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Collegium Pharmaceutical, Inc. (NASDAQ:COLL) today announced FY24 financial guidance and provided a business update.
COLL expects FY24 Product revenues of $580 million-$595 million versus a consensus of $581.19 million.
The company sees Adjusted operating expenses in the range of $120 million-$125 million and Adjusted EBITDA (excluding stock-based compensation) of $380 million-$395 million.
"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," commented Joe Ciaffoni, President and Chief Executive Officer of Collegium.
Collegium expects solid revenue, driven by the growth of Belbuca and Xtampza ER and disciplined operating expenditure, to lead to solid adjusted EBITDA in 2024.
The company recently launched a $150 million share repurchase program and returned $75 million to shareholders in 2023. It renegotiated contracts for Xtampza ER and Belbuca, improving profitability and access, with Belbuca gaining a new Medicare plan covering one million lives.
Price Action: COLL shares are trading higher by 5.91% at $33.08 on Wednesday.
Posted In: COLL
