Business
Collegium Reports Third Quarter Fiscal 2021 Results
- Board of Directors Has Authorized $25 Million Accelerated Share Repurchase Program -- Net Income of $8.0 Million and Adjusted EBITDA of $37.3 Million --
About this update from Collegium Pharmaceutical, Inc.
[{"type":"text","content":"- Board of Directors Has Authorized $25 Million Accelerated Share Repurchase Program -- Net Income of $8.0 Million and Adjusted EBITDA of $37.3 Million -- Full-Year 2021 Guidance Updated -- Conference Call Scheduled for Today at 4:30 p.m. ET - STOUGHTON, Mass., Nov. 04, 2021 (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 third quarter ended September 30, 2021 and provided a corporate update. The Company also announced that its Board of Directors has authorized an accelerated share repurchase program to repurchase $25 million of the Company’s common stock, as part of the $100 million share repurchase program authorized in August 2021. “In the face of challenging market dynamics, Collegium is on track to achieve record full year revenue, net income, and adjusted EBITDA,” said Joe Ciaffoni, President and Chief Executive Officer of Collegium. “I am confident in the underlying strength of our differentiated pain portfolio and the financial strength of the organization. Today’s announcement of the accelerated share repurchase program reflects our confidence and commitment to deliver value to our shareholders through effective deployment of our balance sheet.” “In the third quarter, we generated significant net operating cash flows and continued to leverage our cost structure,” said Colleen Tupper, Chief Financial Officer of Collegium. “Collegium remains in a strong financial position. Going forward, our balance sheet and anticipated future net operating cash flow generation will enable us to return capital to our shareholders, pay down debt, and diversify the business through acquisitions.” Business Highlights for Nine Months Ended September 30, 2021 The Company posted record total revenue, net income, and adjusted EBITDA through the first nine months of the year.Xtampza® ER achieved all-time highs in market share and exited Q3 2021 with 32.5% share of the ER oxycodone market, up 7.4 percentage points from year-end 2020.Nucynta® franchise net revenue grew to over $150 million year-to-date, a level not seen in the first three quarters of a year since 2018.Since the first quarter, the Company has sequentially reduced operating expenses, delivering on its commitment to leverage,...