Shares in addiction treatment pharma firm Indivior took a eight per cent hit this morning after it said sales for the year would be lower than expected.
Indivior on Wednesday said full-year sales would be revised down to between $990m (£755m) and $1.02bn (£780m) from its February estimate of between $1.13bn and $1.17bn.
In particular, it said the rollout of its new opioid drug treatment Sublocade had been hit by "inefficiencies" and numbers were now expected to be significantly lower, bringing expected sales down from $25m-$50m to $8m-$10m.
It follows the company flagging "some friction" in the distribution and reimbursement model for Sublocade, which made doctors unwilling to prescribe the anti-addiction drug.
"In the near-term, we acknowledge that with respect to Sublocade we have substantially underestimated the lag time associated with the approval of medical benefit coverage of individual patients," Indivior said yesterday.
Jeffries analysts late yesterday cut their price target from 540p to 250p after the announcement. Shares in the firm have dropped 52 per cent since the start of the year.