(Sharecast News) – Pharmaceuticals firm Indivior reported a 24% improvement in net revenue in its half-year report on Thursday, to $529m.
he FTSE 250 company said its operating profit showed a modest increase of 1%, amounting to $118m, while net income experienced a decline of 7% to $83m.
Diluted earnings per share also saw a slight decrease of 3%, reaching 59 US cents.
On an adjusted basis, Indivior’s financial results displayed more promising figures, with adjusted operating profit surging 25% to $142m, while adjusted net income grew 30% to $112m.
Adjusted diluted earnings per share experienced a substantial rise of 34% to 79 cents.
Indivior said one of the key drivers behind its strong performance was the substantial second-quarter increase in net revenue from ‘Sublocade’, which amounted to $155m, representing growth of 58% compared to the same period last year.
Looking ahead, Indivior also provided a positive outlook for the rest of the year, noting that the launch of ‘Opvee’ was projected for the fourth quarter.
As a result of its strong first-half and second-quarter performance, Indivior raised its full-year 2023 guidance for Sublocade net revenue and overall net revenue.
Additionally, the firm said it now expected adjusted operating income for the year to surpass the figures achieved in 2022.
“This has been another strong quarter of financial results and delivery against our strategic priorities,” said chief executive officer Mark Crossley.
“The growth of Sublocade buprenorphine extended release continues, as we further increased the depth of prescribing in organised health systems (OHS), in line with our strategy, and reached a major milestone of over 100,000 US Sublocade patients.
“We also achieved additional key milestones to help secure our future growth potential and were pleased with the decision of the US Food and Drug Administration (FDA) to approve ‘Opvee’ nalmefene nasal spray, our new and differentiated overdose reversal agent for natural and synthetic opioids, such as fentanyl, and we remain on track for a fourth quarter launch.”
Crossley said the company was also excited to complete its additional listing on Nasdaq, which the board believed would provide the firm with a broadened platform to increase awareness of Indivior in the US and the substance use disorder disease space.
“Finally, we made significant progress in addressing legacy litigation.
“As previously disclosed, during the quarter we were able to reach a settlement with a class of anti-trust plaintiffs, and are focused on resolving outstanding matters at the right value.
“Our progress in the first six months and positive expectations for the remainder of the year support an increase to our guidance for 2023, and further reinforce our confidence in our attractive medium-term profitable growth aspirations.”
At 0952 BST, shares in Indivior were down 5.55% at 1,770p.
Reporting by Josh White for Sharecast.com.