Business
Assertio Reports Second Quarter 2023 Financial Results, Closes Spectrum Acquisition
Second Quarter Net Product Sales Increase 13% Year-Over-Year, Generates $18.6 Million in Cash Flow from Operations Acquisition Expected to be Significantly
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"Second Quarter Net Product Sales Increase 13% Year-Over-Year, Generates $18.6 Million in Cash Flow from Operations Acquisition Expected to be Significantly Accretive to Adjusted EPS in 2024 LAKE FOREST, Ill., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq: ASRT), a specialty pharmaceutical company offering differentiated products to patients, today reported financial results for the second quarter ended June 30, 2023 and provided updates related to the acquisition of Spectrum Pharmaceuticals, Inc. (“Spectrum”), which closed effective July 31, 2023. “The acquisition of Spectrum Pharmaceuticals and its innovative ROLVEDONTM asset is transformative to our Company. ROLVEDON continues its exceptional launch trajectory as second quarter sales increased to $21.0 million1, from $15.6 million in the first quarter. We intend to maintain their highly effective commercial team to continue expanding on the success of this exciting new asset. We also expect to deploy this team’s proven market access and contracting capabilities in support of our other assets, particularly Sympazan, Otrexup and Sprix. Once fully integrated, Assertio will benefit from a more diverse revenue base, greater intellectual property protection and an enhanced commercial capability in support of our long-term growth strategy.” “In the second quarter, we continued to deliver on our core growth, cash flow and portfolio diversification goals, all supported by our innovative and cost efficient digital non-personal sales model,” said Dan Peisert, President and Chief Executive Officer of Assertio. Financial Highlights (unaudited): Three Months Ended June 30, Six Months Ended June 30,(in millions, except per share amounts) 2023 2022 2023 2022Net Product Sales (GAAP)$40.1 $35.4 $81.9 $71.0Net Income (GAAP)$8.5 $7.8 $5.0 $16.9Earnings Per Share (GAAP)$0.13 $0.16 $0.09 $0.36Adjusted EBITDA (Non-GAAP)2$24.8 $22.9 $50.4 $46.8Adjusted Earnings Per Share (Non-GAAP)2$0.19 $0.28 $0.48 $0.66 Second quarter results included the following as compared to the prior year quarter: Net product sales increased 13%, to $40.1 million. Increased sales of Indocin and Otrexup plus the addition of Sympazan more than offset the expected decline in Cambia.Sympazan achieved new peaks in both quarterly and monthly TRx count during the quarter. Gross margi...