Assertio Holdings, Inc.

I would now like to hand things over to Mr. Matt Kreps. Please go ahead, sir.

Thank you, and good afternoon. Thank you all for joining us today to discuss Assertio's first quarter 2025 financials. The news release covering our results for this period is now available on the investor page of our website at investor.assertiotx.com. I would encourage you to review the release and tables in conjunction with today's discussion. With me today are Brendan O'Grady, Chief Executive Officer, and Ajay Patel, Chief Financial Officer. Brendan will open the remarks and provide an overview of the business, including an update on Assertio's long-term business strategy. After Brendan, Ajay will cover our financial results and guidance. Brendan will then provide some closing comments before we take questions from our covering research analysts. Please note that during this call, management will make projections and other forward-looking statements regarding our future performance. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties including those noted in this afternoon's press release, as well as Sarchios' filings with the FCC. These and other risk factors are more fully described in the risk factors section and other sections of our annual report on Form 10-K and in our Form 10-Q filings. Our actual results may differ materially from those projected in the forward-looking statements. Sarchios specifically disclaims any intent or obligation to update these forward-looking statements, except as required by law. With that, I will now turn the call over to Brendan. Please go ahead.

Thank you, Matt, and thank you to everyone who has joined today's call. I'll begin today with a quick overview of our first quarter financial results, which are in line with the full year 2025 net product sales and adjusted EBITDA expectations that were set forth during the March earnings call. In the first quarter, net product sales came in slightly ahead of plan at $26 million, and we are tracking to our full-year net product sales and adjusted EBITDA outlook. As I signaled in March, roll-on results in the first quarter were impacted by sell-through of fourth quarter initial stocking activity that supported customer and volume expansion, which we expect to benefit us from Q2 onward. In addition, we are continuing to add new customers and have strengthened our payer coverage that started in February with Cigna, and expect to further expand our payer coverage going into the second half of this year. Overall Rovodan demand remains strong, and combined with our focused execution, we foresee net sales to continue increasing throughout the year. In addition, our revised Simpizan promotional strategy is proving effective, with total Simpizan prescriptions in the first quarter up 6.5% year over year. This is a very positive trend that we expect will continue building in the quarters ahead. Lastly, IndusInd remains stable in the first quarter, achieving our expectation for net sales and contribution. These results, along with expected performance throughout 2025, are influenced by the substantial progress Asserdio has achieved to date, implementing the long-term business strategy that I put into place last year. As I approach my one-year anniversary with Asserdio, I think it's important to recognize the team's progress and address our expectations moving forward. As previously stated, our strategy includes three phases characterized as stabilization, transformation, and growth. Stabilization was successfully completed in 2024 and has adapted our organization to the changing operating environment. We strengthened our balance sheet, repositioned our portfolio to focus on Rolvidon and Simplizant as core growth drivers, and rebalanced our talent and promotional resources. These significant achievements paved the way for us to begin implementing our current phase, transformation. This phase is occurring throughout 2025 as we implement actions intended to catalyze a shift in future growth potential. I will cover this in more detail in just a minute. Finally, the growth phase of our strategy is expected to start in 2026, during which time we intend to become a leading commercially focused specialty pharma company that creates top tier value over the long term. Now, coming back to the transformation phase of our strategy, we set forth the following priorities for 2025. First, reduce legal exposure. Second, simplify our corporate structure and processes Third, prioritize investment and growth assets. Fourth, divest non-core assets. And fifth, use the strength of our balance sheet to close a strategic transaction. These five transformation priorities are well underway with a goal of completing each by the end of this year. And I'm encouraged by our progress in just the first four months. I'll address several notable achievements and we'll start with reducing our legal exposure. Assertio has settled multiple prior legal matters, including the previously disclosed 2017 Department of Justice False Claims Act QTAM lawsuit, the last remaining GUMESA antitrust action, and Spectrum's legacy Luau Securities Class action. It is important to note that we admit to no wrongdoing in any of these cases, but decided to settle rather than continue to litigate and incurring the cost to defend, as well as the distraction to our business. In addition, we obtained a dismissal of the company's Edwards securities class action pending court approval. Our overall progress in reducing our legal exposure improves our ability to optimize operating expenses by reducing legal costs and refocusing those resources back to the business. As noted in our earnings release, we have also begun simplifying our corporate holding structure by transferring all of our assets in our assertio therapeutic subsidiary to ATIH Industries LLC. At the closing of this transaction, Assertio Therapeutics held approximately $8.2 million in cash, a single-digit royalty in Anderson, and certain legal liabilities, including those related to opioid litigation, which ATIH has assumed responsibility for managing and defending. As a result of this transaction, neither Assertio Holdings nor any of its current subsidiaries remain named defendants in any opioid-related litigation. As we move throughout the year, we will also progress our strategy to divest some non-core assets, which will further improve our ability to reallocate corporate resources to focus on growth and bolster our balance sheet to acquire or in-license new growth assets. Already, we have added new marketing support for Rolvidon and rebalanced promotional efforts for Simpizan, by augmenting our omnichannel activities with select in-person support for the largest markets and key high decile prescribers. As a result, we are seeing improved efficiency and sales performance as previously mentioned. The actions I have just touched on allow Asserdio to optimize operating expenses so that we can better invest in the future and advance our strategic activities as we move through the transformation and into the growth phase. I want to conclude my remarks by stating that Asserdio's underlying business is strong and will be most successful by pivoting to a more sustained operating model driven by not only cash flow assets, but by growth assets. To be clear, our strategy is to focus on specialty pharma assets with the potential to grow over a sustained period of time within a commercially focused operating model. That is why we are implementing a long-term business strategy that we are confident can create sustained near-term growth and increase long-term value. I look forward to providing you with continued updates on our progress as we head through 2025. I will now hand over to our CFO, A.J. Patel, who will walk us through the details of our first quarter performance.