Collegium Pharmaceutical (COLL) Q4 2024 earnings summary

Executive summary

• Achieved record product revenues of $631.4 million in 2024, up 11% year-over-year, and record adjusted EBITDA of $401.2 million, up 9% year-over-year.

• Expanded into neuropsychiatry with the acquisition of Ironshore Therapeutics, adding Jornay PM and establishing a new growth platform.

• Drove significant growth in Jornay PM prescriptions (+31% YoY in 2024, +29% YoY in Q4) and maintained strong pain portfolio performance.

• Leadership changes included the appointment of Nancy Lurker to the board and a new Head of Investor Relations.

• Deployed $60 million in share repurchases in 2024, maintaining net leverage below 2x adjusted EBITDA.

Financial highlights

• Q4 2024 net product revenues were $181.9 million, up 22% year-over-year; full-year revenues reached $631.4 million, up 11% year-over-year.

• Q4 adjusted EBITDA was $107.7 million (up 3% YoY); full-year adjusted EBITDA was $401.2 million (up 9% YoY).

• Full-year GAAP net income was $69.2 million; Q4 GAAP net income was $12.5 million.

• Non-GAAP adjusted EPS for 2024 was $6.45.

• Ended 2024 with $162.8 million in cash, cash equivalents, and marketable securities.

Outlook and guidance

• 2025 net product revenues expected in the range of $735 million–$750 million, primarily driven by Jornay PM growth.

• Adjusted EBITDA guidance for 2025 is $435 million–$450 million; adjusted operating expenses of $220 million–$230 million.

• Jornay PM net revenue expected to exceed $135 million in 2025.

• Net leverage expected to decrease to less than one time by end of 2025.

• Investments in Jornay PM and commercial initiatives are front-loaded in 2025, with the majority of impact expected in 2026 and beyond.