Collegium Pharmaceutical (COLL) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 net product revenue of $159.3 million, up 17% year-over-year, driven by strong performance in the pain portfolio and successful integration of Ironshore Therapeutics and Jornay PM.

• Adjusted EBITDA reached a record $105.1 million, up 18% year-over-year.

• Appointed Vikram Karnani as CEO, effective November 12, 2024, bringing extensive biopharma leadership experience.

• Closed Ironshore Therapeutics acquisition, expanding into neurology/ADHD with Jornay PM as a new growth driver.

• Focused on maximizing growth in pain and ADHD portfolios, with Jornay PM positioned as a lead growth driver.

Financial highlights

• Q3 2024 net product revenue was $159.3 million, up 17% year-over-year.

• Pain portfolio revenue reached $151.3 million, up 11% year-over-year; BELBUCA revenue $53.2 million (+17%), XTAMPZA ER $49.5 million (+24%).

• Jornay PM contributed $8.0 million in Q3 2024, reflecting less than one month of sales.

• Adjusted EBITDA was $105.1 million, up 18% year-over-year; adjusted EPS was $1.61.

• GAAP net income was $9.3 million, down from $20.6 million in Q3 2023, primarily due to $19.9 million in acquisition-related expenses.

Outlook and guidance

• Reaffirmed 2024 net product revenue guidance of $620–$635 million.

• Jornay PM expected to generate over $100 million in 2024 net revenue.

• Adjusted operating expenses projected at $150–$155 million; adjusted EBITDA at $395–$405 million.

• Net leverage expected to be below 2.0x by year-end 2024.

• Expects record revenue in 2025, driven by continued pain portfolio growth and Jornay PM addition.