Business
Collegium Reports Fourth Quarter and Full-Year 2022 Financial Results
– Generated Record Quarterly and Full-Year Net Revenue of $129.6 and $463.9 Million – – Ended 2022 with Cash Balance of $173.7 Million – – Reaffirmed 2023
About this update from Collegium Pharmaceutical, Inc.
[{"type":"text","content":"– Generated Record Quarterly and Full-Year Net Revenue of $129.6 and $463.9 Million – – Ended 2022 with Cash Balance of $173.7 Million – – Reaffirmed 2023 Financial Guidance – – Conference Call Scheduled for Today at 4:30 p.m. ET – STOUGHTON, Mass., Feb. 23, 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 and full-year ended December 31, 2022 and provided a corporate update. “2022 was a pivotal year for Collegium Pharmaceutical. We acquired and seamlessly integrated BDSI, recognizing approximately $85 million in annual run-rate synergies; renegotiated Xtampza ER contracts, significantly reducing gross-to-net while maintaining broad access; and resolved all 27 opioid industry-related lawsuits brought against the Company,” said Joe Ciaffoni, President, and Chief Executive Officer of Collegium. “We expect 2023 to be a banner year highlighted by an acceleration of top- and bottom- line growth as we capitalize on lower Xtampza ER® gross-to-net and grow Xtampza ER and Belbuca® prescriptions on a full-year basis. We are committed to executing on our strategic priorities, including deploying capital in a disciplined manner, to create long-term value for shareholders.” “Our fourth quarter results demonstrate Collegium’s financial strength as we delivered record net revenue, record adjusted EBITDA and robust operating cash flows,” said Colleen Tupper, Chief Financial Officer of Collegium. “We returned $19.1 million of capital to shareholders in 2022 and remain committed to strategically deploying capital with business development as our top priority, followed by rapid debt paydown and returning capital to shareholders through our $100 million share repurchase program. Our 2023 financial guidance conveys our confidence that 2023 will be a banner year.” Full Year 2022 and 2023 Business Highlights Completed Xtampza ER contract renegotiations, maintaining broad access while significantly decreasing rebates; Xtampza ER gross-to-net is expected to be in the range of 61% to 63% in 2023.Acquired and seamlessly integrated BDSI and achieved annual run-rate synergies of approximately $85 million.Returned $19.1 million in capital to share...