Investing.com -- Shares of Indivior Plc (LON:INDV) jumped on Thursday following its third-quarter results, which beat expectations.
At 4:18 am (0818 GMT), Indivior was trading 10.2% higher at £720.
“The general market conditions we highlighted at that time continue and are reflected in our maintained FY 2024 outlook,” said Mark Crossley, chief executive ar Indivior in a statement.
For the third quarter of 2024, Indivior reported net revenues of $307 million, slightly above the consensus estimate of $303 million.
“Headline 3Q24 figures beat consensus due to strong Suboxone Film but Sublocade growth is flat QoQ,” said analysts at Jefferies in a note.
Sublocade, another key product, generated $191 million in revenue, meeting analyst expectations and reflecting a year-over-year growth of 14%.
However, its quarter-over-quarter growth remained flat, due to competitive pressures in the market.
Analysts at Jefferies pointed out that the growth of Sublocade was offset by a reduction in inventory levels compared to the previous year, as well as a shift in the channel mix and improved trade spending.
While pricing did not play a major role in the growth of net revenues, the overall sales mix reflected a robust demand for both Sublocade and Suboxone Film.
“Despite these near-term competitive headwinds, we remain firm in our belief that SUBLOCADE has a differentiated and optimal profile for opioid use disorder patients, particularly with the ongoing proliferation of potent synthetic opioids,” Crossley said.
The company's adjusted EBIT for the quarter reached $97 million, surpassing expectations of $76 million.
Adjusted net income stood at $72 million, beating the consensus of $58 million, and the adjusted diluted EPS was reported at $0.54, compared to the anticipated $0.43.
Additionally, Indivior announced the settlement of its remaining antitrust litigation, which amounted to $39 million. This resolution is expected to alleviate some of the uncertainties surrounding the company's legal challenges.
By January 31, 2025, the company anticipates completing its $100 million share buyback program, which has repurchased $53 million of shares.
Indivior has adjusted its full-year guidance, now projecting net revenues between $1,125 million and $1,165 million, down from a prior estimate of $1,150 million to $1,215 million.
This revision is primarily influenced by the competitive landscape surrounding Sublocade, which is now expected to generate revenues between $725 million and $745 million, a decrease from previous forecasts.