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• Assertio is like a Procter & Gamble for specialty pharmaceuticals, managing a portfolio of established branded drugs for specific conditions like pain and arthritis.
• Assertio is like an Estee Lauder for specialty prescription drugs, focused on acquiring and commercializing a portfolio of known medicines in areas such as migraine and rheumatoid arthritis.

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• INDOCIN: An oral solution and suppository for treating moderate to severe rheumatoid arthritis, ankylosing spondylitis, osteoarthritis, acute painful shoulder, and gouty arthritis.
• CAMBIA: A non-steroidal anti-inflammatory drug (NSAID) used for the treatment of migraine, nausea, photophobia, and phonophobia.
• Zipsor: An NSAID prescribed for the relief of mild to moderate acute pain.
• SPRIX: An 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 methotrexate, used for treating severe, active rheumatoid arthritis in adults and active polyarticular juvenile idiopathic arthritis in children.

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Assertio (ASRT) sells primarily to other companies, specifically major pharmaceutical wholesale distributors. Its major customers are:

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

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• Catalent Pharma Solutions, LLC (CTLT)
• Recro Gainesville LLC
• ANI Pharmaceuticals, Inc. (ANIP)
• McKesson Corporation (MCK)
• AmerisourceBergen Corporation (ABC)
• Cardinal Health, Inc. (CAH)

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Mark Reisenauer Chief Executive Officer

Mr. Reisenauer joined Assertio's Board in January 2025 and was appointed Chief Executive Officer in October 2025. He has over 30 years of experience successfully commercializing and launching products in the oncology space. Prior to Assertio, he served as President of U.S. Commercial at Astellas Pharmaceuticals Inc., where he significantly grew sales to nearly $5 billion and built the U.S. Oncology Commercial Franchise. Mr. Reisenauer was also Senior Vice President and Chief Commercial Officer at Micromet, Inc., which was acquired by Amgen. He 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 as Vice President, Controller in July 2019 and was promoted to Senior Vice President, Chief Accounting Officer in March 2021. Before entering the pharmaceutical industry, Mr. Patel was a senior auditor at Wolf & Company LLP.

Paul Schwichtenberg President and Chief Operating Officer

Mr. Schwichtenberg was promoted to President and Chief Operating Officer on November 3, 2025. Since joining Assertio in 2018, he has held several leadership positions, including Chief Transformation Officer, Chief Commercial Officer, and Chief Financial Officer. In his prior roles, he has driven operational and commercial execution while focusing on financial discipline and profitability. As CFO, he delivered organizational efficiencies and pricing strategies, leading to higher profitability and operating cash flow, and executed a debt refinancing. Mr. Schwichtenberg holds a bachelor's degree in business administration from Roosevelt University and is a certified public accountant (CPA).

Sam Schlessinger Executive Vice President, General Counsel

Mr. Schlessinger has served as Executive Vice President, General Counsel of Assertio since July 2021. He joined Assertio as Senior Corporate Counsel in May 2020 and previously served as Vice President, Legal. In that role, he oversaw SEC reporting, corporate governance, due diligence, new business development, capital markets and licensing transactions, litigation, intellectual property, and compliance. Before joining Assertio, he was a Corporate Partner for Dentons, LLP, where he advised public and privately held clients in mergers and acquisitions, buyouts and recapitalizations, and securities transactions. Mr. Schlessinger holds a bachelor's degree in mathematics from Pomona College and a juris doctorate from the University of Illinois.

Dr. Howard Franklin, M.D. Senior Vice President, Medical

Dr. Franklin has served as Senior Vice President, Medical, of Assertio since March 2023. He oversees Assertio's medical and clinical scientific leadership for development programs, product assessments, and life cycle management. Prior to Assertio, Dr. Franklin was Chief Medical Officer at Finch Therapeutics, a microbiome-based biotechnology firm. He also served as Chief Medical Officer of Salix Pharmaceuticals, a division of Bausch Healthcare Corporation, and held senior roles at Icon Bioscience, Oceana Therapeutics, The Medicines Company, Esprit Pharmaceuticals, and Odyssey Pharmaceuticals.

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Assertio Holdings, Inc. (ASRT) faces several key risks to its business operations:

1. Generic Competition and Product Concentration: Assertio is significantly exposed to generic competition for its key pharmaceutical products, such as INDOCIN and CAMBIA. This competition has already resulted in substantial market share losses and pricing pressures. The company's revenue is heavily reliant on a concentrated portfolio of products, making it particularly vulnerable to further generic introductions and market fluctuations. Analysts have specifically highlighted increased competition for INDOCIN and high inventory levels of ROLVEDON as factors pressuring sales.

2. Regulatory Risks and Legal Liabilities: The company faces heightened regulatory scrutiny due to ongoing governmental investigations into its historical commercialization of opioids, which could lead to significant financial liabilities and reputational damage. Furthermore, Assertio is a defendant in multiple securities fraud class-action lawsuits. These lawsuits allege that the company misrepresented the sustainability of its INDOCIN product sales and overstated the value and positive impact of the Spectrum Pharmaceuticals acquisition, particularly concerning the product ROLVEDON.

3. Supply Chain Risks: Assertio relies on a single qualified supplier for the active pharmaceutical ingredient (API) in each of its products. This reliance creates a significant risk of supply chain disruptions, which could impact the company's ability to manufacture and deliver its medicines.

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The increasing prevalence and adoption of biologics and targeted synthetic disease-modifying antirheumatic drugs (DMARDs) for the treatment of severe, active rheumatoid arthritis and juvenile idiopathic arthritis represent an emerging threat. These advanced therapies offer alternative, often more efficacious, treatment options compared to traditional NSAIDs like INDOCIN and methotrexate-based therapies such as Otrexup, potentially eroding the market share and long-term relevance of Assertio's products in these therapeutic areas.

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Assertio Holdings, Inc. (ASRT) operates in several specialty pharmaceutical markets, with its key products addressing neurology, hospital, and pain and inflammation needs. The addressable markets for its main products are significant:

• INDOCIN (for rheumatoid arthritis, ankylosing spondylitis, osteoarthritis, acute painful shoulder, and gouty arthritis):
  • The U.S. Rheumatoid Arthritis (RA) market was valued at approximately USD 19 billion in 2023. Globally, the RA market was valued at USD 67.9 billion in 2023 and is projected to reach USD 104.5 billion by 2032. The North American rheumatoid arthritis therapeutics market generated USD 14.82 billion in revenue in 2025, with the U.S. market specifically projected to reach USD 13.66 billion by 2026.
  • The U.S. Ankylosing Spondylitis (AS) market was approximately USD 5 billion in 2023. This market is projected to reach USD 3,997.5 million by 2027 in the U.S. The global AS market size was valued at USD 6.82 billion in 2025 and is expected to reach USD 13.08 billion by 2033.
  • The U.S. Osteoarthritis Treatment Market Size was approximately USD 19,000 million (USD 19 billion) in 2023. The global osteoarthritis therapeutics market size is estimated to reach around USD 26.31 billion by 2035.
  • The global gouty arthritis market size was valued at USD 3.62 billion in 2024 and is projected to reach USD 6.00 billion by 2032. North America held the largest market share in the Gout Market, accounting for USD 1.80 billion in 2022.
• CAMBIA (for migraine):
  • The U.S. acute migraine treatment market size was estimated at USD 1.02 billion in 2024 and is projected to surpass approximately USD 3.02 billion by 2034. The U.S. migraine drugs market generated USD 2,937.0 million in revenue in 2024 and is expected to reach USD 6,171.2 million by 2030. The broader U.S. Migraine Treatment Market was valued at USD 4,851.88 billion in 2024.
• Zipsor (for mild to moderate acute pain):
  • The Postoperative Acute Pain market size in the U.S. was approximately USD 1,800 million in 2023. The global acute pain market was valued at USD 50.03 billion in 2024 across 8 major markets and is expected to reach USD 82.35 billion by 2034. The U.S. dominates the market share for acute pain.
• SPRIX (for moderate to moderately severe pain that requires analgesia at the opioid level):
  • The market size for moderate-to-severe acute pain in the leading markets (7MM) was USD 4.2 billion in 2024, with the United States accounting for approximately 82% of this market.
• Otrexup (for severe, active rheumatoid arthritis, and polyarticular juvenile idiopathic arthritis):
  • The global rheumatoid arthritis market was valued at approximately USD 27 billion in 2022. Otrexup specifically targets 20-30% of the RA patient population on methotrexate who experience intolerance to oral methotrexate or require more precise dosing.
  • The total market size for Juvenile Idiopathic Arthritis (JIA) in the United States was approximately USD 2,150 million in 2025. The global Polyarticular Juvenile Idiopathic Arthritis Drugs Market size was valued at USD 1,588.40 million in 2021. The U.S. accounted for the largest juvenile idiopathic arthritis treatment market size in 2025.

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Assertio Holdings, Inc. (ASRT) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Continued Growth of ROLVEDON: ROLVEDON (eflapegrastim-xnst) is consistently highlighted as a primary growth driver, showing strong sales performance and expanding payer coverage. Assertio's acquisition of Spectrum Pharmaceuticals in Q3 2023 significantly integrated ROLVEDON into its portfolio, expanding its presence in the oncology sector. Sales of the product have shown significant increases, with strong demand and commercial expansion anticipated into 2026. The recent publication of a clinical trial demonstrating effective neutrophil recovery with same-day dosing further supports its growth potential.
2. Expansion of Sympazan Sales: Sympazan remains a key growth asset for Assertio, exhibiting sustained new prescription growth. The company projects Sympazan sales to potentially increase from $13 million to a range of $20-25 million, indicating a strategic focus on this product for revenue generation.
3. Strategic Acquisitions and Licensing Deals: Assertio's "growth phase" strategy, particularly "Assertio 2.0," involves actively pursuing accretive acquisitions and licensing deals to expand its portfolio of differentiated products. The company aims to add new growth assets, with a strategic pivot towards immunology and rare disease assets by 2026, targeting products that can achieve commercial profitability within 12 months of acquisition.
4. Enhanced Market Access and Commercial Efforts: Assertio is focused on broadening market access for its core products, including ROLVEDON and Sympazan, through new agreements and ongoing commercial initiatives. This includes strengthening payer coverage and expanding its customer base, which is expected to drive increased sales volumes for these key assets.
5. Operational Efficiencies and Optimized Cost Structure: While not a direct revenue generator, Assertio's strategic focus on streamlining operations, divesting non-core assets (such as Otrexup decommercialization), and optimizing its cost structure is anticipated to improve profitability and free up resources. These efficiencies are expected to facilitate reinvestment into growth initiatives, ultimately contributing to increased revenue and market share as the company transitions into a growth phase starting in 2026.

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Share Repurchases

• Assertio Holdings, Inc. implemented a one-for-fifteen reverse stock split effective December 26, 2025, to maintain its Nasdaq listing.

Share Issuance

• In 2022, Assertio Holdings, Inc. reported proceeds from the issuance of common stock of approximately $7.02 million.
• In 2021, the company reported proceeds from the issuance of common stock of approximately $44.86 million.
• The number of shares issued and outstanding increased from 95,536,990 as of December 31, 2024, to 96,247,776 as of September 30, 2025, before the reverse stock split.

Outbound Investments

• Assertio's strategy includes growth through business development, including licensing, mergers, and acquisitions, and it is interested in products across various therapeutic areas.
• As part of its 2025 transformation priorities, Assertio is focusing on divesting declining or non-core assets.
• In May 2025, Assertio began simplifying its corporate structure by transferring its interests in subsidiary Assertio Therapeutics to ATIH Industries, LLC, an established purchaser of legacy litigation matters.

Capital Expenditures

• Assertio Holdings, Inc.'s capital expenditures (CapEx) were $802K as of June 30, 2023.
• Over the past five years, the company's average CapEx has been $191.6K, with the highest recorded CapEx being $802K and the lowest at $0.
• For the trailing twelve months, Assertio Holdings, Inc.'s CapEx stood at $0.