8th Apr 2020 12:22
(Alliance News) - Indivior PLC on Wednesday withdrew its annual financial guidance as the Covid-19 pandemic has led to a drop in enrolment for two of its drugs.
The pharmaceutical company explained that while first-quarter performance was in line with expectations, it has begun to experience "a meaningful decline in patient enrolments" both for addiction drug Sulocade Injection and schizophrenia drug Perseris Injection.
The relative market share strength of Suboxone Film, another of Indivior's addiction drugs, continued, however.
The slowdown in business attributed to "the general trends of substantial reductions in patient visits to healthcare provider offices and a corresponding increase in remote prescribing".
As a result of uncertainty surrounding the duration of this decline and the extent of its impact on 2020 as a whole, Indivior has withdrawn its guidance which it said "can no longer be relief upon". Revised market guidance will not be available "until the duration and extent of the market disruptions from the Covid-19 pandemic are known".
At the end of March, Indivior had gross cash of around USD911 million and net cash of approximately USD673 million.
"The company will continue to monitor its business and take the measures necessary to support its business in the near-term, while also continuing to provide for delivering on its long-term growth strategy and vision," Indivior said.
Shares in Indivior were down 1.7% at 43.26 pence in London on Wednesday.
By Anna Farley; [email protected]
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