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(Alliance News) - Indivior PLC on Wednesday reported a sharp decline in first half profit and revenue amid a poor performance from Suboxone Film, used to treat opioid addiction.
For the six months to June 30, the pharma recorded 12% decline in pretax profit to USD166 million from USD189 million the year before. Net revenue slipped 13% to USD454 million from USD524 million.
"2019 has been a uniquely complex and challenging year for Indivior, which has impacted all of our stakeholders," said Chief Executive Shaun Thaxter.
He continued: "Set against this backdrop, I am pleased to report another quarter of strong execution and delivery against our strategic priorities."
In the second quarter, the three months to the end of June, Indivior's operating profit grew 4.8% to USD88 million whilst net income increased 7.1% to USD75 million. In the six month period, operating profit and net income declined by 19% and 13%, respectively.
Indivior blamed the first half performance on its Suboxone Film product losing market share to generic competitors. The company did note, however, that this loss was at a lower rate than originally expected.
Thaxter added: "We have recently increased our 2019 guidance based on the outperformance of Suboxone Film versus historical industry analogues in the first half of the year, while at the same time continuing to make important strides in growing Sublocade and Perseris, the future value drivers of Indivior. We have also maintained our cost discipline resulting in a continued financial position that helps fortify against expected accelerated share loss of Suboxone Film."
Indivior now expects net revenue for 2019 to be in a range of USD670 million to USD720 million and net income in a range of USD80 million to USD130 million.
The company had previously expected net revenue to come in between USD525 million and USD575 million, and net income was not seen higher than USD10 million.
In 2018, Indivior delivered net revenue of USD1.00 billion and net income of USD275 million.
Separately, the company announced it has hired Peter Bains as independent non-executive director, with effect from Thursday. Effective immediately, Chris Schade will be leaving Indivior's board. The company also announced that Lizabeth Zlatkus will be stepping down from the board at the end of August.
Indivior said it is still searching for an additional independent non-executive director to replace the two outgoing members.
Shares in Indivior were 1.6% higher in mid-morning trade in London on Wednesday at 55.23 pence each.
