09:08 AM EDT, 10/10/2024 (MT Newswires) -- Indivior ( INDV ) shares fell 17% in recent premarket activity Thursday after the pharmaceutical company lowered its fiscal year 2024 revenue guidance and provided preliminary Q3 revenue expectations.

The company said it expects fiscal year 2024 revenue of $1.13 billion to $1.17 billion, down from a prior outlook of $1.15 billion to $1.22 billion. Analysts polled by Capital IQ are expecting revenue of $1.18 billion.

Indivior ( INDV ) also said its Q3 net revenue is forecast between $302 million to $309 million. Analysts polled by Capital IQ are expecting $289.4 million.

For its opioid dependence injection treatment Sublocade, the company said it now expects fiscal year 2024 net revenue of $725 million to $745 million, down from a prior outlook of $765 million to $805 million.

The company cited faster adoption of a Sublocade competitor and increased "variability" in the timing of federal funding for criminal justice system accounts as reasons for lower net revenue expectations. Additionally, stocking levels were lower than expected during Q3, Indivior ( INDV ) said.

Indivior ( INDV ) said it no longer expects Sublocade to exit 2025 at a $1 billion net revenue run rate.

Price: 7.90, Change: -1.54, Percent Change: -16.31