Assertio Holdings, Inc.

Ladies and gentlemen, thank you for standing by. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to the Assertio Holdings fourth quarter and full year 2025 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 1 a second time. Thank you, and I would now like to turn the conference over to Daniel Santos with Longacre Square Partners. You may begin.

Thank you. Good afternoon, and thank you all for joining us today to discuss Assertio's fourth quarter 2025 financial results and business update. 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. 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 the Sergios filings with the SEC. These and other risks are more fully described in the risk factor 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. Assertive 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 Mark Eisenhower, Chief Executive Officer. Please go ahead.

Well, thank you to everyone for joining us today. Before we dive into our fourth quarter and full year 2025 results, I want to take a moment to share three early observations from my time as CEO and provide some color on where I see opportunities ahead. Since I became CEO in October, I've had the opportunity to meet with team members at every level of our organization, and several things have come into focus for me. First, I believe we have a significant revenue opportunity in our core asset, Rolodon, which is reflected in our 2026 guidance. Second, We have an experienced commercial operation with strong market access sales and contracting capabilities that we can leverage to bring other products to market successfully. And third, our prior strategy of acquiring on market specialty products is no longer capital efficient or a sustainable strategy to fuel growth. Now, let me expand on those points a little bit. Since we acquired Rolvidon in 2023, the team has worked to streamline our organization, consolidating regulatory distribution and contracting functions and bringing Rolvidon manufacturing under our consolidated commercial label to drive operational efficiencies. With that integration fully complete in quarter four, 2025, we have positioned the product for commercial success, including maintaining a leading market share position. As we explained last quarter, as part of this Robodon integration and transition to a new distribution partner, we pulled forward two quarters of demand to ensure uninterrupted patient supply during the transition. Regular sales of the newly labeled Robodon are expected to begin in the second quarter of 2026, after which we expect continued demand growth and an acceleration in sales compared to the prior year, which AJ will discuss in more detail when he goes over our 2026 guidance. Given that our IP protection goes out to 2039, we continue to view Rolvidon as a long-term revenue opportunity, and as such, we will prioritize implementing a meaningful lifecycle management strategy. Rolvidon is a great example of what's possible with strong commercial execution. We see significant opportunities leveraging the commercial organization we've built around Rolvidon to bring other products to market. Our team has broad capabilities across marketing, sales, market access, and distribution, which we can leverage to maximize access and reach of other products in the oncology market. Paul has already led the organization through most of the heavy lifting, and our focus now is on finding the right products to acquire and grow. Which brings me to my third point, our strategy. Historically, Asserdio has pursued a strategy of acquiring on-market specialty products. While these assets can provide immediate cash flow, competition for these opportunities has intensified in recent years and acquisition prices have increased. This approach has delivered some successes for the company, including Rolvidon. However, it has also highlighted the importance of being disciplined in how we allocate capital and commercial resources. For example, while Simpizen continues to serve patients with a differentiated formulation, the returns on our investments to grow the product have been lower than expected. As a result, we do not believe that further incremental investment behind the asset is warranted relative to other higher growth opportunities for capital deployment. That experience reinforces our focus on being highly selective in pursuing assets where our commercial platform can drive attractive and sustainable returns. With this in mind, let's talk about where Assertio goes from here. The core of our strategy will continue to be ensuring the success of Rolvidan and leveraging the operational efficiencies we've built around it through our integration efforts. In the near term, that means we'll focus on driving Robidon sales growth and implementing a comprehensive LCM strategy to maximize our long-term opportunity. On the BD side, we're going to be much more focused on finding opportunities that leverage our existing Robidon footprint and capabilities. Expanding our presence in oncology is a natural next step for us. We see multiple pathways to growth through targeted business development, including individual product acquisition, commercialization agreements, licensing or technology agreements, and or potential business combinations. We will be disciplined in our approach and focus on both on market and development stage assets that meet our investment and return criteria. We don't have anything to announce on this front yet, but we continue to search to see what opportunities are available. I'm proud to say we're entering this next phase from a position of strength with a solid balance sheet and a core asset with meaningful runway ahead. Before I turn it over to Paul, I want to thank our team for their hard work and for embracing recent changes with enthusiasm and focus. It makes a difference and it reinforces my confidence in what we can deliver going forward. With that, I'll turn it over to Paul who can provide an update on our portfolio and operations.