Assertio reports decline in sales

LAKE FOREST - Pharmaceutical company Assertio Holdings Inc. reported financial results for the fiscal year ended Dec. 31. The company reported product sales of $93.5 million in 2020, compared to $109 million the prior year.

"As we close the chapter on 2020, we reflect on several strategic shifts, including a move toward digital marketing, enhanced patient services, an increasing shift to our hub model, and a leaner operational profile with increased cash," Dan Peisert, President and Chief Executive Officer of Assertio. "COVID-19 has rapidly accelerated the trend toward virtual engagement. We look forward to sharing more about how we are refining our commercial platform in the near future."

Because COVID-19 impacted Assertio's ability to see in-person providers who prescribe its products, the company adapted its approach during 2020 and increased its virtual visits. Additionally, due to the limitations on elective surgeries, the company has experienced a decline in prescriptions associated with those procedures, it said.

In February, the company announced the closing of registered direct offerings that resulted in Assertio receiving $45.3 million in cash, net expenses. Proceeds from these offerings enhance the company's liquidity, accelerate its transformational business plan, and open up new avenues for mergers and acquisitions, Assertio said.