Shares of Assertio ( ASRT ) gained as much as 11.3% to $4.44 in Monday morning trading, after the specialty pharmaceutical company reported a Q2 profit compared to a loss a year ago and raised its FY 2022 guidance.
ASRT stock had pared most of the gains and was last trading 1.2% higher as of 1039 ET.
ASRT posted Q2 non-GAAP EPS of $0.28 vs. a loss of $0.16 last year. Its Q2 revenue rose 40.5% Y/Y to $35.4M.
Lake Forest, Ill.-based ASRT's product portfolio consists of seven FDA-approved products for various conditions, including pain medications Indocin, Sprix and Zipsor, and migraine drug Cambia.
ASRT said its quarterly revenue was helped by higher net pricing of its products, a rise in Indocin volume and the addition of arthritis and psoriasis treatment Otrexup.
"...our base business continues to perform well such that we anticipate 2023 revenues will exceed $120 million despite the loss of exclusivity for CAMBIA, and even in the absence of any additional acquisitions,” ASRT CEO Dan Peisert said in the earnings report .
ASRT said it now expects FY 2022 net product sales of $129M to $137M vs. a prior forecast of $126M to $136M. The consensus revenue estimate is $131.73M.
Assertio ( ASRT ) anticipates its FY adj. EBITDA to be between $73M to $79M, compared to a prior outlook of $66M to $74M.
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Assertio stock gains after specialty pharma co posts Q2 profit, raises FY 2022 guidance