LONDON (ShareCast) - (Sharecast News) - Opioid addiction treatment maker Indivior lifted its full-year revenue guidance on Thursday but trimmed its outlook for operating profit due to costs related to the acquisition of Opiant Pharmaceuticals, as it posted a jump in first-quarter profit and revenue.
In the quarter to the end of March, pre-tax profit rose to $58m from $48m in the same period a year earlier, while adjusted operating profit was up 31% at $71m. Net revenue ticked up 22% to $253m.

Net revenue for Sublocade was 55% higher at $132m. Indivior said this reflects strong growth in the Organized Health Systems (OHS) channel and continued new US patient enrolments. Meanwhile, net revenue for Perseris extended-release injection rose 60% on the first quarter of 2022 to $8m.

The company lifted its full-year net revenue guidance to between $970m and $1.04bn, from previous guidance of $950m to $1.02bn. However, its outlook for adjusted operating profit was reduced to "slightly below" FY 2022's adjusted operating income of $212m, as a result of the additional operating expenses associated with the Opiant acquisition.

Previously, Indivior had said that adjusted operating profit would be higher than in 2022.

Chief executive Mark Crossley said: "Sublocade (buprenorphine extended-release) injection continues to power our growth as we drive greater depth of prescribing across Organized Health Systems (OHS) in the treatment of moderate-to-severe opioid use disorder (OUD).

"Within the quarter, we also completed the acquisition of Opiant Pharmaceuticals, Inc. This important strategic step strengthens our addiction portfolio through the addition of OPNT003 (nalmefene nasal spray), a new potential option for opioid overdose reversal which we expect to launch in the US in the fourth quarter, subject to regulatory approval."

At 1435 BST, the shares were up 3.1% at 1,516p.

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