Business
Assertio Reports Second Quarter 2024 Financial Results
Second Quarter Total Net Product Sales of $30.7 Million Rolvedon Growth Continues, with $15.1 million in Net Product Sales $7.4 Million in Cash Flow from
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"Second Quarter Total Net Product Sales of $30.7 Million Rolvedon Growth Continues, with $15.1 million in Net Product Sales $7.4 Million in Cash Flow from Operations, Cash and Short-Term Investments Increases to $88.4 Million LAKE FOREST, Ill., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq: ASRT), a pharmaceutical company with comprehensive commercial capabilities offering differentiated products to patients, today reported financial results for the second quarter ended June 30, 2024. “In my first two months at Assertio, I have been excited to work closely with the team, meet our growing list of oncology clinic customers and focus on how best to maximize our results going forward. The second quarter’s performance illustrates how we continue to diligently execute the three pillars of Assertio’s business plan: driving the financial performance of Assertio’s key assets, including our lead asset Rolvedon, generating cash flow and identifying new assets to create further value for our stockholders,” said Brendan O’Grady, who was appointed Chief Executive Officer on May 29, 2024. “Rolvedon has been well received by physicians and continues to increase its share of the oncology G-CSF market, generating its sixth consecutive quarter of demand growth since launch. As a potential opportunity for further differentiation, we have also completed enrollment of Rolvedon’s same-day dosing trial and expect to present the initial data at a medical conference later this year. Combined with the rest of our platform and pipeline of prospective business development opportunities, I am excited about the potential for Assertio.” Financial Highlights (unaudited): Three Months Ended Six Months Ended(in millions, except per share amounts)June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023Net Product Sales (GAAP)$30.7 $31.9 $40.1 $62.6 $81.9Net (Loss) Income (GAAP)$(3.7) $(4.5) $8.5 $(8.2) $5.0(Loss) Income Per Share (GAAP)$(0.04) $(0.05) $0.13 $(0.09) $0.09Adjusted EBITDA (Non-GAAP)1$5.0 $7.4 $24.8 $12.4 $50.4Adjusted Earnings Per Share (Non-GAAP)1$0.02 $0.04 $0.19 $0.06 $0.48 Second quarter results included the following highlights (our discussion below focuses on a comparison of second quarter 2024 to first quarter 2024 given the acquisition of Spectrum and the generic competition of In...