For the three months ended September 30, the Lake Forest, Illinois, company posted net income of $48.3 million and adjusted earnings per share of $0.42 on revenue of $81.2 million. The results surpassed the consensus estimates that called for Assertio to earn $0.26 on revenue of $73.7 million.
In the quarter, Assertio focused on diversifying its commercial portfolio and advancing the development of its drug cosyntropin depot, which treats infantile spasms. It plans to file for FDA approval for the drug before the close of the year.
The company also strengthened its collaboration with Collegium Pharmaceutical in the quarter regarding its Nucynta franchise, which provides additional financial incentives.
Sales for its drug Cambia jumped from last year to $10.36 million while sales for Gralise were down over the same period to $14.63 million.
The company also raised its full-year net income to be within the range of $40 million to $50 million, compared to its previous forecast of a loss of $8 million to $18 million.
“Our third-quarter performance positions us well to achieve our neurology franchise net sales and adjusted EBITDA goals for the full year,” said Arthur Higgins, Assertio’s CEO in a statement.
Last August, the specialty pharmaceutical settled a patent dispute against Purdue Pharma LP involving the pain drug OxyContin (oxycodone).
The lawsuit, which was filed in a New Jersey district court, alleged infringement by Purdue of some of Assertio’s patents with regard to Purdue’s commercialization of Oxycontin.
Under the terms of the settlement agreement, Purdue paid Assertio, which was formerly known as Depomed, US$62 million in cash.
Assertio Therapeutics, which is headquartered in Lake Forest, Illinois, focuses on neurology and pain medicines as well as drugs to treat central nervous system conditions.
Assertio shares fell 6.3% after-hours to $4.75, having closed 0.59% lower at $5.07 Thursday.