Assertio Holdings Inc (NASDAQ: ASRT) is a specialty pharmaceutical company that commercializes a portfolio of prescription drugs across pain management, neurology, and oncology support. Revenue comes from transactional product sales of branded prescription drugs distributed through wholesalers, pharmacies, and hospital channels, with gross-to-net adjustments for rebates, chargebacks, returns, and patient discount programs. The product portfolio as of the FY2025 10-K (filed 2026-03-16) includes ROLVEDON (eflapegrastim-xnst), a long-acting G-CSF for chemotherapy-induced febrile neutropenia; Sympazan (clobazam oral film) for Lennox-Gastaut Syndrome seizures; INDOCIN (indomethacin) suppositories and oral suspension for inflammatory conditions; SPRIX (ketorolac tromethamine) nasal spray for short-term moderate to moderately severe pain; and CAMBIA (diclofenac potassium for oral solution) for acute migraine. ROLVEDON generated a large accounts receivable increase of $59.5 million in FY2025, tied to bulk purchases by national distributors with extended payment terms in Q3 FY2025.

Revenue model

Transactional prescription drug product sales to wholesalers, pharmacies, and hospitals. Net revenue is reduced by gross-to-net adjustments including wholesaler and pharmacy discounts, prompt payment discounts, patient discount programs, chargebacks, and product return allowances (accepted generally within six months before and 12 months after product expiration).

Products and services

ROLVEDON (eflapegrastim-xnst): long-acting G-CSF injection for chemotherapy-induced febrile neutropenia in adult nonmyeloid malignancy patients. Sympazan (clobazam oral film): PharmFilm-based benzodiazepine for Lennox-Gastaut Syndrome seizures in patients aged two and older. INDOCIN (indomethacin) suppositories and oral suspension: NSAIDs for rheumatoid arthritis, ankylosing spondylitis, osteoarthritis, acute gouty arthritis, and acute painful shoulder. SPRIX (ketorolac tromethamine nasal spray): non-narcotic prescription NSAID for short-term management (up to five days) of moderate to moderately severe pain. CAMBIA (diclofenac potassium for oral solution): prescription NSAID for acute treatment of migraine attacks with or without aura in adults 18 and older.

Customers and end markets

National drug wholesalers and distributors (primary channel, with extended payment terms offered to ROLVEDON customers in Q3 FY2025), retail pharmacies, and hospitals and outpatient settings. End markets include oncology supportive care, neurology (epilepsy, migraine), and pain management (inflammatory conditions, post-operative and acute pain).

Value-chain role

Specialty pharmaceutical commercialization company. Acquires product rights to branded prescription drugs and manages sales, marketing, and distribution. Has outsourced elements of operations to third-party vendors. Does not manufacture all active pharmaceutical ingredients internally, as evidenced by references to ROLVEDON active pharmaceutical ingredient inventory purchases.

Source: SEC 10-K, filed 2026-03-16

Industry: Pharmaceutical Preparations Peers: Q/C Technologies Inc SEELOS THERAPEUTICS, INC. LeonaBio Inc Dare Bioscience Inc CorMedix Inc Johnson & Johnson Trevi Therapeutics Inc TFF Pharmaceuticals, Inc.