Good morning and good afternoon, everyone. Thanks for joining our Q1 Results Call. Here with me today are Ryan Preblick, our Chief Financial Officer; Christian Heidbreder, our Chief Scientific Officer; and Jon Wasserman [ph] our Interim External Chief Legal Officer. I’ll start with an overview of the results for Q1 and a progress report against our stated strategic priorities and then Ryan will discuss the results in more detail. Now turning to the quarter, our results overall were solid and were within our expectations in a quarter in which we experienced strong growth in net revenue, net income and net cash. What stands out to me and reflects continued execution from the teams, are firstly, SUBLOCADE net revenue increased 10% compared to the previous quarter to $43 million. This is in the face of continued challenging promotional environment due to COVID-19, where our clinical specialists are still only able to access about 50% to 60% of their platform. In-person calls have increased since fiscal year end from 40% to about 50% at quarter close, perhaps an initial sign that there is some easing of barriers with the rollout of vaccines. Second, we have growing contributions from SUBLOCADE and SUBOXONE film share continued to be resilient. This in combination with our lower OpEx base resulted in solid adjusted net income of $38 million. Finally, our net cash position grew from the 2020 year-end balance and remained strong. Ryan will discuss this in more detail. But the relatively flat share performance of SUBOXONE has delayed the unwind of government payables due to our negative net working capital position. Quickly looking at fiscal year 2021 guidance, no change here from what we laid out with our fiscal year 2020 results, we’re still very much expect the base case view at this point. There’s…

Thanks, Mark, and good morning, and good afternoon, everyone. We had a solid quarter with performance tracking to our full year 2021 expectations. Specifically, we continue to drive SUBLOCADE net revenue momentum, which contributed to our total net revenue and operating profit growth year-over-year. OpEx also benefited from our 2020 cost program. As important we maintained our financial flexibility, ending the quarter with a higher gross cash position of $945 million. Based on our performance in the quarter and the trends in the business, we’re also reconfirming our full year 2021 base case guidance. As a reminder, the key macro assumption in our base case is that the pace of vaccine deployment in the U.S. allows the healthcare system to open up in the back half of the year, enabling us to benefit from increased in-person promotion. Now I’ll quickly provide some detail on the drivers of our performance in the quarter. Starting with the topline, Total net revenue grew 80% versus the year ago quarter, including a 4% benefit from FX. The increase in net revenue was mainly a function of a near 50% year-over-year increase in SUBLOCADE net revenue to $43 million and continued SUBOXONE film share resilience in the U.S. U.S. net revenue grew by 25% as a consequence. Rest of World on the other hand, excluding a favorable FX benefit was down 8% year-over-year, driven by ongoing austerity measures and generic competition in Western European markets. Our focus remains on net revenue diversification with new products and we continue to expect the erosion rate of recent years to ease in 2021. As a reminder, SUBLOCADE is currently available in Canada, Australia and Israel, and we expect to launch in the Nordics during 2021. We’re also awaiting regulatory approvals in Germany, Italy and other EU countries. Meanwhile,…

Thank you, Ryan. Let me close the formal remarks by just re-emphasizing a few points. Our strategy and strategic priorities are extremely clear. SUBLOCADE is a transformational product in a very attractive market with low treatment penetration. We’ve reorganized the business and our structure and strategy are fully aligned to deliver on these strategic priorities and generate long-term shareholder value. In 2021, we are 100% focused on executing on the business and are holding ourselves accountable. As you saw on the scorecard today, the team’s delivering and I’m confident we will continue to deliver moving forward. With that, I’d like to open the line for Q&A please.

Thank you. [Operator Instructions] And your first question comes from the line of Harry Sephton from Jefferies. Your line is now open.

Brilliant. Thank you for taking my questions. I have three please. So, firstly, just wanted to get your latest thoughts on commercial activities in the second half of the year, as we expect lockdowns ease and those activities of both SUBLOCADE and PERSERIS, please? My second question is on the $26 million cash benefit from the surety bonds. I just want to get some clarity on what exactly that relates to and if it has any relation to the surety bonds you placed for the Dr Reddy’s ANDA litigation a few years back? And then my third question is on the strong cash flow in the quarter and the continued resilience of the film. I would just like to get a quick update on your thoughts around capital allocation priorities? Thank you.

Thanks for the question, Harry. Maybe I’ll take care of question the first and third questions and then I’ll let Ryan speak to the surety bond. So as relates to the commercial activity in the second half, the team’s very excited to see the progress of vaccines and the potential easing of some of the restrictions and a return to normalcy. We’re starting to see some of that through more in face visits going from 40% to 50%. With the cadence of that, as we enter the second half, the way the way things will work is, as we gain new access. You have to remember that there is a certain amount of reach and then frequency with physicians to get them into prescribing habits and then it takes time for them to get that depth of patients per HCP as they gain conviction in the medication. So there is there is a bit of a lag. I know some folks have asked questions of a burst coming out of the easing of the access but it will take time for that to build. So I think that’s the -- that’s appropriate for both SUBLOCADE and PERSERIS in that second half dynamic. With regards to cash and the film resilience and the capital allocation, I hate to be a bit of a broken record here. But nothing really has changed since our fiscal year end results just a few months ago. We’re still here in a transition period from SUBLOCADE to film. The pandemic pressure is still there, while there’s positive vaccines, we see numerous other variants. And we see some countries like India, where the pandemic has flared again. So, at this time, we don’t see a reason to deviate from our current capital allocation approach that’s been aligned with the Board. But we will commit to revisiting it with them moving forward. So with that, maybe I’ll hand over to Ryan for a little bit of color on the surety bond.

Yeah. Yeah. So you were correct that the $26 million return to the surety bond is tied to the patent cases both the DRL and Alvogen. If you recall, the judge did require us to put up in total across both cases $108 million worth of bonds. And what has happened is post DOJ resolution and with the continued success of our business over the last couple of quarters, we were able to reach out to one of the bondholders and see if we can potentially get back some of the collateral. We were successful in that effort and that’s the $26 million coming back to our cash.

Brilliant and that’s very helpful. Thank you.

Thanks for the question, Harry.

Thank you. And your next question comes from the line of Max Herrmann from Stifel. Your line is now open.

Great. Thanks for taking my questions. Again, three if I may. Firstly, just really on SUBOXONE film U.S. performance, because I know the fourth quarter was pretty strong and there was some stocking in there. So I’m surprised at the strength we didn’t see -- it doesn’t seem to be any unwinding of that. In fact, if anything, we seem to be seeing some continued stocking or strength. So I just wanted to understand what -- what’s going on underlying that we see, obviously, the prescription trends and the moves there’s -- what’s the pricing impact, what’s other the -- the other impacts? Secondly, just in terms of capital allocation and the comment about potentially the second half, if SUBOXONE strength continues to reinvest some of that excess? I wondered whether there might be potential for DTC whether we should -- that’s something you might consider if the market really opens up post the pandemic easing? And then on SUBLOCADE, I wanted to try and get a better understanding of, I guess, the rollout ex-U.S. and also whether the -- by focusing on the organized health systems, you’re missing the entire market or whether the OHS is -- are -- you’re pulling customers or patients with opioid use disorder into the system. I appreciate it’s a much more efficient system to deliver patient care? Thank you.

Thanks, Max. Maybe I’ll handle questions two and three, and then I’ll let Ryan speak to the US SUBOXONE film dynamics. So your first question had to do with the potential for DTC in the second half. And I think, absolutely, that’s one of the tools in the kit that we would think about for reinvestment in the second half. As we’ve spoken to you before, we have to keep an eye with regards to the market and how open it is, you’d hate to create a bunch of patient demand and still have troubles with those getting into physicians. So we’ll keep an eye on that. That is a potential. With regards to SUBLOCADE and I think you had two kind of questions within the question. The first is the rollout ex-U.S., and obviously, we’re currently in three countries in Australia, Israel and Canada. And we’re excited about those launches and the progress we’re making. And we’re engaged with regulatory authorities in a number of others that are progressing through this year. So excited to get those through, get reimbursement and get into those markets. So we have SUBLOCADE available for more patients around the world. Within the U.S. and I think your question is, are we focused too high on organized health systems and missing elements for patients that are in the heritage call platform. We focused a lot on this with regards to this question and we are focused on organized health systems. But we still have a portion of our call platform that goes to the heritage doctors, the heritage doctors that are better prescribing SUBLOCADE and reserve the right as we move forward, if the dynamics change and things start to open up to reallocate portions of that platform as it moves forward or if there’s a major structural change to do a change at that time, something in -- like we’ve talked about in the past, with regards to alternate injection facilities, which could truly change the paradigm for the heritage call platform and enable them to prescribe more freely. So those are the types of things we’re looking at in that system. But we’re very convinced on organized health systems. There are over 20,000 wavered HCPs in that system and over 1 million patients that that flow through there also. So a huge opportunity for SUBLOCADE building blocks to get to the $1 billion plus goal. Ryan, could you talk to the film dynamics, please?

Good afternoon, Max. Good question on the film. And how I can help you get there is, if you take a step back to Q3 on film, film share was around $20 million and you can probably back into the net revenue was probably in the high $70 million at that point. Yes, Q4 of 2020, was inflated because of the stocking and now you’re seeing the results in Q1 of 2021. And there’s two things that play here in 2021 coming off of the more normal Q3. One there’s been market growth anywhere between 8% to 10% from that period of time to now. And then the second thing is some favorability that we were able to book in Q1 tied to trade spend accrual adjustments. And what I mean by that is, when we book our gross sales in all of our products, we have to make accrual assumptions at that point on trade spend, because those bills typically don’t come in until about two or three quarters in the rears. And then what we do is every quarter as we go through our audit with PwC, is we ensure that those assumptions are updated and are fact based and/or supported with Intel. And what you’re seeing is just us simply updating those assumptions, primarily tied to genomics from 2020.

By trade spend, are you talking about the rebate accrual?

Yes. Rebates for Medicaid, commercial, few bonds. Yes.

Okay. Great. Thanks. Thank you.

Thank you, Max.

Thank you. And your next question comes from the line of Paul Cuddon from Numis Security. Your line is now open.

That’s the second interesting pronunciation of my surname I had today. Guys, two questions, please. Just building on Max’s question over the DTC campaign, obviously, there’s been a substantial reduction in OpEx in this quarter. And I would have thought going down the organized health system strategy you don’t really and -- need is the wrong word. But it’s probably not optimal to go down some patients directly advertising to them when it’s a high science sell to the physician. So if you could just elaborate on your intentions for DTC mix that would be welcome? And then, secondly, on the Rest of the World business, are you investing sufficiently there. It does seem to be very flat, you’ve got switch to film happening and SUBLOCADE being launched. But, yeah, we don’t seem to be in the same sort of growth that you may be seeing in the U.S. So if you could elaborate on both? Thank you.

Yeah. Good afternoon, Paul. Thanks for the questions. With regards to the fact that we’re targeting organized health systems and are -- is DTC appropriate sort of marketing lever to pull? Absolutely, I mean, listen, organized health systems are large hospital systems, often with a parent, that is a big medical center that then has satellite campuses around the regional or in some cases just a local municipality and those clinics have physicians that work within them, that treat patients on a day-to-day basis. So, awareness of SUBLOCADE to patients and creating that awareness and having patients ask for it will be helpful with regards to this. So, the question for us is, when is that the right approach to take based on coming out of the pandemic. So it is a lever and an appropriate one potentially in the future. With regards to the Rest of World business, I think that the issue here is less of investment and has much more to do with where it is in its competitive environment. You have to remember our Rest of World business has had the heritage tablets available to it and a very high competitive environment for a number of years. While we’ve been working to get the new technologies of the of the film and SUBLOCADE in that market. So through that competitive environment, as well as austerity measures that that happen over time, what you do is you’ve seen kind of the trend that we’ve had over the last five years of kind of low-to-mid single-digit decline because of those two factors compounding. The new technologies are what changed that and that’s why when we gave guidance in Q1, we spoke to an easing of that decline. So I think it’s less about investment and much more with regards to about where the market is competitively, as we move forward. So thanks for the questions, Paul.

Okay. Thank you.

Thank you. As there are no further questions at this time, sir, you may continue.

All right. Well, with no more questions, I’d like to thank everyone for participating in our Q1 results presentation and for your continued support of the Indivior team. Thank you very much.