- Indivior
- 23 October 2023 07:55:30
Source: Sharecast
The company, which makes anti-opioid treatments, said it would also take a $228m charge in the third quarter, which will be excluded from adjusted earnings. It faced claims by direct purchasers it illegally suppressed generic competition for its opioid addiction treatment Suboxone.
Indivior in June agreed to pay $102.5m to settle a lawsuit by multiple US states regarding the claims.
“This charge represents the additional amount above the current remaining provision of $157m for the antitrust multi-district litigation, which reflects the previously announced settlement agreements with the states and end payors,” Indivior said on Monday.
A trial that was scheduled to start on October 30 has been cancelled, it added.
"We are pleased to achieve this settlement to conclude this legacy multi-district antitrust matter," said Indivior chief executive Mark Crossley.
"The resolution of this litigation, which was filed over a decade ago, provides greater certainty for all Indivior stakeholders and allows us to continue focusing on our important work for patients suffering from opioid use disorder and mental health illnesses around the world."
Indivior added that it now expected year-to-date net revenue of $797 - $802m, up 21% at the mid-point on the same period in 2022. Adjusted operating profit was expected to be between $197 to $207m, up 17% at the mid point.
Reporting by Frank Prenesti for Sharecast.com