Indivior PLC (NASDAQ:INDV) Q2 2024 Earnings Conference Call July 25, 2024 8:30 AM ET

Company Participants

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

Conference Call Participants

David Amsellem - Piper Sandler
Paul Cudden - Deutsche Numis
Chase Knickerbocker - Craig-Hallum
Thibault Boutherin - Morgan Stanley
Max Herrmann - Stifel

Operator

Good day, and thank you for standing by. Welcome to the Indivior PLC Half Year Results 2024 Conference Call and Webcast. 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 note that today's conference is being recorded.

I would now like to have the conference over to your first speaker, Mr. Jason Thompson, Head of Investor Relations. Please go ahead.

Jason Thompson

Thanks, Raz, 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@indivia.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. Thanks for joining us. Joining me today are Doctor Christian Heidbreder, our Chief Scientific Officer, Jeff Burris, our Chief Legal Officer and Ryan Preblick, our Chief Financial Officer.

I'll quickly highlight our results and some updates from our release earlier in the month, and then Ryan will detail the financials and our full year 2024 outlook. We'll then open the line for questions.

Our results for the second quarter were in line with the expectations we preannounced earlier this month. SUBLOCADE delivered year-over-year net revenue growth in the quarter of 24%. As we previously discussed, SUBLOCADE's growth continued to be impacted by transitory headwinds, which we expect to ease during the second half and especially as we look into 2025.

There are two significant new items in today's announcement. The first is that we've taken a $75 million provision for the agreed quantum of an expected settlement for opioid litigation brought by certain municipalities and tribal nations. This continues our path of proactively resolving legacy litigation items at the right value for shareholder certainty.