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Drugmaker Indivior raised its earnings guidance on a stronger-than-expected first half, during which its opioid-addiction treatment loss less market share than expected following the launch of copycat drugs from rivals.
Indivior said it now expected full-year2019 revenue to be in the range of $670m to $720m, up from $525m to $575m previously and net income in the range of $80m to $130m, up from $40m to $10m previously,
Cash at the first half of 2019 was expected to be approximately $985m.
The primary driver for the upgraded outlook had been 'the market share outperformance of its branded SUBOXONE (buprenorphine and naloxone) Film when compared with historic analogues of branded pharmaceutical products facing generic competition.'
'Our financial performance and strong cash position largely reflect the slower-than-expected pace of erosion of SUBOXONE Film and the sustained leadership position of the authorized generic buprenorphine/naloxone film that is being marketed by Sandoz,' the company said.
'We are seeing continued growth in SUBLOCADE as we improve the prescription journey and increase HCP trial and adoption, and we are continuing to see early interest in PERSERIS.'
The company is slated to release its half-year results on 31st July.
At 8:26am: (LON:INDV) Indivior Plc share price was +13.66p at 57.96p