Business
Collegium Reports First Quarter 2024 Financial Results
– Generated Q1’24 Net Revenue of $144.9 Million – – Delivered Q1’24 Record Belbuca® Revenue of $50.7 Million; Total Prescriptions Up 4.2% Year-over-Year – –
About this update from Collegium Pharmaceutical, Inc.
[{"type":"text","content":"– Generated Q1’24 Net Revenue of $144.9 Million – – Delivered Q1’24 Record Belbuca® Revenue of $50.7 Million; Total Prescriptions Up 4.2% Year-over-Year – – Achieved Q1’24 GAAP Net Income of $27.7 Million vs. Q1’23 GAAP Net Loss of $(17.4) Million – – Delivered Q1’24 Adjusted EBITDA of $92.4 Million, Up 5% Year-over-Year – – Board of Directors Authorized $35.0 Million Accelerated Share Repurchase Program – – Reaffirmed Full-Year 2024 Guidance – – Conference Call Scheduled for Today at 4:30 p.m. ET – STOUGHTON, Mass., May 09, 2024 (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, 2024, and provided a corporate update. “Thanks to our dedicated team and successful first quarter, Collegium is progressing towards another year of record financial performance,” said Joe Ciaffoni, President and Chief Executive Officer of Collegium. “Our recently announced authorized generic agreement with Hikma meaningfully improves the value of the Nucynta Franchise, which, combined with our healthy balance sheet, fortifies our financial position and gives us confidence in our ability to create value for our shareholders. I am confident the organization is well positioned to deliver on its financial and capital deployment priorities in 2024 by focusing on operational execution.” “We delivered strong first quarter results marked by record Belbuca revenue, managed expenses and robust cash flows, positioning us to achieve our 2024 financial guidance,” said Colleen Tupper, Chief Financial Officer of Collegium. “Our outlook in 2025 and beyond continues to improve. We are committed to deploying capital to create value for our shareholders as demonstrated by the redemption of the total principal amount of our 2026 convertible notes and our newly announced $35.0 million Accelerated Share Repurchase program.” Business Highlights Grew Belbuca total prescriptions 4.2% in the quarter ended March 31, 2024, compared to the prior year quarter. Belbuca net revenue was a record $50.7 million, up 15% year-over-year.Achieved Xtampza® ER gross-to-net of 53.6% in the quarter ended March 31, 2024. Xtampza ER gross-to-net is expected to be in the range o...