Assertio Holdings, Inc. Q2 FY2025 earnings call

• 3-part business strategy: stabilization (completed in 2024), transformation (2025 focus), growth (starting 2026). - Transformation progress: reduced legal exposure by settling multiple matters, simplified corporate structure, prioritized investments in Rolvedon and Sympazan (finalized third national agreement for Rolvedon), divested noncore asset Otrexup to free resources for growth assets. - Balance sheet: cash, cash equivalents, and short-term investments totaled $98.2 million as of June 30, 2025.

Second quarter net product sales were $28.8 million. Rolvedon sales were $16.1 million (up from $15.1 million prior year quarter, driven by higher volume and returns reserve adjustment). Sympazan sales were $3.2 million (up from $2.7 million prior year, reflecting higher volume and favorable payer mix). Indocin sales were $3 million (down from $6.9 million prior year quarter due to generic competition).

• Revised annual guidance for net product sales: $108 million to $118 million. - Revised annual guidance for adjusted EBITDA: $11 million to $19 million, reflecting improved operational efficiencies and decision to stop commercializing Otrexup.

• Legal uncertainties from remaining shareholder lawsuits. - Potential impact of market competition on product sales and profitability.

Q: Just starting off, the -- so I'm trying to understand the kind of 'true' Rolvedon sales in the quarter. I mean, if I take the number minus the reserve it's $10.7 million. Is that how we should be looking at it?

A: Yes, that's the correct number, Thomas.

Q: Firstly, I just wanted to address the housekeeping item. In the wake of the divestiture to Assertio Therapeutics and the ATIH transaction, can you just review for us what remaining outstanding litigation matters there are under Assertio Holdings, or if at this juncture, there aren't any?

A: So at this juncture, Ram, most of it is just some shareholder lawsuits that we're working our way through. Most of everything else has been closed out, and we've moved on.

Q: Firstly, on Rolvedon, at this point, how much of an effect are you seeing from the same-day dosing data, if any? And I guess, more towards that point, when do you start -- when do you expect to see larger and greater effects from the same-day dosing data on sales?

A: We are starting to get increased levels of interest, and I think we've seen increased levels of interest in same-day dosing since we presented the results end of last year and then first quarter this year. We hope to have publication in the peer-reviewed journal sometime this year, and once that happens, that will be another catalyst.

Q: Understood. And on Sympazan, now that you're accelerating efforts for promotion, based on what you've seen thus far, I guess, what sales levels do you think you could return or get Sympazan to at this point based on what you're seeing?

A: I think net sales could ultimately be between $25 million and $30 million in the next several years, kind of double from where we are today.