Indivior share price hit as US rivals hurt profits
Shares at Indivior crumbled during yesterday’s trade but recovered to be down only 2.4 per cent.
The FTSE-listed company which specialises in the production of Suboxone, a substitute used by recovering heroin addicts, was spun off last December from Reckitt Benckiser – the Slough-based health giant whose brands range from Dettol to Durex.
The company saw increasing competition in the US eat away at its commanding market share, which declined from 67 per cent to 58 per cent on the year, combined with the increasing costs of R&D to ensure a sharp fall in full-year profit of 16 per cent to $586m.
Revenues also declined on an adjusted basis to $1.1bn, down eight per cent on the previous year. Net income guidance stayed in a range of $130m to $155m for the year.
Chief executive officer Shaun Thaxter, said he was confident the opportunity for the company “grows more exciting every year.”