Indivior PLC (NASDAQ:INDV) Q1 2024 Earnings Conference Call April 25, 2024 8:00 AM ET

Company Participants

Jason Thompson - VP, IR
Mark Crossley - CEO
Christian Heidbreder - Chief Scientific Officer
Ryan Preblick - CFO

Conference Call Participants

James Vane-Tempest - Jefferies
Max Herrmann - Stifel
Chase Knickerbocker - Craig-Hallum
Thibault Boutherin - Morgan Stanley
Karl Burns - Northland Capital Markets
Max Herrmann - Stifel

Operator

Good day, and thank you for standing by. Welcome to the Indivior PLC Q1 2024 Financial Results 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 speaker today, Jason Thompson. Please go ahead.

Jason Thompson

Thanks, Evan, 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 and that actual results may differ materially.

We list the factors that may cause our results to be materially different on Slide 2 of this presentation. We also may refer to non-GAAP measures, the reconciliations for which may also be found in the appendix to our presentation that is now posted on our website at indivior.com.

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

Mark Crossley

Thank you, Jason, and good morning and good afternoon, everyone. And thanks for joining us at our first quarter results call today. Here with me are Ryan Preblick, our Chief Financial Officer, and Christian Heidbreder, our Chief Scientific Officer.

I'll start the day with an overview of the Q1 results and a progress report against our strategic priorities, and then Ryan will then discuss the Q1 results and our fiscal year 2024 guidance. Following that, we'll provide an update on our primary listing initiative and conclude with questions and answers.

Turning to the key messages, led by SUBLOCADE, we delivered another quarter of solid double-digit top-line growth in the first quarter. Total net revenue grew 12% versus year-ago quarter to $284 million. First quarter adjusted operating profit of $70 million declined modestly versus last year, due to commercial investments behind SUBLOCADE and the acquisition of Opiant, which closed in March last year. We expect to generate positive operating leverage on these investments as we move through the current year.