This Biotech Is Up 194% in a Year but One Investor Took Millions Off the Table

After years of volatility, Indivior finally looks like a company with operational momentum, and that’s exactly when position sizing starts to matter most for long-term investors. In the third quarter, Indivior posted $314 million in revenue, with SUBLOCADE sales up 15% year over year to $219 million, driving a 14% increase in adjusted EBITDA to $120 million. Management raised full-year 2025 guidance sharply, now calling for $1.18 billion to $1.22 billion in revenue and as much as $420 million in adjusted EBITDA, while laying out a plan to generate at least $150 million in annual operating expense savings beginning next year.

Against that backdrop, trimming a position after a 194% one-year run looks less like doubt and more like portfolio math. Stonepine remains concentrated in small and mid-cap biotech names, and even after the sale, Indivior still represents meaningful exposure relative to peers like ADMA, Eton, and ZVRA. Ultimately, Indivior’s fundamentals are improving, and the stock now reflects much of that progress. From here, returns hinge less on turnaround hope and more on sustained growth, cost discipline, and execution beyond this year.

13F reportable AUM: Assets under management that must be disclosed in quarterly SEC Form 13F filings by institutional investment managers.
AUM (Assets Under Management): The total market value of investments managed on behalf of clients by a fund or firm.
Net position change: The difference in the number or value of shares held in a security after a transaction.
Top holdings: The largest investments in a fund’s portfolio, typically ranked by market value or portfolio percentage.
Quarter-end: The last day of a fiscal quarter, often used as a reference point for financial reporting.
Branded pharmaceutical products: Medications sold under a trademarked brand name, as opposed to generic versions.
Long-acting injectable therapies: Medications administered by injection that release their active ingredients over an extended period.
Sublingual formulations: Medicines designed to be placed under the tongue for absorption into the bloodstream.
Opioid use disorder: A medical condition characterized by problematic opioid use causing significant impairment or distress.
Pipeline assets: Experimental drugs or therapies a company is developing but have not yet reached the market.
TTM: The 12-month period ending with the most recent quarterly report.

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

This Biotech Is Up 194% in a Year but One Investor Took Millions Off the Table was originally published by The Motley Fool