The company's top-line performance has deteriorated sharply, with revenue falling 62.5% in 2026Q1 while gross margins compressed to a concerning 13.9%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 102.16M | 118.71M | 124.96M | 152.07M | 156.23M | 111.01M | 108.08M | 229.53M | 311.77M | 380.72M | 455.9M | 342.74M | 390.36M | 134.21M | 90.82M | 132.97M | 80.76M | 57.73M | 34.84M | 65.58M | 9.55M | 4.41M | 202.57K | 981.99K | 1.66M | 3.67M | 1.78M | 115.33K | 800K | 600K | 300K |
| Revenue Growth % | -14.16% | -5% | -17.83% | -2.67% | 40.73% | 2.72% | -52.91% | -26.38% | -18.11% | -16.49% | 33.02% | -12.2% | 190.87% | 47.78% | -31.7% | 64.64% | 39.9% | 65.69% | -46.87% | 586.63% | 116.81% | 2074.73% | -79.37% | -40.89% | -54.78% | 106.81% | 1440.16% | -85.58% | 33.33% | 100% | - |
| Cost of Goods Sold | 56.88M | 65.39M | 39.23M | 27.02M | 18.75M | 15.83M | 15.77M | 9.51M | 18.48M | 72.6M | 87.41M | 67.9M | 15.15M | 7.09M | 6.04M | 5.54M | 8.1M | 5.26M | 5.77M | 2.6M | 1.6M | 908.52K | 0 | 0 | 0 | 0 | -561.76K | -643.49K | -500K | -200K | 0 |
| COGS % of Revenue | - | 55.08% | 31.39% | 17.77% | 12% | 14.26% | 14.59% | 4.14% | 5.93% | 19.07% | 19.17% | 19.81% | 3.88% | 5.28% | 6.65% | 4.17% | 10.03% | 9.11% | 16.57% | 3.96% | 16.76% | 20.62% | - | - | - | - | -31.63% | -557.97% | -62.5% | -33.33% | - |
| Gross Profit | 45.27M | 53.33M | 85.73M | 125.05M | 137.49M | 95.18M | 92.3M | 220.02M | 293.29M | 308.13M | 368.48M | 274.84M | 375.22M | 127.11M | 84.78M | 127.43M | 72.67M | 52.47M | 29.07M | 62.98M | 7.95M | 3.5M | 202.57K | 981.99K | 1.66M | 3.67M | 2.34M | 758.82K | 1.3M | 800K | 300K |
| Gross Margin % | 44.32% | 44.92% | 68.61% | 82.23% | 88% | 85.74% | 85.41% | 95.86% | 94.07% | 80.93% | 80.83% | 80.19% | 96.12% | 94.72% | 93.35% | 95.83% | 89.97% | 90.89% | 83.43% | 96.04% | 83.24% | 79.38% | 100% | 100% | 100% | 100% | 131.63% | 657.97% | 162.5% | 133.33% | 100% |
| Gross Profit Growth % | - | -37.8% | -31.44% | -9.05% | 44.45% | 3.12% | -58.05% | -24.98% | -4.81% | -16.38% | 34.07% | -26.75% | 195.18% | 49.94% | -33.47% | 75.36% | 38.49% | 80.5% | -53.85% | 692.22% | 127.36% | 1626.23% | -79.37% | -40.89% | -54.78% | 57.12% | 208.11% | -41.63% | 62.5% | 166.67% | - |
| Operating Expenses | 68.02M | 70.55M | 110.21M | 368.58M | 98.08M | 85.76M | 174.46M | 414.45M | 229.03M | 337.06M | 343.97M | 355.14M | 138.4M | 117.8M | 115.13M | 96.73M | 69.04M | 74.54M | 46.16M | 15.45M | 49.56M | 30.01M | 26.54M | 30.38M | 30.09M | 17.99M | 10.08M | 6.25M | 4.6M | 2.1M | 800K |
| OpEx % of Revenue | - | 59.43% | 88.2% | 242.38% | 62.78% | 77.25% | 161.42% | 180.57% | 73.46% | 88.53% | 75.45% | 103.62% | 35.45% | 87.77% | 126.77% | 72.74% | 85.49% | 129.13% | 132.5% | 23.55% | 518.87% | 681.18% | 13100.4% | 3093.76% | 1811.27% | 489.88% | 567.28% | 5418.75% | 575% | 350% | 266.67% |
| Selling, General & Admin | 66.32M | 68.86M | 76.95M | 69.74M | 48.1M | 56.55M | 104.22M | 110.44M | 119.22M | 195.69M | 204.5M | 199.35M | 121.13M | 104.98M | 97.65M | 81.54M | 48.93M | 40.24M | 26.4M | 26.69M | 22.67M | 11.64M | 5.18M | 3.48M | 5.37M | 2.53M | 2.03M | 1.87M | 2M | 1M | 400K |
| SG&A % of Revenue | - | 58% | 61.58% | 45.86% | 30.79% | 50.94% | 96.43% | 48.12% | 38.24% | 51.4% | 44.86% | 58.17% | 31.03% | 78.22% | 107.52% | 61.32% | 60.59% | 69.71% | 75.76% | 40.7% | 237.32% | 264.21% | 2556.43% | 354.41% | 323.53% | 68.97% | 114.07% | 1622.86% | 250% | 166.67% | 133.33% |
| Research & Development | 1.71M | 1.69M | 3.82M | 2.84M | 0 | 0 | 4.21M | 10.11M | 8.04M | 38.62M | 32.63M | 72.44M | 7.12M | 8.07M | 15.46M | 15.19M | 20.11M | 34.3M | 27.27M | 23.34M | 26.89M | 18.37M | 21.36M | 26.9M | 24.71M | 15.46M | 7.49M | 3.73M | 2.1M | 900K | 400K |
| R&D % of Revenue | - | 1.42% | 3.06% | 1.87% | - | - | 3.9% | 4.4% | 2.58% | 10.14% | 7.16% | 21.14% | 1.82% | 6.02% | 17.03% | 11.42% | 24.9% | 59.41% | 78.26% | 35.58% | 281.55% | 416.98% | 10543.96% | 2739.36% | 1487.74% | 420.9% | 421.58% | 3237.92% | 262.5% | 150% | 133.33% |
| Other Operating Expenses | 0 | 0 | 29.44M | 296M | 49.98M | 29.2M | 66.03M | 293.9M | 101.77M | 102.75M | 106.84M | 599K | 10.16M | -249K | 481K | 0 | 0 | 0 | -7.5M | -34.58M | 0 | 0 | 0 | 0 | 0 | 0 | 561.76K | 643.49K | 500K | 200K | 0 |
| Operating Income | -22.75M | -17.22M | -24.48M | -243.54M | 39.41M | 9.42M | -82.16M | -194.43M | 43.66M | -42.18M | 24.51M | -50.4M | 236.81M | 9.32M | -30.35M | 70.7M | 3.63M | -22.07M | -17.09M | 47.54M | -41.61M | -26.51M | -26.33M | -29.4M | -28.43M | -14.32M | -7.74M | -5.49M | -3.3M | -1.3M | -500K |
| Operating Margin % | -22.27% | -14.51% | -19.59% | -160.15% | 25.22% | 8.49% | -76.02% | -84.71% | 14% | -11.08% | 5.38% | -14.71% | 60.67% | 6.94% | -33.42% | 53.17% | 4.49% | -38.23% | -49.06% | 72.49% | -435.62% | -601.81% | -13000.4% | -2993.76% | -1711.27% | -389.88% | -435.66% | -4760.78% | -412.5% | -216.67% | -166.67% |
| Operating Income Growth % | - | 29.63% | 89.95% | -718.03% | 318.13% | 111.47% | 57.75% | -545.33% | 203.51% | -272.1% | 148.63% | -121.28% | 2441.74% | 130.7% | -142.93% | 1850.29% | 116.42% | -29.11% | -135.96% | 214.25% | -56.94% | -0.67% | 10.42% | -3.42% | -98.5% | -85.07% | -40.94% | -66.38% | -153.85% | -160% | - |
| EBITDA | 3.83M | 12.78M | 1.35M | -215.31M | 72.8M | 38.54M | -55.72M | -91.48M | 150.09M | 63.32M | 133.88M | 32.94M | 246.97M | 13.87M | -28.33M | 71.12M | 4.06M | -21.26M | -15.95M | 48.4M | -40.23M | -25.37M | -24.63M | -28.35M | -27.68M | -13.71M | -7.18M | -4.85M | -2.8M | -1.1M | -500K |
| EBITDA Margin % | 3.74% | 10.77% | 1.08% | -141.59% | 46.6% | 34.71% | -51.56% | -39.86% | 48.14% | 16.63% | 29.37% | 9.61% | 63.27% | 10.33% | -31.2% | 53.48% | 5.03% | -36.83% | -45.77% | 73.81% | -421.17% | -575.95% | -12160.55% | -2887.38% | -1666.42% | -373.25% | -404.03% | -4202.81% | -350% | -183.33% | -166.67% |
| EBITDA Growth % | 203.91% | 844.72% | 100.63% | -395.75% | 88.91% | 169.16% | 39.09% | -160.95% | 137.02% | -52.7% | 306.4% | -86.66% | 1681.28% | 148.94% | -139.84% | 1649.95% | 119.11% | -33.34% | -132.95% | 220.32% | -58.54% | -3% | 13.12% | -2.43% | -101.9% | -91.05% | -48.06% | -73.11% | -154.55% | -120% | - |
| D&A (Non-Cash Add-back) | 26.58M | 30M | 25.83M | 28.23M | 33.4M | 29.11M | 26.43M | 102.95M | 106.43M | 105.5M | 109.38M | 83.34M | 10.16M | 4.55M | 2.02M | 420K | 439K | 808K | 1.15M | 865K | 1.38M | 1.14M | 1.7M | 1.04M | 745.14K | 610.81K | 561.76K | 643.49K | 500K | 200K | 0 |
| EBIT | -22.75M | -17.22M | -20.68M | 24.94M | 56.77M | 9.67M | -42.71M | -5.11M | 106.86M | -30.37M | 19.22M | -49.8M | 237.03M | 10.52M | -29.83M | 71.25M | 4.46M | -21.02M | -14.75M | 47.54M | -41.61M | -26.51M | -26.33M | -29.4M | -28.43M | -14.32M | -7.74M | -5.49M | -3.34M | -1.2M | -500K |
| Net Interest Income | -671K | -410K | 182K | -3.38M | -7.96M | -10.22M | -15.93M | -58.39M | -67.56M | -73.55M | -83.23M | -72.84M | -23.71M | -4.74M | 481K | 424K | 267K | 49K | 1.79M | 2.27M | 2.03M | 985.32K | -439.87K | -611.28K | -631.46K | -105.2K | 222.95K | 0 | 0 | 0 | 0 |
| Interest Income | 2.41M | 2.67M | 3.22M | 0 | 0 | 0 | 0 | 0 | 1.2M | 0 | 485K | 599K | 215K | 662K | 520K | 557K | 839K | 1.05M | 2.35M | 2.27M | 2.03M | 1.45M | 489.01K | 299.14K | 101.11K | 0 | 222.95K | 0 | 0 | 0 | 0 |
| Interest Expense | 3.08M | 3.08M | 3.04M | 3.38M | 7.96M | 10.22M | 15.93M | 58.39M | 68.76M | 73.55M | 83.72M | 73.44M | 23.92M | 5.4M | 39K | 133K | 572K | 1M | 555K | 0 | 0 | 459.74K | 928.88K | 910.42K | 732.57K | 105.2K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -12.7M | -12.72M | 2.95M | -10.52M | -8.24M | -9.98M | 71.38M | -17.49M | -5.68M | -61.74M | -89.01M | -72.84M | -23.71M | -4.74M | 481K | 424K | 267K | 49K | 1.79M | 39.56M | 2.03M | 2.04M | -439.87K | -5.36K | 15.56M | -3.17M | -2.19M | -12.02M | 536.86K | 0 | 500K |
| Pretax Income | -35.46M | -29.94M | -21.53M | -254.05M | 31.17M | -553K | -10.78M | -211.92M | 37.98M | -103.92M | -64.5M | -123.24M | 213.11M | 4.58M | -29.87M | 71.12M | 3.89M | -22.02M | -15.3M | 49.81M | -39.58M | -24.47M | -26.77M | -29.4M | -12.86M | -17.49M | -9.93M | -17.51M | -2.8M | 0 | 0 |
| Pretax Margin % | -34.71% | -25.22% | -17.23% | -167.06% | 19.95% | -0.5% | -9.97% | -92.33% | 12.18% | -27.3% | -14.15% | -35.96% | 54.59% | 3.41% | -32.89% | 53.49% | 4.82% | -38.15% | -43.92% | 75.95% | -414.36% | -555.4% | -13217.54% | -2994.31% | -774.33% | -476.27% | -558.82% | -15178.98% | -350% | - | - |
| Income Tax | 235K | 435K | 52K | 77.89M | -78.46M | 728K | 17.37M | 5.28M | 1.07M | -1.43M | 24.22M | -47.5M | 81.35M | -38.73M | -91K | 396K | -4K | -15K | 1K | 592K | 82.5K | 0 | 99K | 611.28K | -17.37M | 105.2K | 1.96M | 11.72M | -500K | -100K | 500K |
| Effective Tax Rate % | -0.66% | -1.45% | -0.24% | -30.66% | -251.75% | -131.65% | -161.2% | -2.49% | 2.81% | 1.38% | -37.55% | 38.54% | 38.17% | -845.7% | 0.3% | 0.56% | -0.1% | 0.07% | -0.01% | 1.19% | -0.21% | 0% | -0.37% | -2.08% | 135.03% | -0.6% | -19.79% | -66.94% | 17.86% | - | - |
| Net Income | -35.69M | -30.38M | -21.58M | -331.94M | 109.63M | -1.28M | -28.14M | -217.2M | 36.91M | -102.5M | -88.72M | -75.74M | 131.76M | 43.31M | -29.78M | 70.73M | 3.9M | -22.01M | -15.3M | 49.22M | -39.66M | -24.47M | -26.87M | -30.02M | -13.49M | -17.6M | -9.7M | -17.21M | -2.8M | -1.2M | -500K |
| Net Margin % | -34.94% | -25.59% | -17.27% | -218.28% | 70.17% | -1.15% | -26.04% | -94.63% | 11.84% | -26.92% | -19.46% | -22.1% | 33.75% | 32.27% | -32.79% | 53.19% | 4.82% | -38.12% | -43.92% | 75.05% | -415.23% | -555.4% | -13266.41% | -3056.56% | -812.35% | -479.13% | -546.27% | -14921.74% | -350% | -200% | -166.67% |
| Net Income Growth % | -16.59% | -40.75% | 93.5% | -402.8% | 8657.77% | 95.45% | 87.04% | -688.49% | 136.01% | -15.53% | -17.14% | -157.48% | 204.21% | 245.44% | -142.11% | 1715.35% | 117.7% | -43.82% | -131.09% | 224.1% | -62.09% | 8.95% | 10.47% | -122.42% | 23.33% | -81.39% | 43.62% | -514.6% | -133.33% | -140% | - |
| Net Income (Continuing) | -35.69M | -30.38M | -21.58M | -331.94M | 109.63M | -1.28M | -28.14M | -217.2M | 36.91M | -102.5M | -88.72M | -75.74M | 131.76M | 43.31M | -29.78M | 70.73M | 3.9M | -22.01M | -15.3M | 49.22M | -39.66M | -24.47M | -26.87M | -30.02M | -13.49M | -17.6M | -9.7M | -17.21M | -2.8M | -1.2M | -500K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.55 | -4.74 | -3.45 | -70.05 | 30.45 | -0.45 | -16.05 | -184.35 | 34.50 | -98.10 | -86.85 | -75.60 | 123.00 | 45.00 | -31.95 | 75.60 | 4.20 | -25.65 | -18.75 | 63.00 | -57.30 | -36.90 | -46.50 | -73.65 | -55.35 | -103.35 | -79.35 | -159.45 | -26.55 | -16.20 | -7.20 |
| EPS Growth % | -19.06% | -37.39% | 95.07% | -330.05% | 6935.02% | 97.22% | 91.29% | -634.35% | 135.17% | -12.95% | -14.88% | -161.46% | 173.33% | 240.85% | -142.26% | 1700% | 116.37% | -36.8% | -129.76% | 209.95% | -55.28% | 20.65% | 36.86% | -33.06% | 46.44% | -30.25% | 50.24% | -500.56% | -63.89% | -125% | - |
| EPS (Basic) | - | -4.74 | -3.45 | -70.05 | 34.95 | -0.45 | -16.05 | -184.35 | 34.65 | -98.10 | -87.00 | -75.60 | 135.60 | 45.60 | -31.95 | 78.00 | 4.20 | -25.65 | -18.75 | 63.60 | -57.30 | -36.90 | -46.50 | -73.65 | -55.35 | -103.35 | -79.35 | -159.45 | -26.55 | -16.20 | -7.20 |
| Diluted Shares Outstanding | 6.43M | 6.4M | 6.35M | 4.74M | 3.64M | 2.88M | 1.75M | 1.18M | 1.07M | 1.05M | 1.02M | 1M | 1.11M | 959.07K | 931.54K | 934.83K | 889.35K | 858.66K | 812.98K | 772.55K | 691.96K | 663.69K | 577.15K | 407.64K | 244.05K | 170.34K | 122.17K | 107.91K | 105.3K | 74.07K | 69.44K |
| Basic Shares Outstanding | 6.43M | 6.4M | 6.35M | 4.74M | 3.13M | 2.88M | 1.75M | 1.18M | 1.06M | 1.05M | 1.02M | 1M | 971.55K | 945.6K | 931.54K | 909.38K | 875.55K | 858.66K | 812.98K | 765.85K | 691.96K | 663.69K | 577.15K | 407.64K | 244.05K | 170.34K | 122.17K | 107.91K | 105.3K | 74.07K | 69.44K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and revenue erosion
According to the most recent quarterly financial data, Assertio Holdings experienced a severe revenue decline of 62.5% in 2026Q1, marking a significant deterioration from the 57.9% contraction observed in the prior quarter and highlighting the rapid erosion of the company's core specialty pharmaceutical product portfolio.
The consistent double-digit revenue declines suggest that the company's legacy assets are failing to maintain market relevance in a competitive payer environment. This trend indicates that the current commercial strategy is insufficient to offset the natural decay of the product lifecycle, raising concerns about the durability of the remaining revenue base.
As reported in financial statements, Assertio's gross margin plummeted to 13.9% in 2026Q1, a stark departure from the 60% levels seen in previous periods, which suggests that the company is struggling with high manufacturing costs or unfavorable pricing dynamics relative to its specialty pharmaceutical peers.
The dramatic collapse in gross profitability implies that the cost of goods sold is no longer scaling efficiently with the shrinking revenue base. Investors should monitor whether this margin compression is a structural shift caused by royalty obligations or a temporary impact from inventory write-downs and product returns.
Based on the company's reported figures, operating margins reached a trough of -185.9% in 2026Q1, demonstrating that the firm's fixed SG&A expenses are significantly misaligned with its current revenue scale, effectively preventing any path to operational profitability under the existing cost structure and commercial footprint.
The inability to scale operating income despite fluctuations in revenue suggests that the company's overhead is too rigid for its current size. This lack of operating leverage indicates that management may need to pursue aggressive cost-cutting measures to prevent further depletion of the company's limited cash reserves.
Data from the latest income statement indicates that the company's net loss of $18.9 million in 2026Q1, combined with a dwindling cash position, suggests that the current business model may be unsustainable without significant external capital or a radical pivot in the company's core operational strategy.
Short-sellers would likely focus on the widening gap between operating expenses and gross profit as evidence of a terminal decline in the asset base. The persistent negative earnings quality warrants further investigation into whether the company can maintain its commercial infrastructure without resorting to dilutive financing in the near term.
Quick answers to the most common questions about buying ASRT stock.
For fiscal year 2025, Assertio Holdings, Inc. (ASRT) reported total revenue of $118.7M. This represents a 39471.0% increase compared to $0.3M in 1996.
Assertio Holdings, Inc. (ASRT) reported a net loss of $30.4M for the fiscal year ending 2025.
Assertio Holdings, Inc. (ASRT) reported an operating income of $-17.2M, resulting in an operating profit margin of -14.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Assertio Holdings, Inc. (ASRT) generated $53.3M in gross profit for the year, representing a gross profit margin of 44.9%. This demonstrates the company's core pricing power and production efficiency.