INVVY - Indivior PLC ADR Non-GAAP EPS of $0.27 revenue of $241M; initiates FY23 guidance

• Indivior PLC ADR press release ( OTCPK:INVVY ): Q4 Non-GAAP EPS of $0.27.
• Revenue of $241M (+8.6% Y/Y).
• Guidance: TotalFY2023expectedNRrangeof$950Mto$1,020M(+9%vs.FY2022atthemid-point),reflectingcontinued strongSUBLOCADEandPERSERISgrowthandacceleratedshareerosionforUSSUBOXONEFilm.
• SUBLOCADEFY2023expectedNRrangeof$550Mto$600M(+41%vs.FY2022atthemid-point), primarilybasedonstrongpenetrationandgrowthintheOHSchannel,includingtheUSJusticesystem. ThisexpectedNRrangeisconsistentwiththeGroup’sexpectationthatSUBLOCADEwillreachan annualizedNRrunrateof$1bnexitingFY2025,andultimatelyachievepeakannualNRof>$1.5B.
• PERSERISFY2023expectedNRrangeof$45Mto$55M(+82%vs.FY2022atthemid-point),primarily basedoncontinuedprogresswithbuildingnationalUSawarenessandprescriptiongrowth.
• Adjustedgrossmarginexpectedtobeinthelowtomid80%range,asthebeneficialmiximpactfrom increasedSUBLOCADENRisexpectedtobeoffsetbycostinflation.
• AdjustedSG&Aexpectedtobeintherangeof$490mto$500m,primarilyreflectingcostinflationand incrementalcommercialinvestmentstoaccelerateaccesstoSUBLOCADEintheUSJusticeSystem.
• R&Dexpectedtobeintherangeof$80Mto$90M,primarilyreflectingexpensesrelatedtoongoing SUBLOCADElong-termefficacyandsafetystudies,early-stageassetadvancementandcostinflation.
• AdjustedoperatingprofitexpectedtobehigherthanFY2022’sadjustedoperatingincomeof$212M,with year-over-yearmarginexpansion.

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