Latest news with #Indivior
Yahoo
2 days ago
- Business
- Yahoo
Addex Therapeutics Ltd (ADXN) Q1 2025 Earnings Call Highlights: Strategic Advances and ...
Cash Balance: CHF2.8 million as of March 31, 2025. Cash Runway: Expected to last through mid-2026. Continuing R&D Expenses: CHF0.1 million, primarily related to the GABAB PAM program. Continuing G&A Expenses: CHF0.5 million, primarily related to corporate loan activities. Net Loss from Discontinued Operations: Specific line item due to divested business. Current Liabilities: CHF1.1 million as of March 31, 2025. Non-Current Liabilities: CHF0.1 million as of March 31, 2025. Equity Interest: 20% equity interest in a divested business, recorded under non-current assets. Warning! GuruFocus has detected 6 Warning Signs with ADXN. Release Date: June 19, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Addex Therapeutics Ltd (NASDAQ:ADXN) has made significant progress in its GABAB positive allosteric modulator program with partner Indivior, completing IND-enabling studies for substance use disorders. The company regained rights to its mGluR2 positive allosteric modulator program from Johnson & Johnson, opening new therapeutic opportunities. Addex Therapeutics Ltd (NASDAQ:ADXN) has repositioned its mGluR5 negative allosteric modulator program for brain injury recovery, with promising preclinical data supporting its potential. The company has a strong cash position with CHF2.8 million, providing a runway through mid-2026, and has reduced cash burn following the Neurosterix spinout. Addex Therapeutics Ltd (NASDAQ:ADXN) has a robust pipeline with multiple programs advancing, including a promising candidate for chronic cough with favorable preclinical efficacy and tolerability. The current cash position does not fund the progression of unpartnered programs into the clinic, indicating potential future financing needs. Revenue decreased compared to the previous year due to the completion of the funded research phase with Indivior, impacting financial performance. The company faces competition in the chronic cough market, with existing compounds showing promising efficacy but challenging tolerability profiles. There is uncertainty regarding the clinical development pathway and competitive landscape for the chronic cough program, which could impact future success. Addex Therapeutics Ltd (NASDAQ:ADXN) needs to conduct further studies to optimize the use of dipraglurant in post-stroke rehabilitation, indicating a longer timeline before potential market entry. Q: Can you provide your updated thoughts on the current competitive landscape in chronic cough and the relevance of proceeding programs for your clinical development pathway? A: Mikhail Kalinichev, Head of Translational Science, explained that there are several compounds in development, such as now roofing, which has shown promising efficacy but with tolerability challenges. Addex aims to deliver similar efficacy with improved tolerability, targeting both IPF-related and refractory chronic cough. The development plan includes studies in healthy volunteers and a challenge study in chronic cough patients, followed by a Phase 2 study with advanced monitoring technologies. Q: Can you comment on the potential applicability of your agent for chronic painful cough in indications outside of IPF, like pulmonary sarcoidosis? A: Mikhail Kalinichev noted that chronic painful cough could be a suitable indication due to the sustained activation of GABAB across multiple conditions, including chronic cough. Tim Dyer, CEO, added that they are considering this indication for Phase 2 development. Q: Regarding dipraglurant in post-stroke rehabilitation, what would an appropriate control arm look like in a registration-quality study, and what is the efficacy bar in this indication? A: Mikhail Kalinichev stated that dipraglurant would be used alongside physiotherapy due to its short half-life and good tolerability. They plan to conduct clinical pharmacology studies to understand its modulation effects better, which will inform the design of a Phase 2 study. The efficacy bar is challenging as no pharmacotherapies are currently approved in this context. Q: Can you elaborate on the strategic importance of your GABAB positive allosteric modulator program with Indivior? A: Tim Dyer highlighted the program's potential to deliver a better baclofen for substance use disorders, with a longer half-life and improved side effect profile. The partnership with Indivior is crucial, as it allows Addex to advance its own independent GABAB PAM program for chronic cough, leveraging the strong rationale for GABAB PAMs in this area. Q: What are the financial implications of your recent achievements and strategic partnerships? A: Tim Dyer reported that Addex completed Q1 2025 with CHF2.8 million in cash, providing a runway through mid-2026. The cash burn has been reduced following the Neurosterix spinout, and the company is well-positioned to deliver on strategic objectives, including advancing their pipeline and exploring new partnerships. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
2 days ago
- Health
- Yahoo
Indivior Presents New Data at CPDD Demonstrating that High Buprenorphine Exposure May Improve Treatment Outcomes in High Fentanyl Users
A post-hoc analysis demonstrates that buprenorphine exposure with 300 mg SUBLOCADE® (buprenorphine extended-release) may improve treatment outcomes among opioid use disorder (OUD) patients with heavy fentanyl use1 Additional Indivior-funded research identified OUD treatment barriers in American Indian/Alaska Native (AI/AN) people who are often affected by higher drug overdose death rates compared to other racial and ethnic groups2-5 RICHMOND, Va., June 19, 2025 /PRNewswire/ -- Indivior PLC (Nasdaq: INDV) presented new findings this week at the College on Problems of Drug Dependence (CPDD) Annual Scientific Meeting. A post hoc analysis showed that patients with heavier fentanyl use experienced clinically meaningful improvements in opioid abstinence when treated with a 300 mg maintenance dose of SUBLOCADE, compared to the 100 mg dose. While the 300 mg dose did not demonstrate a statistically significant advantage over 100 mg for weekly abstinence—the study's primary endpoint—in the overall population with moderate to severe opioid use disorder (OUD), the results suggest that higher doses of SUBLOCADE may offer better outcomes for individuals with high levels of fentanyl use. "These findings offer additional evidence that the higher maintenance dose of SUBLOCADE is safe and may better support patients with intense fentanyl use patterns," said Christian Heidbreder, Ph.D., Chief Scientific Officer at Indivior. "We aim to provide clinicians with new data that can transform treatment strategies and support patients on their journey to recovery." In the Indivior-funded study, patients with OUD who engaged in high-risk opioid use—such as injection use, high opioid dose consumption, or fentanyl use—received two initial 300 mg injections of SUBLOCADE one week apart. They were then randomized to receive eight monthly maintenance doses of either 100 mg or 300 mg. Both dosing regimens led to significant reductions in opioid use: the average weekly use dropped sharply from over 40 instances at screening to fewer than 3 by Week 3, and this improvement was sustained through Week 38. Notably, no new safety concerns were identified with either the 100 mg or 300 mg maintenance doses. Indivior also funded research exploring OUD treatment access and outcomes in American Indian/Alaska Native (AI/AN) populations, which were presented at CPDD. AI/AN populations experience disproportionate rates of OUD, drug overdose, and gap in access to OUD care. A thematic analysis of focus group research on nine AI/AN advocates indicated that AI/AN people experience significant barriers to accessing medication for opioid use disorder (MOUD).4-8 Barriers include stigma, institutional challenges, and transitions of care for OUD, highlighting opportunities for culturally appropriate interactive education and institutional advancement.2 These focus group findings are illustrative and can be used to identify avenues for future work, although they may not be generalizable to the full population. In addition, a large multi-year longitudinal claims database analysis of more than 75,000 AI/AN patients with evidence of OUD showed differences in utilization of MOUD among those seeing Indian Health Services (IHS) vs. non-IHS providers. The majority of patients (73.1%) saw non-IHS providers. Patients treated with any form of MOUD had lower all-cause emergency department vs. those who were not treated with MOUD, highlighting the need for further research to understand MOUD utilization among AI/AN. "The collective evidence from these presentations highlights prominent barriers to effective care and helps map out appropriate treatment approaches for individuals with OUD in challenging treatment settings," said Heidbreder. "Indivior focuses its scientific, treatment, and policy efforts on helping patients access the medications and support they need to recover." Key Abstracts Presented at CPDD: Higher Exposures with 300-Mg Buprenorphine Extended-Release (BUP-XR) Increased the Proportion of Responders Among Opioid Use Disorder (OUD) Patients with Heavy Fentanyl Use Barriers to and Facilitators of Medication Treatment for Opioid Use Disorder Identified by American Indian/Alaska Native Advocates Utilization of Medications for Opioid Use Disorder (MOUD) and Patient Profiles Amongst American Indian/Alaska Native Managing Opioid Use Disorder (OUD) Polysubstance Use in Treatment for Opioid Use Disorder: Opioid Abstinence and Alternative Substance Use Clinical Outcomes and Recovery in Adults with Opioid Use Disorder: Long-term Treatment with Long- acting Injectable Buprenorphine under Real-World Conditions Severity and Symptomatology of Opioid Use Disorder (OUD) Among Individuals Reporting Pain Reliever Use, Pain Reliever Misuse, and/or Heroin Use: A Cross-sectional Analysis of the 2021 and 2022 National Survey on Drug Use and Health Disclosure: This press release has been issued by Indivior Inc. and the content has not been approved or authorized by the College on Problems of Drug Dependence. About SUBLOCADE® SUBLOCADE® (buprenorphine extended-release) injection, for subcutaneous use, CIII INDICATION AND HIGHLIGHTED SAFETY INFORMATION INDICATION SUBLOCADE is indicated for the treatment of moderate to severe opioid use disorder in patients who have initiated treatment with a single dose of a transmucosal buprenorphine product or who are already being treated with buprenorphine. SUBLOCADE should be used as part of a complete treatment plan that includes counseling and psychosocial support. HIGHLIGHTED SAFETY INFORMATION WARNING: RISK OF SERIOUS HARM OR DEATH WITH INTRAVENOUS ADMINISTRATION; SUBLOCADE RISK EVALUATION AND MITIGATION STRATEGY Serious harm or death could result if administered intravenously. SUBLOCADE forms a solid mass upon contact with body fluids and may cause occlusion, local tissue damage, and thrombo-embolic events, including life-threatening pulmonary emboli, if administered intravenously. Because of the risk of serious harm or death that could result from intravenous self-administration, SUBLOCADE is only available through a restricted program call the SUBLOCADE REMS Program. Healthcare settings and pharmacies that order and dispense SUBLOCADE must be certified in this program and comply with the REMS requirements. CONTRAINDICATIONS Hypersensitivity to buprenorphine or any other ingredients in SUBLOCADE. WARNINGS AND PRECAUTIONS Addiction, Abuse, and Misuse: SUBLOCADE contains buprenorphine, a Schedule III controlled substance that can be abused in a manner similar to other opioids. Monitor patients for conditions indicative of diversion or progression of opioid dependence and addictive behaviors. Respiratory Depression: Life threatening respiratory depression and death have occurred in association with buprenorphine. Warn patients of the potential danger of self-administration of benzodiazepines or other CNS depressants while under treatment with SUBLOCADE. Risk of Serious Injection Site Reactions: Likelihood of may increase with inadvertent intramuscular or intradermal administration. Evaluate and treat as appropriate. The most common injection site reactions are pain, erythema and pruritus with some involving abscess, ulceration and necrosis. Neonatal Opioid Withdrawal Syndrome: Neonatal opioid withdrawal syndrome (NOWS) is an expected and treatable outcome of prolonged use of opioids during pregnancy. Adrenal Insufficiency: If diagnosed, treat with physiologic replacement of corticosteroids, and wean patient off of the opioid. Risk of Opioid Withdrawal with Abrupt Discontinuation: If treatment with SUBLOCADE is discontinued, monitor patients for several months for withdrawal and treat appropriately. Risk of Hepatitis, Hepatic Events: Monitor liver function tests prior to and during treatment. Risk of Withdrawal in Patients Dependent on Full Agonist Opioids: Verify that patients have tolerated transmucosal buprenorphine before injecting SUBLOCADE. Treatment of Emergent Acute Pain: Treat pain with a non-opioid analgesic whenever possible. If opioid therapy is required, monitor patients closely because higher doses may be required for analgesic effect. ADVERSE REACTIONS Adverse reactions commonly associated with SUBLOCADE (in ≥5% of subjects) were constipation, headache, nausea, injection site pruritus, vomiting, increased hepatic enzymes, fatigue, and injection site pain. For more information about SUBLOCADE, the full Prescribing information including BOXED WARNING, and Medication Guide, visit About Opioid Use Disorder (OUD) Opioid Use Disorder (OUD) is a chronic disease in which people develop a pattern of using opioids that can lead to negative consequences. OUD may affect the parts of the brain that are necessary for life-sustaining functions. About Indivior Indivior is a global pharmaceutical company working to help change patients' lives by developing medicines to treat opioid use disorder (OUD). Our vision is that all patients around the world will have access to evidence-based treatment for OUD and we are dedicated to transforming OUD from a global human crisis to a recognized and treated chronic disease. Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to expand on its heritage in this category. Headquartered in the United States in Richmond, VA, Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide. Visit to learn more. Connect with Indivior on LinkedIn by visiting Higher Exposures with 300-Mg Buprenorphine Extended-Release (BUP-XR) Increased the Proportion of Responders Among Opioid Use Disorder (OUD) Patients with Heavy Fentanyl Use [Late Breaking Oral Sessions]. CPDD Annual Scientific Meeting, June 15, 2025. Barriers To and Facilitators Of Medication Treatment for Opioid Use Disorder Identified by American Indian/Alaska Native Advocates [Oral Session: Expanding SUD interventions across populations]. CPDD Annual Scientific Meeting, June 17, 2025. Utilization of Medications for Opioid Use Disorder (MOUD) and Patient Profiles amongst American Indian/Alaska Native Managing Opioid Use Disorder (OUD) [Poster Session 1]. CPDD Annual Scientific Meeting, June 15, 2025. Indian Health Service. Disparities. 2019. Retrieved from Accessed: 16 May 2024. Centers for Disease Control and Prevention, National Center for Health Statistics (2024). Rate of National Drug Overdose Deaths, By Demographic. Available at: statistics/overdose-death-rates. Accessed: 6 Jun 2024. Soto C, et al. (2022). International Journal of Environmental Research and Public Health, 19(5), 2974. doi:10.3390/ijerph19052974 Krawczyk N, et al. . Drug Alcohol Depend. 2021 Mar 1;220:108512. doi: 10.1016/ Mpofu, E, et al.. (2021). Addictive Behaviors, 114, 106743. doi:10.1016/ View original content to download multimedia: SOURCE Indivior PLC Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Addex Therapeutics Reports Q1 2025 Financial Results and Provides Corporate Update
Strong cash position of CHF2.8 million at end of Q1 2025 GABAB PAM chronic cough candidate demonstrated robust anti-tussive activity in disease models Regained rights to our phase 2 mGlu2 PAM asset, ADX71149 Indivior advanced GABAB PAM Substance use disorders program successfully through IND enabling studies Entered option agreement with Sinntaxis for an exclusive license to intellectual property covering the use of mGlu5 NAM in brain injury recovery Ad Hoc Announcement Pursuant to Art. 53 LR Geneva, Switzerland, June 19, 2025 - Addex Therapeutics (SIX and Nasdaq: ADXN), a clinical-stage biopharmaceutical company focused on developing a portfolio of novel small molecule allosteric modulators for neurological disorders, today reported its Q1 2025 financial results and provided a corporate update. 'We have had a great start to 2025 both in terms of product development and achieving business milestones. Progress continues well and on track with our GABAB PAM drug candidate in chronic cough. Positive data from this program in multiple preclinical models was recently presented at the prestigious American cough conference. We have also regained rights to our Phase 2 mGlu2 PAM asset, ADX71149,' said Tim Dyer, CEO of Addex. 'Solidifying our position to use mGlu5 NAMs in brain injury, we entered an option agreement with Sinntaxis to gain access to additional intellectual property. Our plan is to explore further the clinical activity of dipraglurant in this indication. Finally, our partner, Indivior, indicated that they have advanced their GABAB PAM clinical candidate through IND enabling studies, providing additional validation of our allosteric modulation approach.' Operating Highlights: GABAB PAM chronic cough candidate demonstrated robust anti-tussive activity in multiple models of disease Regained rights to our phase 2 mGlu2 PAM asset, ADX71149 Indivior advanced their GABAB PAM program for substance use disorders successfully through IND enabling studies Entered option agreement with Sinntaxis for exclusive license to intellectual property covering use of mGlu5 NAM in brain injury recovery Key Q1 2025 Financial Data CHF' thousands Q1 2025 Q1 2024 Change Income 71 235 (164) R&D expenses (156) (245) 89 G&A expenses (521) (778) 257 Total operating loss (606) (788) 182 Finance result, net (19) 53 (72) Share of net loss of associates (848) - (848) Net loss from continuing operations (1,473) (735) (738) Net loss from discontinued operations - (2,352) 2352 Net loss for the period (1,473) (3,087) 1,614 Basic and diluted net loss per share:From continuing operations (0.01) (0.01) - From discontinued operations - (0.02) (0.02) Total basic and diluted net loss per share (0.01) (0.03) (0.02) Net decrease in cash during the period (517) (2,237) 1,720 Cash and cash equivalents 2,825 1,628 1,197 Shareholders' equity 8,296 (1,373) 9,669 Financial Summary:Income decreased by CHF 0.2 million during the three-month period ended March 31, 2025 compared to the same period ended March 31, 2024, primarily due to the completion of the service agreement with Indivior on June 30, 2024. R&D expenses decreased by CHF 0.1 million during three-month period ended March 31, 2025 compared to the same period ended March 31, 2024 primarily due to lower GABAB PAM outsourced R&D expenses as we successfully completed the research phase of our agreement with Indivior on June 30, 2024. G&A expenses decreased by CHF 0.3 million during the three-month period ended March 31, 2025 compared to the same period ended March 31, 2024 primarily due to reduced legal fees. Net loss decreased by CHF 1.6 million during the three-month period ended March 31, 2025 compared to the same period ended March 31, 2024, primarily due to the discontinued loss of CHF 2.4 million incurred during the three-month period ended March 31, 2024, related to activities divested on April 2, 2024, partially offset by the share of the net loss of Neurosterix Group incurred for CHF 0.9 million during the three-month period ended March 31, 2025. Basic and diluted loss per share amounted to CHF 0.01 per share for the three-month period ended March 31, 2025 compared to a basic and diluted loss per share of CHF 0.03 for the same period ended March 31, 2024. Cash and cash equivalents increased to CHF 2.8 million at March 31, 2025, compared to CHF 1.6 million at March 31, 2024. The increase of CHF 1.2 million between March 31, 2025 and March 31, 2024 is primarily due to the gross proceeds of CHF 5.0 million from the Neurosterix Transaction received in April 2024, partially offset by the cash used in operating activities. Q1 2025 Consolidated Financial Statements:The Q1 2025 financial report can be found on the Company's website in the investor/download section here. Conference Call Details:A conference call will be held today, June 19, 2025, at 16:00 CEST (15:00 BST / 10:00 EDT / 07:00 PDT) to review the financial results. Tim Dyer, Chief Executive Officer and Mikhail Kalinichev, Head of Translational Science will deliver a brief presentation followed by a Q&A session. Joining the Conference Call: Participants are required to register in advance of the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial-in numbers, and a unique Personal PIN. In the 10 minutes prior to the call's start time, participants will need to use the conference access information provided in the e-mail received at the point of registering. Participants may also use the call me feature instead of dialing the nearest dial in number. Webcast registration URL: Conference call registration URL: About Addex Therapeutics Addex Therapeutics is a clinical-stage biopharmaceutical company focused on developing a portfolio of novel small molecule allosteric modulators for neurological disorders. Addex's lead drug candidate, dipraglurant (mGlu5 negative allosteric modulator or NAM), is under evaluation for future development in brain injury recovery, including post-stroke and traumatic brain injury recovery. Addex's partner, Indivior, has selected a GABAB PAM drug candidate for development in substance use disorders and has successfully completed IND enabling studies. Addex is advancing an independent GABAB PAM program for chronic cough. Addex also holds a 20% equity interest in a private spin out company, Neurosterix LLC, which is advancing a portfolio of allosteric modulator programs, including M4 PAM for schizophrenia, mGlu7 NAM for mood disorders and mGlu2 NAM for mild neurocognitive disorders. Addex shares are listed on the SIX Swiss Exchange and American Depositary Shares representing its shares are listed on the NASDAQ Capital Market, and trade under the ticker symbol 'ADXN' on each exchange. For more information, visit Contacts: Tim Dyer Chief Executive Officer Telephone: +41 22 884 15 55 PR@ Mike Sinclair Partner, Halsin Partners +44 (0)7968 022075 msinclair@ Addex Forward Looking Statements:This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements about the intended use of proceeds of the offering. The words 'may,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'plan,' 'anticipate,' 'intend,' 'believe,' 'estimate,' 'predict,' 'project,' 'potential,' 'continue,' 'target' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release, are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions. These and other risks and uncertainties are described in greater detail in the section entitled 'Risk Factors' in Addex Therapeutics' Annual Report on Form 20-F, prospectus and other filings that Addex Therapeutics may make with the SEC in the future. Any forward-looking statements contained in this press release represent Addex Therapeutics' views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Addex Therapeutics explicitly disclaims any obligation to update any forward-looking 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


Daily Mail
05-06-2025
- 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
03-06-2025
- 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.