Assertio Holdings Inc Stock Price, News & Analysis

Assertio Holdings, Inc. (Nasdaq: ASRT) announced the release date for its first quarter 2023 financial results, which is set for May 9, 2023, after market close. Following this release, management will conduct a live webcast earnings conference call at 4:30 p.m. Eastern Time. Investors can access the call via the company's investor relations website. A replay will be available approximately two hours after the call concludes.

Assertio is a specialty pharmaceutical company focused on offering differentiated products to patients. It utilizes a non-personal promotional model and is actively building its commercial portfolio through existing products and potential acquisitions or licensing of approved products.

Assertio has announced a definitive agreement to acquire Spectrum Pharmaceuticals in an all-stock and contingent value rights transaction. Spectrum stockholders will receive 0.1783 shares of Assertio for each Spectrum share, representing an upfront value of $1.14 per share and a premium of 65% to Spectrum's latest closing price. Total potential consideration can reach $1.34 per share, with a premium of 94%. The transaction is expected to close in Q3 2023, resulting in Assertio stockholders owning approximately 65% and Spectrum stockholders approximately 35% of the combined entity. This acquisition is anticipated to be accretive to Assertio's adjusted EPS and operating cash flow in 2024, leveraging Spectrum's commercial capabilities and the ROLVEDON product to enhance market access.

Assertio Holdings, Inc. (Nasdaq: ASRT) has announced a $100,000 educational grant to the Lennox-Gastaut Syndrome (LGS) Foundation to support the launch of their 'About LGS Treatments Kits' aimed at assisting families affected by LGS. This initiative aims to provide crucial information regarding seizure treatments and management options for LGS patients aged two years and older, who are treated with SYMPAZAN (clobazam) oral film. SYMPAZAN is the only FDA-approved oral film formulation for adjunctive treatment of seizures linked to LGS. Assertio's initiative reflects its commitment to enhancing awareness and education around LGS, as emphasized by the company's CEO, Dan Peisert.

Assertio Holdings, Inc. (NASDAQ: ASRT) announced the granting of 20,542 restricted stock units (RSUs) and 24,018 stock options to two new employees effective April 3, 2023. This action complies with NASDAQ Listing Rule 5635(c)(4), intended as an inducement for their entry into employment. The options, priced at $6.11 per share, match the closing price of Assertio's stock on the grant date. The RSUs and options will vest equally over three years, starting from one year after the grant date. Assertio is a leading pharmaceutical company focusing on differentiated products across neurology, hospital, and pain/inflammation sectors, with growth through licensing, mergers, and acquisitions. Investors should note the forward-looking statements regarding future performance are subject to risks and uncertainties.

Assertio Holdings, Inc. (ASRT) reported a remarkable financial performance for Q4 and the full year 2022. Net product sales soared by 55% in Q4, reaching $49.9 million, and increased 42% for the full year, totaling $155.1 million. The company achieved a net income of $109.6 million, significantly up from a loss in 2021, driven by a substantial tax benefit. Adjusted EBITDA rose 108% to $101.6 million. Cash flow from operations was $26.7 million in Q4. Looking ahead, Assertio projects 2023 net product sales between $150 million and $160 million. The company is strategically focused on expanding its product offerings and enhancing its balance sheet.

Assertio Holdings, Inc. (Nasdaq: ASRT) appointed Dr. Howard J. Franklin as Senior Vice President, Medical, enhancing its leadership team. The company sees substantial opportunities to expand its portfolio, particularly with Indocin, as they prepare for clinical studies planned for 2023. Dr. Franklin’s extensive experience, including previous roles as Chief Medical Officer at Finch Therapeutics and Salix Pharmaceuticals, positions him to develop a comprehensive clinical strategy that leverages Assertio's innovative sales model. The firm aims to create value by expanding addressable markets and acquiring promising assets.

Assertio Holdings, Inc. (NASDAQ: ASRT) has entered into privately negotiated exchange agreements to reduce its 6.50% Convertible Senior Notes due 2027 by $30 million, representing a 42.9% decrease. The transactions will cost the company $10.5 million in cash and will save $2 million in annual interest payments, with an estimated EPS increase of $0.02 in 2023. Approximately 7 million shares of common stock will be issued under these agreements. Upon completion, Assertio will retain $40 million in outstanding notes. The transaction is expected to close on February 27, 2023, under customary conditions.

Assertio Holdings (Nasdaq: ASRT) reported preliminary, unaudited financial results for Q4 and Full Year 2022, highlighting a year-over-year net product sales increase of at least 54% for the fourth quarter and 41% for the full year. The company achieved cash flows from operations of at least $26 million for Q4 and $78 million for the year, reflecting strong commercial execution. Net product sales for Q4 ranged from $49 million to $50 million, while full-year sales ranged from $154 million to $155 million. Assertio will provide more detailed audited results on March 8, 2023.