(Correcting litigation provision is against 2022 results.)
(Alliance News) - Indivior PLC on Thursday reported a swing to a full-year loss due to a provision for litigation, despite net revenue jumping by 14% due to growth in its Sublocade injection.
Shares were down 12% at 1,719 pence each on Thursday morning in London.
The Richmond, Virginia-based pharmaceutical firm swung to a pretax loss of USD95 million in 2022 from a profit of USD190 million in 2021, despite a jump by 14% in net revenue to USD901 million from USD791 million.
Indivior booked a USD290 million exceptional provision in 2022, as it navigates initial mediation sessions in late January regarding legacy civil multi-district antitrust litigation.
"Because these matters are in various stages, Indivior cannot predict with any certainty how these matters will ultimately be resolved, or the costs, or timing of such resolution. In particular, any final aggregate costs of these matters, whether resolved by settlement or trial, may be materially different from this provision," the company said.
Operating loss was USD85 million in 2022, compared to a profit of USD213 million the year before. However, on an adjusted basis, operating profit rose by 13% to USD212 million from USD187 million.
In the fourth quarter alone, net revenue amounted to USD241 million, up from USD222 million a year earlier. Indivior swung to a pretax loss of USD256 million in the quarter, from a profit of USD39 million a year before, though adjusted operating profit rose by 25% to USD40 million form USD32 million.
The company said the net revenue growth was primarily driven by Sublocade.
Chief Executive Officer Mark Crossley said: "I am pleased to report another strong year of execution against our strategic priorities, resulting in double-digit underlying growth across our key financial metrics."
Looking ahead, Indivior expects net revenue for 2023 to be in the range of USD950 million to USD1.02 billion, reflecting strong growth in Perseris and Sublocade.
Perseris is an extended-release injection for schizophrenia, while Sublocade is buprenorphine extended-release injection for opioid addiction, both of which are long-acting injectable products
By Xindi Wei, Alliance News reporter
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Indivior (INDV)