(Sharecast News) – Pharma group Indivior has announced a $100m share buyback to reduce its issued shared capital and return cash to shareholders.
“Given our confidence in delivering on the medium-term profitable growth profile we outlined at our capital markets day last December, the board of directors and management team believe that the company’s shares represent an attractive investment opportunity,” said Mark Crossley, Indivior’s chief executive.
“Our expected strong cash flow over this period provides us the ability to reinvest in our business, progress our pipeline, and to take this action to deliver direct shareholder returns.”
Shares have fallen by 28% since the start of the year, taking a big tumble at the start of November after the release of Indivior’s results for this third quarter, during which it swung to an operating loss of $183m, compared with a profit of $56m the previous year.
However, Indivior sales rose by 17% and the company reiterated its full-year guidance of 18% revenue growth.
The stock was up around 2% at 1,324p by 1247 GMT.
