(Reuters) - British drugmaker Indivior on Thursday reported a quarterly profit compared with a year-ago loss, as it benefited from lower costs.
The maker of drugs that treat opioid addiction said its research and development expenses fell nearly 21 percent in the third quarter ended Sept. 30, while other expenses declined more than 51 percent.
Indivior’s revenue rose 2.6 percent to $275 million as strength in its U.S. business partly offset competition from generic drugs.
Still, the U.S. market share for the company’s best-selling drug Suboxone Film slipped to 56 percent in the quarter from 60 percent in the same period last year.
The results come a day after another of Indivior’s opioid addiction drugs - an experimental injectable called RBP-6000 - was recommended for approval by an advisory panel to the U.S. Food and Drug Administration.
Chief Executive Shaun Thaxter said the company was finalizing plans for the launch of RBP-6000 by the first quarter of 2018.
The advisory panel recommendation came as a relief for the company, which has struggled to offset lower sales of Suboxone Film. The news sent Indivior’s shares up about 11 percent on Wednesday.
Indivior, which maintained its full-year profit and revenue forecasts, reported quarterly net profit of $50 million, compared with a loss of $149 million in the same period last year.
Reporting By Justin George Varghese in Bengaluru; Editing by Saumyadeb Chakrabarty and Sai Sachin Ravikumar