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Assertio Therapeutics ASRT shares are trading higher on Thursday after the company reported better-than-expected Q4 sales results.
Assertio reported Q4 EPS of $0.32 which missed the analyst consensus estimate of $0.48 and sales of $50.353 million which beat the analyst consensus estimate of $47.44 million.
“The fourth quarter was a springboard into 2023 where we see opportunities to increase sales in our key Indocin, Sympazan and Otrexup assets, which we expect will offset the January loss of exclusivity on Cambia. Our life cycle management program for Indocin will be one of our key priorities for 2023 as we seek to access a larger addressable market. Later this year, we expect to be enrolling patients into a clinical trial that is currently being designed to expand the label and, if approved, to provide regulatory exclusivity,” said Dan Peisert, CEO of Assertio.
Assertio anticipates revenue in the first quarter of 2023 to be between $36.0 million to $38.0 million and FY2023 net product sales of $150 million to $160 million. Assertio also expects FY2023 adjusted EBITDA to be between $85.0 million to $93.0 million.
“Our balance sheet is well positioned to support our growth plans, in particular our business development initiatives. Our $30.0 million note exchanges in February 2023 further positioned our balance sheet to pursue meaningful business development opportunities which fit our criteria,” Dan Peisert continued.
Assertio is a specialty pharmaceutical company offering differentiated products to patients utilizing a non-personal promotional model.
ASRT Price Action: Assertio has a 52-week high of $6.51 and a 52-week low of $1.86.
Assertio shares are up 16.6% at $6.95 at the time of writing, according to Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.