(Sharecast News) - Pharmaceuticals firm Indivior reported first quarter net revenue of $207m (£165.07m) in an update on Thursday, up 15% year-on-year, as it maintained its guidance for the full year.
The FTSE 250 company said its reported operating profit was $54m for the period, down 5% from last year, while on an adjusted basis, first quarter operating profit rose 6% to $54m.
Reported net income came in at $41m, down -49% from the $80m it recorded a year ago, which included $42m of exceptional items.
Adjusted net income, meanwhile, was 8% firmer at $41m.
Indivior said it had cash of $874m and investments of $150m at the end of the period, totalling $1.02bn, down from $1.1bn year-on-year.
The board said the use of cash primarily reflected operating profit offset by the expected unwind of trade payables from year-end 2021, and the required 2022 Department of Justice payment.
Net cash including investments was $776m, down from $853m at the end of the 2021 financial year.
In the first quarter, the group invested in a portfolio of investment-grade debt securities totalling $139m, and ordinary shares of Aelis Farma for $11m.
"Our first quarter results show a strong start to the year and put Indivior on track to meet our 2022 guidance," said chief executive officer Mark Crossley.
"Our key growth driver, Sublocade injection, is continuing to make good progress in penetrating targeted organised health system accounts, following the growth investments we made in the second half of 2021.
"As a result, Sublocade is increasingly available to meet the needs of opioid use disorder patients at a time when combating the US opioid epidemic has never been more urgent, with over 80,000 Americans estimated to have died of an opioid-related overdose in the latest 12-month period."
Crossley said the company's balance sheet and cash position remained "strong" as a result of its continued good operating performance.
"We are today announcing a new share repurchase program for up to $100m which underscores our consistent and disciplined approach to capital allocation that appropriately balances returning capital to shareholders with maintaining our ability to execute on our strategic priorities.
"Lastly, we continue to consult widely with our shareholders on an additional US listing for Indivior shares and, if supported, we expect to seek formal shareholder approval in September of this year that would facilitate an additional listing in the US."
Indivior (INDV)