Latest news with #Indivior
Daily Mail
9 hours ago
- Business
- Daily Mail
Payments giant plots primary listing switch from London to New York
Financial tech giant Wise has become the latest business to announce plans to switch its primary listing from London to New York. The money transfer platform told investors on Thursday the move would boost trading liquidity in shares, enlarge its investor base, and accelerate growth in the United States. Wise will retain a secondary listing on the London Stock Exchange, where it debuted four years ago in what was the first direct listing in the Square Mile's history. However, relocating its main listing to Wall Street would represent another significant blow to the London markets, which has suffered an exodus of companies in recent years. Paddy Power owner Flutter Entertainment and construction materials supplier CRH both changed their primary listing to the US. Ashtead Group declared its intention last December to do the same, while drugs giant Indivior revealed on Monday that it would delist from the LSE and keep its primary listing on the Nasdaq. In addition, London has struggled to attract initial public offerings, with just five new listings in the first quarter of 2025 and £74.5million in proceeds raised. Kristo Käärmann, co-founder and chief executive of Wise, said: 'We believe the addition of a primary US listing would help us accelerate our mission and bring substantial strategic and capital market benefits to Wise and our owners. 'These include helping us drive greater awareness of Wise in the US, the biggest market opportunity in the world for our products today, and enabling better access to the world's deepest and most liquid capital market.' Käärmann started Wise in 2011 with fellow Estonian national Taavet Hinrikus after the duo became frustrated with the costs of sending cash to their home country. The company's financial backers have included Sir Richard Branson, venture capital fund Andreessen Horowitz, and Palantir co-founder Peter Thiel. Wise will ask shareholders to vote in the coming weeks on switching the firm's primary listing. Russ Mould, investment director at AJ Bell, remarked: 'The UK stock market is like a boxer determined to keep going in a gruelling fight. 'While the FTSE 100's share price performance might have beaten the main US indices this year, the broader UK stock market continues to take a succession of blows to the head from a reputational perspective. 'Takeovers are coming thick and fast, IPOs remain scarce, and more companies are looking Stateside for their main stock listing in hope of a higher valuation.' Wise further revealed on Thursday that its underlying pre-tax profits increased by 17 per cent to £282.1million in the year ending March. Revenue rose by 15 per cent to £1.2billion, supported by higher interest rates and usage of the Wise account, and active customer numbers growing by 21 per cent to 15.6 million. Wise shares soared 12.2 per cent to £12.18 on Thursday morning, up more than half from their £8 IPO price.
Telegraph
3 days ago
- Business
- Telegraph
A sunny spring shines a glowing light on this drinks company's new chief
These all feel like positive steps for a company whose share price is no higher than it was 16 years ago. In the meantime, the balance sheet offers some downside protection and also the prospect for further progress. Net debt, adjusting for leases and a pension surplus, stands at €180m and a recent extension of banking facilities to 2030 means the management team has time on its side when it comes to effecting a turnaround in the company's fortunes. Free cash flow can serve to reduce those borrowings, and also fund cash returns to shareholders. C&C increased its dividend by 5pc in the year just ended and also bought back €30m in stock, in keeping with the plan to return €150m in cash to shareholders across the financial years to February 2025, 2026 and 2027. That sum equates to a fifth of the current stock market capitalisation, using the exchange rate of €1.1934 to the pound that prevails at the time of writing. Questor says: buy Ticker: CCR Share price: 162.8p Update: Indivior Such is the wild trajectory of the share price of Indivior since its demerger from the former Reckitt Benckiser 11 years ago that some investors may be relieved to see it cancel its secondary listing and withdraw from the London market. Others may feel the lowly valuation merits patient support even when the stock can only be traded on Nasdaq. Sceptics will chunter about a history of litigation and profit warning, including three of the latter in 2024. Supporters will put forward Indivior's role as a developer of key treatments for substance abuse disorders, especially in the area of opioid dependency, and how 2024 saw the firm generate its highest levels of sales since 2014's spin-off and its best profits since 2017. Competition and how Presidential policy could affect Medicaid funding will be challenges and sources of further debate. Both sides of the argument will then have to chew over the valuation. The shares stand well below their 2018 record highs of around £24. As a result, even after the final trading alert, which warned of lower sales in 2025 thanks to fall in revenues from Suboxone for which sales from Sublocade would not fully compensate, analysts' forecasts put the stock on a forward price-to-earnings ratio of less than nine times for 2025 and less than eight times for 2026. If Sublocade can still reach Indivior's medium-term target of $1.5bn, compared to the $756m recorded in 2024, then profits could motor and render the shares cheaper still. Where the shares are listed will make no difference to this at all; new chief executive Joe Ciaffoni and new chair Dr. David Wheaton must get the company to deliver on its targets. There is enough value here to persuade long-time holders to cling on.
Yahoo
3 days ago
- Business
- Yahoo
Drugmaker Indivior to abandon London listing amid exodus of companies
The drugmaker Indivior has become the latest company to abandon its listing in London, heaping further pressure on the London Stock Exchange (LSE) to reinvigorate itself. The Virginia-based company, which makes the opioid addiction treatments Sublocade and Suboxone, switched its main stock listing to the US last year, but now plans to cancel the secondary listing it had retained in London. Indivior said on Monday that in making the decision it had considered the liquidity and trading volumes of its shares on the US's Nasdaq exchange compared with the LSE; the location of its shareholders; and the cost and administrative requirements related to the London listing. More than 80% of Indivior's net revenues come from the US, which has been in the grip of an opioid crisis for decades, after a rise in the use of opioid painkillers led to increasing addiction rates and a sharp rise in fatal overdoses. David Wheadon, the Indivior chair, said: 'A single primary listing on Nasdaq best reflects the profile of Indivior's business. We appreciate the support received from shareholders for this initiative and look forward to capitalising on the expected benefits of this move, including reductions in cost and complexity.' The London-listed share price fell by 2% to 925.7p on Monday, giving Indivior a market value of nearly £1.2bn. The LSE has been hit by an exodus of companies, such as the Anglo-German travel company Tui, which opted for a sole listing in Frankfurt last year. 'The London Stock Exchange will be upset it is losing another big name,' said Russ Mould, the investment director at AJ Bell. 'It means the pressure is on to attract new names to the market and keep existing ones.' The blow was softened as the LSE welcomed Anglo American's $11bn (£8bn) platinum spin-off Valterra, which became independent from the mining company. Valterra is listed in South Africa and will now have a London listing as well. Anglo retains a 19.9% stake for now but has promised to sell it down over time. Mould said he had expected Indivior to exit London entirely, as its business is focused on the US, where most of its shareholders are based. The company had been listed in London because it was spun off in 2014 from the UK consumer goods group Reckitt Benckiser, itself listed in London. Indivior appointed the pharma veteran Joseph Ciaffoni as chief executive in February, replacing Mark Crossley after warning of a sharp drop in revenues this year. Last year it posted 9% sales growth to almost $1.2bn. This was driven by Sublocade, a prescription medicine that is injected once a month by health professionals to treat addiction to opioid drugs in adults, alongside mental health support. Suboxone is a similar drug but is given as tablets or as a film that dissolves when placed under the tongue. Sublocade's 2025 sales are expected to be flat compared with last year, while Suboxone film faces a 50% slump in sales because of competition from generic drugs, and Indivior will discontinue Perseris, its once-monthly schizophrenia drug. Indivior also said in February it faced 'numerous lawsuits', including an allegation that Suboxone film was 'defectively designed and caused dental injury'. There have also been cases brought by shareholders in the UK and US. Indivior faces a lawsuit from Wirral council, which administers the Merseyside Pension Fund, in London's high court over alleged false marketing of Suboxone. The case was thrown out in 2023; Wirral council appealed, and Indivior said in February it intended to 'vigorously defend' itself. In 2019, the US justice department charged Indivior with fraudulently claiming Suboxone film was better and safer than similar drugs. Its former parent, Reckitt, agreed to pay a $1.4bn fine to settle the case in July 2019, without any admission of wrongdoing, while Indivior said in 2020 that it had 'pleaded guilty to one count of making a false statement relating to healthcare matters in 2012' and that it would make payments to federal and state authorities totalling $600m over seven years. Shaun Thaxter, the former Indivior chief executive, was sentenced to six months in federal prison in 2020 after pleading guilty to his role in a scheme to secure Medicaid coverage for Suboxone film by misleading officials about its dangers to children.
The Guardian
3 days ago
- Business
- The Guardian
Drugmaker Invidior to abandon London listing amid exodus of companies
The drugmaker Indivior has become the latest company to abandon its listing in London, heaping further pressure on the London Stock Exchange (LSE) to reinvigorate itself. The Virginia-based company, which makes the opioid addiction treatments Sublocade and Suboxone, switched its main stock listing to the US last year, but now plans to cancel the secondary listing it had retained in London. Indivior said on Monday that in making the decision it had considered the liquidity and trading volumes of its shares on the US's Nasdaq exchange compared with the LSE; the location of its shareholders; and the cost and administrative requirements related to the London listing. More than 80% of Indivior's net revenues come from the US, which has been in the grip of an opioid crisis for decades, after a rise in the use of opioid painkillers led to rising addiction rates and a sharp rise in fatal overdoses. David Wheadon, the Indivior chair, said: 'A single primary listing on Nasdaq best reflects the profile of Indivior's business. We appreciate the support received from shareholders for this initiative and look forward to capitalising on the expected benefits of this move, including reductions in cost and complexity.' The London-listed share price fell by 2% to 925.7p on Monday, giving Indivior a market value of £1.2bn. The LSE has been hit by an exodus of companies, such as the Anglo-German travel company Tui, which opted for a sole listing in Frankfurt last year. 'The London Stock Exchange will be upset it is losing another big name,' said Russ Mould, the investment director at AJ Bell. 'It means the pressure is on to attract new names to the market and keep existing ones.' The blow was softened as the LSE welcomed Anglo American's $11bn (£8bn) platinum spin-off Valterra, which became independent from the mining company. Valterra is listed in South Africa and will now have a London listing as well. Anglo retains a 19.9% stake for now but has promised to sell it down over time. Mould said he had expected Indivior to exit London entirely, as its business is focused on the US, where most of its shareholders are based. The company had been listed in London because it was spun off in 2014 from the UK consumer goods group Reckitt Benckiser, itself listed in London. Indivior appointed the pharma veteran Joseph Ciaffoni as chief executive in February, replacing Mark Crossley after warning of a sharp drop in revenues this year. Last year it posted 9% sales growth to almost $1.2bn. This was driven by Sublocade, a prescription medicine that is injected once a month by health professionals to treat addiction to opioid drugs in adults, alongside mental health support. Suboxone is a similar drug but is given as tablets or as a film that dissolves when placed under the tongue. Sublocade's 2025 sales are expected to be flat compared with last year, while Suboxone film faces a 50% slump in sales because of competition from generic drugs, and Indivior will discontinue Perseris, its once-monthly schizophrenia drug. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Indivior also said in February it faced 'numerous lawsuits', including an allegation that Suboxone film was 'defectively designed and caused dental injury'. There have also been cases brought by shareholders in the UK and US. Indivior faces a lawsuit from Wirral council, which administers the Merseyside Pension Fund, in London's high court over alleged false marketing of Suboxone. The case was thrown out in 2023; Wirral council appealed, and Indivior said in February it intended to 'vigorously defend' itself. In 2019, the US justice department charged Indivior with fraudulently claiming Suboxone film was better and safer than similar drugs. Its former parent, Reckitt, agreed to pay a $1.4bn fine to settle the case in July 2019, without any admission of wrongdoing, while Indivior said in 2020 that it had 'pleaded guilty to one count of making a false statement relating to healthcare matters in 2012' and that it would make payments to federal and state authorities totalling $600m over seven years. Shaun Thaxter, the former Indivior chief executive, was sentenced to six months in federal prison in 2020 after pleading guilty to his role in a scheme to secure Medicaid coverage for Suboxone film by misleading officials about its dangers to children.
Yahoo
3 days ago
- Business
- Yahoo
FTSE pharma giant joins London stock market exodus
A £1.1bn drug company is to quit the London Stock Exchange (LSE) as the troubled market battles an exodus of businesses. Indivior, which makes opioid addiction treatments, has announced plans to delist in London and focus solely on New York. The company said the move reflected the fact that most of its investors and business were in the US, adding that the depth of the market on Wall Street 'far outweighs' London. It is a fresh blow for the London Stock Exchange, which has been battling to stop an exodus of businesses either to the US or into private hands. The market has also struggled to attract new listings to replace those that have left, leaving it shrinking. In total, 88 companies left the London Stock Exchange last year in the biggest flight from the UK's main market since the financial crash. More broadly, the number of companies listed on the London Stock Exchange has fallen by 40pc since 2008. Indivior was spun out of Reckitt Benckiser, the British consumer goods giant known for Dettol and Durex, in 2014. A member of the FTSE 250, Indivior is best known for its drug Suboxone, which is used to treat addiction to opioids such as heroin. The company said 80pc of its sales now come from America, reflecting both the size of the market and the legacy of the opioid crisis that has ravaged the US. The drug company has been listed on the London stock market since its demerger but acquired a secondary listing on New York's Nasdaq exchange in 2023. New York became its primary listing a year ago. David Wheadon, Indivior's chairman, said: 'A single primary listing on Nasdaq best reflects the profile of Indivior's business.' Over 70pc of its shareholders are now based in the US and 75pc of trades in its shares are carried out on the Nasdaq exchange, the company said. It added: '[The delisting] recognises that liquidity on Nasdaq now far outweighs liquidity on the LSE.' The company said the exit would help it cut costs by ending the complexity of maintaining two listings. The shift follows an overhaul of Invidior's top management in February following pressure from activist investor Oaktree Capital Management. Oaktree accused the company's management of 'doubling down on a failing strategy, ignoring competitive threats and allowing costs to spiral'. Dozens of businesses have moved their listings from London to New York in recent years, including gambling giant Flutter and construction equipment business Ashtead. Travel giant Tui separately quit the London markets to pursue a sole listing in Germany. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
