Full Press Release Details
| February 20, 2025 | ||||
| THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596 2014 (AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) | ||||
| FY and Q4 2024 Results and FY 2025 Guidance Announced. FY 2024 net revenue (NR) of $1,188 million, up 9% versus FY 2023 FY 2024 SUBLOCADE NR of $756m (+20% versus FY 2023) Q4 2024 NR of $194m Streamlining actions to save over $100 million annually reinvesting to support SUBLOCADE long-term growth and Phase II OUD assets as well as delivering over $50m of OPEX savings FY 2025 guidance provided - SUBLOCADE NR at mid-point is expected to decline modestly (1%) total NR decline at the mid-point (17%) accelerated SUBOXONE Film NR erosion (11pp of the decline) and PERSERIS discontinuation (3pp of the decline) are principal drivers |
Comment by Mark Crossley, CEO of Indivior PLC
"Indivior ended 2024 with a better-than-expected fourth quarter performance that put our FY 2024 results ahead of our October guidance. While we delivered 20% year-on-year NR growth in SUBLOCADE, our 2024 performance was impacted by previously disclosed transitory items and competition in the U.S. long-acting injectable (LAI) category. As shared in our Q3 results, we have narrowed our strategic focus to meeting opioid use disorder patients' unmet needs with SUBLOCADE, OPVEE and a strong pipeline of Phase II assets. As a result, we streamlined our cost base and identified savings exceeding $100m of which approximately $50m will be reinvested behind SUBLOCADE and our OUD-focused pipeline and over $50m will help protect our adjusted operating profit.
In FY 2025, for SUBLOCADE we expect largely unchanged NR at the mid-point of guidance, as strong overall U.S. LAI category growth and expected benefits from our commercial investments are offset by ongoing competitive dynamics in the U.S. and near-term Justice System funding challenges. Total Company NR is expected to decline 17% at the midpoint due primarily to an expected decrease in SUBOXONE Film NR of greater than 50% from intensified generic pricing activity along with the potential for a fifth generic entrant. Our FY 2025 guidance reflects these dynamics.
Looking past FY 2025, we remain confident that Indivior is well positioned to drive profitable growth and shareholder value creation, and we are resolute in our focus on delivering on our key strategic objective. That is to deliver SUBLOCADE's peak net revenue goal of greater than $1.5 billion and, in so doing, to transform the lives of patients affected by one of the greatest epidemics of our time.
| Period to December 31st (Unaudited) | Q4 2024 $m | Q4 2023 $m | % Change | FY 2024 $m | FY 2023 $m | % Change | |
| Net Revenue | 298 | 293 | 2% | 1,188 | 1,093 | 9% | |
| Operating Profit (Loss) | 40 | 60 | (33)% | (23) | (4) | NM | |
| Net Income (Loss) | 9 | 54 | (83)% | (48) | 2 | NM | |
| Diluted EPS ($) | $0.07 | $0.38 | (82)% | $(0.36) | $0.01 | NM | |
| Adjusted Basis | |||||||
| Adj. Operating Profit 1 | 66 | 66 | -% | 312 | 269 | 16% | |
| Adj. Net Income 1 | 41 | 61 | (33)% | 222 | 223 | -% | |
| Adj. Diluted EPS 1 ($) | $0.32 | $0.43 | (26)% | $1.66 | $1.57 | 6% |
1 Adjusted Basis excludes the impact of exceptional items and other adjustments as referenced and reconciled in the Adjusted Results appendix on page 26. Adjusted results are not a substitute for, or superior to, reported results presented in accordance with International Financial Reporting Standards ( IFRS ).
The Company refers to Indivior PLC and the Group refers to the Company and its consolidated subsidiaries.
FY Q4 2024 Financial Highlights
FY 2024 total net revenue (NR) of $1,188m increased 9% (FY 2023 $1,093m) Q4 2024 total NR of $298m increased 2% (Q4 2023 $293m).
FY 2024 reported operating loss was $23m (FY 2023 operating loss $4m) Q4 2024 reported operating profit was $40m (Q4 2023 operating profit $60m). FY 2024 adjusted operating profit of $312m increased 16% (Adjusted FY 2023 $269m). Q4 2024 adjusted operating profit of $66m was unchanged (Adjusted Q4 2023 $66m).
FY 2024 reported net loss was $48m (FY 2023 net income $2m) Q4 2024 reported net income was $9m (Q4 2023 net income $54m). FY 2024 adjusted net income was $222m (Adjusted FY 2023 $223m). Q4 2024 adjusted net income of $41m decreased 33% (Adjusted Q4 2023 $61m).
Cash and investments totaled $347m at the end of FY 2024 (including $27m restricted for self-insurance) (FY 2023 $451m). The decrease was primarily due to the Group's litigation settlement payments of $173m and share repurchases of $173m, partly offset by cash inflow from operating activities and net refinance proceeds.
FY Q4 2024 Product Highlights
SUBLOCADE (buprenorphine extended release) Injection FY 2024 NR of $756m (+20% vs. FY 2023) Q4 2024 NR of $194m (+10% vs. Q4 2023 and +2% vs. Q3 2024). In FY 2024, continued year-over-year growth primarily reflects further organized health system (OHS) and justice system channel penetration in the U.S. resulting in increased new U.S. patient enrollments. Total U.S. patients on a 12-month rolling basis at the end of Q4 2024 were approximately 170,500 (+25% vs. Q4 2023 and +2% vs. Q3 2024). FY 2024 U.S. units dispensed were approximately 624,200 (+23% vs. FY 2023). Q4 2024 U.S. units dispensed were approximately 161,400 (+13% vs. Q4 2023 and +2% vs. Q3 2024).
OPVEE (nalmefene) nasal spray FY 2024 NR of $15m comprised two 100,000 unit orders from the U.S. Biomedical Advancement Research and Development Authority (BARDA). Q4 2024 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. Film net revenue declined in Q4 2024 due to increased generic competitive activity, resulting in average share of 15.2% in Q4 2024 (Q4 2023 18.4%) and FY 2024 exit share of 14.8% (FY 2023 18.6%).
PERSERIS (risperidone) extended release injection FY 2024 NR of $40m ((5)% vs. FY 2023) Q4 2024 NR of $9m ((25)% vs. Q4 2023 and +31% vs. Q3 2024). As previously announced, marketing and promotion of PERSERIS have been discontinued.
SUBLOCADE Label Update
The FDA informed Indivior that, following acceptance of the proposed label for SUBLOCADE, there were no outstanding items for Indivior to address, but that final review of the SUBLOCADE label changes has been delayed. Indivior will provide further updates on the status of the approval of the proposed SUBLOCADE label changes, as appropriate.
The Group is introducing guidance for FY 2025 under U.S. GAAP. Comparisons for certain guidance elements to FY 2024 financial results under U.S. GAAP are provided in the February 20, 2025 Investor Presentation. NR is equivalent under U.S. GAAP and IFRS with minimal changes in the other guidance elements presented below.
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.
| 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 | |
| Adjusted Gross Margin | Low to mid-80s % range | |
| Adjusted SG A | ($525m) to ($535m) | |
| Adjusted R D | ($85m) to ($90m) | |
| Adjusted Operating Profit | $185m to $225m |
Share Repurchase Program
On July 25, 2024, Indivior announced a fourth share repurchase program of up to $100m, which was completed on January 31, 2025. As part of this program, the Group repurchased and canceled 9,415,726 Indivior ordinary shares, at a weighted average purchase price of 825p.
On November 4, 2024, Indivior announced that its wholly owned subsidiary had entered into an agreement with Piper Sandler Finance LLC and certain purchasers for $400m of senior secured notes comprised of $350m term notes and a $50m revolver. Proceeds from the new term loan were used to repay the existing term loan, including related transaction fees and expenses. Excess proceeds were retained for working capital and other general corporate purposes. The $50m revolver remains undrawn as of this date.
U.S. OUD Market Update
In 2024, U.S. buprenorphine medication-assisted treatments (BMAT) grew mid-single digits in volume terms. The Group continues to expect long-term U.S. growth to be sustained in the mid- to high-single digit percentage range due to increased overall public awareness of the opioid epidemic and approved treatments, together with regulatory and legislative actions to increase access to BMAT treatments.
Financial Performance in FY and Q4 2024
Total NR in FY 2024 increased 9% to $1,188m (FY 2023 $1,093m) at actual exchange rates (+9% at constant exchange rates1). In Q4 2024, total NR increased 2% to $298m (Q4 2023 $293m) at actual exchange rates (+2% at constant exchange rates1).
U.S. NR increased 11% in FY 2024 to $1,008m (FY 2023 $912m) and increased slightly in Q4 2024 to $251m (Q4 2023 $249m). In FY 2024 U.S. SUBLOCADE NR increased 20% to $704m (FY 2023 $589m) and in Q4 2024 U.S. SUBLOCADE NR increased 9% to $180m (Q4 2023 $165m). Year-over-year SUBLOCADE volume growth and the fulfillment of OPVEE orders from BARDA primarily drove the increase in U.S., supported by a favorable mix between commercial and governmental channels for SUBOXONE and SUBLOCADE. In Q4 2024, U.S. SUBLOCADE NR increased from volume growth versus the same year-ago period. This benefit was essentially offset by decreases in both SUBOXONE Film and PERSERIS NR due to volume declines versus the same year-ago period, including the impact of discontinuation of PERSERIS in the second half of 2024. Pricing was not a material factor in NR growth.
Rest of World (ROW) NR decreased 1% at actual exchange rates in FY 2024 to $180m (FY 2023 $181m +1% at constant exchange rates1). In Q4 2024, ROW NR increased 7% at actual exchange rates to $47m (Q4 2023 $44m 9% at constant exchange rates1). In both periods, positive contributions from new products (SUBLOCADE SUBUTEX Prolonged Release and SUBOXONE Film) were partially offset primarily by ongoing generic erosion of the legacy tablet business. In FY 2024 SUBLOCADE SUBUTEX Prolonged Release NR increased 27% to $52m (FY 2023 $41m) and in Q4 2024 NR increased 27% to $14m (Q4 2023 $11m) at actual exchange rates.
Gross margin as reported in FY 2024 was 78% (FY 2023 83%) and 83% in Q4 2024 (Q4 2023 82%). FY 2024 included $49m of exceptional costs related to the discontinuation of PERSERIS. In addition, adjustments for
1Net 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.
amortization of acquired intangible assets within cost of sales of $11m in FY 2024 and $2m in Q4 2024 were included in the reported gross margin. Excluding these exceptional costs and adjustments, adjusted gross margin was 83% in both FY 2024 and Q4 2024 (FY 2023 and Q4 2023 84% and 83%, respectively). The modest decline in adjusted gross margin in FY 2024 primarily reflects cost inflation partially offset by improved product mix from the continued growth of SUBLOCADE.
SG A expenses as reported in FY 2024 were $807m (FY 2023 $811m) and $170m in Q4 2024 (Q4 2023 $157m). FY 2024 and Q4 2024 included $231m and $15m of exceptional items, respectively (FY 2023 and Q4 2023 $268m and $6m, respectively). See Appendix for adjusted results details of exceptional SG A expenses for FY and Q4 2024 and 2023, which primarily include expenses related to legal settlements, discontinuation of PERSERIS and other restructuring costs.
Excluding exceptional items, FY 2024 adjusted SG A expense increased 6% to $576m (Adjusted FY 2023 $543m) Q4 2024 adjusted SG A expense was $155m (Adjusted Q4 2023 $151m). The increase in FY 2024 primarily reflects sales and marketing investments related to SUBLOCADE and OPVEE and financial reporting requirements. These items were partially offset by lower sales and marketing expenses due to discontinuation of PERSERIS. The Q4 2024 year-over-year increase in SG A is primarily due to new financial reporting requirements.
R D expenses as reported in FY 2024 and Q4 2024 were $142m and $38m, respectively (FY 2023 $106m Q4 2023 $30m), and represented increases of 34% and 27%, respectively. FY 2024 and Q4 2024 included $39m and $11m of exceptional items, respectively, reflecting the impairment of products in development and related fees.
Excluding exceptional items, FY 2024 adjusted R D expenses decreased 3% to $103m (Adjusted FY 2023 $106m) Q4 2024 adjusted R D expenses decreased 10% to $27m (Adjusted Q4 2023 $30m). The decreases in both periods primarily reflect the re-prioritization of pipeline activities on the Group's OUD assets as well as related cost savings.
Operating loss as reported was $23m in FY 2024 (FY 2023 operating loss $4m). The change on a reported basis reflects higher NR more than offset by exceptional expenses and investments in sales and marketing primarily related to SUBLOCADE. See Appendix for adjusted results details of exceptional expenses included in operating profit.
After excluding exceptional items and other adjustments of $339m and $273m in FY 2024 and FY 2023, respectively, FY 2024 adjusted operating profit increased 16% to $312m (FY 2023 $269m). The increase primarily reflects higher total NR partially offset by increased SG A expenses.
Q4 2024 operating profit as reported was $40m (Q4 2023 operating profit $60m). Adjusted operating profit remained unchanged at $66m in Q4 2024 (adjusted Q4 2023 $66m), excluding exceptional costs and other adjustments of $30m (Q4 2023 $6m). The adjusted basis was unchanged, reflecting the factors noted above.
Net finance expense was $20m in FY 2024 (FY 2023 $5m income) reflecting a $4m write-off of unamortized deferred financing costs due to early extinguishment of the previous term loan as well as a decrease in earned interest income on lower cash and investment balances, in addition to increased borrowings under the Group's new debt facility.
Reported tax expense was $5m in FY 2024 and the effective tax rate was (12)% (FY 2023 tax expense rate $1m, (100)%). FY 2024 adjusted tax expense was $74m, and the adjusted effective tax rate was 25% (FY 2023 adjusted tax expense rate $51m, 19%). The adjusted results exclude tax benefits on exceptional items and other adjustments. The 2024 effective tax rate increased due to the write-off of deferred tax assets relating to net operating losses and corporate interest restriction, the impact of the prior year U.K. tax rate change to 25% and higher current year disallowed deductions for shareholder costs and impairment charges, partially offset by lower current year disallowed litigation and executive compensation. The Q4 2024 reported tax benefit was $22m, and the effective tax rate was 71% (Q4 2023 $7m, 11%). The tax expense on Q4 2024 adjusted profits was $20m, and the adjusted effective tax rate was 33%. The tax expense on Q4 2023 adjusted profits amounted to $6m, for a comparable adjusted effective tax rate of 9%.
Reported net loss in FY 2024 was $48m and adjusted net income was $222m (FY 2023 reported net income $2m, adjusted net income $223m). On a reported basis, higher NR was more than offset by higher operating and net finance expenses. The slight decrease in adjusted net income primarily reflected the increase in operating expense, partly offset by higher total NR. Q4 2024 net income on a reported basis was $9m (Q4 2023 net income $54m), and adjusted net income was $41m excluding the net after-tax impact from exceptional items and other adjustments (Adjusted Q4 2023 $61m). Lower Q4 2024 reported net income reflected higher operating and net
finance expenses, partly offset by NR growth. Higher Q4 2024 adjusted net income was primarily due to strong NR growth.
Diluted (losses) earnings per share were $(0.36) on a reported basis and $1.66 on an adjusted basis in FY 2024 (FY 2023 $0.01 diluted earnings per share and $1.57 adjusted diluted earnings per share). In Q4 2024, diluted earnings per share and adjusted diluted earnings per share were $0.07 and $0.32, respectively (Q4 2023 $0.38 earnings per share on a diluted basis and $0.43 earnings per share adjusted diluted basis).
Balance Sheet Cash Flow
Cash and investments totaled $347m at the end of Q4 2024, a decrease of $104m versus the $451m position at the end of 2023. The decrease was primarily due to the Group's litigation settlement payments of $173m and cash payments of $173m to fund share repurchases, partly offset by cash inflow from operating activities and net refinance proceeds.
Net working capital, defined by management as inventory plus trade receivables, less trade and other payables, was negative $365m on December 31, 2024, versus negative $347m at the end of FY 2023, reflecting increase in the balance of accruals, rebates, discounts and returns due to the timing of rebate invoicing, partly offset by higher inventory balances.
Cash generated from operations in FY 2024 was $84m (FY 2023 cash used in operations $292m), reflecting ongoing operating performance partially offset by scheduled litigation payments of $173m. Net cash flow from operating activities was $21m in FY 2024 (FY 2023 cash outflow $315m) reflecting cash generated from operations less net interest and tax payments.
FY 2024 cash inflow from investing activities was $69m (FY 2023 cash outflow $98m) reflecting maturing investments, partially offset by capital expenditure. In the prior year period, the outflow from investing activities primarily reflected the Opiant acquisition, net of cash assumed.
FY 2024 cash outflow from financing activities was $87m (FY 2023 cash outflow $46m) reflecting shares repurchased and canceled, partly offset by an increase in net borrowings. In the prior year period, the outflow from financing activities primarily reflected shares repurchased and canceled and the extinguishment of debt assumed in the Opiant acquisition.
Principal Risks Update
The Board of Directors oversees the approach to risk management so that the principal risks, including those that would threaten the Group's business model, future performance or viability, are effectively managed and or mitigated. While the Group aims to identify and manage such risks, no risk management strategy can provide absolute assurance against loss. They remain broadly unchanged compared to last year, except for three principal risks. With the presence of a competitor for long-acting injectable BMAT in the US, combined with continued worldwide pricing, reimbursement, and funding pressure on pharmaceuticals products our Commercialization principal risk has increased. In addition, the overall Business operations risk has increased due to the combination of the rise of IT security threats for both internal and third-party networks, and the highly competitive labor market conditions for certain key positions. Conversely, the Legal and IP principal risk has decreased given the resolution of certain legacy litigation, including the settlement of all U.S. antitrust cases with the various plaintiffs.
The average and period end exchange rates used for the translation of currencies into U.S. dollars that have most significant impact on the Group's results were
| 12 Months to December 31, 2024 | 12 Months to December 31, 2023 | |
| GB period end | 1.25 | 1.27 |
| GB average rate | 1.28 | 1.24 |
| Euro period end | 1.03 | 1.10 |
| Euro average | 1.08 | 1.08 |
A live webcast presentation will be held on February 20, 2025, at 13 00 GMT (8 00 am EST) hosted by Mark Crossley, CEO. The details are below. All materials will be available on the Group'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 bfut8veu
Participants may access the presentation telephonically by registering with the following link (please cut and paste into your browser)
https register.vevent.com register BIb27314d7848f43e682309a38029a2114
(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 Enquiries | Jason Thompson | VP, Investor Relations Indivior PLC | +1 804 402 7123 jason.thompson indivior.com |
| Tim Owens | Director, Investor Relations Indivior PLC | +1 804 263 3978 timothy.owens indivior.com | |
| Media Enquiries | Jonathan Sibun | Teneo U.S. Media Inquiries | +44 (0)20 7353 4200 +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 Group to any person in any jurisdiction to whom it is unlawful to make such offer or solicitation.
The person responsible for making this announcement is Kathryn Hudson, Company Secretary.
Indivior is a global pharmaceutical company working to help change patients' lives by developing medicines to treat substance use disorders (SUD). Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of SUD. Indivior is dedicated to transforming SUD 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.
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 Indivior Group's financial guidance including revenue, operating, and profit margins for 2025 and its medium- and long-term growth outlook expected operational savings and expected benefits from our reinvestment efforts assumptions regarding expected changes in share and expectations regarding the extent and impact of competition assumptions regarding future exchange rates our assumptions regarding the absence of material changes to Medicaid eligibility and or other changes to federal funding levels due to executive actions strategic priorities, strategies for value creation, and operational goals 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 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 growth rates, growing normalization of medically assisted treatment for opioid use disorder, and expanded access to treatment our product development pipeline and potential future products, expectations regarding regulatory approval of such product candidates, the timing of such approvals, and the timing of commercial launch of such products or product candidates, and eventual annual revenues of such future products expectations regarding future production at the Group's Raleigh, North Carolina manufacturing facility 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, guidance, 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 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 who choose to opt out of proposed settlements or with whom we are otherwise unable or unwilling to agree to final terms. 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 20-F for the fiscal year 2023 and its other filings with the U.S. Securities and Exchange Commission.
Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events.
Unaudited condensed consolidated income statement
| Q4 2024 | Q4 2023 | 2024 | 2023 | ||
| For the three and twelve months ended December 31 | Notes | $m | $m | $m | $m |
| Net Revenue | 2 | 298 | 293 | 1,188 | 1,093 |
| Cost of sales | (50) | (52) | (258) | (186) | |
| Gross Profit | 248 | 241 | 930 | 907 | |
| Selling, general and administrative expenses | 3 | (170) | (157) | (807) | (811) |
| Research and development expenses | 3 | (38) | (30) | (142) | (106) |
| Net other operating income (expense) | - | 6 | (4) | 6 | |
| Operating Profit (Loss) | 40 | 60 | (23) | (4) | |
| Finance income | 4 | 5 | 10 | 23 | 43 |
| Finance expense | 4 | (14) | (9) | (43) | (38) |
| Net Finance (Expense) Income | (9) | 1 | (20) | 5 | |
| Profit (Loss) Before Taxation | 31 | 61 | (43) | 1 | |
| Income tax (expense) benefit | 5 | (22) | (7) | (5) | 1 |
| Net Income (Loss) | 9 | 54 | (48) | 2 | |
| Earnings (loss) per ordinary share (in dollars) | |||||
| Basic earnings (loss) per share | 6 | $0.07 | $0.39 | $(0.36) | $0.01 |
| Diluted earnings (loss) per share | 6 | $0.07 | $0.38 | $(0.36) | $0.01 |
Unaudited condensed consolidated statement of comprehensive income
| Q4 2024 | Q4 2023 | 2024 | 2023 | |
| For the three and twelve months ended December 31 | $m | $m | $m | $m |
| Net income (loss) | 9 | 54 | (48) | 2 |
| Other comprehensive (loss) income | ||||
| Items that may be reclassified to profit or loss in subsequent years | ||||
| Foreign currency translation adjustment, net | (10) | 13 | (6) | 4 |
| Other comprehensive (loss) income | (10) | 13 | (6) | 4 |
| Total comprehensive (loss) income | (1) | 67 | (54) | 6 |
The notes are an integral part of these unaudited condensed consolidated financial statements.
Unaudited condensed consolidated balance sheet
| Dec 31, 2024 | Dec 31, 2023 (Retrospectively adjusted 1 ) | ||
| Notes | $m | $m | |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 7 | 177 | 234 |
| Property, plant and equipment | 8 | 101 | 82 |
| Right-of-use assets | 35 | 33 | |
| Deferred tax assets | 5 | 268 | 267 |
| Investments | 9 | 27 | 41 |
| Other assets | 10 | 29 | 28 |
| 637 | 685 | ||
| Current assets | |||
| Inventories | 178 | 142 | |
| Trade receivables | 254 | 254 | |
| Other assets | 10 | 43 | 457 |
| Current tax receivable | 5 | 34 | - |
| Investments | 9 | 1 | 94 |
| Cash and cash equivalents | 319 | 316 | |
| 829 | 1,263 | ||
| Total assets | 1,466 | 1,948 | |
| LIABILITIES | |||
| Current liabilities | |||
| Borrowings | 11 | (18) | (3) |
| Provisions | 12 | (21) | (408) |
| Other liabilities | 12 | (89) | (125) |
| Trade and other payables | 15 | (797) | (743) |
| Lease liabilities | (10) | (9) | |
| Current tax liabilities | 5 | (11) | (18) |
| (946) | (1,306) | ||
| Non-current liabilities | |||
| Borrowings | 11 | (315) | (236) |
| Provisions | 12 | (63) | (5) |
| Other liabilities | 12 | (316) | (367) |
| Lease liabilities | (31) | (34) | |
| (725) | (642) | ||
| Total liabilities | (1,671) | (1,948) | |
| Net liabilities | (205) | - | |
| EQUITY | |||
| Capital and reserves | |||
| Share capital | 16 | 62 | 68 |
| Share premium | 13 | 11 | |
| Capital redemption reserve | 14 | 7 | |
| Other reserve | (1,296) | (1,295) | |
| Foreign currency translation reserve | (41) | (35) | |
| Retained earnings | 1,043 | 1,244 | |
| Total shareholders' deficit | (205) | - |
1The unaudited condensed consolidated balance sheet as of December 31, 2023 was retrospectively adjusted during Q1 2024 to reflect measurement period adjustments related to the November 2023 acquisition of an aseptic manufacturing facility. Refer to Note 1 and Note 18.
The notes are an integral part of these unaudited condensed consolidated financial statements.
Unaudited condensed consolidated statement of changes in equity
| Notes | Share capital | Share premium | Capital redemption reserve | Other reserve | Foreign currency translation reserve | Retained earnings | Total shareholders' (deficit) equity | ||||||||
| $m | $m | $m | $m | $m | $m | $m | |||||||||
| Balance at January 1, 2023 | 68 | 8 | 6 | (1,295) | (39) | 1,303 | 51 | ||||||||
| Comprehensive income | |||||||||||||||
| Net income | - | - | - | - | - | 2 | 2 | ||||||||
| Other comprehensive income | - | - | - | - | 4 | - | 4 | ||||||||
| Total comprehensive income | - | - | - | - | 4 | 2 | 6 | ||||||||
| Transactions recognized directly in equity | |||||||||||||||
| Shares issued | 1 | 3 | - | - | - | - | 4 | ||||||||
| Share-based plans | - | - | - | - | - | 22 | 22 | ||||||||
| Settlement of tax on equity awards | - | - | - | - | - | (22) | (22) | ||||||||
| Shares repurchased and canceled | (1) | - | 1 | - | - | (33) | (33) | ||||||||
| Transfer to share repurchase liability | - | - | - | - | - | (23) | (23) | ||||||||
| Transfer from share repurchase liability | - | - | - | - | - | 9 | 9 | ||||||||
| Taxation on share-based plans | - | - | - | - | - | (14) | (14) | ||||||||
| Balance at December 31, 2023 | 68 | 11 | 7 | (1,295) | (35) | 1,244 | - | ||||||||
| Balance at January 1, 2024 | 68 | 11 | 7 | (1,295) | (35) | 1,244 | - | ||||||||
| Comprehensive income | |||||||||||||||
| Net loss | - | - | - | - | - | (48) | (48) | ||||||||
| Other comprehensive loss | - | - | - | - | (6) | - | (6) | ||||||||
| Total comprehensive loss | - | - | - | - | (6) | (48) | (54) | ||||||||
| Transactions recognized directly in equity | |||||||||||||||
| Shares issued | 1 | 2 | - | - | - | (1) | 2 | ||||||||
| Share-based plans | - | - | - | - | - | 24 | 24 | ||||||||
| Settlement of tax on equity awards | - | - | - | - | - | (22) | (22) | ||||||||
| Shares repurchased and canceled | (7) | - | 7 | - | - | (168) | (168) | ||||||||
| Transfer to share repurchase liability | - | - | - | - | - | (10) | (10) | ||||||||
| Transfer from share repurchase liability | - | - | - | - | - | 22 | 22 | ||||||||
| Purchase of treasury shares | - | - | - | (1) | - | - | (1) | ||||||||
| Taxation on share-based plans | - | - | - | - | - | 2 | 2 | ||||||||
| Balance at December 31, 2024 | 62 | 13 | 14 | (1,296) | (41) | 1,043 | (205) |
The notes are an integral part of these unaudited condensed consolidated financial statements.
Unaudited condensed consolidated cash flow statement
| 2024 | 2023 | |
| For the twelve months ended December 31 | $m | $m |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Operating loss | (23) | (4) |
| Depreciation and amortization of property, plant and equipment and intangible assets | 26 | 19 |
| Impairment of property, plant and equipment and intangible assets | 52 | - |
| Depreciation of right-of-use assets | 8 | 9 |
| Share-based payments | 24 | 22 |
| Impact from foreign exchange movements | (6) | (11) |
| Unrealized loss on equity investment | 9 | - |
| Settlement of tax on employee awards | (22) | (22) |
| Increase in trade receivables | (1) | (33) |
| Decrease (increase) in current and non-current other assets 2 | 409 | (415) |
| Increase in inventories 1 | (37) | (21) |
| Increase in trade and other payables | 48 | 115 |
| (Decrease) increase in provisions and other liabilities 2 3 | (403) | 49 |
| Cash generated by (used in) operations | 84 | (292) |
| Interest paid | (39) | (32) |
| Interest received | 23 | 42 |
| Tax refunds | - | 19 |
| Taxes paid | (47) | (52) |
| Net cash inflow (outflow) from operating activities | 21 | (315) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Acquisition of assets, net of cash acquired | - | (124) |
| Acquisition of business | - | (5) |
| Purchase of property, plant and equipment | (29) | (8) |
| Purchase of investments | (17) | (45) |
| Maturity of investments | 117 | 129 |
| Purchase of intangible asset | (2) | (45) |
| Net cash inflow (outflow) from investing activities | 69 | (98) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from borrowings | 329 | - |
| Repayment of borrowings | (234) | (12) |
| Principal elements of lease payments | (10) | (8) |
| Lease incentive received | - | 3 |
| Cash paid for share repurchases | (173) | (33) |
| Proceeds from the issuance of ordinary shares | 2 | 4 |
| Purchase of treasury stock | (1) | - |
| Net cash outflow from financing activities | (87) | (46) |
| Exchange difference on cash and cash equivalents | - | 1 |
| Net increase (decrease) in cash and cash equivalents | 3 | (458) |
| Cash and cash equivalents at beginning of the period | 316 | 774 |
| Cash and cash equivalents at end of the period | 319 | 316 |
1Discontinuation of PERSERIS (refer to Note 19) resulted in impairment of inventory.
2Changes in these line items for 2024 include the utilization of the Antitrust MDL liabilities (refer to Note 14) and release of related escrow funding following final court approval.
3Changes for 2024 also include litigation settlement payments of $173m (FY 2023 $195m). $3m of interest paid on the DOJ Resolution in 2024 has been recorded in the interest paid line item (FY 2023 $3m).
The notes are an integral part of these unaudited condensed consolidated financial statements.
Notes to the unaudited condensed consolidated financial statements
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
Indivior PLC (the 'Company') is a public limited company incorporated on September 26, 2014 and domiciled in England, United Kingdom. In these unaudited condensed consolidated financial statements ( Condensed Financial Statements'), reference to the Group' means the Company and all its subsidiaries.
The Condensed Financial Statements are unaudited and do not include all the information and disclosures required in the annual financial statements. Therefore, the Condensed Financial Statements should be read in conjunction with the Group's Annual Report and Accounts for the year ended December 31, 2023, which were prepared in accordance with U.K. adopted International Accounting Standards and in conformity with the Companies Act 2006 as applicable to companies reporting under those standards. These Condensed Financial Statements were approved for issue on February 19, 2025.
In preparing these Condensed Financial Statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended December 31, 2023, except for judgements over the recoverability of deferred tax assets and changes in estimates required in the resolution of uncertainties for certain contingent liabilities.
In 2023, the Group acquired an aseptic manufacturing facility which was accounted for as a business combination. As the acquisition was completed in late 2023, a provisional fair value of assets acquired and liabilities assumed at the date of acquisition was disclosed in the consolidated financial statements for the year ended December 31, 2023. In Q1 2024, based on new information obtained about facts and circumstances that existed as of the acquisition date, the Group adjusted the provisional fair values for acquired property, plant and equipment and the assumed onerous contract provision, with an adjustment to goodwill equal to the change in the net assets acquired. These measurement period adjustments are reflected in the comparative period presented in the Condensed Financial Statements in accordance with IFRS 3 Business Combinations. The effect on depreciation and other changes in the related balances from the acquisition date to December 31, 2023 was immaterial. Refer to Note 18 for a reconciliation of the previously reported provisional fair value of net assets acquired to the adjusted provisional fair value.
Effective January 1, 2024, the functional currency of Indivior U.K. Limited, one of the Group's significant subsidiaries, changed from pound sterling to U.S. dollar (USD). This was the result of a change in the primary economic environment in which Indivior U.K. Limited operates, driven by growth of USD-denominated net revenue combined with an increase in USD-denominated costs and culminating with a shift in investing activities. The Group determined the USD had become the dominant currency from January 2024.
Acknowledging the Group's net liability position, the Directors have assessed the Group's ability to maintain sufficient liquidity to fund its operations, fulfill financial and compliance obligations as set out in Note 11, and comply with the maximum leverage and minimum interest coverage covenants in the Group's term loan for the period to June 2026 (the going concern period). A base case model was produced reflecting
Board reviewed financial plans for the period and