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Assertio Holdings: Management Change Could Improve Comeback Chances
Seeking Alpha· 2024-09-11 20:18
Assertio Holdings (ASRT) was materially affected by its flagship drug going generic, but the pharma firm still stands to make a major comeback. duckycards/E+ via Getty Images Assertio Holdings, Inc. (NASDAQ:ASRT) shares took a heavy beating in 2023 when the pharma firm's flagship drug went generic. Thus far in 2024, ASRT stock has stabilized, but price action remains choppy. At first glance, this suggests waning confidence in the "comeback story" surrounding the company. Taking a closer look, there's more t ...
Assertio to Participate in the HC Wainwright and Lake Street Conferences in New York City September 10-12, 2024
GlobeNewswire News Room· 2024-09-03 20:05
LAKE FOREST, Ill., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. ("Assertio" or the "Company") (Nasdaq: ASRT), a pharmaceutical company with comprehensive commercial capabilities offering differentiated products to patients, announced that Ajay Patel, Chief Financial Officer, will host investor meetings at two investor conferences taking place in New York City during September 10-12, 2024. Assertio will participate in the HC Wainwright Conference, which will take place September 10-11, 2024 at ...
Assertio (ASRT) - 2024 Q2 - Earnings Call Transcript
2024-08-08 01:45
Financial Data and Key Metrics - Total product sales for Q2 2024 were $30.7 million, down slightly from $31.9 million in Q1 2024 [14] - Rolvedon sales increased to $15.1 million in Q2 2024, up from $14.5 million in Q1 2024, driven by continued volume growth [15] - Indocin sales declined to $6.9 million in Q2 2024 from $8.7 million in Q1 2024 due to generic competition [16] - Gross margin for Q2 2024 was 71%, up from 65% in Q1 2024, with inventory write-downs impacting margins by 3 percentage points [16] - Adjusted EBITDA for Q2 2024 was $5 million, down from $7.4 million in Q1 2024, primarily due to lower product sales and increased inventory write-downs [18] - Cash and short-term investments at the end of Q2 2024 were $88.4 million, up from $80.7 million in Q1 2024 [19] Business Line Performance - Rolvedon continues to show strong demand growth, with Q2 2024 marking the 6th consecutive quarter of volume growth [10] - Indocin market share is holding at internal target levels despite generic competition, with one generic competitor currently in the market [11] - Sympazan and Otrexup collectively contributed $4.7 million in sales, with Sympazan showing modest growth while Otrexup remained stable [43] Market and Competitive Dynamics - Rolvedon is positioned as a non-biosimilar product, offering stability and predictability to providers and patients, which is resonating well in the market [10] - The company expects potential additional generic competitors for Indocin by the end of 2024, though the timing remains uncertain [29] - Rolvedon's same-day dosing trial completed enrollment in Q2 2024, with initial data expected to be presented at a major medical conference later this year [10] Strategic Direction and Industry Competition - The company is focused on steady execution, driving cash flow, and identifying accretive assets to scale its platform [9] - Rolvedon is expected to remain a key growth driver for the company in the coming years, with continued growth anticipated in 2025 [38] - The company is actively evaluating potential acquisitions that fit its commercial model, with a focus on assets that offer patent protection or exclusivity [30] Management Commentary on Operating Environment and Future Outlook - Management remains optimistic about Rolvedon's growth trajectory and its ability to deliver value in the oncology market [38] - The company is managing the impact of generic competition on Indocin and is focused on maintaining competitive pricing and market share [11] - Management is confident in the company's ability to generate cash flow and leverage its balance sheet for future growth opportunities [12] Other Important Information - The company completed enrollment for Rolvedon's same-day dosing trial in Q2 2024, with initial data expected later this year [10] - Inventory write-downs for late-stage products increased by approximately $1 million in Q2 2024 compared to Q1 2024 [49] Q&A Session Summary Question: What excited Brendan O'Grady about joining Assertio, and what has he learned so far? - Brendan O'Grady joined Assertio due to its solid balance sheet, growth potential, and alignment with his skillset, and his initial impressions have been confirmed after 71 days in the role [22][23] Question: Will the company modify its full-year guidance? - Management will reassess guidance in November after completing nine months of the year [25] Question: How many generic competitors for Indocin are expected by the end of 2024? - The company initially expected 2-3 generics by year-end but may see only one, providing a potential tailwind for Indocin [29] Question: What is the strategy for acquiring new products? - The company is looking for assets that fit its commercial model, with a focus on cash accretion, patent protection, and exclusivity [30] Question: What are the gating factors for closing acquisitions? - Valuations are a key consideration, and the company is in active discussions with several organizations [33] Question: Will Rolvedon continue to grow in 2025? - Rolvedon is expected to remain a growth asset in 2025, with continued volume growth and strategic pricing management [38] Question: How did Sympazan and Otrexup perform in Q2 2024? - Sympazan showed modest growth, while Otrexup remained stable, with both contributing $4.7 million in sales [43] Question: What is the status of Rolvedon's same-day dosing trial? - Enrollment is complete, and initial data will be presented at a major medical conference later this year [45] Question: Would the company consider a larger trial for Rolvedon's same-day dosing if the data is compelling? - Management will evaluate the need for a larger trial based on the trial results and potential value [47]
Assertio (ASRT) Reports Q2 Loss, Tops Revenue Estimates
ZACKS· 2024-08-07 22:46
Assertio (ASRT) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to earnings of $0.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -100%. A quarter ago, it was expected that this drugmaker would post a loss of $0.01 per share when it actually produced earnings of $0.04, delivering a surprise of 500%.Over the last four quarters, the company has surpassed ...
Assertio (ASRT) - 2024 Q2 - Quarterly Report
2024-08-07 21:04
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 001-39294 ASSERTIO HOLDINGS, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) Delaware 85-0598378 (STATE OR OTHER JURISDICTION OF INC ...
Assertio (ASRT) - 2024 Q2 - Quarterly Results
2024-08-07 20:04
Exhibit 99.1 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 Operations, Cash and Short-Term Investments Increases to $88.4 Million LAKE FOREST, IL. – August 7, 2024 – Assertio Holdings, Inc. ("Assertio" or the "Company") (Nasdaq: ASRT), a pharmaceutical company with comprehensive commercial capabilities offering differentiated products to patients, ...
Assertio Reports Second Quarter 2024 Financial Results
GlobeNewswire News Room· 2024-08-07 20:01
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 ...
Earnings Preview: Assertio (ASRT) Q2 Earnings Expected to Decline
ZACKS· 2024-07-31 15:06
The market expects Assertio (ASRT) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on August 7, 2024, might help the stock move higher if these key numbers are better ...
Assertio Holdings, Inc. to Report Second Quarter 2024 Financial Results on August 7, 2024
GlobeNewswire News Room· 2024-07-24 20:05
LAKE FOREST, Ill., July 24, 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 announced that it will release second quarter 2024 financial results on Wednesday, August 7, 2024, after the market close. Following the release of its financial results, Assertio’s management will host a live webcast of the earnings conference call at 4:30 p.m. Easter ...
Assertio Holdings, Inc. Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
GlobeNewswire News Room· 2024-06-06 20:05
LAKE FOREST, Ill., June 06, 2024 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (NASDAQ: ASRT), a pharmaceutical company with comprehensive commercial capabilities offering differentiated products to patients, announced that effective May 31, 2024, the Compensation Committee of the Company’s Board of Directors granted the Company’s new Chief Executive Officer, Brendan P. O’Grady, 500,000 restricted stock units (“RSUs”) and 1,800,000 stock options (“options”). The RSUs and options ...