24th Oct 2024 14:37
(Alliance News) - Indivior PLC on Thursday maintained its full year guidance and reported an improved third-quarter, as it looked to reassure the market after a profit warning a fortnight ago.
The Chesterfield, US-based pharmaceutical company, that develops medicines to treat substance abuse disorders, overdose and serious mental illnesses, said its pretax loss narrowed in its third quarter to USD1 million from USD181 million the prior year.
Revenue climbed 13% to USD307 million from USD271 million the prior year, with Indivior recording a 14% rise for its opioid medication Sublocade to USD191 million.
Shares in the firm climbed 8.4% to 708.48 pence on Thursday afternoon in London.
Indivior said that despite the continuation of near term headwinds identified in its profit warning earlier in October, it remains confident in its outlook for Sublocade, expecting it to retain a market leadership position in the long-acting injectable category.
Indivior's profit warning drew attention to the faster than expected adoption of a Sublocade competitor. Stockholm-listed Camurus AB recently launched its Brixadi offering.
Indivior shares slumped 18% on the day of the profit warning.
Indivior Chief Executive Mark Crossley said: "Looking ahead, with continued strong execution supplemented by important potential [food and drug administration] label updates, we expect to move beyond this near-term period of market disruption to ultimately deliver Sublocade peak net revenue of greater than USD1.5 billion.
"Our third quarter results show solid double-digit top- and bottom-line growth and are in line with the business update we issued on October 10th. The general market conditions we highlighted at that time continue and are reflected in our maintained FY 2024 outlook"
By Christopher Ward, Alliance News reporter
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