Assertio rises on lifting annual outlook

Assertio Holdings

09/05/2023 13:42

** Shares of specialty pharma company Assertio Holdings Inc
 ASRT.O  up 10.4% at $6.92 before the bell
    ** Co raises 2023 net product sales forecast to between $157
mln and $167 mln vs prior expectations of $150 mln to $160 mln
    ** Now sees FY adjusted EBITDA between $90 mln and $98 mln
vs previous guidance of $85 mln to $93 mln
    ** Intends to update guidance to include the effect of the
Spectrum acquisition after its close, currently anticipated in
Q3
    ** Posts adj profit of $0.29 per share in Q1, above
analysts' estimates of $0.13, according to Refinitiv data
    ** Also reports 16.2% rise in quarterly revenue to $42.5
mln, beating estimates of $37.6 mln, helped by continued growth
of arthritis drug Indocin and the first full quarter of sales
for Sympazan, used for the treatment of seizures
    ** As of last close, ASRT shares up ~45.6% YTD

 (Reporting by Aatrayee Chatterjee in Bengaluru)
 ((aatrayee.chatterjee@thomsonreuters.com))