Yahoo Finanza Indivior PLC (INDV) Q1 2024 Earnings Call Transcript Highlights: Navigating Challenges with ...
Total Net Revenue: Grew 12% year-over-year to $284 million.
Adjusted Operating Profit: $70 million, declined modestly versus last year.
SUBLOCADE Net Revenue: Increased by 36% year-over-year.
US Net Revenue: Grew by 15% year-over-year.
Rest of World Net Revenue: Down 2% on a reported and constant currency basis.
PERSERIS Net Revenue: Reported at $11 million, up 38% versus the prior year.
OPVEE Net Revenue: Described as modest; full-year guidance of $15 million to $25 million.
Adjusted Gross Margin: Remained flat at 85%.
Adjusted SG&A Expenses: $143 million, up 22% versus Q1 of last year.
R&D Expenses: $28 million, an increase of 4% versus Q1 of last year.
Adjusted Net Income: $51 million, decreased 9% versus Q1 of last year.
Gross Cash Investments: Ended the quarter with $356 million.
Release Date: April 25, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q & A Highlights
Q: What are the current markets for SUBLOCADE outside the US? A: Mark Crossley, CEO of Indivior, mentioned that SUBLOCADE is currently available in Finland, Germany, Sweden, Australia, Canada, and Israel.
Q: Can you elaborate on the impact of the Change Healthcare cyberattack on SUBLOCADE's performance? A: CEO Mark Crossley explained that the cyberattack on February 21 significantly disrupted SUBLOCADE's growth, particularly affecting new patient and refill adjudications, which contributed to a mid- to high-single-digit percentage decrease in SUBLOCADE's sequential dispense growth in the US.
Q: How is the destocking issue related to the Change Healthcare cyberattack, and what is its impact on future quarters? A: Mark Crossley indicated that the destocking, estimated between $5 million and $7 million, likely resulted from disruptions caused by the cyberattack. He expects stock levels to normalize in the coming months, potentially providing a tailwind in Q2 or Q3.
Q: What are the expectations for SUBLOCADE's revenue growth, considering the current challenges? A: Despite the challenges, CEO Mark Crossley reaffirmed the full-year net revenue guidance for SUBLOCADE, expressing confidence in achieving the forecasted range of $820 million to $880 million due to strong underlying demand and strategic initiatives.
Q: Could you discuss the potential impact of the new 12-week room temperature shelf life approval for SUBLOCADE? A: Mark Crossley highlighted that the new 12-week room temperature shelf life could simplify storage requirements for physicians and specialty pharmacies, potentially making SUBLOCADE more accessible and reducing barriers for new prescribers.
Q: What are the next steps for AEF-0117 for cannabis use disorder following the upcoming Phase 2b trial results? A: Christian Heidbreder, Chief Scientific Officer, noted that following the Phase 2b results expected in Q3, Indivior will consult with the FDA to discuss the trial data and determine the design and endpoints for the pivotal Phase 3 trial, which will shape the future development strategy for AEF-0117.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
