Market pressures force Indivior to cut 130 jobs, drop schizophrenia drug
2024-07-10
Indivior announced it will discontinue sales and marketing of its schizophrenia treatment Perseris (risperidone) and shrink its headcount by about 130 jobs, as the company grapples with market pressures and revises its full-year outlook downward.
The decision comes as Indivior faces headwinds in its core opioid addiction treatment business, mostly driven by tougher competition and changes in Medicaid coverage. The company has lowered its 2024 net revenue forecast to a range of $1.15 billion to $1.22 billion, an 8% gain compared to 2023.
As recently as late May, Indivior had projected net revenues would come in between $1.24 billion and $1.33 billion, or roughly 18% more than last year.
"Due to anticipated increased payor management of the category that makes Perseris' future no longer financially viable, we have determined to take the required actions to discontinue the product," said CEO Mark Crossley.
In its May update, Invidior said Perseris was expected to generate between $55 million and $65 million, up 43% compared to last year. The range has now been whittled down to between $27 million and $33 million.
Meanwhile, the company's flagship product, the opioid addiction treatment Sublocade (buprenorphine), is also facing challenges. Indivior now projects 2024 sales for Sublocade between range from $765 million to $805 million, up 25% from 2023, whereas it previously expected a 35% increase ranging from $820 million to $880 million.
Crossley attributed the adjustment to ongoing Medicaid disenrollments. "Sublocade net revenue has continued to be impacted more than we expected by a combination of transitory factors, primarily the elimination of COVID emergency measures related to automatic Medicaid coverage renewals."
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