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Indivior PLC (LON:INDV) (NASDAQ:INDV), a pharmaceutical company with a market capitalization of $1.4 billion and impressive 81.62% gross margins, reported significant corporate changes at its Annual General Meeting (AGM) held on Thursday. The company, known for its specialty in addiction treatment and generating $1.17 billion in revenue, announced the departure of CEO Mark Crossley following shareholder approval of the Directors’ Remuneration Policy. Joe Ciaffoni has been appointed as the new CEO, effective immediately. According to InvestingPro analysis, the company appears undervalued at its current price of $11.1.
Shareholders also approved amendments to the company’s articles of association, including changes to the general meetings of shareholders, annual re-election requirements for directors, and the ability to call board meetings. Notably, the amendments reflect the company’s transition from the London Stock Exchange (LON:LSEG) to the Nasdaq Stock Market as its primary listing. InvestingPro data reveals two promising indicators: net income is expected to grow this year, and analysts predict the company will return to profitability - just two of the dozen exclusive insights available to subscribers.
All proposed resolutions at the AGM were passed, including the reappointment of PricewaterhouseCoopers LLP as the company’s auditor and the authorization of political donations by UK subsidiaries. The AGM also saw the election and re-election of seven director nominees. For detailed analysis of Indivior’s governance and financial health metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
Additionally, the company released an announcement via the Regulatory News Service detailing the AGM results, which is furnished as part of the SEC filing. The company’s new articles of association, which outline the adopted changes, have been filed with the SEC and are available for review.
Indivior’s leadership transition and bylaw amendments come as the company continues to focus on addressing the challenges of addiction treatment. The AGM results are expected to steer the company’s strategic direction under the new CEO’s leadership.
In other recent news, Indivior PLC reported its fourth-quarter 2024 earnings, with earnings per share (EPS) of $0.32, exceeding the analyst forecast of $0.26. The company also surpassed revenue expectations, generating $298 million against a projected $261.33 million. Despite this positive performance, Indivior’s shares experienced a decline, reflecting investor concerns over future guidance and market conditions. The company anticipates 2025 to be a transition year, projecting total net revenue between $955 million and $1,025 million. Indivior also announced significant changes to its Board of Directors, reducing the number to seven members, with all standing for re-election at the 2025 Annual General Meeting. Additionally, the company plans to appoint a new Independent (LON:IOG) Non-Executive Director by July 2025, subject to approval by Oaktree Capital Management L.P. In governance adjustments, Daniel Ninivaggi will assume the role of Chair of the Nomination Committee, and Barbara Ryan will become Chair of the Compensation Committee. These developments are part of an amended Relationship Agreement with Oaktree, including mutual support obligations.
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