Indivior has reported that total net revenue in the year-to-date increased by 4% to $828m (YTD 2016: $799m) on both an actual and constant exchange rate basis.
In the third quarter of 2017 total net revenue increased 3% at actual exchange rates (2% at constant exchange rates) to $275m (Q3 2016: $268m).
The Company said that revenue growth primarily reflected volume gains from stronger market conditions in the US and from growth and one-off shipments in Rest of World markets.
Full-year guidance was reconfirmed, with net revenue expected to be in a range of $1,090m to $1,120m and adjusted net income of $265m to $285m assuming no material changes to current market conditions. This is excluding exceptional items and at constant FX.
Guidance includes $40m to $60m of pre-launch investments for late stage pipeline assets.
- YTD 2017 operating profit was $308m (YTD 2016: $78m) reflecting higher net revenues and lower R&D and legal expenses. On an adjusted basis, excluding $25m of exceptional items YTD and $237m in the year-ago period, YTD 2017 adjusted operating profit increased 6% to $333m (YTD 2016 adj: $315m).
- YTD 2017 net income was $203m (YTD 2016 net loss: $43m). On an adjusted basis, YTD 2017 net income increased 5% to $216m (YTD 2016 adj: $205m).
- Cash balance at the end of Q3 2017 was $806m (FY 2016: $692m); net cash was $322m (FY 2016: $131m).
Shaun Thaxter, CEO of Indivior commented:
"Continued solid execution in the quarter against a strong US market backdrop leaves us on track to meet our FY 2017 guidance, which we increased significantly with our H1 2017 results. We have also taken important steps to protect our intellectual property rights by initiating our appeal in the Dr Reddy's ANDA litigation, settling with Mylan, including termination of their IPR, and asserting our recently-granted '454 patent. Most importantly, we have continued to progress our pipeline with the successful NDA submission of RBP-7000 in schizophrenia and, in recent days, by the endorsement of the FDA's Psychopharmacologic Drugs Advisory and Drug Safety and Risk Management Advisory Committees for RBP-6000, our potentially transformational product for the treatment of opioid use disorder. We are finalizing our launch plans and are working closely with our third-party manufacturing partners to ensure appropriate delivery of product to enable our target launch in Q1 2018. We are looking forward to the PDUFA date of November 30th."
At 1:50pm: (LON:INDV) Indivior Plc share price was -0.5p at 400.1p