Indivior reported net income of $58m in 2017, up 66% from a year ago at actual exchange rates and 57% constant currencies, amid an increase in expenses as provisions for investigative and antitrust litigation matters rose to $438m.
Net revenue rose to $1,093m in 2017, up 3% at actual exchange rates and up 3% at constant currencies. Upbeat revenue was primarily due to stronger US market growth and growth in rest of world which was partially offset by share loss to generic competition in price sensitive US payors, unfavorable mix from increased US Medicaid business and continued tactical rebating in the US.
Suboxone film market share averaged 57% in 2017, a slightly decrease from 61% in the prior year, primarily due to ongoing generic tablet competition in the US.
Operating profit rose by 30% to $193m from $149m after exceptional costs of $210m while adjusted operating profit rose to $403m from $387m.
The company said it expects to generate net revenue of $1,130m-$1,170m and net income in a range of $290m-$320m in 2018, excluding exceptional items and at constant FX.
Shaun Thaxter, CEO of Indivior PLC, said: ''2017 was a year of significant accomplishment for Indivior.'
' On an operational basis, we maintained our growth trajectory against a strong US market backdrop, we raised our financial guidance at the half-year stage, and we delivered improved bottom-line results that were in-line with our raised expectations.'
'Furthermore, our R&D organization delivered on its key objectives with the FDA approval of Sublocare for moderate-to-severe OUD and the successful NDA submission for RBP-7000 targeting schizophrenia.'
'We look forward to launching Sublocade later this month, and we continue to expect peak annual net sales of at least $1 billion. We are also excited about the potential for RBP-7000 based on the unmet needs we see in schizophrenia. We are establishing a new, stand-alone business unit to launch this asset in the fourth quarter of 2018, assuming approval, and we target peak annual net sales of $200 to $300 million.'