Executive Summary

Q2 2025 delivered total revenues of $29.22M and adjusted EPS of $0.02, with strong product execution (Rolvedon $16.1M; Sympazan $3.2M) and narrowed full-year guidance; adjusted EBITDA rose to $5.6M .
Results beat Wall Street consensus on both revenue ($29.22M vs $27.97M*) and adjusted EPS ($0.02 vs -$0.09*), reflecting demand strength and a $5.4M favorable returns reserve adjustment for Rolvedon; Indocin declined as expected amid generics .
Guidance was narrowed: Net Product Sales to $108–$118M (from $108–$123M) and Adjusted EBITDA to $11–$19M (from $10–$19M), citing Otrexup decommercialization and cost efficiencies; cash and investments increased to $98.2M, debt stable at $40.0M .
Stock-relevant catalysts: material EPS beat vs consensus, visible demand growth (Rolvedon clinic demand up ~20% QoQ), and payer/GPO progress positioning expansion; near-term volatility from labeler code change and Indocin generic trajectory was acknowledged .
Management emphasized transformation priorities (legal exposure reduction, structural simplification, focus on growth assets, BD activity) as underpinning improved profitability and future growth potential .

What Went Well and What Went Wrong

What Went Well

“Highest Rolvedon provider demand since acquisition” with net sales up YoY to $16.1M; Sympazan prescriber and script growth continued after adding in-person promotion in key markets .
Adjusted EBITDA increased to $5.6M (vs $3.1M YoY), supported by operating efficiencies and the $5.4M favorable returns reserve adjustment for Rolvedon .
Cash and investments rose to $98.2M; third national GPO agreement for Rolvedon with a leading national payer supports access expansion and long-term growth runway .

Selected quote: “The second quarter business and financial results demonstrate continued progress executing our 2025 transformation priorities intended to create sustainable near-term growth and increased long-term value.” — CEO Brendan O’Grady .

What Went Wrong

GAAP net loss widened to -$16.35M, driven by the $8.2M loss on the Assertio Therapeutics divestiture and $3.76M costs tied to ceasing Otrexup commercialization .
Indocin net sales fell to $3.0M (from $6.9M YoY) due to expected generic competition on both volume and price; further entrants remain a headwind .
SG&A benefitted from a one-time $2.383M Employee Retention Credit; excluding non-recurring items, adjusted OpEx efficiency is improving but legal and transition costs remain a drag in 1H .

Financial Results

Metric	Q4 2024	Q1 2025	Q2 2025
Total Revenues ($USD Millions)	$32.18	$26.49	$29.22
Adjusted EPS (Non-GAAP, $)	-$0.03	-$0.04	$0.02
Revenue Consensus Mean ($USD Millions)*	$28.67	$27.52	$27.97
Primary EPS Consensus Mean ($)*	-$0.044	-$0.06	-$0.09

Values marked with * retrieved from S&P Global.

Margins	Q4 2024	Q1 2025	Q2 2025
Gross Margin (%)	61% (71% ex write-downs)	70% (def. see footnote)	~63% (computed from net product sales and cost of sales)

Footnote: Gross margin defined by the company as (net product sales – cost of sales) / net product sales ; Q2 2025 margin approximated from reported components .

Segment/Product Sales Breakdown

Product Net Sales ($USD Millions)	Q2 2024	Q1 2025	Q2 2025
Rolvedon	$15.1	$13.1	$16.1
Sympazan	$2.7	$2.2	$3.2
Indocin	$6.9	$5.5	$3.0

Selected KPIs

KPI	Q4 2024	Q1 2025	Q2 2025
Cash & Investments ($USD Millions)	$100.1	$87.3	$98.2
Total Debt ($USD Millions)	$40.0	$40.0	$40.0
Adjusted EBITDA ($USD Millions)	-$0.5	$0.2	$5.6
GAAP Net Loss ($USD Millions)	-$10.48	-$13.54	-$16.35

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Product Sales (GAAP)	FY 2025	$108.0M – $123.0M	$108.0M – $118.0M	Narrowed (Lowered top end)
Adjusted EBITDA (Non-GAAP)	FY 2025	$10.0M – $19.0M	$11.0M – $19.0M	Narrowed (Raised bottom end)

Drivers: Otrexup de‑commercialization and operational efficiencies; Rolvedon/Sympazan demand momentum highlighted .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
Legal exposure reduction	Settled DOJ qui tam, Glumetza, Spectrum’s Luo; dismissal of Edwards; plan to reduce legal OpEx	“Settled or closed multiple prior legal matters”; remaining shareholder suits winding down	De-risking; OpEx tailwind
Corporate structure simplification	Transfer of Assertio Therapeutics to ATIH; removal from opioid litigation defendants	Completed divestiture; $8.2M cash transferred; consolidating products/labeler code change	Leaner org/cost optimization
Rolvedon demand & access	Community oncology focus; new customer stocking; ASP discipline; Cigna access	Highest provider demand; 3rd national GPO agreement with leading payer; clinic demand up ~20% QoQ	Expanding payer access; demand rising
Same-day dosing/NCCN	Trial completed/presented; publication then NCCN effort; impact likely gradual	Publication hoped for 2025; NCCN inclusion targeted around 2026; growing provider interest	Building awareness; potential upside
Sympazan promotion	Pilot showed promotional sensitivity; adding field reps in key markets	3rd consecutive quarter of new Rx growth; $3.2M net sales; prescriber base expanding	Increasing scripts; targeting double
Indocin generics	2 generics + compounder; more entrants expected; price/volume pressure	Net sales down to $3.0M; trajectory consistent with plan; more generics possible	Ongoing decline; managed expectations
Otrexup strategy	Impairment in Q4; reassessment of profitability	Ceasing commercialization; ~$2–3M SG&A savings next year; neutral to 2025 EBITDA	Resource reallocation to growth assets
Business Development (BD)	Numerous conversations; not included in guidance	Active pipeline; patient for right pricing/fit; target transaction in 2025	Optionality intact
Tariffs/macro/regulatory	Limited near-term impact; watch pricing/Medicaid changes	Notes potential tariff impacts; supply well-positioned; macro uncertainty cited	Monitored risk; no immediate hit

Management Commentary

Strategy and execution: “We are taking steps to streamline our operations to secure additional operating expense savings… consolidating products from previously acquired subsidiaries to further optimize our cost structure.” — CEO .
Demand: “Rolvedon achieved the highest level of customer demand since we acquired the product and Sympazan continues to see growth in both prescribers and prescription demand.” — CEO .
Access: “We’ve now finalized our third national agreement for Rolvedon with the GPO of a leading national payer… meaningful opportunity to broaden access and support long-term growth.” — CEO .
Balance sheet: “More than $98M in cash and investments at the end of the second quarter… our long-term business strategy is leading us in the right direction.” — CEO .
Financial detail: “Returns reserve adjustment was $5.4M… SYMPAZAN $3.2M up from $2.7M… Indocin $3.0M down from $6.9M due to generic competition.” — CFO .

Q&A Highlights

Rolvedon demand vs sales: Clinic demand grew ~20% from Q1 to Q2; lower wholesaler sell-in sets up for 2H strength; pricing commentary limited .
Rolvedon reserve mechanics: $5.4M favorable adjustment tied to Spectrum acquisition returns reserve closure; underlying “true” sales context discussed .
Guidance swing factors: Range to be narrowed in November; potential strategic items could impact; Indocin remains variable .
Otrexup impact: Ceasing commercialization expected to save ~$2–3M SG&A in 2026; neutral to EBITDA in 2025 due to offsetting top-line impact .
Litigation status: Most legacy matters resolved; remaining shareholder suits in process with expected resolution by year-end/early next year .

Estimates Context

Measure	Q4 2024	Q1 2025	Q2 2025
Revenue Actual ($USD Millions)	$32.18	$26.49	$29.22
Revenue Consensus Mean ($USD Millions)*	$28.67	$27.52	$27.97
Outcome vs Consensus	Beat	Miss	Beat
Adjusted EPS Actual ($)	-$0.03	-$0.04	$0.02
Primary EPS Consensus Mean ($)*	-$0.044	-$0.06	-$0.09
Outcome vs Consensus	Beat	Beat	Beat

Values marked with * retrieved from S&P Global.
Notable surprises: Q2 adjusted EPS swung to positive $0.02 vs -$0.09 consensus — a material beat driven by demand strength, reserve adjustment, and OpEx savings; revenue also exceeded expectations .

Key Takeaways for Investors

Assertio posted a clean double beat in Q2 (revenue and adjusted EPS), with adjusted EBITDA up to $5.6M and cash/investments up to $98.2M — tightening FY guidance implies increasing confidence in execution .
Rolvedon’s underlying demand trajectory (clinic demand +~20% QoQ) plus payer/GPO progress is the core near-term growth engine; watch labeler code change timing effects on reported net sales over the next 3 quarters .
Sympazan’s renewed promotion strategy is working (prescriber/script growth, $3.2M net sales); management sees potential to double the business over several years, providing a second growth pillar .
Indocin is tracking the expected generic erosion curve; further entrants remain a headwind but are contemplated in guidance — not a thesis driver .
Otrexup decommercialization and legal matter resolutions are structurally lowering OpEx and improving EBITDA resiliency; expect ~$2–3M SG&A tailwind in 2026 and reduced legal spend over time .
BD optionality is active but not embedded in guidance; a right-fit transaction in 2025 could catalyze the 2026 “growth” phase narrative .
Trading setup: Near-term sentiment supported by Q2 beat and narrowed guidance; medium-term upside tied to payer access expansion, same-day dosing publication/NCCN potential for Rolvedon, and any accretive BD action .

Assertio Holdings, Inc. (ASRT)·Q2 2025 Earnings Summary