3rd May 2016 11:10
LONDON (Alliance News) - Drugmaker Indivior PLC on Tuesday said its pretax profit dipped in the first quarter despite net revenue growing, though it confirmed guidance for the full year.
The FTSE 250-listed company, which focuses on its suboxone film medication for opioid dependence, said its pretax profit for the quarter to the end of March was USD86.0 million, down from USD102.0 million a year earlier. Net income for the quarter was USD50.0 million, down from USD77.0 million, in part due to an exceptional tax payment made in the quarter.
Indivior, spun out from blue-chip consumer health and hygiene products giant Reckitt Benckiser Group PLC in late 2014, said net revenue grew 3.0% year-on-year in the quarter to USD258.0 million from USD251.0 million, as its suboxone film market share in the US was 60%, slightly better than the 59% market share it held for 2016.
Total suboxone film volumes sold in the quarter rose year-on-year and the list price for the drug was increased marginally in January. This was the first increase since 2012 but was offset by tactical rebates in connection to formulary access, the company said, and by annualisation of prior year rebates.
Indivior said its new product pipeline has continued to progress, with phase three trials of its Buprenorphine Monthly Depot treatment on track and the results of an efficacy trial due in the third quarter of this year.
The group confirmed its guidance for 2016 of net revenue to be USD945.0 million to USD975.0 million, with net income to be between USD155.0 million and USD180.0 million.
"We had a good start to the year with first quarter numbers exceeding our plan which anticipated no material deterioration in the trading environment," said Shaun Thaxter, the chief executive of Indivior.
Indivior shares were down 5.2% to 152.4 pence on Tuesday, one of the worst performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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