Business
Collegium Reports Net Income of $11.3 Million in the Third Quarter of 2020
– Strengthened Formulary Access for Xtampza® ER, Including Exclusive National Medicare Part D Win – – Generated $34.2 Million in Cash Flow from Operations – –
About this update from Collegium Pharmaceutical, Inc.
[{"type":"text","content":"– Strengthened Formulary Access for Xtampza® ER, Including Exclusive National Medicare Part D Win –\n – Generated $34.2 Million in Cash Flow from Operations – – Adjusted EBITDA of $41.8 Million – – Conference Call Scheduled for Today at 4:30 p.m. ET – STOUGHTON, Mass., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a specialty pharmaceutical company committed to being the leader in responsible pain management, today reported its financial results for the quarter ended September 30, 2020 and provided a corporate update. “In the third quarter, Collegium reported record net income, generated meaningful cash flow from operations and paid down debt,” said Joe Ciaffoni, President and Chief Executive Officer of Collegium. “In the face of COVID-19, 2020 will be a financially transformative year for Collegium. Looking ahead to 2021, we believe the foundation is in place for the next phase of growth for Xtampza ER and stable profit contribution from the Nucynta franchise.” Recent Business Highlights Achieved exclusive formulary positions for Xtampza ER with a major national Medicare Part D plan and several regional commercial plans, as well as parity formulary positions for select regional commercial plans, effective January 1, 2021. With these new exclusive and parity formulary positions, Xtampza ER will be the exclusive branded ER oxycodone for more than 92 million lives and will be in a parity position for approximately 22 million lives.Reached a settlement with Teva Pharmaceutical USA, Inc. resolving patent litigation brought in response to Teva’s Abbreviated New Drug Application, seeking approval to market a generic version of Xtampza ER prior to the expiration of Collegium’s applicable patents. Collegium will grant Teva a license to market its generic version of Xtampza ER in the United States beginning on or after September 2, 2033 (subject to U.S. FDA approval, and customary exceptions).Strengthened Board of Directors with the appointment of Dr. Rita Balice-Gordon, effective September 24, 2020. Sponsored a publication titled, “Postmarketing Analysis of Misuse, Abuse and Diversion of Xtampza ER,” published in the peer-reviewed medical journal, Pain Medicine. The publication presents real-world evidence related to abuse, misuse and diversion of Xtampza ER assessed using Researched Abuse, Diversion a...