Indivior PLC, a manufacturer of opioid addiction treatment drugs, reported a first-quarter positive performance in March, which earned it an upgraded corporate family rating. Indivor’s cash balance sits at $945 million. Moody’s upgraded its CFR to B3 from B2.
Moody’s said that the London-based pharmaceutical company would experience excess cash balance, especially since Indivior has no remaining settlements until early 2022.
According to its Q1 report, Indivior’s high cash balance reflects the timing of government rebate payables related to Suboxone Film. The company also received $26 million cash collateral returned by a surety bondholder.
“We have seen an encouraging start in FY 2021 with growth in net revenue, operating profit and cash from execution against our strategic prio…