25th Jul 2018 09:15
LONDON (Alliance News) - Pharmaceutical company Indivior PLC sunk to the bottom of the FTSE 250 index of London mid-cap stocks on Wednesday after reporting half-year revenue down 5%, as operating profit dropped 18%.
Shares were trading 20% lower at 265.70 pence each.
For the six months to June 30, the company posted net revenue down to USD524 million from USD553 million in the comparative year ago period. At constant currency, the revenue decrease was 7%.
Operating profit dropped to USD200 million from USD244 million a year ago, leading to a narrowed USD189 pretax profit compared to USD219 last year.
The company said it is still unable to issue new annual guidance, after it withdrew it earlier in July, due to the brief market entry of Dr Reddy's Laboratories generic buprenorphine/naloxone sublingual film. It plans to provide it no later that its third quarter results in scheduled for November 1.
The drugmaker was granted a temporary restraining order by the US District Court for New Jersey against Indian pharmaceutical company Dr Reddy's Laboratories for selling a generic version of Sublingual film, used for the treatment of opioid addiction.
Earlier in July, Indivior said it did not know the exact quantity of Dr Reddy's product sold before the order, but in a batch of recent weekly data, it said it has seen "accelerated market share loss" for opioid addiction treatment drug Suboxone of two-and-half percentage points.
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