Q1 2020 Indivior Financial Results Press Release
| Quarter to March 31 | 2020 $m | 2019 $m | % change at actual FX | % change at constant FX |
|---|---|---|---|---|
| Net Revenue | 153 | 238 | -36% | -35% |
| Operating (Loss)/Profit | (189) | 75 | NM | NM |
| Net (Loss)/Income | (163) | 66 | NM | NM |
| EPS (cents per share) | (22) | 9 | NM | NM |
| Adjusted Operating Profit* | 3 | 102 | NM | NM |
| Adjusted Net (Loss)/Income* | (3) | 89 | NM | NM |
| Adjusted EPS* (cents per share) | - | 12 | NM | NM |
* Adjusted (Adj.) basis excludes the impact of exceptional items as referenced in Notes 3 and 4. NM: Not Meaningful. This Release Contains Inside Information.
The Group increased its provision for investigative and antitrust litigation matters to $621m (previously $438m). Because these matters are in various stages, it is not possible for Indivior to predict with any certainty the potential impact of this litigation or to quantify the ultimate cost of a verdict or resolution, but it could have a material impact on the Group. The Group cannot predict with any certainty whether it will reach an ultimate resolution with the Department of Justice or any or all of the parties to the other matters referred to under the Litigation Update. Please see Notes 9 and 11 beginning on page 22 for further details on legal proceedings and any related provisions.
FY 2020 Guidance
On April 8, 2020 Indivior withdrew its FY 2020 guidance in the face of COVID-19 uncertainty. The Company does not expect to be in a position to provide revised guidance until it has greater clarity regarding the duration and extent of the market disruptions from the COVID-19 pandemic.
Comment by Shaun Thaxter, CEO of Indivior PLC
“Indivior’s performance in Q1 was in-line with our expectations as we executed against our strategy. However, at the end of the quarter, we experienced an abrupt change in market conditions as the COVID-19 pandemic began to take effect. Our priorities in this challenging period are to put our people and patients first, to maintain supplies of our medicines to those that need them most and to plan for the potential impacts of COVID-19 across our business. Cash preservation will also remain a key element of our near-term strategy, and as part of our COVID-19 response the Executive Committee has decided that its members will forgo any bonus payment for 2020 associated with the Group’s Annual Incentive Bonus Plan (AIP). We continue to actively mitigate enterprise risk, including our ongoing efforts to settle outstanding litigation, for which we took a further provision, and by making further investments in our internal compliance and processes to reflect the new working practices. As we navigate the challenges posed by this global public health crisis, we remain committed to our Vision and patient-focused strategy on behalf of all stakeholders.”
Read the full report here.