Collegium Q1 2024 Financial Results

Collegium Pharmaceutical, Inc., a Stoughton, Massachusetts-based company (Nasdaq: COLL), announced its financial results for the first quarter of 2024 on May 9, 2024, highlighting significant growth and strategic initiatives. The company reported a net revenue of $144.9 million for Q1 2024, marginally up from $144.8 million in the same quarter the previous year. The standout performer for the quarter was Belbuca®, which generated record revenue of $50.7 million, marking a 15% year-over-year increase. Total prescriptions for Belbuca also rose by 4.2% compared to the same period last year.

Collegium achieved a notable turnaround in its financial performance, posting a GAAP net income of $27.7 million for Q1 2024, a significant improvement over the GAAP net loss of $17.4 million in Q1 2023. Adjusted EBITDA for the quarter was $92.4 million, reflecting a 5% increase year-over-year. The company's cash position also strengthened, with cash, cash equivalents, and marketable securities totaling $318.0 million at the end of the quarter, up from $310.5 million as of December 31, 2023.

Joe Ciaffoni, President and CEO of Collegium, expressed satisfaction with the company's progress, attributing it to the dedicated team and robust operational execution. He emphasized the strategic importance of a recently announced authorized generic agreement with Hikma Pharmaceuticals, which enhances the value of the Nucynta Franchise and strengthens the company's financial position.

Colleen Tupper, CFO of Collegium, pointed out the company's strong cash flows and managed expenses, positioning it well to achieve its 2024 financial targets. She noted the company's commitment to shareholder value, highlighted by the redemption of the entire principal amount of its 2026 convertible notes and the authorization of a $35.0 million Accelerated Share Repurchase program by the Board of Directors.

The first quarter also saw Collegium presenting four research posters at the American Academy of Pain Medicine (AAPM) Annual Meeting in March 2024. Additionally, the company announced the redemption of $26.4 million of its 2.625% Convertible Senior Notes due in 2026, effective June 14, 2024.

In a significant leadership change, Joe Ciaffoni will step down as President and CEO effective May 24, 2024. Michael Heffernan, the company's founder and former CEO, will assume the role of Interim President and CEO until a permanent successor is appointed.

Collegium reaffirmed its full-year 2024 guidance, projecting net product revenues between $580.0 million and $595.0 million, adjusted operating expenses (excluding stock-based compensation) between $120.0 million and $125.0 million, and adjusted EBITDA (excluding stock-based compensation) between $380.0 million and $395.0 million.

For the quarter ended March 31, 2024, the company reported GAAP operating expenses of $42.0 million, down from $52.8 million in the same quarter last year, a 20% year-over-year decrease. Adjusted operating expenses were $34.5 million, a 10% decrease from $38.2 million in Q1 2023.

GAAP earnings per share for Q1 2024 were $0.86 (basic) and $0.71 (diluted), compared to a GAAP loss per share of $(0.51) in Q1 2023. Non-GAAP adjusted net income for the 2024 quarter was $58.8 million, with adjusted earnings per share of $1.45, up from $51.7 million and $1.32 per share, respectively, in the same period last year.

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