Indivior PLC (INDV) 2025 Q2 法說會逐字稿

Thank you, and good morning, and welcome to the Indivior second-quarter 2025 earnings conference call. I'm joined today by Joe Ciaffoni, Chief Executive Officer; Patrick Barry, Chief Commercial Officer; Christian Heidbreder, Chief Scientific Officer; and Ryan Preblick, our Chief Financial Officer.

謝謝，早安，歡迎參加 Indivior 2025 年第二季財報電話會議。今天與我一起出席的還有執行長喬·恰弗尼 (Joe Ciaffoni)、首席商務官帕特里克·巴里 (Patrick Barry)、首席科學官克里斯蒂安·海德布雷德 (Christian Heidbreder) 和首席財務官瑞安·普雷布利克 (Ryan Preblick)。

Before we begin, I need to remind everyone that on today's call, we may make forward-looking statements that are subject to risks and uncertainties and that actual results may differ materially. We list the factors that may cause our results to be materially different here on slide 2 of this presentation. We also may refer to non-GAAP measures, the reconciliations for which may also be found in the appendix to this presentation that is now posted on our website at indivior.com.

在我們開始之前，我需要提醒大家，在今天的電話會議上，我們可能會做出前瞻性的陳述，這些陳述受風險和不確定性的影響，實際結果可能會存在重大差異。我們在本簡報的第 2 張投影片中列出了可能導致結果出現重大差異的因素。我們也可以參考非公認會計準則 (non-GAAP) 指標，其對帳情況也可在本簡報的附錄中找到，該附錄現已發佈在我們的網站 indivior.com 上。

I'll now turn the call over to Joe.

我現在將電話轉給喬。

Thanks, Jason. Good morning, and thank you, everyone, for joining the call. Today, I will start with an overview of our performance in the quarter and then introduce the Indivior Action Agenda. Pat will discuss the actions we are taking to generate momentum with SUBLOCADE in the US. And Ryan will review the financial results for the quarter, along with our upwardly revised financial guidance for 2025.

謝謝，傑森。早安，感謝大家參加電話會議。今天，我將首先概述我們本季的表現，然後介紹個人行動議程。Pat 將討論我們為在美國推動 SUBLOCADE 而採取的行動。Ryan 將回顧本季的財務業績，以及我們上調的 2025 年財務指引。

And then we will open up the call for questions. Since joining the Board in December 2024, being announced as CEO in late February and officially assuming the role on May 8, I've had the opportunity to listen to and learn the perspectives of the Indivior team, treatment providers and investors.

然後我們將開始提問。自 2024 年 12 月加入董事會、2 月底宣佈出任執行長並於 5 月 8 日正式上任以來，我有機會傾聽和了解 Indivior 團隊、治療提供者和投資者的觀點。

Indivior's greatest strengths include the committed professionals that make up the organization and its outstanding products, all of which have the potential to make a positive difference in people's lives. Having participated in more than 150 roundtable meetings with over 1,000 members of the Indivior team, I learned that over 85% of our people have been impacted by OUD or addiction in some way and that this fight is personal to them.

Indivior 最大的優勢包括組成該組織的敬業專業人士及其出色的產品，所有這些都有可能為人們的生活帶來積極的變化。在與 Indivior 團隊的 1,000 多名成員參加了 150 多場圓桌會議後，我了解到，超過 85% 的員工都受到 OUD 或成癮的某種影響，這場鬥爭對他們來說意義重大。

This is Indivior's special sauce and what has driven the organization's success and resilience over the years, and this is what will fuel our success moving forward. Turning to the quarter. I'm pleased to report we delivered record SUBLOCADE net revenue led by a solid performance in the US, US SUBOXONE Film in the US outperformed our expectations as pricing remained stable through the second quarter.

這是 Indivior 的特色，也是多年來推動組織成功和韌性的因素，也是我們未來成功的動力。轉向本季。我很高興地報告，我們實現了創紀錄的 SUBLOCADE 淨收入，這得益於美國市場的穩健表現，美國的 SUBOXONE Film 表現超出了我們的預期，因為第二季度價格保持穩定。

Our top line performance positions us well for the remainder of the year and enables us to raise our full year 2025 net revenue guidance and our profit expectations is now measured by adjusted EBITDA. I want to congratulate the Indivior team on a solid performance and importantly, thank them for their unrelenting commitment to making a positive difference in the lives of people living with opioid use disorder in the communities we serve.

我們的營收表現為我們在今年剩餘時間內佔據了有利位置，並使我們能夠提高 2025 年全年淨收入預期，而我們的利潤預期現在以調整後的 EBITDA 來衡量。我要祝賀 Indivior 團隊的出色表現，更重要的是，感謝他們堅持不懈地致力於為我們服務的社區中阿片類藥物使用障礙患者的生活帶來積極的改變。

While we are encouraged by our performance in the quarter, we are not satisfied as US commercial execution represents an opportunity for improvement. Moving forward, we will be laser-focused on improving commercial execution in the US It will become a hallmark of the organization.

雖然我們對本季的表現感到鼓舞，但我們並不滿意，因為美國的商業執行代表著一個改進的機會。展望未來，我們將專注於提高美國的商業執行力，這將成為該組織的標誌。

2025 is a transition year for Indivior. We've strengthened our leadership team and refreshed our Board with important additions, including the appointment of Tony Kingsley to the Board, who brings deep commercial experience. You've also seen the announcements of Pat Barry as our new Chief Commercial Officer; and most recently, Vanessa Procter as our new Executive Vice President of Corporate Affairs.

2025年是Indivior的轉型之年。我們加強了領導團隊，並對董事會進行了重要補充，包括任命擁有豐富商業經驗的 Tony Kingsley 加入董事會。您還看到了帕特·巴里 (Pat Barry) 被任命為我們新任首席商務官的消息；以及最近瓦妮莎·普羅克特 (Vanessa Procter) 被任命為我們新任企業事務執行副總裁的消息。

These key leaders will play critical roles in implementing the Indivior Action Agenda. Indivior's business is relatively simple with a single product SUBLOCADE driving the majority of growth from a single country. Yet the operations to support the business are complex with an inordinate amount of nonessential activities inflating the cost structure and adversely impacting execution.

這些關鍵領導人將在實施個人行動議程中發揮關鍵作用。Indivior 的業務相對簡單，單一產品 SUBLOCADE 推動了單一國家大部分的成長。然而，支援業務的營運非常複雜，過多的非必要活動會增加成本結構並對執行產生不利影響。

There is an opportunity to strengthen the company, increase focus, reduce costs and improve execution through simplification. Over the past couple of months, the management team in partnership with the Board have been developing the Indivior Action Agenda. The Indivior Action Agenda is a 3-phase multiyear operational road map intended to maximize the potential of our business and make a positive difference in the lives of people living with OUD while creating value for our shareholders. Phase 1 of the Indivior Action Agenda, generate momentum, kicked off in May and runs through the end of 2025.

透過簡化，我們有機會增強公司實力、提高專注度、降低成本並改善執行力。在過去的幾個月裡，管理團隊與董事會合作制定了個人行動議程。Indivior 行動議程是一個分為三個階段的多年營運路線圖，旨在最大限度地發揮我們業務的潛力，為 OUD 患者的生活帶來積極變化，同時為我們的股東創造價值。個人行動議程第一階段「創造動力」於 5 月啟動，並將持續到 2025 年底。

The key focus areas of Phase 1 are growing SUBLOCADE in the US through the remainder of the year by improving commercial execution. Pat will discuss this in more detail. Taking actions to simplify the organization by eliminating all nonessential activities and determining the actions and investments necessary to accelerate long-acting injectable penetration in the US BMAT market and to accelerate SUBLOCADE net revenue growth in 2026 and beyond.

第一階段的重點領域是透過改善商業執行，在今年剩餘時間內在美國發展 SUBLOCADE。帕特將更詳細地討論這一點。採取行動簡化組織，消除所有不必要的活動，並確定必要的行動和投資，以加速美國 BMAT 市場長效注射劑的滲透，並加速 2026 年及以後 SUBLOCADE 的淨收入增長。

The overarching goal of Phase 1 is to generate operational momentum, and we already have multiple work streams underway. We are diligently working to simplify the organization with a focus on delisting from the London Stock Exchange, assessing the Rest of World business and go-forward operating model, determining the path forward for OPVEE, consolidating our operating footprint and restructuring the R&D and Medical Affairs organizations.

第一階段的總體目標是產生營運動力，我們已經有多個工作流程正在進行中。我們正在努力簡化組織結構，重點是從倫敦證券交易所退市，評估世界其他地區的業務和未來的營運模式，確定 OPVEE 的未來發展道路，鞏固我們的營運足跡，並重組研發和醫療事務組織。

We anticipate making and implementing decisions in these and other areas in the weeks to come. We will establish our go-forward operating model in the fourth quarter with the expectation that we will finish 2025 with momentum and be positioned to accelerate in 2026. We look forward to providing an update on our third quarter results call.

我們預計將在未來幾週內就這些領域和其他領域做出並實施決策。我們將在第四季度建立我們的前進營運模式，期望在 2025 年結束時保持強勁勢頭，並在 2026 年實現加速發展。我們期待在第三季業績電話會議上提供最新消息。

Phase 2 of the Indivior Action Agenda, accelerate kicks off on January 1, 2026. The goal of Phase 2 is to accelerate US SUBLOCADE growth and immediately accelerate profitability and cash flow generation at a rate that exceeds revenue growth. By leveraging our go-forward operating model, we expect to see immediate accretion to the bottom line and improved cash generation. Simultaneously, we will invest to accelerate SUBLOCADE growth in the US

個人行動議程第二階段加速於 2026 年 1 月 1 日啟動。第二階段的目標是加速美國 SUBLOCADE 的成長，並立即以超過收入成長的速度加速獲利能力和現金流的產生。透過利用我們的前瞻性營運模式，我們期望看到利潤的立即成長和現金創造能力的提高。同時，我們將投資加速 SUBLOCADE 在美國的發展

in 2026 and beyond. I am confident that we can make every investment necessary to maximize the potential of SUBLOCADE in the US and drop significant dollars to the bottom line right out of the gate in 2026. Through strong operational execution, we will earn our way to Phase 3 of the Indivior Action Agenda breakout, where we will leverage a stronger financial profile to acquire the next drivers of growth.

2026 年及以後。我相信，我們可以進行一切必要的投資，最大限度地發揮 SUBLOCADE 在美國的發展潛力，並在 2026 年一開始就為公司帶來巨額利潤。透過強大的營運執行力，我們將進入個人行動議程突破的第三階段，在這一階段，我們將利用更強大的財務狀況來獲取下一個成長動力。

Our focus will be on commercial stage acquisitions. We believe, we will be able to enter the breakout phase in the second half of 2026. There is much work to do between now and then, and I want to emphasize that we need to earn our way to Phase 3 through strong execution of Phase 1 and 2 of the Indivior Action Agenda. To conclude, we are encouraged by, but not satisfied with our start to 2025.

我們的重點將放在商業階段的收購。我們相信，2026年下半年我們能夠進入突破階段。從現在到那時還有很多工作要做，我想強調的是，我們需要透過強力執行個人行動議程的第一階段和第二階段來進入第三階段。總而言之，我們對 2025 年的開局感到鼓舞，但並不滿意。

We are pleased to be in a position to raise our 2025 guidance, and we have a clear path forward. For the remainder of 2025, we will be working diligently on Phase 1 of the Indivior Action Agenda. We are committed to growing SUBLOCADE in the US, simplifying the organization and taking the necessary actions to make sure we are only investing in essential activities.

我們很高興能夠提高 2025 年的指導方針，並且我們有明確的前進道路。在 2025 年剩餘時間裡，我們將努力完成個人行動議程的第一階段。我們致力於在美國發展 SUBLOCADE，簡化組織並採取必要措施確保我們只投資必要的活動。

Our go-forward operating model will be locked down in the fourth quarter of this year as it is imperative that we are ready for Phase 2 accelerate on January 1, 2026. I am confident that we will be able to accelerate SUBLOCADE in the US in 2026 and immediately accelerate the bottom line at an even faster rate. I will now hand the call over to Pat to discuss the opportunities we see for generating momentum with SUBLOCADE for the remainder of the year.

我們的未來營運模式將在今年第四季確定，因為我們必須為 2026 年 1 月 1 日的第二階段加速做好準備。我有信心，我們將能夠在 2026 年加速 SUBLOCADE 在美國的發展，並立即以更快的速度加速獲利。現在我將把電話交給帕特，討論我們看到的在今年剩餘時間內利用 SUBLOCADE 創造發展動力的機會。

Thank you, Joe. We are encouraged by, but not satisfied with the performance of SUBLOCADE in the quarter. We are focused on generating momentum with SUBLOCADE for the remainder of the year by improving commercial execution. Success here will position us for the acceleration phase of the Indivior Action Agenda entering 2026.

謝謝你，喬。 SUBLOCADE 本季的表現讓我們感到鼓舞，但並不滿意。我們致力於透過改善商業執行來為 SUBLOCADE 在今年剩餘時間內創造發展動力。這裡的成功將使我們在 2026 年進入個人行動議程的加速階段。

I have been impressed by the passion our commercial teammates have for OUD patients and the confidence they possess in SUBLOCADE. SUBLOCADE is fundamentally strong and poised for growth. I believe this because SUBLOCADE is the first and number one prescribed LAI treatment that has been taken by over 350,000 people living with OUD.

我們的商業隊友對 OUD 患者的熱情以及對 SUBLOCADE 的信心給我留下了深刻的印象。SUBLOCADE 基本面強勁，並有望實現成長。我之所以相信這一點，是因為 SUBLOCADE 是第一種也是排名第一的處方 LAI 治療方法，已有超過 35 萬名 OUD 患者服用過該藥物。

The breadth of the prescriber base is growing, and the depth is improving. SUBLOCADE has broad label-aligned access among Medicaid and commercial payers and market research indicates that health care providers have a high intent to increase prescribing and see efficacy as SUBLOCADE's top attribute. These strong fundamentals translated into solid results in the quarter for SUBLOCADE.

處方者群體的廣度不斷擴大，深度也不斷提高。SUBLOCADE 在醫療補助和商業付款人中具有廣泛的標籤一致訪問權限，市場研究表明，醫療保健提供者有很高的意願增加處方，並將功效視為 SUBLOCADE 的首要屬性。這些強勁的基本面轉化為 SUBLOCADE 本季的穩健業績。

Record second quarter net revenue performance for SUBLOCADE was driven by year-over-year dispense growth of 6% versus the prior year and 9% versus the first quarter. Importantly, during the first half of 2025, market share in the US for SUBLOCADE remained stable at approximately 75% I was also pleased to see in the quarter year-over-year growth in the number of active SUBLOCADE prescribers and those prescribing for five or more patients.

SUBLOCADE 第二季淨收入創下紀錄，得益於與上年同期相比 6% 的同比增長和與第一季相比 9% 的增幅。重要的是，在 2025 年上半年，SUBLOCADE 在美國的市佔率保持穩定在 75% 左右。我也很高興看到本季活躍的 SUBLOCADE 處方者數量和為五名或更多患者開處方的人數同比增長。

The 14% increase in the number of active SUBLOCADE prescribers and the 9% increase in 5-plus prescribers are important leading indicators for the SUBLOCADE franchise and represent a solid base from which to grow. The number of SUBLOCADE patients over the trailing 12 months also grew, increasing 7% year-over-year.

SUBLOCADE 活躍處方者數量增加了 14%，5 名以上處方者增加了 9%，這是 SUBLOCADE 特許經營的重要領先指標，代表著堅實的成長基礎。在過去 12 個月內，SUBLOCADE 患者的數量也有所增長，年增 7%。

Our focus in the second half of the year is delivering on Phase 1 of the Indivior Action Agenda for SUBLOCADE, improving commercial execution to generate momentum. Success will position the commercial team to be able to accelerate SUBLOCADE in 2026.

我們下半年的重點是完成 SUBLOCADE 個人行動議程的第一階段，提高商業執行力以產生動力。成功將使商業團隊能夠在 2026 年加速 SUBLOCADE 的發展。

Our first priority with regards to strengthening commercial execution is sharpening the field force's messaging acumen with higher utilization of SUBLOCADE's core promotional materials on every call. In conjunction with sharpened messaging, we are also improving field force productivity to enable better reach and frequency on health care providers. We are also working on reinforcing SUBLOCADE's treatment benefits with prescribers.

在加強商業執行方面，我們的首要任務是提高現場人員的訊息傳遞敏銳度，並在每次通話中更多地利用 SUBLOCADE 的核心宣傳資料。除了強化訊息傳遞之外，我們還在提高現場人員的工作效率，以便更好地涵蓋醫療保健提供者並提高其頻率。我們也致力於向處方醫師強化 SUBLOCADE 的治療優勢。

This includes driving broad HCP awareness of the updated SUBLOCADE label. These label updates include alternate sites of injection and rapid patient induction. In particular, we believe the ability to accelerate the second dose of SUBLOCADE provides better outcomes for our patients and is among the drivers of increased HCP utilization.

這包括提高廣大 HCP 對更新後的 SUBLOCADE 標籤的認識。這些標籤更新包括替代注射部位和快速患者誘導。具體而言，我們相信加速第二劑 SUBLOCADE 的能力可以為我們的患者帶來更好的治療效果，也是提高 HCP 使用率的驅動因素之一。

Payer response has been positive with coverage of the new dosing approach reaching approximately 80% of covered lives. We believe these label updates have great potential to demonstrate SUBLOCADE as a fit-for-purpose LAI for today's opioid crisis, which continues to be driven by powerful synthetic opioids.

付款人的反應是正面的，新劑量方法的覆蓋率達到了約 80%。我們相信，這些標籤更新具有巨大的潛力，可以證明 SUBLOCADE 是一種適合當今鴉片類藥物危機的 LAI，而這場危機仍然受到強效合成鴉片類藥物的驅動。

We are also focused on pulling through SUBLOCADE's broad access across Medicaid and commercial payers. The commercial channel represents a large opportunity for patient activation given that SUBLOCADE volume in the commercial channel only represents 25% of the total patient volume.

我們也致力於透過 SUBLOCADE 為醫療補助和商業付款人提供廣泛的存取權限。由於商業管道中的 SUBLOCADE 數量僅佔總患者數量的 25%，因此商業管道為患者激活提供了巨大的機會。

We are confident that this is an area where we can improve. Related to the opportunity we see in greater commercial patient penetration is ensuring better performance within the specialty pharmacy channel. At present, dispense yield rates within our commercial channel are notably trailing our national average dispense rates.

我們相信這是我們可以改進的領域。與我們看到的商業患者滲透率提高帶來的機會相關的是確保專業藥房管道內有更好的表現。目前，我們商業通路的配藥良率明顯落後於全國平均配藥率。

It is critical to address treatment yield to help our patients obtain the treatment they and their HCPs have chosen by improving the efficiency of our overall distribution model to ensure delivery of their chosen treatment to our commercial patients. We will be working on an account-by-account basis to improve the performance of our distribution network.

解決治療效益問題至關重要，透過提高我們整體分銷模式的效率，確保將他們選擇的治療提供給我們的商業患者，從而幫助我們的患者獲得他們和他們的 HCP 選擇的治療。我們將根據每個帳戶的具體情況，努力提高分銷網絡的績效。

Finally, we are augmenting our field efforts by investing in omni-channel digital media targeting HCPs. This surround sound opportunity will complement our field force's individual selling efforts. We also believe there is a large opportunity to activate patients through direct-to-consumer efforts.

最後，我們透過投資針對 HCP 的全通路數位媒體來增強我們的現場工作。這種環繞聲機會將補充我們現場人員的個人銷售努力。我們也相信，透過直接面向消費者的努力，有很大機會激發患者的積極性。

Recall, SUBLOCADE has an 80%-plus prescription pull-through rate after patient request. I'm confident that these table stakes activities will generate momentum in the second half of 2025 and put us in a position to accelerate in 2026. I look forward to updating you on our progress as we move through the remainder of 2025. I will now turn the call over to Ryan, who will take you through the financial results for the quarter and our upwardly revised guidance for 2025.

回想一下，在患者提出要求後，SUBLOCADE 的處方通過率超過 80%。我相信，這些初步活動將在 2025 年下半年產生動力，並使我們在 2026 年加速發展。我期待在 2025 年剩餘時間內向您通報我們的進展。現在我將電話轉給 Ryan，他將向您介紹本季的財務表現以及我們對 2025 年上調的預期。

Thanks, Pat. Overall, this quarter's financial performance was solid. For the remainder of the year, we are focused on delivering on our financial commitments and implementing Phase 1 of the Indivior Action Agenda to generate momentum. Looking at the second quarter results in more detail, starting with the top line.

謝謝，帕特。整體而言，本季的財務表現穩健。在今年剩餘的時間裡，我們將專注於履行財務承諾並實施個人行動議程的第一階段以產生動力。從頂線開始，更詳細地查看第二季的業績。

Total net revenue of $302 million increased 1% versus the prior year. As record SUBLOCADE net revenue offset expected pricing pressure on SUBOXONE Film and the continued wind down of PERSERIS. Total SUBLOCADE net revenue of $209 million increased 9% versus Q2 2024.

總淨收入為 3.02 億美元，比上年增長 1%。創紀錄的 SUBLOCADE 淨收入抵消了 SUBOXONE Film 預期的定價壓力和 PERSERIS 的持續縮減。SUBLOCADE 總淨收入為 2.09 億美元，較 2024 年第二季成長 9%。

On a sequential basis, total SUBLOCADE net revenue increased 19%, reflecting a 9% increase in dispense volume as well as stocking and favorable gross to net dynamics of 5% each. On a dollarized demand basis, total SUBLOCADE net revenue in the second quarter would have been $194 million.

以環比計算，SUBLOCADE 總淨收入增長了 19%，其中配送量增長了 9%，庫存也增長了 5%，總收入與淨收入的動態增長也呈現良好勢頭。以美元化需求計算，SUBLOCADE 第二季淨收入總額將達到 1.94 億美元。

Turning to SUBOXONE Film. We outperformed expectations in the second quarter due to price stability in the US, along with a modestly higher-than-expected market share of 14%. SUBOXONE Film net revenue also benefited from favorable gross-to-net dynamics of $10 million.

轉向 SUBOXONE 薄膜。由於美國價格穩定，加上 14% 的市佔率略高於預期，我們在第二季的業績超出了預期。SUBOXONE Film 的淨收入也受惠於 1,000 萬美元的良好總淨收入動態。

Overall, while pricing has remained relatively stable throughout the first half of 2025, our 2025 financial guidance continues to forecast pricing pressure in the second half of the year. Total non-GAAP operating expenses were $167 million in the second quarter, up 2% versus the same quarter last year. Selling and marketing expenses in the quarter were higher as expected from increased marketing behind US

整體而言，雖然 2025 年上半年價格保持相對穩定，但我們的 2025 年財務指引仍預測下半年價格將面臨壓力。第二季非公認會計準則總營運費用為 1.67 億美元，較去年同期成長 2%。本季銷售和行銷費用因美國行銷活動增加而上升，符合預期。

SUBLOCADE. Non-GAAP G&A expenses were down 7% versus the year ago quarter. R&D expenses were $21 million in the quarter, a decrease of 20% versus the second quarter of last year. The decrease was due to the reprioritization of pipeline activities to focus solely on our two -- Phase 2 OUD assets and the related cost savings. As noted in the press release, we have adopted adjusted EBITDA as our primary profitability measure, replacing non-GAAP operating income.

子區域。非公認會計準則 (Non-GAAP) 的一般及行政支出較去年同期下降 7%。本季研發費用為 2,100 萬美元，較去年第二季下降 20%。下降的原因是重新調整了管道活動的優先順序，只關注我們的兩個——第二階段 OUD 資產和相關的成本節約。如新聞稿所述，我們已採用調整後的 EBITDA 作為主要獲利指標，取代非 GAAP 營業收入。

On this basis, adjusted EBITDA was $88 million in the second quarter, which was slightly down versus last year as modestly higher net revenue was more than offset by increased marketing behind US SUBLOCADE. Touching on the balance sheet. We ended the second quarter with gross cash and investments of $538 million, up from $347 million at year-end.

在此基礎上，第二季調整後的 EBITDA 為 8,800 萬美元，較去年同期略有下降，因為淨收入略有增加，但被美國 SUBLOCADE 背後的營銷增加所抵消。談及資產負債表。截至第二季末，我們的總現金和投資為 5.38 億美元，高於去年年底的 3.47 億美元。

The second quarter benefited by approximately $120 million from the timing of Medicaid rebate invoices, which we expect to unwind in the third quarter. At the end of the second quarter, our adjusted leverage ratio was 1.0, excluding legal settlement obligations. As we have mentioned, we are committed to maintaining financial flexibility through Phase 1, generate momentum of the Indivior Action Agenda. To best reflect our operations, we are introducing adjusted EBITDA into our 2025 financial guidance as our primary profitability measure.

第二季因醫療補助退款發票的時間表而受益約 1.2 億美元，我們預計該支出將在第三季結束。截至第二季末，我們的調整後槓桿率為 1.0（不包括法定結算義務）。正如我們所提到的，我們致力於在第一階段保持財務靈活性，為個人行動議程注入動力。為了最好地反映我們的營運情況，我們將調整後的 EBITDA 引入我們的 2025 年財務指導中，作為我們的主要獲利指標。

This impacts our non-GAAP operating expense guidance, which will now exclude full year 2025 stock-based compensation expense of approximately $25 million. Reconciliation from the non-GAAP operating profit guidance we provided on our first call in April to adjusted EBITDA excludes the $25 million in stock-based compensation and our full year 2025 depreciation and amortization expense assumptions of approximately $10 million.

這會影響我們的非公認會計準則營運費用指引，現在將不包括 2025 年全年約 2,500 萬美元的股票薪資費用。我們在 4 月首次電話會議上提供的非 GAAP 營業利潤指引與調整後 EBITDA 的對帳不包括 2500 萬美元的股票薪酬以及我們對 2025 年全年約 1000 萬美元的折舊和攤銷費用假設。

Adjusted EBITDA had it been part of our April financial guidance would have been $220 million to $260 million for 2025. Based on our solid performance in the first half of 2025, we are raising our guidance for the year. Our total net revenue guidance range is increasing to $1.030 billion to $1.080 billion, reflecting the solid year-to-date performance of SUBLOCADE and SUBOXONE Film pricing stability in the US.

如果調整後的 EBITDA 成為我們 4 月財務指引的一部分，那麼 2025 年的調整後 EBITDA 將達到 2.2 億美元至 2.6 億美元。基於我們在 2025 年上半年的穩健表現，我們上調了今年的業績預期。我們的總淨收入預期範圍增加至 10.3 億美元至 10.8 億美元，反映了 SUBLOCADE 和 SUBOXONE Film 在美國定價穩定性的穩健表現。

For SUBLOCADE, we are raising our full year 2025 net revenue guidance to the range of $765 million to $785 million. This represents year-over-year growth of 3% at the midpoint versus full year 2024. We see improving fundamentals for SUBLOCADE and expect to see growth on a demand basis for the remainder of this year.

對於 SUBLOCADE，我們將 2025 年全年淨收入預期上調至 7.65 億美元至 7.85 億美元之間。這意味著與 2024 年全年相比，中期年增 3%。我們看到 SUBLOCADE 的基本面正在改善，並預計今年剩餘時間內需求將成長。

Our gross margin and operating expense expectations are unchanged. We are raising our adjusted EBITDA guidance to $275 million to $300 million, which is an increase of 20% at the midpoint versus our previous expectations. Lastly, I did want to mention that we now expect our effective corporate tax rate for full year 2025 to be between 19% and 22%. Before concluding, I want to briefly mention corporate updates that further align with our increased US focus.

我們的毛利率和營業費用預期維持不變。我們將調整後的 EBITDA 預期上調至 2.75 億美元至 3 億美元，與我們先前的預期相比，中位數成長了 20%。最後，我想提一下，我們現在預計 2025 年全年的有效企業稅率將在 19% 至 22% 之間。在結束之前，我想簡要地提一下公司的最新動態，這與我們日益關注美國的情況相符。

First, effective last week, Indivior canceled its secondary listing on the London Stock Exchange. This action reduces cost and complexity associated with the dual listing. Second, Indivior was added to the US Russell Indexes on June 30, which are well-known benchmarks for US investors. I'll turn the call back over to Joe for closing remarks.

首先，自上週起，Indivior 取消了在倫敦證券交易所的二次上市。此舉降低了雙重上市相關的成本和複雜性。其次，Indivior 於 6 月 30 日被納入美國羅素指數，這是美國投資者熟知的基準。我將把電話轉回給喬，請他做最後發言。

Thanks, Ryan. We are encouraged by our performance in the first half of the year, but we have a lot of work ahead of us to maximize the full potential of Indivior. We are confident we will deliver on our increased financial guidance for this year and be able to update you on the progress against the Indivior Action Agenda on our third quarter call. We will now open the call for questions. Operator?

謝謝，瑞安。我們對上半年的表現感到鼓舞，但要最大限度地發揮 Indivior 的潛力，我們還有很多工作要做。我們有信心實現今年增加的財務指導，並能夠在第三季電話會議上向您通報個人行動議程的進展。我們現在開始提問。操作員？

(Operator Instructions)

（操作員指示）

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆、派珀·桑德勒。

Thanks. Just got a couple from me. First, Joe, you've talked in the past about prioritizing gaining traction in patients who are commercially covered. Can you talk about that opportunity and how you're thinking about balancing that versus the core Medicaid population that comprises the bulk of the SUBLOCADE business. That's number one. Number two is, can you talk about the criminal justice system channel?

謝謝。我剛收到幾件。首先，喬，您過去曾談到優先考慮吸引那些享受商業保險的患者。您能談談這個機會嗎？以及您如何考慮平衡這個機會與構成 SUBLOCADE 業務大部分的核心醫療補助人群。這是第一點。第二，您能談談刑事司法系統管道嗎？

I didn't see it in the slides. Your predecessor talked about it a lot. So where does that fit in, in terms of overall strategy? And then lastly, I wanted to ask you about your thoughts on R&D spend going forward. I know there's some strategic decisions to think about. But this is a commercial stage business and there is quite a bit of R&D spend. So how are you thinking about prioritizing or not prioritizing R&D in the context of all the other priorities that you've outlined commercially?

我在幻燈片上沒有看到它。您的前任對此談了很多。那麼，從整體策略來看，這處於什麼位置？最後，我想問一下您對未來研發支出的看法。我知道有一些戰略決策需要考慮。但這是一項商業階段的業務，需要相當多的研發支出。那麼，在您概述的所有其他商業優先事項的背景下，您如何考慮優先考慮或不優先考慮研發？

Thank you.

謝謝。

David, thanks for the question. I'm going to do it in reverse order because I'm going to hand the commercial question off to Pat. So first off, with regards to R&D and our medical affairs organization, we're going to be working through what will be a significant reorganization of those functions.

大衛，謝謝你的提問。我將按相反的順序進行，因為我要將商業問題交給帕特。首先，關於研發和醫療事務組織，我們將對這些職能進行重大重組。

Importantly, I'm pleased to be able to report by the end of this year, both Indivior 6001 and 2000, we believe will be fully enrolled, and we'll have the opportunity to hopefully read out that data by the end of the first quarter of 2026. When we think about the R&D organization moving forward, we want to make sure we're maintaining the capabilities from a development perspective to be able, if successful, to transition those programs into Phase 3.

重要的是，我很高興能夠在今年年底前報告，我們相信 Indivior 6001 和 2000 都將被完全註冊，並且我們有機會希望在 2026 年第一季末讀出這些數據。當我們考慮研發組織向前發展時，我們希望確保從開發的角度保持能力，以便能夠（如果成功的話）將這些專案過渡到第三階段。

As it pertains to the criminal justice system, what I would say is the criminal justice system is an opportunity in our view of which we'll continue to be focused on. As you know, in the first quarter, as a result of coming off formulary in the Federal Bureau of Prison, we absorbed pressure, all of which manifested in the first quarter. We've seen stability. So we view that as a new start point within the criminal justice system upon which we will focus on growing.

就刑事司法系統而言，我想說的是，刑事司法系統在我們看來是一個機遇，我們將繼續關注它。如您所知，在第一季度，由於脫離了聯邦監獄局的監管，我們承受了壓力，這些壓力都在第一季度得到了體現。我們看到了穩定。因此，我們將其視為刑事司法系統的一個新起點，我們將在此基礎上致力於發展。

I think the important thing when people think about SUBLOCADE is that they focus on the overall opportunity that we have, whether it be in commercial, Medicaid, criminal justice system, and it's really abundant in keeping in mind that LAI penetration is just under 8%. So we're very excited about the potential growth opportunity for SUBLOCADE, and we view it as an enduring growth asset for us. And I'll hand it off to Pat to talk about commercial.

我認為，當人們考慮 SUBLOCADE 時，重要的是他們專注於我們擁有的整體機會，無論是在商業、醫療補助還是刑事司法系統領域，而且請記住，LAI 滲透率略低於 8%，這個機會確實很豐富。因此，我們對 SUBLOCADE 的潛在成長機會感到非常興奮，並將其視為我們持久的成長資產。我會把商業事宜交給派特來討論。

Yes. Thanks, Joe. We're certainly not deemphasizing the Medicaid channel. I mean the Medicaid patients deserve an OUD treatment. And essentially, we have demonstrated success in terms of converting those patients and getting them activated to treatment.

是的。謝謝喬。我們當然不會輕視醫療補助管道。我的意思是醫療補助患者應該接受 OUD 治療。從本質上講，我們已經成功地轉化了這些患者並使他們開始接受治療。

However, when we look at the commercial opportunity in our covered lives, we -- there's about 60% of our covered lives are commercial patients. And yet when you look at the SUBLOCADE volume, it only represents 25%. So we want to continue to focus on Medicaid as a channel, but those commercial patients also deserve SUBLOCADE, those who are suffering from OUD.

然而，當我們審視我們所承保的人壽保險中的商業機會時，我們發現，我們所承保的人壽保險中約有 60% 是商業患者。然而，當你查看 SUBLOCADE 磁碟區時，它只佔 25%。因此，我們希望繼續關注醫療補助這一管道，但那些患有 OUD 的商業患者也應該得到 SUBLOCADE 的幫助。

So our focus is going to be on capitalizing on that as well. That's a sales force focus in terms of messaging, making sure our customers are fully educated on coverage. And it also is an opportunity for us to make sure that, that specialty pharmacy channel is effective and efficient. So those patients once prescribed can be activated.

因此我們的重點也將放在利用這一點上。這是銷售人員在訊息傳遞方面的重點，確保我們的客戶充分了解保險範圍。這也是我們確保專業藥局管道有效且有效率的機會。因此，那些曾經開過處方的患者就可以被啟動。

Okay, helpful, thank you.

好的，有幫助，謝謝。

Chase Knickerbocker, Craig-Hallum.

蔡斯·尼克博克、克雷格·哈勒姆。

Good morning. Congrats on the excellent quarter, guys. Maybe just first on guidance. Have we seen anything so far in July that points to further kind of price compression on SUBOXONE kind of backing into the second half, you need to model a pretty decent volume or price decline. And then just on SUBLOCADE along the same lines, is there any reason kind of with all the strategic programs you put in place that SUBLOCADE would not kind of grow sequentially?

早安.大家，恭喜你們本季取得的優異成績。也許只是先提供指導。到目前為止，我們在 7 月是否看到任何跡象表明 SUBOXONE 的價格將在下半年進一步壓縮，您需要模擬相當可觀的銷售或價格下降。然後就 SUBLOCADE 而言，同樣的道理，您實施的所有策略計劃是否導致 SUBLOCADE 無法持續成長？

Again, second half of the year, it looks like guidance assumes that there's probably a little bit of a sequential decline in Q3. I mean just some thoughts on kind of product drivers there as it relates to top line guidance.

再次，今年下半年，看起來指導意見假設第三季可能會出現小幅連續下滑。我的意思是，我只是對與頂線指導相關的產品驅動因素有一些想法。

Sure. So Chase, I appreciate the question. With regards to our guidance, what I would say to you is we haven't seen any signs of additional price erosion with SUBOXONE Film, although we are factoring that into the guidance right now. To the degree that doesn't manifest, that would be a positive.

當然。Chase，我很感謝你提出這個問題。關於我們的指導，我想告訴你的是，我們沒有看到 SUBOXONE Film 價格進一步下跌的跡象，儘管我們目前正在將這一點納入指導之中。如果這種現象沒有表現出來，那麼這將是積極的。

And when you think about SUBLOCADE, what I would focus you on is on a demand basis, the SUBLOCADE guidance does incorporate growth in the back half of the year. We are very encouraged by what we're seeing from a fundamental perspective, inclusive of demand in July, but we have a lot of work to do in front of us to achieve it, but it does assume sequential growth on a demand basis.

當您考慮 SUBLOCADE 時，我會重點關注的是需求基礎，SUBLOCADE 指導確實包含了下半年的成長。從基本面來看，包括七月份的需求，我們看到的情況令我們非常鼓舞，但要實現這一目標，我們還有很多工作要做，但它確實假設需求會連續增長。

Got it. And then just two more, if I could, Joe. First, on the Action Agenda. Any thoughts on kind of the magnitude of what the bottom-line kind of cost savings benefit would be from kind of streamlining the business? And then along those same lines, should we expect that kind of any changes from streamlining the business would be in effect by year-end 2025, and so their kind of be a full year benefit from either being able to reshift those costs or drop them to the bottom line in 2026?

知道了。喬，如果可以的話，我再說兩點。首先是關於行動議程。您對精簡業務到底能帶來多大程度的成本節約效益有什麼看法？然後按照同樣的思路，我們是否應該預期精簡業務所帶來的任何變化都會在 2025 年底生效，那麼他們能否通過重新轉移這些成本或在 2026 年將其降至底線來獲得全年收益？

Yes. So Chase, I appreciate that question. With regards to the Action Agenda, I'm not going to give any color at this point in terms of giving a number or a target. That's not how we've approached it. We're focused, first and foremost, on making sure we're making every investment necessary to maximize the potential of SUBLOCADE in the US.

是的。Chase，我很感謝你提出這個問題。關於行動議程，我現在還不打算給出任何數字或目標。這不是我們處理這個問題的方式。我們首先關注的是確保我們進行一切必要的投資，以最大限度地發揮 SUBLOCADE 在美國的潛力。

And then we are focusing diligently on simplifying the organization and removing all nonessential spend. I believe when we get to our third quarter call, we'll be able to give a perspective of what that looks like, and then it will be fully captured in our guidance. What I do want to address head on in the question you're asking, we are not dabbling around the fringes. We are addressing the core of the cost structure.

然後，我們將努力簡化組織並消除所有不必要的開支。我相信，當我們召開第三季電話會議時，我們將能夠對此給出一個大概的看法，然後它將在我們的指導中得到充分體現。對於您提出的問題，我確實想直接回答，我們並不是在邊緣領域涉足。我們正在解決成本結構的核心問題。

So people should have an expectation that it is a meaningful and significant reduction to the overall cost structure. And we will have everything or near everything implemented where we will have a full year effect. And what people should expect is growth of SUBLOCADE. But right out of the gate, those dollars dropping to the bottom line in January of 2026.

因此人們應該期待這對整體成本結構來說是一個有意義的、顯著的降低。我們將實施所有或幾乎所有措施，並產生全年效應。人們應該期待的是SUBLOCADE的成長。但一開始，這些美元就在 2026 年 1 月跌至底線。

Understood. And then just lastly, Joe, your predecessor gave some thoughts around kind of where they think market share would stabilize out with your competitor with SUBLOCADE. I mean do you have any thoughts as you've kind of become familiar with this market as far as kind of how you think kind of long-term market share shakes out and kind of over how long a period, we kind of get there?

明白了。最後，喬，您的前任就市場份額如何與您的競爭對手 SUBLOCADE 保持穩定發表了一些看法。我的意思是，當您對這個市場比較熟悉的時候，您有什麼想法嗎？您認為長期市佔率會如何變化，以及需要多長時間才能達到這個目標？

Yes. So I appreciate that question. From my perspective, the single most important thing when you think of SUBLOCADE on a going-forward basis is long-acting injectable penetration. The answer to what the peak sales of SUBLOCADE will be, will not come down to what the market share of SUBLOCADE is. Now in saying that, what I will emphasize that we're very encouraged by because certainly, from a competitiveness perspective, in particular, with our commercial team, it's a very important metric.

是的。我很感謝你提出這個問題。從我的角度來看，當你考慮 SUBLOCADE 的未來發展時，最重要的事情就是長效注射滲透。SUBLOCADE 的最高銷售量是多少，這個問題的答案並不取決於 SUBLOCADE 的市佔率是多少。現在，我要強調的是，我們感到非常鼓舞，因為從競爭力的角度來看，特別是對於我們的商業團隊來說，這是一個非常重要的指標。

We have now seen for multiple quarters stabilization of market share from a total perspective, and we've also seen that from a new patient share perspective, and we're seeing it at a total in the mid-70s, which we're very encouraged by. And the final comment I would make is we are very confident in the profile of SUBLOCADE along with physicians' knowledge and empirical experience that its market position is going to pan out just fine.

從整體角度來看，我們已經看到多個季度的市場份額趨於穩定，從新患者份額的角度來看，我們也看到了這一情況，總體而言，我們看到市場份額在 70 年代中期，這讓我們感到非常鼓舞。我最後要說的是，我們對 SUBLOCADE 的概況以及醫​​生的知識和經驗非常有信心，它的市場地位將會很好。

Thank you, Joe.

謝謝你，喬。

Dennis Ding, Jefferies.

丹尼斯丁，傑富瑞。

Hi, good morning. Congrats on a very solid quarter. Just one question for me on cost cuts. Is it reasonable to assume that you'd like to align your SG&A spend as a percentage of revenue to be more in line with industry peers, which is, I think, around 30% of revenue. Is that a fair way to think about it and how you're thinking about it, too, which if so, would imply about $200 million cut in OpEx just from SG&A over time?

嗨，早安。恭喜本季業績非常穩健。我只想問一個關於削減成本的問題。您是否希望將銷售、一般及行政費用佔收入的百分比調整得與行業同行更加一致（我認為約為收入的 30%）？這樣想是否合理？您也是這麼想的嗎？如果是這樣，那麼隨著時間的推移，僅銷售、一般及行政費用就將減少約 2 億美元的營運支出？

Thank you.

謝謝。

So Dennis, I'm going to hand that one off to Ryan.

所以丹尼斯，我要把這個交給瑞安。

Hey Dennis, thanks for the question. So first, there's no doubt that our number one priority is generating the momentum behind SUBLOCADE. But our organization is too complex, and our cost structure is too high for a company of our size. So we are currently assessing the entire organization from top to bottom as we speak with two focus areas. One is to make sure that we are fully resourcing SUBLOCADE to generate that momentum behind it.

嘿，丹尼斯，謝謝你的提問。因此首先，毫無疑問我們的首要任務是推動 SUBLOCADE 的發展。但我們的組織太複雜，對於我們這種規模的公司來說，我們的成本結構太高了。因此，我們目前正在從上到下評估整個組織，並專注於兩個領域。一是確保我們為 SUBLOCADE 提供充足的資源，以產生推動力。

And then second, to only fund programs and activities that are essential. All nonessential spend will be dropped to the bottom line. In regards to what exact number we want to get to, listen, let us work through this over the next couple of months. We will be in a better position over the next couple of quarters or so to start sharing some of that. But we do believe that as we get into 2026, we will see the benefit from this work.

其次，只資助必要的項目和活動。所有不必要的支出將計入底線。關於我們想要達到的具體數字，聽著，讓我們在接下來的幾個月裡解決這個問題。在接下來的幾個季度左右，我們將處於更有利的位置來開始分享其中的一些資訊。但我們確實相信，隨著進入 2026 年，我們將看到這項工作帶來的好處。

Okay great, thank you.

好的，太好了，謝謝。

Thanks Dennis.

謝謝丹尼斯。

(Operator Instructions)

（操作員指示）

Thibault Boutherin, Morgan Stanley.

摩根士丹利的 Thibault Boutherin。

Thank you. First question is just a clarification on stocking and the gross net dynamic for SUBLOCADE in the quarter. Just on stocking, is it a normalization towards a normal level after the previous destocking? Or do you expect a reversal of this in the second half of the year? And gross to net, if you can explain to us a bit in more detail, is it the dynamics here, is it a mix effect, is it sustainable, is it going to reverse? So that's the first question.

謝謝。第一個問題只是澄清一下本季 SUBLOCADE 的庫存和總淨動態。就庫存而言，經過前幾次去庫存之後，是不是正在向正常水平回歸正常？還是您預計今年下半年這種情況會逆轉？從總額到淨額，您能否更詳細地向我們解釋一下，這是這裡的動態嗎？是混合效應嗎？可持續嗎？會逆轉嗎？這是第一個問題。

And the second one is just if you could sort of elaborate a bit on the previous market headwinds we saw during 2024. CGS budget, I think it's clear, but the Medicaid is enrollment and any headwind in terms of the Medicaid, is it something that's over and you should assume that the environment is now more favorable and it's just sort of execution and organic growth? Or do you still see any sort of headwind in the Medicaid enrollment or Medicare -- total number of patients on Medicaid, sorry?

第二個問題是，您是否可以詳細說明我們在 2024 年看到的先前市場逆風。CGS 預算，我認為這很清楚，但醫療補助是註冊的，醫療補助方面的任何阻力，是否已經結束了，你應該假設現在的環境更加有利，而且只是某種執行和有機增長？或者您仍然看到醫療補助登記或醫療保險方面存在任何阻力——醫療補助患者總數，對不起？

Okay. Thank you, Thibault. I'm going to hand the first question on stocking over to Ryan and then come back, and I'll address the Medicaid question.

好的。謝謝你，蒂博。我將把有關庫存的第一個問題交給瑞安 (Ryan)，然後回來回答醫療補助 (Medicaid) 的問題。

Thibault, yes, so in Q2, the stocking impact was minimal. There's always going to be some ups and downs through the year. But at this point, we project it to remain relatively stable for the balance of the year.

Thibault，是的，所以在第二季度，庫存影響很小。一年之中總會有一些起起落落。但目前，我們預計今年餘下時間裡該數字仍將保持相對穩定。

Okay. And then with regards to your question on headwinds, I really can't speak fully to the past. What I can tell you is that we see opportunity and tailwind in front of us. Certainly, there are dynamics within Medicaid in the US that are taking place. But from a big picture perspective, we're encouraged that the opioid epidemic, opioid use disorder seems to be a bipartisan topic. We certainly advocate for coverage for everyone who is qualified along with access to treatments and appropriate care for OUD.

好的。然後關於你關於逆風的問題，我真的無法全面地談論過去。我可以告訴大家的是，我們看到了眼前的機會和順風。當然，美國醫療補助計劃內部正在發生一些動態變化。但從宏觀角度來看，我們很高興看到阿片類藥物流行和阿片類藥物使用障礙似乎是兩黨共同關注的話題。我們當然主張為所有符合條件的人提供保險，並讓他們能夠接受 OUD 的治療和適當的護理。

I would be mindful that when you think of Medicaid, the changes being proposed don't start to be implemented until 2027. And there's consideration as it pertains to people who have OUD and substance use disorder as an example, where they're not going to be held to the work requirement. So the big picture when you think of SUBLOCADE is it's about the abundant opportunity in front of it.

我要提醒大家的是，當你想到醫療補助時，所提議的變更要到 2027 年才會開始實施。並且考慮到患有 OUD 和物質使用障礙的人，他們不會被要求工作。因此，當您想到 SUBLOCADE 時，您首先想到的是它面前的豐富機會。

There's an 8% LAI penetration, whether you're talking Medicaid, whether you're talking commercial, whether you're talking the opportunity in criminal justice system. We are confident this year through operational execution of our commercial team that we will generate momentum. We will be doing the assessment and making the decisions of where we're going to invest to drive LAI penetration to accelerate the brand on a going-forward basis.

不管您談論的是醫療補助、商業補助還是刑事司法系統中的機會，LAI 滲透率都為 8%。我們有信心，今年透過我們商業團隊的營運執行，我們將產生強勁勢頭。我們將進行評估並決定在何處進行投資以推動 LAI 滲透，從而加速品牌的前進。

Carl Byrnes, Northland Capital Markets.

卡爾‧伯恩斯 (Carl Byrnes)，北國資本市場 (Northland Capital Markets)。

Thanks for the question and congratulations on the quarter. I'm wondering, going back to the commercial opportunity and considering that you're around 25% and you have 60% in terms of BMAT therapies and 80% patient outreach conversion with the DTC initiatives that are going to come into place, what do you think is a realistic expectation long term in terms of getting closer to that 60% number? Where do you think it may ultimately land?

感謝您的提問，並祝賀本季取得佳績。我想知道，回到商業機會，考慮到您的比例約為 25%，BMAT 療法的比例為 60%，隨著即將實施的 DTC 計劃的患者外展轉化率為 80%，您認為長期來看，接近 60% 這個數字的現實預期是什麼？您認為它最終會落在哪裡？

Yes. So Carl, I appreciate the question. First, to be clear, we have 60% of covered lives within commercial. We do not expect to set expectations commercial ever to be the contributor that Medicaid is, but we do believe that we certainly should be getting more than 25% contribution from the commercial book of business.

是的。卡爾，我很感謝你提出這個問題。首先，要明確的是，我們的覆蓋範圍涵蓋商業領域內的 60% 的人。我們並不期望商業能夠成為醫療補助那樣的貢獻者，但我們確實相信，我們肯定應該從商業業務帳簿中獲得超過 25% 的貢獻。

So we want to see that number moving upwards, but I wouldn't have an expectation that it's ever on par or anywhere near the level of what we're deriving from Medicaid, but it should be meaningfully higher than it is.

因此，我們希望看到這個數字上升，但我並不期望它能達到或接近我們從醫療補助中獲得的水平，但它應該比現在高得多。

Excellent thanks.

非常感謝。

(Operator Instructions)

（操作員指示）

We have no further questions at this time. I will now hand back to you for closing remarks.

目前我們沒有其他問題。現在我將把發言交還給各位，請大家作結語。

Thank you, operator, and thank you to everyone for joining the call today. We look forward to updating you on our progress as we execute the Indivior Action agenda.

謝謝接線員，也感謝今天參加電話會議的所有人。我們期待向您通報我們在執行個人行動議程過程中所取得的進展。