(Alliance News) - Indivior PLC on Thursday said it is taking organisational and cost actions amid the challenges posed by the Covid-19 pandemic.
Indivior is a US-based pharmaceutical company focused on the treatment of opioid addiction and mental illnesses.
Indivior expects to reduce its operating expense base by between USD60.0 million to USD70.0 million pre-tax in 2021 compared with its expected operating expense base in 2020, the company said.
A restructuring charge of approximately USD6.0 million to pay for this will be booked as an exceptional item in the third quarter of 2020.
Indivior says the restructuring involves reorganizing and reinvesting in the US commercial function, focusing on research & development on post-marketing studies to support its Subcolade and Perseris products, the former used to treat opioid addiction and the latter used to treat schizophrenia. Finally, the company will focus on the development of early-stage pipeline assets.
Indivior says business performance during the third quarter has been in-line with the financial year's planning assumptions, with the exception that its Suboxone Film, a prescription medicine used to treat opioid addiction. This has continued to perform ahead of expectations.
Indivior shares were up 5.9% at 122.60 pence each on Thursday morning in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Indivior (INDV)