(Reuters) – Indivior Plc on Tuesday raised its full-year forecasts as the embattled British drugmaker’s best-selling opioid addiction drug Suboxone fared better than expected in the face of competition from copycats.
Shares in the company have more than halved in value this year as the London-listed firm grapples with the arrival of cheaper alternatives for Suboxone after having lost out on multiple legal appeals.
That prompted Indivior to forecast a rapid loss in market share for the blockbuster treatment, which saw a slower-than expected market share loss. The company also faces a $3 billion fine in the United States for illegally marketing Suboxone.
On Tuesday, Indivior said it intends to cease production of its authorized Suboxone generic to cut losses from a change in rebating policy in the United States and instead focus on its newer injectable treatment, Sublocade.
The drugmaker reported revenue of over $1 billion last year – generated largely from the United States and from sales of Suboxone.
Indivior now expects full-year net revenue to be in the range of $750 million to $790 million, compared with the prior forecast of $670 million to $720 million. It also expects to report higher profit than the prior expectation.
The company tightened its forecast for Sublocade revenue to be between $60 million and $70 million.
Shares in Indivior were up 12.4% at 55.5 pence as of 0723 GMT.
(Reporting by Aakash Jagadeesh Babu and Pushkala Aripaka in Bengaluru; Editing by Subhranshu Sahu)