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(Alliance News): Indivior PLC on Thursday reported a "strong" performance in the first half of 2022, even as profit fell due to by investments in opioid mediation Sublocade.
Indivior also said it is looking towards the possibility of an additional listing in the US in spring 2023.
The Richmond, Virginia-based pharmaceutical firm posted a 11% slip in pretax profit to USD106 million for the six months ended June 30, from USD119 million the same period a year earlier, even as net revenue rose 12% to USD428 million from USD381 million.
Net income fell 37% to USD89 million from USD142 million. Operating profit for the period also fell 10% to USD117 million from USD130 million, reflecting the "impact of an expected increase in operating expenses, mainly selling, general and administrative expenses in investments to grow Sublocade and Perseris," the company explained.
Sublocade is a prescription medicine used to treat adults with opioid drugs addiction, while Perseris reduces symptoms of schizophrenia in adults.
Indivior said it will keep total group net revenue range at USD840 million to USD900 million for 2022, up 10% on 2021 at mid-point.
Chief Executive Mark Crossley said: "We delivered another strong performance in the second quarter driven by the team's relentless focus on our strategic priorities as well as benefits from our incremental investments behind Sublocade and Perseris."
During the second quarter, Sublocade's net revenue grew 61% to USD98 million. As a result, Indivior said it is increasing its full-year guidance for Sublocade from USD390 million to USD420 million, to between USD360 million to USD400 million previously.
Furthermore, Indivior said it plans to seek an additional listing in the US. It will ask for shareholder approval in September for a listing to take place in the spring of next year.
The group said it believes an additional US listing will be beneficial in elevating the company's visibility and profile in its largest market, and in potentially attracting a broader group of biopharma investors.
The group said it has completed USD29 million of its USD100 million share buyback programme.
Shares were down 3.5% at 297.20 pence each on Thursday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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