Assertio Holdings, Inc. reported a strong first quarter with an 18% increase in net product sales, driven by Indocin and Sympazan. The company is raising its full-year net product sales and adjusted EBITDA outlook. They also announced the acquisition of Spectrum Pharmaceuticals.
Net product sales increased by 18% year-over-year, reaching $41.8 million.
Adjusted EBITDA increased to $25.6 million, up from $23.9 million in the prior year quarter.
The company strengthened its balance sheet through a $30.0 million exchange of convertible debt.
Assertio announced the acquisition of Spectrum Pharmaceuticals, expected to close in the third quarter of 2023.
Assertio is raising its full-year 2023 financial guidance, reflecting confidence in the company's performance and growth prospects. The guidance does not include the effect of the Spectrum acquisition.
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