Opioid addiction is one of the major problems that need an immediate solution as more and more people are getting addicted to it. However, things seem to be getting more difficult as even the makers of the treatment are facing their own problems. Indivior Plc (INDV.L) reported a 19% slump in third-quarter revenue on Thursday as the British drug maker’s best-selling opioid addiction treatment lost more than half of its market share to cheaper generic rivals in the United States.
The company’s shares were down 6.5% after profit also fell by double-digits percentage. The stock has lost nearly two-thirds of its value this year as the London-listed firm faces competition from copycat drugs as well as a $3 billion U.S. fine for illegal marketing practices related to Suboxone. The company, which gets the bulk of its sales from the United States, had gained from the government’s stepped-up efforts to combat an opioid epidemic.
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Indivior has said it will “vigorously defend itself” against the U.S. charges, adding that even if it is unable to reach a settlement, the indictment is not likely to hit operations over the next 12 months.
The company backed its annual revenue and profit forecasts from earlier this month when it had raised them on a slower-than-expected erosion in Suboxone’s market share.