Indivior PLC (LSE:INDV) said it is assessing the benefits of a secondary listing in the US as it announced a 20% jump in revenue for 2021 and forecast strong growth for this year.
Net revenue totalled US$791mln last year compared with US$647mln in 2020, well above market forecasts, with the US contributing sales of US$603mln, up 32%, the opioid addiction treatment maker said in an earnings release.
Operating profits came in at US$213mln in 2021, compared with a loss of US$156mln the previous year, while adjusted operating profit surged by 113% to US$187mln.
As the US accounts for 80% of sales, Indivior is considering a secondary listing there as it “is likely to be beneficial to the group's profile and visibility". It said it will consult its shareholders on the issue.
Net revenue from the injectable addiction treatment Sublocade (buprenorphine extended-release) almost doubled to US$244mln in 2021, putting the company on track to meet its US$1bn annual net revenue target.
Sublocade is being used as a treatment in the opioid addiction crisis in the US.
Indivior forecast net revenue in the range of US$840mln-US$900mln for 2022, reflecting strong growth in Sublocade, which is expected to generate net revenue of US$360mln-US$400mln this year, driven by strong penetration and growth in the Organized Health Systems (OHS) channel in the US.
Adjusted operating profit is forecast to be broadly similar to 2021.
Cash stood at US$1.1bn at the end of 2021, up from US$858mln a year earlier.
“... with over US$1bn in cash on our balance sheet, we have the financial strength and flexibility to pursue a balanced capital allocation strategy,” commented Indivior CEO Mark Crossley.
“Our primary focus remains on reinvesting in the business, but we also have the potential for additive inorganic growth opportunities and consideration of other value enhancement options."
Indivior shares jumped 11.41% to 253.80p.