We continue to see SUBLOCADE® achieving peak sale of $1.5B+. We also believe that entry of BRIXADI™ will enhance market awareness, benefiting SUBLOCADE®'s prospects, noting that LAIs account for ~15% of the segment. At the current price, INDV shares trade at a compelling EV of ~2x our conservative FY24 sales estimate of $1.15B. Take — Beating Expectations: INDV delivered strong results w/ total revenue at $271MM, up 17% on a Y/Y basis, comparing favorably to the NCM estimate of $265MM. Topline growth, as expected, was driven by SUBLOCADE® which achieved net product sales of $167MM, equating to a 55% Y/Y increase, beating the NCM estimate of $157MM. SUBLOCADE®'s strong growth reflects increased penetration in the organized health system (OHS) channel (which currently accounting for ~85% of its growth).