Indivior recuperates after confirming full year targets
Indivior
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16:54 03/05/24
Indivior said it expects to hit its full-year targets, boosted by higher than expected sales for its new longer-lasting opioid addiction treatment.
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After last week's success in the US courts, where a copycat version of Invidior's Suboxone Film was held back from being launched until the federal court of appeal issues an appropriate mandate, the FTSE 250 company said if there is no launch before the end of the year then net revenue and net income will reach the $990-1,020m and $230-255m guidance issued in September.
Indivior said that its new Sublocade injectable treatment, a monthly treatment it expects to replace Suboxone as its main product in the anti-opioid market, generated full year net revenues of roughly $12m, above the previous guidance range of $8-10m. Sublocade generated $3m of revenue in the third quarter and $2m in the second.
By the end of November, 1,195 doctors had administered Sublocade, up from 824 a month before, of which 199 had administered the treatment to at least five patients, up from 108.
Having previously said that it could drop the launch of its newly approved schizophrenia drug Perseris in the event of bad news about generic rivals for Suboxone, Indivior said it will now move ahead with the US launch with a 50-strong sales force in February.
At the end of November, the company had a cash balance of approximately $910m.
The board said its contingency plan had been updated to provide for the commercial success of Sublocade and Perseris while ensuring a minimum cash balance of $250m to remain in compliance with the company's debt covenants.
The contingency plan includes launching its own authorized generic of Suboxone, a cheaper version which would be expected to capture some share of the generic segment and generate net revenue in the range of tens of millions of dollars. Management also plan to "optimise" the base US and rest of the world businesses and "materially reduce" the cost base to a level appropriate to expected revenues once a generic rival to Suboxone is launched, with main savings coming from SG&A and R&D on top of the previously-announced targeted annual savings of $135-155m.