Delivering Value To Those We Serve

Assertio Therapeutics Announces Third-Quarter 2018 Financial Results

November 8, 2018 at 4:06 PM EST

-- Confirms Full-Year Net Sales Guidance Range for the Neurology Franchise --
-- Raises Full-Year Earnings Guidance and Confirms Adjusted EBITDA Guidance --
-- Amends and Strengthens Commercial Agreement with Collegium --
-- Confirms Regulatory Plan to File for FDA Approval of Cosyntropin Depot by Year End --

LAKE FOREST, Ill., Nov. 08, 2018 (GLOBE NEWSWIRE) -- Assertio Therapeutics, Inc. (NASDAQ: ASRT) today reported financial results for the quarter ended September 30, 2018, and provided an update on its business performance and strategic initiatives.

“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, President and CEO of Assertio. “We remain focused on diversifying our commercial portfolio and advancing the development of cosyntropin depot, which we plan to file for FDA approval by year end. In addition, this year we’ve secured $97 million in non-dilutive cash, which improves our leverage position as we continue to focus on debt reduction. Lastly, and significantly, we amended and strengthened our commercial agreement with Collegium.”

Financial Highlights

  • Third-quarter GAAP net revenues of $77.5 million(1) or $81.2 million(1)(4) on a non-GAAP basis(4)
  • Third-quarter GAAP net income of $48.3 million
  • Third-quarter GAAP EPS of $0.65 per diluted share(2) and non-GAAP EPS of $0.42(3) per diluted share
  • Third-quarter non-GAAP adjusted EBITDA of $45.0 million(1)
  • Third-quarter ending cash and cash equivalents of $121.9 million(2)

Business Highlights

  • Strengthened NUCYNTA Collaboration with Collegium -  Extends Minimum Term; Annual Royalty Payments Through 2021: On November 8, 2018, the Company announced an amendment to the Commercialization Agreement with Collegium Pharmaceutical, Inc. relating to the NUCYNTA® franchise. The amendment strengthens the collaboration and further aligns the parties’ mutual interest in growing the franchise:
    • Secures a minimum term of the Commercialization Agreement through at least December 31, 2021, prior to which Collegium may not terminate.
    • Ensures that if annual net sales remain between $180 million to $233 million, the maximum financial impact per annum between the existing and amended agreement will never exceed $9 million for the next three years.
    • Provides Assertio and its shareholders an opportunity to realize further value from a successful collaboration with Collegium’s issuance to Assertio of a four-year warrant to purchase $20 million of Collegium common stock at an exercise price of $19.20.
    • Reduces Assertio’s ongoing costs and expenses relating to NUCYNTA beginning in 2019 by requiring Collegium to reimburse Assertio for minimum annual royalties payable to Grünenthal GmbH through 2021 and for certain other costs and expenses relating to the NUCYNTA franchise currently carried by Assertio.
    • Compensates Assertio with a $5 million termination fee if Collegium terminates after December 31, 2021 and before December 31, 2022.

(1)      Includes $20 million in cash received from PDL BioPharma..
(2)     Includes $20 million in cash received from PDL BioPharma and a recognized gain of $62 million from the settlement agreement with Purdue Pharma L.P.
(3)     All non-GAAP measures included in this earnings news release are reconciled to the attached corresponding GAAP measures in the schedules.
(4)     The $81.2 million is calculated by adding an adjustment for the anticipated $3.7 million royalty payable to Grünenthal in accordance with our minimum royalty agreement to the GAAP net revenue of $77.5 million.

  • Confirmed Cosyntropin Depot Strategy: The Company continues to expect to file a New Drug Application with the U.S. Food and Drug Administration for cosyntropin depot by year end. The Company will be filing a 505(b)(2) application for a diagnostic indication. The Company believes this filing strategy is the most efficient and expeditious way to make available this important product to patients. As previously announced, Assertio and its development partner also began enrolling and dosing pediatric patients in a new clinical trial evaluating cosyntropin (synthetic ACTH Depot) for the treatment of infantile spasms, a specific seizure type present in infantile epilepsy syndrome, a rare pediatric disorder. Cosyntropin depot is a long-acting, alcohol-free synthetic ACTH analogue that the Company believes, if approved, will offer patients, physicians, and payers in the United States an important treatment alternative.

  • Settled Purdue Pharma Litigation: In the third quarter, the Company recognized a gain of $62 million related to its previously announced patent litigation settlement with Purdue Pharma L.P.  The settlement resolves all pending claims relating to Purdue’s alleged infringement of certain of the Company’s patents in relation to Purdue’s commercialization of Oxycontin® (oxycodone hydrochloride-controlled release).

    Under the terms of the settlement agreement, Purdue will pay Assertio a total of $62 million, of which $30 million in cash was paid on August 28, 2018 and an additional $32 million will be paid on February 1, 2019.

  • Monetized Royalty Stream: In the third quarter, the Company received $20 million in cash in connection with its sale to PDL BioPharma of the Company’s remaining interest in royalty payments payable under license agreements relating to the Company’s Acuform® technology in the Type 2 diabetes therapeutic area. Substantially all of the Company’s interest in such royalty payments were initially sold to PDL in 2013.

  • Completed Delaware Reincorporation, Corporate Headquarters Relocation and Name Change: In the third quarter, the Company completed its reincorporation from California to Delaware and changed its name from “Depomed, Inc.” to “Assertio Therapeutics, Inc.” In connection with the reincorporation and name change, the Company’s common stock began trading under a new ticker symbol “ASRT” and a new CUSIP number, 04545L 107, on August 15, 2018.

    On August 15, 2018, the Company completed the relocation of its corporate headquarters from Newark, CA, to Lake Forest, IL. The relocation is consistent with the Company’s strategy to attract new pharmaceutical talent based in the Chicagoland area.

    Additionally, the Company has entered into a sublease for the majority of its Newark facility and anticipates being able to sublease the remaining office space.

Revenue Summary
(in thousands, unaudited)

       
  Three Months Ended September 30,   Nine Months Ended September 30,
  2018   2017   2018   2017
               
Product sales, net:              
Gralise $ 14,630     $ 21,103     43,272     57,777  
Cambia 10,365     8,164     24,870     23,862  
Zipsor 4,441     3,232     13,175     12,286  
Total neurology product sales, net 29,436     32,499     81,317     93,925  
               
Nucynta products (1) 11     58,665     18,782     183,299  
Lazanda (2) (12 )   4,040     528     13,239  
  Pharmacy benefit manager dispute reserve             (4,742 )
Total product sales, net 29,435     95,204     100,627     285,721  
               
Commercialization Agreement (3)              
Commercialization rights and facilitation services, net 27,781         87,055      
Revenue from transfer of inventory         55,705      
Royalties and milestone revenue 20,277     209     25,784     596  
               
Total revenues $ 77,493     $ 95,413     $ 269,171     $ 286,317  


 

(1) The Company transitioned the commercial rights to sell NUCYNTA to Collegium on January 9, 2018. NUCYNTA product sales for the three months ended September 30, 2018 relate to sales reserve estimate adjustments. NUCYNTA product sales for the nine months ended September 30, 2018 reflect the Company's sales of NUCYNTA during a stub period between January 1st and January 8th, and also includes a $12.5 million benefit related to the release of sales reserves for which the Company is no longer financially responsible.

(2) The Company divested Lazanda in November 2017. Product sales for the three and nine months ended September 30, 2018 relate to sales reserve estimate adjustments.

(3) The Commercialization Agreement revenues for the nine months ended September 30, 2018 includes $87.1 million related to the commercialization rights and facilitation services provided to Collegium and $55.7 million related to the fair value of inventory transferred to Collegium. The $27.8 million of the Commercialization Agreement revenues recognized in the third quarter is net of a $3.7 million royalty payable to Grünenthal.

2018 Financial Guidance
The Company confirms its full-year net sales guidance range for the neurology franchise and its full-year adjusted EBITDA guidance ranges. The Company is raising its full-year net (loss)/income guidance to be within the range of $40 million to $50 million from the previous range of ($8) million to ($18) million related to the positive impact of the Purdue Pharma litigation settlement, offset by the impact of taxes.

     
(in millions) Prior 2018 Guidance Current 2018 Guidance
Neurology Franchise Net Sales $105 to $110 million $105 to $110 million
GAAP SG&A Expense $118 to $128 million $118 to $128 million
GAAP R&D Expense $9 to $14 million $9 to $14 million
Non-GAAP SG&A Expense $100 to $110 million $100 to $110 million
Non-GAAP R&D Expense $7 to $12 million $7 to $12 million
GAAP Net (Loss)/Income ($8) to ($18) million $40 to $50 million*
Non-GAAP Adjusted EBITDA $145 to $155 million $145 to $155 million

*Connotes modified 2018 guidance

Conference Call and Webcast
Assertio will host a conference call today, Thursday, November 8, 2018 beginning at 4:30 p.m. ET to discuss its results. This event can be accessed in three ways:

  • From the Assertio website: http://investor.assertiotx.com. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software.

  • By telephone: Participants can access the call by dialing (844) 839-0046 (United States) or (857) 270-6032 (International) referencing Conference ID 2462479.

  • By replay: A replay of the webcast will be located under the Investor Relations section of Assertio's website approximately two hours after the conclusion of the live call.

About Assertio Therapeutics, Inc.
Assertio Therapeutics is committed to providing responsible solutions to advance patient care in the Company’s core areas of neurology, orphan and specialty medicines. Assertio currently markets three FDA-approved products and continues to identify, license and develop new products that offer enhanced options for patients that may be under served by existing therapies. To learn more about Assertio, visit www.assertiotx.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties including, but not limited to, the commercialization of Gralise, CAMBIA, and Zipsor, royalties associated with Collegium’s commercialization of NUCYNTA and NUCYNTA ER, regulatory approval and clinical development of cosyntropin depot, Assertio’s financial outlook for 2018 and expectations regarding financial results and potential business opportunities and other risks detailed in the Company’s Securities and Exchange Commission filings, including the Company’s most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q. The inclusion of forward-looking statements should not be regarded as a representation that any of the Company’s plans or objectives will be achieved. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Investor and Media Contact:
John B. Thomas
SVP, Investor Relations and Corporate Communications
jthomas@assertiotx.com

Non-GAAP Financial Measures
To supplement the Company’s financial results presented on a U.S. generally accepted accounting principles (GAAP) basis, the Company has included information about non-GAAP revenue, non-GAAP adjusted earnings, non-GAAP adjusted earnings per share, non-GAAP adjusted EBITDA and other non-GAAP financial measures as useful operating metrics. The Company believes that the presentation of these non-GAAP financial measures, when viewed with results under GAAP and the accompanying reconciliation, provides supplementary information to analysts, investors, lenders, and the Company’s management in assessing the Company’s performance and results from period to period. The Company uses these non-GAAP measures internally to understand, manage and evaluate the Company’s performance, and in part, in the determination of bonuses for executive officers and employees. These non-GAAP financial measures should be considered in addition to, and not a substitute for, or superior to, net income or other financial measures calculated in accordance with GAAP. Non-GAAP financial measures used by us may be calculated differently from, and therefore may not be comparable to, non-GAAP measures used by other companies.

Specified Items
Non-GAAP measures presented within this release exclude specified items. The Company considers specified Items to be significant income/expense items not indicative of current operations, including the related tax effect. Specified items include non-cash adjustment to Collegium agreement revenue and cost of sales, release of NUCYNTA and Lazanda sales reserves for products the Company is no longer selling, interest income, interest expense, amortization, acquired in-process research and development and non-cash adjustments related to product acquisitions, stock-based compensation expense, non-cash interest expense related to debt, depreciation, taxes, transaction costs, CEO transition, restructuring costs, adjustments to net sales related to reserves recorded prior to the Company’s exit of opioid commercialization activities, legal costs and expenses incurred in connection with opioid-related litigation, investigations and regulations pertaining to the company’s historical commercialization of opioid products, certain types of legal settlements, disputes, fees and costs, and to adjust for the tax effect related to each of the non-GAAP adjustments.


 
 
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
       
  Three Months Ended September 30,   Nine Months Ended September 30,
  2018   2017   2018   2017
  (unaudited)   (unaudited)
Revenues:              
Product sales, net $ 29,435     $ 95,204     $ 100,627     $ 285,721  
Commercialization agreement, net 27,781         142,760      
Royalties and milestones 20,277     209     25,784     596  
Total revenues 77,493     95,413     269,171     286,317  
               
Costs and expenses:              
Cost of sales (excluding amortization of intangible assets) 2,975     17,396     17,772     54,895  
Research and development expenses 2,127     1,761     5,835     12,459  
Selling, general and administrative expenses 33,409     48,850     93,750     147,379  
Amortization of intangible assets 25,443     25,734     76,331     77,204  
Restructuring charges 3,911     434     18,742     3,875  
Total costs and expenses 67,865     94,175     212,430     295,812  
               
Income/(loss) from operations 9,628     1,238     56,741     (9,495 )
Litigation Settlement 62,000         62,000      
Interest and other income 677     72     973     604  
Loss on prepayment of Senior Notes             (5,364 )
Interest expense (17,190 )   (17,815 )   (52,268 )   (55,697 )
Benefit (expense) from income taxes (6,845 )   513     (6,400 )   560  
Net income/(loss) $ 48,270     $ (15,992 )   $ 61,046     $ (69,392 )
               
Basic net income (loss) per share $ 0.76     $ (0.25 )   $ 0.96     $ (1.11 )
Diluted net income (loss) per share $ 0.65     $ (0.25 )   $ 0.93     $ (1.11 )
Basic shares used in calculation 63,917     62,997     63,714     62,556  
Diluted shares used in calculation 82,690     62,997     82,282     62,556  


 
 
 
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
(unaudited)
       
  September 30, 2018   December 31, 2017
       
Cash, cash equivalents and marketable securities 121,904     128,089  
Accounts receivable 43,912     72,482  
Inventories 4,255     13,042  
Property and equipment, net 11,808     13,024  
Intangible assets, net 717,542     793,873  
Prepaid and other assets 84,086     18,107  
Total assets 983,507     1,038,617  
       
Accounts payable 17,394     14,732  
Income tax payable     126  
Interest payable 10,260     13,220  
Accrued liabilities 26,075     60,496  
Accrued rebates, returns and discounts 80,913     135,828  
Senior notes 302,466     357,220  
Convertible notes 283,061     269,510  
Contingent consideration liability 877     1,613  
Other liabilities 20,052     16,364  
Shareholders’ equity 242,409     169,508  
Total liabilities and shareholders’ equity 983,507     1,038,617  


 
 
 
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA
(in thousands)
(unaudited)
       
  Three Months Ended September 30,   Nine Months Ended September 30,
  2018   2017   2018   2017
  (unaudited)   (unaudited)
               
GAAP net income/(loss) $ 48,270     $ (15,992 )   $ 61,046     $ (69,392 )
Commercialization agreement revenues (1) 2,862         (46,426 )    
Commercialization agreement cost of sales (1)         6,200      
Nucynta sales reserve (2)         (10,711 )    
Nucynta and Lazanda revenue reserves (3) 2         (538 )    
Expenses for opioid-related litigation, investigations and regulations (4) 1,313         4,360      
Managed care dispute reserve             4,742  
Intangible amortization related to product acquisitions 25,443     25,734     76,331     77,204  
Contingent consideration related to product acquisitions (117 )   (1,194 )   (658 )   (6,525 )
Stock-based compensation 2,944     2,911     7,890     9,870  
Purdue litigation settlement (62,000 )       (62,000 )    
Interest and other income (677 )   (72 )   (973 )   (332 )
Interest expense 17,190     17,584     52,268     59,829  
Depreciation (1,252 )   605     1,677     1,839  
Provision for (benefit from) income taxes 6,845     (513 )   6,400     (560 )
Restructuring and related costs (5) 4,079     434     19,383     3,875  
Other costs 75     612     123     3,142  
Non-GAAP adjusted EBITDA $ 44,977     $ 30,109     $ 114,372     $ 83,692  


 

(1) Adjustment for the non-cash value assigned to inventory transferred to Collegium.

(2) Represents a $12.5 million benefit related to the release of sales reserves for which the Company is no longer financially responsible, net of $1.8 million in royalties payable to Grünenthal.

(3) Removal of the impact of revenue adjustment estimates related to products that we are no longer commercializing.

(4) Legal costs/expenses related to opioid-related litigation, investigations and regulations pertaining to the Company’s historical commercialization of opioid products.

(5) Restructuring and other costs represents non-recurring costs associated with the Company’s restructuring, reincorporation, headquarters relocation and CEO transition.

 
 
 
RECONCILIATION OF GAAP NET INCOME/(LOSS) TO NON-GAAP ADJUSTED EARNINGS
(in thousands, except per share amounts)
(unaudited)
       
  Three Months Ended September 30,   Nine Months Ended September 30,
  2018   2017   2018   2017
  (unaudited)   (unaudited)
               
GAAP net income/(loss) $ 48,270     $ (15,992 )   $ 61,046     $ (69,392 )
Commercialization agreement revenues (1) 2,862         (46,426 )    
Commercialization agreement cost of sales (1)         6,200      
Nucynta sales reserve (2)         (10,711 )   $  
Non-cash interest expense on debt 5,490     4,839     16,298     15,613  
Nucynta and Lazanda revenue reserves (3) 2         (538 )    
Managed care dispute reserve             4,742  
Expenses for opioid-related litigation, investigations and regulations (4) 1,313         4,360      
Purdue Settlement (62,000 )       (62,000 )    
Intangible amortization related to product acquisitions 25,443     25,734     76,331     77,204  
Contingent consideration related to product acquisitions (117 )   (1,194 )   (658 )   (6,525 )
Stock-based compensation 2,944     2,911     7,890     9,870  
Restructuring and related costs (5) 4,079     434     19,383     3,875  
Valuation allowance on deferred tax assets     4,172         19,274  
Other costs 75     612     123     3,142  
Income tax effect of non-GAAP adjustments (6) 4,551     (11,846 )   (1,159 )   (38,249 )
Non-GAAP adjusted earnings $ 32,912     $ 9,670     $ 70,139     $ 19,554  
Add interest expense of convertible debt, net of tax (7) 1,704     1,348     5,110     2,695  
Numerator $ 34,616     $ 11,018     $ 75,249     $ 22,249  
Shares used in calculation (7) 82,690     81,376     82,282     81,607  
Non-GAAP adjusted earnings per share $ 0.42     $ 0.14     $ 0.91     $ 0.27  


 

(1) Adjustment for the non-cash value assigned to inventory transferred to Collegium.

(2) Represents a $12.5 million benefit related to the release of sales reserves for which the Company is no longer financially responsible, net of $1.8 million in royalties payable to Grünenthal.

(3) Removal of the impact of revenue adjustment estimates related to products that we are no longer commercializing.

(4) Legal costs/expenses related to opioid-related litigation, investigations and regulations pertaining to the Company’s historical commercialization of opioid products.

(5) Restructuring and other costs represents non-recurring costs associated with the Company’s restructuring, reincorporation, headquarters relocation and CEO transition.

(6) Calculated by taking the pre-tax non-GAAP adjustments and applying the statutory tax rate.

(7) The Company uses the if-converted method to compute diluted earnings per share with respect to its convertible debt.

 
 
 
RECONCILIATION OF GAAP NET LOSS PER SHARE TO NON-GAAP ADJUSTED EARNINGS PER SHARE
(unaudited)
       
  Three Months Ended September 30,   Nine Months Ended September 30,
  2018   2017   2018   2017
               
GAAP net income/(loss) per share 0.76     (0.25 )   0.96     (1.11 )
Conversion from basic shares to diluted shares (0.17 )   0.06     (0.22 )   0.26  
Commercialization agreement revenues 0.03         (0.57 )    
Commercialization agreement cost of sales         0.08      
Nucynta sales reserve         (0.13 )    
Non-cash interest expense on debt 0.07     0.06     0.20     0.19  
Nucynta and Lazanda revenue reserves         (0.01 )    
Managed care dispute reserve             0.06  
Expenses for opioid-related litigation, investigations and regulations 0.01         0.05      
Litigation settlement (0.75 )       (0.75 )    
Intangible amortization related to product acquisitions 0.31     0.32     0.92     0.95  
Contingent consideration related to product acquisitions     (0.01 )       (0.08 )
Stock based compensation 0.03     0.04     0.10     0.12  
Restructuring and related costs 0.05     0.02     0.23     0.09  
Valuation allowance on deferred tax assets     0.05         0.24  
Income tax effect of non-GAAP adjustments 0.06     (0.15 )   (0.01 )   (0.47 )
Add interest expense of convertible debt, net of tax 0.02     0.02     0.06     0.03  
Non-GAAP adjusted earnings per share 0.42     0.14     0.91     0.27  


 
 
 
RECONCILATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
For the three months ended September 30, 2018
(in thousands)
(unaudited)
                                             
    Commercialization agreement revenues   Product Sales   Royalties and milestones   Cost of sales   Research and development expense   Selling, general and administrative expense   Restructuring Charges   Amortization of intangible assets   Interest expense   Other Income   Provision for (benefit from) income taxes
GAAP as reported   $ 27,781     $ 29,435     $ 20,277     $ 2,975     $ 2,127     $ 33,409     $ 3,911     $ 25,443     $ (17,190 )   $ 62,677     $ (6,845 )
Commercialization agreement revenues and cost of sales   2,862                                          
Nucynta sales reserve                                            
Non-cash interest expense on debt                                   5,490          
Nucynta and Lazanda revenue reserves       2                                      
Expenses for opioid-related litigation, investigations and regulations                       (1,313 )                    
Intangible amortization related to product acquisitions                               (25,443 )            
Contingent consideration related to product acquisitions                       117                      
Stock based compensation                   (270 )   (2,674 )   173                  
Restructuring and other costs                       (168 )   (4,084 )                
Other costs                       (75 )                    
Purdue litigation settlement                                       (62,000 )    
Income tax effect of non-GAAP adjustments                                           4,551  
Non-GAAP adjusted   $ 30,643     $ 29,437     $ 20,277     $ 2,975     $ 1,857     $ 29,296     $     $     $ (11,700 )   $ 677     $ (2,294 )


 
 
 
RECONCILATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
For the nine months ended September 30, 2018
(in thousands)
(unaudited)
                                             
    Commercialization agreement revenues   Product Sales   Royalties and milestones   Cost of sales   Research and development expense   Selling, general and administrative expense   Restructuring Charges   Amortization of intangible assets   Interest expense   Other Income   Provision for (benefit from) income taxes
GAAP as reported   $ 142,760     $ 100,627     $ 25,784     $ 17,772     $ 5,835     $ 93,750     $ 18,742     $ 76,331     $ (52,268 )   $ 62,973     $ (6,400 )
Commercialization agreement revenues and cost of sales   (46,426 )           (6,200 )                            
Nucynta sales reserve       (10,711 )                                    
Non-cash interest expense on debt                                   16,298          
Nucynta and Lazanda revenue reserves       (538 )                                    
Expenses for opioid-related litigation, investigations and regulations                       (4,360 )                    
Intangible amortization related to product acquisitions                               (76,331 )            
Contingent consideration related to product acquisitions                       658                      
Stock based compensation               (30 )   (337 )   (7,523 )   (2,385 )                
Restructuring and other costs                       (641 )   (16,357 )                
Other costs                       (123 )                    
Purdue litigation settlement                                       (62,000 )    
Income tax effect of non-GAAP adjustments                                           (1,159 )
Non-GAAP adjusted   $ 96,334     $ 89,378     $ 25,784     $ 11,542     $ 5,498     $ 81,761     $     $     $ (35,970 )   $ 973     $ (7,559 )



 
 
FULL-YEAR 2018 NON-GAAP GUIDANCE RECONCILATION
(in millions)
(unaudited)
   
  Full Year 2018 Guidance
  Earnings(1)   R&D   SG&A
  Low End   High End   Low End   High End   Low End   High End
GAAP $ 40     $ 50     $ 9     $ 14     $ 118     $ 128  
Specified Items(2) $ 105     $ 105     $ (2 )   $ (2 )   $ (18 )   $ (18 )
Non-GAAP $ 145     $ 155     $ 7     $ 12     $ 100     $ 110  


 

(1) GAAP net income guidance refers to GAAP net income and non-GAAP earnings guidance refers to non-GAAP adjusted EBITDA.

(2) For purposes of this forward-looking reconciliation, a description of the categories of specified items included in this reconciliation are detailed in the tables above.


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Source: Assertio Therapeutics, Inc.