27th Oct 2022 11:05
(Alliance News) - Indivior PLC on Thursday reported a double-digit rise in both quarterly net revenue and profit, as it raises its full-year guidance.
For the third quarter of 2022, the Richmond, Virginia-based pharmaceutical firm reported net revenue of USD232 million, up 24% from USD187 million a year ago. It said net revenue growth was primarily driven by Sublocade.
Pretax profit increased by 74% to USD54 million from USD31 million. Operating income went up by 47% to USD56 million from USD38 million a year earlier.
Chief Executive Officer Mark Crossley said: "I am pleased to report another strong quarter of top-and bottom-line performance, led by our long-acting injectable medicines, Sublocade and Perseris, which are benefiting from the strategic investments we have made over the past year."
Sublocade is a prescription medicine used to treat adults with opioid drugs addiction, while Perseris reduces symptoms of schizophrenia in adults.
Indivior said Sublocade exceeded the USD100 million milestone in quarterly net revenue "for the first time from continued strong execution against [its] Organized Health Systems strategy".
Its net revenue for 2022 is expected to be in the range of USD405 million to USD420 million, up 69% from USD390 million to USD420 million in 2021 at mid-point.
For the nine months that ended on September 30, total net revenue increased by 16% to USD659 million from USD568 million a year ago.
Looking ahead, Indivior lifted its 2022 net revenue guidance to a range of USD890 million to USD915 million, up 14% from USD840 million to USD900 million at the midpoint a year ago, based on "continued strong momentum of the business".
It also expects adjusted operating income to be broadly similar to 2021's adjusted operating income of USD187 million, driven by the continued strong Sublocade growth.
Shares were up 1.8% at 1,636.00 pence each on Thursday morning in London.
In July, Indivior posted a 11% slip in pretax profit to USD106 million for the six months ended June 30, from USD119 million the same period a year earlier, even as net revenue rose 12% to USD428 million from USD381 million.
By Xindi Wei; [email protected]
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