REG - Indivior PLC - 1st Quarter Results
24/04/2025 07:02
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RNS Number : 9472F Indivior PLC 24 April 2025
April 24, 2025
Indivior Announces Results for the First Quarter Ended March 31, 2025; FY 2025
Guidance Unchanged
• Total Net Revenue (NR) of $266m in Line with Expectations
• SUBLOCADE® NR of $176m is Consistent with FY 2025 Guidance of $725m to
$765m
• On Track to Deliver Gross Annual Operating Expense Savings of Over $100m
in FY 2025
Unaudited, $m Q1 2025 Q1 2024 % Change(2)
Net Revenue 266 284 (6)%
Operating Income 66 75 (12)%
Net Income 47 61 (23)%
Diluted EPS(2) ($) $0.38 $0.45 (15)%
Non-GAAP Measures
Non-GAAP Operating Income(1) 69 76 (10)%
Non-GAAP Net Income(1) 51 57 (11)%
Non-GAAP Diluted EPS(1,2) ($) $0.41 $0.42 (2)%
(1) Non-GAAP measures exclude the impact of non-recurring items and other
adjustments. Refer to "Reconciliation of GAAP to non-GAAP financial
information" on page 11. Non-GAAP measures are not a substitute for, or
superior to, results presented in accordance with US GAAP.
(2) Percentages and per share data have been calculated using actual,
non-rounded figures.
The "Company" refers to Indivior PLC and its consolidated subsidiaries.
"Our first quarter results were in line with our planning assumptions and
consistent with our FY 2025 outlook," said Mark Crossley, Chief Executive
Officer. "Net revenue performance was primarily impacted by intensified
generic competition for SUBOXONE Film in the U.S. and the discontinuation of
PERSERIS in the prior year. SUBLOCADE continued to grow solidly year-over-year
in organized health systems (OHS), but as expected, net revenue declined
modestly due to near-term impacts from funding gaps among certain justice
system customers. We expect to generate SUBLOCADE growth again in the second
half of FY 2025 from our increased marketing investments and the important
FDA-approved label changes that further improve the patient and physician
experience."
"As previously announced, I will be stepping down as CEO of Indivior next
month. It has been an honor to lead the Company over the past five years and I
would like to add a personal note of thanks to all my colleagues for
tirelessly pursuing our goal of making meaningful recovery from addiction
humanly possible. The opioid epidemic remains one of the greatest health
challenges of our time and our mission and vision are as relevant as ever. I
believe that our team, under Joe Ciaffoni's leadership, will deliver the next
chapter of growth and value creation for Indivior."
Q1 2025 Product Highlights
• SUBLOCADE (buprenorphine extended-release) Injection: Overall Q1
2025 NR of $176m (2)% vs. Q1 2024. As expected, the modest year-over-year
decline in SUBLOCADE NR in Q1 2025 reflected solid dispense volume growth in
the organized health system (OHS) channel, more than offset by an expected
dispense volume decline in the justice system channel due to near-term funding
gaps among certain customers as well as unfavorable pricing/channel mix. Total
U.S. patients on a 12-month rolling basis at the end of Q1 2025 were
approximately 170,700 (+14% vs. Q1 2024 and unchanged vs. Q4 2024). Q1 2025
U.S. units dispensed were approximately 151,900 (+2% vs. Q1 2024 and (6)% vs.
Q4 2024).
• OPVEE® (nalmefene) nasal spray: Q1 2025 NR was immaterial.
Near-term launch focus is on supporting policy changes to enable broader
access to nalmefene opioid rescue treatments and on increasing product trial
among targeted users.
• SUBOXONE® (buprenorphine/naloxone) Film: U.S. SUBOXONE Film net
revenue declined in Q1 2025 due to intensified competitive activity from
generic film providers. U.S. SUBOXONE Film share of oral buprenorphine
medication assisted treatment (BMAT) was 14.8% in Q1 2025 (Q1 2024: 17.5%),
in-line with the Company's expectations.
SUBLOCADE Label Update
On February 24, 2025, the FDA approved label changes for SUBLOCADE, including
a rapid initiation protocol and alternative injection sites, which further
improve the patient and physician experience and mark an advancement in the
treatment of moderate to severe opioid use disorder (OUD). Key SUBLOCADE label
changes include:
• Rapid Initiation Protocol: Healthcare providers can now initiate
treatment with SUBLOCADE after a single dose of transmucosal buprenorphine and
a one-hour observation period to confirm tolerability. In addition, the second
injection of SUBLOCADE may be administered as early as one week after the
first injection to rapidly achieve and maintain target plasma buprenorphine
levels (>2-3 ng/mL) to control symptoms of craving and withdrawal,
particularly in synthetic opioid users.
• Alternative Injection Sites: SUBLOCADE can now be administered
subcutaneously in the abdomen, thigh, buttock, or back of the upper arm,
offering patients and healthcare providers increased flexibility in treatment
administration.
Pipeline Update
• INDV-2000 (Selective OREXIN-1 Receptor Antagonist): Phase 2
proof of concept study. First subject first visit achieved June 10, 2024.
Estimated last subject last visit is now expected in H1 2026 (previously Q4
2025). The delay is due to a lower than expected conversion rate from subject
screening to study enrollment.
• INDV-6001 (3-Month Buprenorphine Long-acting Injectable):
Multiple dose clinical Phase 2 Pharmacokinetics (PK) study. First subject
first visit achieved September 17, 2024. Estimated last subject last visit is
Q4 2025.
Share Repurchase Program
Indivior's fourth $100m share repurchase program was completed on January 31,
2025. Under this program, the Company repurchased and canceled 9,415,726
Indivior ordinary shares at a weighted average purchase price of $10.62.
FY 2025 Guidance Unchanged
The Company's guidance for FY 2025 under U.S. GAAP is unchanged.
Guidance assumes no material change in exchange rates for key currencies
compared with FY 2024 average rates, notably USD/GBP and USD/EUR. Guidance
also assumes no material change to Medicaid eligibility policy and/or other
changes to Federal funding levels due to executive actions. Guidance also does
not include any potential impacts from tariffs imposed by the U.S. government
or any retaliatory tariffs that may be imposed by other countries.
FY 2025
Net Revenue (NR) $955m to $1,025m
(-17% at the mid-point vs. FY 2024)
SUBLOCADE NR $725m to $765m
(-1% at the mid-point vs. FY 2024)
OPVEE NR $10m to $15m
SUBOXONE Film Market Share Accelerated NR decline in FY 2025 reflecting increased generic competitive
activity and the potential impact from a fifth buprenorphine/naloxone
sublingual film generic in the U.S. market
Non-GAAP Gross Margin Low to mid-80s % range
Non-GAAP SG&A ($525m) to ($535m)
Non-GAAP R&D ($85m) to ($90m)
Non-GAAP Operating Income $185m to $225m
U.S. OUD Market Update
In Q1 2025, U.S. BMAT grew mid-single digits in volume terms. The Company
continues to expect long-term U.S. growth to be sustained in the mid- to
high-single digit percentage range due to increased overall awareness of the
opioid epidemic and approved treatments and ongoing destigmatization efforts.
Regulatory and legislative actions are also expected to increase access to
BMAT treatments.
Financial Performance in Q1 2025
Total NR in Q1 2025 decreased 6% to $266m (Q1 2024: $284m) at actual exchange
rates (5% decrease at constant exchange rates(1)).
U.S. NR decreased 8% in Q1 2025 to $222m (Q1 2024: $241m). In Q1 2025, U.S.
SUBLOCADE NR decreased 3% to $163m (Q1 2024: $168m). The decrease in U.S. NR
was primarily driven by the decline in SUBOXONE Film due to intensified
generic competition that resulted in lower oral BMAT market share and lower
pricing. The decline in PERSERIS (risperidone) extended release injection NR
also contributed to the decline in U.S. NR due to discontinuation of promotion
for the treatment in July 2024. SUBLOCADE NR was modestly lower year-over-year
as described above.
Rest of the World NR increased 3% at actual exchange rates in Q1 2025 to $44m
(Q1 2024: $42m; +1% at constant exchange rates(1)). In both periods, positive
contributions from new products (SUBLOCADE / SUBUTEX® Prolonged Release and
SUBOXONE Film) were partially offset by ongoing generic erosion of the legacy
SUBUTEX (buprenorphine) tablet business. In Q1 2025, SUBLOCADE / SUBUTEX
Prolonged Release NR increased $1m to $13m (Q1 2024: $12m) at actual exchange
rates.
Gross margin in Q1 2025 was 83% (Q1 2024: 87%). The year-over-year decline
primarily reflects favorable manufacturing variances for SUBLOCADE inventory
sold in the same year-ago quarter.
SG&A expense in Q1 2025 was $132m (Q1 2024: $143m). Non-GAAP SG&A
expense in Q1 2025 decreased 8% to $130m (non-GAAP Q1 2024: $142m) and
primarily reflects benefits from streamlining actions taken in 2024, including
narrowing the Company's commercial focus on OUD treatments and discontinuing
PERSERIS in July 2024. Q1 2025 SG&A expense also benefited from a low to
mid-single digit $ million change in estimate related to Indivior's share of
the Branded Fee.
R&D expense in Q1 2025 was $22m (Q1 2024: $28m) and decreased 19%
reflecting the Company's actions to refocus its development pipeline on its
Phase 2 OUD assets (INDV-2000 and INDV-6001).
Operating income was $66m in Q1 2025 (Q1 2024: $75m). The change reflects
lower NR and higher cost of sales, partially offset by decreased operating
expenses (SG&A and R&D combined).
After excluding non-GAAP adjustments of $3m and $2m in Q1 2025 and Q1 2024,
respectively, Q1 2025 non-GAAP operating income decreased 10% to $69m (Q1
2024: $76m). The decrease primarily reflects the drivers discussed above.
Net interest expense was $7m in Q1 2025 (Q1 2024: $2m) reflecting the
Company's new borrowing secured in Q4 2024.
Tax expense was $11m in Q1 2025, resulting in an effective tax rate of 19% (Q1
2024: $11m, effective rate 16%). Both periods benefited from U.K. innovation
deductions and intragroup financing transactions. In Q1 2025, this benefit was
partially offset by a U.K. global minimum top-up tax. In Q1 2024, the Company
recognized a share-compensation excess tax benefit. This excess tax benefit is
excluded from the Company's non-GAAP results.
Net income in Q1 2025 was $47m and non-GAAP net income was $51m (Q1 2024 net
income: $61m, non-GAAP net income: $57m). The decline in net income primarily
reflects lower NR and higher net interest expense, partly offset by lower
operating expenses (SG&A and R&D combined).
Diluted earnings per share in Q1 2025 were $0.38 and non-GAAP diluted earnings
per share were $0.41 (Q1 2024: $0.45 diluted earnings per share and non-GAAP
diluted earnings per share of $0.42). The modest decrease in non-GAAP diluted
earnings per share in Q1 2025 includes the impact of the lower number of
ordinary shares outstanding as a result of the Company's share repurchase
programs.
_____________________________________
1 Net revenue at constant exchange rates is an alternative performance
measure used by management to evaluate underlying performance of the business
and is calculated by applying the prior year exchange rate to current year net
revenue in the currencies of the non-U.S. entities.
Balance Sheet & Cash Flow
Cash and investments totaled $400m at the end of Q1 2025, an increase of $53m
versus $347m at the end of 2024. The increase was due to a combination of cash
generated by operations and reduced net working capital due to the late
receipt of government rebate invoices totaling approximately $100m, as
reflected in the increase in Accrued Rebates and Product Returns on the
balance sheet. These benefits were partially offset by litigation settlement
payments of $65m.
Cash provided by operating activities in Q1 2025 was $75m (Q1 2024 cash used
in operating activities: $37m), reflecting cash from operations and the late
receipt of government rebate invoices, partly offset by litigation settlement
payments. Cash used in operations in Q1 2024 reflected litigation settlement
payments, partly offset by cash from operations.
Cash used in investing activities in Q1 2025 was $5m (Q1 2024 cash provided by
investing activities: $25m) primarily reflecting capital expenditures in Q1
2025. Cash provided by investing activities in 2024 was driven by maturities
of investment securities.
Cash used in financing activities in Q1 2025 was $17m (Q1 2024: $56m)
reflecting lower cash outflows in Q1 2025 for share repurchases and net
settlement of equity awards partially offset by higher repayments under the
new debt facility.
Revision to Previously Issued Financial Statements
Indivior has revised its previously issued financial statements to correct the
methodology used to accrue for the Company's share of the annual U.S. fee
imposed on drug manufacturers (the 'Branded Fee'). This resulted from an
immaterial overstatement of SG&A of $6m in 2024, $4m in 2023, $4m in 2022,
and $2m before 2022. The adjustments increase operating income and impact the
quarters evenly over the respective year. The cumulative impact to Accounts
Payable and Accrued Expenses at December 31, 2024 was $16m.
The discussion of financial performance and the financial statements included
in this announcement reflect the revised results for Q1 2024. The revised
financial statements for the impacted periods noted will be included in the
Company's Form 10-Q as of March 31, 2025.
Webcast Details
A live webcast presentation will be held on April 24, 2025, at 13:00 GMT (8:00
am EDT). The details are below. Materials will be available on the Company's
website prior to the event at www.indivior.com. Please copy and paste the
below web links into your browser.
The webcast link is: https://edge.media-server.com/mmc/p/yn37cxqk
Participants may access the presentation telephonically by registering with
the following link (please cut and paste into your browser):
https://register-conf.media-server.com/register/BI4482694d7c294502b6a4dedd62e88c5b
(Registrants will have an option to be called back directly immediately prior
to the call or be provided a call-in # with a unique pin code following their
registration)
For Further Information
Investor Inquiries Jason Thompson VP, Investor Relations +1 804 402 7123
Indivior PLC jason.thompson@indivior.com
Tim Owens Director, Investor Relations Indivior PLC +1 804 263 3978
timothy.owens@indivior.com
Media Inquiries Jonathan Sibun Teneo +44 (0)20 7353 4200
U.S. Media Inquiries +1 804 594 0836
Indiviormediacontacts@indivior.com
Corporate Website www.indivior.com
This announcement does not constitute an offer to sell, or the solicitation of
an offer to subscribe for or otherwise acquire or dispose of shares in the
Company to any person in any jurisdiction to whom it is unlawful to make such
offer or solicitation.
About Indivior
Indivior is a global pharmaceutical company working to help change patients'
lives by developing medicines to treat opioid use disorder (OUD). Our vision
is that all patients around the world will have access to evidence-based
treatment for OUD and we are dedicated to transforming OUD from a global human
crisis to a recognized and treated chronic disease. Building on its global
portfolio of OUD treatments, Indivior has a pipeline of product candidates
designed to expand on its heritage in this category. Headquartered in the
United States in Richmond, VA, Indivior employs over 1,000 individuals
globally and its portfolio of products is available in over 30 countries
worldwide. Visit www.indivior.com to learn more. Connect with Indivior on
LinkedIn by visiting www.linkedin.com/company/indivior.
Non-GAAP Financial Measures
This announcement includes financial measures that are not measures defined by
US GAAP, such as non-GAAP selling, general and administrative expenses,
non-GAAP operating income, non-GAAP net income and non-GAAP diluted earnings
per share. These non-GAAP financial measures are not a substitute for, or
superior to, results presented in accordance with US GAAP. Non-GAAP results as
presented by the Company are not necessarily comparable to similarly titled
measures used by other companies. As a result, these performance measures
should not be considered in isolation from, or as a substitute analysis for,
the Company's results as reported in accordance with US GAAP. Management
performs a quantitative and qualitative assessment to determine if an item
should be considered for adjustment.
Management may use the Company's non-GAAP financial measures to better
understand trends in the business and these non-GAAP financial measures may be
useful to investors. Non-GAAP financial measures adjust for non-recurring
items and other items representing significant expenses or income that we
believe do not reflect the Company's ongoing operations or the adjustment of
which may help with the comparison to prior periods. Non-recurring items and
other adjustments are excluded from non-GAAP financial measures consistent
with the internal reporting provided to management and the Directors. Examples
of such items could include income or restructuring and related expenses from
the reconfiguration of the Company's activities and/or capital structure,
impairment of current and non-current assets, gains and losses from the sale
of intangible assets, certain costs arising as a result of significant and
non-recurring regulatory and litigation matters, and certain tax related
matters.
We have not provided the forward-looking U.S. GAAP equivalents for certain
forward-looking non-U.S. GAAP metrics as a result of the uncertainty and
potential variability of reconciling items. Accordingly, the Company has
relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude
such reconciliations, as the reconciliations of these non-U.S. GAAP guidance
metrics to their corresponding U.S. GAAP equivalents are not available without
unreasonable effort.
Columns and rows within financial tables may not foot due to rounding.
Percentages and per share data have been calculated using actual, non-rounded
figures.
Important Cautionary Note Regarding Forward-Looking Statements
This announcement contains certain statements that are forward-looking.
Forward-looking statements include, among other things, express and implied
statements regarding: the Company's financial guidance including revenue,
operating, and gross margins for 2025 and its medium- and long-term growth
outlook; expected future growth and expectations for sales levels for
particular products, and expectations regarding the future impact of factors
that have affected sales in the past; expected operational savings and
expected benefits from our reinvestment efforts; assumptions regarding
expected changes in market share and expectations regarding the extent and
impact of competition; assumptions regarding future exchange rates; expected
timing of our previously-announced CEO transition; our expectations that we
can reach a final settlement related to the provision we recorded regarding
opioid litigation (including the MDL) brought by certain municipalities and
tribal nations and the material terms and conditions of the final settlement
agreement, including the ultimate timing and structure of payments and product
distribution, injunctive relief, and scope of releases; expected growth in the
number of BMAT treatments administered in the U.S., growing normalization of
medically assisted treatment for opioid use disorder, and expanded access to
treatment; our product development pipeline and potential future products,
including the timing of clinical trials, expectations regarding regulatory
approval of such product candidates, the timing of such approvals, and the
timing of potential commercial launch of such products or product candidates,
and eventual annual revenues of such future products; and other statements
containing the words "believe," "anticipate," "plan," "expect," "intend,"
"estimate," "forecast," "strategy," "target," "guidance," "outlook,"
"potential," "project," "priority," "may," "will," "should," "would," "could,"
"can," "outlook," the negatives thereof, and variations thereon and similar
expressions. By their nature, forward-looking statements involve risks and
uncertainties as they relate to events or circumstances that may or may not
occur in the future.
Actual results may differ materially from those expressed or implied in these
forward-looking statements due to a number of factors, including: lower than
expected future sales of our products; greater than expected impacts from
competition; failure to achieve market acceptance of OPVEE; unanticipated
costs including the effects of potential tariffs and potential retaliatory
tariffs; whether we are able to identify efficiencies and fund additional
investments that we expect to generate increased revenues, and the timing of
such actions; and litigants with whom we are otherwise unable or unwilling to
agree to final terms, or who choose to "opt out" of proposed settlements. For
additional information about some of the risks and important factors that
could affect our future results and financial condition, see "Risk Factors" in
Indivior's Annual Report on Form 10-K filed March 3, 2025 and our other
filings with the U.S. Securities and Exchange Commission.
We have based the forward-looking statements in this report on our current
expectations and beliefs concerning future events. Forward-looking statements
contained in this report speak only as of the day they are made and, except as
required by law, we undertake no obligation to update or revise any
forward-looking statement, whether due to new information, future developments
or otherwise.
Consolidated statements of operations
Three Months Ended March 31, Q1 2025 Q1 2024
Net revenue $ 266 $ 284
Cost of sales 44 38
Gross profit 221 246
Selling, general and administrative 132 143
Research and development 22 28
Litigation settlement 1 -
Operating income 66 75
Interest income 4 7
Interest expense (12) (9)
Income before income taxes 59 73
Income tax expense (11) (11)
Net income $ 47 $ 61
Earnings per share
Basic $0.38 $0.45
Diluted $0.38 $0.45
Consolidated balance sheets
Mar 31, 2025 Dec 31, 2024
Assets
Current assets
Cash and cash equivalents $ 372 $ 319
Short-term investments 1 1
Accounts receivable, net of allowances of $2 (2025) and $3 (2024) 243 254
Inventories 163 167
Prepaid expenses 56 31
Current tax receivable 29 33
Other current assets 20 21
Total current assets 883 827
Long-term investments 27 27
Property, plant and equipment, net 104 100
Operating lease right of use assets, net 37 39
Goodwill and other intangible assets, net 7 6
Deferred tax assets 279 277
Other non-current assets 39 39
Total assets $ 1,375 $ 1,316
Liabilities and shareholders' deficit
Current liabilities
Accrued rebates and product returns $ 675 $ 562
Accounts payable and accrued expenses 183 216
Accrued litigation settlement expenses, current 105 99
Current portion of long-term debt 18 18
Operating lease liabilities, current 11 10
Income taxes payable 12 7
Other current liabilities 3 11
Total current liabilities 1,005 924
Long-term debt, less current portion 311 315
Accrued litigation settlement expenses, non-current 297 365
Operating lease liabilities, non-current 30 32
Other non-current liabilities 17 18
Total liabilities 1,660 1,652
Shareholders' deficit
Common stock, par value $0.50 per share 62 62
Issued shares: 125 (2025) and 125 (2024)
Additional paid-in capital 93 90
Share repurchase commitment - (10)
Accumulated other comprehensive loss (35) (36)
Accumulated deficit (406) (443)
Total shareholders' deficit (285) (337)
Total liabilities and shareholders' deficit $ 1,375 $ 1,316
Consolidated statements of cash flows
Three Months Ended March 31, Q1 2025 Q1 2024
Cash flows from operating activities:
Net income $ 47 $ 61
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization 5 5
Share-based compensation expense 6 6
Impairment of tangible and intangible assets 0 1
Deferred income taxes (2) 3
Impact from foreign exchange movements (1) (1)
Other adjustments, net 1 1
Change in operating assets and liabilities 18 (113)
Net cash provided by (used in) operating activities 75 (37)
Cash flows from investing activities:
Purchases of property and equipment (5) (2)
Purchases of in-process research and development and intangible assets - (1)
Purchases of investments in debt securities (5) (4)
Sales and maturities of debt securities 6 31
Net cash (used in) provided by investing activities (5) 25
Cash flows from financing activities:
Proceeds from the issuance of common stock 1 1
Cash paid for repurchases of common stock (11) (36)
Repayments of debt (4) (1)
Settlement of tax on equity awards (3) (20)
Net cash used in financing activities (17) (56)
Net increase (decrease) in cash and cash equivalents 53 (68)
Cash and cash equivalents at beginning of period 319 316
Cash and cash equivalents at end of period $ 372 $ 248
( )
( )( )
( )Selected revenue and expense information
Three Months Ended March 31, Q1 2025 Q1 2024
US:
SUBLOCADE $ 163 $ 168
Sublingual & other 54 63
PERSERIS(1) 4 11
Total U.S. 222 241
Rest of World 44 42
Net revenue $ 266 $ 284
*Total SUBLOCADE net revenue $ 176 $ 179
Selling, general and administrative expenses:
Selling and marketing $ 67 $ 67
Administrative and general 65 77
Total selling, general and administrative expenses $ 132 $ 143
(1)Marketing and promotion activities for PERSERIS were discontinued in July
2024.
Reconciliation of GAAP to non-GAAP financial information
Three Months Ended March 31, Q1 2025 Q1 2024
GAAP selling, general and administrative expenses $ 132 $ 143
Adjustments within SG&A
Corporate Initiative Transition(1) 2 0
Acquisition-related costs(2) - 2
Less: Adjustments in selling, general and administrative expenses 2 2
Non-GAAP selling, general and administrative expenses $ 130 $ 142
1. Includes expenses related to severance and share-based
compensation.
2. Non-recurring costs related to the acquisition and
integration of the aseptic manufacturing site acquired in November 2023.
Three Months Ended March 31, Q1 2025 Q1 2024
GAAP operating income $ 66 $ 75
Adjustments in selling, general and administrative expenses 2 2
Litigation settlement expenses 1 -
Non-GAAP operating income $ 69 $ 76
Three Months Ended March 31, Q1 2025 Q1 2024
GAAP tax expense $ (11) $ (11)
Tax on non-GAAP adjustments (1) (1)
Tax non-GAAP adjustments 1 (5)
Less: Adjustments in tax expenses - (6)
Non-GAAP tax expense $ (11) $ (17)
We define Non-GAAP effective tax rate as Non-GAAP tax expense divided by
Non-GAAP income before taxation.
Three Months Ended March 31, Q1 2025 Q1 2024
GAAP net income $ 47 $ 61
Adjustments in selling, general and administrative expenses 2 2
Litigation settlement expenses 1 -
Adjustments in tax expenses - (6)
Non-GAAP net income $ 51 $ 57
Non-GAAP earnings per share
Non-GAAP diluted earnings per share $ 0.41 $ 0.42
Shares used in computing non-GAAP earnings per share
Diluted 125 137
Non-GAAP diluted earnings/(loss) per share
Management believes that Non-GAAP diluted earnings/(loss) per share, adjusted
for the impact of non-recurring items and other adjustments after the
appropriate tax amount, may provide meaningful information on underlying
trends to shareholders in respect of earnings per ordinary share. Weighted
average shares used in computing non-GAAP diluted earnings per share are
included in the table above. A reconciliation of GAAP net income to non-GAAP
net income is included above.
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