Shares in opioid addiction drugmaker Indivior rose today after it raised its full-year forecast on better-than expected sales.
The firm’s share price has been battered this year after its best-selling drug Suboxone faced competition from cheaper generic rivals in the US.
The company also faces a $3bn (£2.4bn) fine from US regulators for illegally marketing Suboxone.
Indivior said its net revenue was now expected to be in the range of $750m to $790m, up from $670m to $720m.
It said it expects net income in the range of $160m to $190m, up from $80m to $130m – excluding exceptional items and the impact of foreign currency swings.
Chief executive Shaun Thaxter said: “We are raising FY 2019 guidance to reflect continued stronger-than-expected market share performance of Suboxone Film. We cannot be certain how long this benefit will last and hence we continue to prudently manage the additional cash flow this is providing us to help transition our business towards our novel depot technologies, Sublocade and Perseris.”
Shares rose 5.8 per cent to 52p.