Assertio (ASRT) investor relations material

Executive summary

• Leadership transition in October 2025 renewed focus on leveraging Rolvedon as the core growth driver and optimizing commercial operations.

• FY2025 net product sales and adjusted EBITDA exceeded guidance, driven by strong performance in core assets and disciplined capital allocation.

• Strategic shift away from broad specialty product acquisitions toward selective, high-return oncology assets and leveraging existing commercial capabilities.

• Commercial infrastructure is robust, scalable, and focused on community oncology clinics, supporting future product launches.

Financial highlights

• FY2025 net product sales reached $117.1M, slightly down from $120.8M in 2024, with Rolvedon sales up to $68.2M and Sympazan sales up to $11.3M year-over-year.

• Q4 2025 total product sales were $12.8M, down from $29.6M year-over-year, due to Rolvedon channel inventory timing.

• Gross margin improved to 70% in 2025 from 68% in 2024; Q4 gross margin was 75%.

• Adjusted EBITDA for FY2025 was $22.7M, up from $18.3M in 2024; Q4 adjusted EBITDA was -$4.1M.

• Cash and equivalents at year-end were $63.4M, down from $100.1M at year-end 2024, reflecting working capital changes and divestment outflows.

Outlook and guidance

• FY2026 net product sales expected between $110M–$125M and adjusted EBITDA between $28M–$40M.

• Rolvedon expected to drive growth, offsetting declines in legacy assets; normalized sales pattern anticipated from Q2 2026.

• No expected channel inventory build in 2026; shipments to align with demand.

• Indocin sales expected to decline due to increased generic competition.

• Rolvedon sales under new label anticipated to begin in Q2 2026, with continued leadership in Medicare Part B clinic market share.