(Reuters) -Indivior Plc lowered its profit forecast for the year on Tuesday while announcing it would discontinue sales of its schizophrenia drug Perseris and cut about 130 jobs, sending its shares down nearly 38% in early trade.
The company lowered its adjusted operating profit forecast to between $285 million to $320 million from $330 million to $380 million.
CEO Mark Crossley said in a statement that anticipated higher payer management related to Perseris made production “no longer financially viable” and so it would be discontinued.
Indivior will continue to supply Perseris for the foreseeable future to avoid disruption to patient care but will no longer deploy a dedicated sales force, the company added.
The drugmaker moved its primary listing to the United States last month. Its proprietary treatments are U.S.-centred and U.S.-based investors account for nearly 50% of its shareholder base.
London-listed shares of Indivior were down nearly 38% at 733 pence as of 0722 GMT.
The company also flagged that net revenue for its drug SUBLOCADE, used to treat opioid-related disorders, has continued to be impacted more than expected primarily due to the elimination of COVID-19 emergency measures related to automatic Medicaid coverage renewals.
(Reporting by Radhika Anilkumar in Bengaluru; editing by Sonia Cheema, Sohini Goswami and Jason Neely)
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