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Markets News

UPDATE 1-Drugmaker Indivior's Q3 profit slumps, sets full-year revenue target

(Adds details from the results, shares)

Oct 29 (Reuters) - British drugmaker Indivior Plc reported a near 70% slump in third-quarter profit on Thursday and said it expects full-year net revenue between a range of $595 million and $620 million.

The company, which makes opioid addiction treatments, said operating profit in the quarter ended Sept. 30 fell to $18 million from $57 million a year ago.

Indivior said it saw a modest improvement in new patient enrollments in the quarter compared to a rapid decline in the second quarter due to COVID-19 related disruptions.

Indivior has been hurt by legal hassles and competition even before the coronavirus outbreak.

Opioid addiction treatment Suboxone Film’s market share fell to 21% in the quarter, down nearly 5% from the year-ago period due to increased competition from generic variants.

Suboxone was one of the main treatments for addiction through a growing epidemic of opioid abuse in the United States.

Indivior shares were trading up nearly 2% at 108.1 pence in late afternoon trade. (Reporting by Aakash Jagadeesh Babu in Bengaluru; Editing by Rashmi Aich)

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