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(Alliance News) - Indivior PLC raised its full-year revenue guidance on Thursday as the drugmaker reported strong third-quarter results for its opioid addiction treatments.
The Slough, Berkshire-based pharmaceutical firm said operating profit more than doubled to USD38 million in the three months that ended September 30 from USD18 million a year before, on net revenue of USD187 million, up 18% from USD159 million.
That put nine-month operating profit at USD168 million, swung from a USD147 million loss the year before. Revenue so far this year has totalled USD568 million, up 23% from USD462 million.
Indivior now expects 2021 net revenue of USD750 million to USD770 million, up from its previous guidance of USD705 million to USD740 million. The upgrade was driven by the company's newer Sublocade product, for which revenue nearly doubled from a year before to USD65 million in the third quarter. For the full year, Indivior expects Sublocade net revenue to be between USD235 million and USD245 million, up from its previous forecast of USD210 million to USD230 million.
Group net revenue totalled USD647 million in 2020, down from USD785 million in 2019, as sales suffered from competition from cheaper generic drugs to treat opioid dependence and from the disruption caused by the Covid-19 pandemic.
Indivior also expects positive adjusted pretax income above previous management expectations for all of 2021. In 2020, Invidior swung to a pretax loss of USD173 million from a USD180 million profit in 2019.
"We are pleased to report another quarter of good growth and further strengthening of our leadership in addiction treatment. Based on the strong commercial execution behind Sublocade injection and the resilience of our legacy US film business, we have again raised our 2021 net revenue expectations for the overall group and for Sublocade," said Chief Executive Officer Mark Crossley.
Indivior shares were up 0.2% at 235.40 pence in London early Thursday afternoon. The stock price has more than doubled so far in 2021.
By Tom Waite; thomaslwaite@alliancenews.com
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