Business
Collegium Reports Record 1H’23 Net Revenue of $280.3 Million, Up 35% Year-over-Year
– Q2’23 Net Revenue of $135.5 Million, Up 10% Year-over-Year – – Q2’23 GAAP Net Income of $13.0 Million – – Q2’23 Adjusted EBITDA of $85.8 Million, Up 21%
About this update from Collegium Pharmaceutical, Inc.
[{"type":"text","content":"– Q2’23 Net Revenue of $135.5 Million, Up 10% Year-over-Year – – Q2’23 GAAP Net Income of $13.0 Million – – Q2’23 Adjusted EBITDA of $85.8 Million, Up 21% Year-over-Year – – Board of Directors has Authorized $50 Million Accelerated Share Repurchase Program – – Reaffirmed Full Year 2023 Guidance – – Conference Call Scheduled for Today at 4:30 p.m. ET – STOUGHTON, Mass., Aug. 03, 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 June 30, 2023, and provided a corporate update. “We are on track to make 2023 a banner year. In the first half of the year, we achieved strong financial results, and we are well positioned to deliver on our financial and strategic objectives in the second half of the year,” said Joe Ciaffoni, President and Chief Executive Officer of Collegium. “The Board of Directors’ authorization of a $50 million Accelerated Share Repurchase program reinforces our confidence in the business and commitment to deliver value to our shareholders through effective deployment of our balance sheet. For the remainder of 2023, we are focused on maximizing the potential of our pain portfolio, executing on our capital deployment strategy and taking actions to position the company for growth in 2024.” “In the second quarter, we generated strong financial results characterized by year-over-year double-digit revenue growth, disciplined expense management and strong operating cash flows,” said Colleen Tupper, Chief Financial Officer of Collegium. \"We delivered a strong performance in the first half, and we expect revenues to increase and expenses to decrease in the second half of 2023.” Recent Business Highlights Generated Belbuca® total prescription growth of 3.5% compared to the first quarter of 2023.Increased Xtampza® ER revenue 24% year-over-year to $41.2 million.Grew Nucynta Franchise revenue 8% year-over-year to $47.3 million.Received U.S. Food and Drug Administration (FDA) approval for Nucynta® OS and Nucynta® IR for use in children (ages six and up). This is an important step in the pursuit of a pediatric extension which would extend exclusivity of the Nucynta Franchise an additional six months (December 2025 w...