Indivior PLC further increased its earnings guidance for 2019, citing the continued stronger-than-expected market performance of its opioid addiction therapy Suboxone Film.
The London-listed company now expects group net revenue to be in the range of $750 million to $790 million, up from its previous outlook of $670 million to $720 million.
Indivior's net income is also projected to reach $160 million to $190 million, from the prior guidance of $80 million to $130 million, excluding exceptional items and foreign exchange.
In July, Indivior raised its earnings outlook for the year due to the slower-than-expected market share erosion of Suboxone Film.
The company's shares were up 11.01% to 54.83 pence as of 9:35 a.m. London time on Oct. 15 following the announcement.
Meanwhile, the company narrowed its net revenue forecast for its Sublocade injection — an extended-release version of buprenorphine, the current standard of care for opioid withdrawal — to the range of $60 million to $70 million. The prior outlook was in the range of $50 million to $70 million.
Indivior said the revised net revenue guidance incorporated the expected negative impact of increased rebating in U.S. government channels following the passing of H.R. 4378 — the Continuing Appropriations Act 2020 and Health Extenders Act of 2019.
Indivior has given notice to Novartis AG unit Sandoz Inc. of its intention to stop producing the authorized generic of buprenorphine/naloxone sublingual film as a way of easing the legislation's negative impact in 2020 and beyond, the company noted.