Indivior mulls US listing after turning around losses
Pharmaceuticals company Indivior is mulling a US listing after bouncing back from heavy losses suffered in 2020.
Indivior saw operating profits climb to $213m in the 2021 financial year, following a loss of $156m a year prior, while annual revenue jumped by a fifth to $791m. The FTSE-250 listed company, which specialises in treatments for addiction and mental illness, predicted an even stronger performance in 2022 with net revenue expected to fall within a range of $840m to $900m.
“In FY 2021 we made excellent progress against our Strategic Priorities and delivered strong financial results,” said Indivior chief executive Mark Crossley.
“Together with the Board we have been assessing the optimal listing structure for Indivior’s shares,” Crossley continued.
“Our preliminary view is that an additional US listing is likely to be beneficial to the Group’s profile and visibility, as approximately 80 per cent of the Group’s net revenue is generated in the US. We are aware that this is an important topic, and the Board and management intend to consult extensively with shareholders before concluding on any future path,” he continued.
Indivior ended the financial year with a cash balance of $1,1bn, up from $858m a year prior.
The company strengthened its investment in its Organized Health Systems channel which allowed them to nearly double revenue from SUBLOCADE® , an injection used to treat opioid addiction, to $244m, putting the company on track to meet a $1bn annual net revenue target for the drug. Crossley said the company’s 2022 plans will cause the treatment to become the largest net revenue driver for the Group during the year
Read more: Opioid treatment firm Indivior upgrades outlook and shares take off