Business
Assertio Reports Third Quarter 2020 Financial Results
Reported Net Product Sales of $34.3 Million Non-GAAP Net Product Sales of $33.7 Million; Increased 21.4% over Pro-Forma Second Quarter 2020 Non-GAAP Net
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"Reported Net Product Sales of $34.3 Million \n Non-GAAP Net Product Sales of $33.7 Million; Increased 21.4% over Pro-Forma Second Quarter 2020 Non-GAAP Net Product Sales Consistent with Pro-Forma Prior Year Quarter Despite COVID-19 Related Sales Disruptions and Effects of Sales Force Integration Provides Updated Outlook for Remainder of 2020 LAKE FOREST, Ill., Nov. 06, 2020 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq: ASRT), a commercial-stage pharmaceutical company, today reported financial results for the third quarter ended September 30, 2020. “We are proud of what we have achieved so far this year, as we have completed the conversion to our new business model and are seeing early results in the form of improved per-prescription profitability. Although patient volumes and elective procedures, the two primary drivers of our business, continue to be negatively impacted by COVID-19, we are doing everything within our control to both mitigate the near-term effects of the pandemic and position Assertio for profitability in the current environment. Zipsor, our oral formulation of diclofenac for mild-to-moderate acute pain, achieved an approximately 25% increase in demand quarter-over-quarter1, which we believe will support Zipsor sales growth in the coming quarters, and sales of Indocin continued to grow on a year-over-year and quarter-over-quarter basis,” said Todd Smith, president and chief executive officer. “Sales of SPRIX were negatively impacted by a recent formulary action by a large pharmacy benefit manager (“PBM”). We intend to vigorously pursue a reversal of this unexpected decision, which we believe is a disservice to the large numbers of patients who can benefit from the only labeled opioid alternative on the market in SPRIX. “Our entire industry continues to face significant near-term uncertainty. While it is impossible to ignore the effects of the challenges we faced, both at the macro-level and specific to Assertio, I am extremely pleased with our third quarter results. As we move ahead, we are committed to making financial and operational decisions aimed at positioning Assertio for sustainable profitability and positive cash flows. We remain committed to our strategy of profitably commercializing our current portfolio, managing our business toward positive cash flow and strategi...