18th Feb 2016 07:41
LONDON (Alliance News) - Drugmaker Indivior PLC on Thursday said its pretax profit about halved in 2015 as it was hit by a lower average market share and higher rebates in the US, leaving it expecting a fall in revenue in 2016.
The FTSE 250-listed group, focused on its Suboxone Film product for opioid dependency, said its pretax profit for the year to the end of December was USD285.0 million, down from USD561.0 million a year earlier.
Net revenue fell to USD1.01 billion in 2015 from USD1.12 billion in 2014, down 9.0%, and the profit line was hit further by higher operating costs for Indivior as a standalone company, having been spun-out of consumer goods giant Reckitt Benckiser Group PLC in 2014.
The revenue fall resulted from a lower average market share in 2015, hit by a competitive market and generic alternatives, and higher rebates in connection to formulary access in the US.
It expects its net revenue to be USD945.0 million to USD975.0 million in 2016 on the assumption market conditions will remain benign and no further generic competitors to Indivior's products will enter the US market.
Indivior will pay a final dividend of 9.5 cents per share, taking its total dividend to 12.7 cents.
"Our belief in the growing medium-term opportunity for Indivior continues to be strong. Clearly, in the short-term, resolving the multiple ANDA challenges to our core business is our critical focus. We continue to believe in the strength of our intellectual property portfolio, but we recognise that early certainty will benefit shareholders and the company," said Chief Executive Shaun Thaxter.
By Sam Unsted; [email protected]; @SamUAtAlliance
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