0001628280-26-028850 | 10-Q | XBRL Viewer | Indivior Pharmaceuticals INC

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Accrued Litigation Settlement Expenses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Loss Contingencies [Line Items]
Accrual recorded	$ 55	$ 94
Opioid litigation
Loss Contingencies [Line Items]
Accrual recorded	55	$ 80
Payments for legal settlement	26
Indemnity Settlement
Loss Contingencies [Line Items]
Payments for legal settlement	$ 8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Debt (Details) $ / shares in Units, $ in Millions		3 Months Ended
Debt (Details) $ / shares in Units, $ in Millions	Mar. 17, 2026 USD ($) shares day $ / shares	Mar. 31, 2026 USD ($) $ / shares	Mar. 31, 2025 USD ($)	Mar. 12, 2026 $ / shares
Debt Instrument [Line Items]
Sales price (in dollars per share) \| $ / shares				$ 30.86
Repayment of outstanding principle balance		$ 333	$ 4
Loss on extinguishment of debt		18	$ 0
Level 2
Debt Instrument [Line Items]
Fair value of the convertible senior notes		$ 510
Convertible Senior Notes Due 2031 \| Convertible Debt
Debt Instrument [Line Items]
Principal amount issued	$ 500
Stated interest rate	0.625%
Net proceeds	$ 486
Debt issuance costs	$ 14
Conversion price (in dollars per share) \| $ / shares	$ 41.66	$ 41.66
Conversion ratio	0.0240033
Percentage premium of conversion price over share price	35.00%
Conversion value trading days \| day	25
Redemption price percentage	100.00%
Unamortized debt issuance costs		$ 14
Effective interest rate		1.17%
Convertible Senior Notes Due 2031 \| Convertible Debt \| Maximum
Debt Instrument [Line Items]
Conversion ratio	0.0324044
Shares issuable upon conversion (in shares) \| shares	16,202,200
Convertible Senior Notes Due 2031 \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Threshold percentage of conversion price trigger	130.00%
Conversion price (in dollars per share) \| $ / shares	$ 41.66
Threshold trading days \| day	20
Consecutive trading days \| day	30
Redemption, trading days prior to maturity \| day	25
Convertible Senior Notes Due 2031 \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Threshold trading days \| day	5
Consecutive trading days \| day	10
Threshold percentage of stock sales price	98.00%
Convertible Senior Notes Due 2031, Over-Allotment Option \| Convertible Debt
Debt Instrument [Line Items]
Principal amount issued	$ 50
Note Purchase Agreement \| Secured Debt
Debt Instrument [Line Items]
Total debt payoff amount	341
Repayment of outstanding principle balance	333
Payment for accrued interest	6
Payment for early termination fee	2
Loss on extinguishment of debt	$ 18

Business Overview, Basis of Presentation, and Recently Issued Accounting Standards (Details)	Mar. 31, 2026 $ / shares	Jan. 23, 2026 $ / shares	Jan. 22, 2026 $ / shares	Dec. 31, 2025 $ / shares
Accounting Policies [Abstract]
Period the company has been a leader in innovation (more than)	25 years
Common stock, exchange ratio		1
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.50	$ 0.50

Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Current Inventories

Inventories are comprised of:


	March 31, 2026		December 31, 2025
Raw materials and consumables	$	26	$	31
Work in progress	59		49
Finished goods	69		75
Total Inventories, net	$	154	$	154

Schedule of Noncurrent Inventories

Inventories are comprised of:


	March 31, 2026		December 31, 2025
Raw materials and consumables	$	26	$	31
Work in progress	59		49
Finished goods	69		75
Total Inventories, net	$	154	$	154

Debt	3 Months Ended
Debt	Mar. 31, 2026
Debt Disclosure [Abstract]
Debt	8. Debt Convertible Senior Notes Due 2031 On March 17, 2026, the Company completed an offering of $500 million aggregate principal amount of 0.625% Convertible Senior Notes due 2031 (the "Notes"), which included an option to purchase up to an additional $50 million aggregate principal amount of the Notes granted to the initial purchasers, which was exercised in full (the "Convertible Notes Offering"). The Notes were offered at par and will mature on March 15, 2031, unless earlier converted, redeemed, or repurchased. Net proceeds to the Company were approximately $486 million, after deducting initial purchasers' discounts, commissions, and estimated offering expenses of approximately $14 million. The Notes are senior, unsecured obligations of the Company, ranking equally in right of payment with all existing and future senior, unsecured indebtedness. The Notes are structurally subordinated to all indebtedness and other liabilities of the Company's subsidiaries. The Notes bear interest at 0.625% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, commencing September 15, 2026. Interest expense related to the Notes is included in interest expense in the consolidated statement of operations. Holders may convert their Notes at their option prior to the close of business on December 15, 2030, only upon satisfaction of one or more of the following conditions: (1) during any calendar quarter commencing after June 30, 2026, if the last reported sale price of the Company's common stock exceeds 130% of the conversion price of $41.66 per share for at least 20 of the 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter; (2) during the five business days immediately following any 10-consecutive trading day period in which the trading price per one thousand USD principal amount of Notes was less than 98% of the product of the last reported sale price of the Company's common stock and the applicable conversion rate; (3) upon the occurrence of certain corporate events or distributions on the Company's common stock; or (4) if the Company calls the Notes for redemption. On or after December 16, 2030, through the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes at any time. The initial conversion rate is 24.0033 shares of common stock per one thousand USD principal amount of Notes, equivalent to an initial conversion price of approximately $41.66 per share, a premium of approximately 35% to the last reported sale price of $30.86 per share on March 12, 2026. The conversion rate is subject to adjustment upon the occurrence of certain events as described in the indenture. If a fundamental change occurs or the Company exercises its optional redemption right, a higher make-whole conversion rate will apply, subject to a maximum conversion rate of 32.4044 shares per one thousand USD principal amount. The maximum number of shares of common stock issuable upon conversion of the Notes, including at the maximum make-whole conversion rate, is approximately 16,202,200 shares. Upon conversion, the Company will satisfy its conversion obligation through combination settlement, consisting of cash equal to the lesser of (i) the aggregate principal amount of Notes being converted or (ii) the daily conversion value during the applicable 25‑trading‑day observation period based on the volume‑weighted average price (“VWAP”) of the Company’s common stock, plus shares of common stock for any excess conversion value above such cash amount. The Company may also elect to settle conversions entirely in cash. On or after March 20, 2029 and on or before the 25th scheduled trading day before the maturity date, the Company may redeem the Notes, in whole or in part, at a cash redemption price equal to the principal amount plus accrued and unpaid interest, provided that the Notes are freely tradable and the last reported sale price of the Company's common stock exceeds 130% of the conversion price for at least 20 of the 30 consecutive trading days ending on the trading day immediately before the redemption notice is sent. If a fundamental change occurs, holders may require the Company to repurchase their Notes at a cash repurchase price equal to 100% of the principal amount plus accrued and unpaid interest. As of March 31, 2026, the Notes were not convertible and were classified as a long-term liability on the condensed consolidated balance sheet and presented net of unamortized issuance costs of $14 million. The issuance costs are amortized to interest expense over the contractual term of the Notes. As of March 31, 2026, the effective interest rate of the Notes was 1.17%. As of March 31, 2026, the estimated fair value of the Notes was approximately $510 million. The fair value was determined based on the quoted price of the Notes in an inactive market on the last trading day of the reporting period and has been classified as Level 2 in the fair value hierarchy. Repayment of Prior Indebtedness In connection with the issuance of the Notes, the Company repaid in full all outstanding obligations of its existing Note Purchase Agreement dated November 4, 2024. The total payoff amount of $341 million was remitted, consisting of the outstanding principal balance of $333 million, $6 million of accrued interest, and the $2 million early termination fee, at which point all obligations were discharged and all associated liens and security interests were released. The repayment is accounted for as a debt extinguishment under ASC 470-50, resulting in $18 million recognized as a loss on extinguishment of debt in the condensed consolidated statement of operations for the period ended March 31, 2026.

Business Overview, Basis of Presentation, and Recently Issued Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Consolidation	The accompanying unaudited interim Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of Indivior Pharmaceuticals, Inc. and its subsidiaries and related notes as contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented.
Reclassifications	Certain prior‑period amounts have been reclassified to conform to the current‑period presentation. These reclassifications had no impact on previously reported net income, comprehensive income, or cash flows.
Use of Estimates and Judgments	The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Significant estimates are used in determining items such as accruals for returns, incentives and rebates, certain accrued expenses, acquisitions, and ongoing litigation. Actual results may differ from those estimates.
Recently Adopted Accounting Standards / Recently Issued Accounting Standards Not Yet Adopted	ASU 2025-05: Measurement of Credit Losses for Accounts Receivable and Contract Assets Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets was issued in July 2025 and allows entities to elect a practical expedient that assumes that the current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU No. 2025-05 is effective for annual and interim periods beginning after December 15, 2025. The Company adopted ASU 2025-05 effective January 1, 2026, during the interim period ended March 31, 2026, and applied the guidance on a prospective basis. The adoption of ASU 2025‑05 did not have a material impact on the Company’s condensed consolidated financial statements. ASU 2025‑07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share‑Based Noncash Consideration from a Customer in a Revenue Contract refines the scope of derivative accounting under Topic 815 by introducing a new scope exception for certain contracts or embedded features that are not exchange traded and have underlyings based on the operations or activities specific to one of the parties to the contract. In addition, the ASU clarifies that share‑based noncash consideration received from a customer in exchange for goods or services is initially accounted for under Topic 606, Revenue from Contracts with Customers, unless and until the entity’s right to receive or retain such consideration becomes unconditional. The Company early adopted ASU 2025‑07 effective January 1, 2026, during the interim period ended March 31, 2026, and applied the guidance on a prospective basis. The adoption of ASU 2025‑07 did not have a material impact on the Company’s condensed consolidated financial statements. ASU 2024-03: Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)—Disaggregation of Income Statement Expenses (as clarified by ASU 2025-01) was issued in November 2024, requires disclosure of specified information about certain costs and expenses in the notes to the financial statements and is required to be applied by the Company for fiscal periods beginning after December 15, 2027. As this accounting standard only impacts disclosures, it is not expected to have a material impact on the Company’s financial statements. ASU No. 2025-06, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software was issued in September 2025 and removes all references to software development project stages. Software capitalization will begin when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-05 is effective for interim and annual periods beginning after December 15, 2027. The guidance may be applied on a prospective basis, a modified transition approach or a retrospective transition approach and allows for early adoption. Adoption is not expected to have a material impact on the Company's financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The table below summarizes the basic and diluted earnings per share calculation for each period:


	Three Months Ended March 31,
		2026		2025
Net income		$	89	$	47

Basic weighted-average shares outstanding		124		124
Effect of potentially dilutive securities:
Restricted stock awards1		4		1
Diluted weighted-average shares outstanding		129		125

Basic earnings per share		0.71		0.38
Diluted earnings per share		0.69		0.38

1No potential shares were excluded from the diluted earnings per share computation because of their antidilutive impact in the three months ended March 31, 2026 and three months ended March 31, 2025, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarter ended March 31, 2026, three officers or directors adopted Rule 10b5-1 trading plans intended to satisfy the affirmative defense of Rule 10b5-1(c): (i) Jeffrey Burris, Chief Legal Officer, adopted a plan on March 13, 2026, covering 50,000 shares to be sold under the plan, that expires at the close of business on March 4, 2027; (ii) Christian Heidbreder, Chief Scientific Officer, adopted a plan on March 13, 2026, covering 55,758 shares to be sold under the plan, that expires at the close of business on August 31, 2026; and (iii) Ryan Preblick, Chief Financial Officer, adopted a plan on March 6, 2026, covering 36,000 shares to be sold under the plan, that expires at the close of business on October 30, 2026. In connection with the Convertible Notes Offering, each of these persons entered into customary "lock-up" agreements in favor of the Company's investment bankers which prohibit these insiders from, among other things, selling any Company shares until after May 11, 2026; notwithstanding the entry into the 10b5-1 plans, no sales will be made until after May 11, 2026.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jeffrey Burris [Member]
Trading Arrangements, by Individual
Name	Jeffrey Burris
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 13, 2026,
Expiration Date	March 4, 2027
Arrangement Duration	356 days
Aggregate Available	50,000
Christian Heidbreder [Member]
Trading Arrangements, by Individual
Name	Christian Heidbreder
Title	Chief Scientific Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 13, 2026,
Expiration Date	August 31, 2026
Arrangement Duration	171 days
Aggregate Available	55,758
Ryan Preblick [Member]
Trading Arrangements, by Individual
Name	Ryan Preblick
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 6, 2026,
Expiration Date	October 30, 2026
Arrangement Duration	238 days
Aggregate Available	36,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 89	$ 47
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	2	3
Amortization of right-of-use assets	2	2
Stock-based compensation expense	9	6
Impairment of tangible and intangible assets	6	0
Loss on debt extinguishment	18	0
Deferred income taxes	27	(2)
Impact from foreign exchange movements	0	(1)
Other adjustments, net	0	1
Change in operating assets and liabilities:
Accounts receivable	(20)	11
Current inventories	(1)	5
Other current and noncurrent assets	(18)	(18)
Accrued legal and settlement expenses	(38)	(62)
Other current and noncurrent liabilities	(86)	81
Net cash (used in) provided by operating activities	(9)	75
Cash flows from investing activities:
Purchases of property and equipment	(20)	(5)
Purchases of investments in debt securities	(5)	(5)
Sales and maturities of debt securities	6	6
Net cash used in investing activities	(19)	(5)
Cash flows from financing activities:
Proceeds from the issuance of common stock	0	1
Cash paid for repurchases of common stock	(126)	(11)
Proceeds from debt, net	489	0
Repayments of debt	(333)	(4)
Transaction costs related to debt refinancing	(5)	0
Settlement of equity awards	(21)	(3)
Other	3	0
Net cash provided by (used in) financing activities	7	(17)
Net (decrease) increase in cash and cash equivalents	(20)	53
Exchange differences	0	0
Cash and cash equivalents at beginning of period	195	319
Cash and cash equivalents at end of period	$ 175	$ 372

Financial Instruments and Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of equity securities	$ 0	$ 0
Fair value of corporate debt securities	27	28
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 510	$ 333

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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+ Details

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net revenue	$ 317	$ 266
Cost of sales	40	44
Gross profit	277	221
Operating expenses:
Selling, general and administrative	124	133
Research and development	16	22
Total operating expenses	139	156
Operating income	137	66
Other (income) and expenses:
Interest (income)	(3)	(4)
Interest expense	7	12
Loss on debt extinguishment	18	0
Income before income taxes	115	59
Income tax expense	26	11
Net income	$ 89	$ 47
Earnings per share
Basic (in dollars per share)	$ 0.71	$ 0.38
Diluted (in dollars per share)	$ 0.69	$ 0.38
Shares used in computing earnings per share
Basic (in shares)	124	124
Diluted (in shares)	129	125

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-37835
Registrant Name	Indivior Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1204773
Entity Address, Address Line One	10710 Midlothian Turnpike, Suite 125
Entity Address, City or Town	North Chesterfield
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23235
City Area Code	804
Local Phone Number	379-1090
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	INDV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		121,922,058
Central Index Key	0001625297
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false

Income Tax - Effective Income Tax Rates (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Total income (loss) before income taxes	$ 115	$ 59
Total income tax expense (benefit)	$ 26	$ 11
Total effective tax rate	23.00%	19.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Stock-Based Payments - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) plan $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted (in shares) \| shares	0
Stock options exercised (in shares) \| shares	0
Service-Based Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average fair value of awards granted (in dollars per share) \| $ / shares	$ 33.46
Fair value of awards issued	$ 9
Compensation cost for unvested awards not recognized	$ 48
Period of recognition for compensation cost for unvested awards not recognized	2 years 2 months 12 days
Performance-based stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average fair value of awards granted (in dollars per share) \| $ / shares	$ 53.87
Fair value of awards issued	$ 25
Compensation cost for unvested awards not recognized	$ 23
Period of recognition for compensation cost for unvested awards not recognized	1 year 2 months 12 days
Performance-based stock Awards \| Share-Based Payment Arrangement, 25th Percentile Performance
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage	50.00%
Performance-based stock Awards \| Share-Based Payment Arrangement, 75th Percentile Performance
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage	200.00%
Performance-based stock Awards \| Share-Based Payment Arrangement, Below 25th Percentile Performance
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage	0.00%
Equity-Settled Stock Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock plans \| plan	3
Other Employee Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock plans \| plan	2

Property, Plant, and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Capital expenditures included in accounts payable and accrued expenses	$ 3	$ 6
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets	$ 3

Segment, Geographic and Other Revenue Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Financial Data Provided to the CODM

The financial data provided to the CODM is as follows:


	Three Months Ended March 31,
		2026		2025
US:
SUBLOCADE*		$	218	$	163
Sublingual & other		50		54

PERSERIS1		5		4
Total U.S.		272		222
Rest of World		45		44
Net revenue		317		266
Cost of sales		40		44
Gross profit		277		221

Operating expenses:
Selling, general and administrative		124		133
Research and development		16		22



Total operating expenses		139		156

Operating income		137		66

Other (income) and expenses:
Interest (income)		(3)		(4)
Interest expense		7		12
Loss on debt extinguishment		18		—
Income before income taxes		115		59

Income tax expense		26		11

Net income		$	89	$	47

*Total SUBLOCADE net revenue		$	232	$	176

Depreciation and amortization		$	2	$	3
Stock-based compensation expense		$	9	$	6

1Marketing and promotional activities for PERSERIS were discontinued in 2024.

Income Tax (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rates

The effective income tax rates for the relevant periods are calculated as follows:


	Three Months Ended March 31,
	2026
Total income (loss) before income taxes	$	115
Total income tax expense (benefit)	$	26
Total effective tax rate	23		%


	Three Months Ended March 31,
		2025
Total income (loss) before income taxes		$	59
Total income tax expense (benefit)		$	11
Total effective tax rate		19		%

Schedule of Changes in Unrecognized Tax Benefits

Changes in unrecognized tax benefits are summarized as follows for the three months ended March 31, 2026.



Balance at December 31, 2025	$	5
Additions for tax positions of prior years	—


Balance at March 31, 2026	$	5

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

10. Earnings Per Share

The table below summarizes the basic and diluted earnings per share calculation for each period:


	Three Months Ended March 31,
		2026		2025
Net income		$	89	$	47

Basic weighted-average shares outstanding		124		124
Effect of potentially dilutive securities:
Restricted stock awards1		4		1
Diluted weighted-average shares outstanding		129		125

Basic earnings per share		0.71		0.38
Diluted earnings per share		0.69		0.38

The weighted average number of shares is adjusted for the number of shares granted to the extent market conditions have been met at the balance sheet date and determined using the treasury stock method.

Conditional awards of 1 million shares were granted in the three months ended March 31, 2026 and 3 million in the three months ended March 31, 2025 under the Company’s Long-Term Incentive Plan, respectively.

The Company’s 0.625% Convertible Senior Notes due 2031 are evaluated for dilution using the if‑converted method. As of March 31, 2026, based on the closing stock price compared to the conversion price of $41.66, no incremental shares were included in diluted weighted-average shares outstanding.

Segment, Geographic and Other Revenue Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment, Geographic and Other Revenue Information

2. Segment, Geographic and Other Revenue Information

The Company operates in a single operating and reportable segment for all periods presented and the CEO has been identified as the chief operating decision maker (the “CODM”). The CEO reviews the Company's financial information on a consolidated basis for purposes of allocating resources and evaluating performance. The CODM uses income from operations to measure the profitability of the segment. These amounts are reported on the Condensed Consolidated Statements of Operations. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total consolidated assets.

Effective in the first quarter of 2026, the Company updated the presentation of segment operating expenses provided to the CODM. Amounts previously reported separately as Sales and Marketing and General and Administrative expenses are now presented on a combined basis as Selling, General and Administrative expenses.

This change reflects how segment information is currently reviewed by the CODM. Prior‑period segment information has been recast to conform to the current‑period presentation.

The financial data provided to the CODM is as follows:


	Three Months Ended March 31,
		2026		2025
US:
SUBLOCADE*		$	218	$	163
Sublingual & other		50		54

PERSERIS1		5		4
Total U.S.		272		222
Rest of World		45		44
Net revenue		317		266
Cost of sales		40		44
Gross profit		277		221

Operating expenses:
Selling, general and administrative		124		133
Research and development		16		22



Total operating expenses		139		156

Operating income		137		66

Other (income) and expenses:
Interest (income)		(3)		(4)
Interest expense		7		12
Loss on debt extinguishment		18		—
Income before income taxes		115		59

Income tax expense		26		11

Net income		$	89	$	47

*Total SUBLOCADE net revenue		$	232	$	176

Depreciation and amortization		$	2	$	3
Stock-based compensation expense		$	9	$	6

1Marketing and promotional activities for PERSERIS were discontinued in 2024.

Significant segment expenses within net income include cost of sales, selling, general and administrative, and research and development at the consolidated level. Other segment items within net income include operating income, interest (income), interest expense, loss on debt extinguishment, and income tax expense. Our CODM is also regularly provided depreciation and amortization and stock-based compensation expense information, both of which are presented above and are recorded within cost of sales and selling, general and administrative expenses.

Revenue recognized from performance obligations satisfied in previous periods was $28 million in the three months ended March 31, 2026 and $19 million during the three months ended March 31, 2025, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Legal Proceedings and Contingencies The Company records accruals for loss contingencies associated with legal matters when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. Certain ongoing legal proceedings or threats of legal proceedings to which the Company is a party, but in which the Company believes the possibility of an adverse impact is remote, are not discussed in this Note. Dental Allegations The Company has been named as a defendant in numerous lawsuits alleging that SUBOXONE Film was defectively designed and caused dental injury, and that the Company 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: As of April 28, 2026 approximately 1,900 cases naming approximately 25,000 plaintiffs 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 any Indivior product was used before determining whether to file individual complaints to be coordinated with the Dental MDL. Plaintiffs have been dismissing Schedule A claimants pursuant to a mechanism provided by the court. As of April 28, 2026, the plaintiffs had reduced the number of Schedule A claimants to approximately 5,300. 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 950 other individuals in Delaware, New Jersey, and Virginia. Complaints have not yet been filed on behalf of the tolled individuals. 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, which was required by the FDA of all manufacturers of these products. The MDL cases are in their preliminary stages. Any bellwether trials in the MDL would not occur until the end of the first quarter of 2028 at the earliest. The Company 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 litigation, no estimate of possible loss can be made at this time. Proposed 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 Company, among other defendants, in April 2024. The Company 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 Civil Opioid Litigation The Company is named as a defendant in a number of 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 were 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”). As previously disclosed, the Company in January 2026 finalized settlement of all cases involving (i) cities, counties and other government subdivisions of 49 states, including, in some instances, school districts and hospitals, along with the District of Columbia (DC) and (ii) a number of territories; and in 2025 finalized a separate settlement with the tribal nations (collectively, the "Master Settlement Agreements"). The Company separately reached a settlement in principle with Maryland as discussed below, as Maryland and its subdivisions did not join the Master Settlement Agreements. The Master Settlement Agreements include these states, DC, and certain territories along with government subdivisions (upwards of 10,000 subdivisions) and tribal nations that filed suit or never filed suit, and the parties are in the process of filing appropriate materials in the Opioid MDL to release these claims per the settlement agreement. Additionally, the Master Settlement Agreements released certain cases with similar allegations pending outside the Opioid MDL. Those cases have been dismissed or are in the process of being dismissed per the Master Settlement Agreements. Once the process of dismissing these settled cases per the Master Settlement Agreements is completed (and if the Maryland settlement agreement in principle is finalized), the Company should be a party to only the following cases in the Opioid MDL: •25 cases filed by private individual plaintiffs who have asserted claims relating to neonatal abstinence syndrome ("NAS"). Since a requirement by the court in the MDL to file "fact sheets" related to their cases, over 100 plaintiffs have had their cases dismissed or have dismissed their cases against the company. •cases filed by one third party payor, one charitable organization and seven individual plaintiffs. In each of these cases the Company is not the only defendant. The Company expects that all lawsuits outside the Opioid MDL with allegations similar to the Opioid MDL will be dismissed with the exception of the West Virginia NAS matters, where the plaintiffs filed a notice of appeal in the West Virginia Supreme Court on February 27, 2025. Briefing on this matter was completed in August 2025. As of the date of this filing, there has been no decision by the West Virginia Supreme Court. With respect to the cases still pending that it does not anticipate will be dismissed, the Company has begun its evaluation of all of the claims, believes it has meritorious defenses, and intends to vigorously defend itself. Given the status and preliminary stage of litigation in these cases, no estimate of possible loss for those matters 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. The representative action was struck out and affirmed on appeal, so only the multiparty action remains. The claims made in the multiparty actions generally allege that Indivior PLC (now known as Indivior Limited) 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. In the second half of 2025, those certain shareholders served their "Particulars of Claim" related to the multiparty action and the Company served its Defence. The parties have exchanged certain limited information related to the Particulars of Claim and the Defence since that time. The first case management conference has been set for July 23-24, 2026. The Company 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. 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 Company 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 Company 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 Company 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.

Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

6. Accounts Payable and Accrued Expenses


	March 31, 2026		December 31, 2025
Accounts payable	$	35	$	48
Accrued employee-related obligations	42		103
Accrued indirect tax and government fees	5		20
Accruals for third-party services	92		76
Accrued other expenses	4		3
Total accounts payable and accrued expenses	$	178	$	250

Accrued Litigation Settlement Expenses - Summary (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Loss Contingencies [Line Items]
Accrued litigation and settlement expenses, current	$ 14	$ 42
Accrued legal and settlement expenses, non-current	41	52
Accrued litigation and settlement expenses, total	55	94
Opioid litigation
Loss Contingencies [Line Items]
Accrued litigation and settlement expenses, current	14	28
Accrued legal and settlement expenses, non-current	41	52
Accrued litigation and settlement expenses, total	55	80
Other
Loss Contingencies [Line Items]
Accrued litigation and settlement expenses, current	0	14
Accrued legal and settlement expenses, non-current	0	0
Accrued litigation and settlement expenses, total	$ 0	$ 14

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Restructuring - Narrative (Details) $ in Millions	3 Months Ended
Restructuring - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
Property, Plant and Equipment
Restructuring Cost and Reserve [Line Items]
Impairment of long-lived assets	$ 3
Phase I of the Indivior Action Agenda
Restructuring Cost and Reserve [Line Items]
Cumulative restructuring charges incurred since inception	136
Restructuring charges	9
Additional costs expected	0
Phase I of the Indivior Action Agenda \| Right-of-use Asset
Restructuring Cost and Reserve [Line Items]
Impairment of long-lived assets	4
Phase I of the Indivior Action Agenda \| Property, Plant and Equipment
Restructuring Cost and Reserve [Line Items]
Impairment of long-lived assets	3
Phase I of the Indivior Action Agenda \| Research and Development
Restructuring Cost and Reserve [Line Items]
Restructuring charges	7
Phase I of the Indivior Action Agenda \| Selling, General and Administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2

Property, Plant, and Equipment, Net - Summary of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 268	$ 251
Less: Accumulated depreciation	(111)	(107)
Total property, plant and equipment, net	157	144
Land and buildings
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	121	111
Plant and equipment
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	76	76
Construction in progress
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 71	$ 64

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 89	$ 47
Other comprehensive income, net of tax
Foreign currency translation	0	1
Other comprehensive income	0	1
Total comprehensive income	$ 89	$ 49

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials and consumables	$ 26	$ 31
Work in progress	59	49
Finished goods	69	75
Total Inventories, net	$ 154	$ 154

Commitments and Contingencies (Details) subdivision in Thousands			3 Months Ended
	Apr. 28, 2026 claim plaintiff	Jun. 14, 2024 claim plaintiff	Mar. 31, 2026 claim individual	Jan. 31, 2026 state subdivision
Dental Allegations, MDL \| Subsequent Event
Loss Contingencies [Line Items]
Number of pending claims	1,900
Number of plaintiffs \| plaintiff	25,000
Dental Allegations, MDL Schedule A
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff		10,000
Number of new claims filed		1
Dental Allegations, MDL Schedule A \| Subsequent Event
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff	5,300
Dental Allegations, State Court
Loss Contingencies [Line Items]
Number of new claims filed			1
Number of individuals with tolled claims (more than) \| individual			950
Civil Opioid Litigation, MDL, State and Subdivision MSA
Loss Contingencies [Line Items]
Number of states where claims were finalized \| state				49
Number of subdivisions where claims were finalized \| subdivision				10
Civil Opioid Litigation, MDL, Neonatal Abstinence Syndrome
Loss Contingencies [Line Items]
Number of pending claims			25
Number of claims dismissed (over)			100
Civil Opioid Litigation, MDL, Third Party Payor
Loss Contingencies [Line Items]
Number of pending claims			1
Civil Opioid Litigation, MDL, Charitable Organization
Loss Contingencies [Line Items]
Number of pending claims			1
Civil Opioid Litigation, MDL, Individual Plaintiffs
Loss Contingencies [Line Items]
Number of pending claims			7

Stock-Based Payments (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Expense and Income Tax Benefits for Stock-Based Payments


	Three Months Ended March 31,
		2026		2025
Compensation expense related to stock-based payments		$	9	$	6

Schedule of Stock Award Activity

A summary of the service-based restricted stock awards and performance-based stock awards activity under the LTIP for the three months ended March 31, 2026 is presented below (values in thousands):


	Outstanding Service-Based Restricted Stock Awards	Outstanding Performance-Based Stock Awards
December 31, 2025	2,114	4,968
Granted	1,170	323
Issued	(104)	(638)
Canceled/forfeited/adjusted	(264)	(679)
March 31, 2026	2,916	3,974

Inventories - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Noncurrent portion of inventory	$ 1	$ 2

Financial Instruments and Fair Value Measurements	3 Months Ended
Financial Instruments and Fair Value Measurements	Mar. 31, 2026
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	9. Financial Instruments and Fair Value Measurements Financial instruments include cash and cash equivalents, accounts receivable, accounts payable, debt, investments in corporate debt securities and investments in equity securities. The carrying value of these financial instruments, excluding debt instruments and the Company’s investments in corporate debt and equity securities, approximates fair value because of the short-term nature of these instruments. The following three levels of inputs are used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities. Level 2 — Significant other observable inputs. Level 3 — Significant unobservable inputs. The Company’s only financial instruments which are measured at fair value on a recurring basis are equity securities. The fair value of equity securities is based on quoted market prices (Level 1 inputs) on the measurement date. The fair value of equity securities at March 31, 2026 and December 31, 2025 were nil and nil, respectively. The fair value of corporate debt securities at March 31, 2026 and December 31, 2025 were $27 million and $28 million, respectively. The fair value of corporate debt securities held at amortized cost was calculated based on quoted market prices which would be classified as Level 1 in the fair value hierarchy above. At March 31, 2026, the Company's debt securities were held by a separate cell of an insurance company as part of an agreement to fund insurance coverage. These debt securities are classified as long-term investments on the condensed consolidated balance sheets as access to the investments is subject to contractual restrictions, regardless of the underlying investment maturity. The estimated fair value of debt at March 31, 2026 and December 31, 2025 were $510 million and $333 million, respectively, and were valued using Level 2 inputs based upon the quoted market prices for the same or similar debt instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses


	March 31, 2026		December 31, 2025
Accounts payable	$	35	$	48
Accrued employee-related obligations	42		103
Accrued indirect tax and government fees	5		20
Accruals for third-party services	92		76
Accrued other expenses	4		3
Total accounts payable and accrued expenses	$	178	$	250

Property, Plant, and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

5. Property, Plant and Equipment, Net

A summary of property, plant and equipment is as follows:


	March 31, 2026		December 31, 2025
Land and buildings	$	121	$	111
Plant and equipment	76		76
Construction in progress	71		64
Gross property, plant and equipment	268		251
Less: Accumulated depreciation	(111)		(107)
Total property, plant and equipment, net	$	157	$	144

Property, plant and equipment impairment charges related to the corporate initiative transition of $3 million were recognized in research and development expenses in the three months ended March 31, 2026. See Note 13. Restructuring for additional details.

Capital expenditures of $3 million and $6 million were included in accounts payable and accrued expenses at March 31, 2026 and December 31, 2025, respectively.

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accounts payable	$ 35	$ 48
Accrued employee-related obligations	42	103
Accrued indirect tax and government fees	5	20
Accruals for third-party services	92	76
Accrued other expenses	4	3
Total accounts payable and accrued expenses	$ 178	$ 250

Stock-Based Payments - Stock Award Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2026 shares
Service-Based Restricted Stock Awards
Stock Awards
Beginning balance (in shares)	2,114
Granted (in shares)	1,170
Issued (in shares)	(104)
Canceled/forfeited/adjusted (in shares)	(264)
Ending balance (in shares)	2,916
Performance-based stock Awards
Stock Awards
Beginning balance (in shares)	4,968
Granted (in shares)	323
Issued (in shares)	(638)
Canceled/forfeited/adjusted (in shares)	(679)
Ending balance (in shares)	3,974

Condensed Consolidated Statements of Stockholders’ Deficit - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional paid-in capital	Share repurchase commitment	Accumulated other comprehensive loss	Accumulated deficit
Balance at beginning of period (in shares) at Dec. 31, 2024		125
Balance at beginning of period at Dec. 31, 2024	$ (337)	$ 62	$ 90	$ (10)	$ (36)	$ (443)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	47					47
Other comprehensive income	1				1
Common stock issued (in shares)		1
Common stock issued	1
Common stock repurchased and canceled (in shares)		(1)
Common stock repurchased and canceled	(11)					(10)
Stock-based compensation	6		6
Share repurchase liability movement, net	10			10
Settlement of tax on equity awards	(3)		(3)
Balance at end of period (in shares) at Mar. 31, 2025		125
Balance at end of period at Mar. 31, 2025	$ (285)	$ 62	93	0	(35)	(406)
Balance at beginning of period (in shares) at Dec. 31, 2025	125	125
Balance at beginning of period at Dec. 31, 2025	$ (98)	$ 62	112	0	(30)	(243)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock canceled and exchanged as part of U.S. Domestication	0	$ (62)	62
Net income	89					89
Other comprehensive income	0				0
Common stock issued (in shares)		1
Common stock repurchased and canceled (in shares)		(4)
Common stock repurchased and canceled	(126)					(126)
Stock-based compensation	9		9
Settlement of tax on equity awards	(21)		(21)
Other	$ 3		3
Balance at end of period (in shares) at Mar. 31, 2026	122	122
Balance at end of period at Mar. 31, 2026	$ (144)	$ 0	$ 165	$ 0	$ (29)	$ (280)

Accrued Litigation Settlement Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Accrued Litigation and Settlement Expenses


	March 31, 2026						December 31, 2025
	Current		Non current		Total		Current		Non current		Total
Accrued litigation settlement expenses
Opioid litigation	14		41		55		28		52		80
Other	—		—		—		14		—		14
Total accrued litigation settlement expenses	$	14	$	41	$	55	$	42	$	52	$	94

Income Tax

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Tax

3. Income Tax

Indivior is subject to taxation in several different jurisdictions. The Company's tax provision for each period presented was calculated using a forecasted annual tax rate, adjusted for discrete items occurring during the applicable period to arrive at an effective tax rate. The effective income tax rates for the relevant periods are calculated as follows:


	Three Months Ended March 31,
	2026
Total income (loss) before income taxes	$	115
Total income tax expense (benefit)	$	26
Total effective tax rate	23		%

On January 26, 2026, the Company completed a redomiciliation to the United States, which resulted in a change in the applicable federal statutory income tax rate from 25% to 21%.

Our income tax rate for the three months ended March 31, 2026 of 23% differs from the U.S. federal statutory rate of 21%, primarily driven by a U.K. global minimum top-up tax, disallowed expenses, and a write-off of U.K. Net Operating Losses, partially offset by U.K. innovation deductions.


	Three Months Ended March 31,
		2025
Total income (loss) before income taxes		$	59
Total income tax expense (benefit)		$	11
Total effective tax rate		19		%

Our income tax rate for the three months ended March 31, 2025 at 19%, differs from the U.K. federal statutory rate of 25%, due primarily to U.K. innovation deductions and intragroup financing transactions, partially offset by a U.K. Global minimum top-up tax and stock-based compensation shortfall tax expense.

We are subject to income taxation in many jurisdictions. Unrecognized tax benefits reflect the differences between tax positions we have taken or expect to take on income tax returns and the amounts recognized in our financial statements. Resolution of the related tax positions with the relevant tax authorities may take many years to complete, and such timing is not entirely within our control.

Changes in unrecognized tax benefits are summarized as follows for the three months ended March 31, 2026.



Balance at December 31, 2025	$	5
Additions for tax positions of prior years	—


Balance at March 31, 2026	$	5

During the three months ended March 31, 2026 there were no material changes to the company's unrecognized tax benefit when compared to the year ended December 31, 2025.

During the three months ended March 31, 2026, the Company had a net interest and penalty release of $2 million.

The total amount of unrecognized tax benefits relating to the Company’s tax positions is subject to change based on future events including, but not limited to, the settlement of ongoing tax audits and assessments and the expiration of applicable statutes of limitations.

The Company files income tax returns in the U.S., U.K., and in various foreign, state and local jurisdictions. We are subject to tax audits in the various jurisdictions until the respective statutes of limitations expire. The Company is no longer subject to U.K. examinations by tax authorities for fiscal years before 2020 and U.S. federal income tax examinations by tax authorities for fiscal years before 2022. U.K. and U.S. state and local audits covering 2018 - 2023 are ongoing.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section 50
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-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 12C
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Tax - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Income Tax - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	23.00%	19.00%
Net interest and penalty release	$ 2

Stock-Based Payments - Compensation Expense and Income Tax Benefits for Stock-Based Payments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Compensation expense related to stock-based payments	$ 9	$ 6

Restructuring (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Exit Activity

The following table summarizes restructuring activity related to major initiatives as part of Phase I of the Indivior Action Agenda — Generate Momentum for the three months ended March 31, 2026:


	Contract termination and related expenses, and impairment of long-lived assets		Severance, legal, consulting, and other corporate initiative transition costs		Total
Balance at December 31, 2025	$	18	$	36	$	54
Charges and other	7		2		9
Payments	(8)		(15)		(23)
Balance at March 31, 2026	$	17	$	23	$	40

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 175	$ 195
Accounts receivable, net of allowances of $3 (2026) and $4 (2025)	273	253
Inventories	152	153
Prepaid expenses	15	34
Current tax receivable	12	2
Other current assets	40	16
Total current assets	667	652
Long-term investments	27	28
Property, plant and equipment, net	157	144
Operating lease right of use assets, net	22	26
Goodwill and other intangible assets, net	2	2
Deferred tax assets	296	323
Other noncurrent assets	26	27
Total assets	1,197	1,201
Current liabilities
Accrued rebates and product returns	551	582
Accounts payable and accrued expenses	178	250
Accrued litigation settlement expenses, current	14	42
Current portion of long-term debt	0	29
Operating lease liabilities, current	9	10
Income taxes payable	26	2
Total current liabilities	779	914
Long-term debt, less current portion	486	290
Accrued litigation settlement expenses, noncurrent	41	52
Operating lease liabilities, noncurrent	14	22
Other noncurrent liabilities	21	21
Total liabilities	1,341	1,300
Commitments and contingencies (Note 12)
Stockholders' deficit
Common stock, par value $0.001 per share (2026) and $0.50 per share (2025). Issued shares: 122 (2026) and 125 (2025)	0	62
Additional paid-in capital	165	112
Accumulated other comprehensive loss	(29)	(30)
Accumulated deficit	(280)	(243)
Total stockholders' deficit	(144)	(98)
Total liabilities and stockholders' deficit	$ 1,197	$ 1,201

Stock-Based Payments

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Payments

11. Stock-Based Payments

The Company operates three equity-settled executive and employee stock plans and two other employee plans. For stock-based payment awards, the fair value at the grant date is calculated using appropriate pricing models. The programs and related accounting are described in "Item 8. Financial Statements—Note 15. Stock-Based Payments” of our Annual Report on Form 10-K for the year ended December 31, 2025.


	Three Months Ended March 31,
		2026		2025
Compensation expense related to stock-based payments		$	9	$	6

Indivior Long-Term Incentive Plan (LTIP)

A summary of the service-based restricted stock awards and performance-based stock awards activity under the LTIP for the three months ended March 31, 2026 is presented below (values in thousands):


	Outstanding Service-Based Restricted Stock Awards	Outstanding Performance-Based Stock Awards
December 31, 2025	2,114	4,968
Granted	1,170	323
Issued	(104)	(638)
Canceled/forfeited/adjusted	(264)	(679)
March 31, 2026	2,916	3,974

The weighted average fair value per share of the service-based restricted stock awards granted was $33.46 for the three months ended March 31, 2026, based on the fair market value at the date of grant. The total fair value of restricted stock awards issued was $9 million for the three months ended March 31, 2026.

The weighted average fair value per share of the performance-based stock awards granted per award was $53.87 for the three months ended March 31, 2026, calculated using the weighted average fair market value for each of the component goals at the date of grant. Performance-based stock awards granted in the three months ended March 31, 2026 vest based on a comparison of the share performance of the Company and the share performance of Comparators within the S&P Pharmaceutical Select Index. The conditions are based on calculation of the TSR for the Company and the Comparators in the index and into what percentile the Company falls as compared to the Comparators. The vesting is as follows: a 50% payout for 25th percentile performance and a maximum 200% payout for 75th percentile performance, with interpolation in between. If Company's TSR falls below the 25th percentile of the index, none of the units will vest. The total fair value of performance-based stock awards issued was $25 million for the three months ended March 31, 2026.

Total compensation cost for unvested awards not yet recognized at March 31, 2026 was $48 million and $23 million for service-based restricted stock awards and performance-based restricted awards, respectively. We recognize compensation cost over the expected remaining weighted-average period of 2.2 years and 1.2 years for service-based restricted stock awards and performance-based stock awards, respectively.

Stock Options

The Company did not grant any stock options in the three months ended March 31, 2026. No stock options were exercised in three months ended March 31, 2026.

Restructuring

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Restructuring

13. Restructuring

The following table summarizes restructuring activity related to major initiatives as part of Phase I of the Indivior Action Agenda — Generate Momentum for the three months ended March 31, 2026:


	Contract termination and related expenses, and impairment of long-lived assets		Severance, legal, consulting, and other corporate initiative transition costs		Total
Balance at December 31, 2025	$	18	$	36	$	54
Charges and other	7		2		9
Payments	(8)		(15)		(23)
Balance at March 31, 2026	$	17	$	23	$	40

Cumulative restructuring charges incurred since the inception of the program were $136 million as of March 31, 2026, of which $9 million was recognized during the three months ended March 31, 2026.$7 million of restructuring charges were recognized within research and development expenses and consisted of the impairment of long-lived assets, including $4 million primarily related to the impairment of lease right-of-use assets and $3 million of Property, plant and equipment impairment charges. The remaining $2 million of restructuring charges were recognized within selling, general and administrative expenses and primarily related to severance, legal, consulting, and other corporate initiative transition costs. No additional costs are expected to be incurred.

Outstanding liabilities related to restructuring activities are expected to be settled within the next twelve months.

Accrued Litigation Settlement Expenses

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Accrued Litigation Settlement Expenses

7. Accrued Litigation Settlement Expenses


	March 31, 2026						December 31, 2025
	Current		Non current		Total		Current		Non current		Total
Accrued litigation settlement expenses
Opioid litigation	14		41		55		28		52		80
Other	—		—		—		14		—		14
Total accrued litigation settlement expenses	$	14	$	41	$	55	$	42	$	52	$	94

Opioid litigation

The accrual of $55 million at March 31, 2026 reflects the present value of the agreed amount in a 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, as well as a separate settlement with the State and subdivisions of Maryland. During the three months

ended March 31, 2026, payments totaling $26 million were made under the Opioid MDL settlement agreement related to obligations for 2025 and 2026.

Other

The final installment of $8 million related to an indemnity settlement with Reckitt Benckiser was paid in the three months ended March 31, 2026. The Company has no remaining obligations related to this matter.

See Note 12. Commitments and Contingencies for additional information on legal matters.

Restructuring - Schedule of Restructuring and Exit Activity (Details) - Phase I of the Indivior Action Agenda $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Restructuring Reserve [Roll Forward]
Balance at December 31, 2025	$ 54
Charges and other	9
Payments for Restructuring	(23)
Balance at March 31, 2026	40
Contract termination and related expenses, and impairment of long-lived assets
Restructuring Reserve [Roll Forward]
Balance at December 31, 2025	18
Charges and other	7
Payments for Restructuring	(8)
Balance at March 31, 2026	17
Severance, legal, consulting, and other corporate initiative transition costs
Restructuring Reserve [Roll Forward]
Balance at December 31, 2025	36
Charges and other	2
Payments for Restructuring	(15)
Balance at March 31, 2026	$ 23

Segment, Geographic and Other Revenue Information - Financial Data Provided to the CODM (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Net revenue	$ 317	$ 266
Cost of sales	40	44
Gross profit	277	221
Operating expenses:
Selling, general and administrative	124	133
Research and development	16	22
Total operating expenses	139	156
Operating income	137	66
Other (income) and expenses:
Interest (income)	(3)	(4)
Interest expense	7	12
Loss on debt extinguishment	18	0
Income before income taxes	115	59
Income tax expense	26	11
Net income	89	47
Depreciation and amortization	2	3
Stock-based compensation expense	9	6
Reportable Segment
Segment Reporting Information [Line Items]
Net revenue	317	266
Cost of sales	40	44
Gross profit	277	221
Operating expenses:
Selling, general and administrative	124	133
Research and development	16	22
Total operating expenses	139	156
Operating income	137	66
Other (income) and expenses:
Interest (income)	(3)	(4)
Interest expense	7	12
Loss on debt extinguishment	18	0
Income before income taxes	115	59
Income tax expense	26	11
Net income	89	47
Depreciation and amortization	2	3
Stock-based compensation expense	9	6
Reportable Segment \| SUBLOCADE
Segment Reporting Information [Line Items]
Net revenue	232	176
Reportable Segment \| US
Segment Reporting Information [Line Items]
Net revenue	272	222
Reportable Segment \| US \| SUBLOCADE
Segment Reporting Information [Line Items]
Net revenue	218	163
Reportable Segment \| US \| Sublingual & other
Segment Reporting Information [Line Items]
Net revenue	50	54
Reportable Segment \| US \| PERSERIS
Segment Reporting Information [Line Items]
Net revenue	5	4
Reportable Segment \| Rest of World
Segment Reporting Information [Line Items]
Net revenue	$ 45	$ 44

Property, Plant, and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

A summary of property, plant and equipment is as follows:


	March 31, 2026		December 31, 2025
Land and buildings	$	121	$	111
Plant and equipment	76		76
Construction in progress	71		64
Gross property, plant and equipment	268		251
Less: Accumulated depreciation	(111)		(107)
Total property, plant and equipment, net	$	157	$	144

Segment, Geographic and Other Revenue Information - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Revenue recognized from performance obligation satisfied in previous period \| $	$ 28	$ 19

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 3	$ 4
Common stock, par value (in dollars per share)	$ 0.001	$ 0.50
Common stock, shares issued (in shares)	122	125

Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

4. Inventories

Inventories are comprised of:


	March 31, 2026		December 31, 2025
Raw materials and consumables	$	26	$	31
Work in progress	59		49
Finished goods	69		75
Total Inventories, net	$	154	$	154

Inventory expected to be sold more than one year from the balance sheet date is classified as noncurrent inventory and recorded in other noncurrent assets on the condensed consolidated balance sheets. At March 31, 2026 and December 31, 2025, the noncurrent portion of inventory was $1 million and $2 million, respectively, and consisted primarily of raw materials and consumables.

Earnings Per Share - Narrative (Details) - $ / shares	3 Months Ended
Earnings Per Share - Narrative (Details) - $ / shares	Mar. 31, 2026	Mar. 31, 2025	Mar. 17, 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental shares for convertible debt included in diluted EPS share count (in shares)	0
Convertible Senior Notes Due 2031 \| Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rate			0.625%
Conversion price (in dollars per share)	$ 41.66		$ 41.66
Conditional Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Awards granted (in shares)	1,000,000	3,000,000

Business Overview, Basis of Presentation, and Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Business Overview, Basis of Presentation, and Recently Issued Accounting Standards	1. Business Overview, Basis of Presentation, and Recently Issued Accounting Standards Business Overview Indivior Pharmaceuticals, Inc. and its subsidiaries (together, "Indivior" or the "Company") is the leader in long-acting injectable treatments for opioid use disorder (OUD), Indivior is singularly focused on delivering evidence-based treatment and advancing understanding of OUD as a chronic but treatable brain disease. For more than 25 years, Indivior has revolutionized the science of addiction medicine — developing treatments that help people move toward long-term recovery with independence and dignity. Building on this heritage, we are ushering in a new era, renewing our commitment to individuals living with OUD and carrying forward what matters most: compassion, integrity, and science. Together – with science, people living with OUD, public health champions, and communities – we are powering recovery and renewing hope. In December 2025, our stockholders approved a plan to change our domicile to the U.S. In January 2026, Indivior Pharmaceuticals, Inc., a corporation formed in Delaware in October 2025, became the ultimate parent company of Indivior PLC, a public company limited by shares incorporated under the laws of England and Wales (“Indivior PLC”), and its subsidiaries pursuant to a court-approved scheme of arrangement under Part 26 of the U.K. Companies Act 2006 (the “Scheme of Arrangement”) (the “U.S. Domestication”). Pursuant to the Scheme of Arrangement, each ordinary share in the capital of Indivior PLC was cancelled in exchange for one share of common stock, par value $0.001 per share, of Indivior Pharmaceuticals, Inc. After the close of market trading on January 23, 2026, the Scheme of Arrangement became effective and binding on all shareholders of Indivior PLC and Indivior PLC became a wholly-owned subsidiary of Indivior Pharmaceuticals, Inc., thereby completing the U.S. Domestication. The issuance of common stock of Indivior Pharmaceuticals, Inc. pursuant to the Scheme of Arrangement was exempt from registration under Section 3(a)(10) of the Securities Act of 1933, as amended (the “Securities Act”). Indivior Pharmaceuticals, Inc. is the successor issuer to Indivior PLC pursuant to Rule 12g-3(a) under the Exchange Act, and Indivior Pharmaceuticals, Inc.'s common stock is therefore deemed to be registered under Section 12(b) of the Exchange Act. Indivior PLC’s ordinary shares ceased trading prior to the open of trading on January 26, 2026, and Indivior Pharmaceuticals, Inc.'s common stock began trading on Nasdaq at the start of trading on January 26, 2026 under the symbol “INDV,” which is the same symbol under which Indivior PLC ordinary shares previously traded. The U.S. domestication was accounted for as a transaction among entities under common control during the three months ended March 31, 2026 and the historical financial statements of Indivior PLC became the historical financial statements of Indivior Pharmaceuticals, Inc. As part of the common-control transaction, in the three months ended March 31, 2026 the par value of the Company's common stock was revised to reflect the change in par value from $.50 per share to $0.001 per share. The corporate reorganization had no impact to historical revenues, expenses, assets, liabilities, or cash flows. Basis of Consolidation The accompanying unaudited interim Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of Indivior Pharmaceuticals, Inc. and its subsidiaries and related notes as contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. Certain prior‑period amounts have been reclassified to conform to the current‑period presentation. These reclassifications had no impact on previously reported net income, comprehensive income, or cash flows. The accounting policies of the Company are consistent with those disclosed in "Item 1. Financial Statements - Note 2. Summary of Significant Accounting Policies" of our Annual Report on Form 10-K for the year ended December 31, 2025. Columns and rows within tables may not add due to rounding. Percentages and per share data have been calculated using actual, non-rounded figures. Use of Estimates and Judgments The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Significant estimates are used in determining items such as accruals for returns, incentives and rebates, certain accrued expenses, acquisitions, and ongoing litigation. Actual results may differ from those estimates. Recently Adopted Accounting Standards ASU 2025-05: Measurement of Credit Losses for Accounts Receivable and Contract Assets Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets was issued in July 2025 and allows entities to elect a practical expedient that assumes that the current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU No. 2025-05 is effective for annual and interim periods beginning after December 15, 2025. The Company adopted ASU 2025-05 effective January 1, 2026, during the interim period ended March 31, 2026, and applied the guidance on a prospective basis. The adoption of ASU 2025‑05 did not have a material impact on the Company’s condensed consolidated financial statements. ASU 2025‑07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share‑Based Noncash Consideration from a Customer in a Revenue Contract refines the scope of derivative accounting under Topic 815 by introducing a new scope exception for certain contracts or embedded features that are not exchange traded and have underlyings based on the operations or activities specific to one of the parties to the contract. In addition, the ASU clarifies that share‑based noncash consideration received from a customer in exchange for goods or services is initially accounted for under Topic 606, Revenue from Contracts with Customers, unless and until the entity’s right to receive or retain such consideration becomes unconditional. The Company early adopted ASU 2025‑07 effective January 1, 2026, during the interim period ended March 31, 2026, and applied the guidance on a prospective basis. The adoption of ASU 2025‑07 did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted ASU 2024-03: Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)—Disaggregation of Income Statement Expenses (as clarified by ASU 2025-01) was issued in November 2024, requires disclosure of specified information about certain costs and expenses in the notes to the financial statements and is required to be applied by the Company for fiscal periods beginning after December 15, 2027. As this accounting standard only impacts disclosures, it is not expected to have a material impact on the Company’s financial statements. ASU No. 2025-06, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software was issued in September 2025 and removes all references to software development project stages. Software capitalization will begin when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-05 is effective for interim and annual periods beginning after December 15, 2027. The guidance may be applied on a prospective basis, a modified transition approach or a retrospective transition approach and allows for early adoption. Adoption is not expected to have a material impact on the Company's financial statements.

Earnings Per Share - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net income	$ 89	$ 47
Basic weighted-average shares outstanding (in shares)	124	124
Effect of potentially dilutive securities:
Restricted stock awards (in shares)	4	1
Diluted weighted-average shares outstanding (in shares)	129	125
Basic earnings per share (in dollars per share)	$ 0.71	$ 0.38
Diluted earnings per share (in dollars per share)	$ 0.69	$ 0.38

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Tax - Changes in Unrecognized Tax Benefits (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 5
Additions for tax positions of prior years	0
Ending balance	$ 5