Shares of Indivior PLC (LSE:INDV) tanked 31% in a bloody opening session after the drug group sounded the earnings alarm and announced a round of job cuts.
In an update, the group said it anticipates adjusted operating profits will be in the range of $285 million to $320 million for the year, down from its previous forecast of $330 million to $380 million.
The company cited unfavourable market conditions and said it had also decided to discontinue the sale of its schizophrenia drug, Perseris.
CEO Mark Crossley stated that increased payor management made Perseris' future financially unviable, necessitating its discontinuation. The group is also culling around 130 roles.
Last month, Indivior moved its primary listing to the United States to leverage growth opportunities, noting that nearly half of its shareholder base comprises US-based investors.
At 8.09 am, the stock was off 369p at 812p.