Q3 2024 Indivior PLC Earnings Call Transcript
Key Points
- Indivior PLC (INDV) reported a 13% year-over-year increase in total net revenue for the third quarter, reaching $307 million.
- The company's adjusted operating profit increased by 62% to $97 million, indicating strong underlying profitability.
- Sublocade's market share of new patients was 72% at the end of the third quarter, maintaining its leadership position.
- Indivior PLC (INDV) is actively pursuing cost reduction strategies, including streamlining G&A expenses and reprioritizing its R&D pipeline.
- The company reached a preliminary agreement to settle the last remaining legacy antitrust cases for $40 million, which could resolve ongoing litigation issues.
- Despite a 2% increase in Sublocade dispenses quarter-over-quarter, there was a modest decline in net revenue due to trade destocking.
- The competitive landscape is impacting Sublocade's growth, with intensified competition leading to the loss of significant accounts.
- Indivior PLC (INDV) had to discontinue the development of certain pipeline assets, including a phase 2B study for cannabis use disorder that did not meet its endpoints.
- The company's adjusted gross margin decreased due to cost inflation and unfavorable pricing on specific production batches.
- Indivior PLC (INDV) revised its full-year 2024 guidance, reflecting headwinds from competition and funding fluctuations, with a midpoint growth of only 5% year-over-year.
Hello, everyone. Before we begin, I need to remind everyone that on today's call, we may make forward-looking statements that are subject to risks and uncertainties and that actual results may differ materially, we list the factors that may cause our results to be materially different. On slide. Two of this presentation, these statements are based on current information and beliefs and we disclaim any obligation to update them except where required by law.
We may also refer to non GAAP measures, the reconciliations for which may also be found in the appendix to this presentation that is now posted on our website at WW dott and Dier dotcom. I'll now turn the call over to Mark Crossley, our CEO.
Thank you Jason and good morning and good afternoon, everyone. Thanks for joining us. Joining me today are Ryan Preb, our Chief Financial Officer and Doctor Christian Hyb reader, our Chief Scientific Officer. I'll quickly
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