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Drug company Indivior upgraded its full-year profit outlook following stronger-than-expected net revenue performance as sales of its opioid addiction treatment had fared better than expected despite competition from generics.
Full-year revenue was now expected to be in the range of $750m to $790m, up from a range of $670m to $720m previously and net income in the range of $160m to $190m, up from a range of $80m to $130m.
The primary driver was the expected continued market share performance through 2019 of its opioid addiction treatment, Suboxone Film, when compared with historic data of branded pharmaceutical products facing generic competition, the company said.
Indivior also narrowed its full-year net revenue guidance range for Sublocade injection to $60m to $70m, from a range of $50m to $70m previously.
The revised revenue guidance also included an expected hit from a recent law, which came into effect on 1 October, and included changes to how the average manufacturer price for branded drugs was calculated.
'In order to mitigate the impact from the legislation in 2020 and beyond, Indivior has given notice to Sandoz Inc. of its intention to cease production of its authorized generic buprenorphine/naloxone sublingual film,' the company said.
Cash at the third of 2019 was expected to be approximately $1,020m.
At 8:02am: (LON:INDV) Indivior Plc share price was +8.61p at 58p