London-listed shares of specialty pharmaceutical firm Indivior surged nearly 20% on Thursday after the company launched a $100 million share buyback and reported higher second-quarter net revenue from its opioid addiction treatment.
Indivior, which recently moved its primary listing to the United States, reaffirmed its full-year adjusted operating profit expectations to be between $285 million and $320 million.
The company saw a 24% increase in net revenue from Sublocade, its leading opioid addiction treatment, compared to the previous year. Earlier this month, Indivior had lowered its full-year net revenue forecast for Sublocade due to intense competition from the launch of Brixadi by Swedish drugmaker Camurus. Despite this, CEO Mark Crossley emphasized that the underlying demand for Sublocade for moderate-to-severe opioid use disorder remains strong in a market that continues to be heavily under-treated.
Sublocade, a significant contributor to more than half of Indivior’s annual revenue, showcased robust performance despite competitive pressures.
Indivior’s adjusted operating profit rose by 11% to $79 million for the three months ending June 30.
The strategic $100 million share buyback and reaffirmation of profit expectations reflect Indivior’s confidence in its financial stability and market position. This positive outlook, combined with the strong quarterly performance, has significantly boosted investor confidence, resulting in the surge of its share price.
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