors are also required to hold Indivior shares equal to their in-post shareholding 
requirement (or actual shareholding if lower) for two years post departure.
Executive Directors are also subject to a post-cessation shareholding policy. Executive Directors will 
normally be expected to maintain a holding of Indivior shares at a level equal to the lower of the in-post 
shareholding guideline or the individual’s actual shareholding for a period of two years from the date the 
individual ceases to be a Director. The specific application of this shareholding policy will be at the 
Committee’s discretion. The Committee has the discretion to waive this requirement in certain 
circumstances (e.g. compassionate circumstances).
All‑employee share 
plans
Executive Directors may participate in all-employee share plans offered by the Group on the same basis as 
is offered to the Group’s other eligible employees. Maximum opportunity for awards will be in line with the 
savings limits set by local regulations.
This report was approved by the Board and signed on its behalf by:
Jo LeCouilliard
Chair of the Compensation Committee
March 6, 2025
Directors’ Remuneration Report continued
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Governance
Directors’ Report
The Directors present their Annual Report and 
Accounts which includes the audited Group financial 
statements and audited Parent Company financial 
statements for the year ended December 31, 2024.
The Directors’ Report on pages 125 to 128 which includes the 
Corporate Governance disclosures on pages 72 to 124, together 
with the Strategic Report on pages 1 to 71, when taken together 
constitute the management report as required by Rule 4.1.8R of 
the U.K. Financial Conduct Authority’s (FCA) Disclosure Guidance 
and Transparency Rules (DTRs).
The Statement of Directors’ Responsibilities on page 129 is 
incorporated into the Directors’ Report by reference.
The following information, fulfilling the further disclosure 
requirements contained in the Companies Act 2006, Schedule 7 
of the Large and Medium-Sized Companies and Groups 
(Accounts and Reports) Regulations 2008 and the DTRs, 
has been included elsewhere within the Annual Report 
and Accounts and is incorporated into the Directors’ Report 
by reference:
Disclosure
Location
Principal activities
Note 1 to the Group 
financial statements
Corporate governance 
statement 
Corporate Governance 
(page 78)
Business review
Strategic Report (pages 
14 to 70)
Future business developments 
and R&D activities
Strategic Report (pages 1 to 71)
Greenhouse gas emissions
Strategic Report (pages 
43 to 44)
Employee engagement 
Strategic Report (page 38)
Financial risk management
Note 15 to the Group 
financial statements 
Results and dividends
The consolidated income statement is on page 139.
The net loss for the financial year attributable to shareholders’ 
equity amounted to $48m (2023: $2m profit).
In line with the Board’s approved dividend policy, the Directors 
do not recommend payment of a dividend in respect of the 
financial year ended December 31, 2024.
Directors and their interests
The Directors of the Company who served during the financial 
year ended December 31, 2024, and up to the date of signing 
the financial statements, appear on pages 74 and 75. 
On December 31, 2024, Graham Hetherington, Jerome Lande 
and Ryan Preblick stepped down from the Board. 
Ryan remains as the Company’s Chief Financial Officer. 
Details of Directors’ interests (and those of their Persons Closely 
Associated) in the Company’s ordinary shares, including any 
interest in share awards and long-term incentive plans, are set 
out in the Directors’ Remuneration Report on pages 106 to 124.
Powers of Directors
The Directors are responsible for managing the business 
of the Company and may exercise all the powers of the 
Company, subject to the provisions of the Company’s Articles 
of Association in respect of the liability incurred as a result 
of their office. Powers relating to the issuing of shares are also 
included in the Articles of Association, and such authorities 
are put to shareholders for renewal at the AGM each year.
Appointment and replacement of Directors
The Company’s Articles of Association give the Directors 
power to appoint and replace Directors. Under the provisions 
of the Nomination Committee Charter, any appointment 
will be recommended by that Committee for approval 
by the Board of Directors.
The Articles of Association require Directors to retire 
and submit themselves for reappointment at the first 
AGM following their appointment. The Articles also require 
all Directors who have held office at the date of the two 
preceding AGMs and who did not retire at either of them 
to submit themselves for reappointment at the AGM. 
Notwithstanding these provisions of the Articles of Association, 
and in line with previous years, all Directors wishing 
to continue in office will offer themselves for reappointment 
by shareholders at the 2025 AGM, namely Dr. David Wheadon, 
Joe Ciaffoni, Dr. Keith Humphreys, Daniel Ninivaggi, Barbara 
Ryan, Mark Stejbach and Juliet Thompson. 
Details of Directors’ service contracts and length of service 
are set out in the Directors’ Remuneration Report on page 122.
Director indemnities and insurance cover
In accordance with the Articles of Association, the Company 
has granted its Directors an indemnity to the extent permitted 
by law, in respect of the liability incurred as a result of their 
office. This indemnity was in place for Directors that served 
during 2024 and also for each serving Director as at the date 
of approval of this report. Also, throughout the year, 
the Company purchased and maintained Directors’ and Officers’ 
liability insurance for its Directors and Officers, which remained 
in force at the date of the approval of the Directors’ Report. 
Neither the qualifying third-party indemnity nor the insurance 
provides cover in the event that a Director is found to have 
acted dishonestly or fraudulently.
Articles of Association
The Company’s Articles of Association may be amended 
by special resolution of the shareholders. A resolution 
to amend the Articles of Association will be put to the 2025 
AGM. A summary of the proposed changes to the Articles 
of Association can be found in the 2025 AGM Notice. 
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Governance

Directors’ Report continued
Stakeholder engagement
How the Directors have had regard to the need to foster 
business relationships with stakeholders, including suppliers, 
customers, and others, can be found on pages 24 to 30 of the 
Strategic Report.
Further information regarding the Board’s engagement with the 
workforce can be found on page 27.
The Directors acknowledge that stakeholders and shareholders 
provide valuable feedback and help shape the Group’s overall 
approach to governance. For further information, please refer 
to the Stakeholder Engagement section on pages 24 to 30 and 
specifically to the Section 172(1) Statement within this 
on page 25.
Branches
The Group has branches in Finland, Norway and Sweden.
Shares
Share capital
Details of the Company’s shares capital are set out in Note 23 to 
the Group financial statements.
The Company has one class of ordinary shares which carries no 
rights to fixed income. Each share carries the right to one vote 
at general meetings of the Company. The ordinary shares are 
admitted to listing on the Official List of the FCA and admitted 
to trading on the Main Market of the London Stock Exchange 
and on the Nasdaq Global Select Market. The ordinary shares 
trade on both exchanges under the ticker symbol “INDV”.
As of December 31, 2024, the Company had 124,969,966 ordinary 
shares of $0.50 each in issue. The Company does not hold any 
Treasury shares.
There are no restrictions on the voting rights attaching 
to the Company’s ordinary shares or the transfer of securities 
in the Company. No person holds securities in the Company 
which carry special voting rights with regards to control 
of the Company. The Company is not aware of any agreements 
between holders of securities that may result in restrictions 
on the transfer of securities or on voting rights.
Authority to allot shares
At the 2025 AGM, the Directors will ask shareholders to renew 
the authority last granted to them at the 2024 AGM to allot 
shares up to a maximum amount equivalent to two thirds of the 
shares in issue, provided that any amount in excess of one third 
is only used to allot shares in connection with a fully pre-
emptive offer to existing shareholders. The renewed authority, 
if granted, will apply until the conclusion of the 2026 AGM.
Two special resolutions will be proposed at the 2025 
AGM to authorize the Directors to allot equity shares 
in the Company for cash, without regard to the pre-emption 
provisions of the Companies Act 2006.
The Board currently intends to ask shareholders to renew 
these authorities annually in line with institutional 
shareholder guidance.
Disapplication of pre-emption rights
Following the Pre-Emption Group’s issuance of a new 
Statement of Principles in 2022 which raised the threshold 
for non-pre-emptive issuances and in line with the authority 
sought at the 2024 AGM, the Company will be seeking 
shareholder approval for a disapplication threshold 
of 20% of the Company’s issued share capital, representing:
• 10% of the issued share capital for general purposes; 
and an additional 10% of issued share capital, to be used 
only in connection with an acquisition or capital investment.
In both cases, an additional authority of up to 2% is sought 
for the purposes of making “follow-on” offers in line with 
the Pre-Emption Group’s Statement of Principles.
Further information on these resolutions can be found 
in the 2025 Notice of AGM.
Authority to purchase own shares
At the 2024 AGM, shareholders approved a resolution 
for the Company to make purchases of its own shares 
up to a maximum number of ordinary shares, being 
approximately 10% of the issued share capital.
The authority is renewable annually and shareholders will be 
asked to approve an equivalent resolution at the 2025 AGM.
The Directors consider it desirable for these general 
authorizations to be available in order to maintain an efficient 
capital structure but will only purchase the Company’s shares 
in the market if they believe it is in the best interests 
of shareholders generally.
On August 6, 2024, the Company announced completion 
of its 2023 share repurchase program which had commenced 
on November 17, 2023. In aggregate, the Company purchased 
5.9m shares of $0.50 each for a total consideration of $100m. 
All purchased shares were subsequently canceled.
On July 25, 2024, the Company announced the commencement 
of a new share repurchase program under which it would 
repurchase its ordinary shares for up to a maximum 
consideration of $100m. On February 4, 2025, the Company 
announced that it had completed this share repurchase 
program and that, in aggregate, it had purchased 9.4m shares 
of $0.50 each for a total consideration of $100m. All purchased 
shares were subsequently canceled.
In aggregate, the total number of shares purchased in the year 
ended December 31, 2024 was 13m, which represented 10.5% of 
issued share capital as at December 31, 2024, for a total 
consideration of $168m.
Shares held in the Indivior PLC Employee Benefit Trust
The trustee of the Indivior PLC Employee Benefit Trust (EBT) 
has agreed not to vote using any shares held by the EBT at any 
general meeting. If any offer is made to shareholders to acquire 
their shares the trustee will not be obliged to accept or reject 
the offer in respect of any shares which are at that time subject 
to subsisting awards, but will have regard to the interests of the 
award holders and will have power to consult them to obtain 
their views on the offer. Subject to the above, the trustee may 
take action with respect to the offer it thinks fair. The trustee 
of the EBT has waived its right to receive dividends on shares 
held in the EBT.
Indivior Annual Report and Accounts 2024 |
126
Governance
Substantial shareholdings
As at December 31, 2024 and February 28, 2025, the Company had been notified under Rule 5 of the DTRs of the following major 
interests in the voting rights in the capital of the Company:
At December 31, 2024 
Number of shares
At December 31, 2024 
% of total voting 
rights1
At February 28, 2025 
% of total voting 
rights1
Two Seas Capital LP
12,457,514
9.96%
9.96%
Oaktree Capital Management (UK) LLP
8,493,173
6.34%
6.34%
Deerfield Management Company, L.P. (Series C)
6,567,399
5.17%
5.17%
1. Percentage of total voting rights at the date of notification to the Company.
Relationship Agreement with Scopia Capital 
Management LP
In November 2024, the Company’s relationship agreement 
with Scopia Capital Management LP, which was otherwise due 
to expire on December 31, 2024, terminated in accordance with 
its terms because the aggregate of Scopia’s and its affiliates’ 
interests in the issued share capital of the Company reduced 
below the threshold for automatic termination.
Relationship Agreement with Oaktree
On December 16, 2024, the Company entered into a Relationship 
Agreement (Relationship Agreement) with certain affiliated 
funds of Oaktree Capital Management, L.P. (Oaktree Parties), 
which managed shares comprising approximately 7.6 percent 
of the issued share capital of the Company as at that date.
Pursuant to the terms of the Relationship Agreement, the 
Company (i) appointed Robert Schriesheim, Joseph Ciaffoni and 
(following the appointment of Dr. David Wheadon as Chair of 
the Company) Daniel Ninivaggi (together, the New NEDs) to the 
Board and (ii) agreed, until the expiry of the Relationship 
Agreement, to have a maximum of 11 directors on the Board. 
The Company also agreed that the Board will unanimously 
recommend to shareholders the re-appointment of the New 
NEDs to the Board at the Company’s 2025 AGM.
The Relationship Agreement included commitments from 
the Oaktree Parties that they will not, and will take reasonable 
steps to ensure that each of their affiliates will not, (i) remove 
or publicly propose the removal of any member of the Board, 
(ii) put forward or propose any resolution, agenda item or 
amendment thereto at a general meeting of the Company, (iii) 
nominate any person to the Board, (iv) require the Board to call 
a general meeting of the Company, (v) require circulation of a 
statement relating to a proposed resolution or any other 
business to be dealt with at a general meeting of the Company, 
(vi) make any public proposal to change (a) the Board or 
management, (b) the capitalization or capital allocation 
program and practices of the Company, or (c) the Company’s 
business or corporate structure, or (vii) vote against the 
recommendation of the Board on any ordinary course 
resolution, or solicit or knowingly urge any shareholder of 
the Company to take the foregoing actions. The Relationship 
Agreement also contains mutual non-disparagement 
and no litigation covenants.
The Relationship Agreement will terminate on December 31, 
2025, provided that the Oaktree Parties may terminate the 
Relationship Agreement earlier if the Company breaches certain 
provisions of the Relationship Agreement.
On March 4, 2025, the Company entered into an Amended and 
Restated Relationship Agreement with the Oaktree Parties (which 
managed shares comprising approximately 8.6% of the issued 
share capital of the company as at that date). The Amended and 
Restated Relationship Agreement provided for (i) the reduction of 
the size of the Company’s Board of Directors to a maximum of 
seven directors, pending the appointment of one new Non-
Executive Director by July 1, 2025, (the identity of whom is subject 
to the approval of the Oaktree Parties) which will take the 
maximum to eight directors; (ii) the appointment of Daniel 
Ninivaggi as Chair of the Nomination Committee; and (iii) the 
discontinuance of the Company’s Operational Committee. The 
other terms of the Relationship Agreement remained unchanged.
Significant agreements – change of control
In the event of a change of control of the Company following 
a takeover bid, the Company’s borrowings under its Note 
Purchase Agreement dated November 4, 2024, could become 
repayable. There are no other significant agreements to which 
the Company is a party that take effect, alter or terminate upon 
a change of control of the Company following a takeover bid.
There are no significant agreements between the Company and 
its Directors or employees providing for compensation for loss 
of office or employment that occurs due to a takeover, save that 
provisions of the Company’s share plans may cause options 
and awards to vest on a takeover, and if the employment 
of an Executive Director or other employee is terminated 
by the Company following a takeover then there may be 
an entitlement to appropriate notice and/or compensation 
as provided in applicable contracts or terms of employment.
Political donations
The Company’s U.S. subsidiaries do make “political donations” 
as defined under U.K. law, but these donations are not subject 
to that law. Donations by U.S. subsidiaries did not exceed 
$500,000. No other company in the Group made a political 
donation during the year.
Workforce
Our workforce includes employees, interns and contingent 
workers. During the year, the Group employed an average of 1,152 
people worldwide (2023: 1,051). The Group’s business priority 
remains to safeguard the wellbeing, development and safety of 
its workforce. It also wants its workforce to have opportunities to 
grow and progress as part of an enjoyable career.
The Group is an inclusive and equal opportunities employer that 
relies on human resources specialists throughout its worldwide 
locations to ensure compliance with all applicable laws governing 
employment practices and to advise on all human resources 
policies and practices, including for example, recruitment and 
selection, training and development, promotion and retirement.
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127
Governance

Group policies seek to create a workplace that has an open 
atmosphere of trust, honesty and respect. Harassment 
or discrimination of any kind is not tolerated. This principle 
applies to all aspects of employment from recruitment 
and promotion, through to termination and all other terms 
and conditions of employment. It is the Group’s policy 
not to discriminate on the basis of any unlawful criteria, 
and its practices include the prohibition on the use of child 
or forced labor. Employment policies are fair and equitable 
and consistent with the skills and abilities of the employee 
and the needs of the business.
The Group is committed to offering equal opportunities 
in recruitment, training, career development and promotion 
to all people, including those with disabilities, having regard 
to their individual aptitudes and abilities. As a matter of policy, 
full and fair consideration is given to applicants with disabilities 
and every effort is made to give employees who become 
disabled while employed by the Group an opportunity for 
retraining and for continuation in employment. It is the Group’s 
policy that the training, career development and promotion 
of disabled persons should, as far as possible, be the same 
as that of other employees.
The workforce is regularly updated on the financial and 
economic factors affecting the performance of the Group. 
Information relevant to the employees is provided to them 
and, where appropriate, to employee trade union 
representatives. More information on the action taken 
by the Company to provide such information to employees 
can be found on page 27.
The Group also supports the wider fundamental human rights 
of its employees.
Further information regarding our people can be found 
on pages 38 to 39.
2025 AGM
The AGM will be held at 12.00pm (U.K. time) on Thursday, 
May 8, 2025, at the Marlborough Theatre, No. 11 Cavendish 
Square, London, W1G 0AN. A full description of the business 
to be conducted at the meeting is set out in the Notice of AGM, 
available from the Company’s website www.indivior.com.
External Auditor
PwC have agreed to be reappointed as the External Auditor 
of the Company. Resolutions for their reappointment, 
and to authorize the Audit & Risk Committee to determine 
their remuneration, will be proposed at the 2025 AGM.
For information relating to the audit tender process 
and the FRC’s approval of PwC’s audit engagement 
until December 31, 2025, please see page 97.
Disclosure of information to External Auditor
Each of the persons who are Directors at the time when this 
Directors’ Report is approved confirms that:
• so far as he/she is aware, there is no relevant audit 
information of which the Group’s and Parent Company’s 
External Auditor is unaware; and
• each Director has taken all reasonable steps that he/she 
ought to have taken as a Director to make themselves aware 
of any relevant audit information and to establish that the 
Group’s and Parent Company’s External Auditor is aware 
of that information
For these purposes, relevant audit information means 
information needed by the Company’s External Auditor 
in connection with the preparation of their report 
on pages 130 to 138.
By Order of the Board 
Kathryn Hudson 
Company Secretary of Indivior PLC
234 Bath Road, Slough, Berkshire, SL1 4EE 
Company registration number: 09237894
March 6, 2025
Directors’ Report continued
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Governance
Statement of Directors’ Responsibilities in Respect of the 
Financial Statements
The Directors are responsible for preparing the Annual Report 
and Accounts and the financial statements in accordance 
with applicable law and regulation.
Company law requires the Directors to prepare financial 
statements for each financial year. Under that law the Directors 
have prepared the Group financial statements in accordance 
with U.K.-adopted international accounting standards and 
the Parent Company financial statements in accordance 
with United Kingdom Generally Accepted Accounting Practice 
(United Kingdom Accounting Standards, comprising FRS 101 
“Reduced Disclosure Framework”, and applicable law).
Under company law, Directors must not approve the financial 
statements unless they are satisfied that they give a true and fair 
view of the state of affairs of the Group and Parent Company and 
of the profit or loss of the Group for that period. In preparing the 
financial statements, the Directors are required to:
• select suitable accounting policies and then apply 
them consistently;
• state whether applicable U.K.-adopted international 
accounting standards have been followed for the Group 
financial statements and United Kingdom Accounting 
Standards, comprising FRS 101, have been followed 
for the Parent Company financial statements, subject 
to any material departures disclosed and explained 
in the financial statements;
• make judgements and accounting estimates that 
are reasonable and prudent; and
• prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the Group 
and Parent Company will continue in business.
The Directors are responsible for safeguarding the assets 
of the Group and Parent company and hence for taking 
reasonable steps for the prevention and detection of fraud 
and other irregularities.
The Directors are also responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the Group’s and Parent Company’s transactions and disclose 
with reasonable accuracy at any time the financial position 
of the Group and Parent Company and enable them to ensure 
that the financial statements and the Directors’ Remuneration 
Report comply with the Companies Act 2006.
The Directors are responsible for the maintenance 
and integrity of the Parent Company’s website. Legislation 
in the United Kingdom governing the preparation 
and dissemination of financial statements may differ 
from legislation in other jurisdictions.
Directors’ confirmations
The Directors consider that the Annual Report and Accounts, 
taken as a whole, is fair, balanced, and understandable, and 
provides the information necessary for shareholders to assess 
the Group’s and Parent Company’s position and performance, 
business model, and strategy.
Each of the Directors, whose names and functions are listed in 
the Annual Report and Accounts confirm that, to the best of the 
their knowledge:
• the Group financial statements, which have been prepared 
in accordance with U.K.-adopted international accounting 
standards, give a true and fair view of the assets, liabilities, 
financial position, and loss of the Group;
• the Parent Company financial statements, which have been 
prepared in accordance with United Kingdom Accounting 
Standards, comprising FRS 101, give a true and fair view 
of the assets, liabilities, and financial position of the Parent 
Company; and
• the Directors’ Report includes a fair review of the development 
and performance of the business and the position of the 
Group and Company, together with a description of the 
principal risks and uncertainties that it faces.
Disclosure of information to auditors 
A Directors’ statement in relation to disclosure of relevant audit 
information can be found in the Directors’ Report on page 125.
Going concern 
The Group’s business model, strategy, and viability assessment are 
set out in the Strategic Report on pages 1 to 71, along with the 
Group’s risk management strategy and the principal risks that could 
threaten the Group’s business model, future performance, and 
solvency or liquidity. The Group and Parent Company’s financial 
position, cash flows, and liquidity position are discussed in the 
notes to the Group and Parent Company financial statements, 
along with the Group and Parent Company’s objectives, policies 
and processes for managing its financial risks, and the Group and 
Parent Company’s exposure to liquidity risk and capital risk. 
Acknowledging the Group’s net liability position, the Directors 
have assessed the Group’s ability to maintain sufficient liquidity 
to fund its operations, fulfill financial and compliance obligations 
as set out in Note 19 to the Group Financial Statements, and 
comply with the maximum leverage and minimum interest 
coverage covenants in the Group’s new term loan, in particular 
with reference to the period to June 2026 (the going concern 
period). A base case model was produced reflecting Board 
reviewed financial plans for the period and settlement of 
liabilities and provisions in line with contractual terms.
The Directors also assessed a “severe but plausible” downside 
scenario which included the following key changes to the base 
case within the going concern period: 
• the risk that SUBLOCADE will not meet revenue growth 
expectations in the U.S. by modelling a 10% decline on 
forecasts; and
• the risk that revenue projections outside the U.S. and for 
OPVEE will not meet expectations by modelling a reduction 
in annual forecasts totaling $25 million.
Under both the base case and the downside scenario, sufficient 
liquidity exists and is generated from operations such that all 
business and covenant requirements are forecast to be met for 
the going concern period. Considering the analysis described 
above, the Directors reasonably expect the Group to have 
adequate resources to continue in operational existence for at 
least one year from the approval of these financial statements 
and therefore consider the going concern basis to be appropriate 
for the accounting and preparation of these financial statements. 
By Order of the Board 
Kathryn Hudson 
Company Secretary of Indivior PLC
234 Bath Road Slough, Berkshire, SL1 4EE 
Company Registration 
Number: 09237894 
March 6, 2025
Indivior Annual Report and Accounts 2024 |
129
Governance

Report on the audit of the financial statements
Opinion
In our opinion:
• Indivior PLC’s Group financial statements and Parent Company financial statements (the “financial statements”) give a true and 
fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 December 2024 and of the Group’s loss and the 
Group’s cash flows for the year then ended;
• the Group financial statements have been properly prepared in accordance with UK-adopted international accounting standards 
as applied in accordance with the provisions of the Companies Act 2006;
• the Parent Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted 
Accounting Practice (United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework”, and applicable 
law); and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report and Accounts (the “Annual Report”), which comprise: 
Consolidated and Parent Company Balance Sheets as at 31 December 2024; the Consolidated Income Statement, the Consolidated 
Statement of Comprehensive Income, the Consolidated Cash Flow Statement, and the Consolidated and Parent Company Statements 
of Changes in Equity for the year then ended; and the notes to the financial statements, comprising material accounting policy 
information and other explanatory information.
Our opinion is consistent with our reporting to the Audit & Risk Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our 
responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements 
section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 
opinion.
Independence
We remained independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial 
statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed public interest entities, and we have fulfilled 
our other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard were not 
provided.
Other than those disclosed in Note 4 of the Group financial statements, we have provided no non-audit services to the Parent 
Company or its controlled undertakings in the period under audit.
Independent Auditors’ Report
INDEPENDENT AUDITORS’ REPORT TO THE 
MEMBERS OF INDIVIOR PLC 
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Financial Statements
Our audit approach
Overview
Audit scope
• Our scope included conducting work in two key territories in which the Group operates. This included having one full scope 
component in the US which contributes the majority of the Group's net revenue. In addition, we scoped in the audit of specific 
financial statement line items, including tax related balances for certain components in the UK and the US.
• The components where we performed audit work, taken together with our work on central corporate functions, accounted for 
approximately 85% of net revenue and approximately 89% of adjusted profit before tax.
Key audit matters
• Accuracy and valuation of sales rebate accruals recognised in the US business in relation to Medicaid for SUBOXONE and 
SUBLOCADE (Group)
• Valuation of investments in subsidiaries (Parent Company)
Materiality
• Overall Group materiality: US$13.0m (2023: US$11.0m) based on approximately 4.4% of adjusted profit before tax (2023: based on 
approximately 1% of net revenue).
• Overall Parent Company materiality: US$16.1m (2023: US$16.1m) based on approximately 1% of total assets.
• Performance materiality: US$9.8m (2023: US$8.3m) (Group) and US$12.1m (2023: US$12.1m) (Parent Company).
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial 
statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the 
financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not 
due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of 
resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results 
of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our 
opinion thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
'Valuation of provision for, and disclosure and presentation of, ongoing Multidistrict Antitrust Class and State Claims', which was a 
key audit matter last year, is no longer included because of the final settlement of Multidistrict Antitrust Class and State Claims 
litigation during the year. Otherwise, the key audit matters below are consistent with last year.
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Financial Statements

Key audit matter
How our audit addressed the key audit matter
Accuracy and valuation of sales rebate accruals 
recognised in the US business in relation to Medicaid for 
SUBOXONE and SUBLOCADE (Group)
Refer to Notes 2 and 22 to the Group financial statements
In the US, the Group sells products both through wholesalers 
into pharmacies and through specialty pharma distributors. 
These sales are subject to a number of different rebate 
schemes, including the Medicaid Drug Rebate Program. There 
is a time lag between delivery to wholesalers (when revenue is 
recognised) and the receipt of claims from those entitled to 
rebates and chargebacks, and accordingly an estimate of the 
net amount to be received is necessary at the point of revenue 
recognition.
At 31 December 2024, accruals in respect of sales rebates, 
discounts and returns totalled $546m (31 December 2023: 
$507m).
We focused our audit procedures on the Medicaid sales rebate 
accruals for SUBOXONE and SUBLOCADE, as there is significant 
estimation and judgement in calculating these accruals, as 
well as uncertainty around the invoicing by certain US states 
and therefore these accruals may have volatility in the future.
Given the level of judgement and estimation and the 
magnitude of the Medicaid sales rebate accrual balance for 
SUBOXONE and SUBLOCADE, this was deemed to be an area at 
risk of increased risk of potential management bias.
We have performed the following audit procedures on 
management’s estimate:
• Understood and evaluated the end-to-end process around 
Medicaid sales rebate accruals, including authorisation, 
approval and subsequent payments;
• Performed a retrospective review of the 2023 Medicaid sales 
rebate accruals by comparing accruals recognised in 
previous periods to actual rebate claims received in order to 
test the historical accuracy in calculating these accruals;
• Assessed the reasonableness of management’s accrual by 
developing independent point estimates in respect of 
Medicaid for SUBOXONE and SUBLOCADE. Specifically, we 
evaluated management’s accrual utilising evidence such as 
the inventory in the wholesale and retail channel (for 
SUBOXONE) and specialty distributor/specialty pharma 
channel (for SUBLOCADE), historical claims/payments, 
historical product utilisation based on prescriptions, and 
pricing changes.
• Verified a sample of payments issued to US states and 
assessed consistency with the state invoices received.
The Medicaid sales rebate accruals for SUBOXONE and 
SUBLOCADE recognised in the Group financial statements were 
in line with our internally generated expectations and based 
on the work performed we have identified no indications of 
management manipulation or bias in relation to these 
accruals. 
Independent Auditors’ Report continued
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Financial Statements
Key audit matter
How our audit addressed the key audit matter
Valuation of investments in subsidiaries (Parent 
Company)
Refer to Notes 1 and 2 to the Parent Company financial 
statements
As at 31 December 2024, the Parent Company had a carrying 
value of investment in subsidiaries of $1,552m (2023: $1,551m). 
This investment is accounted for at cost less provision for 
impairment in the Parent Company’s financial statements.
Investments are assessed for impairment if impairment 
indicators exist. If such indicators exist, the recoverable 
amounts of the investments in subsidiaries are estimated in 
order to determine the extent of the impairment loss, if any.
During December 2024 and subsequent to the year end, 
market capitalisation of the Group (less net cash), has been 
approximately equal to or below the book value of the 
investments held. This is considered an impairment trigger 
and accordingly management has prepared a ‘value-in-
use’ (VIU) model to support the carrying amount of the 
investments held in subsidiaries. The VIU model is based on 
the forecasted cash flows of the underlying subsidiaries which 
represent all the trading entities of the Group.
We evaluated management’s assessment and conclusion of 
the existence of the impairment indicator, as a result of the 
market capitalisation (less net cash) being lower than the 
investment value.
We evaluated the mathematical accuracy of management’s 
model, agreed the model inputs to management's strategic 
forecasts, understood the basis for how the forecasts were 
developed and assessed the reasonableness of the key 
assumptions utilised within management’s impairment model.
We performed our own independent sensitivity analysis to 
understand the impact of reasonably possible changes in 
management’s assumptions on the available headroom and 
considered whether the disclosures made in the Parent 
Company financial statements, including the disclosures in 
respect of judgements and estimates, were appropriate.
As a result of our work, we considered that the carrying value 
of the investments held by the Parent Company is supportable 
and the disclosures within the Parent Company financial 
statements are considered to be appropriate.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial 
statements as a whole, taking into account the structure of the Group and the Parent Company, the accounting processes and 
controls, and the industry in which they operate.
The Group operates as a single business activity and therefore has one reportable segment. The Group financial statements are a 
consolidation of 28 legal entities comprising the Group’s operating businesses and consolidation adjustments. The Group 
consolidation, financial statements disclosures and corporate functions were audited by the Group engagement team, who also 
performed centralised audit procedures over certain financial statement line items.
In addition to centralised Group audit procedures, we conducted our audit by concentrating our work on those parts of the Group 
that make up the most significant proportions of the financial statements. We identified one component in the US which contributes 
the majority of the Group's net revenue, requiring a full scope audit due to its size. Audit procedures over specific financial 
statement line items were performed for certain other components in the UK and US. Tax related balances were audited on 
consolidated balances for entities both in the UK and the US. The Parent Company is not in Group audit scope as it is a holding 
company and predominantly eliminates on consolidation, which is tested centrally. We were able to obtain sufficient coverage 
across all financial statement line items. We utilised our Richmond, Virginia based component audit team which possesses the 
relevant knowledge and experience of the pharmaceutical industry and regulations to perform a full scope audit on the US 
component noted above and for the audit of specific accounts in other additional components in the US.
The Group engagement team carried out site visits to the US in the current year in addition to remote reviews and oversight of the 
work performed by the component team. We held numerous meetings with our component team, including via video conference and 
in person, and performed reviews of the key working papers associated with the component team’s audit in the US. This helped to 
ensure that the Group audit team was sufficiently involved in the component auditors’ planned response to the key audit matter in 
respect of the sales rebate accruals recognised in the US business in relation to Medicaid for SUBOXONE and SUBLOCADE.
Our audit procedures over in scope balances gave us coverage of approximately 89% of the Group’s adjusted profit before tax. This 
provided the evidence we needed for our opinion on the Group financial statements taken as a whole. This was before considering 
the disaggregated Group level analytical review procedures, which covered certain of the Group’s smaller and lower risk components 
that were not directly included in our Group audit scope.
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Financial Statements

The impact of climate risk on our audit
As part of our audit, we have focused on two aspects with respect to the impact of climate change, being how climate related risk 
has impacted the financial statements and the consistency of disclosures between the financial statements and other parts of the 
Annual Report.
We made enquiries of management to understand the Group's process of identifying and assessing the impact of climate-related 
risks. We also understood how management has considered the impact of the identified climate-related risks in the underlying 
assumptions and estimates used within the financial statements.
Management has not identified any material risk which can be expected to have an impact on the disclosures included in the 
financial statements. We have assessed the estimates and assumptions made by management in preparing the financial statements, 
and did not identify any areas where any of the climate-related risks would have a material impact.
We also considered the consistency of the disclosures in relation to climate change (including the disclosures in the Task Force on 
Climate-related Financial Disclosures (“TCFD”) section) within the Annual Report with the financial statements and our knowledge 
obtained from our audit.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, 
together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our 
audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, 
both individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Financial statements – Group
Financial statements – Parent Company
Overall 
materiality
US$13.0m (2023: US$11.0m)
US$16.1m (2023: US$16.1m)
How we 
determined it
approximately 4.4% of adjusted 
profit before tax (2023: based on 
approximately 1% of net revenue)
approximately 1% of total assets
Rationale for 
benchmark 
applied
We had used net revenue as the 
benchmark for calculating materiality 
in the prior year, however given that 
the Group's portfolio of products are 
now mainly well established and 
entering a more mature phase of 
their life cycle, we have concluded 
that adjusted profit before tax is a 
more relevant metric for the 
business.
As explained in the scoping section and based on our professional 
judgement, the Parent Company is not in Group audit scope as it is a 
holding company which is predominantly eliminated on consolidation. We 
believe total assets is the primary measure used by the shareholders in 
assessing the financial position of the entity, and this is a generally 
accepted benchmark for calculating materiality for holding companies.
For each component in the scope of our Group audit, we allocated a materiality that is less than our overall Group materiality. The 
range of materiality allocated across components was US$8.5m to US$11.7m.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and 
undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our 
audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in 
determining sample sizes. Our performance materiality was 75% (2023: 75%) of overall materiality, amounting to US$9.8m (2023: 
US$8.3m) for the Group financial statements and US$12.1m (2023: US$12.1m) for the Parent Company financial statements.
In determining the performance materiality, we considered a number of factors - the history of misstatements, risk assessment and 
aggregation risk and the effectiveness of controls - and concluded that an amount at the upper end of our normal range was 
appropriate.
We agreed with the Audit & Risk Committee that we would report to them misstatements identified during our audit above 
US$0.65m (Group audit) (2023: US$0.5m) and $1.6m (Parent Company audit) (2023: $1.6m) as well as misstatements below those 
amounts that, in our view, warranted reporting for qualitative reasons.
Independent Auditors’ Report continued
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Financial Statements
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the Group's and the Parent Company’s ability to continue to adopt the going concern 
basis of accounting included:
• obtaining management's model, agreeing the underlying cash flow projections to Board reviewed forecasts and understanding 
how these forecasts are compiled;
• testing the mathematical accuracy of management's model, which is used to model future financial performance and to 
determine whether the covenants in respect of leverage ratio and interest coverage ratio are forecasted to be met throughout the 
going concern period;
• verifying assumptions used are consistent with those modelled in relation to impairment assessments and deferred tax 
recoverability and understanding the rationale behind any differences where noted;
• evaluating the key assumptions within management’s forecasts, including assessing the appropriateness of these forecasts by 
comparing to third-party data for revenue streams and historical actual data;
• assessing whether the downside model prepared by management considered the risks facing the business and appropriately 
models assumptions which are 'severe but plausible'; and
• performing additional sensitivities on the downside model by incorporating a further decline in revenues.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, 
individually or collectively, may cast significant doubt on the Group's and the Parent Company’s ability to continue as a going 
concern for a period of at least twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the 
preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Group's and the 
Parent Company's ability to continue as a going concern.
In relation to the directors’ reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add 
or draw attention to in relation to the directors’ statement in the financial statements about whether the directors considered it 
appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of 
this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ 
report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 
other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this 
report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, 
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 
audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, 
we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a 
material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material 
misstatement of this other information, we are required to report that fact. We have nothing to report based on these 
responsibilities.
With respect to the Strategic Report and Directors' Report, we also considered whether the disclosures required by the UK 
Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and 
matters as described below.
Strategic Report and Directors’ Report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report and Directors' 
Report for the year ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with 
applicable legal requirements.
In light of the knowledge and understanding of the Group and Parent Company and their environment obtained in the course of the 
audit, we did not identify any material misstatements in the Strategic Report and Directors' Report.
Directors’ Remuneration
In our opinion, the part of the Directors' Remuneration Report to be audited has been properly prepared in accordance with the 
Companies Act 2006.
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Financial Statements

Corporate governance statement
ISAs (UK) require us to review the directors’ statements in relation to going concern, longer-term viability and that part of the 
corporate governance statement relating to the Parent Company’s compliance with the provisions of the UK Corporate Governance 
Code, which the Listing Rules of the Financial Conduct Authority specify for review by the auditor. Our additional responsibilities 
with respect to the corporate governance statement as other information are described in the Reporting on other information 
section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate 
governance statement is materially consistent with the financial statements and our knowledge obtained during the audit, and we 
have nothing material to add or draw attention to in relation to:
• The directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks;
• The disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging risks 
and an explanation of how these are being managed or mitigated;
• The directors’ statement in the financial statements about whether they considered it appropriate to adopt the going concern 
basis of accounting in preparing them, and their identification of any material uncertainties to the Group’s and Parent Company’s 
ability to continue to do so over a period of at least twelve months from the date of approval of the financial statements;
• The directors’ explanation as to their assessment of the Group's and Parent Company’s prospects, the period this assessment 
covers and why the period is appropriate; and
• The directors’ statement as to whether they have a reasonable expectation that the Parent Company will be able to continue in 
operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures drawing 
attention to any necessary qualifications or assumptions.
Our review of the directors’ statement regarding the longer-term viability of the Group and Parent Company was substantially less in 
scope than an audit and only consisted of making inquiries and considering the directors’ process supporting their statement; 
checking that the statement is in alignment with the relevant provisions of the UK Corporate Governance Code; and considering 
whether the statement is consistent with the financial statements and our knowledge and understanding of the Group and Parent 
Company and their environment obtained in the course of the audit.
In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of the 
corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the audit:
• The directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, and 
provides the information necessary for the members to assess the Group’s and Parent Company's position, performance, business 
model and strategy;
• The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems; and
• The section of the Annual Report describing the work of the Audit & Risk Committee.
We have nothing to report in respect of our responsibility to report when the directors’ statement relating to the Parent Company’s 
compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified under the Listing 
Rules for review by the auditors.
Independent Auditors’ Report continued
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Financial Statements
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of Directors' Responsibilities in Respect of the Financial Statements, the directors are 
responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that 
they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable 
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group’s and the Parent Company’s ability to 
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of 
accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no 
realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a 
high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the 
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial 
statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our 
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which 
our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and 
regulations related to pharmaceutical regulatory requirements (including, but not limited to, those of the Federal Trade Commission, 
US Food and Drug Administration, the European Medicines Agency and the UK Medicines and Healthcare products Regulatory 
Agency) in addition to the on-going compliance requirements with respect to the Corporate Integrity Agreement ("CIA") with the 
Office of Inspector General of the U.S. Department of Health and Human Services (refer to the Strategic Report section of the Annual 
Report), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also 
considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and 
US, UK and European tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the 
financial statements (including the risk of override of controls), and determined that the principal risks were related to management 
bias in accounting estimates and judgements in relation to Medicaid sales rebate accruals for SUBOXONE and SUBLOCADE, and 
posting inappropriate journal entries to manipulate revenue. The Group engagement team shared this risk assessment with the 
component auditors and appropriate audit responses were included in the audit plan. Audit procedures performed by the Group 
engagement team and/or component auditors included:
• Inquiries of management (including the Chief Executive Officer, Chief Financial Officer, VP Chief Audit Executive, Chief Integrity and 
Compliance Officer and the Group’s Chief Legal Officer) and external legal advisors, including consideration of known or 
suspected instances of non-compliance with laws and regulation and fraud;
• Reading key correspondence with regulatory authorities, including the reporting required under the terms of the CIA, and inquiries 
with external and internal legal counsel;
• Reviewing component auditors’ working papers;
• Reading and assessing internal audit reports;
• Challenging assumptions made by management in its significant accounting estimates on Medicaid sales rebate accruals for 
SUBOXONE and SUBLOCADE;
• Obtaining an understanding of management’s controls designed to prevent and detect irregularities;
• Assessment of matters reported on the Group’s whistleblowing helpline and the results of management’s investigation of such 
matters; and
• Identifying and testing journal entries which exhibit certain risk criteria such as unusual account combinations while recording 
revenue.
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Financial Statements

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-
compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 
Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, 
as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing 
techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. 
We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit 
sampling to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: 
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the Parent Company’s members as a body in accordance 
with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume 
responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save 
where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not obtained all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been 
received from branches not visited by us; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• the Parent Company financial statements and the part of the Directors' Remuneration Report to be audited are not in agreement 
with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Appointment
Following the recommendation of the Audit & Risk Committee, we were appointed by the members on 23 December 2014 to audit 
the financial statements for the year ended 31 December 2014 and subsequent financial periods. The period of total uninterrupted 
engagement is 11 years, covering the years ended 31 December 2014 to 31 December 2024.
Other matter
The Company is required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules to include these financial 
statements in an annual financial report prepared under the structured digital format required by DTR 4.1.15R - 4.1.18R and filed on 
the National Storage Mechanism of the Financial Conduct Authority. This auditors’ report provides no assurance over whether the 
structured digital format annual financial report has been prepared in accordance with those requirements.
Darryl Phillips (Senior Statutory Auditor) 
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors 
London
6 March 2025
Independent Auditors’ Report continued
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Financial Statements
For the year ended December 31
Notes
2024
$m
2023
$m
Net revenue
3  
1,188  
1,093 
Cost of sales
 
(258)  
(186) 
Gross profit
 
930  
907 
Selling, general and administrative expenses 
4  
(807)  
(811) 
Research and development expenses
4  
(142)  
(106) 
Net other operating (loss)/ income
4  
(4)  
6 
Operating loss
 
(23)  
(4) 
Finance income
 
23  
43 
Finance expense
 
(43)  
(38) 
Net finance (expense)/income
6  
(20)  
5 
(Loss)/profit before taxation
 
(43)  
1 
Income tax (expense)/benefit
7  
(5)  
1 
Net (loss)/income
 
(48)  
2 
(Loss)/earnings per ordinary share (in dollars)
Basic (loss)/earnings per share
8  
($0.36)  
$0.01 
Diluted (loss)/earnings per share
8  
($0.36)  
$0.01 
Consolidated Income Statement
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Financial Statements

For the year ended December 31
2024
$m
2023
$m
Net (loss)/income
 
(48)  
2 
Other comprehensive (loss)/income
Items that may be reclassified to profit or loss in subsequent years:
Foreign currency translation adjustment, net
 
(6)  
4 
Other comprehensive (loss)/income
 
(6)  
4 
Total comprehensive (loss)/income
 
(54)  
6 
Consolidated Statement of Comprehensive Income
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Financial Statements
As at December 31
Notes
2024
$m
(Restated1)
2023 
 $m
Assets
Non-current assets
Intangible assets
9  
177  
234 
Property, plant and equipment
10  
101  
82 
Right-of-use assets
11  
35  
33 
Deferred tax assets
7  
268  
267 
Investments
12  
27  
41 
Other assets
14  
29  
28 
 
637  
685 
Current assets
Inventories
13  
178  
142 
Trade receivables
14  
254  
254 
Other assets
14  
43  
457 
Current tax receivable
 
34  
— 
Investments
12  
1  
94 
Cash and cash equivalents
16  
319  
316 
 
829  
1,263 
Total assets
 
1,466  
1,948 
Liabilities
Current liabilities
Borrowings
17  
(18)  
(3) 
Provisions
19  
(21)  
(408) 
Other liabilities
19  
(89)  
(125) 
Trade and other payables
22  
(797)  
(743) 
Lease liabilities
11  
(10)  
(9) 
Current tax liabilities
 
(11)  
(18) 
 
(946)  
(1,306) 
Non-current liabilities
Borrowings
17  
(315)  
(236) 
Provisions
19  
(63)  
(5) 
Other liabilities
19  
(316)  
(367) 
Lease liabilities
11  
(31)  
(34) 
 
(725)  
(642) 
Total liabilities
 
(1,671)  
(1,948) 
Net liabilities
 
(205)  
— 
Equity
Capital and reserves
Share capital
23  
62  
68 
Share premium
 
13  
11 
Capital redemption reserve
24  
14  
7 
Other reserves
24  
(1,297)  
(1,295) 
Foreign currency translation reserve
24  
(41)  
(35) 
Retained earnings
 
1,044  
1,244 
Total shareholders' deficit
 
(205)  
— 
1. The 2023 consolidated balance sheet was retrospectively adjusted to reflect acquisition-related measurement period adjustments (see Note 28).
The financial statements on pages 139 to 178 were approved by the Board of Directors on March 6, 2025 and signed on its behalf by:
Mark Crossley
Director
Ryan Preblick
Chief Financial Officer
Consolidated Balance Sheet 
Indivior Annual Report and Accounts 2024 |
141
Financial Statements

Notes
Share 
capital 
$m
Share 
premium 
$m
Capital 
redemption 
reserve 
$m
Other 
reserves 
$m
Foreign 
currency 
translation 
reserve 
$m
Retained 
earnings 
$m
Total 
shareholders'
 (deficit)/
equity 
$m
Balance at January 1, 2023
 
68  
8  
6  
(1,295)  
(39)  
1,303  
51 
Comprehensive income
Net income
 
—  
—  
—  
—  
—  
2  
2 
Other comprehensive income
 
—  
—  
—  
—  
4  
—  
4 
Total comprehensive income
 
—  
—  
—  
—  
4  
2  
6 
Transactions recognized directly in equity
Shares issued
23  
1  
3  
—  
—  
—  
—  
4 
Share-based plans
25  
—  
—  
—  
—  
—  
22  
22 
Settlement of tax on equity awards
23  
—  
—  
—  
—  
—  
(22)  
(22) 
Shares repurchased and canceled
23  
(1)  
—  
1  
—  
—  
(33)  
(33) 
Transfer to share repurchase liability
19  
—  
—  
—  
—  
—  
(23)  
(23) 
Transfer from share repurchase liability
19  
—  
—  
—  
—  
—  
9  
9 
Taxation on share-based plans
7  
—  
—  
—  
—  
—  
(14)  
(14) 
Total transactions recognized directly in equity
 
—  
3  
1  
—  
—  
(61)  
(57) 
Balance at December 31, 2023
 
68  
11  
7  
(1,295)  
(35)  
1,244  
— 
Balance at January 1, 2024
 
68  
11  
7  
(1,295)  
(35)  
1,244  
— 
Comprehensive loss
Net loss
 
—  
—  
—  
—  
—  
(48)  
(48) 
Other comprehensive loss
 
—  
—  
—  
—  
(6)  
—  
(6) 
Total comprehensive loss
 
—  
—  
—  
—  
(6)  
(48)  
(54) 
Transactions recognized directly in equity
Shares issued
23  
1  
2  
—  
—  
—  
—  
3 
Share-based plans
25  
—  
—  
—  
—  
—  
24  
24 
Settlement of tax on equity awards
23  
—  
—  
—  
—  
—  
(22)  
(22) 
Purchase of own shares for Employee Benefit 
Trust
23
 
—  
—  
—  
(2)  
—  
—  
(2) 
Shares repurchased and canceled
23  
(7)  
—  
7  
—  
—  
(168)  
(168) 
Transfer to share repurchase liability
19  
—  
—  
—  
—  
—  
(10)  
(10) 
Transfer from share repurchase liability
19  
—  
—  
—  
—  
—  
22  
22 
Taxation on share-based plans
7  
—  
—  
—  
—  
—  
2  
2 
Total transactions recognized directly in equity
 
(6)  
2  
7  
(2)  
—  
(152)  
(151) 
Balance at December 31, 2024
 
62  
13  
14  
(1,297)  
(41)  
1,044  
(205) 
Consolidated Statement of Changes in Equity 
Indivior Annual Report and Accounts 2024 |
142
Financial Statements
For the year ended December 31
Notes
2024
$m
2023
$m
Operating loss
 
(23)  
(4) 
Adjustments for:
Depreciation and amortization of property, plant and equipment and intangible assets
9, 10  
26  
19 
Impairment of property, plant and equipment and intangible assets
 
52  
— 
Depreciation of right-of-use assets
11  
8  
9 
Share-based payments expense for the year
25  
24  
22 
Impact from foreign exchange movements
 
(6)  
(11) 
Unrealized loss on equity investment
 
9  
— 
Settlement of tax on employee awards
23  
(22)  
(22) 
Increase in trade receivables
 
(1)  
(33) 
Increase in inventories1
 
(37)  
(21) 
Decrease/(increase) in current and non-current other assets2
 
409  
(415) 
Increase in trade and other payables
 
48  
115 
(Decrease)/increase in provisions and other liabilities2 3
 
(403)  
49 
Cash generated by/(used in) operations
 
84  
(292) 
Interest paid
 
(37)  
(32) 
Interest received
 
23  
42 
Tax refunds
 
—  
19 
Taxes paid
 
(47)  
(52) 
Net cash inflow/(outflow) from operating activities
 
23  
(315) 
Cash flows from investing activities
Acquisition of assets, net of cash acquired
27  
—  
(124) 
Acquisition of business
28  
—  
(5) 
Purchase of property, plant and equipment 
10  
(29)  
(8) 
Purchase of investments
12  
(17)  
(45) 
Maturity of investments
12  
117  
129 
Purchase of intangible assets
9  
(2)  
(45) 
Net cash inflow/(outflow) from investing activities
 
69  
(98) 
Cash flows from financing activities
Proceeds from borrowings
 
332  
— 
Repayment of borrowings 
17  
(239)  
(12) 
Principal elements of lease payments
11  
(10)  
(8) 
Lease incentive received
11  
—  
3 
Cash paid for share repurchases
23  
(173)  
(33) 
Proceeds from the issuance of ordinary shares
23  
3  
4 
Other
 
(2)  
— 
Net cash outflow from financing activities
 
(89)  
(46) 
Exchange difference on cash and cash equivalents
 
—  
1 
Net increase/(decrease) in cash and cash equivalents
 
3  
(458) 
Cash and cash equivalents at beginning of the year
16  
316  
774 
Cash and cash equivalents at end of the year
16  
319  
316 
1. Discontinuation of PERSERIS (refer to Note 29) resulted in impairment of inventory.
2. Changes in these line items for 2024 include utilization of the Antitrust MDL liabilities (refer to Note 19) and release of related escrow funding following final 
court approval.
3. Changes for 2024 also include litigation settlement payments of $173m (FY 2023: $195m). $3m of interest paid on the DOJ Resolution in 2024 has been recorded 
in the interest paid line item (FY 2023: $3m).Changes in the line item provisions and other liabilities for 2024 include litigation settlement payments totaling 
$173m (2023: $195m). Refer to Note 19.
Consolidated Cash Flow Statement
Indivior Annual Report and Accounts 2024 |
143
Financial Statements

1. General information
Indivior PLC (the “Company”) and its subsidiaries (together, 
“Indivior” or the “Group”) are predominantly engaged in the 
development, manufacture and sale of buprenorphine-based 
prescription drugs for the treatment of opioid dependence, and 
co-occurring disorders (the “Indivior Business”). 
The Company is a public company limited by shares and was 
incorporated, registered and domiciled in England, United 
Kingdom on September 26, 2014. The Company is the holding 
company for the Group. The address of the registered office and 
company number are stated on page 188.
The principal accounting policies adopted in the preparation of 
these financial statements are set out below. Unless otherwise 
stated, these policies have been consistently applied to all 
years presented.
2. Basis of preparation and accounting policies
Basis of preparation
The financial statements of the Group have been prepared in 
accordance with U.K.-adopted International Accounting 
Standards ("IAS") and with the requirements of the Companies 
Act 2006 as applicable to companies reporting under those 
standards.
The financial statements are presented in U.S. dollars ($) and 
are prepared on a historical cost basis except where otherwise 
stated. Amounts denoted in “m” represent millions and “k” 
represent thousands. 
In preparing the financial statements, the Group considered the 
potential impact of climate change. The Task Force on Climate-
related Financial Disclosures ("TCFD") reporting framework 
consists of a list of recommendations for companies to consider. 
In accordance with the TCFD reporting framework, management 
has qualitatively and quantitatively assessed the impact of the 
scenario assessments on the Group's physical and transitional 
risks. Based on this assessment, the Group concluded that 
climate change did not have a significant or material impact on 
the Group's business or on the financial reporting judgments or 
estimates. The Group will continue to monitor, assess and, as 
appropriate, account for the impact of climate change 
prospectively.
Adoption of new and revised standards
No new International Financial Reporting Standards ("IFRS") 
have been adopted by the Group in 2024.
New accounting standards issued but not 
yet effective
IFRS 18 sets out new requirements for the presentation and 
disclosure of information in the financial statements and, 
subject to U.K. endorsement, will be effective for the first time in 
the Group's financial statements for the year ending 31 
December 2027. The new standard will have an impact on how 
information is reported, with a focus on the presentation of the 
income statement, and could also change the extent of 
information disclosed in the notes to the financial statements. 
IFRS 18 will not impact the recognition or measurement of items 
in the financial statements and therefore will not have an 
impact on the Group's overall results; however it may change 
what the Group reports as its ‘operating profit'.
Going concern assessment
The Directors have considered the Company’s and the Group’s 
financial plan, in particular with reference to the period to June 
2026 (the going concern period).
The Directors have assessed the Group’s ability to maintain 
sufficient liquidity to fund its operations, fulfill financial and 
compliance obligations as set out in Note 19, and comply with 
the maximum leverage and minimum interest coverage 
covenants in the Group’s term loan for the going concern period. 
A base-case model was produced reflecting:
• Board reviewed financial plans for the period; and
• settlement of liabilities in line with contractual terms and 
provisions..
The Directors also assessed a “severe but plausible” downside 
scenario which included the following key changes to the base 
case within the going concern period:
• the risk that SUBLOCADE will not meet revenue growth 
expectations by modeling a 10% decline on forecasts; and
• the risk that revenue projections outside the U.S. and for 
OPVEE will not meet expectations by modeling a reduction in 
annual forecasts totaling $25m.
Under both the base case and the downside scenario, sufficient 
liquidity exists and is generated from operations such that all 
business and covenant requirements are met for the going 
concern period. As a result of the analysis described above, the 
Directors reasonably expect the Group to have adequate 
resources to continue in operational existence for at least one 
year from the approval of these financial statements and 
therefore consider the going concern basis to be appropriate for 
the accounting and preparation of these financial statements. 
Basis of consolidation
The consolidated financial statements include the results of the 
Company and its subsidiaries. Subsidiaries are those investees, 
including structured entities, the Group controls because the 
Group (i) has power to direct the relevant activities of the 
investees that significantly affect their returns, (ii) has exposure, 
or rights, to variable returns from its involvement with the 
investees, and (iii) has the ability to use its power over the 
investees to affect its returns. Subsidiaries are consolidated 
from the date on which control is transferred to the Group 
(acquisition date) and are deconsolidated from the date on 
which control ceases. Intra-Group transactions, outstanding 
balances payable or receivable and unrealized income and 
expense on transactions between Group entities have been 
eliminated on consolidation. All subsidiaries have year ends 
which are co-terminous with the Company’s. The subsidiaries’ 
accounting policies are consistent with the policies adopted by 
the Group.
Accounting policies
Foreign currency translation
The financial statements of each Group entity are measured 
using the currency of the primary economic environment in 
which the entity operates (the functional currency), which is 
generally the local currency with the exception of treasury and 
holding companies where the functional currency is the U.S. 
Dollar. Effective January 1, 2024, the functional currency of 
Indivior U.K. Limited, one of the Group’s significant subsidiaries, 
changed from U.K. pound Sterling to U.S. Dollar (USD). 
Notes to the Group Financial Statements
Indivior Annual Report and Accounts 2024 |
144
Financial Statements
2. Basis of preparation and accounting policies 
continued
This was the result of a change in the primary economic 
environment in which Indivior U.K. Limited operates, driven by 
growth of USD-denominated net revenue combined with an 
increase in USD-denominated costs and culminating with a shift 
in investing activities. The Group determined the USD had 
become the dominant currency from January 2024. The Group’s 
presentation currency is the U.S. Dollar.
Foreign currency transactions are translated into the functional 
currency using exchange rates prevailing at the dates of the 
transactions. Foreign exchange gains and losses resulting from 
the settlement of foreign currency transactions and from the 
remeasurement of monetary assets and liabilities denominated 
in foreign currencies are recognized within SG&A in the 
consolidated income statement. 
The exchange rates used for the translation of currencies into 
U.S. dollars that have the most significant impact on the Group’s 
results were:
2024
2023
GBP year-end exchange rate
 
1.25  
1.27 
GBP average exchange rate
 
1.28  
1.24 
EUR year-end exchange rate
 
1.03  
1.10 
EUR average exchange rate
 
1.08  
1.08 
The financial statements of subsidiaries with different functional 
currencies are translated into U.S. dollars on the following basis:
• Assets and liabilities at the year-end rate.
• Profit and loss account items at the weighted average 
exchange rate for the year.
Exchange differences arising from translation of retained 
earnings and the net investment in foreign entities are 
recognized in the statement of comprehensive income on 
consolidation.
Revenue
Net revenue is generated from sales of pharmaceutical 
products, net of accruals for returns, discounts, incentives and 
rebates (“allowances”). Direct customers are often wholesalers, 
specialty pharmacies and specialty distributors of 
pharmaceutical products; indirect customers are often 
government-sponsored programs or commercial insurers with 
whom the Group has separate pricing and formulary 
agreements.
Net revenue is recognized when a contractual promise to a 
customer (performance obligation) has been fulfilled by 
transferring control over pharmaceutical products to the direct 
customer, substantially all of which is upon receipt of the 
products by the customer, and therefore all revenue is 
recognized at a “point in time.” The amount of net revenue 
recognized is based on the consideration expected in exchange 
for pharmaceutical products, including reductions in revenue for 
rebates expected to be paid to indirect customers. The 
consideration Indivior receives may be fixed or variable. Variable 
consideration is only recognized when it is highly probable that 
a significant reversal will not occur. The Group has no material 
contracts with more than one performance obligation. 
Management is required to determine the net transaction price 
in respect of each of its contracts with direct and indirect 
customers. 
In making such judgment, management assesses the impact of 
any variable consideration in the contract due to allowances. 
These are estimated and recognized in the period in which the 
underlying performance obligation is fulfilled as a reduction of 
net revenue. 
The following are the Group’s significant categories of 
allowances: 
• Government and commercial rebates 
The Group records accruals for rebates for governmental 
programs as a reduction of sales when the product is sold 
into the distribution channel. The Group pays rebates to 
individual U.S. states for all eligible units purchased under the 
Medicaid Drug Rebate Program in the United States 
("Medicaid") based on a “per unit rebate” calculation, which is 
based on the Group’s average manufacturer prices and 
applicable supplemental agreements. 
Management estimates expected unit sales under Medicaid 
and adjusts its rebate accrual based on actual unit, per unit 
rebate amounts and changes in trends in Medicaid utilization.
Commercial rebates include amounts payable to payers and 
healthcare providers under contractual arrangements and 
may vary by product. 
Government and commercial rebates are estimated using 
contracted rates, historical and estimated payer mix, historical 
utilization trends and payment processing time lag. 
Additionally, in developing estimates, management considers 
statutory rebate requirements, estimated patient mix, known 
market events or trends, channel inventory data obtained 
from third parties and other pertinent internal or external 
information. Management assesses and updates estimates 
each reporting period to reflect billing trends and other 
current information.
• Chargebacks
Chargebacks relate to discounts that occur when contracted 
indirect customers purchase directly from wholesalers and 
specialty distributors at a contracted price. The wholesaler or 
specialty distributor, in turn, then generally charges back to 
the Group the difference between the wholesale acquisition 
cost and the contracted price paid to the wholesaler or 
specialty distributor by the customer. 
The accrual for chargebacks is estimated based on historical 
and expected utilization of these programs.
• Allowance for sales returns
Returns are generally made if the product is damaged, 
defective or otherwise cannot be used by the customer. In the 
United States, the Group typically permits returns six months 
prior to and up to 12 months after the product expiration date.
Outside the United States, returns are only allowed in certain 
countries on a limited basis.
Accruals for product returns are estimated based primarily on 
analysis of the Group’s historical product return patterns, 
expected future returns, and contractual agreement terms. 
Estimated returns are accrued in the period the related 
revenue is recognized.
Indivior Annual Report and Accounts 2024 |
145
Financial Statements

2. Basis of preparation and accounting policies 
continued
• Sales discounts
Wholesalers, specialty pharmacies and specialty distributors 
of the Group’s products may be offered various forms of 
consideration for distributing our products, including 
discounts, service fees and prompt payment discounts. 
Wholesaler and specialty distributor discounts and service 
fees arise from contractual agreements and are estimated as 
a percentage of the price at which the Group sells product to 
them and are classified as liabilities. 
In addition, customers are offered a prompt pay discount for 
payment within a specified contractual period. Prompt pay 
discounts are classified as a reduction of accounts receivable.
Management also takes account of factors such as levels of 
inventory in its various distribution channels, product expiry 
dates and information about potential entry of competing 
products into the market. In each case, the accruals made for 
allowances noted above are subject to continuous review and 
adjustment as appropriate, based on the most recent 
information available to management. 
Adjustments to the accruals may be necessary based on actual 
utilization information submitted to the Group (in the case of 
accruals for rebates related to sales targets or contractual 
rebates), claims/invoices received (in the case of regulatory 
rebates and chargebacks) and actual return rates. 
Operating segments
Operating segments are reported in a manner consistent with 
the internal reporting provided to the chief operating decision-
maker ("CODM"). The CODM, who is responsible for allocating 
resources and assessing performance of the operating 
segments, has been identified as the Chief Executive Officer 
("CEO"). 
Cost of sales
Cost of sales are recognized as the associated net revenue is 
recognized or when the asset no longer represents a probable 
future economic benefit. Cost of sales include manufacturing 
costs, movements in provisions for inventories, inventory write-
offs, depreciation and impairment charges in relation to 
manufacturing assets, and amortization of marketed products.
Selling, general and administrative expenses
Selling, general and administrative expenses ("SG&A") comprise 
personnel costs, as well as marketing expenses, consulting 
services, depreciation of fixed assets, travel and other selling 
and distribution-related expenses, corporate overheads, patent-
related costs and other administrative expenses. Selling, general 
and administrative expenses also include expenses relating to 
recognition or release of legal provisions. 
Expenses are recognized in respect of goods and services 
received when supplied in accordance with contractual terms. 
Marketing, promotional and other selling expenses are charged 
to the consolidated income statement as incurred.
Research and development
Research and development expenses comprise internal and 
external research expenses. Internal R&D expenses include 
employee-related expenses, occupancy costs, depreciation of 
corresponding equipment and other costs. External R&D 
expenses include costs related to clinical trials, non-clinical 
activity and laboratory services. 
Research expenditure is charged to the consolidated income 
statement in the year in which it is incurred. 
Development expenditure is expensed as incurred, unless it 
meets the requirements of IAS 38 to be capitalized and then 
amortized over the useful life of the developed product, once 
commercialized. 
The Group has determined that filing for regulatory approval is 
generally the earliest point at which internal development costs 
can be capitalized. However, judgment is exercised when 
assessing the point at which it is probable the asset created will 
generate future economic benefits, which may not be until final 
regulatory approval for certain assets. All internal development 
expenditure incurred prior to filing for regulatory approval is 
therefore expensed as incurred.
Net other operating income
Net other operating income is credited to the consolidated 
income statement as earned.
Finance income and expense
Finance income represents interest earned on invested cash 
balances plus interest income from debt securities which is 
included in finance income using the effective interest method. 
Finance income on cash and cash equivalents and investments 
is recognized in the consolidated income statement in the 
period earned.
Finance costs of borrowings are recognized in the consolidated 
income statement over the term of those borrowings. Finance 
costs related to lease arrangements are recognized in the 
consolidated income statement over the lease period. Finance 
costs on significant legal matters are generally recognized in the 
consolidated income statement over the settlement payment 
period. 
Income tax
Income tax for the year comprises current and deferred tax. 
Current tax is the expected tax payable on taxable income for 
the year, using tax rates enacted, or substantively enacted, at 
the balance sheet date, and any adjustment to tax payable in 
respect of previous years.
Income tax is recognized in the consolidated income statement 
except to the extent that it relates to items recognized in other 
comprehensive income or directly in equity. In this case, the tax 
is also recognized in other comprehensive income or directly in 
equity, respectively.
Current tax for the current and prior periods is recognized as a 
liability to the extent that it has not yet been settled, and as an 
asset to the extent that the amounts already paid exceed the 
amount due.
Deferred tax is recognized on temporary differences arising 
between the tax bases of assets and liabilities and their carrying 
amounts in the financial statements using the balance sheet 
approach. 
Deferred tax is not recorded if it arises from the initial 
recognition of an asset or liability in a transaction (other than a 
business combination) that affects neither accounting nor 
taxable profit or loss at that time. Deferred tax is determined 
using tax rates (and laws) that have been enacted or 
substantively enacted at the balance sheet date and apply when 
the deferred tax asset or liability is expected to reverse. 
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
146
Financial Statements
2. Basis of preparation and accounting policies 
continued
They are revalued for changes in tax rates when new tax rates 
are substantively enacted. The Group has applied the exception 
to recognizing and disclosing information about deferred tax 
assets and liabilities related to Pillar Two income taxes.
Intangible assets
Intangible assets are carried at cost less accumulated 
amortization and impairment.
Payments made in respect of acquired distribution rights are 
capitalized when it is probable that the expected future 
economic benefits attributable to the asset will flow to the 
Group. The useful life of the acquired distribution rights is 
determined based on legal, regulatory, contractual, competitive, 
economic or other relevant factors. Acquired rights with finite 
lives are subsequently amortized using the straight-line method 
over their expected useful economic lives.
Payments related to the acquisition of rights to products in 
development or marketed products are capitalized if it is 
probable that future economic benefits from the asset will flow 
to the Group. Probability of future economic benefit is assumed 
for all payments made for externally acquired products in 
development and therefore capitalized. Subsequent success-
based milestone payments up to and including approval are 
capitalized when achieved. Products in development are not 
amortized as they are not yet in use but are assessed for 
impairment at the end of each reporting period. Once approved 
in their primary market, products in development are 
transferred to marketed products. 
Marketed products are amortized over their useful economic life, 
which is generally estimated as the patent life within the 
product’s primary market. Amortization of marketed products is 
recognized within cost of sales. All products are assessed for 
impairment indicators at the end of each reporting period and 
tested for impairment annually.
Acquired computer software licenses and related 
implementation costs are capitalized at cost. These costs are 
typically amortized on a straight-line basis, generally over a 
period of up to five years. For cloud-based software licenses, 
implementation costs are expensed as incurred and 
subscription costs are expensed ratably over the license period. 
Goodwill is initially measured as any excess of the fair value of 
the acquired business over the fair value of the net identifiable 
assets acquired. Goodwill is not amortized but is assessed for 
impairment at the end of each reporting period. 
Gains and losses on the disposal of intangible assets are 
determined by comparing the asset’s carrying value with any 
sale proceeds and are included in the consolidated income 
statement.
The carrying values of intangible assets are reviewed for 
impairment annually and/or when events or changes in 
circumstances indicate the carrying value may be impaired 
depending on the intangible asset type. If any such indication 
exists, the recoverable amount of the asset is estimated in order 
to determine the extent of impairment loss. Where it is not 
possible to estimate the recoverable amount of an individual 
asset, management estimates the recoverable amount of the 
cash-generating unit ("CGU") to which it belongs. 
Goodwill is tested for impairment at the operating segment 
level, this being the level at which goodwill is monitored for 
internal management purposes. As discussed in Note 3, the 
Group is engaged in a single business activity and operates in a 
single reportable segment. 
Property, plant and equipment
Property, plant and equipment are stated at historical cost less 
accumulated depreciation and impairment, with the exception 
of land, which is shown at cost less impairment. Cost includes 
expenditure that is directly attributable to the acquisition of the 
asset. 
The cost of subsequent improvements and enhancements is 
included in the asset’s carrying amount or recognized as a 
separate asset, as appropriate, only when it is probable that 
future economic benefits associated with the item will flow to 
the Group and the cost of the item can be reliably measured.
Except for freehold land and assets under construction, the cost 
of property, plant and equipment is depreciated on a straight-
line basis over the expected useful life of the asset. For this 
purpose, expected lives are determined within the following 
limits:
• Land and buildings
• freehold buildings: not more than 20 years; and
• leasehold improvements: up to the expected lease term.
• Plant and equipment
• plant and equipment: not more than 10 years; and
• motor vehicles and computer equipment: not more than 4 
years.
Assets’ residual values and useful lives are reviewed, and 
adjusted, if necessary, at each balance sheet date. Property, 
plant and equipment are reviewed for impairment if events or 
changes in circumstances indicate that the carrying amount may 
not be appropriate. Freehold land is reviewed for impairment on 
an annual basis.
Gains and losses on the disposal of property, plant and 
equipment are determined by comparing the asset’s carrying 
value with any sale proceeds and are included in the 
consolidated income statement.
Leases and right-of-use asset 
The Group leases various properties and equipment (including 
vehicles). Rental contracts are typically made for fixed periods of 
3 to 10 years but may have termination or extension options. 
Management assesses whether it is reasonably certain to 
exercise the options at lease commencement and subsequently, 
if there is a change in circumstances within its control. Extension 
options (or periods after termination options) are only included 
in the lease term if the lease is reasonably certain to be 
extended (or not terminated). Such assessment involves 
management judgment and estimations based on information at 
the time the assessments are made.
As a lessee, management assesses whether a contract conveys 
the right to control use of an identified asset for a period in 
exchange for consideration, in which case it is classified as a 
lease. The Group recognizes a right-of-use asset (lease asset) 
and a corresponding liability at the lease commencement date, 
measured on a present value basis. 
Leases with a term of 12 months or less (short-term leases) and 
low-value leases are not recognized on the balance sheet.
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Financial Statements

2. Basis of preparation and accounting policies 
continued
For these short-term and low-value leases, the Group recognizes 
the lease payments as an operating expense on a straight-line 
basis over the term of the lease.
The Group’s right-of-use assets are calculated based upon the 
following:
• the amount of the initial measurement of the lease liability;
• any lease payments made to the lessor at or before the 
commencement date, less any lease incentives (e.g., rent 
abatements, tenant improvement allowances) received; and
• any initial direct costs incurred by the Group.
Right-of-use assets are amortized on a straight-line basis from 
the commencement date of the lease over the shorter of the 
lease term or useful life of the right-of-use asset. Right-of-use 
assets are assessed for impairment whenever there is an 
indication the carrying amount may not be recoverable, 
generally using cash flow projections for the cash-generating 
unit in which the right-of-use asset belongs.
Lease liabilities are initially measured at the present value of 
the lease payments to be made over the lease term using the 
discount rate for the lease at lease commencement. If the 
interest rate implicit in the lease can be determined, it will be 
used to measure the liability. If an interest rate is not implicit in 
the lease, the incremental borrowing rate for the respective loan 
type at the date of commencement will be used, which ranged 
from 3.9% to 11.8%. The incremental borrowing rate is 
determined by referencing the cost of borrowing in recent debt 
issuances for entities with comparable credit ratings, adjusted 
for the term of the lease and country of origin. 
The Group remeasures the lease liability (and makes a 
corresponding adjustment to the related right-of-use asset) 
whenever the lease terms or expected payments under the lease 
change, or a modification occurs that is not accounted for as a 
separate lease. Lease payments are allocated between principal 
and finance cost. The finance cost is charged to profit or loss 
over the lease period to produce a constant periodic rate of 
interest on the remaining balance of the liability for each period. 
Principal elements of lease payments are recognized as cash 
flows from financing activities.
Investments
Investments comprise holdings in equity and debt securities. 
Investments in equity securities held for trading or for which the 
Group has not elected to recognize fair value gains and losses 
through other comprehensive income are initially recorded and 
subsequently measured at fair value through profit or loss 
("FVPL"). Fair value gains and losses are reported on the income 
statement within net other operating (loss)/income. Investments 
in debt securities are initially recorded at fair value plus or 
minus directly attributable transaction costs and remeasured on 
the basis of the Group’s business model and the contractual 
cash flow characteristics.
The Group’s investments in debt securities are held at amortized 
cost as the Group’s intention is to hold these investments to 
maturity and collect contractual cash flows that are solely 
payments of principal and interest.
The Group applies an expected credit loss impairment model to 
financial instruments held at amortized cost. The recognition of 
a loss allowance is limited to 12-month expected credit losses 
unless credit risk increases significantly, which would require 
lifetime expected credit losses to be applied. 
When measuring expected credit losses, investments are 
grouped based on similar credit risk characteristics. 
Management uses judgment in selecting the inputs to the 
impairment model based on historical loss rates for similar 
instruments, current conditions and forecasts of future 
economic conditions.
Inventories
Raw materials, stores and consumables, work in progress and 
finished goods are stated at the lower of cost or net realizable 
value. Cost comprises materials, direct labor and an appropriate 
portion of overhead expenses (based on normal operating 
capacity) required to get the inventory to its present location 
and condition. Inventory valuation is determined on a first in, 
first out basis. Selling expenses, product amortization and 
certain other overhead expenses are excluded from product 
cost. Net realizable value is the estimated net selling price less 
applicable selling expenses. Impairment of inventory is 
recognized in cost of sales.
Trade receivables
Trade receivables are initially recognized at their invoiced 
amounts less estimated adjustments for deductions such as 
cash discounts. Trade receivables consist of amounts due from 
customers, primarily wholesalers and distributors, for which 
there is no significant history of default. The credit risk of 
customers is assessed, taking into account their financial 
positions, past experiences and other relevant factors. Individual 
customer credit limits are imposed based on these factors. 
Provisions for expected credit losses are established using an 
expected credit loss model ("ECL"). The provisions are based on 
a forward-looking ECL, which includes possible default events on 
the trade receivables over the entire holding period. These 
provisions represent the difference between the carrying 
amount in the consolidated balance sheet and the estimated 
collectible amount. Charges for ECL are recognized in the 
consolidated income statement within SG&A expenses. 
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, current 
balances with banks and similar institutions, and highly liquid 
investments with original maturities of less than three months. 
Borrowings
Interest-bearing borrowings are recognized initially at fair value 
less attributable transaction costs. Subsequent to initial 
recognition, interest-bearing borrowings are stated at amortized 
cost, with any difference between cost and redemption value 
being recognized within finance expense in the consolidated 
income statement over the year of the borrowings on an 
effective interest basis.
Borrowings are classified as a current liability unless the Group 
has an unconditional right to defer settlement of the liability for 
at least 12 months after the reporting date.
Provisions and other liabilities
Provisions are recognized when the Group has a present legal or 
constructive obligation as a result of past events, an outflow of 
resources to settle that obligation is more likely than not, and 
the amount can be reliably estimated. Provisions are measured 
at the present value of management’s best estimate of the 
expenditure required to settle the present obligation at the 
reporting date. 
Notes to the Group Financial Statements continued
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Financial Statements
2. Basis of preparation and accounting policies 
continued
Provisions are reviewed regularly, and amounts updated where 
necessary to reflect the latest assumptions. The assessment of 
provisions can involve complex judgments about future events 
and can rely heavily on judgments and estimates. Given the 
inherent uncertainties related to these judgments and 
estimates, the actual outflows resulting from the realization of 
those risks could differ adversely and materially from 
management’s assessments.
Other liabilities represent contractual obligations to third 
parties where the amount and timing of payments is fixed. 
Where other liabilities are not interest-bearing and the impact 
of discounting is significant, other liabilities are recorded at 
their present value, generally using a discount rate appropriate 
to the liability or approximating a market interest rate at the 
time the Group entered into the obligation.
Trade and other payables
Trade and other payables are recognized initially at fair value 
and, where applicable, subsequently measured at amortized 
cost using the effective interest method. Accrual balances are 
reviewed and adjusted in light of actual experience of rebates, 
discounts or allowances given and returns made and any 
expected changes in arrangements. Future events could cause 
the assumptions on which the accruals are based to change, 
which could affect the future results of the Group. Please refer 
to the revenue accounting policy for further details on accruals 
for rebates, discounts and returns.
Employee share-based plans
The Group operates three equity-settled executive and 
employee share plans. For all grants of share options and 
awards, the fair value at the grant date is calculated using 
appropriate pricing models. The grant date fair value is 
recognized over the vesting period as an expense, with a 
corresponding increase in retained earnings.
The Group controls an Employee Benefit Trust which supports 
fulfillment of share-based compensation plans and other 
employee benefits.
Employee short-term obligations
Liabilities for salaries and wages, including non-monetary 
benefits, vacation and accumulating sick leave expected to be 
settled within 12 months after the end of the period in which the 
employees render the related service, are recognized in respect 
of employees’ services up to the end of the reporting period and 
are measured at the amounts expected to be paid when the 
liabilities are settled. The liability for vacation and accumulating 
sick leave is recognized in the provision for employee benefits. 
All other short-term employee benefits are included within 
trade and other payables.
Pension commitments
Some companies within the Group operate defined contribution 
and (funded and unfunded) defined benefit pension schemes. 
The cost of providing pensions to employees who are members 
of defined contribution schemes is charged to the consolidated 
income statement as contributions are made. The Group has no 
further payment obligations in respect of such schemes once 
the contributions have been paid.
Post-retirement benefits other than pensions 
Some companies within the Group provide post-retirement 
medical care to their retirees. The costs of providing these 
benefits are accrued over the period of employment and the 
liability recognized in the consolidated balance sheet is 
calculated using the projected unit credit method and is 
discounted to its present value and the fair value of any related 
asset is deducted.
Business combinations and asset acquisitions
In assessing whether an acquired set of activities and assets is a 
business or an asset, management applies the optional 
concentration test. In applying the concentration test, an 
acquisition will be treated as an asset acquisition if 
substantially all of the fair value of the gross assets acquired 
(excluding cash and cash equivalents, deferred tax assets, and 
goodwill) is concentrated in a single identifiable asset or group 
of similar identifiable assets. If the concentration test is not met, 
management will perform an assessment to determine whether 
the acquired set of activities and assets is a business.
The acquisition method of accounting is used to account for 
business combinations. All identifiable assets acquired, 
liabilities and contingent liabilities assumed are initially 
measured at fair value on the acquisition date. During the 
measurement period of up to one year from the acquisition 
date, we may record adjustments to the assets acquired and 
liabilities assumed with the corresponding offset to goodwill. 
Acquisition-related costs are expensed as incurred.
Goodwill arising from a business combination is recognized as 
an asset and initially measured at cost. Goodwill is calculated as 
the difference between 1) the acquisition date fair value of the 
consideration transferred and 2) the net of the acquisition date 
fair value of identifiable assets acquired and liabilities assumed.
The Group recognizes contingent consideration in a business 
combination as part of the consideration transferred at the fair 
value of the obligations at the acquisition date. Contingent 
consideration classified as a financial liability is subsequently 
remeasured to fair value at each balance sheet date, with 
changes in fair value recognized in the consolidated income 
statement. In an asset acquisition, the Group accounts for 
contingent consideration using a cost accumulation model. No 
liabilities are initially recognized at the date of acquisition. 
When an obligation associated with a variable payment is no 
longer uncertain, it is capitalized as part of the cost of the asset, 
as it represents a direct cost of the acquisition.
Accounting estimates and judgments 
Management makes several estimates and assumptions 
regarding the future and significant judgments in applying the 
Group’s accounting policies.
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Financial Statements

2. Basis of preparation and accounting policies 
continued
Key estimates and assumptions
Estimates and assumptions may affect the reported amount of 
assets and liabilities, disclosure of contingent assets and 
liabilities, and the reported amounts of revenues and expenses. 
These estimates are based on the Group’s knowledge of the 
amount, events or actions; however, actual results may 
ultimately differ from those estimates. Estimates and underlying 
assumptions are reviewed on an ongoing basis. Revisions to 
estimates are recognized prospectively. The key estimates and 
assumptions used in the financial statements are set out below.
Estimates for rebates, incentives and returns
The Group offers various types of reductions from list prices on 
its products. Rebates are granted to governmental healthcare 
authorities, such as Medicaid and Medicare in the U.S., and 
under contractual arrangements with certain indirect customers. 
Some wholesalers are entitled to chargeback incentives under 
specific contractual arrangements. Cash discounts may also be 
granted for prompt payment, which are recorded as a reduction 
of accounts receivable.
The discounts and rebates described above are estimated based 
on contractual arrangements with customers or terms of the 
relevant regulations and/or agreements applicable for 
transactions with healthcare authorities, and in some cases on 
assumptions about the attainment of targeted volumes. Several 
months may pass between the original estimate of rebates due 
and confirmation of the amount, which may increase the 
estimation risk. Please refer to the revenue accounting policy for 
further details.
Accruals for product returns are estimated in the period the 
related revenue is recognized. The estimate is based primarily 
on analysis of the Group’s historical product return patterns, 
expected future returns, and contractual agreement terms.
During 2024, net revenue was increased by $28m (2023: 
decreased by $9m) from performance obligations satisfied in 
prior years, primarily relating to differences between invoices 
received from U.S. government programs as compared to the 
respective accruals held for those years. The estimates for U.S. 
governmental and commercial end-payor accruals are also 
reasonably expected to vary due to shifts between U.S. 
governmental end-payor sales and U.S. commercial end-payor 
sales. A 1 percentage point shift between these channels would 
impact the accrual by $4m. Due to the number of variables 
contributing to the overall accruals for returns, discounts, 
incentives and rebates, further meaningful sensitivity is not able 
to be provided. Accruals for returns, discounts, incentives and 
rebates are disclosed in Note 22.
Impairment of intangible assets
In carrying out impairment reviews, specifically in relation to 
products in development, significant assumptions have been 
made. These include the probability of success in obtaining 
regulatory approvals, discount rates and projected net revenue 
(based on future rate of market growth and market demand for 
the products acquired). As actual results differ and/or changes 
in expectations arise, impairment charges may be required 
which would have a material adverse impact on reported results 
and financial position. The cash flows used in the recoverable 
amount calculation for assets in development are inflation 
adjusted. 
Changes in the inflationary environment in 2024 did not have a 
significant impact on the recoverable amount calculations due 
to their effect on both projected cash inflows and outflows. See 
Note 9 for further details and sensitivity analysis. 
Determination of income tax expense/benefit 
Significant judgment and estimation are required over certain 
inputs to determine the Group's income tax expense/benefit. 
These estimates and judgments include the treatment of certain 
tax credits, benefits, and deductions and the tax, interest and 
penalties related to unresolved uncertain tax matters. Changes 
to these estimates may result in a material increase or decrease 
to the Group's income tax expense/benefit in subsequent 
periods.
Recoverability of deferred tax assets
Deferred tax assets are recoverable when it is probable the 
Group will generate sufficient future taxable profits in the 
jurisdictions where the deferred tax assets are recorded. The 
Group's estimate of future taxable profits is based on forecasts 
consistent with those applied elsewhere by the Group and are 
subject to similar uncertainties. As of December 31, 2024, the 
Group's recognized deferred tax assets of $268m (2023: $267m) 
are considered probable to be recovered within the lifecycle of 
existing products. Specific deferred tax assets are not 
recognized as they are not considered recoverable. The Group's 
ability to realize deferred tax assets could be reduced in the 
future if estimates of future forecasted revenue and profits are 
reduced or not realized. Any change in the Group's ability to 
realize recognized deferred tax assets would impact the Group's 
income tax expense/benefit in the period when such change 
takes place.
See Note 7 for details.
Critical judgments
Management has made the following critical judgments in 
applying the Group’s accounting policies that have the most 
significant effect on the amounts recognized in the Group 
financial statements:
Ongoing litigation 
The Group is involved in litigation, arbitration and other legal 
proceedings. These proceedings typically are related to 
compliance and trade practices, commercial claims, product 
liability claims, intellectual property rights, and employment and 
wrongful discharge claims. For each claim or grouping of similar 
claims, management makes judgments regarding the relative 
merits and risks within the claims. These judgments inform the 
Group’s defense strategies, whether a loss or settlement from 
the claims is probable and whether sufficient information exists 
to make a reliable estimate of the likely outcome of the claims. 
Provisions are recognized when the Group has a present legal or 
constructive obligation, an outflow of resource to settle the 
obligation is more likely than not, and the amount can be 
reliably estimated. Management has assessed as “contingent” 
matters that cannot be reliably estimated or are not considered 
probable at the current time. For more details of all the 
outstanding legal proceedings including those that have been 
deemed contingent, see Note 21.
Notes to the Group Financial Statements continued
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150
Financial Statements
3. Segment information
The Group is engaged in a single business activity, which is predominantly the development, manufacture and sale of 
buprenorphine-based prescription drugs for treatment of opioid dependence and related disorders. The CEO reviews disaggregated 
net revenue on a geographical and product basis and allocates resources on a functional basis between Commercial, Supply, 
Research and Development, and other Group functions. Financial results are reviewed on a consolidated basis for evaluating 
financial performance and allocating resources. Accordingly, the Group operates in a single reportable segment.
Net revenue:
Revenue is attributed geographically based on the country where the sale originates. The following table represents net revenue by 
country.
For the year ended December 31
2024
$m
2023
$m
United States
 
1,008  
912 
Rest of World
 
177  
176 
United Kingdom
 
3  
5 
Total
 
1,188  
1,093 
On a disaggregated basis, the Group’s net revenue by major product line:
For the year ended December 31
2024
$m
2023
$m
SUBLOCADE
 
756  
630 
OPVEE1
 
15  
— 
Sublingual/Other2
 
377  
421 
PERSERIS3
 
40  
42 
Total
 
1,188  
1,093 
1. Net revenue for OPVEE consists of two 100,000 unit product orders from the U.S. Biomedical Advancement Research and Development Authority (BARDA).
2. Includes $3m of revenue generated from onerous contracts at the Raleigh manufacturing facility in FY 2024.
3. Marketing and promotion for PERSERIS® have been discontinued. Refer to Note 29.
Significant customers
Net revenue includes amounts derived from significant customers that amount to 10% or more of the Group’s revenue as follows 
(in percentages of total net revenue):
Customer
2024
$m
2023
$m
Customer A
 19 %
 19 %
Customer B
 18 %
 19 %
Customer C
 18 %
 16 %
Customer D
 11 %
 9 %
Non-current assets:
The following table represents non-current assets, net of accumulated depreciation, amortization and impairment, by country. Non-
current assets for this purpose consist of intangible assets, property, plant and equipment, right-of-use assets, investments and 
other assets.
At December 31
2024
$m
2023 
(Restated1)
 $m
United States
 
218  
209 
United Kingdom
 
149  
206 
Rest of World
 
2  
3 
Total
 
369  
418 
1. The non-current asset balance in the United States as of December 31, 2023 was retrospectively adjusted during 2024 to reflect measurement period 
adjustments of $2m to property, plant and equipment and $3m to intangible assets (goodwill) related to the November 2023 acquisition of an aseptic 
manufacturing facility. Refer to Note 28. 
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Financial Statements

4. Operating expenses and net other operating income
Operating expenses
The table below sets out selected operating costs and expense information.
Notes
2024
$m
2023
$m
Research and development expenses1
 
(142)  
(106) 
Selling and marketing expenses
 
(253)  
(236) 
Administrative and general expenses2
 
(554)  
(575) 
Selling, general and administrative expenses
 
(807)  
(811) 
Depreciation and amortization3
9, 10, 11  
(14)  
(15) 
1. Research and development expenses in 2024 include impairment charges related to a product in development ($28m) and the discontinuation of a digital 
therapeutic product in development ($11m).
2. Administrative and general expenses in 2024 includes legal settlement costs (see Notes 19 and 21), restructuring costs including severance, impacts related to 
discontinuation of PERSERIS, debt financing costs and U.S. listing costs. Expenses in the 2023 periods include legal settlement costs, the acquisition of Opiant 
Pharmaceuticals, Inc. ("Opiant", refer to Note 27) and U.S. listing costs. Medical affairs functional costs are included in administrative and general expenses.
3. Depreciation and amortization amounts presented are included in research and development and selling, general and administrative expenses. Additionally, 
depreciation and amortization related to intangible assets, certain plant and equipment and right-of-use assets of $20m (2023: $13m) are reported within cost 
of sales. Depreciation and amortization amounts do not include impairment charges. Refer to Note 29 for impairment charges related to the discontinuation 
of PERSERIS.
Auditors’ remuneration
2024
$m
2023
$m
Audit of Parent Company and consolidated financial statements:
Audit of the Group’s consolidated financial statements
 
(6.0)  
(4.4) 
Audit of the Group’s subsidiaries
 
(0.8)  
(0.8) 
Audit services
 
(6.8)  
(5.2) 
Audit-related assurance services
 
(0.8)  
(0.8) 
Total auditors’ remuneration
 
(7.6)  
(6.0) 
Audit services for the audit of Parent Company and consolidated financial statements include the fee paid in respect of the audit 
carried out under U.S. auditing standards for the purpose of filing accounts in the U.S. In FY 2023, an additional fee of $0.5m in 
respect of the FY 2022 Group and subsidiary financial statements was approved and paid subsequent to the completion of the audit. 
This amount is not included in the table above.
Audit-related assurance services primarily consist of performance of quarterly reviews. Auditors’ remuneration is included in selling, 
general and administrative expenses.
Net other operating income
2024
$m
2023
$m
Mark-to-market adjustment of equity securities
 
(9)  
— 
Insurance reimbursements
 
1  
1 
Income recognized in relation to a supply agreement
 
—  
3 
BARDA Inventory management fees
 
1  
— 
Other income
 
3  
2 
Net other operating (loss)/income
 
(4)  
6 
Mark-to-market adjustment of equity securities represents the change in market value of equity securities measured at fair value 
through profit or loss (FVPL). In 2024, the announcement of study results pertaining to Aelis Farma's pipeline drug for cannabis use 
disorder did not meet the expected outcomes, resulting in a $5m decline in market value of the shares. The share price continued to 
decline during the remainder of 2024.
Notes to the Group Financial Statements continued
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Financial Statements
5. Employees
Details of employee costs
(a) Staff costs
Note
2024
$m
2023
$m
The total employment costs, including Executive Directors, were:
Wages and salaries
 
(227)  
(226) 
Social security costs
 
(35)  
(37) 
Pension costs1
 
(16)  
(14) 
Share-based payments expense for the year
25  
(24)  
(22) 
Termination costs2
 
(17)  
(7) 
Acquisition-related employee costs3
 
—  
(3) 
Total staff costs
 
(319)  
(309) 
1. Pension costs predominantly reflect contributions made towards the Group’s defined contribution plans.
2. Termination costs in 2024 reflect severance related to a restructuring initiative as well as the discontinuation of marketing and promotion for PERSERIS. Costs 
in 2023 relate to the acquisition of Opiant.
3. Acquisition-related employee costs primarily reflect acceleration of vesting of Opiant employee share compensation and short-term retention costs.
Remuneration for the highest paid Director and total Directors' emoluments are disclosed in the Directors' Remuneration Report.
Key management is defined as the Executive Committee, a body of 11 employees (2023: 11 employees) including the CEO and the 
functional leads directly reporting to the CEO plus all Non-Executive Directors. Compensation awarded to key management was:
2024
$m
2023
$m
Short-term employee benefits
 
(9)  
(13) 
Termination costs
 
(1)  
— 
Share-based payments expense for the year
 
(13)  
(13) 
Non-Executive Director remuneration
 
(1)  
(1) 
Total compensation awarded 
 
(24)  
(27) 
(b) Staff numbers
The average monthly number of persons employed by the Group, including Directors, during the year was:
2024
2023
Operations
 
811  
735 
Management
 
225  
208 
Research and development
 
116  
108 
Average monthly number of employees
 
1,152  
1,051 
6. Net finance (expense)/ income 
Finance income
2024
$m
2023
$m
Interest income on cash and cash equivalents/investments
 
22  
43 
Other finance income
 
1  
— 
Total finance income
 
23  
43 
Finance expense
Interest expense on borrowings
 
(28)  
(27) 
Interest expense on lease liabilities
 
(3)  
(3) 
Interest expense on legal matters, including the effect of discounting
 
(5)  
(7) 
Other finance expense1
 
(7)  
(1) 
Total finance expense
 
(43)  
(38) 
Net finance (expense)/income
 
(20)  
5 
1. Other finance expense in 2024 includes a $4m write-off of unamortized deferred financing costs due to early extinguishment of the previous term loan.
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Financial Statements

7. Income tax
Income tax expense/(benefit)
2024
$m
2023
$m
Current tax
 
38  
61 
Adjustments for prior years
 
(29)  
(6) 
Total current tax expense
 
9  
55 
Origination and reversal of temporary differences 
 
(49)  
(63) 
Adjustments for changes in tax rates
 
1  
(5) 
Adjustments for disallowed compensation
 
—  
5 
Unrecognized deferred tax asset
 
14  
— 
Adjustments for prior years deferred tax
 
30  
7 
Total deferred tax (benefit)
 
(4)  
(56) 
Total income tax expense/(benefit)
 
5  
(1) 
The enacted U.K. Statutory Corporation Tax rate was 25% for the year ended December 31, 2024 (2023: blended rate of 23.5%). The 
Group’s effective tax rate for the year ended December 31, 2024 is (12)%, 2023 is (100)%. 
The total tax expense/(benefit) reconciles to the (loss)/profit before taxation as follows:
2024
$m
2023
$m
(Loss)/Profit before taxation
 
(43)  
1 
Tax at the notional U.K. corporation tax rate of 25% (2023: blended 23.5%)
 
(11)  
— 
Effects of:
Tax at rates other than the U.K. corporation tax rate
 
(1)  
(2) 
Impact of rate changes
 
1  
(5) 
Permanent differences
 
7  
5 
Benefit from innovation incentives
 
(2)  
(3) 
Adjustments for prior years
 
1  
1 
Unrecognized deferred tax asset
 
14  
1 
Intragroup financing transactions
 
(8)  
(7) 
Disallowed compensation
 
3  
6 
Disallowed litigation expenses
 
1  
3 
Income tax expense/(benefit)
 
5  
(1) 
In 2024 the Group had unrecognized deferred tax assets in respect of interest expenses of $3m (2023: $1m), operating losses of $9m 
(2023: nil) and capital losses $2m (2023: nil). Intragroup financing transactions have been separated out in the prior year for 
consistency with the current year presentation.
Notes to the Group Financial Statements continued
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Financial Statements
7. Income tax continued
Factors affecting future tax charges
In July 2023, Finance (No. 2) Act 2023 (Pillar Two) was enacted in the U.K., introducing a global minimum effective tax rate of 15% 
through implementation of a domestic top-up tax and a multinational top-up tax. The legislation was also enacted or substantively 
enacted in other jurisdictions in which the Group operates. The Pillar Two legislation is effective for the Group’s financial year 
beginning January 1, 2024. The Group performed an assessment of the potential exposure to Pillar Two income taxes. This 
assessment is based on modeling of adjusted accounting data for the period ended December 31, 2024. Based on the assessment, 
the Group believes it qualifies for one of the transitional safe harbors provided in the rules in territories with material pretax 
income in which it operates. Therefore, the Group does not have a material impact from Pillar Two legislation in FY 2024. 
Tax assets and liabilities
Deferred taxes
The Group recognizes deferred tax assets to the extent that sufficient future taxable profits are probable against which these future 
tax deductions can be utilized. At December 31, 2024, the Group’s net deferred tax assets of $268m (2023: $267m) includes $129m
(2023: $115m) in the U.S. and $132m (2023: $147m) in the U.K. The U.S. deferred tax asset includes $69m of inventory (2023: $50m), 
$24m of litigation (2023: $23m), and $23m of short-term deferred tax assets (2023: $18m). The U.K. deferred tax asset includes $132m 
carry-forward losses (2023: $143m). Recognition of deferred tax assets is reliant on forecast taxable profits arising in the jurisdiction 
in which the deferred tax asset is recognized. The Group has assessed recoverability of deferred tax assets using consolidated 
budgets and forecasts consistent with those used for the assessment of viability and asset impairments, particularly in relation to 
levels of future net revenue. These forecasts are subject to similar uncertainties to those assessments. This is reviewed each quarter 
and, to the extent required, an adjustment to the recognized deferred tax asset may be made. The Group generated loss before 
taxation of $43m in the current period (2023: profit of $1m) but was profitable in each major jurisdiction excluding non-recurring 
costs. The deferred tax assets are expected to be used within the lifecycle of existing products. With the exception of specific assets 
that are not currently considered realizable, management have concluded full recognition of deferred tax assets to be appropriate.
The composition of deferred tax assets is summarized in the table below. Certain amounts in 2023, previously reported as state 
taxes ($17m) have been represented to conform with the current year policy on how types of temporary differences are presented. 
The impact on both federal and state taxes are now shown within each relevant category.
Deferred tax assets
Unrealized 
profit in 
inventory 
$m 
Inventory 
costs 
capitalized 
$m
Share-
based 
payments 
$m
Short-term 
temporary 
differences 
$m
Long-term 
temporary 
differences 
$m
Litigation 
$m
Carry-
forward 
losses 
$m
Fixed 
assets
$m
Other 
$m
Total 
$m 
At January 1, 2023
 
8  
30  
31  
21  
(1)  
36  
87  
(4)  
11  
219 
Credit/(charge) to the income 
statement
 
—  
21  
(3)  
5  
(3)  
(13)  
53  
(3)  
(1)  
56 
Charge directly to equity
 
—  
—  
(19)  
—  
—  
—  
—  
—  
—  
(19) 
Credit/(charge) directly to balance 
sheet – Acquisitions (restated)1
 
—  
—  
—  
—  
6  
—  
7  
(5)  
2  
10 
Exchange adjustments
 
—  
—  
—  
—  
—  
—  
3  
—  
(2)  
1 
At December 31, 2023
 
8  
51  
9  
26  
2  
23  
150  
(12)  
10  
267 
(Charge)/credit to the income 
statement
 
(3)  
19  
—  
(2)  
(1)  
1  
(15)  
4  
1  
4 
Charge directly to equity
 
—  
—  
(3)  
—  
—  
—  
—  
—  
—  
(3) 
At December 31, 2024
 
5  
70  
6  
24  
1  
24  
135  
(8)  
11  
268 
1. Deferred tax on acquisitions was retrospectively adjusted to reflect measurement period adjustments related to the November 2023 acquisition of an aseptic 
manufacturing facility. Refer to Note 28.
Indivior Annual Report and Accounts 2024 |
155
Financial Statements

7. Income tax continued
We anticipate that $19m of deferred tax assets will be recovered within 12 months and $249m thereafter. 
Unrecognized gross deferred tax assets of $148m (2023: $89m) consist of $85m (2023: $48m) in respect of losses of earlier periods, 
$53m (2023: $41m) in respect of interest expenses, $10m (2023: $nil) in respect of capital losses and foreign tax credits of $10m (2023: 
$6m). Both the losses and interest expenses have an unlimited carry-forward period and the foreign tax credits start to expire in 
2031 if unused. 
U.S. tax laws limit deductibility of compensation for certain management roles for U.S. listed companies. With the U.S. listing 
completed in June 2023, the Group wrote off deferred tax assets of $5m to tax expense and $7m to equity relating to future tax 
deductions of share-based compensation for which book expense had already been recognized. Additionally, the Group’s current tax 
liabilities increased by $5m, due to disallowance of compensation.
The tax (credit)/charge recognized other than within the consolidated income statement was as follows:
2024
$m
2023
$m
Other comprehensive income:
Current tax recorded in currency translation reserve
 
(1)  
(2) 
Equity:
Current taxation on share-based plans
 
(5)  
(5) 
Deferred taxation on share-based plans
 
3  
19 
The Group recognized a $1m tax benefit (2023: $2m) in relation to foreign currency translation adjustments. 
Other tax matters
Management believes it has made adequate provision for the liabilities likely to arise from periods that are open and not yet agreed 
by tax authorities. The ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome 
of agreements with relevant tax authorities or litigation where appropriate. As a multinational group, tax uncertainties remain in 
relation to Group financing, the location of taxable operations and certain non-recurring costs. Management have concluded tax 
provisions made to be appropriate. Including matters under audit, an estimate of reasonably possible additional tax liabilities that 
could arise in later periods on resolution of these uncertainties is in the range from nil to $61m.
The Group has undistributed earnings of $25m (2023: $13m) which, if paid out as dividends, would be subject to tax in the hands of 
the recipient. An assessable temporary difference exists, but no deferred tax liability has been recognized as the Group is able to 
control the timing of distributions from this subsidiary and is not expected to distribute these profits in the foreseeable future. The 
potential deferred tax liability would be $1m (2023: less than $1m).
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
156
Financial Statements
8. (Loss)/earnings per share
Presented below are the basic and diluted (loss)/earnings per share for each period:
2024
$
2023
$
Basic (loss)/earnings per share
 
($0.36)  
$0.01 
Diluted (loss)/earnings per share
 
($0.36)  
$0.01 
Basic
Basic (loss)/earnings per share ("EPS" or “LPS”) is calculated by dividing net (loss)/income for the year attributable to owners of the 
Company by the weighted average number of ordinary shares in issue during the year. 
Diluted
Diluted (loss)/earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume 
conversion of all dilutive potential ordinary shares. The Group has dilutive potential ordinary shares in the form of stock options 
and awards. These options and awards have been adjusted to reflect the share consolidation for all periods presented, referred to 
above. The weighted average number of shares is adjusted for the number of shares granted to the extent performance conditions 
have been met at the balance sheet date and determined using the treasury stock method. 
Weighted average number of shares
The weighted average number of ordinary shares outstanding (on a basic basis) includes the favorable impact of 13,079k ordinary 
shares repurchased in 2024. Refer to Note 23 for further details. The weighted average number of shares is adjusted for the number 
of shares granted to the extent performance conditions have been met at the balance sheet date and determined using the treasury 
stock method. 
Conditional awards of 1,777k and 1,761k were granted under the Group’s Long-Term Incentive Plan in 2024 and 2023, respectively. For 
2024, the effect of 2,006k (2023: 810k) share awards was excluded from the computation of diluted weighted average shares because 
the performance criteria were not met at that date.
Weighted average number of shares
2024
thousands
2023
thousands
On a basic basis
 
132,309  
137,306 
Dilution for share awards1
 
—  
4,494 
On a diluted basis
 
132,309  
141,800 
1. As there was a loss in 2024, the effect of potentially dilutive shares of 1,554k was not dilutive.
Indivior Annual Report and Accounts 2024 |
157
Financial Statements

9. Intangible assets
Acquired 
distribution 
rights 
$m
Products in 
development 
$m
Marketed 
products 
$m
Goodwill
$m
Software 
$m
Total 
$m
Cost
At January 1, 2024
 
206  
104  
186  
2  
39  
537 
Additions
 
—  
1  
1  
—  
—  
2 
Disposal
 
—  
—  
—  
—  
(1)  
(1) 
At December 31, 2024
 
206  
105  
187  
2  
38  
538 
Accumulated amortization and impairment 
At January 1, 2024
 
206  
25  
36  
—  
36  
303 
Amortization charge
 
—  
—  
11  
—  
2  
13 
Impairment
 
—  
35  
10  
—  
—  
45 
At December 31, 2024
 
206  
60  
57  
—  
38  
361 
Net book amount at December 31, 2024
 
—  
45  
130  
2  
—  
177 
Acquired 
distribution 
rights 
$m
Products in 
development 
$m
Marketed 
products 
$m
Goodwill 
(Restated1)
$m
Software 
$m
Total 
$m
Cost
At January 1, 2023
 
195  
60  
54  
—  
39  
348 
Additions
 
—  
167  
4  
2  
—  
173 
Transfers
 
—  
(126)  
126  
—  
—  
— 
Exchange adjustments
 
11  
3  
2  
—  
—  
16 
At December 31, 2023
 
206  
104  
186  
2  
39  
537 
Accumulated amortization and impairment 
At January 1, 2023
 
195  
24  
25  
—  
34  
278 
Amortization charge
 
—  
—  
10  
—  
2  
12 
Exchange adjustments
 
11  
1  
1  
—  
—  
13 
At December 31, 2023
 
206  
25  
36  
—  
36  
303 
Net book amount at December 31, 2023
 
—  
79  
150  
2  
3  
234 
1. The goodwill balance as of December 31, 2023 was retrospectively adjusted to reflect measurement period adjustments related to the November 2023 
acquisition of an aseptic manufacturing facility. Refer to Note 28.
Acquired distribution rights
Acquired distribution rights have been fully amortized in all periods presented. The remaining acquired distribution rights represent 
the ongoing sublingual tablet business in Europe which is still in use.
Products in development 
Products in development are products in different stages of research and development which have not received regulatory 
approval. 
The impairment charge for products in development includes $28m related to AEF0117 for cannabis use disorder, which did not 
demonstrate the anticipated clinical Phase 2B study results and $7m related to strategic streamlining actions to discontinue a 
collaboration agreement for the development and commercialization of the prescription digital therapeutic product, CT-102.
In 2023, the Group acquired full ownership of INDV-2000 (oral Orexin-1 receptor antagonist) from C4X Discovery for $21m. 
In 2023, the Group secured global rights to develop, manufacture and commercialize Alar Pharmaceuticals Inc.’s (“Alar”) portfolio of 
buprenorphine-based ultra long-acting injectables, including lead asset INDV-6001, which is potentially the first three-month long-
acting injectable for OUD. Under the agreement, the Group made an upfront payment of $10m, which is in addition to the $5m 
option payment made by the Group at the beginning of 2023. Alar is entitled to potential milestone payments if various 
developmental, regulatory and commercial goals are achieved and royalties in the low double-digit to mid-teens as a percentage of 
net revenue. 
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
158
Financial Statements
9. Intangible assets continued
Marketed products
Marketed products include approved product rights for SUBLOCADE of $13m (2023: $14m), PERSERIS of $nil (2023: $10m) and OPVEE of 
$117m (2023: $125m). Amortization expense of $11m (2023: $10m) was recognized in cost of sales. 
The discontinuation of marketing and promotion for PERSERIS (refer to Note 29), resulted in an impairment of the related intangible 
asset of $9m.
The 2023 acquisition of Opiant resulted in the recognition of an intangible asset related to the in-process research and development 
value for OPVEE, formerly the pipeline product OPNT003, for $126m (refer to Note 27). Upon approval by the U.S. Food and Drug 
Administration ("FDA") in May 2023, the intangible asset became classified as a marketed product and amortization commenced over 
the patent life.
Goodwill
Goodwill arose through the acquisition of a business consisting of a manufacturing facility, workforce and supply contracts in 
November 2023 and was retrospectively adjusted to reflect measurement period adjustments (refer to Note 28).
Impairment of intangible assets
An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal or its value in use. In assessing 
value in use, its estimated future cash flows are discounted to their net present value using a pre-tax discount rate that reflects the 
current market assessments of the time value of money and the risks specific to the asset. No impairment was indicated when 
assessing the value in use of the Group’s intangible assets, therefore fair value less costs of disposal was not assessed, except for 
goodwill. The recoverable amount of goodwill is determined using the Company's market capitalization (adjusted for net cash), 
which was higher than the book value of the Group's net assets at December 31, 2024. No goodwill impairment was identified.
In carrying out impairment reviews of products in development, several significant assumptions have to be made. These include the 
probability of success in obtaining regulatory approvals, discount rates and projected net revenue (based on future rate of market 
growth and market demand for the products acquired). These assumptions, covering periods through the expected patent life of the 
products and a reasonable period of generic competition thereafter, are based on past experience and management’s expectations 
of market development. If actual results should differ, or changes in expectations arise, impairment charges may be required which 
would have a material adverse impact on reported results and financial position. Products in development of $45m (2023: $79m) are 
subject to potential impairment in line with the aforementioned assumptions. 
Sensitivity analysis
Management performed a sensitivity analysis by applying reasonable changes to key assumptions used in the recoverable amount 
calculations for its assets in development with significant carrying amounts compared to the Group's total carrying amount for 
intangible assets with indefinite useful lives, assuming all other factors are kept constant. Consistent with other products in early 
stages of development, it is probable that these products in development could fail to obtain regulatory approvals. The probability 
of success is factored into the risk-adjusted calculation of the recoverable amounts; however, failure to reach commercialization 
would result in a full impairment of the assets. 
The INDV-2000 asset is considered a separate CGU with a carrying value of $29m (2023: $29m). The key inputs and assumptions in 
this valuation include the probability of success in obtaining regulatory approvals, discount rate and market demand for the 
products. Using a model with cash flows estimated through 2041, management determined that a reduction of peak market share by 
approximately 22% across weighted scenarios to a range of 19% to 26% or an increase in the discount rate by approximately 2.9 
percentage points to 17.3% would be required for the recoverable amount to be equal to the carrying amount. Given the risks 
inherent in pharmaceutical R&D and considering the current stage of development, the probability of regulatory approval is less 
than 25%; regulatory failure could result in a full impairment. Reasonable changes in any other individual assumption will not result 
in a material impairment charge. 
The carrying value of OPVEE at December 31, 2024 was $117m (2023: $125m). Having considered OPVEE’s market acceptance 
challenges in its first year of commercialization, the Group updated its base forecast together with reasonable downside scenarios. 
These scenarios were probability-weighted to determine the OPVEE value-in-use, which indicates that no impairment has occurred. 
If market acceptance does not improve during 2025, impairment is reasonably possible. Specifically, a reduction of forecast revenue 
by approximately 19% with no changes in any other assumptions would result in the recoverable amount to be equal to the carrying 
amount. Reasonably plausible changes to any other assumptions incorporated in the model would not result in any impairment.
Indivior Annual Report and Accounts 2024 |
159
Financial Statements

10. Property, plant and equipment
Land and 
buildings 
$m
Plant and 
equipment 
$m
Total 
$m
Cost 
At January 1, 2024
 
69  
94  
163 
Additions
 
19  
20  
39 
Transfers
 
4  
(4)  
— 
Disposals
 
(1)  
(3)  
(4) 
Asset write-offs
 
—  
—  
— 
At December 31, 2024
 
91  
107  
198 
Accumulated depreciation and impairment
At January 1, 2024
 
24  
57  
81 
Charge for the year
 
6  
7  
13 
Disposals
 
(1)  
(3)  
(4) 
Asset write-offs
 
—  
7  
7 
At December 31, 2024
 
29  
68  
97 
Net book amount at December 31, 2024
 
62  
39  
101 
Land and 
buildings 
$m
Plant and 
equipment1
$m
(Restated1)
Total 
$m
Cost 
At January 1, 2023
 
51  
80  
131 
Additions
 
19  
14  
33 
Disposals
 
(2)  
(2)  
(4) 
Exchange adjustment
 
1  
2  
3 
At December 31, 2023
 
69  
94  
163 
Accumulated depreciation and impairment
At January 1, 2023
 
23  
54  
77 
Charge for the year
 
3  
4  
7 
Disposals
 
(2)  
(2)  
(4) 
Exchange adjustment
 
—  
1  
1 
At December 31, 2023
 
24  
57  
81 
Net book amount at December 31, 2023
 
45  
37  
82 
1. Additions to property, plant and equipment in 2023 related to the acquisition of an aseptic manufacturing plant include a retrospective measurement period 
adjustment (reduction of $2m). Refer to Note 28.
Depreciation expense of $13m (2023: $7m) is included in SG&A. The discontinuation of marketing and promotion for PERSERIS in 2024 
resulted in an impairment of manufacturing equipment of $8m. Additions in 2023 of $26m, net of measurement period adjustments, 
were acquired through a business combination consisting of a manufacturing facility, workforce and supply contracts (refer to Note 
28). Remaining additions in 2023 relate primarily to manufacturing equipment. Additions of $10m in 2024 were paid in 2025.
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
160
Financial Statements
11. Leases and right-of-use assets
Potential future cash outflows of $25m (2023: $22m) have not been included in the lease liability because it is not reasonably certain 
that the leases will be extended (or not terminated).
The following tables summarize movements of the right-of-use assets:
Land and 
buildings 
$m
Plant and 
equipment 
$m
Total 
$m
Net book value
At January 1, 2024
 
11  
22  
33 
Additions
 
2  
9  
11 
Depreciation
 
(3)  
(5)  
(8) 
Exchange adjustments
 
—  
(1)  
(1) 
At December 31, 2024
 
10  
25  
35 
Land and 
buildings 
$m
Plant and 
equipment 
$m
Total 
$m
Net book value
At January 1, 2023
 
9  
22  
31 
Additions
 
5  
5  
10 
Depreciation
 
(3)  
(6)  
(9) 
Exchange adjustments
 
—  
1  
1 
At December 31, 2023
 
11  
22  
33 
Depreciation expense of $3m (2023: $6m) is included in SG&A and $5m (2023: $3m) in cost of sales within the consolidated income 
statement. Additions of $2m in 2023 were acquired through the acquisition of Opiant (refer to Note 27). Remaining additions in the 
year relate primarily to vehicle leases and office space.
Lease liabilities by maturity were as follows:
2024
$m
2023
$m
Within one year
 
13  
11 
Later than one and less than five years
 
31  
36 
More than five years
 
5  
2 
Gross lease liabilities
 
49  
49 
Less: future interest on lease liabilities
 
(8)  
(6) 
Net lease liabilities 
 
41  
43 
The net lease liabilities balance of $41m (2023: $43m) is shown within current liabilities of $10m (2023: $9m) and non-current 
liabilities of $31m (2023: $34m).
Lease payments during the year were comprised of the following:
2024
$m
2023
$m
Interest paid on lease liabilities
 
3  
3 
Payments of lease liabilities
 
10  
8 
Total lease payments
 
13  
11 
Indivior Annual Report and Accounts 2024 |
161
Financial Statements

12. Investments
2024
$m
2023
$m
Current and non-current investments
Equity securities at FVPL
 
1  
10 
Debt securities held at amortized cost
 
—  
84 
Total investments, current
 
1  
94 
Debt securities held at amortized cost
 
27  
41 
Total investments, non-current
 
27  
41 
Total
 
28  
135 
Equity securities at FVPL
Equity securities at FVPL comprise ordinary shares of Aelis Farma. The investment is classified as a current investment at 
December 31, 2024 and the fair value (loss)/gain is reported in net other operating (loss)/income. In 2024, the announcement of 
study results pertaining to Aelis Farma's pipeline drug for cannabis use disorder did not meet the expected outcomes, resulting in a 
$5m decline in market value of the shares. The share price continued to decline during the remainder of 2024.
Debt securities held at amortized cost
In 2022, the Group initiated purchases of investment-grade corporate debt and U.S. Treasury securities. Debt securities held at 
amortized cost are classified as non-current investments, except for those with maturities less than 12 months from the end of the 
reporting period, which are classified as current investments. 
Also in 2022, the Group executed an agreement to fund insurance coverage and, as part of this arrangement, transferred $26m of 
debt securities to a separate cell of an insurance company. The Group controls the separate cell, an unincorporated entity, and 
receives benefit from its investment returns. As a result, the separate cell is deemed a structured entity and is consolidated by the 
Group. At December 31, 2024, $27m (2023: $27m) was invested in debt securities which are classified as non-current as access to the 
funds is restricted for 6 months after the term of the insurance. 
During the year, the Group's primary portfolio of debt securities held at amortized cost matured, including liquidation of a remaining 
portion of the portfolio that was sufficiently close to maturity of the underlying securities' call date such that changes in the market 
interest rate would not have significantly affected the securities' fair value. A separate portfolio of debt securities maintained in 
support of the Group's insurance arrangements continues to be held at amortized cost at December 31, 2024. 
As of December 31, 2024, expected credit losses for the Group’s investments held at amortized cost are deemed to be immaterial.
Fair value hierarchy
Fair value is the price that would be received to sell an asset or transfer a liability in an orderly transaction between market 
participants at the measurement date. The different levels have been defined as follows:
• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or 
indirectly
• Level 3: Unobservable inputs for the asset or liability
The Group’s only financial instruments which are measured at fair value are equity securities at FVPL. The fair value of equity 
securities at FVPL is based on quoted market prices on the measurement date. The following tables categorize the Group’s financial 
assets measured at fair value by valuation methodology used in determining their fair value: 
At December 31, 2024
Level 1 
$m
Level 2 
$m
Level 3 
$m
Total 
$m
Equity securities at FVPL
 
1  
—  
—  
1 
At December 31, 2023
Level 1 
$m
Level 2 
$m
Level 3 
$m
Total 
$m
Equity securities at FVPL
 
10  
—  
—  
10 
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
162
Financial Statements
13. Inventories
Inventory, net is comprised of:
2024
$m
2023
$m
Raw materials and consumables
 
34  
38 
Work in progress
 
50  
34 
Finished goods
 
94  
70 
Total inventories, net
 
178  
142 
The cost of inventories recognized as an expense and included as cost of sales amounted to $258m (2023: $186m). Cost of sales 
included inventory write-offs and losses of $9m (2023: $9m). The inventory provision (reflected in the carrying amount above) at 
December 31, 2024, was $25m (2023: $6m).
14. Trade receivables and other assets
The Group is not aware of any deterioration in the credit quality of its customers and considers the net receivables to be fully 
recoverable.
Trade receivables
2024
$m
2023
$m
Trade receivables
 
256  
256 
Less: provision for ECL
 
(2)  
(2) 
Trade receivables, net
 
254  
254 
The aging of past due trade receivables as of December 31 is as follows:
2024
$m
2023
$m
Up to three months past due
 
17  
17 
Three to six months past due
 
1  
3 
Over six months past due
 
2  
1 
 
20  
21 
Not due and not impaired
 
236  
235 
Provision for impairment of receivables
 
(2)  
(2) 
Trade receivables, net
 
254  
254 
As at December 31, 2024, a provision of $2m (2023: $2m) was recorded against the trade receivables balance based on management’s 
assessment of ECL. The assessment factors are discussed in Note 2. The maximum exposure to credit risk at the year end is the 
carrying value of each class of receivable. The Group does not hold any collateral as security.
The Group’s gross trade receivables are denominated in the following currencies:
2024
$m
2023
$m
Pound Sterling
 
1  
2 
Euro
 
11  
13 
U.S. Dollar
 
226  
226 
Other currencies
 
18  
15 
Total trade receivables, gross
 
256  
256 
Indivior Annual Report and Accounts 2024 |
163
Financial Statements

14. Trade receivables and other assets continued
Current and non-current other assets
2024
$m
2023
$m
Current prepaid expenses
 
31  
23 
Other current assets
 
12  
434 
Total other current assets
 
43  
457 
Non-current prepaid expenses
 
17  
19 
Other non-current assets
 
12  
9 
Total other non-current assets
 
29  
28 
Total other assets
 
72  
485 
At December 31, 2023, Other current assets primarily relate to funding placed in escrow for the Antitrust MDL (see Note 21), including 
$385m for the direct purchaser class settlement, subject to final court approval, and $30m for the end payor class settlement. During 
2023, surety bond holders returned $19m of collateral inclusive of accrued interest held within other non-current assets as a result 
of the settlement agreements with Alvogen Pine Brook LLC ("Alvogen") and Dr. Reddy’s Laboratories S.A. and Dr. Reddy’s 
Laboratories, Inc. (together, DRL).
Long-term prepaid expenses primarily relate to payments for contract manufacturing capacity which are released over the 
contractual period during which the Group expects to receive benefit from the payments made. The remaining periods on the 
substantive contracts range in term from 4 to 7 years as of December 31, 2024.
15. Financial instruments and risk management
The Group’s financial assets and liabilities include investments, trade receivables, other assets, cash and cash equivalents, 
borrowings and trade and other payables as set out in Notes 12, 14, 16, 17 and 22, respectively. The Group measures financial assets 
and liabilities at amortized cost, with the exception of investments in equity securities which are measured at fair value through 
profit or loss. Financial assets and liabilities are offset, and the net amount reported in the consolidated balance sheet when there 
is a legally enforceable right to offset and net settlement is intended. The carrying value (less impairment provision, where 
applicable) of current borrowings, cash and cash equivalents, trade receivables, other assets, trade accruals and trade payables is 
assumed to approximate fair value due to their short-term nature. At December 31, 2024, the carrying value of investments held at 
amortized cost approximated the fair value. The fair value of investments held at amortized cost was calculated based on quoted 
market prices which would be classified as Level 1 in the fair value hierarchy in Note 12. The fair value of the non-current borrowings 
as of December 31, 2024 and 2023 approximates its carrying amount.
Financial risk management of the Group is mainly exercised and monitored at the Group level. The Group’s financing and financial 
risk management activities are centralized to achieve benefits of scale and control with the goal of maximizing liquidity and 
mitigating operational and financial risks. Financial exposures of the Group are managed in a manner consistent with underlying 
business risks. Only those risks and flows generated by the underlying commercial operations are managed; speculative 
transactions are not undertaken.
Foreign exchange risk management
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. Foreign 
exchange risk arises from future commercial transactions, recognized assets and liabilities, and net investments in foreign 
operations. The Group’s policy is to align the foreign currency assets and liabilities within its major subsidiaries in order to provide 
some protection against the remeasurement exposure on profits. 
Interest rate risk management
The Group has interest-bearing assets and liabilities. The Group monitors interest income and expense rate exposure on a regular 
basis with an objective of minimizing net interest cost. The main interest rate risk arises from the Group’s borrowings, which are 
discussed in Note 17, due to the floating interest rate. This exposure is partially offset by the interest income generated on the 
Group’s investments in debt securities with varying rates and maturities and cash and cash equivalents which are based on variable 
market interest rates. The majority of the Group’s investments in debt securities are issued at fixed interest rates and changes in 
floating rates would not have a significant impact on interest rate risk.
Liquidity risk management
Liquidity risk is the risk that the Group is not able to settle or meet its obligations on time or at a reasonable price. The Group’s 
policy is to ensure sufficient funding and facilities are in place to meet foreseeable liquidity requirements. The Group manages and 
monitors liquidity risk through regular reporting of current cash and borrowing balances and periodic review of short-, medium- and 
long-term cash forecasts, while considering the maturity of its borrowing facility. At December 31, 2024, Indivior had $18m (2023: 
$3m) of borrowings repayable within one year and $319m (2023: $316m) of cash and cash equivalents.
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
164
Financial Statements
15. Financial instruments and risk management continued
Credit risk management
The Group’s exposure to credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, 
investments in debt securities, trade receivables and other assets. Financial institution counterparties are subject to approval under 
the Group’s counterparty risk policy and such approval is limited to financial institutions with a BBB rating or above. The 
investments in debt securities are managed by an external third-party fund manager with instructions to maintain a portfolio rating 
of A or higher and an allocation to BBB at 25% or less of the total portfolio. The Group applies the credit ratings assigned by 
Standard and Poor’s and Moody’s when assessing expected credit losses and monitors these ratings for indications of credit 
deterioration. All the Group’s corporate debt securities held at amortized cost are considered to be of low credit risk based on 
investment-grade credit ratings from Standard and Poor’s or Moody’s (BBB-/Baa3 or higher). The Group's U.S. Treasury securities 
have minimal default risk as they are guaranteed by the U.S. government.
Concentration of credit risk with respect to trade receivables in the U.S. is limited as the balances consist of amounts due from 
customers, primarily major wholesalers and distributors, for whom there is no significant history of default. Outside the U.S., no 
single customer accounts for a significant share of the Group’s trade receivables balance. In the U.S., in line with other 
pharmaceutical companies, the Group sells its products through a small number of wholesalers in addition to hospitals, 
pharmacies, physicians and other groups. Sales to the three largest wholesalers amounted to approximately 55% of Group sales in 
2024 (2023: 54%). At December 31, 2024, the Group had trade receivables due from these three wholesalers totaling $151m (2023: 
$154m). The Group is exposed to a concentration of credit risk in respect of these wholesalers such that, if one or more of them 
encounters financial difficulty, it could materially and adversely affect the Group’s financial results. The Group’s credit risk 
monitoring activities relating to these wholesalers include a review of their financial information and Standard & Poor’s credit 
ratings, and establishment and periodic review of credit limits. However, the Group believes there is no further credit risk provision 
required in relation to these customers (see Note 14). 
Capital risk management
The Group considers capital to be net (debt)/cash plus total reported equity. Net (debt)/cash is calculated as cash and cash 
equivalents plus investments less total borrowings. Total borrowings reflect the outstanding principal amount of the term loan 
drawn before debt issuance costs of $17m (2023: $5m) and do not include lease liabilities of $41m (2023: $43m). Refer to Note 17 for 
further discussion on borrowings.
Total shareholders' deficit includes share capital, reserves and retained earnings as shown in the consolidated balance sheet.
2024
$m
2023
$m
Net (debt)/cash
 
(3)  
72 
Total shareholders' deficit
 
(205)  
— 
 
(208)  
72 
The objectives for managing capital are to safeguard the Group’s ability to continue as a going concern, in order to provide returns 
for shareholders and benefits for other stakeholders and to maintain an efficient capital structure to optimize the cost of capital.
The Group monitors net (debt)/cash, which at year end amounted to $(3)m (2023: net cash $72m), to maintain an appropriate level of 
financial flexibility.
16. Cash and cash equivalents
2024
$m
2023
$m
Cash and cash equivalents
 
319  
316 
There were no bank overdrafts at December 31, 2024 or 2023.
Indivior Annual Report and Accounts 2024 |
165
Financial Statements

17. Financial liabilities – borrowings
In 2024, the Group completed a refinancing of its borrowings, repaying in full the previous term loan and replacing it with a new 
note purchase agreement with principal amount of $350m and a revolving credit facility of $50m. As a result of the debt refinancing, 
the Group incurred a $4m charge for the write-off of unamortized deferred financing costs due to early extinguishment of the 
previous term loan and $4m in legal and advisory fees incurred in conjunction with the new note purchase agreement. The Group 
capitalized $21m of deferred financing and original issue discount costs related to the new term loan to be amortized over the 
maturity period using the effective interest method. Of the $21m capitalized costs, $18m was netted against the total amount 
borrowed and the remaining $3m was recorded as a prepaid asset.
Term loan
2024
$m
2023
$m
Term loan – current
 
(18)  
(3) 
Term loan – non-current
 
(315)  
(236) 
Total term loan
 
(333)  
(239) 
The terms of the loan in effect at December 31, 2024 are as follows:
Period
Minimum Financial Covenants
Required Amortization
Interest Payable 
Note Purchase 
Agreement
through Sept 30, 2026
Leverage Ratio ≤ 3:1
Interest Coverage Ratio > 2.5:1
5%
SOFR + 5.5%
December 31, 2026 to 
maturity (2030)
Leverage Ratio ≤ 2.5:1
Interest Coverage Ratio > 2.5:1
7.5%
Revolving Credit 
Facility
through Sept 30, 2026
Leverage Ratio ≤ 3:1
Interest Coverage Ratio > 2.5:1
n/a
SOFR + 5.5%;
0.5% undrawn fee
December 31, 2026 to 
maturity (2030)
Leverage Ratio ≤ 2.5:1
Interest Coverage Ratio > 2.5:1
The outstanding principal amount of the term loan amounting to $350m (2023: $244m) is secured against the assets of certain 
subsidiaries of the Group in the form of guarantees issued by respective subsidiaries. The entire $50m revolving credit facility 
remains undrawn. 
The leverage ratio is calculated as total debt less cash of up to $50m divided by adjusted EBITDA and interest coverage ratio is 
adjusted EBITDA divided by interest expense paid in cash. The Group is in compliance with these and all other covenants. Interest 
payable will step-down to SOFR + 5.25% if the Leverage Ratio is less than or equal to 0.5:1.
Maturity of gross borrowings (including expected interest using the rate at the balance sheet date):
2024
$m
2023
$m
Bank loans payable due:
Within one year or on demand 
 
(53)  
(30) 
Later than one and less than five years
 
(215)  
(281) 
More than five years
 
(256)  
— 
Gross borrowings (including interest)
 
(524)  
(311) 
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
166
Financial Statements
17. Financial liabilities – borrowings continued
Analysis of changes in liabilities from financing activities
At January 1, 
2024 
$m
Cash outflows 
$m
Profit and loss 
$m
Additions 
$m
Reclassifications
$m
Exchange adj. 
$m
At December 31, 
2024 
$m
Current borrowings
 
(3)  
3  
—  
—  
(18)  
—  
(18) 
Non-current borrowings
 
(236)  
236  
1  
(332)  
18  
—  
(313) 
Lease liabilities
 
(43)  
10  
—  
(9)  
—  
1  
(41) 
Share repurchase 
 
(23)  
173  
—  
(155)  
—  
—  
(5) 
Total 
 
(305)  
422  
1  
(496)  
—  
1  
(377) 
At January 1, 
2023 
$m
Cash outflows 
$m
Profit and loss 
$m
Additions 
$m
Reclassifications 
$m
Exchange adj. 
$m
At December 31, 
2023 
$m
Current borrowings
 
(3)  
12  
—  
(10)  
(2)  
—  
(3) 
Non-current borrowings
 
(237)  
—  
(1)  
—  
2  
—  
(236) 
Lease liabilities
 
(37)  
8  
—  
(13)  
—  
(1)  
(43) 
Share repurchase 
 
(9)  
33  
—  
(47)  
—  
—  
(23) 
Total 
 
(286)  
53  
(1)  
(70)  
—  
(1)  
(305) 
18. Commitments
The Group has various purchase commitments for services and materials in the ordinary course of business. These commitments 
are generally entered into at current market prices and reflect normal business operations.
The Group has entered into a license arrangement for the development of a pharmaceutical product, INDV-6001. Potential milestone 
payments will be due if various developmental and commercial goals are achieved, although the Group has the right to terminate 
the agreement at no cost. As of December 31, 2024, the total maximum future payments if all milestones are achieved is 
approximately $350m (not risk-adjusted or discounted), with no significant payments expected in 2025. INDV-6001 is in Phase 2 of 
development and the obligation to make milestone payments may continue for a number of years if the product moves successfully 
through the development process and commercial sales thresholds are achieved. The development of any pharmaceutical product 
is risky and may fail at any stage, therefore, the probability of success and timing of any potential payments is inherently uncertain.
As of December 31, 2024, the Group has approximately $21m committed capital spend for the aseptic manufacturing facility (see 
Note 28).
19. Provisions and other liabilities
Provisions
Provisions
Antitrust matters 
$m
Opioid Litigation
$m
Intellectual 
property 
and other legal 
matters1
$m
Onerous 
contracts2
$m
Other 
provisions 
$m
Total 
provisions 
$m
At January 1, 2023
 
(290)  
—  
(8)  
—  
(10)  
(308) 
(Charged)/released to income statement
 
(228)  
—  
(11)  
1  
(1)  
(239) 
Business combination1
 
—  
—  
—  
(23)  
—  
(23) 
Utilized during the year/payments
 
103  
—  
15  
—  
9  
127 
Transfer to other liabilities
 
30  
—  
—  
—  
—  
30 
At December 31, 2023
 
(385)  
—  
(4)  
(22)  
(2)  
(413) 
(Charged)/released to income statement
 
(39)  
(76)  
4  
16  
—  
(95) 
Utilized during the year/payments
 
385  
—  
—  
—  
—  
385 
Transfer to other liabilities
 
39  
—  
—  
—  
—  
39 
At December 31, 2024
 
—  
(76)  
—  
(6)  
(2)  
(84) 
Indivior Annual Report and Accounts 2024 |
167
Financial Statements

19. Provisions and other liabilities continued
Provisions
Current
 
—  
(15)  
—  
(6)  
—  
(21) 
Non-current
 
—  
(61)  
—  
—  
(2)  
(63) 
At December 31, 2024
 
—  
(76)  
—  
(6)  
(2)  
(84) 
Current
 
(385)  
—  
(4)  
(19)  
—  
(408) 
Non-current
 
—  
—  
—  
(3)  
(2)  
(5) 
At December 31, 2023
 
(385)  
—  
(4)  
(22)  
(2)  
(413) 
1. Intellectual property and other legal matters is an aggregation of amounts presented separately in the 2023 Annual Report as Intellectual property-related 
matters and false claims act allegations.
2. The provision for onerous contracts as of December 31, 2023 was retrospectively adjusted during 2024 to reflect a measurement period adjustment related to 
the November 2023 business combination (acquisition of an aseptic manufacturing facility). Refer to Note 28.
Antitrust matters
Multi-district class and state claims
Settlement agreements were entered into during 2023 with three plaintiff classes to fully resolve certain multi-district antitrust 
claims. The $385m settlement amount payable to the direct purchaser class received final court approval in 2024. Indivior has no 
further obligations related to these matters. Refer to Note 21, Antitrust litigation and consumer protection for further details.
Other antitrust matters
A provision of $39m was recorded in 2024 reflecting the present value of the agreed amount in a settlement of the remaining 
antitrust litigation. This provision was transferred to other liabilities once the material terms and conditions of the settlement 
agreement were finalized. This final settlement resolves all of the Group’s remaining legacy antitrust litigation. Refer to Note 21, 
Antitrust litigation and consumer protection for further details.
Opioid litigation
The provision of $76m at December 31, 2024 reflects the present value of the agreed amount in a preliminary settlement between 
Indivior, the plaintiffs' executive committee and certain state attorneys general covering certain opioid litigation (including cases in 
the Opioid MDL) brought by municipalities and tribes. The outflow of resources is expected to occur over five years. The parties still 
must negotiate material terms and conditions of the final settlement agreement, including structure, and scope of releases. The 
provision is measured using a risk free rate and will be remeasured at a risk-adjusted rate upon reaching a final settlement 
agreement. Refer to Note 21, Civil opioid litigation.
Intellectual property and other legal matters
During 2024, the Group released a provision of $4m pertaining to an outstanding False Claims Act allegation considering an updated 
probability assessment at this early stage of litigation. Refer to Note 21, False Claims Act allegations.
Onerous contracts
In November 2023, through an acquisition of a business consisting of a manufacturing facility, workforce and supply contracts (refer 
to Note 28), the Group assumed onerous contracts and carries a provision of $6m at December 31, 2024. The onerous contract 
provision at December 31, 2023 was retrospectively adjusted in 2024 to reflect a measurement period adjustment. The facility 
continues to manufacture products for customers based on the terms of contracts that existed pre-acquisition and the expected 
costs to fulfill these contracts are in excess of the economic benefits expected to be received. Manufacturing under the onerous 
contracts is expected to be completed by April 2025 and the provision is recorded at its discounted value, using a market rate at the 
time of the transaction determined to be 7.6%.
Other provisions
Other provisions of $2m (2023: $2m) relate to retirement benefit costs which are not expected to be settled within one year.
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
168
Financial Statements
19. Provisions and other liabilities continued
Other liabilities
Other liabilities
DOJ 
resolution 
$m
Antitrust matters 
$m
IP-related 
matters 
$m
RB indemnity 
settlement 
$m
Share 
repurchase 
$m
Other 
$m
Total 
other liabilities 
$m
At January 1, 2023
 
(444)  
—  
(21)  
(30)  
(9)  
(3)  
(507) 
Transfer from provisions
 
—  
(30)  
—  
—  
—  
—  
(30) 
(Charged)/released to income 
statement
 
—  
—  
—  
—  
—  
3  
3 
Transfer to/from reserves, net
 
—  
—  
—  
—  
(14)  
—  
(14) 
Contributions and gains
 
—  
—  
—  
—  
—  
(8)  
(8) 
Interest and discounting
 
(6)  
—  
—  
(1)  
—  
—  
(7) 
Utilized during the year/
payments
 
53  
—  
10  
8  
—  
—  
71 
At December 31, 2023
 
(397)  
(30)  
(11)  
(23)  
(23)  
(8)  
(492) 
Transfer from provisions
 
—  
(39)  
—  
—  
—  
—  
(39) 
(Charged)/released to income 
statement
 
—  
(85)  
—  
—  
—  
(4)  
(89) 
Transfer to/from reserves, net
 
—  
—  
—  
—  
12  
—  
12 
Interest and discounting
 
(4)  
—  
—  
(1)  
—  
—  
(5) 
Utilized during the year/
payments
 
53  
130  
11  
8  
6  
—  
208 
At December 31, 2024
 
(348)  
(24)  
—  
(16)  
(5)  
(12)  
(405) 
Other liabilities
Current
 
(52)  
(24)  
—  
(8)  
(5)  
—  
(89) 
Non-current
 
(296)  
—  
—  
(8)  
—  
(12)  
(316) 
At December 31, 2024
 
(348)  
(24)  
—  
(16)  
(5)  
(12)  
(405) 
Current
 
(53)  
(30)  
(11)  
(8)  
(23)  
—  
(125) 
Non-current
 
(344)  
—  
—  
(15)  
—  
(8)  
(367) 
At December 31, 2023
 
(397)  
(30)  
(11)  
(23)  
(23)  
(8)  
(492) 
DOJ resolution
In July 2020, the Group settled criminal and civil liability with the DOJ, the U.S. Federal Trade Commission ("FTC"), and U.S. state 
attorneys general. Pursuant to the resolution agreement, aggregate payments (including interest) of $263m have been made through 
December 31, 2024. An additional payment of $52m was made in January 2025, and two annual installments of $50m plus interest will 
be due in January 2026 and 2027 with the final installment of $200m due in December 2027. The Group has the option to prepay. 
Interest accrues at 1.25% on certain portions of the resolution and will be paid with the annual installment payments. For non-
interest-bearing portions, the liability has been recorded at the net present value based on timing of the estimated payments and 
using a discount rate equal to the interest rate on the interest-bearing portions. In 2024, the Group recorded interest expense 
totaling $4m (2023: $6m) related to this resolution. As of December 31, 2024, the Group carries other liabilities of $348m (2023: 
$397m) related to the settlement agreement with the DOJ.
Under the terms of the resolution agreement with the DOJ, the Group has agreed to compliance terms regarding its sales and 
marketing practices. Compliance with these terms is subject to annual Board and CEO certifications submitted to the U.S. Attorney’s 
Office. As part of the resolution with the FTC and as detailed in the text of the stipulated order, for a 10-year period Indivior Inc. is 
required to make specified disclosures to the FTC and is prohibited from certain conduct.
In addition to the resolution agreement, the Group entered into a five-year Corporate Integrity Agreement with the HHS Office of the 
Inspector General ("HHS-OIG"), pursuant to which the Group committed to promote compliance with laws and regulations and 
committed to the ongoing evolution of an effective compliance program, including written standards, training, reporting and 
monitoring procedures. The Group is subject to reporting and monitoring requirements, including annual reports and compliance 
certifications from key management and the Board’s Nomination Committee, which is submitted to HHS-OIG. In addition, the Group 
is subject to monitoring by an Independent Review Organization, which submits audit findings to HHS-OIG, and review by a Board 
Compliance Expert, who prepared a compliance assessment report in the first and third reporting periods. To date, the Group 
reasonably believes it has met all of the requirements specified in these three agreements.
Indivior Annual Report and Accounts 2024 |
169
Financial Statements

19. Provisions and other liabilities continued
Antitrust matters
Multi-district class and state claims
As noted above, the multi-district antitrust claims were resolved during 2023 through settlement agreements entered into with three 
classes of plaintiffs. The $30m settlement amount payable to the end payor class was held in an escrow account at December 31, 
2023 and utilized to make settlement payments in 2024. Indivior has no further obligations related to this matter.
Other antitrust matters
Certain antitrust cases filed in Virginia state court were settled and paid during 2024 by agreement of the parties for $85m and 
mutual releases of claims and counterclaims. Refer to Note 21, Antitrust litigation and consumer protection.
As noted above, a provision of $39m was transferred to other liabilities during 2024 relating to the settlement of the last remaining 
antitrust litigation. An installment of $15m was paid in December 2024 and the remaining liability of $24m at December 31, 2024 
reflects the net present value (NPV) at the risk-free rate of the amounts to be paid in 2025. This final settlement resolves all of the 
Group’s remaining legacy antitrust litigation. Refer to Note 21, Antitrust litigation and consumer protection.
IP-related matters
Other liabilities for intellectual property-related matters relate to the settlement of litigation with DRL in June 2022. Under the 
settlement agreement, the Group made payments to DRL in 2022, 2023 and 2024 and has no further obligations related to this 
matter.
RB resolution
Under the RB indemnity settlement, the Group has paid $34m of the $50m settlement through December 31, 2024. An additional $8m 
was paid in January 2025, with the final installment payment of $8m due in January 2026. The Group carries a liability of $16m (2023: 
$23m) related to this settlement. This liability has been recorded at the net present value, using a market interest rate at the time of 
settlement determined to be 3.75%, considering the timing of payment and other factors. In 2024, the Group recorded $1m of finance 
expense (2023: $1m) for time value of money on the liability.
Share repurchase
In August 2024, the Group commenced a share repurchase program of $100m. As of December 31, 2024, the liability of $5m 
represents the amount to be spent under the program through January 31, 2025, the end of the program. As of December 31, 2023, 
the current liability of $23m represented the amount to be spent under the previous share repurchase program through February 23, 
2024. Refer to Note 23 for further discussion.
Other
Other represents employee-related liabilities which are non-current as of December 31, 2024.
20. Contingent liabilities
The Group has assessed certain legal and other matters to be not probable based upon current facts and circumstances, including 
any potential impact the DOJ resolution could have on these matters. Where liabilities related to these matters are determined to be 
possible, they represent contingent liabilities. Note 21 sets out the details for legal and other disputes which the Group has assessed 
as contingent liabilities, except for those matters discussed in Note 21 under "Antitrust Litigation and Consumer Protection," and 
certain of the matters discussed under “Civil opioid litigation” for which liabilities or provisions have been recognized. Where the 
Group believes that it is possible to reasonably estimate a range for the contingent liability this has been disclosed. Refer to Note 7 
for discussion on tax-related contingent liabilities.
21. Legal proceedings
There are certain ongoing legal proceedings or threats of legal proceedings in which the Group is a party, but in which the Group 
believes the possibility of an adverse impact is remote and they are not discussed in this Note.
Antitrust litigation and consumer protection
On November 27, 2024, Indivior Inc. and Indivior Solutions Inc. entered into a settlement agreement with Humana Inc. and certain of 
its affiliates, and Centene Corp, and certain of its affiliates to resolve all remaining antitrust litigation against the Group, including 
Humana Inc. v. Indivior Inc., No. 21-CI-004833 (Ky. Cir. Ct.) (Jefferson Cnty), Centene Corp. v. Indivior Inc., No. CL23000054-00 (Va. Cir. 
Ct.) (Roanoke Cnty), and Carefirst of Maryland, Inc. et al. v. Reckitt Benckiser Inc., et al., Case. No. 2875 (Phila. Ct. Common Pleas). 
Under the agreement, Indivior Inc. and Indivior Solutions Inc. will pay a total of $40m to the Humana and Centene companies. $15m 
was paid in December, 2024, with the remaining installments of $5m and $20m due on or before March 15, 2025 and December 15, 
2025, respectively.
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
170
Financial Statements
21. Legal proceedings continued
Civil opioid litigation
The Group has been named as a defendant in more than 400 civil lawsuits alleging that manufacturers, distributors, and retailers of 
opioids engaged in a longstanding practice to market opioids as safe and effective for the treatment of long-term chronic pain to 
increase the market for opioids and their own market shares for opioids, or alleging individual personal injury claims. Most of these 
cases have been consolidated and are pending in a federal multi-district litigation in the U.S. District Court for the Northern District 
of Ohio. See In re National Prescription Opiate Litigation, MDL No. 2804 (N.D. Ohio) (the Opioid MDL). Nearly two-thirds of the cases 
in the Opioid MDL were filed by cities and counties, while nearly one-third of the cases were filed by private plaintiffs, most of whom 
assert claims relating to neonatal abstinence syndrome (NAS). Cases brought by cities and counties outside of the MDL include, for 
example, 35 actions pending in New York state court, 8 writs filed in Pennsylvania state court, and actions brought in federal district 
courts in Florida and Georgia. Litigation against the Group in the Opioid MDL and the other federal courts is stayed. The New York 
state court has not yet entered a case management order. The Group has not yet been served with a complaint in any of the 
Pennsylvania state court matters. 
Pursuant to mediation, the Group, the Plaintiffs' Executive Committee in the Opioid MDL, Tribal Leadership Committee, and certain 
state attorneys general reached agreement on the amount of a potential settlement. The Group has recorded a related provision of 
$76m, reflecting the net present value (NPV) of the agreed amount (See Note 19). The parties, however, still must negotiate material 
terms and conditions of the final settlement agreement, including the ultimate timing and structure of payments and product 
distribution, injunctive relief, and scope of the release. The proposed settlement would resolve claims by cities and counties, but 
would not resolve private plaintiff cases against the Group (whether in the MDL or proceeding separately).
With respect to cases outside the MDL that were not filed by cities or counties:
• Indivior Inc. was named as a defendant in San Miguel Hospital Corp. d/b/a Alta Vista Regional Medical Center v. Johnson & 
Johnson, et al., No. 1:23-cv-00903 (D.N.M.). On March 4, 2025, the court dismissed the complaint.
• On October 28, 2024, Indivior Inc. was named as one of numerous defendants in five individual complaints filed in West Virginia 
state court that were transferred to West Virginia's Mass Litigation Panel (MLP). See In re Opioid Litigation, No. 22-C-9000 NAS (W.V. 
Kanawha Cnty. Cir. Ct.). The MLP granted Indivior's motion to dismiss on April 17, 2023. The plaintiffs appealed, and the 
Intermediate Court of Appeals of West Virginia affirmed dismissal of all claims against Indivior on December 27, 2024. The plaintiffs 
filed a notice of appeal in the West Virginia Supreme Court as to all defendants, including Indivior, on February 27, 2025.
• On October 28, 2024, Indivior Inc. was named along with dozens of other manufacturers and distributors in a putative class action 
brought by West Virginia school districts in federal district court. See Marshall County Board of Education and Wetzel County 
Board of Education v. Cephalon, et al., No. 5:24-cv-00207 (N.D.W. Va.). Indivior's response to the complaint is not yet due.
Additionally, on May 23, 2024, the Consumer Protection Division of the Office of the Attorney General of Maryland served on Indivior 
Inc. an administrative subpoena related generally to opioid products marketed and sold in Maryland. Indivior Inc.’s response to the 
subpoena remains ongoing.
The Group has begun its evaluation of all of the claims, believes it has meritorious defenses, and intends to vigorously defend itself 
in all actions that would not be resolved by the proposed settlement. Given the status and preliminary stage of litigation, 
no estimate of possible loss for those matters can be made at this time.
False Claims Act allegations
In August 2018, the U.S. District Court for the Western District of Virginia unsealed a declined qui tam complaint alleging causes of 
action under the Federal and state False Claims Acts against certain entities within the Group predicated on best price issues and 
claims of retaliation. See United States ex rel. Miller v. Reckitt Benckiser Group PLC et al., Case No. 1:15-cv-00017 (W.D. Va.). The suit 
also seeks reasonable attorneys’ fees and costs. The Group filed a Motion to Dismiss in June 2021, which was granted in part and 
denied in part on October 17, 2023. The relator filed a sixth amended complaint against only Indivior Inc. on December 7, 2023, which 
Indivior answered on March 18, 2024. Discovery has been stayed pending resolution of certain discovery disputes. The Group is 
evaluating the claims, believes it has meritorious defenses, and intends to vigorously defend itself. Given the status and preliminary 
stage of the litigation, no estimate of possible loss can be made at this time.
Indivior Annual Report and Accounts 2024 |
171
Financial Statements

21. Legal proceedings continued
U.K. shareholder claims
On September 21, 2022, certain shareholders issued representative and multiparty claims against Indivior PLC in the High Court of 
Justice for the Business and Property Courts of England and Wales, King’s Bench Division. On January 16, 2023, the representative 
served its Particular of Claims setting forth in more detail the claims against the Group, while the same law firm that represents the 
representative also sent its draft Particular of Claims for the multiparty action. The claims made in both the representative and 
multiparty actions generally allege that Indivior PLC violated the U.K. Financial Services and Markets Act 2000 (FSMA 2000) by making 
false or misleading statements or material omissions in public disclosures, including the 2014 Demerger Prospectus, regarding an 
alleged product-hopping scheme regarding the switch from SUBOXONE Tablets to SUBOXONE film. Indivior PLC filed an application 
to strike out the representative action. On December 5, 2023, the court handed down a judgment allowing the Group's application to 
strike out the representative action. The court subsequently awarded certain costs to the Group. The claimants appealed, and the 
appellate court affirmed the dismissal by order dated January 23, 2025. The claimants applied for permission to appeal to the U.K 
Supreme Court and the court refused the application on February 27, 2025. The claimants have until March 27, 2025 to apply to the 
U.K Supreme Court directly to further appeal.  The Group has begun its evaluation of the remaining claims, believes it has 
meritorious defenses, and intends to vigorously defend itself. Given the status and preliminary stage of the litigation, no estimate of 
possible loss can be made at this time.
U.S. shareholder claims
A class action lawsuit was filed against Indivior PLC, Mark Crossley (the CEO of the Group), and Ryan Preblick (the CFO of the Group) 
on August 2, 2024, alleging violations of certain U.S. federal securities laws. The putative class, as alleged, includes plaintiffs that 
purchased or otherwise acquired Indivior securities between February 22, 2024 and July 8, 2024. The court entered an order 
appointing a lead plaintiff on October 7, 2024, and the lead plaintiff filed an amended complaint on December 5, 2024, which 
additionally named Richard Simkin (the Chief Commercial Officer of the Group) as a defendant. The defendants filed a motion to 
dismiss on January 10, 2025, which remains pending. The Group has begun its evaluation of the remaining claims, believes it has 
meritorious defenses, and intends to vigorously defend itself.  Given the status and preliminary stage of the litigation, no estimate of 
possible loss can be made at this time. 
Opiant shareholder claims
On November 8, 2023, plaintiff James Litten filed a class action complaint in the Delaware Court of Chancery alleging that former 
officers and directors of Opiant Pharmaceuticals, Inc. (Opiant) breached fiduciary duties of care, loyalty, and good faith in 
connection with Indivior PLC's 2022 acquisition of Opiant. The defendants moved to dismiss the complaint on January 26, 2024. On 
March 21, 2024, the plaintiff filed an amended complaint. The defendants moved to dismiss the amended complaint on June 21, 2024. 
The court heard argument on the motion to dismiss on January 17, 2025 and heard additional argument on February 19, 2025. The 
motion remains pending. The Group has begun its evaluation of the claims, believes it has meritorious defenses, and intends to 
vigorously defend itself. Given the status and preliminary stage of the litigation, no estimate of possible loss can be made at 
this time.
Dental allegations
The Group has been named as a defendant in numerous lawsuits alleging that SUBOXONE film was defectively designed and caused 
dental injury, and that the Group failed to properly warn of the risks of such injuries. The plaintiffs generally seek compensatory 
damages, as well as punitive damages and attorneys’ fees and costs. Plaintiffs and potential plaintiffs related to these lawsuits 
generally can be grouped as follows:
• Dental MDL Plaintiffs: Approximately 1,300 of these cases have been consolidated in multi-district litigation in the Northern 
District of Ohio. See In Re Suboxone (Buprenorphine/Naloxone) Film Products Liability Litigation, MDL No. 3092 (N.D. Oh.) 
(the Dental MDL).
• Dental MDL Schedule A Plaintiffs: One complaint filed in the Dental MDL on June 14, 2024 attached a schedule of nearly 10,000 
plaintiffs (the Schedule A Plaintiffs). The parties negotiated a tolling agreement for the Schedule A Plaintiffs that would permit 
plaintiffs’ counsel additional time to investigate issues such as whether and when the Schedule A Plaintiffs used any Indivior 
product before determining whether to file individual complaints that ultimately would be coordinated with the Dental MDL. 
Plaintiffs indicated to the court they will dismiss more than 1,400 plaintiffs in the future, pursuant to a mechanism to be provided 
by the court. On February 7, 2025, the plaintiffs filed an amended Schedule A that reduced the number of Schedule A claimants 
to 8,623.
• State Court Plaintiffs: One complaint has been filed in New Jersey state court, and the parties have agreed to toll the claims of 
more than 850 other individuals in Delaware, New Jersey, and Virginia. Complaints have not yet been filed on behalf of the 
tolled individuals. 
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
172
Financial Statements
21. Legal proceedings continued
Product liability cases such as these typically involve issues relating to medical causation, label warnings and reliance on those 
warnings, scientific evidence and findings, actual/provable injury and other matters. These cases are in their preliminary stages. 
These lawsuits and claims follow a June 2022 required revision to the Prescribing Information and Patient Medication Guide about 
dental problems reported in connection with buprenorphine medicines dissolved in the mouth to treat opioid use disorder. This 
revision was required by the FDA of all manufacturers of these products. The Group has been informed by its primary insurance 
carrier that defense costs for the Dental MDL should begin to be reimbursed now that the Group's self-insurance retention has been 
exhausted. Additionally, the Group's primary insurance carrier has issued a reservation of rights against payment of any liability 
costs. In the event of a liability finding, various factors could affect reimbursement or payment by insurers, if any, including (i) the 
scope of the insurers’ purported defenses and exclusions to avoid coverage, (ii) the outcome of negotiations with insurers, (iii) 
delays in or avoidance of payment by insurers and (iv) the extent to which insurers may become insolvent in the future. The Group 
has begun its evaluation of the claims, believes it has meritorious defenses, and intends to vigorously defend itself. Given the status 
and preliminary stage of the litigation, no estimate of possible loss can be made at this time.
Applications to file class actions based on similar allegations as in the Dental MDL, but also relating to SUBOXONE Tablets, were filed 
in Quebec and British Columbia against various subsidiaries of the Group, among other defendants, in April 2024. The Group has 
begun its evaluation of the claims, believes it has meritorious defenses, and intends to vigorously defend itself. Given the status and 
preliminary stage of the litigation, no estimate of possible loss can be made at this time. 
22. Trade and other payables
2024
$m
2023
$m
Accrual for rebates, discounts and returns
 
(546)  
(507) 
Rebates payable1
 
(16)  
(28) 
Accounts payable1
 
(63)  
(39) 
Accruals and other payables1
 
(155)  
(150) 
Other tax and social security payable
 
(17)  
(19) 
Trade and other payables
 
(797)  
(743) 
1. Certain amounts in 2023 previously reported in Accounts payable ($26m) and Accruals and other payables ($2m) have been reclassified to Rebates payable to 
conform with the current year presentation. 
The carrying amounts of total trade and other payables are denominated in the following currencies:
2024
$m
2023
$m
Pound Sterling
 
(18)  
(42) 
Euros
 
(18)  
(11) 
U.S. Dollar
 
(727)  
(663) 
Other currencies
 
(34)  
(27) 
Trade and other payables
 
(797)  
(743) 
Indivior Annual Report and Accounts 2024 |
173
Financial Statements

23. Share capital
Issued and fully paid
Equity 
ordinary 
shares 
(thousands)
Nominal value 
paid per share 
$
Nominal 
value 
$m
At January 1, 2024
 
136,526  
0.50  
68 
Ordinary shares issued
 
1,456  
0.50  
1 
Shares repurchased and canceled
 
(13,013)  
0.50  
(7) 
At December 31, 2024
 
124,969 
 
62 
Issued and fully paid
Equity 
ordinary 
shares 
(thousands)
Nominal value 
paid per share 
$
Nominal 
value 
$m
At January 1, 2023
 
136,481  
0.50  
68 
Ordinary shares issued
 
1,942  
0.50  
1 
Shares repurchased and canceled
 
(1,897)  
0.50  
(1) 
At December 31, 2023
 
136,526 
 
68 
Ordinary shares issued
During the year, 1,456k ordinary shares with a nominal value of $0.50 each (2023: 1,942k) were issued to satisfy vesting/exercises 
under the Group’s Long-Term Incentive Plan, the Indivior U.K. Savings-Related Share Option Scheme, and the U.S. Employee Stock 
Purchase Plan. During the year, net settlement of tax on employee equity awards was $22m (2023: $22m).
Shares repurchased and canceled
In May 2022, the Group commenced a share repurchase program for an aggregate purchase price up to no more than $100m or 
39,699k of ordinary shares (equivalent shares post consolidation: 7,940k), which concluded on February 28, 2023. Over the duration of 
the program, 17,559k ordinary shares with a nominal value of $0.10 each (equivalent shares post consolidation: 3,512k) and 1,765k 
with a nominal value of $0.50 each were repurchased and canceled.
On November 17, 2023, the Group commenced a third share repurchase program for an aggregate purchase price up to no more than 
$100m or 13,632k of ordinary shares and ending no later than August 30, 2024. Under this program, 4,532k ordinary shares with a 
nominal value of $0.50 each were repurchased and canceled. 
In August 2024, the Group commenced a share repurchase program for an aggregate purchase price of no more than $100m or 
13,649k of ordinary shares and ending no later than January 31, 2025. Through December 31, 2024, the Group repurchased and 
canceled a total of 8,547k of ordinary shares at $0.50 per share under this program.
During the year, the Group repurchased and canceled a total of 13,013k ordinary shares with a nominal value of $0.50 per share for 
an aggregate nominal value of $7m. In 2023, 1,897k ordinary shares with a nominal value of $0.50 each were repurchased and 
canceled for an aggregate nominal value of $1m.
All ordinary shares repurchased during the year under share repurchase programs were canceled (except for 66k shares that were 
canceled in January 2025) resulting in a transfer of the aggregate nominal value to a capital redemption reserve. The total cost of the 
purchases made under share repurchase programs during the period, including directly attributable transaction costs, was $168m
(2023: $33m). A repurchase amount of $5m has been recorded as a financial liability and reduction in retained earnings which 
represents the amount to be spent under the program through January 31, 2025, when the program ends. Total purchases under the 
share repurchase program will be made out of distributable profits. 
24. Other equity 
Capital redemption reserve
The capital redemption reserve was created for capital maintenance purposes as a result of the repurchase and cancellation of 
ordinary shares under the Group’s share repurchase programs as required under the U.K. Companies Act.
Other reserves
The other reserves balance primarily relates to the Group formation in 2014. It represents the difference between the nominal value 
of the shares issued by the Company and the net investment in the Group by the former owner, as well as $2m (2023: nil) in the own 
shares held by the Indivior Employee Benefit Trust.
Foreign currency translation reserve
The foreign currency translation reserve contains the accumulated foreign exchange differences from the translation of the financial 
statements of the Group’s foreign operations arising when the Group’s entities are consolidated.
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
174
Financial Statements
25. Share-based plans 
Employee plans
Indivior Long-Term Incentive Plan ("LTIP")
In 2015, a share-based incentive plan was introduced for employees (including Executive Directors) of the Group. An award under the 
LTIP can take the form of a nil-cost option, a market value option or a conditional award.
The Compensation Committee may determine the vesting of awards is conditional upon the satisfaction of one or more 
performance conditions. Awards with performance conditions granted under the LTIP will normally have a performance period of at 
least three years. Awards granted to Executive Directors are subject to a further post-vesting period of two years. 
The fair values of awards granted under the LTIP with a performance-related condition are calculated using a Monte Carlo model. 
The key assumptions in the simulation model are share price of the Company, expected volatilities of the Company, risk-free rate 
and no expected dividends during the vesting period.
For all plans, the inputs to the option pricing models are reassessed for each grant. The following assumptions were used in 
calculating the fair value of options granted under the LTIP schemes.
Award
Grant date
Vesting period
Share price on 
grant date 
£
Volatility1
%
Expected life 
in 
years
Risk-free 
interest rate2
%
Weighted 
average fair 
value 
£
Exercisable 
shares3 
(thousands)
2022
March 1, 2022
2022-24
2.81
 64 
5
 0.90 
2.23  
285 
2022
March 1, 2022
2022-24
2.81
 64 
3
 0.90 
2.41  
1,172 
2022
August 3, 2022
2022-24
3.27
 64 
3
 0.90 
2.25  
70 
2023
March 3, 2023
2023-25
15.12
 49 
5
 3.80 
9.13  
297 
2023
March 3, 2023
2023-25
15.12
 49 
3
 3.80 
10.63  
1,428 
2024
March 8, 2024
2024-27
16.71
 36 
5
 4.30 
11.34  
255 
2024
March 8, 2024
2024-27
16.71
 36 
3
 4.30 
12.78  
1,339 
2024
November 12, 2024
2024-27
7.9
 36 
3
 4.30 
7.9  
77 
1. The expected volatility is based on historical volatility over the period of time commensurate with the expected award term immediately prior to the date of 
grant.
2. The risk-free interest rate reflects the continuous risk-free yield based on the U.K. Government interest rates as of the valuation date, based upon a maturity 
commensurate with the performance period.
3. Exercisable shares for the 2021-2022 awards reflect the impact of a 5:1 share consolidation completed in October 2022.
The maximum number of shares that could vest under the Group’s LTIP was:
Total LTIP 
millions
Outstanding at January 1, 2023
 
8 
Awarded
 
2 
Vested/exercised
 
(2) 
Forfeited
 
(1) 
Outstanding at December 31, 2023
 
7 
Awarded
 
2 
Vested/exercised
 
(2) 
Forfeited
 
(1) 
Outstanding at December 31, 2024
 
6 
For awards outstanding at year end, the weighted average remaining contractual life is 1.23 years (2023: 1.04 years).
Other employee plans
The Group operates an HMRC-approved SAYE plan for U.K. employees and U.S. Employee Stock Purchase Plan (ESPP) for U.S. 
employees. The amounts recognized for these plans are not material for disclosure.
Indivior Annual Report and Accounts 2024 |
175
Financial Statements

25. Share-based plans continued
Charged to income statement
The expense charged to the consolidated income statement for share-based payments is as follows:
2024
$m
2023
$m
Granted in current year
 
(9)  
(8) 
Granted in prior years
 
(16)  
(15) 
Unvested awards due to unmet conditions
 
1  
1 
Total share-based expense for the year
 
(24)  
(22) 
26. Related parties
The Group entered into a Relationship Agreement with Scopia Capital Management LP ("Scopia") on March 24, 2021 (as further 
amended on July 7, 2022, April 26, 2023, and November 17, 2023, the "Relationship Agreement"). In recognition of Scopia’s ownership 
of approximately 16.9% of the Group’s shares at March 24, 2021, the Group agreed to appoint Jerome Lande as a Representative 
Director. Scopia agreed to certain standstill provisions (for example to vote on ordinary course resolutions in accordance with the 
Board’s recommendation). 
The parties amended and restated the Relationship Agreement on July 7, 2022, April 26, 2023, and November 17, 2023, and further 
agreed that Scopia would not exercise voting rights in excess of 15% of the outstanding shares. The Relationship Agreement, as 
amended, terminated and Mr. Lande resigned on December 31, 2024. 
Key management compensation is disclosed in Note 5.
The subsidiaries included in the consolidated financial statements at December 31, 2024 are disclosed in Note 2 to the Parent 
Company financial statements.
27. Acquisition of Opiant
On March 2, 2023, the Group acquired 100% of the share capital of Opiant, which at the time was a publicly traded company in the 
United States, for upfront cash consideration of $146m and an additional amount to be potentially paid upon achievement of net 
sales milestones. Opiant was a specialty pharmaceutical company focusing on developing drugs for addictions and drug overdose. 
As a result of the acquisition, the Group added OPVEE, formerly the pipeline product OPNT003, an opioid overdose treatment well-
suited to confront illicit synthetic opioids like fentanyl, to its addiction treatment and science portfolio. OPVEE was approved by the 
FDA in May 2023 and launched in October 2023.
Management elected to apply the optional concentration test under IFRS 3. For the acquisition of Opiant, substantially all of the fair 
value of the gross assets acquired was concentrated in the in-process research and development associated with OPVEE. As 
substantially all of the fair value of the gross assets acquired (excluding cash and cash equivalents, deferred tax assets, and 
goodwill resulting from the effects of deferred tax liabilities) were concentrated in a single asset, the Group accounted for the 
transaction as an asset acquisition. With the closing of this transaction, a relative fair value approach was taken for allocating the 
purchase consideration to the acquired assets and liabilities with no goodwill recognized. The Group recorded an intangible asset 
associated with OPVEE for $126m (refer to Note 9). The Group used a multi-period excess earnings method, a form of the income 
approach, to determine the fair value of the intangible asset. 
As part of the acquisition of Opiant, the Group agreed to provide a maximum of $8.00 per share in Contingent Value Rights ("CVR") 
post-acquisition. The Group will pay $2.00 per CVR for each of the following net revenue thresholds achieved by OPVEE, during any 
period of four consecutive quarters prior to the seventh anniversary of the U.S. commercial launch: (i) $225m, (ii) $300m and (iii) 
$325m. The remaining (iv) $2.00 per CVR would be paid if OPVEE achieves net revenue of $250m during any period of four 
consecutive quarters prior to the third anniversary of the U.S. commercial launch. The potential undiscounted payout of contingent 
consideration ranges from nil to $68m based on the achievement of the milestones. No liabilities were recognized as of December 
31, 2023.
An initial recognition exception applies to the tax attributes acquired whereby only certain items are recognized with the 
transaction, such as net operating loss carryforwards, other tax carryforwards, and tax credits. Such attributes totaled $9m, recorded 
as deferred tax assets.
The cash outflow for the acquisition was $124m, net of cash acquired. Direct transaction costs of $10m are included in this cash 
outflow and capitalized as a component of the total cost of the asset acquisition. Of the $146m upfront consideration, $2m 
represents acceleration of vesting of employee share compensation and has been recognized as a post-combination expense. As 
part of the acquisition, the Group assumed outstanding debt of $10m which was settled and included as a cash outflow from 
financing activities.
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
176
Financial Statements
27. Acquisition of Opiant continued
Additional acquisition-related costs of $16m were incurred in 2023 and included in selling, general, and administrative expenses, 
primarily relating to severance, acceleration of vesting of Opiant employee share compensation, and short-term retention accruals.
The following table summarizes the net assets acquired:
Net assets acquired
$m
Cash and cash equivalents
 
30 
Inventories
 
3 
Right-of-use assets
 
2 
Intangible assets
 
126 
Deferred tax assets
 
9 
Other assets
 
6 
Trade and other payables
 
(10) 
Lease liabilities
 
(2) 
Borrowings
 
(10) 
Total net assets acquired
 
154 
28. Business combination
On November 1, 2023, the Group acquired an aseptic manufacturing facility (the "Facility") in the United States for upfront 
consideration of $5m in cash and the assumption of certain contract manufacturing obligations (refer to Note 19). The Facility will be 
further developed to secure the long-term production and supply of SUBLOCADE. 
The acquisition has been accounted for as a business combination using the acquisition method of accounting in accordance with 
IFRS 3 Business Combinations. The assets acquired and liabilities assumed were recorded at fair value, with the excess of the 
purchase price over the fair value of the identifiable assets and liabilities recognized as $2m of goodwill after measurement period 
adjustments, as described below. An onerous contract provision was recorded at fair value to reflect the present value of the 
expected losses from assumed contractual manufacturing obligations. Net operating losses attributable to these contractual 
obligations will be recorded against the onerous contract provision from the date of acquisition through fulfillment of the contracts 
in April 2025. 
For the period from November 1, 2023 through December 31, 2023, the Facility's contribution to the Group’s revenue and net loss 
were immaterial. Substantially all of the Facility's costs were recorded against the onerous contract provision.
Acquisition-related costs
The Group incurred acquisition-related costs of $6m for advisory, legal, and other professional fees. These costs have been included 
in selling, general and administrative expenses in the 2023 consolidated income statement.
Identifiable assets acquired and liabilities assumed
As the acquisition was completed in late 2023, the provisional fair value of assets acquired and liabilities assumed at the date of 
acquisition was disclosed in the consolidated financial statements for the year ended December 31, 2023. During 2024, based on new 
information obtained about facts and circumstances that existed as of the acquisition date, the Group adjusted the provisional fair 
values for acquired property, plant and equipment and the assumed onerous contract provision, with an adjustment to goodwill 
equal to the change in the net assets acquired. These measurement period adjustments were reflected in the 2023 period presented 
in the financial statements in accordance with IFRS 3 Business Combinations. 
Indivior Annual Report and Accounts 2024 |
177
Financial Statements

28. Business combination continued
The following table provides a reconciliation from the provisional fair values of assets acquired and liabilities assumed at the date 
of acquisition as reported in the 2023 annual financial statements to the provisional fair values as adjusted during 2024:
Net assets acquired
As previously 
reported
Measurement 
period 
adjustment
As adjusted
$m
$m
$m
Property, plant and equipment
 
28  
(2)  
26 
Deferred tax assets
 
2  
(1)  
1 
Trade and other payables
 
(1)  
—  
(1) 
Provisions
 
(29)  
6  
(23) 
Total net assets acquired
 
—  
3  
3 
Goodwill
Goodwill arising from the acquisition has been recognized as follows:
As previously 
reported
Measurement 
period 
adjustment
As adjusted
$m
$m
$m
Consideration transferred
 
5  
—  
5 
Less: Fair value of net assets acquired
 
—  
(3)  
(3) 
Goodwill
 
5  
(3)  
2 
The goodwill is primarily attributable to Indivior-specific synergies relating to accelerated in-sourcing of SUBLOCADE production and 
the skills and technical talent of the Facility's workforce. None of the goodwill recognized is expected to be deductible for tax 
purposes.
29. Discontinuation of PERSERIS sales & promotion
In July 2024, the Group discontinued promotion and marketing support for PERSERIS, resulting in a headcount reduction of 
approximately 130 employees and termination of related contract manufacturing agreements. The decision was taken in 
consideration of regulatory changes announced during Q2 2024 which are expected to adversely intensify payor management of the 
treatment category in which PERSERIS competes and would make PERSERIS no longer financially viable. While the Group will 
continue to supply PERSERIS for the foreseeable future, the expected adverse impacts represented an impairment indicator for 
PERSERIS-related assets, resulting in inventory provisions, impairment of tangible and intangible assets, contract termination and 
related supplier charges and severance.
2024
$m
Impairment charges, write downs and other charges
Charged to cost of goods sold
Marketed product intangible
 
9 
Plant and equipment
 
8 
Inventory
 
20 
Contract termination and related supplier charges
12
Sub-total: Cost of goods sold
49
Charged to SG&A:
Severance
 
7 
Other expenses
5
Sub-total: SG&A
 
12 
Total charges
 
61 
Notes to the Group Financial Statements continued
Indivior Annual Report and Accounts 2024 |
178
Financial Statements
As at December 31
Note
2024
$m
2023
$m
Fixed assets
Investments in subsidiaries
2  
1,552  
1,551 
Current assets/(liabilities)
Deferred tax
3  
13  
19 
Debtors due within one year
4  
35  
7 
Cash and cash equivalents
 
7  
34 
Creditors due within one year
5  
(28)  
(51) 
Net current assets
 
27  
9 
Total assets less current liabilities
 
1,579  
1,560 
Creditors due after one year
5  
(8)  
(15) 
Net assets
 
1,571  
1,545 
Equity
Share capital
6  
62  
68 
Share premium
 
13  
11 
Capital redemption reserve
 
14  
7 
Retained earnings
 
1,482  
1,459 
Total equity
 
1,571  
1,545 
The net income of the Parent Company for the financial year was $177m (2023: $58m). The financial statements on pages 179 to 186 
were approved by the Board of Directors on March 6, 2025, and signed on its behalf by:
Mark Crossley
Director
Ryan Preblick
Chief Financial Officer
Parent Company Balance Sheet
Indivior Annual Report and Accounts 2024 |
179
Financial Statements

Notes
Share 
capital 
$m
Share 
premium 
$m
Capital 
redemption 
reserve 
$m 
Retained 
earnings 
$m
Total 
equity 
$m
Balance at January 1, 2023
 
68  
8  
6  
1,448  
1,530 
Comprehensive income
Net income for the financial year
 
—  
—  
—  
58  
58 
Other comprehensive income
 
—  
—  
—  
—  
— 
Total comprehensive income
 
—  
—  
—  
58  
58 
Transactions recognized directly in equity
Shares issued
6  
1  
3  
—  
—  
4 
Shares repurchased and canceled
 
(1)  
—  
1  
(33)  
(33) 
Transfer to share repurchase liability
 
—  
—  
—  
(23)  
(23) 
Transfer from share repurchase liability
 
—  
—  
—  
9  
9 
Share-based payments
7  
—  
—  
—  
22  
22 
Settlement of tax on equity awards
7  
—  
—  
—  
(22)  
(22) 
Total transactions recognized directly in equity
 
—  
3  
1  
(47)  
(43) 
Balance at December 31, 2023
 
68  
11  
7  
1,459  
1,545 
Balance at January 1, 2024
 
68  
11  
7  
1,459  
1,545 
Comprehensive income
Net income for the financial year
 
—  
—  
—  
177  
177 
Other comprehensive income
 
—  
—  
—  
—  
— 
Total comprehensive income
 
—  
—  
—  
177  
177 
Transactions recognized directly in equity
Shares issued
6  
1  
2  
—  
—  
3 
Shares repurchased and canceled
6  
(7)  
—  
7  
(168)  
(168) 
Transfer to share repurchase liability
 
—  
—  
—  
(10)  
(10) 
Transfer from share repurchase liability
 
—  
—  
—  
22  
22 
Share-based payments
7  
—  
—  
—  
24  
24 
Settlement of tax on equity awards
7  
—  
—  
—  
(22)  
(22) 
Total transactions recognized directly in equity
 
(6)  
2  
7  
(154)  
(151) 
Balance at December 31, 2024
 
62  
13  
14  
1,482  
1,571 
Parent Company Statement of Changes in Equity
Indivior Annual Report and Accounts 2024 |
180
Financial Statements
1. Accounting policies
Indivior PLC (the “Company” or the “Parent Company”) is the 
Parent Company of the Indivior Group. The Parent Company 
financial statements for the year ended December 31, 2024, 
were authorized for issue by the Board of Directors on March 6, 
2025, and the balance sheet was signed on the Board’s behalf by 
Mark Crossley and Ryan Preblick. Indivior PLC is an investment 
holding company and is a public company limited by shares and 
is incorporated, registered and domiciled in England, United 
Kingdom. The address of the registered office and company 
number are given on page 188.
As permitted by s408 of the Companies Act 2006, no profit and 
loss account is presented for Indivior PLC. The results of the 
Company are included in the consolidated financial statements 
of Indivior PLC.
The accounting policies which follow apply to preparation of the 
financial statements for the year ended December 31, 2024. They 
have all been applied consistently throughout the year and the 
preceding year. The financial statements are prepared in U.S. 
dollars and are rounded to the nearest million. 
The exchange rates used for the translation of currencies into 
U.S. dollars that have the most significant impact on the 
Company results were:
2024
2023
GBP year-end exchange rate
1.2519
1.2731
GBP average exchange rate
1.2781
1.2435
Basis of preparation
The Company and its subsidiaries (together, “the Group”) are 
predominantly engaged in the development, manufacture and 
sale of buprenorphine-based prescription drugs for the 
treatment of opioid dependence, and co-occurring disorders.
These financial statements were prepared in accordance 
with Financial Reporting Standard 101, "Reduced Disclosure 
Framework" ("FRS 101"). The financial statements are prepared 
under the historical cost convention, and in accordance with the 
Companies Act 2006 as applicable to companies using FRS 101, 
for all periods presented. 
The Company is included in the Group financial statements of 
Indivior PLC, which are publicly available on the Company’s 
website.
The Company from a going concern perspective is inextricably 
linked to the Group. The Directors have considered the Group’s 
and Company’s financial plan, in particular reference to the 
period through to June 2026. The Directors have concluded that 
it is appropriate to prepare the Group’s financial statements on 
a going concern basis. This conclusion also applies to the 
preparation of the Parent Company’s financial statements for 
the reasons set out below. 
The Directors have assessed the Group’s ability to maintain 
sufficient liquidity to fund its operations, fulfill financial and 
compliance obligations as set out in Note 19 to the Group 
financial statements, and comply with the maximum leverage 
and minimum interest covenants in the Group’s term loan for 
the going concern period. A base case model was produced 
reflecting:
• Board-reviewed financial plans for the period; and
• settlement of liabilities and provisions in line with contractual 
terms and provisions.
The Directors also assessed a “severe but plausible” downside 
scenario which included the following key changes to the base 
case within the going concern period:
• the risk that SUBLOCADE will not meet revenue growth 
expectations in the U.S. by modeling a 10% decline on 
forecasts;
• the risk that revenue projections outside the U.S. and for 
OPVEE will not meet expectations by modeling a reduction in 
annual forecasts totaling $25m.
Under both the base case and the downside scenario, sufficient 
liquidity exists and is generated from operations such that all 
business and covenant requirements are met for the going 
concern period. As a result of the analysis described above, the 
Directors reasonably expect the Group to have adequate 
resources to continue in operational existence for at least one 
year from the approval of these financial statements and 
therefore consider the going concern basis to be appropriate for 
the accounting and preparation of these financial statements.
The Company has taken advantage of the following disclosure 
exemptions under FRS 101:
a. The requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 
Share-Based Payments for an ultimate parent: the share-
based payment arrangement must concern its own equity 
instruments and its separate financial statements must be 
consolidated financial statements of the Group; and in both 
cases, this exemption requires that equivalent disclosures are 
included in the consolidated financial statements of the 
Group in which the entity is consolidated.
Indivior Annual Report and Accounts 2024 |
181
Financial Statements

1. Accounting policies continued
b. The requirements of paragraphs 17 and 18 of IAS 24 Related-
Party Disclosures to disclose information about key 
management personnel compensation and related party 
transactions entered into between two or more members of a 
group, provided that any subsidiary which is a party to the 
transaction is wholly owned by such a member. 
c. The requirements of IAS 7 Statement of Cash Flow to prepare 
a cash flow statement for any qualifying entity.
d. The requirements of IFRS 7 Financial Instruments: Disclosures.
e. The requirement in paragraph 38 of IAS 1 ‘Presentation of 
Financial Statements’ to present comparative information in 
respect of paragraph 79(a)(iv) of IAS 1.
f. The requirements of IAS12 paragraphs 88(c) and 88(d) to not 
present the Pillar II impact for qualifying entities.
g. The requirements of paragraphs 10(d), 10(f), 16, 38, 38A-D, 40A-
D, 111, 134-6 of IAS 1 Presentation of Financial Statements 
to present:
• a statement of financial position and related notes at the 
beginning of the earliest comparative period whenever an 
entity applies an accounting policy retrospectively, makes a 
retrospective restatement, or when it reclassifies items in 
its financial statements;
• an explicit statement of compliance with IFRS. Indeed, FRS 
101 prohibits such a statement of compliance and an FRS 
101 statement of compliance is required instead; and
• information about capital and how it is managed. 
Adoption of new and revised standards
No new IFRS standards have been adopted by the Company in 
2024.
Foreign currency translation
Transactions denominated in foreign currencies are translated 
using exchange rates prevailing at the dates of the transactions. 
Foreign exchange gains and losses resulting from the settlement 
of foreign currency transactions and from the translation at 
year-end exchange rates of monetary assets and liabilities 
denominated in foreign currencies are recognized in the 
income statement.
Taxation
The tax charge/credit is based on the result for the year and 
takes into account taxation deferred due to timing differences 
between the treatment of certain items for taxation and 
accounting purposes. Deferred tax liabilities are provided for in 
full and deferred tax assets are recognized to the extent that 
they are considered recoverable. 
A deferred tax asset is considered recoverable if it can be 
regarded as more likely than not that there will be suitable 
taxable profits against which to recover carried-forward tax 
losses and from which the future reversal of underlying timing 
differences can be deducted.
Deferred tax is measured at the tax rates that are expected to 
apply in the periods in which the timing differences are 
expected to reverse, based on tax rates and laws that have been 
enacted or substantively enacted by the balance sheet date. 
Deferred tax is measured on an undiscounted basis.
Investments in subsidiaries
Investments in subsidiaries are stated at the lower of cost and 
their recoverable amount, which is determined as the higher of 
fair value less cost to sell and value in use. 
A review of the potential impairment of an investment is carried 
out by the Directors if events or changes in circumstances 
indicate that the carrying value of the investment may not be 
recoverable. Such impairment reviews are performed in 
accordance with IAS 36 Impairment of Assets. 
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, current 
balances with banks and similar institutions, and highly liquid 
investment with original maturities of less than three months.
Financial instruments
The Company only enters into basic financial instrument 
transactions that result in the recognition of basic financial 
assets and liabilities, including cash and cash equivalents, and 
receivables, payables and loans to and from related parties. 
These transactions are initially recorded at fair value and 
subsequently recognized at amortized cost. See Note 15 to the 
Group financial statements for more information on the Group’s 
policies on financial instruments.
Accounting estimates and judgments
In the application of the Company’s accounting policies, the 
Directors are required to make some estimates and assumptions 
about the carrying amounts of assets and liabilities that are not 
readily apparent from other sources. The estimates and 
associated assumptions are based on historical experience and 
other factors that are considered to be relevant. Actual results 
may differ from these estimates. See Note 2 of the Parent 
Company financial statements for key judgments and 
assumptions used in assessing the carrying value of the 
Company's investments.
Notes to the Parent Company Financial Statements 
Indivior Annual Report and Accounts 2024 |
182
Financial Statements
2. Investments in subsidiaries
2024
$m
2023
$m
At January 1
 
1,551  
1,550 
Capital contributions in respect of share-based payments, net
 
1  
1 
Additions
 
—  
— 
At December 31
 
1,552  
1,551 
Capital contributions in respect of share-based payments, net, relate to the grant by the Company of awards in its equity 
instruments to the employees of subsidiary undertakings in the Group.
Impairment of investments in subsidiaries and sensitivity analysis
At the end of the year, the Directors evaluated internal and external factors and other triggering events that may give rise to a 
potential impairment. The Group's enterprise value (market capitalization less net cash) during December 2024 was lower than the 
carrying value of the Company's investments in subsidiaries value of $1,552m (2023: $1,551m), which is an impairment indicator. 
Management prepared a value in use (“VIU”) model to determine whether the carrying value of the investment was impaired. The 
VIU model is based on the cash flows of the underlying trading subsidiaries discounted at 11.7%, and is consistent with models used 
in the going concern and viability assessments for the periods in which the models overlap. For conservatism, in later periods, the 
VIU model considers early generic entry against SUBLOCADE in the U.S. and only development costs of INDV-2000 and INDV-6001, 
with no commercial revenues. No reductions in planned operating expenses were modeled. The VIU model shows that no 
impairment occurred as at December 31, 2024. This is consistent with external brokers reports and target share prices, which also 
support the investment carrying value. Based upon this VIU model and corroborating evidence, the Directors have concluded the 
investment in subsidiaries balance was fully recoverable, and no impairment was required as of December 31, 2024. 
Sustaining the recoverable value will require the Group to perform at a level reasonably consistent with its forecasts considered 
above. If such performance cannot be achieved and the Group does not make corresponding cost-reduction actions, impairment of 
the investment in subsidiaries is reasonably possible. The maximum impairment would approximate the difference between the 
carrying value and the Group’s market capitalization, depending upon the value of other net assets held by the Company.
The key estimates and assumptions included in the base analysis are listed below, together with the changes to those assumptions 
at which point the recoverable amount would equal the carrying value of the Investments in Subsidiaries.
Original 
Assumption
Sensitivity 
Analysis
CAGR (7yr)
 7.3 %
 6.6 %
Discount Rate
 11.7 %
 14.7 %
Indivior Annual Report and Accounts 2024 |
183
Financial Statements

2. Investments in subsidiaries continued
Subsidiaries
The subsidiaries as at December 31, 2024, all of which are included in the consolidated financial statements, are shown below, in 
accordance with s410 of the Act.
Name
Country of 
incorporation or 
registration and 
operation
Registered office
Principal activity
Effective % of share 
capital held by the 
Group
Indivior Canada Limited
Canada
333 Bay Street, Suite 2400, Toronto, Ontario, M5H 2T6, Canada
Operating company Common shares 100
Indivior Deutschland GmbH
Germany
Hermsheimer Straße 3, 68163 Mannheim, Germany
Operating company Ordinary shares 100
Indivior España S.L.U.
Spain
Paseo de la Castellana 135-planta 7a 28406 Madrid Spain
Operating company Ordinary shares 100
Indivior EU Limited
England and 
Wales
The Chapleo Building, Henry Boot Way, Priory Park, Hull, HU4 7DY, 
United Kingdom
Operating company Ordinary shares 100
Indivior Europe Limited
Ireland
27 Windsor Place, Dublin 2, Ireland
Operating company Ordinary shares 100
Indivior Finance LLC1
U.S.
251 Little Falls Drive, Wilmington, Delaware 19808, United States
Finance company
Common stock 100
Indivior Finance (2014) LLC
U.S.
251 Little Falls Drive, Wilmington, Delaware 19808, United States
Holding and 
finance company
U.S. $1 shares 100
Indivior Finance S.àr.l2
Luxembourg
28 Boulevard Grande-Duchesse Charlotte, L-1330 Luxembourg
Finance company
U.S. $100 shares 100
Indivior France SAS
France
7 Avenue de la Cristallerie, 92310 Sèvres, France
Operating company Ordinary shares 100
Indivior Global Holdings Limited England and 
Wales
234 Bath Road, Slough, Berkshire, SL1 4EE, United Kingdom
Holding and 
operating company
Ordinary shares 100
Indivior Inc.
U.S.
251 Little Falls Drive, Wilmington, Delaware 19808, United States
Operating company Common stock 100
Indivior Israel Limited
Israel
6th Habanai St. Modiin, 7178365
Operating company Ordinary shares 100
Indivior Italia S.r.l
Italy
Corso di Porta Romana 68, 20122 Milano, Italy
Operating company Ordinary shares 100
Indivior Jersey Finance LLC3
U.S.
251 Little Falls Drive, Wilmington, Delaware, 19808, United States
Finance company
Membership 
interests
Indivior Jersey Finance (2021) 
Limited
Jersey
28 Esplanade, St Helier, Jersey, JE2 3QA, Jersey
Finance company
Ordinary shares 100
Indivior Nordics ApS
Denmark
c/o Lundgrens Advokatpartnerselskab, Tuborg Boulevard 12, 4., 
2900 Hellerup, Denmark
Operating company Ordinary shares 100
Indivior Manufacturing LLC
U.S.
251 Little Falls Drive, Wilmington, Delaware, 19808, United States
Operating company Membership 
interests
Opiant Pharmaceuticals UK 
Limited
England and 
Wales
234 Bath Road, Slough, Berkshire, SL1 4EE, United Kingdom
Operating company Ordinary shares 100
Indivior Pty Limited
Australia
Pod B.02, Level 3, 78 Waterloo Road, Macquarie Park, NSW 2113, 
Australia
Operating company Ordinary shares 100
Indivior Schweiz AG
Switzerland
Neuhofstrasse 5A, 6340, Baar, Switzerland
Operating company Ordinary shares 100
Indivior SMTM LLC
U.S.
251 Little Falls Drive, Wilmington, Delaware 19808, United States
Finance company
Membership 
interests
Indivior Solutions Inc.
U.S.
251 Little Falls Drive, Wilmington, Delaware 19808, United States
Dormant company
Common stock 100
Indivior South Africa (Pty) 
Limited4
South Africa
Building 21 C, Woodlands Office Park, 20 Woodlands Drive, 
Woodmead, 2191, South Africa
Operating company Common stock 100
Indivior Treatment Services, Inc. U.S.
251 Little Falls Drive, Wilmington, Delaware 19808, United States
Operating company Common stock 100
Indivior UK Limited
England and 
Wales
The Chapleo Building, Henry Boot Way, Priory Park, Hull, HU4 7DY, 
United Kingdom
Holding and 
operating company
Ordinary shares 100
Indivior UK Finance No 1 
Limited
England and 
Wales
234 Bath Road, Slough, Berkshire, SL1 4EE, United Kingdom
Finance company
Ordinary shares 100
Indivior UK Finance No 2 
Limited
England and 
Wales
234 Bath Road, Slough, Berkshire, SL1 4EE, United Kingdom
Finance company
Ordinary shares 100
Indivior UK Finance No 3 
Limited
England and 
Wales
234 Bath Road, Slough, Berkshire, SL1 4EE, United Kingdom
Finance company
Company limited by 
guarantee
Indivior US Holdings Inc.
U.S.
251 Little Falls Drive, Wilmington, Delaware 19808, United States
Holding company
Class A and Class B 
common stock 100
RBP Global Holdings Limited
England and 
Wales
234 Bath Road, Slough, Berkshire, SL1 4EE, United Kingdom
Holding and 
Finance company
Ordinary shares 100
1. Indivior Finance LLC is registered in the U.S. state of Delaware but also has a U.K. establishment.
2. Indivior Finance S.ar.I was dissolved effective December 31, 2024.
3. Indivior Jersey Finance LLC is registered in the U.S. state of Delaware, but also has a principal place of business in Jersey.
4. Indivior South Africa (Pty) Limited is in liquidation.
Notes to the Parent Company Financial Statements continued
Indivior Annual Report and Accounts 2024 |
184
Financial Statements
2. Investments in subsidiaries continued 
In addition to the fully-owned subsidiaries listed above, the Company has established an Employee Benefit Trust (EBT), which 
supports fulfillment of share-based compensation plans and other employee benefits, and a separate account within Meridian 
Insurance Company Limited, which serves facilitates risk management for the Group’s self-insurance and was formed with a capital 
contribution of £26m.
In March 2023, Opiant Pharmaceuticals, Inc. and Opiant Pharmaceuticals UK Limited were acquired by the Group (refer to Note 27 to 
the Group financial statements). In November 2023, the Group acquired RAL Manufacturing LLC, which was renamed Indivior 
Manufacturing LLC upon acquisition. 
With the exception of Indivior Global Holdings Limited, none of the subsidiaries are held directly by Indivior PLC.
Indivior Finance S.ar.I was dissolved effective December 31, 2024.
Indivior South Africa (Pty) is in liquidation.
Exemption from statutory audit by parent guarantee
Certain wholly owned entities within the Group are covered by a guarantee provided by Indivior PLC. Under this guarantee, the 
Company guarantees all outstanding liabilities of these entities as at December 31, 2024. No liability is expected to arise under this 
guarantee. These entities will utilize an exemption under Section 479A of the Act from the requirement for statutory audit of the 
individual entity financial statements. The entities covered by this guarantee are listed below.
Name
Country of 
incorporation 
or registration 
and operation
Registered office
Principal activity
Effective % 
of share capital 
held by the Group
Indivior Global Holdings Limited
England and Wales
234 Bath Road, Slough, Berkshire.SL1 4EE, United 
Kingdom
Holding and
operating company
Ordinary shares 100
Indivior UK Finance No1 Limited
Indivior UK Finance No2 Limited
Indivior UK Finance No3 Limited
England and Wales
England and Wales
England and Wales
234 Bath Road, Slough, Berkshire, SL1 4EE, United 
Kingdom
234 Bath Road, Slough, Berkshire, SL1 4EE, United 
Kingdom
234 Bath Road, Slough, Berkshire, SL1 4EE, United 
Kingdom
Finance company
Finance company
Finance company
Ordinary shares 100
Ordinary shares 100
Company limited by 
guarantee
Opiant Pharmaceuticals UK 
Limited
England and Wales
234 Bath Road, Slough, Berkshire, SL1 4EE, United 
Kingdom
Operating company
Ordinary shares 100
3. Deferred tax
Deferred tax assets due after one year:
2024
$m
2023
$m
Deferred tax assets 
 
13  
19 
Deferred tax assets relate primarily to losses carried forward. 
4. Debtors due within one year
Debtor balances due within one year have been assessed for recoverability in accordance with IFRS 9 and no impairment was 
identified and thus no provision was recorded. In 2024 and 2023 there have been no credit losses. 
2024
$m
2023
$m
Amounts owed by subsidiaries 
 
19  
1 
Corporate tax receivable due from Group members
 
12  
— 
Prepayments and other receivables
 
4  
6 
Debtors due within one year
 
35  
7 
Amounts owed by Group undertakings are unsecured and repayable on demand. 
Corporate tax receivable is due from other group companies in respect to group relief.
Indivior Annual Report and Accounts 2024 |
185
Financial Statements

5. Creditors
2024
$m
2023
$m
Amounts falling due after one year:
Amounts owed to third parties
 
(8)  
(15) 
Amounts falling due within one year:
Amounts owed to subsidiaries
 
(9)  
(17) 
Amounts owed to third parties
 
(19)  
(34) 
Creditors
 
(36)  
(66) 
Amounts owed to Group undertakings are payable within one year with a maturity date of December 2024 and bear interest at USD 
SOFR plus a spread up to 0.25%. Amounts owed to third parties primarily relate to the settlement agreement between the Group and 
Reckitt Benckiser and the Group’s share repurchase program. Further information can be found in Note 19 to the Group financial 
statements. 
6. Share capital and share premium
Further information on the share capital of the Company including the repurchase and cancellation of ordinary shares can be found 
in Note 23 to the Group financial statements. Share premium represents additional paid-in capital or paid-in surplus 
(not distributable). All ordinary shares repurchased under the share repurchase program were canceled resulting in a transfer of the 
aggregate nominal value to a capital redemption reserve. 
7. Share-based plans
The disclosure relating to the Company is detailed in Note 25 to the Group financial statements. In preparing the Company financial 
statements, the Company has applied IFRS 2 ‘Share-Based Payments’. Although the Company does not incur a charge under this 
standard, the issuance by the Company to its subsidiaries of a grant of share awards over the Company’s shares represents 
additional capital contributions by the Company in its subsidiaries. The additional capital contribution is based on the fair value of 
the grant issued, allocated over the underlying grant’s vesting period.
8. Directors and employees
There were no employees of the Company during this or the previous financial year. 
Details of the remuneration for the Group’s key management personnel and Directors are given in Note 5 to the Group financial 
statements.
9. Auditors’ remuneration
The fee charged for the statutory audit of the Company was $0.1m (2023: $0.05m). Details for the Group audit fees and non-audit fees 
are given in Note 4 to the Group financial statements.
10. Related party transactions
The Company has taken advantage of the exemption within IAS 24 Related Party Disclosures not to disclose related party 
transactions with wholly owned subsidiaries of the Group. There were no other related party transactions.
Notes to the Parent Company Financial Statements continued
Indivior Annual Report and Accounts 2024 |
186
Financial Statements
Income statement
2024
$m
2023
$m
2022
$m
2021
$m
2020
$m
Revenue from continuing operations
 
1,188 
 
1,093 
 
901 
 
791 
 
647 
Operating (loss)/profit
 
(23)  
(4)  
(85)  
213 
 
(156) 
Net finance (expense)/income
 
(20)  
5 
 
(10)  
(23)  
(17) 
(Loss)/profit on ordinary activities before tax
 
(43)  
1 
 
(95)  
190 
 
(173) 
Tax (expense)/benefit on profit on ordinary activities
 
(5)  
1 
 
42 
 
15 
 
25 
Net (loss)/income
 
(48)  
2 
 
(53)  
205 
 
(148) 
Balance sheet
Net (liabilities)/assets
 
(205)  
— 
 
51 
 
203 
 
82 
Net working capital1
 
(365)  
(347)  
(283)  
(423)  
(252) 
Statistics
Operating margin
 -1.9 %
 -0.4 %
 -9.4 %
 26.9 %
 -24.1 %
Tax rate
 -11.6 %
 -100.0 %
 44.2 %
 -7.9 %
 14.4 %
Diluted (loss)/earnings per share (dollars)2
 
($0.36)  
$0.01 
 
($0.38) 
$1.35
($1.01)
1. Net working capital includes inventory plus trade receivables less trade and other payables.
2. Diluted (loss)/earnings per share for all periods reflect the effect of a 2022 1:5 share consolidation. 
Historical financial information
Indivior Annual Report and Accounts 2024 |
187
Financial Statements

Information for Shareholders
Registered address
Indivior PLC 
234 Bath Road 
Slough 
Berkshire, SL1 4EE 
United Kingdom
Registered in England and Wales (company number: 09237894) 
Website: www.indivior.com
Company Secretary
Kathryn Hudson 
Email: cosec@indivior.com
Registrar
Computershare Trust Company, N.A. 
P.O. Box 43078 
Providence, RI 02940-3078 U.S.A.
TEL: 1 (866) 644-4127 (in the U.S.) 
TEL: 1 (781) 575-2906 (outside the U.S.)
Email: web.queries@computershare.com
Website: www-us.computershare.com/Investor/#Home
Indivior PLC Corporate Sponsored Nominee facility 
provider
Computershare Investor Services PLC
The Pavilions 
Bridgwater Road  
Bristol  
BS99 6ZZ 
U.K.
TEL: +44 (0) 370 707 1820 (calls to this helpline from outside the 
U.K. are charged at the applicable international rates)
Email: web.queries@computershare.com
Website: www-uk.computershare.com/Investor/#Home
Key dates
First quarter financial results announcement
April 24, 2025
2025 AGM
May 8, 2025
Half year financial results announcement
July 31, 2025
Third quarter financial results announcement October 23, 2025
Note: dates may be subject to change.
2025 AGM
The AGM will be held at 12.00pm (U.K. time) on Thursday May 8, 
2025 at the Marlborough Theatre, No. 11 Cavendish Square, 
London, W1G 0AN. The Notice of Meeting, together with 
information regarding the business to be conducted at the 
meeting and results of voting, will be available on the 
Company’s website at www.indivior.com.
Shareholders are encouraged to submit their votes ahead of the 
meeting either by submitting a Form of Proxy, Form of 
Instruction or Form of Direction or by voting electronically 
(please see the Notice of Meeting for further details regarding 
voting at the AGM).
Documents on display
Copies of Directors’ service contracts with the Company and the 
terms and conditions of the Non-Executive Directors’ 
appointments will be available for inspection by shareholders 
at the AGM.
Managing your shareholding
Investor Center
Investor Center is Computershare’s self-service website which 
allows shareholders to manage their share portfolios easily and 
efficiently.
Through the Investor Center website, Indivior PLC shareholders 
(including participants in the Indivior PLC Corporate Sponsored 
Nominee facility) can do the following:
• view share balances and values;
• amend personal details;
• download printable forms;
• view payment and tax information; and
• register for eDelivery.
To set up an account in Investor Center, go to www-us.
computershare.com/Investor/#Home (if you are a registered 
shareholder) or www-uk.computershare.com/Investor/#Home 
(if you are a participant in the Indivior PLC Corporate Sponsored 
Nominee facility) and click “Register now”.
eDelivery
We encourage you to join the growing number of our 
shareholders who receive shareholder communications and 
documents electronically, in place of receiving paper copies by 
mail.
By registering for eDelivery (electronic communications) you will 
receive information by email quickly and efficiently and help us 
to reduce both our environmental impact and our costs. You 
will receive an email to let you know when and how to access 
shareholder documents online. Shareholders who receive 
eDelivery are entitled to request hard copy shareholder 
documents at any time free of charge and can also revoke their 
consent to receive eDelivery at any time.
To register for eDelivery, you will need to set up an account in 
Investor Center.
Please see above under “Investor Center” for details on how to 
set up an account. Alternatively contact Computershare using 
the contact details under “Registrar” or “Indivior PLC Corporate 
Sponsored Nominee facility provider” above.
Indivior Annual Report and Accounts 2024 |
188
Additional Information
Dividends
The Board has determined that it does not anticipate the 
payment of dividends for the foreseeable future.
Dealing in Indivior securities
Ordinary shares
The Company’s ordinary shares are admitted to listing on the 
Official List of the U.K. Financial Conduct Authority and are 
admitted to trading on both the London Stock Exchange and 
Nasdaq Global Select Market. Both are regulated markets.
Share price information can be found at www.indivior.com 
under “Investors”.
Shareholders wishing to sell or purchase shares in the Company 
may do so through a bank or a stockbroker. 
Participants in the Indivior PLC Corporate Sponsored Nominee 
facility who have set up an account in Computershare’s Investor 
Center may also sell or purchase shares through their Investor 
Center account. Please go to www.computershare.com/dealing/
uk and select “Share Dealing”. For more information please 
contact Computershare using the contact details under “Indivior 
PLC Corporate Sponsored Nominee facility provider” above.
Boiler room scams
Shareholders are advised to be wary of any offers of unsolicited 
investment advice or offers of free company or research reports. 
These are typically from overseas brokers who target U.K. 
shareholders offering to sell them what often turn out to be 
worthless or high-risk shares in U.S. or U.K. securities.
If you receive any unsolicited investment advice you should 
firstly obtain the name of the person and organization and 
check that they are properly authorized by the U.K. Financial 
Conduct Authority before getting involved. This can be done via  
www.fca.org.uk/register.
Using an unauthorized firm to buy or sell shares or other 
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Additional Information

2024 Conference Presentations
1.     Flynn C, Mullen W, Gaiazov S, Fusco N, Farrelly E. Opioid 
Treatment Programs, Healthcare Resource Utilization, and 
Healthcare Costs Among Patients Initiating Treatment with 
Buprenorphine Extended-Release. AAPP 2024: American 
Association of Psychiatric Pharmacists April 7-10, 2024; 
Orlando, FL.
2.    Gaiazov S, Mullen W, Wheeler A, Munnangi S, Gu Y, DeKoven 
M. Emergency Room (ER) Visits Among Opioid Use Disorder 
(OUD) Patients. AAPP 2024: American Association of 
Psychiatric Pharmacists April 7-10, 2024; Orlando, FL.
3.    Flynn C, Mullen W, Gaiazov S, Fusco N, Farrelly E. Opioid 
treatment programs, healthcare resource utilization, and 
healthcare costs among patients initiating treatment with 
buprenorphine extended release. AMCP Annual 2024: 
Academy of Managed Care Pharmacy April 15-18, 2024; New 
Orleans, LA.
4.    Flynn C, Gaiazov S, Mullen W, Ogbonnaya A, Farrelly E, 
Dhuliawala S. Impact of Telemedicine on Medication for 
Opioid Use Disorder (MOUD) Retention during the SARS-
CoV-2 Pandemic Period Among Patients with OUD. ATA 
Nexus 2024 Annual Conference: American Telemedicine 
Association May 5-7, 2024; Phoenix, AZ.
5.    DeVeaugh-Geiss AM, Reboussin BA, Chilcoat HD. Identifying 
Distinct Cannabis Use Disorder Symptom Profiles among 
Past-year Cannabis Users in the United States: A Latent 
Class Analysis. The College on Problems of Drug 
Dependence (CPDD) 86th Annual Scientific Meeting, June 
15-19, 2024; Montreal, Quebec, Canada.
6.    Laffont CM, Saini A, Komalapriya C, Rengaswamy M, 
Bouchene S, Pendsey N, Purohit P, Horton T, Greenwald MK. 
Mechanistic Pharmacological Model to Predict and Inform 
Effective Buprenorphine Treatment Induction Strategies in 
the Era of Synthetic Opioids. The College on Problems of 
Drug Dependence (CPDD) 86th Annual Scientific Meeting, 
June 15-19, 2024; Montreal, Quebec, Canada.
7.     Gaiazov S, DeVeaugh-Geiss A, Munnangi S, Pizzicato L, 
Mullen W, DeKoven M. Buprenorphine Treatment After an 
Emergency Room Visit for Non-fatal Opioid Overdose. The 
College on Problems of Drug Dependence (CPDD) 86th 
Annual Scientific Meeting, June 15-19, 2024; Montreal, 
Quebec, Canada.
8.    Tegge A, Garafola P, Ferreira M, Lee K, Marsden J, Farrell M, 
Le Moigne A, Gray F, Bickel W. Pain predicts abstinence 
during treatment of opioid use disorder for individuals 
reporting moderate to severe pain. The College on 
Problems of Drug Dependence (CPDD) 86th Annual Scientific 
Meeting, June 15-19, 2024; Montreal, Quebec, Canada.
9.    Dobbins R, Huhn AS, Shiwach R, Young MA. 
Pharmacodynamic, Safety and Pharmacokinetic Effects of 
Co-administration of the selective orexin-1 receptor 
antagonist INDV-2000 and Buprenorphine in Treatment 
Seeking Individuals with Opioid Use Disorder. The College 
on Problems of Drug Dependence (CPDD) 86th Annual 
Scientific Meeting, June 15-19, 2024; Montreal, Quebec, 
Canada.
10. Shiwach R, Le Foll B, Alho H, Strafford S, Zhao Y, Dobbins R, 
A Randomized Open-Label Study Comparing Rapid and 
Standard Inductions to Injectable Buprenorphine 
Extended-Release (BUP-XR) Treatment. The College on 
Problems of Drug Dependence (CPDD) 86th Annual Scientific 
Meeting, June 15-19, 2024; Montreal, Quebec, Canada.
11. Haji-Noor ZM, Flynn C, Dasgupta S, Chadaram R, Enshaeifar 
S, Gaiazov S, Mullen W. Clinical and Treatment 
characteristics of American Indian/Alaska Native patients 
managing opioid use disorder compared to the general US 
population. U.S. Public Health Service Scientific & Training 
Symposium (USPHS), June 24-27, 2024; Jacksonville, FL.
12. Ogbonnaya A, Flynn C, Farrelly E, Gaiazov S, Mullen W. 
Healthcare Utilization and Costs Associated with 
Management of Opioid Use Disorder (OUD) within 
Residential Treatment Programs (RTP) and Office-Based 
Opioid Treatment Programs (OBOT). BUPE 2024 Virtual 
Meeting, August 5, 2024; virtual.
13. Gaiazov S, DeVeaugh-Geiss A, Pizzicato L, Munnangi S, 
Mullen W, DeKoven M. Buprenorphine Treatment After An 
Emergency Room Visit For Non-fatal Opioid Overdose. 
American College of Emergency Physicians (ACEP), 
September 29-October 2, 2024, Las Vegas, NV.
14. Flynn C, Gaiazov S, Mullen W, Ogbonnaya A, Farrelly E, 
Dhuliawala S. Impact of Telemedicine on Medication for 
Opioid Use Disorder (MOUD) Retention during the SARS-
CoV-2 Pandemic Period Among Patients with OUD. AMCP 
Nexus: Academy of Managed Care Pharmacy, October 14-17, 
2024, Las Vegas, NV.
15. Wolfe C, Gaiazov S, Lutgen-Nieves L, Fiscella K, Johnson N, 
Mullen W, Thompson M, Flynn C. An Investigation of 
Diversion of Medications for Opioid Use Disorder in U.S. 
Correctional Facilities: A Proposal. National Commission on 
Correctional Health Care (NCCHC) Annual Meeting, October 
19-23, 2024, Las Vegas, NV.
16. Wolfe C, Flynn C, Thompson M, Mullen W, Kistler K, Gill M, 
Stewart F. Outcomes associated with medications for 
opioid use disorder in the carceral system: a systematic 
literature review. National Commission on Correctional 
Health Care (NCCHC) Annual Meeting, October 19-23, 2024, 
Las Vegas, NV.
17. Reimer J, Schubert C. Patient-relevant therapy outcomes in 
the routine treatment of opioid-dependent patients in 
Germany with Suboxone® Sublingual Film [PROFIL]. DGS 
Annual Conference, November 1-3, 2024; Germany.
18. Laffont C, Saini A, Komalapriya C, Rengaswamy M, Noack A, 
Wojciechowski J, Pendsey N, Purohit P, Horton T, Greenwald 
MK. Integrated Quantitative Systems Pharmacology and 
Pharmacometric Model to Evaluate Effective Buprenorphine 
Induction Treatment Strategies in the Era of Synthetic 
Opioids. American Conference on Pharmacometrics (ACoP), 
November 10-13, 2024; Phoenix, AZ.
19. Shiwach R, Le Foll B, Alho H, Strafford S, Zhao Y, Dobbins R. 
A Randomized Open-Label Study Comparing Rapid and 
Standard Inductions to Injectable Buprenorphine 
Extended-release (BUP-XR) Treatment. Canadian Society of 
Addiction Medicine (CSAM) Annual Meeting, November 
14-16, 2024, Hamilton, Ontario, Canada.
20. Laffont CM, Purohit P, Delcamp N, Gonzalez-Garcia I, 
Skolnick P. Comparative Effectiveness of Intranasal 
Naloxone and Nalmefene in a Model Assessing Reversal of 
Cardiac Arrest Induced by Synthetic Opioid Overdose. 
Canadian Society of Addiction Medicine (CSAM) Annual 
Meeting, November 14-16, 2024, Hamilton, Ontario, Canada.
21. Laffont CM, Lapeyra O, Mangal D, Dobbins R. Evaluation of 
Alternative Injection Sites for Buprenorphine Extended-
Release Monthly Formulation. Canadian Society of 
Addiction Medicine (CSAM) Annual Meeting, November 
14-16, 2024, Hamilton, Ontario, Canada.
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Additional Information
22. Ramage M, Bishop B, Mangano V, Mankabady B. Monthly 
Long-Acting Injectable Buprenorphine for Opioid Use 
Disorder during Pregnancy. Canadian Society of Addiction 
Medicine (CSAM) Annual Meeting, November 14-16, 2024, 
Hamilton, Ontario, Canada.
23. Skolnick P, Purohit P, Laffont CM. Comparison of Intranasal 
Naloxone and Intranasal Nalmefene in a Translational 
Model of Synthetic Opioid Overdose. Trans-Agency 
Scientific Meeting, December 17-18, 2024; Rockville, MD.
24. Jerry M, Thu Tran A, Janak JC, Flynn C, Thompson M, Mullen 
W. Patient Profiles of Opioid Use Disorder Patients Treated 
with Oral Versus Monthly Injectable Buprenorphine Using 
U.S. Real-World Medicaid Claims Data. American Society for 
Clinical Pharmacology & Therapeutics (ASCPT) Annual 
Meeting, May 28-31, 2025; Washington, DC.
 
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191
Additional Information

2024 Peer-Reviewed Publications
1.     Crystal R, Ellison M, Purdon C, Skolnick P. Pharmacokinetic 
Properties of an FDA-approved Intranasal Nalmefene 
Formulation for the Treatment of Opioid Overdose. Clin 
Pharmacol Drug Dev. 2024 Jan;13(1):58-69. https://doi.
org/10.1002/cpdd.1312. Epub 2023 Jul 27. PMID: 37496452; 
PMCID: PMC10818017.
2.    Skolnick P. Comment on: Can Intranasal Nalmefene Reduce 
the Number of Opioid Overdose Deaths? Clin Pharmacol 
Drug Dev. 2024 Jan 30; 13(3):317-318. https://doi.
org/10.1002/cpdd.1382. PMID: 38289195.
3.    Miller EA, DeVeaugh-Geiss AM, Chilcoat HD. Opioid use 
disorder (OUD) and treatment for opioid problems among 
OUD symptom subtypes in individuals misusing opioids. 
Drug and Alcohol Dependence Reports. Volume 10, March 
2024, 100220 https://doi.org/10.1016/j.dadr.2024.100220
4.    Walling DP, Shinde SN, Pogoda JM, Kharidia J, Laffont CM. An 
Open-Label Study to Assess Monthly Risperidone Injections 
(180 mg) Following Switch from Daily Oral Risperidone 
(6 mg) in Stable Schizophrenic Patients. Clinical Drug 
Investigation. 22 February 2024; 44:251-260. https://doi.
org/10.1007/s40261-024-01347-1
5.    Ellison M, Hutton E, Webster L, Skolnick P. (2024) Reversal of 
Opioid-Induced Respiratory Depression in Healthy 
Volunteers: Comparison of Intranasal Nalmefene and 
Intranasal Naloxone. J Clin Pharmacol. https://doi.
org/10.1002/jcph.2421
6.    Carvalho A, Dourado D, Spratt J, Caswell J, Skvortsov T, 
Quinn D, Carey J, Moody T. Enzyme Screening and 
Engineering for N- and O-Demethylation: Key Steps in the 
Synthesis of Buprenorphine. Org Process Res Dev. 2024;28 
(3):729-737. https://pubs.acs.org/doi/epdf/10.1021/acs.
oprd.3c00417
7.     Murray CM, Fox JC, Heidbreder C, Young M. A Novel, Non-
Opioid, Selective Orexin-1 Receptor Antagonist for the 
Treatment of Substance Use Disorders. Neuroscience 
Applied, Volume 3, 2024, 104053. https://doi.org/10.1016/j.
nsa.2024.104053.
8.    Laffont CM, Purohit P, Delcamp N, Gonzalez-Garcia I, 
Skolnick P. Comparison of Intranasal Naloxone and 
Intranasal Nalmefene in a Translational Model Assessing 
the Impact of Synthetic Opioid Overdose on Respiratory 
Depression and Cardiac Arrest. Frontiers in Psychiatry, 
2024;15:1399803 https://doi.org/10.3389/fpsyt.2024.1399803
9.    Heidbreder C, Greenwald MK, Le Foll B, Skolnick P (2024) 
Editorial: Discovery, development and implementation of 
improved options for treating opioid overdose in the 
synthetic opioid era. Front. Psychiatry 15:1443304. https://
doi.org/10.3389/fpsyt.2024.1443304 
10. Rademeyer K, Thompson ML, Mullen W. Examining Current 
Policies and Barriers Regarding Medications for Opioid Use 
Disorder within the Criminal Justice System. Corrections 
Today, Summer 2024 (86:2):24-32.
11. Abdel-Sattar M, Cook S, Wheeler A, Mullen W, Maiese BA, 
Heidbreder C, Santoro W (2024) Provider and Payer 
Perspectives on the Impact of the COVID-19 Pandemic on 
Patients With Opioid Use Disorder: Multi-Stakeholder In-
Depth Interviews. American Health & Drug Benefits, 
2024 May; Web Exclusives, Original Research, Clinical.
12. Skolnick P, Paavola J, Heidbreder C (2024) Synthetic opioids 
have disrupted conventional wisdom for treating opioid 
overdose. Drug and Alcohol Dependence Reports, Volume 
12, 100268, https://doi.org/10.1016/j.dadr.2024.100268
13. Rockhill K, Bau G, DeVeaugh-Geiss A, Chilcoat H, Dart R, 
Iwanicki J, Black J (2024) Buprenorphine, oxycodone, 
hydrocodone, and methadone mortality in the United 
States (2010‒2017). J Am Coll Emerg Physicians Open, 
Volume 5 (5):e13338. https://doi.org/10.1002/emp2.13338
14. Laffont CM, Lapeyra O, Mangal D, Dobbins R (2024) A Single-
Dose Study to Evaluate the Relative Bioavailability, Safety, 
and Tolerability of Monthly Extended-Release 
Buprenorphine at Alternative Injection Locations in Adult 
Participants with Opioid Use Disorder. Clin Drug Invest. In 
Press.
15. Carey J, Byard S (2024). The Identification of Naloxone-
Related Drug Products Degradants. Org Process Res Dev. 28 
(9), 3645-3660. https://doi.org/10.1021/acs.oprd.4c00215.
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