Indivior reports 51.3% Net Income decline in 2019 and 21.9% Revenue decline
13 Feb 2020 • About Indivior (
$INDV) • By InTwits
Indivior reported FY2019 financial results today. Overall the company's long term financial model is characterised by the following facts: Indivior is a company in decline: FY2019 revenue growth was -21.9%, 5 years revenue CAGR was -6.8%.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue dropped on 21.9%. During FY2015-FY2019 Revenue growth topped in FY2016 at 4.3% and was decelerating since that time.
Net Income margin dropped on 10.3 pp from 27.4% to 17.1% in FY2019.
Management team
The company's CEO is Shaun Thaxter. Shaun Thaxter is a founder and has 5 years tenure with the company. Mark Crossley is a the company's CFO. Mark Crossley has spent 0 years at the company.
Financial and operational results
FY ended 30 Nov -0001
Indivior ($INDV) key annual financial indicators| mln. $ | 2015 | 2016 | 2017 | 2018 | 2019 | 2019/2018 |
|---|
P&L
|
|---|
| Revenue | 1,014 | 1,058 | 1,093 | 1,005 | 785 | -21.9% |
| Gross Profit | 917 | 951 | 989 | 877 | | |
| SG&A | 393 | 664 | 688 | 476 | | |
| EBITDA | 378 | 163 | 206 | 332 | | |
| Net Income | 228 | 35 | 58 | 275 | 134 | -51.3% |
Balance Sheet
|
|---|
| Cash | 467 | 692 | 863 | 924 | | |
| Short Term Debt | 34 | 101 | 5 | 4 | | |
| Long Term Debt | 571 | 434 | 477 | 237 | | |
Cash flow
|
|---|
| Capex | 27 | 20 | 30 | 11 | | |
Ratios
|
|---|
| Revenue growth | -9.1% | 4.3% | 3.3% | -8.1% | -21.9% | |
| EBITDA growth | -35.7% | -56.9% | 26.4% | 61.2% | | |
|
|---|
| Gross Margin | 90.4% | 89.9% | 90.5% | 87.3% | | |
| EBITDA Margin | 37.3% | 15.4% | 18.8% | 33.0% | |
| SG&A, % of revenue | 38.8% | 62.8% | 62.9% | 47.4% | | |
| Net Income Margin | 22.5% | 3.3% | 5.3% | 27.4% | 17.1% | -10.3% |
| CAPEX, % of revenue | 2.7% | 1.9% | 2.7% | 1.1% | | |
|
|---|
| ROIC | 172.1% | 85.9% | 107.2% | 110.6% | | |
| Net Debt/EBITDA | 0.4x | -1.0x | -1.8x | -2.1x | |
Peers in Pharmaceuticals & Biotechnology
Below we provide Indivior benchmarking against other companies in Pharmaceuticals & Biotechnology industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| C4X Discovery Hldg ($C4XD) | | -10.6% | -48.7% | 4,839.9% | |
| Evocutis ($EVO) | | 51.2% | 54.5% | 37.6% | 49.0% |
| Ixico ($IXI) | | 4.9% | 25.8% | 31.2% | 40.2% |
| Benchmark Hldgs ($BMK) | | 147.5% | 28.2% | 8.1% | -15.9% |
| GlaxoSmithKline ($GSK) | | 16.6% | 8.2% | 2.1% | 9.5% |
| |
|---|
| Median (7 companies) | 4.8% | 8.1% | 10.4% | 8.1% | 9.5% |
|---|
| Indivior ($INDV) | | 4.3% | 3.3% | -8.1% | -21.9% |
Top companies by Gross margin, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Pfizer Inc ($PFZ) | 80.3% | 76.7% | 78.6% | 79.0% | 80.3% |
| Astrazeneca ($AZN) | 81.2% | 82.1% | 80.8% | 77.7% | |
| GlaxoSmithKline ($GSK) | 63.0% | 66.7% | 65.7% | 66.8% | 64.9% |
| Ixico ($IXI) | | 48.6% | 56.5% | 58.8% | 65.4% |
| Benchmark Hldgs ($BMK) | 36.4% | 46.5% | 44.5% | 48.9% | |
| |
|---|
| Median (5 companies) | 44.9% | 47.7% | 49.1% | 66.8% | 65.4% |
|---|
| Indivior ($INDV) | 90.4% | 89.9% | 90.5% | 87.3% | |
Top companies by EBITDA margin, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Evocutis ($EVO) | 35.4% | 38.6% | 45.2% | 43.9% | 50.0% |
| Pfizer Inc ($PFZ) | 34.8% | 33.6% | 37.9% | 38.0% | |
| Astrazeneca ($AZN) | 28.3% | 32.5% | 29.9% | 32.8% | |
| GlaxoSmithKline ($GSK) | 50.2% | 15.9% | 20.6% | 24.1% | 29.5% |
| Benchmark Hldgs ($BMK) | -9.4% | -5.1% | 11.1% | 10.7% | |
| |
|---|
| Median (7 companies) | 21.9% | 15.9% | 17.5% | 24.1% | 29.5% |
|---|
| Indivior ($INDV) | 37.3% | 15.4% | 18.8% | 33.0% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Benchmark Hldgs ($BMK) | 31.8% | 17.1% | 23.4% | 16.6% | |
| Evocutis ($EVO) | 6.3% | 18.2% | 5.8% | 7.3% | 5.2% |
| Astrazeneca ($AZN) | 5.4% | 6.3% | 5.9% | 4.7% | |
| GlaxoSmithKline ($GSK) | 5.8% | 5.5% | 5.1% | 4.4% | 3.7% |
| Pfizer Inc ($PFZ) | 2.9% | 3.5% | 3.7% | 3.8% | |
| |
|---|
| Median (7 companies) | 5.3% | 5.5% | 5.5% | 4.4% | 3.7% |
|---|
| Indivior ($INDV) | 2.7% | 1.9% | 2.7% | 1.1% | |
Top companies by ROIC, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Evocutis ($EVO) | 62.4% | 59.8% | 70.1% | 53.2% | 52.0% |
| GlaxoSmithKline ($GSK) | 42.9% | 10.9% | 20.2% | 23.3% | 18.0% |
| Ixico ($IXI) | | -63.3% | -50.5% | -14.9% | 5.0% |
| C4X Discovery Hldg ($C4XD) | | -110.6% | -127.1% | -29.4% | -179.6% |
| Pfizer Inc ($PFZ) | 9.1% | 9.2% | 10.9% | 12.3% | |
| |
|---|
| Median (6 companies) | 12.8% | 9.2% | 10.3% | 9.5% | 11.5% |
|---|
| Indivior ($INDV) | 172.1% | 85.9% | 107.2% | 110.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Benchmark Hldgs ($BMK) | | | 1.5x | 3.4x | |
| GlaxoSmithKline ($GSK) | 0.9x | 3.1x | 2.1x | 3.0x | 2.6x |
| Pfizer Inc ($PFZ) | 2.1x | 2.2x | 2.1x | 2.0x | |
| Astrazeneca ($AZN) | 1.3x | 1.6x | 2.2x | 2.0x | |
| Evocutis ($EVO) | -0.7x | -0.4x | -0.5x | -0.7x | -0.9x |
| |
|---|
| Median (5 companies) | 0.8x | 1.3x | 2.1x | 2.0x | -0.9x |
|---|
| Indivior ($INDV) | 0.4x | -1.0x | -1.8x | -2.1x | |
