Indivior PLC (OTCPK:INVVY) Q4 2022 Earnings Conference Call February 16, 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

Thibault Boutherin - Morgan Stanley

James Vane-Tempest - Jefferies

Christian Glennie - Stifel

Operator

Good day and thank you for standing by. Welcome to the Indivior Plc Full Year Results 2022 Conference Call. At this time, all participants are in a listen-only mode. After the speakers presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your host today, Jason Thompson. Please go ahead.

Jason Thompson

Thanks, Sharon and good morning, 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. Actual results may differ materially and we will list these factors on Slide 2. We also may refer to non-GAAP measures, the reconciliations for which may be found in the appendix to this presentation posted on our website at indivior.com.

I'll now turn the call over to our CEO, Mark Crossley.

Mark Crossley

Thank you, Jason. Good morning and good afternoon, everyone. Thanks for joining us. I'm Mark Crossley, CEO of Indivior. With me today to discuss our results and progress are Ryan Preblick, our Chief Financial Officer; and Dr. Christian Heidbreder, our Chief Scientific Officer. For today's call, I'll provide an overview of our strategic progress, after which Christian will review our research and development priorities and then Ryan will conclude our formal remarks by detailing our financial performance and the full year 2023 guidance we published in our press release. We'll then move on to Q&A.

Turning to Slide 5. Starting with our performance in 2022, I'm pleased to report that Indivior made excellent progress against our strategic priorities. At the heart of everything we do is our vision that millions of people across the globe suffering from substance use disorders and serious mental illness have access to evidence-based medical treatments to change their lives. Driven by this unwavering focus on patients, the team have delivered strong financial results.

Our full year 2022 net revenue grew 14% to $901 million, powered by strong double-digit growth in our long-acting injectables, SUBLOCADE and PERSERIS. I'm particularly proud that SUBLOCADE our once-monthly buprenorphine for the treatment of moderate-to-severe opioid use disorder, became Indivior's largest selling medicine in 2022. This speaks to the transformational nature of this important medicine. And as you heard at our Capital Markets Day in December, we believe we're only just getting started in realizing its full potential. Staying with our financial results, we delivered adjusted operating income growth of 13% to $212 million. Given the step-up in growth and R&D investments in the year, this was solid performance and comfortably ahead of our expectations as we enter the year.