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Indivior swings to annual loss on competition from generic drugs
StockMarketWire.com
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Drugmaker Indivior swung to a loss in 2020 as revenue slipped amid competition from generic drugs to treat opioid dependence.
For the year ended 31 December, the company reported a pre-tax loss $173 million, compared with a profit of $180 million year-on-year as revenue slipped 39% to $647 million.
The loss was driven by exceptional costs of $244 million primarily related to litigation settlements, and a loss of Suboxone film share loss.
The company, however, said it has de-risked the business as it works toward the transformational potential of Subloclade.
Looking to 2021, the company guided net revenue of $625 million, with Subclocade revenue between $185 million and $210 million and Perseris revenue in a range of $17 million to $20 million.
If COVID-19 pandemic restrictions persist in the second of 2021, revenue is expected to come in at $565 million, the company said.
Adjusted gross margin, meanwhile, was forecast to return to mid-80's in 2022 as more profitable Subloclade was expected to grow as a proportion of total revenue, it added.
Story provided by StockMarketWire.com
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