Why One Value Fund Has a $101 Million Bet on Indivior Stock Amid a 212% Surge

New York City-based Newtyn Management reported a buy of nearly 1.6 million additional Indivior PLC shares, increasing its position by an estimated $62.8 million in the third quarter, according to a November 14 SEC filing.

What Happened

According to a filing with the Securities and Exchange Commission dated November 14, Newtyn Management increased its stake in Indivior PLC (NASDAQ:INDV) by nearly 1.6 million shares in the third quarter. The position value rose to $101.3 million at quarter-end, reflecting both buying activity and price changes. Indivior now accounts for 12.4% of the firm’s U.S. equity assets, making it the top holding in a portfolio of 33 reported positions.

What Else to Know

Top holdings after the filing:

• NASDAQ:INDV: $101.3 million (12.4% of AUM)
• NASDAQ:QDEL: $79.5 million (9.7% of AUM)
• NASDAQ:TBPH: $72.3 million (8.8% of AUM)
• NYSE:AD: $67.5 million (8.3% of AUM)
• NYSE:CNNE: $62.5 million (7.6% of AUM)

As of Friday, shares of Indivior PLC were priced at $35.12, up a staggering 212% over the past year and well outperforming the S&P 500, which is up 13% in the same period.

Company Overview

Company Snapshot

• Indivior PLC develops and markets buprenorphine-based therapies for opioid use disorder, including SUBLOCADE, SUBUTEX PRO, SUBOXONE, and SUBUTEX, as well as OPVEE nasal spray for opioid overdose and PERSERIS for schizophrenia.
• The company generates revenue primarily through the sale of proprietary prescription pharmaceuticals targeting substance use and mental health disorders, leveraging a portfolio of both marketed and pipeline products.
• Indivior serves healthcare providers, addiction treatment centers, and government agencies in the United States, the United Kingdom, and international markets.

Indivior PLC is a specialty pharmaceutical company focused on addressing opioid dependence and related disorders through innovative therapies and a robust product pipeline. The company leverages its expertise in addiction treatment to maintain a leading position in the healthcare sector. Indivior's strategic investments in research and partnerships support its competitive edge in addressing unmet needs in substance use and mental health treatment.

Foolish Take

Indivior’s emergence as Newtyn’s largest position underscores how strongly the fund is leaning into the company’s turnaround story. The business is finally showing the operating leverage investors have been waiting for: SUBLOCADE grew 15% year-over-year in the third quarter, lifting total quarterly revenue to $314 million, while adjusted EBITDA rose 14% to $120 million as expense reductions began to flow through. For a portfolio built around event-driven and value-oriented plays, anchoring the top slot with a company delivering accelerating earnings and a clearer margin path fits the profile.

The quarter also included several strategic resets. Indivior is simplifying its global footprint by exiting certain international markets (including the U.K. and Ireland), discontinuing commercial support for OPVEE, and restructuring R&D—moves expected to generate at least $150 million in annual operating expense savings beginning in 2026. The company also raised full-year guidance, now projecting about $1.2 billion in revenue and a 2025 adjusted EBITDA midpoint that implies about 15% growth. SUBLOCADE remains a valuable engine, contributing $219 million of third-quarter revenue.

For long-term investors, the thesis rests on whether SUBLOCADE’s growth and the company’s new operating model can overcome lingering volatility and a still-levered balance sheet. But Newtyn’s conviction suggests the inflection in profitability is becoming harder to ignore.

Glossary

13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC on Form 13F.
Assets under management (AUM): The total market value of investments managed by a fund or firm on behalf of clients.
Position: The amount of a particular security or asset held by an investor or fund.
Net position change: The difference in the number or value of shares held after buying or selling during a period.
Portfolio: A collection of financial investments like stocks, bonds, and other assets held by an individual or institution.
Quarter-end: The last day of a financial quarter, often used as a reporting date for financial results.
Outperforming: Achieving a higher return or better performance than a benchmark, such as the S&P 500.
Proprietary: Refers to products or technologies owned and controlled by a specific company.
Pipeline products: Pharmaceutical products that are in development but not yet approved or marketed.
Specialty pharmaceutical company: A company focused on developing and marketing drugs for specific medical conditions or niche markets.
TTM: The 12-month period ending with the most recent quarterly report.
Marketed products: Pharmaceutical products that have received regulatory approval and are available for sale.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends QuidelOrtho. The Motley Fool has a disclosure policy.