Business
Indivior Provides Preliminary Q3 2024 Results; Updates FY 2024 Guidance; Group Continues to Expect SUBLOCADE Peak Net Revenue of >$1.5 Billion
Conference Call Today at 8:00 AM US Eastern THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU)
About this update from Indivior Pharmaceuticals, Inc.
[{"type":"text","content":"Conference Call Today at 8:00 AM US Eastern\nTHIS 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., Oct. 10, 2024 /PRNewswire/ -- Indivior PLC (Nasdaq/LSE: INDV) today announced preliminary Q3 2024 financial results and provided updated FY 2024 guidance.\n\n \n \n \n \n \n \n\n \nGroup now sees lower than expected Q3 2024 and FY 2024 SUBLOCADE net revenue (NR) from a combination of faster initial adoption among treatment providers of the competing long-acting injectable (LAI), variability in the timing of funding among certain Criminal Justice System (CJS) accounts and incremental lower trade stocking.Preliminary Q3 2024 SUBLOCADE NR: $187m to $192mRevised FY 2024 SUBLOCADE NR: $725m to $745m (+17% at the midpoint vs. FY 2023)Expected peak SUBLOCADE NR of >$1.5 billion is unchanged, however the Group no longer expects a SUBLOCADE NR run rate of $1 billion exiting 2025.The Group is actively seeking efficiencies to fuel SUBLOCADE growth and support margins.Comment by Mark Crossley, CEO of Indivior PLC\n\"We are seeing faster than expected initial adoption of the competitive product to SUBLOCADE. This dynamic, together with greater variability in the timing of funding among Criminal Justice System customers, as well as incremental trade stocking pressure, has resulted in net revenue below our expectations set out in July. We are reducing our FY 2024 guidance to reflect these impacts. In addition, looking to the year ahead, as the US market adjusts to two LAI products, pressure on SUBLOCADE volume growth is expected from continued initial competitor adoption. Therefore, we no longer expect that SUBLOCADE will exit 2025 at a $1 billion net revenue run rate.\nWe remain firm in our conviction that SUBLOCADE has a differentiated and optimal profile for opioid use disorder (OUD) patients, including our belief that it will best meet the increasing challenges that synthetic opioids are presenting to OUD patients and treatment providers. Additionally, we expect SUBLOCADE's profile to be further enhanced with important label updates in February 2025 that, if approved by the FDA, are expected to improve both the patient and healthcare provider experience. We also ...