Indivior Provides Preliminary Q3 2024 Results; Updates FY 2024 Guidance; Group Continues to Expect SUBLOCADE Peak Net Revenue of >$1.5 Billion

RICHMOND, Va., Oct. 10, 2024 /PRNewswire/ -- Indivior PLC (Nasdaq/LSE: INDV) today announced preliminary Q3 2024 financial results and provided updated FY 2024 guidance.

Comment by Mark Crossley, CEO of Indivior PLC

"We are seeing faster than expected initial adoption of the competitive product to SUBLOCADE. This dynamic, together with greater variability in the timing of funding among Criminal Justice System customers, as well as incremental trade stocking pressure, has resulted in net revenue below our expectations set out in July. We are reducing our FY 2024 guidance to reflect these impacts. In addition, looking to the year ahead, as the US market adjusts to two LAI products, pressure on SUBLOCADE volume growth is expected from continued initial competitor adoption. Therefore, we no longer expect that SUBLOCADE will exit 2025 at a $1 billion net revenue run rate.

We remain firm in our conviction that SUBLOCADE has a differentiated and optimal profile for opioid use disorder (OUD) patients, including our belief that it will best meet the increasing challenges that synthetic opioids are presenting to OUD patients and treatment providers. Additionally, we expect SUBLOCADE's profile to be further enhanced with important label updates in February 2025 that, if approved by the FDA, are expected to improve both the patient and healthcare provider experience. We also are actively evaluating actions to fuel SUBLOCADE's growth and to support margins.

Further, we have been tracking multiple market cohorts since the competitor's launch a year ago and, while we have seen faster than expected initial adoption, recent market data is consistently showing that SUBLOCADE's share is stabilizing at levels demonstrating its leading position in the clinic. Coupled with the continued expected growth of the wider LAI market, we believe this evidence validates the significant market opportunity we see for SUBLOCADE and we believe it confirms our unchanged peak annual SUBLOCADE NR expectation of greater than $1.5 billion."

Preliminary Q3 Net Revenue Expectations:

The Group is providing the below preliminary expectations for key NR drivers for Q3 2024.

Updated FY 2024 Guidance¹:

Conference Call Information:

Indivior will host a presentation via live webcast at 1:00 p.m.London time (8:00 a.m. U.S. Eastern) today. The webcast event can be accessed on the "Investors" section of the Group's website at www.indivior.com before the event begins.

Participants may access the event telephonically to ask a question by registering with the following link: https://register.vevent.com/register/BI1645f2be3a89406283143f50502ce9b8
(Registrants will have an option to be called back directly immediately prior to the call or be provided a call-in # with a unique pin code following their registration)

The webcast link is: https://edge.media-server.com/mmc/p/n9euz3cz

Important Cautionary Note Regarding Forward-looking Statements 

This press release contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding: financial guidance for Q3 and full year 2024, including sales expectations for SUBLOCADE, PERSERIS, and OPVEE, and other financial metrics such as market share, adjusted gross margin, adjusted SG&A, research and development expenses, and adjusted operating profit; peak net revenue goals for SUBLOCADE; our present intention to take actions to fund and accelerate SUBLOCADE Net Revenue growth, including resource reallocation and investment prioritization for additional SUBLOCADE growth initiatives, and whether those will be successful; expectations for SUBLOCADE growth in the near, medium, and long-term, including that it will hit a peak net revenue goal of >1.5 billion; and other statements containing the words "believe," "anticipate," "plan," "expect," "expectation," "intend," "estimate," "forecast," "strategy," "target," "guidance," "outlook," "potential," "project," "priority," "may," "will," "should," "would," "could," "can," "outlook," "guidance," the negatives thereof, and variations thereon and similar expressions. By their nature, such forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future. 

Actual results may differ materially from those expressed or implied in these forward-looking statements due to a number of factors, including: lower than expected future sales of our products; increased impacts from competition; failure to achieve market acceptance of OPVEE; unanticipated costs; whether we are able to identify and fund additional investments that we expect to generate increased revenues, and the timing of such actions; and our belief that SUBLOCADE will meet the challenges that synthetic opioids present to patients and treatment providers. For information about some of the risks and important factors that could affect our future results and financial condition, see "Risk Factors" in Indivior's Annual Report on Form 20-F for the fiscal year 2023 and its other filings with the U.S. Securities and Exchange Commission. 

We have based the forward-looking statements in this press release on our current expectations and beliefs concerning future events. Forward-looking statements contained in this press release apply only at the date of this press release, and except as required by law we undertake no obligation publicly to update or revise any forward-looking statement, whether due to new information, future developments or otherwise. 

About Indivior
Indivior is a global pharmaceutical company working to help change patients' lives by developing medicines to treat substance use disorders (SUD), overdose and serious mental illnesses. Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of SUD. Indivior is dedicated to transforming SUD from a global human crisis to a recognized and treated chronic disease. Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to both expand on its heritage in this category and potentially address other chronic conditions and co-occurring disorders of SUD, including alcohol use disorder and cannabis use disorder. Headquartered in the United States in Richmond, VA, Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/indivior. 

This release is being made by Kathryn Hudson, Company Secretary Indivior PLC.

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