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Indivior PLC said on Thursday its strong start to 2022 had put it on track to meet its annual guidance as the company also announced a new $100 million buyback.
The Virginia, US-base pharmaceutical company reported net income fell 49% in the first quarter against the previous year to $41 million from $80 million. Per share, earnings dropped 45% to $0.06 from $0.11.
Revenue rose 15% to $207 million from $180 million. The key growth driver was its Sublocade injection, which the company said is continuing to make good progress following the growth investments made in the second half of 2021.
Sublocade, a buprenorphine extended-release injection, is used in the treatment of opioid addiction. Total Sublocade patients were up 16% in the quarter to 57,000 from 49,000 the previous year.
Indivior said its guidance for 2022 remains unchanged. Previously, the company said expects its 2022 revenue to be between $840 million to $900 million. In 2021, revenue totalled $791 million.
The company also announced a new share buyback programme of up to $100 million as well as stating its intention for a possible listing of Indivior shares in the US.
Chief Executive Mark Crossley said: ‘We continue to consult widely with our shareholders on an additional US listing for Indivior shares and, if supported, we expect to seek formal shareholder approval in September of this year that would facilitate an additional listing in the US.’
Shares in Indivior were up 3.3% at 333.80 pence on Thursday in London.
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