Assertio (ASRT) Maxim Group’s 2024 Healthcare Virtual Summit summary

Strategic overview and portfolio focus

• Leadership transition brings focus from managing hundreds of assets to optimizing a small, targeted portfolio of 7, with 4-5 as primary focus.

• Current strategy centers on transitioning from Indocin, which lost exclusivity, to Rolvedon as the main growth asset.

• Emphasis on maximizing value from existing assets while seeking new growth opportunities.

• Rolvedon positioned as a differentiated product in a biosimilar-dominated market, leveraging its BLA status and unique molecule.

• Portfolio optimization includes expanding beyond current markets and enhancing payer coverage.

Rolvedon market strategy and performance

• Rolvedon holds about 33% share in community oncology clinics, the primary market segment.

• Plans to expand into hospital and 340B markets, as well as increase commercial payer coverage.

• Growth guidance for Rolvedon is around $60 million this year, with 10-15% annual growth targeted.

• Reimbursement and purchasing decisions are primarily economic, with consistent Medicare Part B coverage but variable commercial payer dynamics.

• Strategy aims to avoid deep discounting to preserve ASP and long-term value.

Clinical development and future outlook

• A same-day dosing study for Rolvedon has been completed, with results to be presented at an oncology conference.

• Study aims to support guideline inclusion for same-day dosing, not a label expansion.

• Leadership expresses optimism about future growth, targeting a $200 million+ valuation and higher share price.

• Healthy balance sheet with $85-90 million in cash, enabling potential acquisitions or deals.

• Creative deal structuring considered, with preference for cash over debt or equity due to current market conditions.