Assertio Holdings, Inc. Q3 FY2025 earnings call

Management Statement and Operational Highlights

• Mark Reisenauer introduces himself, highlighting his experience in commercializing innovative products and mentions the team including Paul Schwichtenberg and A.J. Patel.
• Discusses third quarter results, noting Rolvedon pull-forward and Sympazan growth.
• Paul Schwichtenberg talks about Rolvedon's performance in 2025, 42% year-to-date demand growth, 43% market share in clinic Medicare Part B, supply agreement with Hanmi, and same-day dosing data presentation.
• A.J. Patel goes over financial results, noting total product sales $49.5 million in Q3 2025 vs $28.7 million prior year, adjusted operating expenses reduction, GAAP net income $11.4 million in Q3 2025 vs loss of $3 million prior year, and updates 2025 guidance to $110-112 million product sales and $14-16 million adjusted EBITDA.

Segment Performance

• Rolvedon: Third quarter 2025 net product sales were $38.6 million, up from $15 million in the prior year. This product drove a significant portion of the revenue growth.
• Sympazan: Third quarter 2025 net product sales were $2.8 million, up from $2.6 million in the prior year, driven by higher volume.
• Indocin: Third quarter 2025 sales were $4.8 million, down from $5.7 million in the prior year, reflecting generic competition impacts.

Guidance

• Updated 2025 guidance reflects Rolvedon pull-forward and greater visibility, with full year product sales expected between $110 million and $112 million.
• Adjusted EBITDA expected to be between $14 million and $16 million for 2025.

Risks

• Forward-looking statements involve risks and uncertainties, including those noted in SEC filings and press releases. Actual results may differ materially from projections.

Q: Could you explain the linkage between labor code and ASP for Rolvedon?

A: We don't comment on forward-looking reimbursement for Rolvedon; we expect to continue price stability and predictability strategy.

Q: Comments on Indocin sales uptick?

A: Maintained market share and volume in Indocin despite competition, and saw some price favorability quarter-over-quarter.

Q: Thoughts on optimizing Rolvedon's promotional or commercial strategy and reimbursement?

A: Currently reviewing strategies, will provide updates as refinements are made.

Q: Differences in strategic priorities under new direction and prospects for Sympazan sales acceleration?

A: Early days in refining strategies; for Sympazan, focus on raising awareness, reps in high-prescribing areas, and digital promotion with oral film differentiator.