Results Round-up
Pharmaceutical company Indivior reported a drop in first-quarter net revenue but impressed with results of trials for its new treatment for schizophrenia.
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The company – which was spun off by Reckitt Benckiser late last year – posted operating profit of $115m, down 30% from $165m in the same period last year, on net revenue down 10% to $251m.
The decline in the numbers reflected higher rebates in the US, in connection with offering discounts to gain access to lists of approved drugs, or formularies, for its heroin-addition drug Suboxone, continuing a trend from the second half of 2014.
Indivior was also hit by expected higher operating costs as a standalone public company, including $2m exceptional costs arising from the demerger and establishment of Indivior Plc.
Sales slumped more than expected at Spirent Communications in what was expected to be a slow first quarter but the mobile phone testing company said stronger momentum since meant it was confident in hitting its full year targets.
Spirent, which dropped out of the FTSE 250 in December, slipped from last year's profit into a $3.6m adjusted operating loss as revenues fell 13.7% to $96.6m in the period since 1 January.
Order intake was down 2.3% to $99.4m as anticipated muted activity levels were exacerbated by contract timing issues.