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(Alliance News) - Indivior PLC on Thursday said net revenue increased by more than 20% in the first quarter, lifting profit, and it updated its guidance for the year following its acquisition of Opiant Pharmaceuticals Inc last month.
Indivior is a pharmaceutical company headquartered in the US state of Virginia that is focused on treatment of addiction.
It said pretax profit increased by 21% to USD58 million in the three months that ended March 31 from USD48 million in the first quarter of 2022. Operating profit rose by 5.6% to USD57 million from USD54 million. Net income increased by 7.3% to USD44 million from USD41 million.
The profit improvement came as net revenue grew by 22% to USD253 million in the first quarter from USD207 million a year before.
Indivior reported a 20% rise in selling, general and administrative expenses to USD131 million from USD109 million. Research and development expenses increased by 20% to USD27 million from USD12 million.
Indivior updated its guidance for 2023 following the completion last month of its acquisition of Opiant, a biopharmaceutical company developing addiction and overdose treatments, for about USD145 million.
Indivior now anticipates net revenue of between USD970 million and USD1.04 billion, a 12% increase from the mid-point of 2022. In February the company had said it expected net revenue of between USD950 million and USD1.02 billion this year.
Indivior said it expects adjusted operating profit for this year to be slightly below last year's adjusted operating income of USD212 million, having in February predicted higher income. Indivior said it incurred USD12 million of exceptional costs related to the Opiant acquisition.
Opiant's late-stage assets include investigational opioid overdose treatment OPNT003. Immediately after the acquisition Indivior said it expected OPNT003 to generate peak net revenue of between USD150 million to USD250 million.
Indivior's Chief Executive Officer Mark Crossley said: "Our first quarter results reflect strong momentum across the business and continued dedication of the entire Indivior team to our patients. Sublocade (buprenorphine extended-release) injection continues to power our growth as we drive greater depth of prescribing across Organized Health Systems in the treatment of moderate-to-severe opioid use disorder.
"Within the quarter, we also completed the acquisition of Opiant Pharmaceuticals Inc This important strategic step strengthens our addiction portfolio through the addition of OPNT003 (nalmefene nasal spray), a new potential option for opioid overdose reversal which we expect to launch in the U.S. in the fourth quarter...Finally, we look forward to the additional US listing of our shares on Nasdaq in June."
Shares in Indivior were up 5.0% at 1,543.00 pence in London on Thursday afternoon.
By Emma Curzon, Alliance News reporter
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