"We more than doubled net product sales in the fourth quarter 2019 compared to the fourth quarter 2018 with our expanded product portfolio while reducing expenses and met our projections for the full year with $81.3 million in net product sales," said Todd Smith, president, chief executive officer (CEO) and director of Zyla. "We believe that these promising fourth quarter results reinforce the rationale for our recently announced proposed merger with Assertio Therapeutics. With our strong revenue-generating portfolio and Assertio's complementary portfolio and cash position, together the proposed combined company should be well positioned to be a leading specialty pharmaceutical company focused on commercial excellence and growth."
Zyla Life Sciences, a commercial-stage life sciences company, today reported financial results for the fourth quarter and full-year ended December 31, 2019, including net sales from commercial products: SPRIX® (ketorolac tromethamine) Nasal Spray, VIVLODEX® (meloxicam), ZORVOLEX® (diclofenac)), INDOCIN® (indomethacin) suppositories, INDOCIN® oral suspension and OXAYDO® (oxycodone HCI, USP) tablets for oral use only –CII.
"We more than doubled net product sales in the fourth quarter 2019 compared to the fourth quarter 2018 with our expanded product portfolio while reducing expenses and met our projections for the full year with $81.3 million in net product sales," said Todd Smith, president, chief executive officer (CEO) and director of Zyla. "We believe that these promising fourth quarter results reinforce the rationale for our recently announced proposed merger with Assertio Therapeutics. With our strong revenue-generating portfolio and Assertio's complementary portfolio and cash position, together the proposed combined company should be well positioned to be a leading specialty pharmaceutical company focused on commercial excellence and growth."
2019 and Recent Highlights
2019 Fourth Quarter and Full-Year Financial Results
Earnings Conference Call Information
Zyla's management will host a conference call to discuss the fourth quarter 2019 financial results today:
Date: | March 27, 2019 |
Time: | 8:30 a.m. EST |
Webcast (live and archive): | zyla.com (Events & Webcasts, Investor page) |
Dial-in numbers: | 1-888-346-2615 (domestic) |
1-412-902-4253 (international) | |
Replay numbers: | 1-877-344-7529 (domestic) |
1-412-317-0088 (international) | |
Conference number: | 10140169 |
Note Regarding Use of Non-GAAP Financial Measures
Zyla provides non-GAAP adjusted EBITDA or earnings before interest, taxes, depreciation and amortization as a financial measure. Zyla believes that this non-GAAP financial measure, when considered together with the GAAP figures, can enhance an overall understanding of Zyla's financial performance. The non-GAAP financial measure is included with the intent of providing investors with a more complete understanding of operational results and trends. In addition, this non-GAAP financial measure is among the indicators Zyla's management uses for planning and forecasting purposes and measuring the company's performance. It should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. This non-GAAP financial measure may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies.
Proposed Merger
On March 16, 2020 Assertio Therapeutics and Zyla announced that they have entered into a definitive merger agreement. The boards of directors of both companies have approved the Merger and the Agreement. The Merger is currently expected to close in the second quarter of 2020, subject to approval by Assertio stockholders and by Zyla stockholders and the satisfaction of other customary closing conditions. Additional details can be found in Assertio's and Zyla's respective Current Reports of Form 8-K filed with the Securities and Exchange Commission on March 17, 2020.
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