Q4 2025 Assertio Holdings Inc Earnings Call

March 16, 2026

Speaker #2: All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during that time, simply press star, followed by the number 1 on your telephone keypad.

Speaker #2: If you would like to withdraw your question, press star 1 a second time. Thank you, and I would now like to turn the conference over to Daniel Santos with Longacre Square Partners.

Speaker #2: You may begin. Thank you. Good afternoon, and thank you all for joining us today to discuss Assertio's fourth quarter 2025 financial results and business update.

Daniel Santos: Thank you. Good afternoon, and thank you all for joining us today to discuss Assertio's Q4 2025 financial results and business update. The news release covering our results for this period is now available on the investor page of our website at investor.assertiotx.com. I would encourage you to review the release and tables in conjunction with today's discussion. Please note that during this call, management will make projections and other forward-looking statements regarding our future performance. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in this afternoon's press release as well as Assertio's filings with the SEC. These and other risks are more fully described in the Risk Factors section and other sections of our annual report on Form 10-K and in our Form 10-Q filings.

Speaker #2: The news release covering our results for this period is now available on the Investor page of our website at investor.assertiotx.com. I would encourage you to review the release and tables in conjunction with today's discussion.

Speaker #2: Please note that during this call, management will make projections and other forward-looking statements regarding our future performance. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in this afternoon's press release, as well as Assertio's filings with the SEC.

Speaker #2: These and other risks are more fully described in the Risk Factors section and other sections of our annual report on Form 10-K and in our Form 10-Q filings.

Speaker #2: Our actual results may differ materially from those projected in the forward-looking statements. Assertio specifically disclaims any intent or obligation to update these forward-looking statements, except as required by law.

Daniel Santos: Our actual results may differ materially from those projected in the forward-looking statements. Assertio specifically disclaims any intent or obligation to update these forward-looking statements except as required by law. With that, I will now turn the call over to Mark Reisenauer, Chief Executive Officer. Please go ahead.

Speaker #2: With that, I will now turn the call over to Mark Reisenauer, Chief Executive Officer. Please go ahead.

Speaker #3: Well, thank you to everyone for joining us today. Before we dive into our fourth quarter and full year 2025 results, I want to take a moment to share three early observations from my time as CEO and provide some color on where I see opportunities ahead.

Mark Reisenauer: Well, thank you to everyone for joining us today. Before we dive into our Q4 and full year 2025 results, I wanna take a moment to share three early observations from my time as CEO and provide some color on where I see opportunities ahead. Since I became CEO in October, I've had the opportunity to meet with team members at every level of our organization, and several things have come into focus for me. First, I believe we have a significant revenue opportunity in our core asset, Rolvedon, which is reflected in our 2026 guidance. Second, we have an experienced commercial operation with strong market access, sales, and contracting capabilities that we can leverage to bring other products to market successfully. Third, our prior strategy of acquiring on-market specialty products is no longer capital efficient or a sustainable strategy to fuel growth.

Speaker #3: Since I became CEO in October, I've had the opportunity to meet with team members at every level of our organization, and several things have come into focus for me.

Speaker #3: First, I believe we have a significant revenue opportunity in our core asset rolled on, which is reflected in our 2026 guidance. Second, we have an experienced commercial operation with strong market access, sales, and contracting capabilities that we can leverage to bring other products to market successfully.

Speaker #3: And third, our prior strategy of acquiring on-market specialty products is no longer capital efficient or a sustainable strategy to fuel growth. Now, let me expand on those points a little bit.

Mark Reisenauer: Now, let me expand on those points a little bit. Since we acquired Rolvedon in 2023, the team has worked to streamline our organization, consolidating regulatory, distribution, and contracting functions and bringing Rolvedon manufacturing under our consolidated commercial label to drive operational efficiencies. With that integration fully complete in Q4 2025, we have positioned the product for commercial success, including maintaining a leading market share position. As we explained last quarter, as part of this Rolvedon integration and transition to a new distribution partner, we pulled forward 2 quarters of demand to ensure uninterrupted patient supply during the transition.

Speaker #3: Since we acquired Rovodon in 2023, the team has worked to streamline our organization, consolidating regulatory, distribution, and contracting functions, and bringing Rovodon manufacturing under our consolidated commercial label to drive operational efficiencies.

Speaker #3: With that integration fully complete, in quarter four 2025, we have positioned the product for commercial success, including maintaining a leading market share position. As we explained last quarter, as part of this Rovodon integration and transition to a new distribution partner, we pulled forward two quarters of demand to ensure uninterrupted patient supply during the transition.

Speaker #3: Regular sales of the newly labeled Rovodon are expected to begin in the second quarter of 2026. After that, we expect continued demand growth and an acceleration in sales compared to the prior year.

Mark Reisenauer: Regular sales of the newly labeled Rolvedon are expected to begin in Q2 2026, after which we expect continued demand growth and an acceleration in sales compared to the prior year, which AJ will discuss in more detail when he goes over our 2026 guidance. Given that our IP protection goes out to 2039, we continue to view Rolvedon as a long-term revenue opportunity, and as such, we will prioritize implementing a meaningful lifecycle management strategy. Rolvedon is a great example of what's possible with strong commercial execution. We see significant opportunities leveraging the commercial organization we've built around Rolvedon to bring other products to market. Our team has broad capabilities across marketing, sales, market access, and distribution, which we can leverage to maximize access and reach of other products in the oncology market.

Speaker #3: AJ will discuss this in more detail when he goes over our 2026 guidance. Given that our IP protection goes out to 2039, we continue to view Rovodon as a long-term revenue opportunity, and as such, we will prioritize implementing a meaningful lifecycle management strategy.

Speaker #3: Rovodon is a great example of what's possible with strong commercial execution. We see significant opportunities leveraging the commercial organization we've built around Rovodon to bring other products to market.

Speaker #3: Our team has broad capabilities across marketing, sales, market access, and distribution, which we can leverage to maximize access and reach of other products in the oncology market.

Speaker #3: Paul has already led the organization through most of the heavy lifting, and our focus now is on finding the right products to acquire and grow.

Mark Reisenauer: Paul has already led the organization through most of the heavy lifting, and our focus now is on finding the right products to acquire and grow. Which brings me to my third point, our strategy. Historically, Assertio has pursued a strategy of acquiring on-market specialty products. While these assets can provide immediate cash flow, competition for these opportunities has intensified in recent years, and acquisition prices have increased. This approach has delivered some successes for the company, including Rolvedon. However, it has also highlighted the importance of being disciplined in how we allocate capital and commercial resources. For example, while SYMPAZAN continues to serve patients with a differentiated formulation, the returns on our investments to grow the product have been lower than expected. As a result, we do not believe that further incremental investment behind the asset is warranted relative to other higher growth opportunities for capital deployment.

Speaker #3: Which brings me to my third point, our strategy. Historically, Assertio has pursued a strategy of acquiring on-market specialty products. While these assets can provide immediate cash flow, competition for these opportunities has intensified in recent years, and acquisition prices have increased.

Speaker #3: This approach has delivered

Speaker #1: In some successes for the company , including Rolvedon . However , it has also highlighted the importance of being disciplined in how we allocate capital and commercial resources For example , while Sympazan continues to serve patients with a differentiated formulation , the returns on our investments to grow the product have been lower than expected .

Speaker #1: As a result, we do not believe that further incremental investment behind the asset is warranted. Relative to other higher-growth opportunities for capital deployment, that experience reinforces our focus on being highly selective in pursuing assets where our commercial platform can drive attractive and sustainable returns.

Mark Reisenauer: That experience reinforces our focus on being highly selective in pursuing assets where our commercial platform can drive attractive and sustainable returns. With this in mind, let's talk about where Assertio goes from here. The core of our strategy will continue to be ensuring the success of Rolvedon and leveraging the operational efficiencies we've built around it through our integration efforts. In the near term, that means we'll focus on driving Rolvedon sales growth and implementing a comprehensive LCM strategy to maximize our long-term opportunity. On the BD side, we're going to be much more focused on finding opportunities that leverage our existing Rolvedon footprint and capabilities. Expanding our presence in oncology is a natural next step for us. We see multiple pathways to growth through targeted business development, including individual product acquisition, commercialization agreements, licensing or technology agreements, and/or potential business combinations.

Speaker #1: With this in mind , let's talk about where Assertio goes from here . The core of our strategy will continue to be ensuring the success of Rolvedon and leveraging the operational efficiencies we've built around it through our integration efforts In the near term , that means we'll focus on driving sales growth and implementing a comprehensive LCM strategy to maximize our long term opportunity On the BD side .

Speaker #1: We're going to be much more focused on finding opportunities that leverage our existing footprint and capabilities , expanding our presence in oncology is a natural next step for us We see multiple pathways to growth through targeted business development , including individual product acquisition , commercialization agreements , licensing or technology agreements , and or potential business combinations We will be disciplined in our approach and focus on both on market and development stage assets that meet our investment and return criteria .

Mark Reisenauer: We will be disciplined in our approach and focus on both on-market and development stage assets that meet our investment and return criteria. We don't have anything to announce on this front yet, but we continue to search to see what opportunities are available. I'm proud to say we're entering this next phase from a position of strength with a solid balance sheet and a core asset with meaningful runway ahead. Before I turn it over to Paul, I want to thank our team for their hard work and for embracing recent changes with enthusiasm and focus. It makes a difference, and it reinforces my confidence in what we can deliver going forward. With that, I'll turn it over to Paul, who can provide an update on our portfolio and operations.

Speaker #1: We don't have anything to announce on this front yet, but we continue to search to see what opportunities are available. I'm proud to say we're entering this next phase from a position of strength, with a solid balance sheet and a core asset with meaningful runway ahead.

Speaker #1: Before I turn it over to Paul, I want to thank our team for their hard work and for embracing recent changes with enthusiasm and focus. It makes a difference, and it reinforces my confidence in what we can deliver.

Speaker #1: Going forward with that, I'll turn it over to Paul, who can provide an update on our portfolio and operations. Thank you.

Speaker #1: Mark. From a commercial and operations perspective, our focus over the past year has been to align our commercial resources to optimize cash flow from our tail assets.

Paul Schwichtenberg: Thank you, Mark. From a commercial and operations perspective, our focus over the past year has been to align our commercial resources to optimize cash flow from our tail assets while continuing to support the growth of Rolvedon. Starting with Rolvedon, the integration of the product from Spectrum into the Assertio platform is now complete, and we will continue to integrate the remaining products in our portfolio during 2026. For Rolvedon, this included transitioning the product onto the Assertio label and fully integrating the commercial, operational, and market access infrastructure required to support the product going forward. Importantly, this transition has been seamless from both a customer and patient perspective, which was a top priority for our organization. During Q4, we saw the expected pull-through of the large purchases that were executed in Q3, and those dynamics are progressing as planned.

Speaker #1: While continuing to support the growth of Robodoc, starting with Rover on the integration of the product from Spectrum into the Assertio platform is now complete, and we will continue to integrate the remaining products in our portfolio during 2026.

Speaker #1: This included transitioning the product onto the Assertio label and fully integrating the commercial, operational, and market access infrastructure required to support the product going forward.

Speaker #1: Importantly, this transition has been seamless from both the customer and patient perspective, which was a top priority for our organization during the fourth quarter.

Speaker #1: We saw the expected pull-through of the large purchases that were executed in the third quarter, and those dynamics are progressing as planned.

Speaker #1: From a demand perspective, Röviden continues to perform well, particularly within the community oncology clinic segment, where we maintain strong share. Since the product launched in late 2022.

Paul Schwichtenberg: From a demand perspective, Rolvedon continues to perform well, particularly within the community oncology clinic segment, where we maintain strong share. Since the product launched in late 2022, we have continued to see new accounts begin purchasing Rolvedon each quarter, which reinforces our confidence that there remains opportunity to further expand awareness and utilization. To support the next phase of growth, we have also executed a number of personnel and process enhancements across the organization. These changes are designed to further strengthen our community oncology focus, expand our reach with key clinics, and improve the coordination between our field teams and market access capabilities. We believe these adjustments position us well to continue expanding Rolvedon's presence within our target accounts. At the same time, we remain disciplined in how we manage the remainder of our portfolio.

Speaker #1: We have continued to see new accounts begin purchasing Rolvedon each quarter, which reinforces our confidence that there remains opportunity to further expand awareness and utilization to support the next phase of growth.

Speaker #1: We have also executed a number of personnel and process enhancements across the organization. These changes are designed to further strengthen our community oncology focus, expand our reach with key clinics, and improve the coordination between our field teams and market access capabilities.

Speaker #1: We believe these adjustments position us well to continue expanding our presence within our target accounts. At the same time, we remain disciplined in how we manage the remainder of our portfolio.

Speaker #1: Our approach is to optimize the cash flow generated by our tail assets, while prioritizing commercial investment behind Rolvedon and other future growth opportunities.

Paul Schwichtenberg: Our approach is to optimize the cash flow generated by our tail assets while prioritizing commercial investment behind Rolvedon and other future growth opportunities. Let me now spend a moment discussing the commercial capabilities we've built and how they position Assertio to bring additional products to market. Over the past few years, we have developed a focused commercial platform centered on the community oncology channel. Our field organization includes a national team of corporate account managers engaging with clinics across the country, working directly with providers and practice administrators to encourage product awareness and adoption. That effort is complemented by a national accounts team dedicated to contracting with group purchasing organizations and aggregators, which enables us to efficiently expand access across large networks of oncology practices.

Speaker #1: Let me now spend a moment discussing the commercial capabilities we built and how they position Assertio to bring additional products to market. Over the past few years, we have developed a focused commercial platform centered on the community oncology channel.

Speaker #1: Our field organization includes a national team of corporate account managers engaging with clinics across the country, working directly with providers and practice administrators to encourage product awareness and adoption.

Speaker #1: That effort is complemented by a national accounts team dedicated to contracting with group purchasing organizations and aggregators, which enables us to efficiently expand access across large networks of oncology practices.

Speaker #1: We also have significant expertise in trade and distribution, and maintain strong relationships with distributors, GPOs, aggregators, and clinic customers, which helps ensure efficient product flow and broad market access. Supporting the field organization is a fully integrated patient services infrastructure, including both the Hub Services platform and field reimbursement specialists who work with providers to help navigate coverage and reimbursement processes and support patient access to therapy.

Paul Schwichtenberg: We also have significant expertise in trade and distribution and maintain strong relationships with distributors, GPOs, aggregators, and clinic customers, which helps ensure efficient product flow and broad market access. Supporting the field organization is a fully integrated patient services infrastructure, including both a hub services platform and field reimbursement specialists who work with providers to help navigate coverage and reimbursement processes and support patient access to therapy when it is prescribed. Taken together, these capabilities create a scalable commercial infrastructure that we believe can support not only our current portfolio, but also additional assets in the future. As we look ahead, we believe this platform positions Assertio well to incubate and commercialize additional products that fit within our existing commercial footprint.

Speaker #1: When it is prescribed . Taken together , these capabilities create a scalable commercial infrastructure that we can believe that we believe can support not only our current portfolio , but also additional assets in the future .

Speaker #1: As we look ahead, we believe this platform positions Assertio well to incubate and commercialize additional products that fit within our existing commercial footprint. Overall, we believe the operational progress we've made over the past year strengthens the foundation of the business.

Paul Schwichtenberg: Overall, we believe the operational progress we've made over the past year strengthens the foundation of the business well to both continue growing Rolvedon and thoughtfully expand the portfolio over time. With that, I'll now pass the call over to AJ, who will cover the financial results. AJ?

Speaker #1: Well, to both continue growing Rolvedon and thoughtfully expand the portfolio over time. With that, I'll now pass the call over to Ajay, who will cover the financial results.

Speaker #1: Ajay .

Speaker #2: Thanks , Paul . I'll now walk through our financial results for the fourth quarter and full year 2025 . Total product sales in the fourth quarter were $12.8 million , compared to $29.6 million in the prior year , primarily driven by the timing of channel inventory associated with the previously disclosed role sale in While net sales products were minimal at $0.4 million in the fourth quarter , down from $15.4 million in the prior year quarter Underlying demand for Robodoc remained stable , and our 2026 outlook reflects a return to a more normalized sales pattern beginning in the second quarter , with newly labeled Robodoc , Sympazan sales were $3.1 million in the fourth quarter , up from $2.5 million in the prior year , reflecting higher volume and a favorable payer mix in sales in the fourth quarter were flat year over year at $5.5 million , as higher net pricing offset expected volume pressure from generic competition Gross margin improved to 75% compared to 61% in the prior year , primarily driven by a higher mix of Indocin sales and a prior year inventory .

Ajay Patel: Thanks, Paul. I'll now walk through our financial results for the Q4 and full year 2025. Total product sales in the Q4 were $12.8 million compared to $29.6 million in the prior year. Primarily driven by the timing of channel inventory associated with the previously disclosed Rolvedon sell-in. While Rolvedon net product sales were minimal at $0.4 million in the Q4, down from $15.4 million in the prior year quarter, underlying demand for Rolvedon remains stable, and our 2026 outlook reflects a return to a more normalized sales pattern beginning in the Q2 with newly labeled Rolvedon. SYMPAZAN sales were $3.1 million in the Q4, up from $2.5 million in the prior year, reflecting higher volume and a favorable payer mix.

Ajay Patel: Indocin sales in Q4 were flat year-over-year at $5.5 million as higher net pricing offset expected volume pressure from generic competition. Gross margin improved to 75% compared to 61% in the prior year, primarily driven by a higher mix of Indocin sales and the prior year inventory write-downs not repeating. Turning to operating expenses. Reported SG&A expenses were $13.1 million, down from $21.4 million in the prior year, reflecting lower legal expenses following completion of litigation-related initiatives as well as reduced personnel cost following restructuring actions taken in Q4. GAAP net income for Q4 was a loss of $11.9 million compared to a loss of $10.5 million in the prior year.

Speaker #2: Write downs . Not repeating . Turning to operating expenses reported sG&A expenses were $13.1 million , down from $21.4 million in the prior year , reflecting lower legal expenses following completion of litigation related initiatives .

Speaker #2: As well as reduced personnel costs following restructuring actions taken in the fourth quarter . GAAP net income for the fourth quarter was a loss of $11.9 million , compared to a loss of $10.5 million in the prior year and adjusted EBITDA for the fourth quarter was negative $4.1 million compared to a positive $3.4 million in the prior year As of December 31st , 2025 , cash cash equivalents and short term investments totaled $63.4 million , compared to $93.4 million at September 30th , 2025 .

Ajay Patel: Adjusted EBITDA for the Q4 was negative $4.1 million compared to a positive $3.4 million in the prior year. As of December 31, 2025, cash equivalents, and short-term investments totaled $63.4 million compared to $93.4 million at September 30, 2025. This decrease primarily reflects a temporary increase in net working capital associated with the Rolvedon sell-in. Specifically, this was driven by an expansion of accounts receivable due to extended terms required to complete the sell-in, as well as an increase in accrued rebates as that inventory pulls through the channel. We expect this working capital variability to continue through the Q1 as these balances are settled.

Speaker #2: This decrease primarily reflects a temporary increase in net working capital associated with the robot , selling . Specifically , this was driven by an expansion of accounts receivable due to extended terms required to complete the sell in , as well as an increase in accrued rebates , as that inventory pulls through the channel We expect this working capital variability to continue through the first quarter , as these balances are settled .

Speaker #2: However, we anticipate that working capital and cash flows will return to normalized levels by the end of April, aligning with the expected start of newly labeled robot on sales in the second quarter.

Ajay Patel: However, we anticipate that working capital and cash flows will return to normalized levels by the end of April, aligning with the expected start of newly labeled Rolvedon sales in Q2. Now on to full year results. Total product sales were $117.1 million above the high end of the updated guidance range we provided last quarter. Rolvedon sales were $68.2 million, up from $60.1 million in the prior year. Indocin net product sales were $18.9 million for 2025, reflecting expected volume and pricing impacts from generic competition. Gross margin was 70% in 2025, up from 68% in the prior year, primarily due to prior year inventory write-downs and step-up amortization expenses not repeating.

Speaker #2: Now on to full year results. Total product sales were $117.1 million, above the high end of the updated guidance range. We provided last quarter on sales, which were $68.2 million, up from $60.1 million in the prior year.

Speaker #2: In this and net product sales were $18.9 million for 2025 , reflecting expected volume and pricing impacts from generic competition Gross margin was 70% in 2025 , up from 68% in the prior year , primarily due to prior year inventory write downs and step up amortization expenses .

Speaker #2: Not repeating full year adjusted EBITDA was $22.7 million, up from $18.3 million in 2020. For driven primarily by lower G&A expenses and favorable gross margin. I'll conclude with our outlook for 2026.

Ajay Patel: Full year adjusted EBITDA was $22.7 million, up from $18.3 million in 2024, driven primarily by lower SG&A expenses and favorable gross margins. I'll conclude with our outlook for 2026. For fiscal 2026, we are initiating revenue guidance in the range of $110 to 125 million. An adjusted EBITDA guidance between $28 and 40 million. As we look at our fiscal 2026 revenue guidance of $110 to 125 million, it is important to understand the underlying dynamics of our primary growth driver, Rolvedon. While we expect natural declines in our legacy tail assets, our strategic focus for 2026 is maximizing Rolvedon sales to offset these headwinds.

Speaker #2: For fiscal 2026, we are initiating revenue guidance in the range of $110 million to $125 million, and adjusted EBITDA guidance between $28 million and $40 million.

Speaker #2: As we look at our fiscal 26 revenue guidance of $110 million to $125 million . It is important to understand the underlying dynamics of our primary growth driver role within While we expect a natural declines in our legacy tale , assets , our strategic focus for 2026 is maximizing ROI on sales to offset these headwinds .

Speaker #2: The guidance range reflects varying scenarios for . Specifically regarding pricing gross to Net and volume acceleration at the upper end of the range , we anticipate favorable market dynamics and increased market share for comparison purposes , it is important to note that our fiscal 25 reported Rolvedon revenue included approximately five quarters of wholesaler shipments due to the Q3 selling in fiscal 26 .

Ajay Patel: The guidance range reflects varying scenarios for Rolvedon, specifically regarding pricing, gross to net, and volume acceleration. At the upper end of the range, we anticipate favorable market dynamics and increased market share. For comparison purposes, it is important to note that our fiscal '25 reported Rolvedon revenue included approximately five quarters of wholesaler shipments due to the Q3 sell-in. In fiscal '26, our reported figures will reflect three quarters of wholesaler shipments, as regular sales of the newly labeled Rolvedon are expected to begin in Q2. On a normalized quarterly basis, we expect growth in Rolvedon ex factory wholesaler shipments driven by higher end customer demand volume. Our fiscal '26 total revenue guidance reflects underlying revenue growth in Rolvedon.

Speaker #2: Our reported figures will reflect three quarters of wholesaler shipments, as regular sales of the newly labeled Rolvedon are expected to begin in the second quarter on a normalized quarterly basis.

Speaker #2: We expect growth in an ex factory wholesaler shipments driven by higher and customer demand volume Our fiscal 26 total revenue guidance reflects underlying revenue growth in Robidone at the midpoint of our guidance range and above , we expect revenue growth to fully offset the year over year reduction in Robidone shipment quarters and the anticipated declines in our tale assets Turning to profitability , we are forecasting fiscal 26 EBITDA , adjusted EBITDA between $28 million and $40 million .

Ajay Patel: At the midpoint of our guidance range and above, we expect Rolvedon's revenue growth to fully offset the year-over-year reduction in Rolvedon shipment quarters and the anticipated declines in our tail assets. Turning to profitability, we are forecasting fiscal 2026 EBITDA, adjusted EBITDA between $28 million and $40 million. This represents year-over-year expansion in margin compared to our results in fiscal 2025. This step change in profitability is driven by two primary levers. High margin revenue growth. Rolvedon's growth is highly accretive. Our strategy has a direct flow-through effect on margins. Furthermore, we believe we can capture additional volume through our existing commercial infrastructure without requiring incremental OpEx. Structural cost savings. We are realizing the full year benefits of several key initiatives. These include reduced year-over-year litigation expenses, the successful decommercialization of Otrexup, and a leaner personnel structure following our Q4 restructuring activities.

Speaker #2: This represents year over year expansion in margin compared to our results in fiscal 25 . This step change in profitability is driven by two primary levers high margin revenue growth .

Speaker #2: Roldan's growth is highly accretive. Our strategy has a direct fall-through effect on margins. Furthermore, we believe we can capture additional volume through our existing commercial infrastructure without requiring incremental opex or structural cost savings.

Speaker #2: We are realizing the full year benefits of several key initiatives . These include reduced year over year litigation expenses , the successful D commercialization of Otrexup , and a leaner personnel structure .

Speaker #2: Following our Q4 restructuring activities, as we move through the year and gain greater visibility following the resumption of sales, we look forward to providing updates on our progress and our potential to perform towards the upper end of the range. With that, I will turn the call back to Mark.

Ajay Patel: As we move through the year and gain greater visibility following the resumption of Rolvedon sales, we look forward to providing updates on our progress and our potential to perform towards the upper end of the range. With that, I will turn the call back to Mark.

Speaker #3: To wrap up . As I highlighted earlier , we believe Assertio is operating from a position of strength . Rolvedon remains a significant long term opportunity with meaningful runway ahead supported by the commercial platform we've built and our strong relationships across the community .

Mark Reisenauer: To wrap up, as I highlighted earlier, we believe Assertio is operating from a position of strength. Rolvedon remains a significant long-term opportunity with meaningful runway ahead, supported by the commercial platform we've built and our strong relationships across the community oncology market. At the same time, we're taking a disciplined approach to capital allocation and business development as we evaluate opportunities that can leverage our existing capabilities and drive sustainable growth. Overall, our focus remains clear. Execute on the growth potential of Rolvedon, leverage our commercial infrastructure, and create long-term value for patients and shareholders. With that, I'll turn the call back over to the operator so we can begin to answer questions.

Speaker #3: Oncology market. At the same time, we're taking a disciplined approach to capital allocation and business development as we evaluate opportunities that can leverage our existing capabilities and drive sustainable growth.

Speaker #3: Overall, our focus remains clear: execute on the growth potential of Rolvedon, leverage our commercial infrastructure, and create long-term value for patients and shareholders.

Speaker #3: With that, I'll turn the call back over to the operator so we can begin to answer questions.

Speaker #4: Thank you. And we'll now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue.

Operator: Thank you. We'll now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one a second time. If you're called upon to ask your question and are listening via speakerphone on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. To be able to take as many questions as possible, we ask that you please limit yourself to one question and one follow-up. Again, it is star one to join the queue. Our first question comes from the line of Thomas Flaten with Lake Street Capital Markets. Your line is open.

Speaker #4: If you would like to withdraw your question, simply press star one a second time. If you're called upon to ask your question and are listening via speakerphone on your device, please pick up your handset and ensure that your phone is not on mute.

Speaker #4: When asking your question . To be able to take as many questions as possible , we ask that you please limit yourself to one question and one follow up Again , it is star one to join the queue and our first question comes from the line of Thomas Clayton with Lake Street Capital Markets .

Speaker #4: Your line is open

Speaker #5: Hey. Good afternoon. I appreciate you guys taking the questions. Back to the strategic priority of focusing on the oncology space.

Thomas Flaten: Hey, good afternoon. I appreciate you guys taking the questions. Back to the strategic priority of focusing on the oncology space, maybe you could help us understand a little bit better what types of assets you're looking at. Are you looking for commercial assets, support, you know, primarily supportive care? Would you do therapeutic? Any interest in taking on board pipeline projects? Obviously there would be an implication there would be some R&D spend, but maybe a little bit more detail on that would be super helpful.

Speaker #5: Maybe you could help us understand a little bit better what types of assets are you looking at? Are you looking for commercial assets support?

Speaker #5: You know , primarily supportive care . Would you do therapeutic . Any interest in taking on board pipeline projects . And obviously there would be an implication .

Speaker #5: There would be some R&D spend, but maybe a little bit more detail on that would be super helpful.

Speaker #3: Sure . Thanks for the question , Thomas . So in terms of the scope of what we would be looking for in the oncology space , I think maybe some additional criteria that we would use as we evaluate .

Mark Reisenauer: Sure. Thanks for the question, Thomas. So in terms of the scope of what we would be looking for in the oncology space, I think maybe some additional criteria that we would use as we evaluate. I think it would be on market, certainly. It would be late-stage development, past proof of concept. Certainly would be looking at therapeutics, primarily. I think that's probably a good starting point of how we're looking at the oncology opportunity.

Speaker #3: I think it would be on market, certainly it would be late-stage development, past proof of concept. Certainly would be looking at therapeutics primarily.

Speaker #3: And I think that's probably a good starting point of how we're looking at the oncology opportunity.

Speaker #5: And just to follow on from that, then with the current commercial infrastructure you have in place, are there any incremental investments that you see being required to bring on board the types of products you want?

Thomas Flaten: Just to follow on from that then, with the current commercial infrastructure you have in place, are there any incremental investments that you see being required to bring on board the types of products you want? For example, expanding the sales force. Do you feel that the commercial infrastructure today is plenty attractive enough for potential partners?

Speaker #5: For example, expanding the sales force? Or do you feel that the commercial infrastructure today is plenty attractive enough for potential partners?

Speaker #3: Yeah . Thomas , I think it would be a small increment , most likely in terms of what we already have . I think we have a great base , but it would be a small incremental investment , likely as we bring an investment on .

Mark Reisenauer: Yeah. Thomas, I think it would be a small increment most likely, in terms of what we already have. I think we have a great base, but it would be a small incremental investment likely, as we bring an investment on.

Speaker #5: Got it. Appreciate that. Thank you.

David Brown: Got it. Appreciate that. Thank you.

Thomas Flaten: Got it. Appreciate that. Thank you.

Speaker #3: Yeah .

Mark Reisenauer: Yeah.

Speaker #4: And our next question comes from the line of Naz Rahman with Maxim Group. Your line is open.

Operator: Our next question comes from the line of Naz Rahman with Maxim Group. Your line is open.

Speaker #6: Hi everyone . Congrats on the progress and thanks for taking my questions . Just especially one with a follow up considering what role growth has been the last couple of years in 24 and 25 , of sales , what kind of gives you confidence in this guidance and growth , considering that a lot of those sales would really occur over three quarters ?

Naz Rahman: Hi, everyone. Congrats on the progress, and thanks for taking my questions. Just, especially one with a follow-up. Considering what Rolvedon's growth has been the last couple of years in 2024 and 2025 of sales, what kind of gives you confidence in this guidance and growth, considering that a lot of those sales would really occur over three quarters. Like, could you talk a little bit more about the initiatives you plan on implementing in 2026 to sort of reach that growth level? Is part of that, is there a plan to sort of expand away from the community setting, or are you just planning on, I guess, further penetrating with the community setting at this point?

Speaker #6: But could you talk a little bit more about the initiatives you plan on implementing in '26 to sort of reach that growth level? And as part of that, is there a plan to sort of expand away from the community setting, or are you just planning on, I guess, further penetrating the community setting at this point?

Speaker #3: Okay. Thank you for your questions. I'll kick it off, and then I'll turn it over to Paul for some additional color commentary.

Mark Reisenauer: Okay. Thank you, Naz, for your questions. I'll kick it off, and then I'll turn it over to Paul for some additional color commentary. The first part of your question, what gives us confidence in the growth. If you look at demand growth in 2025 full year, it was 32% year over year compared to 2024. You know, independent of the sell-in, the underlying demand growth for the year, you know, was still strong, and we would expect that continued demand growth, maybe not that same level. Certainly, we will continue to add new accounts in 2026, much like we've done in 2025. Your second question as it related to, if you could repeat it again, Naz, 'cause you were breaking up a little bit.

Speaker #3: But the first part of your question , what gives us confidence in the growth ? If you look at demand growth in 2025 , full year , it was 32% year over year compared to 2024 .

Speaker #3: So , you know , independent of the cell in the underlying demand growth for the year , you know , was still strong .

Speaker #3: And we would expect that continued demand growth—maybe not at that same level—but certainly, we will continue to add new accounts in 2026.

Speaker #3: Much like we've done in 2025 . Your second question , as it related to if you could repeat it again , that's you were breaking up a little bit .

Speaker #6: Sorry , on .

Naz Rahman: Sorry. On the community setting.

Speaker #3: The community .

Speaker #6: Setting. Yeah. Is there a plan to sort of expand away from the community setting at this point? I believe this was discussed or talked about before.

Mark Reisenauer: The second piece.

Ajay Patel: Yeah. Is there a plan to sort of expand away from the community setting at this point? I believe this was discussed or talked about before, or is the plan to currently just continue to further penetrate within the community setting?

Naz Rahman: Yeah. Is there a plan to sort of expand away from the community setting at this point? I believe this was discussed or talked about before, or is the plan to currently just continue to further penetrate within the community setting?

Speaker #6: Or is the plan to just continue to further penetrate within the community setting?

Speaker #3: Yeah . Okay . Thank you . That's much clearer now . The plan would be to continue to focus on the community . Medicare Part B setting .

Mark Reisenauer: Yeah. Okay, thank you. That's much clearer now. The plan would be to continue to focus on the community Medicare Part D setting. We have a very high market share there. We're a leader in that space, and we think there is further room to grow. We'll also continue to evaluate some of the other segments, and make targeted investments if we think they're warranted. The growth, we believe, continues to come primarily from the area where we already have a leading market share. I don't know if there's anything, Paul, that you would want to add.

Speaker #3: We have a very high market share there. We're a leader in that space, and we think there's further room to grow. We'll also continue to evaluate some of the other segments and make targeted investments.

Speaker #3: If we think they're warranted. But the growth, we believe, continues to come primarily from the area where we already have a leading market share.

Speaker #3: And I don't know if there's anything, Paul, that you would want to add.

Speaker #1: No, I think that covers it. I think the growth we're going to achieve is going to be through new accounts.

Paul Schwichtenberg: No, I think that covers it. I think the growth we're gonna achieve is gonna be through new accounts. We've seen growth every quarter since we launched the product, and we do see new opportunities out there to win some additional accounts, which is gonna drive a lot of the growth. You're right, Mark. The focus is really gonna be on the community oncology space, Medicare Part B. Having said that, I would say, you know, we're open to other opportunities if the opportunities present themselves, but right now that's gonna be the focus.

Speaker #1: We've seen growth every quarter since we launched the product. And we do see new opportunities out there to win some additional accounts, which is going to drive a lot of growth.

Speaker #1: And then you're right , Mark , the focus is really going to be on the community oncology space . Medicare Part B . Having said that , I would say , you know , we're open to other opportunities .

Speaker #1: If the opportunities present themselves. But right now, that's going to be the focus.

Speaker #6: Thank you . Thanks for taking my questions .

Ajay Patel: Thank you. Thanks for taking my questions.

Speaker #3: Thank you . That's

Mark Reisenauer: Thank you, Naz.

Speaker #4: And our next question comes from the line of Scott Henry with Alliance Global Partners. Your line is open.

Operator: Our next question comes from the line of Scott Henry with Alliance Global Partners. Your line is open.

Speaker #7: Thank you . And good afternoon . I want to dig in a little bit on Rolvedon just to to fully understand . So in third quarter of 25 , you sold into the channel because you were switching labels , which caused Q4 to be virtually nothing .

Scott Henry: Thank you, and good afternoon. I wanna dig in a little bit on Rolvedon just to fully understand. In Q3 2025, you sold into the channel, because you were switching labels, which caused Q4 to be virtually nothing. It sounds like I'd love to hear what your thoughts are for Q1. I don't think it's gonna be meaningful. Now you're switching to the second version. My question is, will there be any stocking of the relabeled product, or would you expect revenues to simply reflect demand in 2026? Just trying to get a sense of what the levers are, that are setting you up for a pretty good number for 2026.

Speaker #7: And it sounds like I'd love to hear what your thoughts are, thoughts are for Q1. I don't think it's going to be meaningful, but now you're switching to the second version.

Speaker #7: So, my question is, will there be any stocking of the relabeled product, or would you expect revenues to simply reflect demand in 2026?

Speaker #7: Just trying to get a sense of what the levers are that are setting you up for a pretty good number for 2026.

Speaker #1: Yeah . Scott , I'll , I'll answer the question . So right now we're expecting a relatively smooth transition from the old label to the new label .

Paul Schwichtenberg: Yeah, Scott, this is Paul here. I'll answer the question. Right now, we're expecting a relatively smooth transition from the old label to the new label. What I mean by that is that the product that we shipped at the end of Q3 is getting pulled through in demand in Q4 and will continue to be pulled through in Q1 2026. Then at that point, we will shift over to the new label, and there will be a transition to kind of building the channel with that new label. And that's really gonna start in Q2 2026 in earnest. If that answers your question.

Speaker #1: What I mean by that is that the product that we shipped at the end of the third quarter is getting pulled through in demand in the fourth quarter.

Speaker #1: And will continue to be pulled through in the first quarter of 2026. And then at that point, we will shift over to the new label, and there will be a transition to kind of building the channel with that new label.

Speaker #1: And that's really going to start in the second quarter, in earnest, of 2026. So, your question.

Speaker #7: Well, the question is, when an account switches to the new label, will they fill in some inventory, or will they just basically be replacing the old version with the new version on kind of a steady-state basis?

Scott Henry: Well, the question is, when an account switches to the new label, will they fill in some inventory, or will they just basically be replacing the old version with the new version on kind of a steady-state basis? It's really very specific. Do you expect channel inventory-

Speaker #7: It's very, very specific. Do you expect channel inventory to build in 2026?

Paul Schwichtenberg: Yeah.

Scott Henry: to build in 2026?

Speaker #1: We don't expect channel inventory to build . And what I would say is , generally speaking , we expect that the quarterly demand will be generally align with the quarterly shipments in 2026 .

Paul Schwichtenberg: We don't expect channel inventory to build, and what I would say is, generally speaking, we expect that the quarterly demand will be generally aligned with the quarterly shipments in 2026.

Speaker #7: Okay, that's great and particularly helpful. And then on Indocin, looked like a pretty good quarter, and fourth quarter of '25.

Scott Henry: Okay. That's great and particularly helpful. And then on Indocin, it looked like a pretty good quarter in Q4 2025. Within your guidance, how do you think about that product? You down marginally, down substantially? Just because 2025 shaped up pretty good for the second half for Indocin.

Speaker #7: Within your guidance, how do you think about that product? Are you down marginally, down substantially, just because 2025 shaped up pretty good for the second half for Indocin?

Speaker #2: Yeah . Thanks , Scott . This is AJ . I can take that one . Yeah , you're absolutely right . We especially liked , you know , the fourth quarter results of it .

Ajay Patel: Yeah. Thanks, Scott. This is AJ. I can take that one. Yeah, you're absolutely right. We especially liked, you know, the Q4 results of it. Obviously, we're always cognizant that it is competing in a highly competitive landscape with the generic competitors. Obviously, the Indocin is not protected, so we don't have visibility, direct visibility into when new generics will enter. However, from our market intelligence, we are expecting at least one additional generic in 2026. So naturally, we are expecting a decline in that tail asset, as I had kinda said in my guidance commentary. Therefore, we do expect a year-over-year decline in that.

Speaker #2: Obviously, we're always cognizant that it isn't. It is competing in a highly competitive landscape with the generic competitors. Obviously, Indocin is not patent protected.

Speaker #2: So we don't have visibility , direct visibility into one . New generics will enter . However , from our market intelligence , we are expecting at least one additional generic in 26 .

Speaker #2: So naturally we are expecting a decline in that tail asset . As I had kind of said in my guidance commentary . Therefore , we do expect a year over year decline in that .

Speaker #2: What we will try to manage is, you know, as we've been doing since it went generic in '23, is to try to maximize the profitability from that product.

Ajay Patel: What we will try to manage is, you know, as we've been doing since it went generic in 2023, is to try to maximize the profitability from that product.

Speaker #7: Okay . And AJ , since I got you on the line , that 13 million in S , G and A in Q4 was looks pretty lean relative to past quarters .

Scott Henry: Okay. A.J., since I got you on the line, that $13 million in SG&A in Q4 looks pretty lean relative to past quarters. How reflective do you think that quarterly rate is going forward? I know there's a lot of one-time events that work their way in there, but, I mean, does that $13 million seem representative to you?

Speaker #7: How reflective do you think that quarterly rate is going forward? I know there's a lot of one-time events that work their way in there, but, I mean, does that $13 million seem representative to you?

Speaker #2: Yeah , the 13 million will have had kind of some one time benefits as well from the restructuring activities . We took however , we do generally see a step down in the adjusted G&A figures .

Ajay Patel: Yeah, the $13 million will have had kinda some one-time benefits as well from the restructuring activities we took. However, we do generally see a step down in the adjusted SG&A figures when you look at it, you know, excluding stock compensation, D&A, et cetera. We do see a step down from 25 to 26, especially given the de-risking from a litigation expense perspective, the costs of commercialization, and some of the personnel. We do estimate that to be at least in the range of $3 to 5 million on a year-over-year basis.

Speaker #2: When you look at it , you know , excluding stock compensation , DNA , etc. , we do see a step down from .

Speaker #2: 25 to 26 , especially given the de-risking from a litigation expense perspective , though , trucks have commercialization and some of the personnel we do estimate that to be , at least in the range of 3 to $5 million on a year over year basis .

Speaker #7: Okay . And if I could just slip in one final question , I apologize if I went over the limit . For Mark .

Scott Henry: Okay. If I could just slip in one final question. I apologize if I went over the limit. For Mark, I think it's a good observation that assets are pricey right now and probably a good idea not to be a buyer in an environment like that. The flip side of that coin is if our assets are expensive, perhaps you wanna be a seller. You know, would you consider divesting assets or even, you know, putting the company up for sale? I mean, I know you will always consider that as a public company, but I wanted to get your thoughts on that. Thank you.

Speaker #7: I think it's a good observation that assets are pricey right now, and probably a good idea not to be a buyer in an environment like that.

Speaker #7: But the flip side of that coin is if our assets are expensive , perhaps you want to be a seller . So , you know , would you consider divesting assets or even putting the company up for sale ?

Speaker #7: I mean, I know you will always consider that as a public company, but I wanted to get your thoughts on that.

Speaker #7: Thank you .

Speaker #3: Sure . Yeah . Thanks for the extra question , Scott . We'll let it slide this time . I'm just kidding . The the question about what we consider divesting , that's something we do continuously .

Mark Reisenauer: Sure. Yeah, thanks for the extra question, Scott. We'll let it slide this time. I'm just kidding. The question about would we consider divesting, that's something we do continuously, I would say, Scott. We're always evaluating whether an asset makes sense with us or would it do better with, you know, another company. That's a continuous process, and I would expect we would evaluate that as we have always done throughout the year, but no specific plans currently.

Speaker #3: I would say , Scott , we're always evaluating whether an asset makes sense with us or would it do better with , you know , another company .

Speaker #3: So that's a continuous process, and I would expect we would evaluate that as we have always done throughout the year. But no specific plans currently.

Speaker #7: Okay . And I assume that would be that would include evaluating selling the company as a whole as well . Correct

Scott Henry: Okay. I assume that would include evaluating selling the company as a whole as well, correct?

Speaker #3: I think well , as a public company , obviously that can always happen . And so I don't think that's something we're necessarily actively doing , but it's as a public company that can happen at any time .

Mark Reisenauer: I think, well, as a public company, obviously that can always happen. I don't think that's something we're necessarily actively doing, but it's as a public company, that can happen at any time.

Speaker #7: Okay. Well, thank you for taking the questions, and congratulations on the strong outlook for next year.

Scott Henry: Okay. Well, thank you for taking the questions and congratulations on the strong outlook for next year.

Speaker #3: Thanks , Scott

Mark Reisenauer: Thanks, Scott.

Speaker #4: And our final question comes from the line of Ram Selvaraju with H.C. Wainwright. Your line is open.

Operator: Our final question comes from the line of Raghuram Selvaraju with H.C. Wainwright & Co. Your line is open.

Operator: Our final question comes from the line of Ram Selvaraju with H.C. Wainwright. Your line is open.

Speaker #8: Thanks so much for taking my questions . And congratulations on all the recent progress . I was wondering if you could just give us some more granularity regarding the underlying expectations concerning the top end of your 2026 guidance , specifically as this pertains to Rolvedon net sales ?

Raghuram Selvaraju: Thanks very much for taking my questions, and congratulations on all the recent progress. I was wondering if you could just give us some more granularity regarding the underlying expectations concerning the top end of your 2026 guidance, specifically as this pertains to Rolvedon net sales. You know, can you give us some more information with respect to that? And also if you could give us a sense of how you are thinking about the long-term future of the product and what you anticipate potential achievable peak annual sales in the US could be, you know, a couple years down the road.

Ram Selvaraju: Thanks very much for taking my questions, and congratulations on all the recent progress. I was wondering if you could just give us some more granularity regarding the underlying expectations concerning the top end of your 2026 guidance, specifically as this pertains to Rolvedon net sales. You know, can you give us some more information with respect to that? And also if you could give us a sense of how you are thinking about the long-term future of the product and what you anticipate potential achievable peak annual sales in the US could be, you know, a couple years down the road.

Speaker #8: You know , can you give us some more information with respect to that ? And also , if you could give us a sense of how you are thinking about the long term future of the product and what you anticipate potential achievable peak annual sales in the US could be , you know , a couple years down the road .

Speaker #8: And then also, with respect to possible BD activities, when you think about potential products within the oncology domain that could be synergistic with or readily combined with Rolvedon.

Raghuram Selvaraju: With respect to possible BD activities, when you think about potential products within the oncology domain that could be synergistic with or readily combinable with Rolvedon, when you think about how your sales and marketing infrastructure is set up to promote that product, can you give us any additional context around which specific subcategories of the oncology space would likely make the most sense to look for complementary assets to Rolvedon? Thank you.

Ram Selvaraju: With respect to possible BD activities, when you think about potential products within the oncology domain that could be synergistic with or readily combinable with Rolvedon, when you think about how your sales and marketing infrastructure is set up to promote that product, can you give us any additional context around which specific subcategories of the oncology space would likely make the most sense to look for complementary assets to Rolvedon? Thank you.

Speaker #8: When you think about how your sales and marketing infrastructure is set up to promote that product, can you give us any additional context around which specific subcategories of the oncology space would likely make the most sense to look for complementary assets to roll it on?

Speaker #8: Thank you .

Speaker #2: Thanks , Ron , for the question . Let me take the first half and then I'll let Mark answer the second part of your question from a guidance perspective , we don't typically give out kind of product level guidance , but obviously , as you think about our range and you've seen our fiscal 25 results directionally the way you should kind of think about it is we are expecting , as I said in my commentary year over year growth on Rolvedon , it's just going to be a reflection of , you know , what is the magnitude of that growth ?

Ajay Patel: Thanks, Ram, for the question. Let me take the first half, and then I'll let Mark answer the second part of your question. From a guidance perspective, we don't typically give out kinda product-level guidance. Obviously, as you think about our range and you've seen our fiscal 2025 results, directionally, the way you should kinda think about it is we are expecting, as I said in my commentary, year-over-year growth on Rolvedon. It's just gonna be a reflection of, you know, what is the magnitude of that growth. As the year progresses, especially with the launch of the newly labeled product in Q2, we hope to provide a little more granularity on that.

Speaker #2: And as the year progresses, especially with the launch of the newly labeled product in the second quarter, we hope to provide more granularity on that.

Speaker #2: But generally , what we're targeting at the midpoint of the range and above is the year over year growth should more than offset the degradation we expect in our tail assets .

Ajay Patel: Generally, what we're targeting at the midpoint of the range and above is the year-over-year growth should more than offset the degradation we expect in our tail assets, specifically Indocin. Then additionally, it should more than offset, combined with the shipment quarter differences we had year-on-year. That's generally how we're thinking about it. I think our long-term potential on Rolvedon, as we've indicated in the past, there is, you know, strong optimism that capabilities of that product does have potential to reach, you know, exceed $100 million. We've looked at various ranges above that, you know, that there's opportunities to reach $100 to $130 million and even beyond that.

Speaker #2: Specifically , Indocin . And then additionally , it should more than offset combined with the shipment quarter differences , we had year on year .

Speaker #2: So that's generally how we're thinking about it . I think our long term potential on Röviden , as we've indicated in the past , there is , you know , strong optimism that the capabilities of that product does have potential to reach , you know , exceed 100 million .

Speaker #2: We've looked at various ranges above that, you know, there's opportunities to reach $100 to $130 million, and even beyond that.

Speaker #2: But generally , we're at least from a step approach is targeting for it to reach above 100 million , is kind of the near term optimism we have in the next few years

Ajay Patel: Generally, we're at least from a step approach, is targeting for it to reach above $100 million is kind of the near term optimism we have in the next few years.

Speaker #8: I'm just very quickly , I wanted to I wanted to get some quick clarity on one thing that you said , AJ , is it correct to assume that even the upper end of your guidance assumes some degree of degradation erosion in indocin sales relative to 2025 ?

Raghuram Selvaraju: Just very quickly.

Ram Selvaraju: Just very quickly.

Ajay Patel: Yeah. Thanks, Ram.

Raghuram Selvaraju: I wanted to get some quick clarity on one thing that you said, A.J. Is it correct to assume that even the upper end of your guidance assumes some degree of degradation erosion in Indocin sales relative to 2025? Is that a correct assumption?

Ram Selvaraju: I wanted to get some quick clarity on one thing that you said, A.J. Is it correct to assume that even the upper end of your guidance assumes some degree of degradation erosion in Indocin sales relative to 2025? Is that a correct assumption?

Speaker #8: Is that a correct assumption ?

Speaker #2: That is a correct assumption.

Ajay Patel: That is a correct assumption.

Speaker #8: Thank you .

Raghuram Selvaraju: Thank you.

Ram Selvaraju: Thank you.

Speaker #3: Yes. And then, just to cover off on your last question, what specific subcategories might we look at in the oncology space?

Mark Reisenauer: Yes. Then just to cover off on your last question, what specific subcategories might we look at in the oncology space that would be logical given our existing footprint? Let me start first with the footprint, and then I'll go to the subcategories. The footprint we have in the community oncology space, which is actually, by the way, where most cancer patients are treated, is actually a great place for any therapeutic, whether it's for liquid tumors or solid tumors. I think that's one of the benefits of our existing footprint, the community oncology space. Those physicians do treat all types of cancers. From our standpoint then, what that translates to is a therapeutic compound that could be for liquid or solid tumors. I think that's the simplest way to think about it.

Speaker #3: That would be logical given our existing footprint . And let me start first with the footprint , and then I'll go to the subcategories .

Speaker #3: So the footprint we have and the community oncology space , which is actually , by the way , where most cancer patients are treated , is actually a great place for any therapeutic , whether it's for liquid tumors or solid tumors .

Speaker #3: So, I think that's one of the benefits of our existing footprint. The community oncology space—those physicians do treat all types of cancers.

Speaker #3: So from our standpoint then what that translates to is a therapeutic compound that could be for liquid or solid tumors . I think that's the simplest way to think about it

Speaker #6: Thank you

Raghuram Selvaraju: Thank you.

Ram Selvaraju: Thank you.

Speaker #4: And, ladies and gentlemen, that concludes our question and answer session, as well as today's call. We thank you for your participation.

Operator: Ladies and gentlemen, that concludes our question and answer session, as well as today's call. We thank you for your participation, and you may now disconnect.

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