MicroStockHub
U.K.-listed shares of Indivior (NASDAQ:INDV) lost more than a third on Tuesday after the pharma company lowered its FY 2024 financial outlook, citing, among other things, sales headwinds related to Sublocade, a prescription drug indicated for opioid use disorder.
Indivior (INDV), based in North Chesterfield, Virginia, also announced a decision to immediately discontinue sales and marketing of its schizophrenia therapy, Perseris. This, it said, would reduce the company's headcount by approximately 130 employees.
Meanwhile, its revised FY24 net revenue guidance stands at $1,150M—$1,215M, implying ~8% YoY growth at the midpoint compared to ~18% YoY growth indicated in its previous guidance issued in May.
Indivior (INDV) also updated its Q2 2024 net revenue outlook to $295M—$303M, primarily to reflect adverse sales conditions, including headwinds on Sublocade sales resulting mainly from the end of COVID-era Medicaid coverage renewals.
The company also announced a settlement with multiple plaintiffs, including Molina Healthcare (MOH) and the Aetna unit of CVS (CVS), to resolve an antitrust lawsuit before its trial gets underway next week.
Per the terms, Indivior (INDV) will pay $85M from its cash on hand to settle the litigation and, as a result, take a similar charge in its Q2 financials.