Indivior PLC (OTCPK:INVVY) Q2 2022 Earnings Conference Call July 28, 2022 8:00 AM ET
Company Participants
Mark Crossley - Chief Executive Officer
Ryan Preblick - Chief Financial Officer
Christian Heidbreder - Chief Scientific Officer
Conference Call Participants
Max Herrmann - Stifel
Peter Testa - One Investments
Mark Crossley
Good morning, good afternoon and thanks for joining us. With me today to discuss our Second Quarter and Half Year Results are Ryan Preblick, our Chief Financial Officer; and Dr. Christian Heidbreder, our Chief Scientific Officer.
Looking at the agenda, I'll provide an overview of our financial results as well as the progress we're making against our strategic priorities, after which Ryan will take you through the results and guidance in more detail. Christian will then walk you through our R&D priorities and pipeline updates, and then we'll move to the question-and-answer session. Before I move on to my overview, I'll assume everyone's read the forward-looking statements.
Turning to the second quarter, key messages on Slide 5, the company executed well and delivered stronger top and bottom-line performance than we expected. Importantly, we also made excellent progress against the strategic priorities that form the foundation for creating long-term value for all Indivior stakeholders and which we -- will enable us to deliver a better future for patients. Our focus on organized health systems continues to drive strong growth for SUBLOCADE.
As you saw, net revenue in the second quarter was $98 million. Excluding the large one-time order in the year ago period, SUBLOCADE net revenue grew by over 80% year-over-year and increased 15% versus the previous quarter. This sequential growth performance represents the eighth consecutive quarter of double-digit underlying growth for SUBLOCADE.
Based on this strong momentum, we now expect SUBLOCADE net revenue for the full year to be in the range of $390 million to $420 million. At the midpoint, this would be an increase of $25 million over our previous guidance and represents a 66% increase over SUBLOCADE's fiscal year 2021 net revenue mark.
At the total company level, we're maintaining our full year 2022 guidance for net revenue and adjusted operating profit. This guidance reflects the increased strength of SUBLOCADE mostly offset by the assumption that recent FDA approval of a fourth generic will result in a launch early in the fourth quarter.
Consequently, we expect SUBOXONE market share will begin eroding at an accelerated rate versus our previous guidance. If the timing and/or impact of the launch is different, we'll update guidance accordingly. Ryan will provide more color on our fiscal year 2022 guidance momentarily.