- First half sales grow 12% to $428 million
- 7% upgrade to Sublocade full year sales guidance
- US listing planned for spring of 2023
Global pharmaceutical company Indivior (INDV), which is focused on substance abuse disorders, said first half revenues grew 12% to $428 million while adjusted operating profit fell 10% to $117 million impacted by increased operating expenses.
Management raised full year sales guidance for the company’s key opioid drug Sublocade by 7% to between $390 million and $420 million following stronger than expected growth achieved in the first half through June.
This represents year-on-year growth of 66% at the mid-point.
However, the company didn’t raise guidance for total revenues of between $840 million to $900 million (10% higher year-on-year) to reflect the risk of increased market share loss for its Suboxone Film opioid drug due to a potential new generic launch in the fourth quarter.
Suboxone Film is off patent which means competitors can make generic versions and sell them more cheaply.
Indivior reiterated guidance for adjusted operating income to be unchanged from the 2021 outcome of $187 million. The unchanged full year guidance left investors a little disappointed with the shares falling 1.4% to 303.4p.
SUBLOCADE MOMENTUM
Sublocade is the only long-acting treatment for opioid use disorder (OUD) which delivers a measured and controlled amount of the drug.
This keeps patients on an even keel and prevents the ‘highs’ and ‘lows’ associated with drug abuse. Injections are made monthly and can only be delivered by certified healthcare professionals.
Sales increased 76% to $183 million in the first half reflecting strong growth in the Organised Health System sales channel and increased new patient enrolments.
Total Sublocade patients were approximately 65,000 patients at the end of June, up 76% year-on-year.
Indivior also saw strong growth in sales of Perseris, a treatment for schizophrenia. Revenues grew 50% year-on-year to $12 million driven by investment in a national field force and increased access in the US healthcare system.
US LISTING
After consulting with stakeholders, the company said it intended to seek shareholder approval for an additional US listing in September.
The listing is expected to take place in the spring of 2023 and the company anticipates incurring $10 million to $15 million costs, half of which would be booked as exceptional.
The company said it believes ‘an additional US listing will be beneficial in elevating Indivior's visibility and profile in its largest market, and in potentially attracting a broader group of biopharma investors’.
Indivior also said it had purchased and cancelled 7.6 million shares at a weighted average price of 301. 83p in relation to its $100 million share buyback programme.
