Business
Indivior Provides Business Update; Conference Call at 8:00 AM U.S. EDT
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF DOMESTIC LAW IN
About this update from Indivior Pharmaceuticals, Inc.
[{"type":"text","content":"THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).\nRICHMOND, Va., July 9, 2024 /PRNewswire/ -- Indivior PLC (Nasdaq/LSE: INDV) today announces a business update encompassing the Group's outlook for Q2 and FY 2024 financial performance, its product portfolio and litigation. Indivior is:\n\n \n \n \n \n \n \n\n \nUpdating Q2 net revenue (NR) expectations and FY 2024 guidance to reflect continued adverse market dynamics impacting near-term SUBLOCADE NR growth as well as the initial commercial adoption of OPVEE; At the mid-point, the Group continues to expect strong YOY NR growth for SUBLOCADE of 25% and YOY adjusted operating income growth of 12% in FY 2024;Reiterating its medium-term financial outlook for double-digit NR growth and operating margin expansion, based on its confidence in achieving its intermediate and peak NR goals for SUBLOCADE as well as peak NR expectations for OPVEE;Discontinuing sales and marketing for PERSERIS due to expected adverse impacts from increased payor management of the category that crystalized in Q2 and that are expected to make the product no longer financially viable; and,Reaching a settlement agreement with end payor plaintiffs in the Health Care Services Corp (HCSC) consolidated cases to resolve the litigation for $85m.Comment by Mark Crossley, CEO of Indivior PLC\"Despite positive early performance trends at the start of the second quarter, SUBLOCADE net revenue (NR) has continued to be impacted more than we expected by a combination of transitory factors, primarily the elimination of COVID emergency measures related to automatic Medicaid coverage renewals. Furthermore, as we look to the second half of the year, the U.S. government has extended renewal allowances for certain States which will further delay the annualization of this significant headwind. We are therefore reducing our FY 2024 guidance to reflect these impacts. Importantly, despite the disproportionate disruption to our patient base, we expect SUBLOCADE NR to grow by 25% at the mid-point of our new guidance range, reflecting strong underlying demand.\nLooking beyond these transitory impacts, we remain firm in our conviction that SUBLOCADE's unique profile to add...