Business
Assertio Therapeutics Announces Fourth-Quarter and Full-Year 2019 Financial Results
-- Reports Neurology Franchise Annual Net Sales of $108.1 Million, Exceeding Upper End of Prior Guidance -- -- Completed Strategic Asset Sales of NUCYNTA®
About this update from Assertio Holdings, Inc.
[{"type":"text","content":" -- Reports Neurology Franchise Annual Net Sales of $108.1 Million, Exceeding Upper End of Prior Guidance --\n -- Completed Strategic Asset Sales of NUCYNTA® Franchise and Gralise® Totaling $502.5 Million -- -- Repaid in Full Senior Secured Debt and Reduced Convertible Debt by $188.0 Million -- LAKE FOREST, Ill., March 09, 2020 (GLOBE NEWSWIRE) -- Assertio Therapeutics, Inc. (“Assertio” or the “Company”) (NASDAQ: ASRT) today reported financial results for the fourth quarter and year ended December 31, 2019 and provided an update on its business performance and strategic initiatives. Financial Highlights:(unaudited) Fourth-Quarter 2019Full-Year 2019(in millions, except earnings per share)GAAPNon-GAAP(1)GAAPNon-GAAP(1)Total Revenues$59.2—$229.5—Net Income/(Loss)$(192.6)$(16.2)$(217.2)$46.8Earnings/(Loss) Per Share$(2.65)$(0.14)$(3.07)$0.47Adjusted EBITDA—$31.0—$138.4 (1) All non-GAAP measures included in this earnings release are reconciled to the corresponding GAAP measures in the schedules attached. “When I joined Assertio nearly three years ago we had $820 million of debt which significantly restricted our flexibility to do acquisitions and strategic combinations. I am pleased to say that we are now on track to retire our outstanding debt and to have approximately $50 million of cash on our balance sheet,” said Arthur Higgins, President and CEO of Assertio. “We now look to leverage this strengthened balance sheet to create a sustainable and growth-oriented specialty pharmaceutical company. We look forward to presenting our updated strategy for doing so in the near future.” Fourth Quarter and 2019 Business Highlights: Return to Prescription Growth for CAMBIA® and Zipsor®: For the full-year 2019, total prescriptions grew 4 percent for CAMBIA and 17 percent for Zipsor versus previous year total 2018 prescriptions decline of 3 percent and 24 percent, respectively. Strong Earnings Performance: The Company has exceeded non-GAAP adjusted EBITDA expectations for the sixth time in the last seven quarters and the upper end of our previously raised full-year 2019 guidance. In addition, excluding a one-time impairment charge for our recently divested NUCYNTA franchise, our full-year GAAP net loss was less than the lower end of our previous lowered guidance. Significant Debt Reduction: On February 13, 2020, the Company announced that it rep...