Drugmaker Indivior PLC (LSE:INDV) recovered some of its lost market value following a half-year report published on Thursday.
The addiction treatment leader collapsed by a third earlier this month after delivering a profit warning amid unfavourable market conditions and the discontinuation of its schizophrenia drug, Perseris.
Indivior shares were on the mend today though, shooting up 15% in a sign of confidence in the company’s forward prospects.
While there were no upgrades to full-year net revenue guidance of between $1.15 billion and $1.215 billion (suggesting an 8% year-on-year increase), it at least allayed concerns over current trading conditions.
Indivior also announced a fresh $100 million share repurchase programme on top of its existing $100 million programme.
During the period, Indivior switched its primary share listing from the UK to the US.
“The Group believes a primary US listing is beneficial to Indivior stakeholders because it is better aligned with its current and future growth opportunities, is expected to attract more US investors and analysts, permits inclusion in US indices over time and reflects the growing proportion of its share capital owned by US-based investors,” today said of this decision.
Indivior will retain a secondary listing on the London Stock Exchange.