Indivior Q3 profit, revenue decline; new FY guidance outlined

(Sharecast News) - Indivior reported a decline in third-quarter revenue and operating profit on Thursday but reinstated financial guidance as it said it expects to be profitable on an adjusted pre-tax basis for FY 2020.
Operating profit fell 68% from the third quarter of last year to $18m, with revenue down 20% to $159m.

The opioid addiction treatment maker said it saw a rapid decline in new patient enrolments in the second quarter due to the Covid-19 pandemic, with a modest improvement in Q3, although it does not expect a significant impact on the long-term growth potential of either Sublocade or Perseris.

"The pandemic has resulted in overall fewer patient visits to healthcare provider offices for non-Covid-19 reasons or essential treatments, as patients become unable or unwilling to make visits due to overburdened healthcare systems or elect to have remote consultations (telehealth) with their providers," it said.

Despite the still-uncertain impact of the pandemic on its business, Indivior provided new financial guidance for the year based trends observed through mid-October. The company said it expects to be profitable on an adjusted pre-tax basis for FY 2020.

Net revenue is expected to come in between $595m and $620m. This assumes only a gradual erosion of Suboxone Film share over the rest of the year. Sublocade net revenue is expected at between $120m and $125m, while Perseris revenue is seen at $12m to $15m.