US Markets

Indivior targets $70 mln savings through job cuts, restructuring

British drugmaker Indivior said on Thursday it plans for up to $70 million in cost savings next year as it restructures its supply channels in the United States, including cutting an unspecified number of jobs.

Sept 24 (Reuters) - British drugmaker Indivior INDV.L said on Thursday it plans for up to $70 million in cost savings next year as it restructures its supply channels in the United States, including cutting an unspecified number of jobs.

The company, which makes opioid addiction treatments, said as part of its streamlining plan it would also suspend merit-based pay increases and cut down on third-party expenses.

"While some of the expected savings will be reinvested ... we will retain a large portion of the expected savings to preserve the group's flexibility through the COVID-19 pandemic," new Chief Executive Officer Mark Crossley said.

Indivior has been hurt by legal hassles and competition even before the virus outbreak began.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Shounak Dasgupta)

((Pushkala.A@thomsonreuters.com; Twitter: @pullthekart; within UK: +44 20 7542 1810, outside UK: +91 80 6182 2600; Mobile: +91 852 751 3793))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More