Indivior plans primary US listing in another hit to London’s flagging equity market
While the firm said it would look to maintain a secondary listing in the UK, the decision to shift its primary listing marks a big change for the company.
Indivior, the opioid dependence treatment maker has today said it will start consultations with shareholders on plans to shift its primary listing to the US in yet another blow to the London Stock Exchange.
The firm bought in a secondary listing on the Nasdaq in 2023 and said it would look to maintain a secondary listing in the UK. However, the decision to shift its primary listing marks a big change for the company, which was spun out of consumer health and hygiene giant Reckitt Benckiser back in 2014.
The pharmaceutics company makes the Sublocade and Suboxone products for treating opioid addiction and generates 81 per cent of its sales in the US.
The company made the announcement alongside its full-year results. Results for 2023 topped estimates and management expects to see further growth in both sales and margins in 2024.
Overall the group printed 21 per cent net revenue growth and an operating profit of $60m (£47m) up from a loss of $258m (£203m) last year.
Mark Crossley, chief executive of Indivior said: “By executing against our strategic priorities, we delivered strongly against these goals in 2023. We grew Sublocade and Perseris® net revenue by 54% and 50%, respectively, we acquired Opiant and launched Opvee®, and we expanded our pipeline of innovative potential treatments for substance use disorders.
Crossley added: “Our guidance for 2024 builds off this momentum with expected double-digit net revenue growth and meaningful operating margin expansion. We are also excited to announce that we are initiating consultations with shareholders on potentially transitioning to a primary listing in the US in 2024 while maintaining a secondary listing in the UK I look forward to reporting on our strong progress in 2024.”
