INDIVIOR PLC
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number:001-37835
(Exact name of registrant as specified in its charter)
| England and Wales | 98-1204773 |
|---|---|
| State or other jurisdiction of incorporation or organization | (I.R.S. Employer Identification No.) |
| 10710 Midlothian Turnpike Suite 125North Chesterfield, VA 23235 | |
| (address of principal executive offices)(zip code) | |
| Securities Registered pursuant to Section 12(b) of the Act: | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Ordinary shares, $0.50 nominal value per share | INDV | The Nasdaq Stock Market LLC |
| INDV | London Stock Exchange |
Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☑
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐No ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| ☑ | Large accelerated filer | ☐ | Accelerated filer |
|---|---|---|---|
| ☐ | Non-accelerated filer | ☐ | Smaller reporting company |
| ☐ | Emerging growth company | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No☑
The aggregate market value of the voting and non-voting common equity held by non-affiliates at June 28, 2024 was approximately $2.15 billion based on the Nasdaq closing price for such shares on that date. For purposes of this calculation, the registrant has assumed that all of its directors and executive officers are affiliates.
As of March 1, 2025, the number of outstanding ordinary shares was 124,655,858.
DOCUMENTS INCORPORATED BY REFERENCE
None.
TABLE OF CONTENTS
| TABLE OF CONTENTS | i |
|---|---|
| GLOSSARY | 1 |
| IMPORTANT CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 5 |
| PART I | 8 |
| Item 1. Business. | 8 |
| Overview | 8 |
| Industry Overview | 12 |
| Indivior Products | 16 |
| Competition | 19 |
| Research and Development | 19 |
| Pipeline | 21 |
| Manufacturing and Supply | 21 |
| Sales, Marketing and Distribution | 23 |
| Intellectual Property | 28 |
| Regulatory Overview | 29 |
| Environmental | 42 |
| Human Capital | 43 |
| Other Information and Corporate Governance | 44 |
| Item 1A. Risk Factors. | 45 |
| Item 1B. Unresolved Staff Comments. | 100 |
| Item 1C. Cybersecurity. | 100 |
| Item 2. Properties. | 102 |
| Item 3. Legal Proceedings. | 102 |
| Item 4. Mine Safety Disclosures. | 102 |
| PART II | 102 |
| Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities. | 102 |
| Item 6. [Reserved] | 103 |
| Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 104 |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk. | 120 |
| Item 8. Financial Statements and Supplementary Data. | 121 |
| Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. | 161 |
| Item 9A. Controls and Procedures | 161 |
| Item 9B. Other Information. | 161 |
| Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. | 161 |
| PART III | 162 |
| Item 10. Directors, Executive Officers and Corporate Governance. | 162 |
| Election of Directors | 164 |
| Family Relationships | 168 |
| Agreement with Significant Shareholder | 168 |
| Code of Ethics | 168 |
| Shareholder Nominations for Directors | 168 |
| Audit & Risk Committee | 169 |
| Audit Committee Financial Expert | 169 |
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| Insider | 170 |
|---|---|
| Policies | 170 |
| Item 11. Executive Compensation. | 171 |
| Total Compensation for the Chair and Non-Executive Directors | 171 |
| Compensation of Executive Directors and Senior Managers | 172 |
| Annual Incentive Plan (“AIP”) | 172 |
| Indivior PLC Long-Term Incentive Plan (“LTIP”) | 174 |
| Indivior Share Plans | 174 |
| The Indivior 2024 Long-Term Incentive Plan (the “LTIP”) | 174 |
| The Indivior 2024 U.K. Savings Related Share Option Plan (the “Sharesave Plan”) | 178 |
| The Indivior U.S. Employee Stock Purchase Plan (the “ESPP”) | 180 |
| The Indivior Deferred Bonus Plan 2018 (the “DBP”) | 182 |
| Indivior PLC Employee Benefit Trust | 184 |
| Indivior Inc. Profit Sharing and 401(k) Plan (the “401(k) Plan”) | 184 |
| Indivior Inc. Deferred Compensation Plan (“DCP”) | 184 |
| Deeds of Indemnity | 185 |
| Malus and Clawback | 185 |
| Indivior PLC Executive Compensation Clawback Policy | 186 |
| Executive Financial Recoupment Program | 186 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters. | 187 |
| Share Ownership | 187 |
| Major Shareholders | 187 |
| Item 13. Certain Relationships and Related Transactions, and Director Independence. | 190 |
| Item 14. Principal Accountant Fees and Services. | 191 |
| PART IV | 193 |
| Item 15. Exhibits and Financial Statement Schedules. | 193 |
| Item 16. Form 10–K Summary. | 198 |
| SIGNATURES | 199 |
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