Indivior raises 2015 guidance but quarterly income declines

Specialty pharmaceuticals company Indivior posted a 9% drop in third-quarter revenue but lifted its revenue and income guidance for the full year.

For the three months to the end of September, net revenue came in at $766m (£498m) compared with $844m (£548.6m) in the same period last year. The company said strong market growth was offset by lower market share and higher rebates in connection with formulary access in the US.

Operating profit decreased to $308m (£200m) from $458m (£298m) last year, while net income fell to $191m (£124m) from $326m (£212m).

Chief executive officer Shaun Thaxter said: “Our performance this year to date continues to run well ahead of our plan, which anticipated a more challenging market environment beginning in the second quarter.

“As we see no imminent change in conditions, we can raise our guidance for the full year. This over-delivery against our plan allows us both to reward shareholders with higher than expected profits, while using a proportion of the over-delivery to reinvest in the long-term organic growth drivers of our business.”

The company lifted its net revenue guidance to between $990m and $1.01bn from $935m to $965m and its net income guidance to $215m-$225m from $185m-$210m.

At 1240 GMT, shares were down 2.9% at 207.30p.