On May 12, 2025 Assertio Holdings reported financial results for the first quarter ended March 31, 2025 (Press release, Assertio Holdings, MAY 12, 2025, View Source [SID1234654207]).
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Said Brendan O’Grady, Chief Executive Officer, "We have achieved substantial progress to date as we implement our business strategy designed to create sustainable near-term growth and increased long-term value as a specialty pharmaceutical company focused on commercial assets. As part of this strategy, Assertio’s 2025 transformation priorities include reducing legal exposure, simplifying our corporate structure and processes, prioritizing investment in growth assets, divesting declining or non-core assets, and using the strength of our balance sheet to close a strategic transaction."
Executing on these priorities through the first quarter, Assertio has:
Settled multiple prior legal matters, including the previously disclosed DOJ False Claims Act qui tam lawsuit, the last remaining Glumetza antitrust action, Spectrum’s legacy Luo securities class action (subject to court approval), and obtained a dismissal of the Company’s Edwards securities class action, reducing future legal costs and further focusing resources on the business.
Begun simplifying its corporate holdings structure by transferring all of its interests in its subsidiary Assertio Therapeutics to an established purchaser of legacy litigation matters resulting in Assertio Therapeutics being owned by the purchaser’s related company, ATIH Industries, LLC. At the closing of this transaction, Assertio Therapeutics held approximately $8.2 million in cash, insurance, a single-digit royalty on Indocin, and certain legal liabilities, including those related to opioid litigation. As a result of this transaction, neither Assertio Holdings nor any of its current subsidiaries are defendants in any opioid-related litigation.
Reallocated corporate resources to focus on growth assets, namely Rolvedon and Sympazan.
Advanced its strategic activities to bring new growth drivers into Assertio’s commercial platform, while also progressing the process to divest non-core assets.
Net Sales and Key Asset Performance
Further, O’Grady said "Looking at the first quarter, net sales came in at $26.0 million, and we are tracking to our full year net product sales and adjusted EBITDA outlook. Rolvedon net sales still finished above our internal expectation, despite Q4 stocking to support customer and volume expansion in Q1, which reflects continued strong demand and commercial execution. As a result, we expect Rolvedon net sales to continue to increase throughout the year. In addition, our revised Sympazan promotional strategy is proving effective, with total Sympazan prescriptions up 6.5% year-over-year in the first quarter. Also, Indocin remained stable in the first quarter, achieving our net sales and contribution expectations."