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Here are 1-2 analogies to describe Assertio (ASRT):

• Assertio is like a Viatris for specialty drugs, focused on acquiring and optimizing a portfolio of established pharmaceutical products rather than new drug discovery.
• Think of Assertio as a Kraft Heinz or Unilever, but for pharmaceutical products – acquiring and optimizing a portfolio of existing, approved specialty drugs instead of inventing new ones.

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Assertio (ASRT) Major Products

• SPRIX® (ketorolac tromethamine) Nasal Spray: This is a non-steroidal anti-inflammatory drug (NSAID) used for the short-term management of moderate to severe acute pain.
• INDOCIN® (indomethacin) suppositories and oral suspension: An NSAID indicated for the management of various forms of arthritis and acute gouty arthritis.
• CAMBIA® (diclofenac potassium for oral solution): This is an NSAID specifically used for the acute treatment of migraine attacks in adults.
• XELPROS® (latanoprost ophthalmic emulsion) 0.005%: This product is a prostaglandin F2a analogue used to reduce elevated intraocular pressure in patients with open-angle glaucoma or ocular hypertension.

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Assertio (ASRT) Major Customers

Assertio (ASRT) is a commercial pharmaceutical company that sells its prescription products primarily to a limited number of large pharmaceutical wholesalers, rather than directly to individuals or end-users.

Major Customer Companies:

• AmerisourceBergen Corporation (Symbol: ABC)
• Cardinal Health, Inc. (Symbol: CAH)
• McKesson Corporation (Symbol: MCK)

According to Assertio's SEC filings (e.g., their 2023 10-K report), these three wholesale distributors collectively accounted for substantially all of the company's consolidated net product sales in recent fiscal years.

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• Catalent, Inc. (CTLT)
• Takeda Pharmaceutical Company Limited (TAK)
• Thermo Fisher Scientific Inc. (TMO)
• Sun Pharmaceutical Industries Ltd. (SUNPHARMA)
• Recordati S.p.A. (REC)
• Teva Pharmaceutical Industries Ltd. (TEVA)
• PCI Pharma Services
• Jost Chemical Co.

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Mark Reisenauer Chief Executive Officer

Mr. Reisenauer was appointed Chief Executive Officer in October 2025 and joined Assertio's Board in January 2025. He brings over 30 years of experience in successfully commercializing and launching products in the oncology space. Previously, he served as President of U.S. Commercial at Astellas Pharmaceuticals Inc., where he grew sales to nearly $5 billion and oversaw various functions including Marketing, Sales, Policy and Government Affairs, and Market Access for Oncology, Specialty, and Hospital products. At Astellas, he was also responsible for building the U.S. Oncology Commercial Franchise. Before Astellas, he was Senior Vice President and Chief Commercial Officer at Micromet, Inc., which was acquired by Amgen, where he led commercial launch and pipeline development. He also held senior roles at Abbott Laboratories, where he led global commercialization, licensing, and R&D strategy for oncology products.

Ajay Patel Executive Vice President, Chief Financial Officer

Mr. Patel has served as Executive Vice President, Chief Financial Officer of Assertio since November 2023. He joined Assertio in July 2019 as Vice President, Controller, with responsibilities for accounting policies and practices, internal controls, income taxes, and reporting, and was promoted to Senior Vice President, Chief Accounting Officer in March 2021. Prior to Assertio, Mr. Patel spent 11 years with Ernst & Young in its Assurance practice, leading financial statement audits for key clients. He also served as Director, Technical Accounting & Accounting Policy at US Foods, where he oversaw the implementation of company-wide accounting policies and helped lead acquisition financial due diligence. Mr. Patel is a Certified Public Accountant (CPA) and holds a bachelor's degree in finance from the University of Illinois and a master's degree in accounting from the University of Virginia.

Mary Pietryga Executive Vice President, Chief Commercial Officer

Ms. Pietryga was appointed Executive Vice President, Chief Commercial Officer in December 2024. Her previous roles include Vice President and Head of the Global Biosimilar Portfolio at Teva Pharmaceuticals, where she redesigned the global asset portfolio. She also served as Chief Commercial Officer at Peregrine Market Access and as Vice President of Global Marketing at Pacira Biosciences.

Paul Schwichtenberg Executive Vice President, Chief Transformation Officer

Mr. Schwichtenberg previously served as Senior Vice President, Chief Commercial Officer since November 2023, and as Chief Financial Officer of Assertio from March 2021. He joined Assertio in April 2018 as Vice President, Finance, where he was instrumental in financial planning and analysis, financial reporting, risk management, and business development due diligence. Before joining the pharmaceutical industry, he was a senior auditor at Wolf & Company LLP.

Bill Iskos Senior Vice President, Operations

Mr. Iskos has served as Senior Vice President, Operations of Assertio since August 2021. He is responsible for manufacturing, quality, supply chain, regulatory affairs, business development diligence, and alliance management. Mr. Iskos has over 28 years of diverse experience in pharmaceutical process research and development, clinical and commercial manufacturing, supply chain, and quality assurance.

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The key risks to Assertio's (ASRT) business include:

1. Generic Competition and Loss of Exclusivity (Patent Cliff): Assertio faces significant risks due to its heavy dependence on a concentrated drug portfolio, which is subject to generic competition and mounting pricing pressures. This threatens future revenue stability and profitability. For example, the approval of a generic indomethacin suppository led Assertio to withdraw its 2023 financial outlook. Moreover, INDOCIN sales significantly decreased from $87.2 million in 2023 to $26.8 million in 2024 due to increased generic competition. The company is actively seeking new assets to counteract anticipated revenue declines from products like Indocin, ZIPSOR, and CAMBIA, which are losing exclusivity.
2. Nasdaq Minimum Bid Price Requirement Non-Compliance: Assertio received a deficiency notification on January 22, 2025, concerning its common stock's failure to maintain the Nasdaq Capital Market's minimum closing bid requirement of at least $1.00 per share. Failure to regain and maintain compliance with this requirement could lead to the delisting of its common stock.
3. Integration Risks of Acquisitions: Assertio's growth strategy involves external expansion and portfolio diversification, including the acquisition of Spectrum Pharmaceuticals, which brought the key product Rolvedon into its portfolio. However, there are potential challenges in integrating acquired companies and their products, such as Spectrum, which could lead to revenue loss if integration efforts are unsuccessful or if acquired assets do not perform as anticipated.

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The rapid emergence and increasing adoption of novel, more targeted migraine therapies (such as CGRP inhibitors, gepants, and ditans) pose a significant threat to Assertio's older, non-specific acute migraine treatment, CAMBIA. These newer drug classes offer superior efficacy and/or tolerability for many patients, representing a paradigm shift in migraine management that could accelerate the erosion of market share for legacy treatments.

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Assertio (ASRT) operates in the United States pharmaceutical market, offering a portfolio of products primarily focused on neurology, pain, and inflammation. The addressable markets for their main products are as follows:

• INDOCIN (indomethacin): This product treats moderate to severe rheumatoid arthritis, ankylosing spondylitis, osteoarthritis, acute painful shoulder, and gouty arthritis.
  The global indomethacin market size was estimated at approximately $450 million in 2023 and is projected to reach around $650 million by 2032, with North America holding the largest share (approximately 35% in 2023). Another estimate for the global indomethacin market projects growth from $1.08 billion in 2023 to $2.01 billion by 2033.
  For rheumatoid arthritis, a condition Indocin treats, the U.S. therapeutics market was valued at $27 billion based on a five-year historical analysis. It was also estimated at $25.93 billion in 2024 and is projected to reach around $32.24 billion by 2034.
• CAMBIA (diclofenac potassium for oral solution): This non-steroidal anti-inflammatory drug (NSAID) is used for the acute treatment of migraine attacks.
  The U.S. acute migraine treatment market was estimated at $1.02 billion in 2024 and is projected to surpass $3.02 billion by 2034. The broader U.S. migraine treatment market was valued at $2.937 billion in 2024 and is expected to reach $6.1712 billion by 2030.
  The global diclofenac market, which includes diclofenac potassium, was valued at approximately $2.1 billion in 2023 and is expected to reach around $3.5 billion by 2032. North America held a dominant market share of 32% in 2021 for the diclofenac market.
• Zipsor (diclofenac potassium liquid-filled capsules): This NSAID provides relief for mild to moderate acute pain.
  The U.S. acute pain market was valued at $50.03 billion in 2024 and is expected to reach $82.35 billion by 2034. For the 7 major markets (which include the U.S.), the acute pain market reached $83.5 million in 2024 and is projected to reach $129.8 million by 2035. The United States holds the largest patient pool and market share for acute pain treatment among these markets.
• SPRIX (ketorolac tromethamine nasal spray): This NSAID is for the short-term management of moderate to moderately severe pain.
  The global ketorolac tromethamine market size was estimated at $725.2 million in 2024. North America held a major market share of more than 40% of the global revenue, with a market size of $290.08 million in 2024. The U.S. alone accounted for $228.87 million in 2024.
• Otrexup (methotrexate injection for subcutaneous use): Used to treat severe, active rheumatoid arthritis, active polyarticular juvenile idiopathic arthritis, and severe, recalcitrant, and disabling psoriasis.
  The U.S. methotrexate market accounted for $165.3 million in revenue size in 2022. The global methotrexate injection market was valued at $555.30 million in 2024 and is expected to reach $681.88 million by 2032. The U.S. methotrexate injection market captured the largest revenue share of 80% in North America in 2024.
  For psoriasis treatment, the U.S. market is projected to grow from $17.9 billion in 2025 to $32.5 billion by 2031. In 2024, the U.S. psoriasis treatment market was valued at $10.4 billion.
• Sympazan (clobazam oral film): This benzodiazepine is for the adjunctive treatment of seizures associated with Lennox-Gastaut Syndrome (LGS).
  The Lennox-Gastaut Syndrome (LGS) treatment market size is forecast to increase by $699.8 million between 2023 and 2028. The 7 major LGS markets (including the U.S.) reached a value of $1.7 billion in 2024 and are expected to reach $2.7 billion by 2035. The United States has the largest patient pool for LGS and represents the largest market for its treatment.
• ROLVEDON (eflapegrastim-xnst injection): This long-acting granulocyte colony-stimulating factor is indicated to decrease the incidence of infection caused by febrile neutropenia.
  The global febrile neutropenia market was estimated at $11.79 billion in 2024 and is projected to grow to $20.15 billion by 2035. North America is the largest market, accounting for approximately 45% of the global share, with the United States as the primary contributor. Another source indicates the global market was valued at $11.9 billion in 2023 and is poised to grow to $19.27 billion by 2032.

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Assertio (ASRT) is positioning itself for future revenue growth over the next 2-3 years through several key drivers, transitioning from a "transformation phase" in 2025 to a "growth phase" expected to commence in 2026. The company's strategy focuses on optimizing its existing portfolio and aggressively pursuing external growth opportunities.

1. Accelerated Growth of Core Brands (Rolvedon and Sympazan): Assertio anticipates continued revenue expansion from its key products, Rolvedon and Sympazan. Rolvedon sales saw an increase in Q2 2025, driven by higher volume and increased market share. The company expects further commercial expansion for Rolvedon into 2026. Similarly, Sympazan has demonstrated consistent new prescription growth, attributed to a significant increase in its prescriber base and additional in-person sales support in key markets. Assertio expects Sympazan sales to potentially grow from projected 2025 levels.

2. Strategic Acquisitions and Business Development: A crucial element of Assertio's growth strategy involves leveraging its balance sheet to acquire new growth assets. The company is actively pursuing strategic transactions, including licensing, mergers, and acquisitions, to bring new drivers into its commercial platform. This is a core objective of its transformation phase in 2025, intended to catalyze future growth potential and enable Assertio to become a leading commercially focused specialty pharma company.

3. Enhanced Payer Coverage and Commercial Optimization: Assertio is focused on strengthening demand for its core products through expanded payer coverage and optimized commercial efforts. For Rolvedon, improved payer coverage and ongoing commercial activities are expected to bolster sales. The company’s emphasis on a commercially focused operating model and an efficient omni-channel approach, complemented by targeted personal promotions, aims to maximize the reach and profitability of its differentiated brands.

4. Portfolio Optimization and Resource Reinvestment: Assertio is strategically divesting non-core assets and reducing legal exposure to streamline operations and free up resources for investment in high-growth areas. The company has divested Assertio Therapeutics and ceased commercialization of Otrexup, redirecting focus and capital towards core growth assets. This strategic pivot is intended to create greater efficiency and improve profitability, allowing for reinvestment into the business and new strategic deals that will drive future revenue.

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Share Repurchases

• In August 2022, Assertio announced a $15.0 million share repurchase program, under which approximately $8.2 million of common stock was repurchased by December 31, 2023.
• In May 2024, Assertio's Board of Directors authorized a new share repurchase program for up to $20.0 million of the company's common stock.

Share Issuance

• In March 2023, Assertio completed a public offering of 11.5 million shares of common stock, generating gross proceeds of $46.0 million.
• In 2021, Assertio issued common stock for cash proceeds of $10.0 million through an At-The-Market (ATM) offering program.
• In 2020, Assertio issued approximately 16.9 million shares with a fair value of $16.7 million in connection with the Zyla Life Sciences merger.

Outbound Investments

• In 2022, Assertio acquired Spectrum Pharmaceuticals, Inc. for approximately $300 million in cash.
• In March 2023, Assertio acquired Otrexup from Antares Pharma, Inc. for an upfront payment of $14.5 million.
• In July 2023, Assertio completed the acquisition of additional rights to INDOCIN® for an upfront payment of $25.0 million.

Capital Expenditures

• Capital expenditures were approximately $1.1 million for the nine months ended September 30, 2024.
• Capital expenditures were approximately $1.2 million in 2023, $0.9 million in 2022, $0.6 million in 2021, and $0.5 million in 2020.
• The primary focus of capital expenditures typically relates to information technology infrastructure and leasehold improvements.