(Alliance News) - US-based Indivior PLC on Thursday reinstated guidance for the full-year as it posted a drop in third quarter revenue and profit.
The specialist pharmaceutical company focused on combatting addiction said net revenue fell 20% in the third quarter ended September 30 to USD159 million from USD199 million a year before.
Net income fell 79% to USD10 million from USD48 million a year before. Operating profit fell 68% to USD18 million from USD57 million a year prior.
Net revenue from the company's Sublocade product increased 90% in the nine months to September 30 to USD91 million from USD48 million a year before.
Sublocade is a prescribed buprenorphine extended-release injection used to treat adults with moderate to severe addiction to opioid drugs.
"First, despite continued pressure from limited access to health care providers our teams demonstrated resilience and agility to deliver a strong operating performance, including 90% year-on-year growth in Sublocade injection through the first nine months of the year. Our continued progress across the business gives us sufficient visibility to reinstate guidance," Chief Executie Mark Crossley said.
Indivior said its 2020 revenue is expected to be between USD565 million and USD620 million, down by 21% to 28% from USD785 million achieved a year prior.
Crossley said: "Our strong operational performance, decisive actions aligned to our strategic priorities along with our continued financial discipline give us confidence that when the Covid-19 pandemic begins to subside we will be well-positioned to deliver accelerated growth and realise our patient-focused vision."
Indivior shares were up 2.5% at 108.76 pence each in London on Thursday.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Indivior (INDV)