INDV // Indivior Pharmaceuticals Inc.

DES <GO> NASDAQ CIK 0001625297 ↗

Health Care • Biotechnology: Pharmaceutical Preparations

$35.25 ▲ +0.48 (+1.38%)

MKT CAP: $4.16B • VOL: 5.72M

52W L $28 52W H $43

ALTMAN Z

3.13 SAFE

PIOTROSKI

5 / 9

INDV // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 62/100 [C] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

62 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

11 / 20

NEUTRAL

FCF -120% vs NI +200% • ROIC-WACC +54.1% • Z 3.13

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

13 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON INDV)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +5.19σ

INDV Accounting Gap: Net Income (+220%) Outpaced OCF (-120%) With +-14.3% Working-Capital Build

CASH CONVERSION GAP

+340.0% (NI vs OCF)

RECEIVABLES / WC BLOAT

-14.3% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Indivior Pharmaceuticals Inc. (INDV) exposes a +340.0% Cash Conversion Gap as YoY Net Income growth (+220.0%) diverged from Operating Cash Flow growth (-120.0%). Non-cash current assets and receivables expanded -14.3% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

INDV // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -3.83%⚡ TESTING RESISTANCE

2026-10-30O $34.78H $36.49L $34.62C $35.37VOL 4.61M

RES: $36.13SUP: $32.30SMA50: $35.20SMA200: $35.67

INDV // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

HIGH-CONVICTION LONG CONVICTION: 84/100

BEAR 0

100 BULL

Indivior Pharmaceuticals Inc. (INDV) exhibits 80.2% gross margins and 62.2% return on invested capital within Health Care (Biotechnology: Pharmaceutical Preparations), balanced against a 13.4x enterprise multiple and 7.4% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 80.2% gross profitability converts into 21.1% operating margin and 62.2% ROIC, outpacing sector cost of capital.

ROIC: 62.2% // GM: 80.2%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +4.3% paired with -2.24% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +4.3% // FCF YLD: -2.24%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.13 and Piotroski F-Score of 5/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.13 // F-SCORE: 5/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 19.8x trailing P/E (18.4x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 19.8x // EV/EBITDA: 13.4x

02. Options Skew & Event Volatility Risk

Options market prices a ±7.4% implied move with a 0.80 put/call ratio around $35.00 max pain.

IMPL MOVE: ±7.4% // P/C: 0.80

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Biotechnology: Pharmaceutical Preparations require continuous execution to defend 16.9% net margins.

NET MARGIN: 16.9% // D/E: 0.85x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 18.4x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.15).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 19.8x

FORWARD P/E 18.4x

EV / EBITDA 13.4x

FCF YIELD -2.24%

GROSS MARGIN 80.2%

OPERATING MARGIN 21.1%

NET MARGIN 16.9%

ROIC % 62.2%

REV GROWTH YOY +4.3%

DILUTED EPS TTM $1.78

DEBT / EQUITY 0.85x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 52.2

5Y EQUITY BETA 1.15

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // INDVPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $32.25

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for INDV & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

INDV VS LLY

MARGINS ROIC VALUATION

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MARGINS ROIC VALUATION