Indivior PLC (OTCPK:INVVY) Q1 2022 Results Earnings Conference Call April 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

Paul Cuddon - Numis Securities

Thibault Boutherin - Morgan Stanley

Max Herrmann - Stifel Institutional

James Vane-Tempest - Jefferies

Peter Testa - One Investments

Operator

Good day. And thank you for standing by. Welcome to the Indivior PLC Q1 2022 Financial 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. [Operator Instructions].

I would now like to hand the conference over to your speaker today, Mark Crossley, Chief Executive Officer. Please go ahead.

Mark Crossley

Thank you, Sharon. And good morning and 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'll start with an overview of the results for the first quarter and a progress report against our strategic priorities. Ryan will then discuss the results in more detail, and we'll follow up and move on to Q&A.

Before I move on to my overview, I'll assume that you've read the forward-looking statements.

On slide 4, turning to the quarter, we delivered strong results which put us on track to meet our full-year 2022 guidance. This performance was driven by the team's successful execution against our strategy focused on growing SUBLOCADE in organized health systems.

In summary, our first quarter net revenue grew 15% and operating profit improved modestly, even including the significant uplift in strategic growth investments we're making to grow SUBLOCADE and PERSERIS. Our financial position also remained extremely strong.

I want to briefly call out a few highlights. First, SUBLOCADE net revenue of $85 million grew 13% versus the previous quarter and about doubled versus Q1 a year ago, with year-over-year growth of 98%. With this performance, SUBLOCADE has now surpassed SUBOXONE Film as our largest contributor to overall net revenue.

Growth was driven by increased penetration of the organized health systems, which represented over 75% of SUBLOCADE's growth, fueled by the platform investments we made. The success of our SUBLOCADE strategy means this important therapy is becoming available to an increasing number of patients at a time when combating the US opioid epidemic has never been more urgent.