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Annual Results

Indivior net revenues rise

22 February 2017 09:27

Indivior's net revenue rose to $1,058m in 2016 - up 4% at actual exchange rates and up 5% at constant currencies.

Operating profit fell to $149m fro $346m after exceptional costs of $238m while adjusted operating profit rose to $387m (2015: $377m).

The company recorded a charge of $220m in the third quarter for investigative and antitrust litigation matters.

Indivior said: "The company continues in discussions with the Department of Justice about a possible resolution to its investigation.

"The company cannot predict with any certainty whether it will be able to reach ultimate resolution with the Department of Justice or any or all of the other parties, or the ultimate cost of resolving all of the matters.

"The final cost may be materially higher than this reserve."

Net income for the year was $35m (2015: $228m) after net financing costs of $51m (2015: $61m).

The company also announced preliminary 2017 guidance: net revenue of $1,050m-$1,080m and net income in a range of $200m-$220m excluding exceptionals and at constant exchange rates assuming no material change to current market conditions in the US.

It said the guidance also reflected a strategic decision to reinvest an additional $40m-$60m in driving future organic growth priorities.

Chief executive Shaun Thaxter said: "We outperformed our financial plan for the year and we made significant strategic progress against our objectives.

"The treatment market in the US grew by high single digits, with many new doctors certified, and more patients in treatment.

"Suboxone Film share of 61% in the US demonstrated the resilience of our core business in the face a highly competitive market featuring multiple generic and branded competitors.

"This resilience was underlined by our ANDA trial success in June against Actavis and Par; we retain belief in the strength of the IP on Suboxone Film, which will be tested again this year.

"We also took steps to further enhance our compliance capability to keep pace with the expected market growth.

"Our pipeline of potential treatments for addiction made progress.

"The potentially transformational Monthly Depot of Buprenorphine completed its Phase III trials and is on track to submit its NDA in Q2 this year while our Monthly Risperidone Depot completed its Phase III trials and is on track for filing later this year.

"We successfully filed our NDA for Suboxone Tablets in China at the end of 2016.

"Our guidance for 2017, if delivered, would represent another year of progress for the Company building on the growth achieved in 2016, albeit it assumes no material change in the US market.

"We are looking for a second year of net revenue growth in a growing marketplace, and for profit to be resilient taking account of a more ambitious investment plan to drive longer-term organic opportunities."

At 9:27am: (LON:INDV) Indivior Plc share price was -54.9p at 314.7p

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