Indivior PLC on Thursday saw its shares fall despite reporting a quarterly uptick in profit, as it announced plans to switch its listing to New York.
The Chesterfield, Virginia-headquartered pharmaceutical maker confirmed that it intends to seek shareholder approval in May for a move across the pond. If approved, the motion would facilitate a primary listing in the US, as well as a secondary listing in London.
This announcement follows shareholder consultations, which were publicised in February. At the time, Indivior said it believed that a primary listing in the US would ‘better align’ with current and future growth opportunities, and attract more US-based investors and analysts.
Also on Thursday, the firm published its first quarter results.
For the three months to March 31, Indivior reported net revenue of $284 million, up 12% from $253 million a year prior.
Net income rose 7% to $47 million from $44 million, while pretax profit rose 8.6% to $63 million from $58 million.
Reflecting on these improved results, Indivior noted continued growth for Sublocade, its once-monthly injectable buprenorphine formulation for the treatment of moderate to severe opioid use disorder.
Sublocade’s popularity reflected ‘further organised health system and justice system channel penetration’ in the US, the firm explained, as well as an up-tick in patient enrolments.
Chief Executive Officer Mark Crossley did however note the impact of ‘transitory items’, namely ‘accelerating Medicaid patient disenrollments, a cyberattack on the largest US medical claims processor and abnormal trade destocking’.
Nevertheless, Crossley remained optimistic.
‘We fully expect these items to resolve as the year progresses and, combined with the benefits of recent commercial investments behind Sublocade, we anticipate an acceleration in our top- and bottom-line growth over the remainder of 2024, particularly in the second half,’ he added.
Net revenue for Sublocade is expected to be between $820 million and $880 million in 2024. Further, annual group net revenue is still expected to grow 18%.
Shares in Indivior were trading 5.3% lower at 1,434.00 pence each in London on Thursday morning.
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