Business
Assertio Reports Second Quarter 2020 Financial Results
--Completed all merger and integration activities in Q2----Repaid $10 million of Senior Secured Notes ahead of schedule-- --Zyla products partially
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"--Completed all merger and integration activities in Q2----Repaid $10 million of Senior Secured Notes ahead of schedule-- --Zyla products partially contributed to Q2 net product sales of $20.2 million-- --Combined second quarter 2020 net product sales of $27.7 million, on a pro forma basis, increased modestly over pro forma first quarter 2020 despite COVID-19 and merger integration--\n LAKE FOREST, Ill., Aug. 07, 2020 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq: ASRT), a commercial-stage pharmaceutical company, today reported financial results for the second quarter ended June 30, 2020. During the second quarter, Assertio completed its merger with Zyla Life Sciences (“Zyla”). “Even in what has been an unprecedented time with patient volume and elective surgeries down due to COVID-19, we completed our merger and achieved second quarter 2020 pro forma net product sales of $27.7 million—slightly ahead of pro forma net product sales for the first quarter of 2020 and better than what we had expected,” said Todd Smith, president and chief executive officer. “During the quarter, we launched our new commercial strategy which included establishing a Neurology-focused sales team, training our sales force on our combined portfolio and improving our distribution. In addition, we established a medical science liaison team to gather medical insights and provide access to current scientific information about our products. Along with commercial execution, we believe we are in a strong financial and operational position to focus on bringing in additional products.” Pro Forma Projections for 2020 Assertio is projecting mid-to-high-single digit pro forma net product sales growth for 2020 from the 2019 pro forma net product sales of $126.3 million.The Company is projecting pro forma non-GAAP adjusted EBITDA margin of greater than 25 percent for the full year 2020.The Company is on track to recognize $40.0 million annually in projected synergies from the merger with Zyla. 2020 Second Quarter and Recent Financial Highlights Payments received. Assertio negotiated with Golf Acquiror LLC, an affiliate to Alvogen, Inc. to advance its payment of all remaining royalties owed to Assertio for the sale of Gralise® (gabapentin), accelerating the collection of $38.8 million, net of discount, in the second quarter. Additiona...