Assertio Q1 2025 Earnings Report

Assertio EPS Results

• Actual EPS: -$0.14
• Consensus EPS: -$0.06
• Beat/Miss: Missed by -$0.08
• One Year Ago EPS: $0.04

Assertio Revenue Results

• Actual Revenue: $26.49 million
• Expected Revenue: $27.52 million
• Beat/Miss: Missed by -$1.03 million
• YoY Revenue Growth: N/A

Assertio Announcement Details

• Quarter: Q1 2025
• Date: 5/12/2025
• Time: After Market Closes
• Conference Call Date: Monday, May 12, 2025
• Conference Call Time: 4:30PM ET

Assertio (NASDAQ:ASRT), a commercial pharmaceutical company, provides various products to patients in the United States. Its pharmaceutical products include INDOCIN, an oral and suppository solution for the treatment of moderate to severe rheumatoid arthritis, including acute flares of chronic disease; ankylosing spondylitis and osteoarthritis; and acute painful shoulder and gouty arthritis. It also provides Sympazan, a benzodiazepine for the adjunctive treatment of seizures related with lennox-gastaut syndrome in patients aged two years of age or older; CAMBIA, a non steroidal anti inflammatory drug (NSAID) for the treatment of migraine pain, nausea, photophobia, and phonophobia; Zipsor, a NSAID for relief of mild to moderate pain in adults; SPRIX, a NSAID for the short term management of moderate to moderately severe pain that requires analgesia at the opioid level; Otrexup, a single-dose auto-injector containing a prescription medicine and methotrexate that is used to treat patients with severe, active rheumatoid arthritis, and active polyarticular juvenile idiopathic arthritis, as well as treat adult with severe, recalcitrant, and disabling psoriasis; and ROLVEDON, a long-acting granulocyte colony-stimulating factor that is indicated to decrease the incidence of infection caused by febrile neutropenia. The company was formerly known as Assertio Therapeutics, Inc. and changed its name to Assertio Holdings, Inc. in May 2020. Assertio Holdings, Inc. was incorporated in 2020 and is headquartered in Lake Forest, Illinois.

Assertio Q1 2025 Earnings Call Transcript

Key Takeaways

• Net product sales of $26 million in Q1 came in slightly ahead of plan, keeping the company on track to meet its full-year guidance of $108–122 million in sales and $10–19 million in adjusted EBITDA.
• ROLVADON demand remains strong with expanded payer coverage (starting with Cigna) and new customer additions expected to drive continued sales growth throughout 2025.
• Revised SYMPAZAN promotional strategy delivered a 6.5% year-over-year increase in prescriptions in Q1, with management expecting the positive trend to continue.
• Major steps in the transformation strategy include settling multiple legal matters, simplifying the corporate structure via the ATIH transfer, and divesting non-core assets to free up resources for growth.
• Indocin sales met expectations in Q1 but continue to face downward pressure from ongoing generic competition, with two additional generics anticipated in 2025.

Presentation

[Operator]

Good day, ladies and gentlemen. Welcome to the Associal Holdings First Quarter twenty twenty five Results Conference Call. Just a reminder that today's call is being recorded. I would now like to hand things over to Mr. Matt Kreps. Please go ahead, sir.

[Matthew Kreps, Managing Director at Darrow Associates Investor Relations]

Thank you, and good afternoon. Thank you all for joining us today to discuss Assertio's first quarter twenty twenty five financials. The news release covering our results for this period is now available on the Investor page of our website at investor.assertiotx.com. I would encourage you to review the release and tables in conjunction with today's discussion. With me today are Brendan O'Grady, our Chief Executive Officer and Ajay Patel, Chief Financial Officer.

[Matthew Kreps, Managing Director at Darrow Associates Investor Relations]

Brendan will open the remarks and provide an overview of the business, including an update on Assertio's long term business strategy. After Brendan, AJ will cover our financial results and guidance. Brendan will then provide some closing comments before take questions from our covering research analysts. Please note that during this call, management will make projections and other forward looking statements regarding our future performance. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in today's in this afternoon's press release as well as in filings with the SEC.

[Matthew Kreps, Managing Director at Darrow Associates Investor Relations]

These and other risk factors are more fully described in the Risk Factors section and other sections of our Annual Report on Form 10 ks and in our Form 10 Q filings. Our actual results may differ materially from those projected in the forward looking statements. Starcio specifically disclaims any intent or obligation to update these forward looking statements, except as required by law. With that, I will now turn the call over to Brendan. Please go ahead.

[Brendan O’Grady, CEO at Assertio]

Thank you, Matt, and thank you to everyone who has joined today's call. I'll begin today with a quick overview of our first quarter financial results, which are in line with the full year 2025 net product sales and adjusted EBITDA expectations that were set forth during the March earnings call. In the first quarter, net product sales came in slightly ahead of plan at $26,000,000 and we are tracking to our full year net product sales and adjusted EBITDA outlook. As I signaled in March, roll it on results in the first quarter were impacted by sell through of fourth quarter initial stocking activity that supported customer and volume expansion, which we expect to benefit us from Q2 onward. In addition, we are continuing to add new customers and have strengthened our payer coverage that started in February with Cigna and expect to further expand our payer coverage going into the second half of this year.

[Brendan O’Grady, CEO at Assertio]

Overall, ROLVOIDON demand remains strong and combined with our focused execution, we foresee net sales to continue increasing throughout the year. In addition, our revised SYMPAZAN promotional strategy is proving effective with total SYMPAZAN prescriptions in the first quarter up 6.5 year over year. This is a very positive trend that we expect will continue building in the quarters ahead. Lastly, Indocin remained stable in the first quarter, achieving our expectation for net sales and contribution. These results, along with expected performance throughout 2025, are influenced by the substantial progress Assertio has achieved to date, implementing the long term business strategy that I put into place last year.

[Brendan O’Grady, CEO at Assertio]

As I approach my one year anniversary with Assertio, I think it's important to recognize the team's progress and address our expectations moving forward. As previously stated, our strategy includes three phases characterized as stabilization, transformation and growth. Stabilization was successfully completed in 2024 and has adapted our organization to the changing operating environment. We strengthened our balance sheet, repositioned our portfolio to focus on ROLVADON and SYMPAZAN as core growth drivers and rebalanced our talent and promotional resources. These significant achievements paved the way for us to begin implementing our current phase transformation.

[Brendan O’Grady, CEO at Assertio]

This phase is occurring throughout 2025 as we implement actions intended to catalyze a shift in future growth potential. I will cover this in more detail in just a minute. Finally, the growth phase of our strategy is expected to start in 2026, during which time we intend to become a leading commercially focused specialty pharma company that creates top tier value over the long term. Now coming back to the transformation phase of our strategy, we set forth the following priorities for 2025. First, reduce legal exposure second, simplify our corporate structure and processes third, prioritize investment in growth assets fourth, divest noncore assets and fifth, use the strength of our balance sheet to close a strategic transaction.

[Brendan O’Grady, CEO at Assertio]

These five transformation priorities are well underway with a goal of completing each by the end of this year, and I'm encouraged by our progress in just the first four months. I'll address several notable achievements and we'll start with reducing our legal exposure. Assertio has settled multiple prior legal matters, including the previously disclosed 2017 Department of Justice False Claims Act QTAM lawsuit, the last remaining Glumetza antitrust action and Spectrum's legacy Luau securities class action. It is important to note that we admit to no wrongdoing in any of these cases, but decided to settle rather than continue to litigate and incurring the cost to defend as well as a distraction to our business. In addition, we obtained a dismissal of the company's Edwards Securities Class Action pending court approval.

[Brendan O’Grady, CEO at Assertio]

Our overall progress in reducing our legal exposure improves our ability to optimize operating expenses by reducing legal costs and refocusing those resources back to the business. As noted in our earnings release, we have also begun simplifying our corporate holding structure by transferring all of our assets in our Assertio Therapeutics subsidiary to ATIH Industries LLC. At the closing of this transaction, Assertio Therapeutics held approximately $8,200,000 in cash, a single digit royalty in Endison and certain legal liabilities, including those related to opioid litigation, which ATIH has assumed responsibility for managing and defending. As a result of this transaction, neither Assertia Holdings nor any of its current subsidiaries remain named defendants in any opioid related litigation. As we move throughout the year, we will also progress our strategy to divest some non core assets, which will further improve our ability to reallocate corporate resources to focus on growth and bolster our balance sheet to acquire or in license new growth assets.

[Brendan O’Grady, CEO at Assertio]

Already, we have added new marketing support for Rovodon and rebalanced promotional efforts for SYMPAZAN by augmenting our omnichannel activities with select in person support for the largest markets and key high decile prescribers. As a result, we are seeing improved efficiency and sales performance as previously mentioned. The actions I have just touched on allow Assertio to optimize operating expenses so that we can better invest in the future and advance our strategic activities as we move through the transformation and into the growth phase. I want to conclude my remarks by stating that Assertio's underlying business is strong and will be most successful by pivoting to a more sustained operating model driven by not only cash flow assets, but by growth assets. To be clear, our strategy is to focus on specialty pharma assets with the potential to grow over a sustained period of time within a commercially focused operating model.

[Brendan O’Grady, CEO at Assertio]

That is why we are implementing a long term business strategy that we are confident can create sustained near term growth and increase long term value. I look forward to providing you with continued updates on our progress as we head through 2025. I will now hand over to our CFO, Ajay Patel, who will walk us through the details of our first quarter performance. Thanks, Brendan. Today, I'll walk through our financial results for the first quarter of twenty twenty five.

[Brendan O’Grady, CEO at Assertio]

My commentary will resume the use of year over year comparisons as we have now completed the stabilization phase that Brendan discussed regarding the 2023 Spectrum acquisition and Indocin's generic competition, which made year over year comparisons difficult in 2024. Q1 '20 '20 '5 product sales came in at $26,000,000 compared to $31,900,000 in the prior year quarter. Lovudan sales were $13,100,000 a decrease from $14,500,000 in the prior year first quarter, driven by lower pricing, partially offset by higher volume. As Brendan mentioned, the current year first quarter was impacted by fourth quarter stocking. Indocin net product sales were 5,500,000 down from $8,700,000 in the prior year quarter due to the impacts of generic competition.

[Brendan O’Grady, CEO at Assertio]

The prior year first quarter was still in the early stages of the generic impact. SYMPAZAN sales were $2,200,000 compared to $2,600,000 in the prior year period, impacted slightly by pricing and volume. Reported gross margin increased to 70% from 65% a year ago. The prior year reported gross margin included Robodon inventory step up amortization. Excluding the impact of the inventory step up, prior year gross margin was 78%.

[Brendan O’Grady, CEO at Assertio]

The year over year gross margin decline was driven by the impact of higher Rovodon volumes on cost of sales. Turning to operating expenses. Reported SG and A expense was $22,000,000 up from $18,500,000 in the prior year quarter, primarily driven by higher legal charges, including a net settlement charge of $2,800,000 for the Luau shareholder matter. R and D expense was $400,000 down from $700,000 a year ago due to the completion of the same day dosing trial at the end of twenty twenty four. Adjusted operating expenses, which exclude stock compensation, D and A and nonrecurring restructuring and legal settlement charges, were $18,500,000 compared to $17,300,000 in the prior year period due to higher external litigation costs.

[Brendan O’Grady, CEO at Assertio]

GAAP net income for the first quarter was a loss of $13,500,000 compared to a loss of $4,500,000 in the prior year. In addition to the impacts just discussed, GAAP net income was affected by higher intangible amortization expense due to a change in useful life at the end of twenty twenty four. Adjusted EBITDA for the first quarter was $200,000 compared to $7,400,000 in the prior year quarter, primarily reflecting the impact of lower net sales and gross margin as discussed. Turning to our balance sheet and cash flow statements. As of 03/31/2025, cash and investments totaled $87,300,000 compared to $100,100,000 as of 12/31/2024.

[Brendan O’Grady, CEO at Assertio]

Cash flow from operations during the first quarter was impacted by the timing of approximately $12,000,000 of accounts receivable collected in early April. At the April 2025, cash and investments stood at approximately $96,700,000 Debt at 03/31/2025, remains unchanged at $40,000,000 comprised of the company's 6.5% convertible notes with no maturities until September 2027. With that, I will turn the call back to Brendan. Thanks, A. J.

[Brendan O’Grady, CEO at Assertio]

In the first quarter, the Assertio team delivered strong financial performance on track to the expectations that we set for 2025. We also demonstrated outstanding execution on the transformation phase of our business strategy with notable achievements that keep us on a path to realizing our goal of creating sustainable near term growth and increased long term value. I am confident that the strengths of our underlying financials, ongoing business performance and business strategy will enable our success. With that, let's go ahead and open the call for questions from our analysts.

[Operator]

Thank you, sir. Our first question today comes from Thomas Flaten, Lake Street.

[Thomas Flaten, Senior Research Analyst at Lake Street Capital Markets, LLC]

Good afternoon, guys. Thanks for taking the questions. Brendan, congrats on offloading the opioid litigation matters. Were there just out of curiosity on that, was there value in either direction on that? Did you guys pay them to take it?

[Thomas Flaten, Senior Research Analyst at Lake Street Capital Markets, LLC]

Did they pay you to accept it? Was was there any value movement there?

[Brendan O’Grady, CEO at Assertio]

Yeah. Just nominal value they paid us, Thomas.

[Thomas Flaten, Senior Research Analyst at Lake Street Capital Markets, LLC]

Okay. And a quick one for AJ. AJ, you guys have some relative to the beginning of last year, your accrued rebates, returns, accrued liabilities are up. How should we think about you guys using cash to bring those balances back down again? Will that occur pretty evenly over the course of the year? Or how should we think about that?

[Brendan O’Grady, CEO at Assertio]

Thomas, thanks for the Yes, would think about that relatively evenly. As you know, the primary factor of that is Rovodan with its ASP based pricing. So as the rebates increase for that, the payments typically occur in the subsequent quarter.

[Thomas Flaten, Senior Research Analyst at Lake Street Capital Markets, LLC]

Got it. Understood. And just a final one for me if I might. Any more thoughts on same day dosing, progress with NCCN? Any update on that?

[Brendan O’Grady, CEO at Assertio]

Yes, Thomas. So as we've discussed or said before, it's kind of a twelve month strategy as far as NCCN. So we've presented the results of the same day dosing trial twice, once in December, once in I think March. We've approached a peer reviewed journal for publication that we hope will be mid summer. And once that's done, then we will approach NCCN about inclusion in the guidelines for 2026.

[Brendan O’Grady, CEO at Assertio]

So everything's moving according to plan. Ultimately, we don't control whether we get in the NCCN for the guidelines or not, but we are executing the plan to get there.

[Thomas Flaten, Senior Research Analyst at Lake Street Capital Markets, LLC]

Excellent. I'll hop back in the queue. Thank you.

[Brendan O’Grady, CEO at Assertio]

Sure.

[Operator]

We'll take the next question from Nas Raman, Maxim Group.

[Naz Rahman, Analyst at Maxim Group]

Hi. Thanks for taking my questions and congrats on the progress. Just two questions. On Rovodan, I believe you previously spoke about expanding into the hospital setting away from the community setting. Could you kind of provide some comments and details about how that's progressing thus far in 2025 and sort of where you start or wherever you would expect to see an inflection point there?

[Brendan O’Grady, CEO at Assertio]

Hi, Nas. Thanks for the question. I think if you think about Rolled On, today, most of our business is in the community oncology Medicare Part B space. To be successful in the hospital space, we really need to grow our commercial payer side. That will unlock a couple of things for us.

[Brendan O’Grady, CEO at Assertio]

It will unlock more of the commercial channel for us, and then it will unlock hospitals as well. So the next step in the strategy is really to build our payer coverage, which we've done with Cigna as I mentioned in my opening comments and hope to expand in the second half of this year and then further expand in 2026. As we do that, we'll be able to get more of the commercial clinic space business as well as that will enable us to impact or penetrate hospitals to a greater degree.

[Naz Rahman, Analyst at Maxim Group]

Got it. Thank you. And my last question is just on guidance. So based on 1Q on the adjusted EBITDA guidance of 10,000,000 to $19,000,000 why not adjust the band down? Or do you still think it's possible?

[Naz Rahman, Analyst at Maxim Group]

And what levers could you do you think will get you towards that $19,000,000 Why not adjust that band down from 10,000,000 to something else due to the 1Q results?

[Brendan O’Grady, CEO at Assertio]

I think that there's still too many things going on that wouldn't make sense for us to adjust it down. We'll see how second quarter pans out and we'll talk about it again in August. But at this point, I think the guidance ranges we put out there for both EBITDA and net sales, I think we're tracking to within those guidance ranges and we'll see how things go. But we'll update it again in August if necessary.

[Naz Rahman, Analyst at Maxim Group]

All right. Thanks for taking my questions.

[Matthew Kreps, Managing Director at Darrow Associates Investor Relations]

Sure.

[Operator]

The next question will come from Ram Selvaraju, H. C. Wainwright.

[Raghuram Selvaraju, Managing Director, Healthcare Equity Research at H.C. Wainwright & Co., LLC]

Thanks very much for taking my questions. Just in furtherance of additional context regarding the Rolodon situation, can you give us a sense of what additional promotional or marketing strategies you expect to implement over the course of the remainder of this year to try to accelerate growth in ROLIDON sales?

[Brendan O’Grady, CEO at Assertio]

Sure. Hi, Ram. Thanks for the question. A couple of things. I mean, first of all, there's still more market share we can get in our primary space, which is the Medicare Part B clinics.

[Brendan O’Grady, CEO at Assertio]

There's still some large groups out there that we hope to attract additional volume with and additional share. So that's one. Second, I mentioned the payer piece. We've just begun to start starting to pull that business through on the commercial side. So that's two.

[Brendan O’Grady, CEO at Assertio]

We hope to expand that coverage in the second half of the year, which would be the third. And again, that will enable us to get some penetrations in the hospital. So if you see that as kind of building throughout the year, we expect Rolvodon to continue to grow in net sales and volume as we go through this year.

[Raghuram Selvaraju, Managing Director, Healthcare Equity Research at H.C. Wainwright & Co., LLC]

Can you talk about how you expect the overall genericization picture to evolve over the course of the remainder of 2025 with respect to Indocin? Are you expecting a substantial additional number of generic purveyors of Indocin between now and the end of twenty twenty five? If so, approximately how many? And what impact do you expect that to have even if only on a qualitative basis regarding the remaining Indocin revenue stream?

[Brendan O’Grady, CEO at Assertio]

Yes. Another good question. Thanks, Ram. I think our plan assumed two more generics for Indocin this year, one in the first half of the year, one in the second half of the year. There was an approval back in February.

[Brendan O’Grady, CEO at Assertio]

We have not got any confirmation of launch yet. I think we're still relatively tracking to plan. But you can think about if there's three on the market, you split the market by three. If there's four on the market, you split it by four. So each time you lose volume and you lose price, so it will decline with the entrance of more generics.

[Brendan O’Grady, CEO at Assertio]

But I think I'm optimistic right now that we're tracking to our plan. I think we've got a good handle on it. We'll optimize Indocin as much as we can as we go through the year.

[Raghuram Selvaraju, Managing Director, Healthcare Equity Research at H.C. Wainwright & Co., LLC]

And then lastly, you had mentioned on this in a couple of previous calls, the interest of the company in doing something on the strategic front, to broaden potentially the commercial portfolio. Can you give us some additional context on that if there's been any sort of evolution in your thinking, particularly if this pertains to the broader market environment changes that you're seeing within that and also the possibility of identifying opportunities that are directly synergistic with your existing commercial assets?

[Brendan O’Grady, CEO at Assertio]

Yeah. I mean, we have, numerous ongoing conversations, all very positive conversations going in the right direction. And I'm very optimistic that we will get something done in 2025 that will certainly add to our business and position us for that growth phase in 2026. I obviously can't be more specific than that, but, I'm very encouraged by the conversation that we currently have going on.

[Raghuram Selvaraju, Managing Director, Healthcare Equity Research at H.C. Wainwright & Co., LLC]

But just for clarification purposes, as of right now, your forecast or outlook for 2025 is not contingent upon any such business development activity being successfully concluded. Is that correct?

[Brendan O’Grady, CEO at Assertio]

That is correct. Our outlook for 2025 includes only our current portfolio.

[Raghuram Selvaraju, Managing Director, Healthcare Equity Research at H.C. Wainwright & Co., LLC]

Thank you. Our

[Operator]

next question today comes from Scott Henry, Alliance Global Partners.

[Scott Henry, Managing Director & Senior Research Analyst at Alliance Global Partners]

Thank you and good afternoon. I guess, first, with regard to Rolvodon, you do mention pricing pressure. Could you talk about the pricing, how it is kind of year over year and sequentially and your expectations going forward?

[Brendan O’Grady, CEO at Assertio]

Yeah. Hi, Scott. I mean, it is a quarter to quarter type of strategy. So ASP does erode over time and some quarters has a bigger impact than others. It's a very competitive marketplace as we play in this Neulasta biosimilar long acting G CSF space.

[Brendan O’Grady, CEO at Assertio]

And there could be new entrants that enter as we go through this year that could also have an impact. So we're I think we're doing a very good job of maintaining and managing our ASP. I think the way that we think about the business and the way we execute and contract the business is smart, which I think is why our ASP has been slower to erode maybe than others. And we continue to build volume and gain new customers. And that's part of the step down from Q4 to Q1 was we brought in some new customers in Q4 that we're going to pull through in Q1.

[Brendan O’Grady, CEO at Assertio]

So we wanted that inventory there and we pulled that through in Q1. So you'll start to see that grow as we go into Q2 and beyond.

[Scott Henry, Managing Director & Senior Research Analyst at Alliance Global Partners]

Okay. Thank you for that color. And then with regards to SG and A, I believe you said that the base SG and A is around $18,500,000 quarterly. I guess the question is, did I hear that correct? As well, would you expect for the legal wind down, particularly given that you've had this divestment?

[Scott Henry, Managing Director & Senior Research Analyst at Alliance Global Partners]

Should that start to be declined materially in the coming quarters or how long should some of that other litigation take?

[Brendan O’Grady, CEO at Assertio]

Yes. No, thanks for the question, Scott. You're right. So the base adjusted OpEx for the first quarter was $18,500,000 Now in the first quarter, we were burdened. We typically have kind of two components of litigation exposure, legacy matters and shareholder matters.

[Brendan O’Grady, CEO at Assertio]

As Brendan kind of alluded to in his comments, right, the legacy matters for the most part have been mitigated now with the divestment of Assertio Therapeutics. We are expecting kind of on an annualized front that to benefit us in the neighborhood of 2,000,000 to $3,000,000 annually. And then from a shareholder litigation, as we continue to resolve, settle and exit those cases, the ongoing burden does decrease over time.

[Scott Henry, Managing Director & Senior Research Analyst at Alliance Global Partners]

Thank you. Final question, just for clarity. What assets exactly did you divest into the AIPH entity? And was there any material EBITDA impact from those assets?

[Brendan O’Grady, CEO at Assertio]

There is just a single digit royalty on Indocin that we divested with the therapeutics divestiture in ATIH as well as some cash.

[Scott Henry, Managing Director & Senior Research Analyst at Alliance Global Partners]

Okay. Alright. So none of the other products went with it, none of the smaller ones?

[Brendan O’Grady, CEO at Assertio]

Nope. Nope.

[Scott Henry, Managing Director & Senior Research Analyst at Alliance Global Partners]

Okay. And if I may, and it's I guess it's I don't wanna ask you a legal question, but I think I'm going to. You know, if you divest some of your legal responsibilities to this asset, what is the risk that they could still come after the parent company that you can't, in fact, completely divest that liability? Well, I mean, if

[Brendan O’Grady, CEO at Assertio]

you think about it, the way that we got the liability was through M and A. And so this is no different. We transferred this legal entity to a third party that is going to maintain and run this business and manage it accordingly. So while there's always a risk, I think the risk is very, very low.

[Operator]

Up next is Jim Sidoti, Sidoti and Company.

[Jim Sidoti, Analyst at Sidoti & Company]

Hi, good afternoon. Thanks for taking the questions. In addition to all the internal changes there, you're dealing with some external changes as well. Can you comment on what impact do you think there could be from either the tariffs or the executive order regarding drug pricing or the proposed changes to Medicaid?

[Brendan O’Grady, CEO at Assertio]

Yes. I mean, so the tariffs is who knows, right? That's a daily up and down. We've got a significant I mean probably a thing we would be most exposed on with tariffs would be drug substance on ROLVADON, but we've got a significant inventory here in The U. S.

[Brendan O’Grady, CEO at Assertio]

So we don't expect any short term impact. And by the time there is an impact, hopefully that situation will be worked out. With regards to drug pricing, we do not sell any products outside of The U. S. With the exception of Cambia that we sell in Canada and Cambia is probably more expensive than Canada, the fact that it's not generic and it's generic here.

[Brendan O’Grady, CEO at Assertio]

So we'll see there needs to be a lot more details on drug pricing. It's going to take a while for the details to come out as to how that's actually going to play out. But at least right now, we don't see any real risk on either one of those two things.

[Jim Sidoti, Analyst at Sidoti & Company]

Okay. And I just want to be clear. Post the divestiture, are you maintaining your revenue guidance of 108,000,000 to $122,000,000

[Brendan O’Grady, CEO at Assertio]

We are.

[Jim Sidoti, Analyst at Sidoti & Company]

Okay. Thank you.

[Brendan O’Grady, CEO at Assertio]

Yep.

[Operator]

And at this time, there are no further questions. Everyone, that does conclude today's Assertio Holdings first quarter conference. We would like to thank you all for your participation. You may now disconnect.

Participants

Executives

• Brendan O’Grady, CEO

Analysts

• Matthew Kreps, Managing Director at Darrow Associates Investor Relations
• Thomas Flaten, Senior Research Analyst at Lake Street Capital Markets, LLC
• Naz Rahman, Analyst at Maxim Group
• Raghuram Selvaraju, Managing Director, Healthcare Equity Research at H.C. Wainwright & Co., LLC
• Scott Henry, Managing Director & Senior Research Analyst at Alliance Global Partners
• Jim Sidoti, Analyst at Sidoti & Company