Indivior PLC (OTCPK:INVVY) Q1 2023 Earnings Conference Call April 27, 2023 8:00 AM ET

Company Participants

Jason Thompson - Vice President of Investor Relations

Mark Crossley - Chief Executive Officer

Christian Heidbreder - Chief Scientific Officer

Ryan Preblick - Chief Financial Officer

Conference Call Participants

Paul Cuddon - Numis Securities

Thibault Boutherin - Morgan Stanley

Max Herrmann - Stifel Financial Corp

Jason Thompson

Good morning, good afternoon, everyone. Before we begin, I need to remind everyone that on today's call, we may make forward-looking statements that are subject to risks and uncertainties, and that actual results may differ materially. We list the factors that may cause our results to be materially different on Slide 2. We also may refer to non-GAAP measures, the reconciliations for which may be found in the appendix to the presentation that is now posted on our website at indivior.com.

I will now turn the call over to Mark Crossley, our Chief Executive Officer.

Mark Crossley

Thank you, Jason, and good morning, good afternoon, everyone. Thanks for joining our first quarter results call. Here with me today are Ryan Preblick, our Chief Financial Officer; and Christian Heidbreder, our Chief Scientific Officer. I will start the call with an overview of the results for Q1 and a progress report against our strategic priorities. Ryan will then provide more detail on the first quarter results and updated fiscal year 2023 guidance. And then following that, we'll move to Q&A.

Turning to the key messages, we delivered an excellent start to 2023 driven by strong execution against our profitable growth strategy, which is primarily focused on increasing SUBLOCADE's prescriber depth within our organized health systems.

Our first quarter total net revenue grew 22% led by SUBLOCADE. The strength of our top line allowed us to absorb incremental growth investments behind SUBLOCADE in the U.S. Justice System channel while still delivering operating leverage. As a result, our adjusted operating profit grew 31% in the quarter.

We also successfully completed the acquisition of Opiant at the beginning of March. This important strategic step strengthens our addiction portfolio with the addition of OPNT003, which we expect to become the next generation agent for opioid overdose reversal subject, of course, to regulatory approval by the FDA.

I'm also pleased to report that we fully integrated the Opiant commercial and R&D teams. And with our combined experiences, capabilities and footprint, our teams have hit the ground running as we prepare for potential FDA approval and then launch. You'll also know that we've updated our fiscal year 2023 guidance for the Opiant acquisition as well as our updated share assumptions for film. As a result, we've increased our fiscal year 2023 net revenue expectations. Ryan will share more detail on these and other fiscal year 2023 guidance items in a moment.