Indivior PLC (OTCPK:INVVY) Q3 2022 Earnings Conference Call October 27, 2022 8:00 AM ET
Company Participants
Mark Crossley - CEO
Ryan Preblick - CFO
Conference Call Participants
Thibault Boutherin - Morgan Stanley
James Vane-Tempest - Jefferies
Max Herrmann - Stifel
Paul Cuddon - Numis
Operator
Good day, and thank you for standing by. Welcome to Indivior’s Q3 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there'll 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 first speaker today, Mark Crossley, Chief Executive Officer. Please go ahead.
Mark Crossley
Thank you, Sarah. Good morning, and good afternoon, everyone, and thanks for joining us. With me today to discuss our third quarter results 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 the strategic progress, after which Ryan will detail our financial performance and our 2022 guidance, and then we'll move on to Q&A.
Turning to Slide 3. I'm going to assume that everyone has read the forward-looking statements.
Turning to Slide 4. In the third quarter, we continue to see strong year-over-year and sequential growth in SUBLOCADE. This important treatment reached the new milestone in the quarter crossing the 100 million mark for the first-time in the third quarter to deliver $x108 million in net revenue. SUBLOCADE's strong performance was the main driver of our top and bottom line growth in the period.
As in the past several quarters, this performance was driven by the growing presence in the Organized Health Systems channel. We're very pleased with the progress of PERSERIS in the quarter with net revenue up 14% sequentially and 60% versus last year. Importantly, we saw an encouraging uptick in unit volume and net revenue contribution from the new sales territories where we've expanded our presence.
Based on our performance year-to-date, together with the progress we're making against our strategic priorities, we're confident we will deliver a strong finish to the year. We've now narrowed our fiscal year 2022 guidance for SUBLOCADE to the higher end of our previously communicated range and we've increased our expectations for total net revenue and adjusted operating profit for the group. Ryan will provide a little more detail in a moment.
Clearly, the macro environment remains challenging with the geopolitical climate as well as decelerating economic growth and inflation across our markets. In this regard, our strong financial position with over $1 billion in cash and investments continues to provide us flexibility.