Addiction Treatment Company, Indivior, Reports 12% YoY Growth For First Quarter Led By Sublocade Sales

A global pharmaceutical company focused on developing medicines to treat substance use disorders (SUD) and serious mental illnesses, Indivior INDV reported its financial results Thursday for the first quarter of the year. For the three months ended March 31st, the Richmond, Virginia-headquartered company disclosed net revenue of $284 million, up by 12% from $253 million in the same period of 2023.

"Our first quarter results reflect continued double-digit top-line momentum led by SUBLOCADE (buprenorphine extended-release)," stated Indivior CEO Mark Crossley. “The underlying demand for this transformative treatment for moderate-to-severe opioid use disorder (OUD) remains strong and our strategy to expand prescribing in the justice system is delivering excellent results. SUBLOCADE's reported growth was, however, adversely impacted by transitory items, including accelerating Medicaid patient disenrollments, a cyberattack on the largest U.S. medical claims processor, and abnormal trade destocking. We fully expect these items to resolve as the year progresses." 

Crossley reconfirmed the company's previous 2024 guidance including SUBLOCADE net revenue of $820 million to $880 million and approximately 300 basis points of margin expansion at the mid-points of its guidance range.

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Q1 Key Takeaways

• Net income amounted to $47 million, versus net income of $44 million in the first quarter of 2023. 
• Operating profit was $65 million, compared to $57 million in the same period last year. 
• Cash and investment totaled $ 356 million at the end of the first quarter (including$27m restricted for self-insurance), primarily reflecting quarterly net cash outflows related to scheduled litigation settlement payments, shares repurchased and canceled, and taxes paid.
• U.S. net revenue increased 15% to $241 million from $209 million in the first quarter of 2023. Strong year-over-year SUBLOCADE volume growth primarily drove the net revenue increase. Pricing was not a material factor in revenue growth.
• Rest of world net revenue decreased by 2% to $43 million from the same period last year. 

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