Business
Collegium Reports First Quarter 2022 Financial Results
- Generated Net Revenue of $83.8 Million - - Completed BDSI Acquisition; On Track to Exceed Targeted Run Rate Synergies of at Least $75 Million - - Resolved
About this update from Collegium Pharmaceutical, Inc.
[{"type":"text","content":"- Generated Net Revenue of $83.8 Million - - Completed BDSI Acquisition; On Track to Exceed Targeted Run Rate Synergies of at Least $75 Million - - Resolved All Opioid-Industry Litigation - - Reaffirms 2022 Financial Guidance - - Conference Call Scheduled for Today at 4:30 p.m. ET - STOUGHTON, Mass., May 10, 2022 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL) today reported its financial results for the first quarter 2022 and provided a corporate update. “2022 is a pivotal year for Collegium, and we made excellent progress in the quarter versus our critical priorities,” said Joe Ciaffoni, President and Chief Executive Officer of Collegium. “The acquisition of BDSI was strategically and financially transformational for our organization, and integration has been seamless to date. For the remainder of the year, we are focused on growing revenue for Belbuca® and Xtampza® ER, renegotiating Xtampza ER contracts, exceeding our targeted run rate synergies, and deploying capital to create shareholder value.” “Our organization is financially strong and well-positioned to embark upon a period of growth and value creation,” said Colleen Tupper, Chief Financial Officer of Collegium. “We are on track to exceed our targeted run rate synergies of at least $75 million, and we expect an acceleration in operating cash flow for the remainder of the year. Our capital allocation priorities are business development, rapidly paying down debt, and opportunistically leveraging our share repurchase program to return capital to shareholders.” Recent Business Highlights Closed the acquisition of BDSI; on track to exceed targeted run rate synergies of at least $75 millionSeamlessly transitioned BDSI core operations and achieved day-one field force readinessGrew Belbuca and Xtampza ER total prescriptions 4% and 3%, respectively, over the first quarter of 2021Received approval from the FDA for the Prior Approval Supplement for a new Nucynta® ER manufacturing site; technology transfer on track to be completed in 2022Executed Master Settlement Agreement resolving all 27 pending opioid-related lawsuits brought against the Company by cities, counties, and other subdivisions in the United StatesAppointed Dr. Thomas B. Smith as Chief Medical OfficerStrengthened Board of Directors with the appointment of Neil F. McFarlane, former Chief Executive Of...