Indivior Share News (INDV)

(Sharecast News) - Opioid addiction treatment maker Indivior lifted its profit and revenue guidance for the year on Thursday following a "strong" third quarter.

In the three months to 30 September, net income jumped 52% to $41m, while adjusted operating profit was 53% higher at $58m. Net revenue grew 24% to $232m, driven mainly by injectable opioid treatment Sublocade.

Chief executive Mark Crossley said: "I am pleased to report another strong quarter of top- and bottom-line performance, led by our long-acting injectable medicines (LAIs), Sublocade (buprenorphine extended-release) and Perseris (risperidone), which are benefiting from the strategic investments we have made over the past year.

"Sublocade, our paradigm shift in the treatment of opioid use disorder (OUD), exceeded the $100m milestone in quarterly net revenue for the first time from continued strong execution against our Organized Health Systems (OHS) strategy. Additionally in the quarter, we took an important strategic step to elevate the group's profile in its highest value market and attract a broader group of biopharma-focused investors with shareholder approval of an additional listing, which will be in the US."

Based on its overall performance to date and a strong outlook for Sublocade, the group lifted its total net revenue and adjusted operating profit guidance. It now expects FY 2022 net revenue of between $890m and $915m, up from previous guidance of $840m to $900m. Meanwhile, adjusted operating profit is expected to be to be "modestly higher" than 2021.

"A key component of this increase is driven by the continued strong Sublocade growth in the OHS channel leading to narrower guidance of $405m-$420m representing the upper half of updated guidance provided at the half year," it said.

At 1015 BST, the shares were up 3.3% at 1,660p.