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Indivior PLC on Thursday reported a double-digit rise in both quarterly net revenue and profit, as it raises its full-year guidance.
For the third quarter of 2022, the Richmond, Virginia-based pharmaceutical firm reported net revenue of $232 million, up 24% from $187 million a year ago. It said net revenue growth was primarily driven by Sublocade.
Pretax profit increased by 74% to $54 million from $31 million. Operating income went up by 47% to $56 million from $38 million a year earlier.
Chief Executive Officer Mark Crossley said: "I am pleased to report another strong quarter of top-and bottom-line performance, led by our long-acting injectable medicines, Sublocade and Perseris, which are benefiting from the strategic investments we have made over the past year."
Sublocade is a prescription medicine used to treat adults with opioid drugs addiction, while Perseris reduces symptoms of schizophrenia in adults.
Indivior said Sublocade exceeded the $100 million milestone in quarterly net revenue "for the first time from continued strong execution against [its] Organized Health Systems strategy".
Its net revenue for 2022 is expected to be in the range of $405 million to $420 million, up 69% from $390 million to $420 million in 2021 at mid-point.
For the nine months that ended on September 30, total net revenue increased by 16% to $659 million from $568 million a year ago.
Looking ahead, Indivior lifted its 2022 net revenue guidance to a range of $890 million to $915 million, up 14% from $840 million to $900 million at the midpoint a year ago, based on "continued strong momentum of the business".
It also expects adjusted operating income to be broadly similar to 2021's adjusted operating income of $187 million, driven by the continued strong Sublocade growth.
Shares were up 1.8% at 1,636.00 pence each on Thursday morning in London.
In July, Indivior posted a 11% slip in pretax profit to $106 million for the six months ended June 30, from $119 million the same period a year earlier, even as net revenue rose 12% to $428 million from $381 million.
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