(Alliance News) - Indivior PLC on Thursday maintained net revenue guidance, after swinging to a net loss despite seeing a sales increase in the third quarter.
For the three months ended September 30, the Virginia-headquartered pharmaceutical company reported net revenue of USD271 million, up 17% from USD232 million a year prior.
During the third quarter, US revenue rose 20% to USD227 million from USD189 million. Meanwhile, Rest of World revenue grew 2% to USD44 million from USD43 million the previous year.
By contrast, Indivior posted a net loss of USD135 million for the quarter, swung from net income of USD41 million year-on-year. Pretax loss was USD181 million, swung from profit of USD54 million.
Diluted loss per share was USD0.98, swung from earnings per share of USD0.29 a year prior.
Losses came amid higher expenses. While research and development costs were marginally lower year-on-year at USD18 million from USD20 million, selling, general and administrative expenses rose to USD390 million from USD115 million.
Earlier in October, Indivior reached an agreement to resolve claims brought by the direct purchasers in an antitrust multi-district litigation.
The litigation was centred on the claim that the pharmaceutical company stymied generic competition for the opioid addiction treatment Suboxone, in order to preserve its dominance.
Indivior agreed to pay USD385 million and book a charge of USD228 million in the third quarter, though said this would be excluded from adjusted earnings. Payment is expected to be made in November, and funded from existing cash.
"This quarter has again demonstrated the commitment and capabilities of the Indivior team. We delivered double-digit top-line performance led by strong growth of SUBLOCADE (buprenorphine extended release), which continues to shift the paradigm for the treatment of opioid use disorder," said Chief Executive Officer Mark Crossley.
"Additionally, we made good progress against our strategic priorities, with the launch of OPVEE (nalmefene) nasal spray as well as key transactions to strengthen our pipeline and to secure long-term product supply," Crossley added.
Looking ahead, the firm continues to expect full year net revenue in the range of USD1.03 billion to USD1.09 billion, reflecting growth of 18% at the mid-point compared with the previous year.
Within the total, it now expects Sublocade net revenue to be USD610 million to USD630 million, versus the previous range of USD590 million to USD630 million, based on continued strong performance in the OHS channel.
Perseris net revenue is now expected to be at the lower end of the USD45 million to USD55 million guidance range, reflecting year-to-date results and near-term competitive pressures.
Costs are expected to be higher, with selling, general and administrative expenses anticipated between USD540 million and USD550 million, from previous guidance of USD530 million to USD540 million.
Overall, Indivior continues to expect adjusted operating profit to be higher than the previous financial year's USD212 million.
Indivior shares were trading 1.8% lower at 1,511.00 pence each in London on Thursday morning.
By Holly Beveridge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Indivior (INDV)