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(Sharecast News) - Shares in pharmaceuticals business Indivior tumbled early on Thursday after the group revealed it had put aside $290.0m for ongoing litigation in the States.
Indivior stated the money was intended to cover "multidistrict antitrust class and state claims" and follows legal action over the firm's attempts to delay competition to its best-selling addiction treatment product Suboxone.
"The provision is the group's estimate at this time of a potential aggregate settlement," said Indivior.
"However, the group cannot predict with any certainty whether Indivior Inc will reach a settlement with any of the plaintiffs, and the final aggregate cost of these matters, whether resolved by settlement or trial, may be materially different."
In terms of earnings, Indivior posted a 14% uptick in full-year revenues to $901.0m, with fourth-quarter revenues rising 9% to $241.0m. Adjusted operating profits came to $212.0m in 2022, up 13% from the previous year.
The FTSE 250-listed firm added that total net revenue for 2023 was expected to be between $950.0m and $1.02bn.
As of 0845 GMT, Indivior shares had slumped 12.45% at 1,710.80p.
Reporting by Iain Gilbert at Sharecast.com
