29th Jul 2015 06:59
LONDON (Alliance News) - Indivior PLC Wednesday raised its guidance for the full year despite seeing pretax profit fall in its first half, as the market environment continued to be favourable, with generic competition in the US not yet disrupting the company's market share.
The company also announced that the US Food and Drug Administration had given a priority review designation to its new drug application for its Naloxone nasal spray for the treatment of an opioid overdose.
Indivior now expects 2015 revenue of between USD935 million to USD965 million, compared to its previous guidance of USD850 million to USD880 million, with net income of USD185 million to USD210 million, compared to previous guidance of USD130 million to USD155 million, at constant exchange rates.
The company posted a pretax profit of USD199 million for the half year to end-June, down from USD327 million a year before, as revenue fell to USD517 million from USD574 million.
Indivior's key product is its opioid dependence treatment Suboxone Sublingual Film. The company said that its market share in Suboxone was 59%, compared to 63.5% in the first half of 2014, and marginally ahead of its market share at the end of 2014.
The company, which was spun out of Reckitt Benckiser Group PLC last year, had expected a more challenging market environment beginning its the second quarter of the year.
Indivior said that it continues to offer tactical rebates in relation to Suboxone Film in the face of continuing aggressive discounting for competitors, and that branded competitors continue to make a limited impact on the market.
Despite the "relatively benign" environment in the first half, Indivior is still anticipating an acceleration in discounts to generic competitor pricing and a hit from branded competitors, and is taking its guidance from industry analogues experience in other sectors. It now expects it will see similar conditions continue into the second half, but cautioned that no certainty can be given at this time across the whole second half.
The company proposed an interim dividend of 3.2 cents per share
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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