Collegium Provides 2024 Financial Guidance

– Product Revenues, Net Expected in the Range of $580.0 Million to $595.0 Million –

– Adjusted Operating Expenses* Expected in the Range of $120.0 Million to $125.0 Million –

– Adjusted EBITDA* Expected in the Range of $380.0 Million to $395.0 Million –

– $150.0 Million Share Repurchase Program Authorized by the Board of Directors –

STOUGHTON, Mass., Jan. 03, 2024 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a leading, diversified specialty pharmaceutical company, today announced its 2024 full-year financial guidance and provided a business update.

“2023 was a banner year for Collegium. We are on track to grow revenue over 20% and adjusted EBITDA over 35% in 2023 compared to 2022, leading to strong cash flow generation that enabled us to rapidly pay down debt and opportunistically repurchase shares. Our operational accomplishments position the Company to deliver top- and bottom-line growth in 2024 and strengthen our outlook for 2025 and 2026,” said Joe Ciaffoni, President and Chief Executive Officer of Collegium. “In 2024, we are focused on operational execution, which includes achieving our financial commitments and deploying capital to create value for shareholders.”

“We expect record revenue, driven by Belbuca and Xtampza ER growth, and disciplined operating spend, to result in record adjusted EBITDA in 2024,” said Colleen Tupper, Chief Financial Officer of Collegium. “We plan to deploy capital to rapidly pay down debt and opportunistically utilize our new $150 million share repurchase program to return value to our shareholders.”

Recent Business Highlights

• Collegium’s board of directors authorized a new share repurchase program to repurchase up to $150.0 million in common stock over 18 months.
• Returned $75.0 million in capital to shareholders in 2023 under the share repurchase program authorized by Collegium’s board of directors in January 2023, including $25.0 million repurchased through an accelerated share repurchase program since November 9, 2023.
• Successfully completed Xtampza ER contract renegotiations with payors that represent 30% of Xtampza ER total prescriptions in 2023. As a result, Xtampza ER gross-to-net is expected to be in the range of 56% to 58% in 2024.
• Renegotiated a major Medicare Part D contract for Belbuca, maintaining its access position and materially reducing the rebate, and won a new Medicare Part D plan for Belbuca representing approximately one million covered lives.

Financial Guidance for 2024