Invidior has announced a $100 plan to return capital to shareholders, with the pharmaceutical firm on track to achieve its full-year guidance.
Net revenues in the FTSE 250 company have spiked 15 per cent year-on-year during the first quarter, rising from $180m to $207m.
Its key growth driver, Subcolade (buprenorphine extended-release) injection, is increasingly available to US patients meet the needs of opioid use disorder patient
Sublocade revenues have risen 98 per cent year-on-year and 13 per cent over the past three months to $85m, with continued new patient enrolments.
However, operating profits have fallen five per cent alongside a steep 49 per cent drop in net income, following the expected unwind of trade payables and the required $289m payment to the Department of Justice for the unlawful marketing of opioid drug Suboxone.
In the first quarter of the year, the group invested in a portfolio of investment-grade debt securities for $139m and ordinary shares of Aelis Farma, costing $11m.
Chief executive Mark Crossley said the results put Indivior on track to meet its full-year guidance.
Commenting on the buyback plan, he said: “We are today announcing a new share repurchase program for up to $100m which underscores our consistent and disciplined approach to capital allocation that appropriately balances returning capital to shareholders with maintaining our ability to execute on our strategic priorities.”