Business
Collegium Reports First Quarter 2023 Financial Results
– Generated Record Net Revenue of $144.8 Million – – Delivered Record Belbuca® and Xtampza® ER Net Revenue – – Ended Q1’23 with Cash Balance of $269.5 Million
About this update from Collegium Pharmaceutical, Inc.
[{"type":"text","content":"– Generated Record Net Revenue of $144.8 Million – – Delivered Record Belbuca® and Xtampza® ER Net Revenue – – Ended Q1’23 with Cash Balance of $269.5 Million – – Reaffirmed Full Year 2023 Guidance – – Conference Call Scheduled for Today at 4:30 p.m. ET – STOUGHTON, Mass., May 04, 2023 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a leading, diversified specialty pharmaceutical company committed to improving the lives of people living with serious medical conditions, today reported its financial results for the quarter ended March 31, 2023, and provided a corporate update. \"We delivered record revenue and adjusted EBITDA in the first quarter driven by lower Xtampza ER gross-to-net, record Belbuca revenues and leveraging our fully synergized cost structure,” said Joe Ciaffoni, President and Chief Executive Officer of Collegium. “Business development is our top capital deployment priority, and we are actively evaluating opportunities with a focus on improving the lives of people living with serious medical conditions and creating value for our shareholders. We are on track to achieve our strategic and financial objectives, and we are confident that 2023 will be a banner year.” “Our strong performance in the first quarter demonstrates our financial strength and discipline,” said Colleen Tupper, Chief Financial Officer of Collegium. “We increased our cash balance through our strong operating results and the successful completion of our convertible note financing, leaving us well positioned to execute on our capital deployment strategy.” Recent Business Highlights Achieved Xtampza ER gross-to-net of 55% in the quarter ended March 31, 2023, following the successful renegotiation of Xtampza ER contracts in 2022. Xtampza ER gross-to-net is expected to be in the range of 61% to 63% in full-year 2023.Presented four posters at the American Academy of Pain Medicine (AAPM) Annual Meeting in March 2023.Authorized a new share repurchase program in January 2023 to repurchase up to $100 million in common stock.Completed a $241.5 million offering of convertible senior notes due in 2029. Net proceeds from the notes were used to partially repurchase the outstanding convertible senior notes due in 2026, and the remainder of the net proceeds are expected to be used for general corporate purposes, including implementation of Coll...