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Indivior PLC (NASDAQ: INDV) (LSE: INDV) announced plans to potentially move its primary stock listing to the U.S. from the U.K. in 2024, while maintaining a secondary listing in its home country.

The London-based pharmaceutical, which also files in Virginia and is known for its treatments for opioid use disorder, said that the shift aims to better align with the company’s market focus and investor base, as nearly half of its share capital is currently held by U.S.-based investors.

“If the consultations indicate a strong level of support from shareholders, the Group intends to put forward a formal resolution that would facilitate a primary U.S. listing in the Summer of 2024,” Indivior wrote in filings.

The firm also posted decent financials for the fourth quarter and fiscal year of 2023, with a 21% rise in net revenue for the fiscal year ending Dec. 31, 2023, reaching $1.1 billion, up from $901 million the previous year. The growth was largely driven by its products Sublocade and Perseris, which saw revenue increases of 54% and 50%, respectively. Monthly injectable Sublocade alone generated $630 million in revenue.

Despite facing substantial litigation settlement costs totaling $610 million and spending $124 million on the acquisition of Opiant, Indivior managed to turn around its operating performance. The company reported an adjusted operating profit of $269 million, a 27% increase from the previous year, and adjusted net income rose by 32% to $223 million.

It also maintained a healthy cash reserve of $451 million by the year’s end.

“At our December 2022 Capital Markets Day, we laid out Indivior’s strategy and medium term financial goals targeting double-digit top line growth, operating margin expansion and strengthened cash flow,” CEO Mark Crossley said in a statement. “By executing against our strategic priorities, we delivered strongly against these goals in 2023.”

Indivior’s guidance for the coming year projects an 18% increase in net revenue and a “meaningful” expansion of its operating margin (~300 basis points, according to filings).

The announcement also covered the company’s ongoing efforts to expand its product portfolio and penetrate further into the U.S. market, which includes the launch of a new drug, Opvee, a nasal spray drug similar to Narcan but contains nalmefene instead of naloxone.

According to Medical News Today, “The key difference between these drugs lies in how long they work: A dose of Opvee nasal spray keeps working in the body longer than a dose of Narcan.”

The firm also pointed to the continued growth of Sublocade and Perseris through increased patient enrollments and health system penetration.

The post Indivior plans U.S. move, revenue up to $1.1B appeared first on Green Market Report.

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Adam Jackson, KahliBuds, 420GrowLife