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Indivior PLC on Thursday maintained net revenue guidance, after swinging to a net loss despite seeing a sales increase in the third quarter.
For the three months ended September 30, the Virginia-headquartered pharmaceutical company reported net revenue of $271 million, up 17% from $232 million a year prior.
During the third quarter, US revenue rose 20% to $227 million from $189 million. Meanwhile, Rest of World revenue grew 2% to $44 million from $43 million the previous year.
By contrast, Indivior posted a net loss of $135 million for the quarter, swung from net income of $41 million year-on-year. Pretax loss was $181 million, swung from profit of $54 million.
Diluted loss per share was $0.98, swung from earnings per share of $0.29 a year prior.
Losses came amid higher expenses. While research and development costs were marginally lower year-on-year at $18 million from $20 million, selling, general and administrative expenses rose to $390 million from $115 million.
Earlier in October, Indivior reached an agreement to resolve claims brought by the direct purchasers in an antitrust multi-district litigation.
The litigation was centred on the claim that the pharmaceutical company stymied generic competition for the opioid addiction treatment Suboxone, in order to preserve its dominance.
Indivior agreed to pay $385 million and book a charge of $228 million in the third quarter, though said this would be excluded from adjusted earnings. Payment is expected to be made in November, and funded from existing cash.
‘This quarter has again demonstrated the commitment and capabilities of the Indivior team. We delivered double-digit top-line performance led by strong growth of SUBLOCADE (buprenorphine extended release), which continues to shift the paradigm for the treatment of opioid use disorder,’ said Chief Executive Officer Mark Crossley.
‘Additionally, we made good progress against our strategic priorities, with the launch of OPVEE (nalmefene) nasal spray as well as key transactions to strengthen our pipeline and to secure long-term product supply,’ Crossley added.
Looking ahead, the firm continues to expect full year net revenue in the range of $1.03 billion to $1.09 billion, reflecting growth of 18% at the mid-point compared with the previous year.
Within the total, it now expects Sublocade net revenue to be $610 million to $630 million, versus the previous range of $590 million to $630 million, based on continued strong performance in the OHS channel.
Perseris net revenue is now expected to be at the lower end of the $45 million to $55 million guidance range, reflecting year-to-date results and near-term competitive pressures.
Costs are expected to be higher, with selling, general and administrative expenses anticipated between $540 million and $550 million, from previous guidance of $530 million to $540 million.
Overall, Indivior continues to expect adjusted operating profit to be higher than the previous financial year’s $212 million.
Indivior shares were trading 1.8% lower at 1,511.00 pence each in London on Thursday morning.
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