Why Is Assertio Stock Plunging Today?
Portfolio Pulse from Vandana Singh
Shares of Assertio Holdings Inc (NASDAQ:ASRT) are down after the company withdrew its 2023 financial outlook due to the FDA's approval of a generic version of its drug Indocin by Zydus Lifesciences. Assertio's portfolio includes Indocin suppositories and oral suspension. The company recently reported Q2 sales of $40.99 million, up 13% Y/Y, and an adjusted EPS of $0.19. It also closed the acquisition of Spectrum Pharmaceuticals Inc for $248 million.
August 04, 2023 | 3:23 pm
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Assertio's stock is down due to the FDA's approval of a generic version of its drug Indocin. The company has withdrawn its 2023 financial outlook as a result.
The FDA's approval of a generic version of Assertio's drug Indocin by Zydus Lifesciences is a direct threat to Assertio's revenues from this drug. This has led to a negative impact on the company's stock price and the withdrawal of its 2023 financial outlook.
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