Assertio (NASDAQ:ASRT) stock is falling hard on Friday after the pharmaceutical company released its Q2 earnings report.
Assertio disappointed investors with its adjusted earnings per share of 19 cents. That’s worse than the 22 cents per share Wall Street was predicting. It’s also a drop from the 28 cents per share reported in the same period of the year prior.
That’s despite the company reporting positive revenue of $40.99 million. This beats out analysts’ revenue estimate of $39.83 million for the quarter. It also represents a 13% increase year-over-year compared to $35.4 million.
One negative that investors aren’t happy about is Asserito’s guidance for 2023 or lack thereof. The company withdrew its guidance for the year to evaluate the effect of the Food and Drug Administration (FDA) approving a generic indomethacin suppository.
Spectrum Pharmaceuticals Acquisition
Assertio also notes that it completed its acquisition of Spectrum Pharmaceuticals in the recent earnings report. President and CEO Dan Peisert had this to say about the news.
“The acquisition of Spectrum Pharmaceuticals and its innovative ROLVEDONTM asset is transformative to our Company. ROLVEDON continues its exceptional launch trajectory as second quarter sales increased to $21.0 million1, from $15.6 million in the first quarter. We intend to maintain their highly effective commercial team to continue expanding on the success of this exciting new asset.”
ASRT stock is also off to a strong start this morning with some 1.7 million shares changing hands. That’s going to easily pass the company’s daily average trading volume of about 1.9 million shares.
ASRT stock is down 45.6% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.