22nd Feb 2024 09:55
(Alliance News) - Shares in Indivior PLC rose on Thursday, after the company said that strong sales of its flagship Sublocade treatment had pushed its revenue to new heights, and it added that it will begin talks with shareholders to move its primary listing across the Atlantic.
Indivior is a pharmaceutical company based in North Chesterfield, Virginia. Shares in the company were up 18% at 1,606.00 each in London on Thursday morning.
In the year to December 31, the company delivered USD1.09 billion in revenue, up 21% from USD901 million in 2022. Revenue in the fourth quarter was up 22% year-on-year to USD293 million from USD241 million.
The majority of revenue came from Sublocade, Indivior's medication for moderate to severe opioid addiction. In 2023, Sublocade revenue was USD630 million, 54% ahead of USD408 million the year before.
Indivior reported a nominal pretax profit of USD1 million in 2023, swinging from a loss of USD95 million in 2022.
Looking ahead, Chief Executive Officer Mark Crossley said that the company was eyeing "double-digit net revenue growth and meaningful operating margin expansion" in 2024.
Indivior forecasts net revenue of between USD1.24 billion and USD1.33 billion for 2024, with revenue guidance for Sublocade predicting USD820 million and USD880 million, a 35% increase at the mid-point.
Adjusted operating profit is predicted to rise some 32% to between USD330 million and USD380 million from USD269 million in 2023, which itself was a 27% rise from 2022.
Inidivior said it is "initiating shareholder consultations to potentially transition to a primary listing in the US" this year. It would maintain a secondary listing in the UK.
The London Stock Exchange, which has struggled to attract sizeable new listings, has also suffered a string of high-profile transfers of primary listings. Building materials firm CRH PLC moved its primary listing to New York in September. Plumbing and heating products supplier Ferguson PLC did the same in May 2022, months after miner BHP Group Ltd shifted its main listing to Sydney.
More recently, Paddy Power owner Flutter Entertainment announced it was looking to move its primary listing to New York. It would mean the firm is no longer eligible to be listed on the FTSE 100.
By Hugh Cameron, Alliance News reporter
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