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Business Upturn
12-05-2025
- Business
- Business Upturn
Collegium Announces $25 Million Accelerated Share Repurchase Program
STOUGHTON, Mass., May 12, 2025 (GLOBE NEWSWIRE) — Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions, today announced that it has entered into an Accelerated Share Repurchase ('ASR') agreement with Jefferies LLC to repurchase $25 million of the Company's common stock. Collegium will execute the ASR as part of the $150 million share repurchase program authorized by its Board of Directors in January 2024. Upon completion of this ASR, Collegium will have $65 million remaining under the program. 'Collegium is off to a strong start in 2025 with first quarter revenues growing 23% year-over-year, driven by robust sales from our pain portfolio and a significant contribution from our rapidly growing ADHD medicine, Jornay PM®,' said Colleen Tupper, Chief Financial Officer. 'The Board's authorization of a $25 million ASR program reflects our strategic approach to capital allocation that balances driving sustained revenue growth while also returning capital to shareholders. We are confident in our future growth trajectory and remain committed to generating additional value as we invest in our key product growth drivers, expand our portfolio through disciplined business development, rapidly pay down debt and opportunistically repurchase shares.' Under terms of the agreement, Collegium will pay $25 million to Jefferies LLC and will receive an initial delivery of 692,281 shares, based on the $28.89 closing stock price of Collegium's common stock on May 9, 2025, representing approximately 80% of the total shares the Company expects to repurchase under the ASR agreement. The final number of shares repurchased will be based on the volume-weighted average prices of Collegium's common stock during the term of the ASR and subject to adjustments related to the terms and conditions of the ASR agreement. The final settlement of the ASR is expected to be completed no later than the third quarter of 2025. As of March 31, 2025, Collegium had approximately 32.1 million shares outstanding. About Collegium Pharmaceutical, Inc. Collegium is building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. The Company has a leading portfolio of responsible pain management medications and recently acquired Jornay PM, a treatment for ADHD, establishing a presence in neuropsychiatry. Collegium's strategy includes growing its commercial portfolio, with Jornay PM as the lead growth driver, and deploying capital in a disciplined manner. Collegium's headquarters are located in Stoughton, Massachusetts. For more information, please visit the Company's website at Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as 'predicts,' 'forecasts,' 'believes,' 'potential,' 'proposed,' 'continue,' 'estimates,' 'anticipates,' 'expects,' 'plans,' 'intends,' 'may,' 'could,' 'might,' 'should' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements related to current and future market opportunities for our products and our assumptions related thereto, expectations (financial or otherwise) and intentions, and other statements that are not historical facts. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the company's current expectations, including risks relating to, among others: unknown liabilities; risks related to future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, and our ability to service those markets; our ability to obtain reimbursement and third-party payor contracts for our products; the rate and degree of market acceptance of our products; the costs of commercialization activities, including marketing, sales and distribution; changing market conditions for our products; the outcome of any patent infringement or other litigation that may be brought by or against us; the outcome of any governmental investigation related to our business; our ability to secure adequate supplies of active pharmaceutical ingredient for each of our products and manufacture adequate supplies of commercially saleable inventory; our ability to obtain funding for our operations and business development; regulatory developments in the U.S.; our expectations regarding our ability to obtain and maintain sufficient intellectual property protection for our products; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Agency compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenue, capital requirements and need for additional financing. These and other risks are described under the heading 'Risk Factors' in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release. Investor Contacts:Ian KarpHead of Investor Relations [email protected]
Yahoo
12-05-2025
- Business
- Yahoo
Collegium Announces $25 Million Accelerated Share Repurchase Program
STOUGHTON, Mass., May 12, 2025 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions, today announced that it has entered into an Accelerated Share Repurchase ("ASR") agreement with Jefferies LLC to repurchase $25 million of the Company's common stock. Collegium will execute the ASR as part of the $150 million share repurchase program authorized by its Board of Directors in January 2024. Upon completion of this ASR, Collegium will have $65 million remaining under the program. 'Collegium is off to a strong start in 2025 with first quarter revenues growing 23% year-over-year, driven by robust sales from our pain portfolio and a significant contribution from our rapidly growing ADHD medicine, Jornay PM®,' said Colleen Tupper, Chief Financial Officer. 'The Board's authorization of a $25 million ASR program reflects our strategic approach to capital allocation that balances driving sustained revenue growth while also returning capital to shareholders. We are confident in our future growth trajectory and remain committed to generating additional value as we invest in our key product growth drivers, expand our portfolio through disciplined business development, rapidly pay down debt and opportunistically repurchase shares.' Under terms of the agreement, Collegium will pay $25 million to Jefferies LLC and will receive an initial delivery of 692,281 shares, based on the $28.89 closing stock price of Collegium's common stock on May 9, 2025, representing approximately 80% of the total shares the Company expects to repurchase under the ASR agreement. The final number of shares repurchased will be based on the volume-weighted average prices of Collegium's common stock during the term of the ASR and subject to adjustments related to the terms and conditions of the ASR agreement. The final settlement of the ASR is expected to be completed no later than the third quarter of 2025. As of March 31, 2025, Collegium had approximately 32.1 million shares outstanding. About Collegium Pharmaceutical, Inc. Collegium is building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. The Company has a leading portfolio of responsible pain management medications and recently acquired Jornay PM, a treatment for ADHD, establishing a presence in neuropsychiatry. Collegium's strategy includes growing its commercial portfolio, with Jornay PM as the lead growth driver, and deploying capital in a disciplined manner. Collegium's headquarters are located in Stoughton, Massachusetts. For more information, please visit the Company's website at Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements related to current and future market opportunities for our products and our assumptions related thereto, expectations (financial or otherwise) and intentions, and other statements that are not historical facts. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the company's current expectations, including risks relating to, among others: unknown liabilities; risks related to future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, and our ability to service those markets; our ability to obtain reimbursement and third-party payor contracts for our products; the rate and degree of market acceptance of our products; the costs of commercialization activities, including marketing, sales and distribution; changing market conditions for our products; the outcome of any patent infringement or other litigation that may be brought by or against us; the outcome of any governmental investigation related to our business; our ability to secure adequate supplies of active pharmaceutical ingredient for each of our products and manufacture adequate supplies of commercially saleable inventory; our ability to obtain funding for our operations and business development; regulatory developments in the U.S.; our expectations regarding our ability to obtain and maintain sufficient intellectual property protection for our products; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Agency compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenue, capital requirements and need for additional financing. These and other risks are described under the heading "Risk Factors" in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release. Investor Contacts:Ian KarpHead of Investor Relationsir@ Danielle JesseDirector, Investor Relationsir@ Media Contact:Cheryl WheelerHead of Corporate Communicationscommunications@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-05-2025
- Business
- Yahoo
Collegium Reports First Quarter 2025 Financial Results and Highlights Recent Company Progress
– Generated Q1'25 Quarterly Net Revenue of $177.8 Million, Up 23% Year-over-Year – – Grew Jornay PM® Prescriptions by 24% Year-over-Year and Reported Quarterly Net Revenue of $28.5 Million; Jornay PM Prescribers Reached an All-Time-High – – Completed Jornay PM Field Force Expansion – – Generated Net Revenue of $149.2 Million from the Pain Portfolio, Up 3% Year-over-Year with All Three Core Products Recording Revenue Growth in the Quarter – – Ended Q1'25 with Cash, Cash Equivalents and Marketable Securities of $197.8 Million – – Board of Directors Authorized $25.0 Million Accelerated Share Repurchase Program – – Reaffirmed Full-Year 2025 Guidance – – Conference Call Scheduled for Today at 4:30 p.m. ET – STOUGHTON, Mass., May 08, 2025 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL) today reported its financial results for the quarter ended March 31, 2025, and provided a business update. 'Collegium is off to a strong start in 2025. We have made significant progress towards our key strategic priorities including growing Jornay PM, maximizing our pain portfolio, and strategically deploying capital to further enhance shareholder value,' said Vikram Karnani, President and Chief Executive Officer. 'In addition to generating strong Jornay PM prescription growth, we recently completed an expansion of our ADHD sales force, adding 55 new sales representatives and bringing our expanded sales team to approximately 180 representatives in total. This expanded sales team is now fully trained and deployed to drive additional growth for Jornay PM, our highly differentiated treatment option for patients with ADHD. Our pain portfolio had another solid quarter with robust sales further demonstrating the value of our three differentiated medicines to treat chronic pain. We expect these product revenues to remain durable in the years ahead and to continue to fuel Collegium's strong cash generation and future growth. Finally, we made some important additions to our leadership team and board of directors, further positioning Collegium for continued long-term success as we build a leading, diversified biopharmaceutical company.' 'In the first quarter of 2025, we grew revenue 23% year-over-year, made targeted investments in our lead growth driver, Jornay PM, and generated strong operating cash flows from our pain business,' said Colleen Tupper, Chief Financial Officer. 'We remain on track to achieve our 2025 financial guidance, which reflects robust top- and bottom-line growth and full year Jornay PM net revenue in excess of $135 million. With our continued strong financial results, we were able to increase our cash position to $197.8 million at the end of the quarter while also paying down an additional $16.1 million in debt. In addition, our board authorized a $25 million accelerated share repurchase program, reinforcing our commitment to returning value to shareholders. We are well positioned to execute on our capital deployment priorities, which include expanding our portfolio through disciplined business development, rapidly paying down our debt, and opportunistically repurchasing shares.' ADHD Business Highlights Grew Jornay PM prescriptions 24% year-over-year in the quarter ended March 31, 2025 (the 2025 Quarter). Generated $28.5 million in Jornay PM net revenue in the 2025 Quarter with full-year net revenue expected to be in excess of $135 million. Completed the Jornay PM field force expansion, adding approximately 55 new sales representatives bringing the expanded ADHD sales force to approximately 180 sales representatives in total, to drive additional growth and increase brand awareness and adoption from prescribers. In March, presented two posters highlighting real-world data on Jornay PM at the National Association of Pediatric Nurse Practitioners (NAPNAP) 46th National Conference on Pediatric Health Care. Pain Portfolio Highlights Grew net revenues from pain portfolio to $149.2 million in the 2025 Quarter, up 3% year-over-year. Generated Belbuca® net revenue of $51.7 million, up 2% year-over-year. Generated Xtampza® ER net revenue of $47.6 million, up 4% year-over-year. Generated Nucynta® Franchise net revenue of $47.1 million, up 4% year-over-year. In April, presented four posters highlighting real-world patient data from the pain portfolio at PainConnect 2025, the American Academy of Pain Medicine (AAPM)'s Annual Meeting. One poster highlighting clinical outcomes with Belbuca was selected among the top six abstracts of the 2025 Congress and will subsequently be published in the Pain Medicine Journal. Corporate Updates In February and March, announced updates to Collegium's Board of Directors including the appointment of Gino Santini, the Board's Lead Independent Director, to Chairman following the retirement of founder and current Chairman, Michael Heffernan, effective as of the date of Collegium's 2025 Annual Meeting of Shareholders on May 15, 2025 (the Annual Meeting). Additionally, two new Board members and one retirement were announced; Nancy S. Lurker, who most recently served as President and Chief Executive Officer of EyePoint Pharmaceuticals, was appointed in February and Dr. Carlos Paya, a leading physician-scientist in immunology and a senior executive in the biopharmaceutical industry, was nominated for election to the Board at the Company's Annual Meeting. Current Board member Gwen A. Melincoff will retire from the Board effective as of the date of the Annual Meeting after having dutifully served since 2017. In March, announced the appointments of three new executive leaders, including David Dieter as Executive Vice President, General Counsel; Jane Gonnerman as Executive Vice President, Strategy and Corporate Development; and Dean J. Patras, as Chief People Officer. Board of Directors authorized a $25.0 million accelerated share repurchase program. In March, named a Top Workplace by USA TODAY, a prestigious recognition highlighting organizations that are leading the way in prioritizing and investing in their employees in 2025. In April, named as a Best Places to Work honoree by the Boston Business Journal, a recognition of organizations that foster employee satisfaction, engagement, and retention. Upcoming Events The Company will participate in the following upcoming investor conferences: Mizuho Neuro & Ophthalmology Summit 2025 – New York, NY; May 21, 2025 Jefferies Global Healthcare Conference – New York, NY; June 5, 2025 Financial Guidance for 2025 The Company reaffirms its full-year 2025 guidance for Product Revenues, Net, Adjusted Operating Expenses and Adjusted EBITDA: Product Revenues, Net $735.0 to $750.0 million Adjusted Operating Expenses(Excluding Stock-Based Compensation) $220.0 to $230.0 million Adjusted EBITDA(Excluding Stock-Based Compensation) $435.0 to $450.0 million Financial Results for Quarter Ended March 31, 2025 Product revenues, net were $177.8 million for the 2025 Quarter, compared to $144.9 million for the quarter ended March 31, 2024 (the 2024 Quarter), representing a 23% increase year-over-year. GAAP operating expenses were $75.6 million for the 2025 Quarter, compared to $42.0 million for the 2024 Quarter, representing an 80% increase year-over-year. Adjusted operating expenses, which exclude stock-based compensation expense and other adjustments to reflect changes that occur in our business but do not represent ongoing operations, were $62.2 million for the 2025 Quarter, compared to $34.5 million for the 2024 Quarter, representing an 80% increase year-over-year. GAAP net income for the 2025 Quarter was $2.4 million, with $0.08 GAAP earnings per share (basic) and $0.07 GAAP earnings per share (diluted), compared to GAAP net income for the 2024 Quarter of $27.7 million, with $0.86 GAAP earnings per share (basic) and $0.71 GAAP earnings per share (diluted). Non-GAAP adjusted net income for the 2025 Quarter was $57.4 million, with $1.49 adjusted earnings per share, compared to non-GAAP adjusted net income for the 2024 Quarter of $58.8 million, with $1.45 adjusted earnings per share. Adjusted EBITDA for the 2025 Quarter was $95.2 million, compared to $92.4 million for the 2024 Quarter, representing a 3% increase year-over-year. The Company generated $55.4 million in cash from operations, and exited the 2025 Quarter with cash, cash equivalents and marketable securities of $197.8 million, up from $162.8 million as of December 31, 2024. Conference Call Information The Company will host a conference call and live audio webcast on Thursday, May 8, 2025, at 4:30 p.m. ET. To access the conference call, please dial (877) 407-8037 (U.S.) or (201) 689-8037 (International) and reference the 'Collegium Pharmaceutical First Quarter 2025 Earnings Call.' An audio webcast will be accessible from the Investors section of the Company's website: The webcast will be available for replay on the Company's website approximately two hours after the event. About Collegium Pharmaceutical, Inc. Collegium is building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. The Company has a leading portfolio of responsible pain management medications and recently acquired Jornay PM®, a treatment for ADHD, establishing a presence in neuropsychiatry. Collegium's strategy includes growing its commercial portfolio, with Jornay PM as the lead growth driver, and deploying capital in a disciplined manner. Collegium's headquarters are located in Stoughton, Massachusetts. For more information, please visit the Company's website at Non-GAAP Financial Measures To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliations, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In addition, certain non-GAAP financial measures, primarily adjusted EBITDA, are used to measure performance when determining components of annual compensation for substantially all non-sales force employees, including senior management. We may discuss the following financial measures that are not calculated in accordance with GAAP in our quarterly and annual reports, earnings press releases, and conference calls. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as: adjusted EBITDA excludes depreciation and amortization, and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes; adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; we exclude stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; and (ii) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position; we exclude impairment expenses from adjusted EBITDA and, although these are non-cash expenses, the asset(s) being impaired may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; we exclude restructuring expenses from adjusted EBITDA. Restructuring expenses primarily include employee severance and contract termination costs that are not related to acquisitions. The amount and/or frequency of these restructuring expenses are not part of our underlying business; we exclude litigation settlements from adjusted EBITDA, as well as any applicable income items or credit adjustments due to subsequent changes in estimates. This does not include our legal fees to defend claims, which are expensed as incurred; we exclude acquisition related expenses as the amount and/or frequency of these expenses are not part of our underlying business. Acquisition related expenses include transaction costs, which primarily consisted of financial advisory, banking, legal, and regulatory fees, and other consulting fees, incurred to complete the acquisition, employee-related expenses (severance cost and benefits) for terminated employees after the acquisition, and miscellaneous other acquisition related expenses incurred; we exclude recognition of the step-up basis in inventory from acquisitions (i.e., the adjustment to record inventory from historic cost to fair value at acquisition) as the adjustment does not reflect the ongoing expense associated with sale of our products as part of our underlying business; we exclude losses on extinguishments of debt as these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; we exclude executive transition expenses from adjusted EBITDA as the amount and/or frequency of these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; and we exclude other expenses, from time to time, that are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis. Adjusted Operating Expenses Adjusted operating expenses is a non-GAAP financial measure that represents GAAP operating expenses adjusted to exclude stock-based compensation expense, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted Net Income and Adjusted Earnings Per Share Adjusted net income is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude significant income and expense items that are non-cash or not indicative of ongoing operations, including consideration of the tax effect of the adjustments. Adjusted earnings per share is a non-GAAP financial measure that represents adjusted net income per share. Adjusted weighted-average shares - diluted is calculated in accordance with the treasury stock, if-converted, or contingently issuable accounting methods, depending on the nature of the security. Reconciliations of adjusted EBITDA, adjusted operating expenses, adjusted net income, and adjusted earnings per share to the most directly comparable GAAP financial measures are included in this press release. The Company has not provided a reconciliation of its full-year 2025 guidance for adjusted EBITDA or adjusted operating expenses to the most directly comparable forward-looking GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, because the Company is unable to predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition related expense and litigation settlements. These items are uncertain and depend on various factors that are outside of the Company's control or cannot be reasonably predicted. While the Company is unable to address the probable significance of these items, they could have a material impact on GAAP net income and operating expenses for the guidance period. A reconciliation of adjusted EBITDA or adjusted operating expenses would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as 'predicts,' 'forecasts,' 'believes,' 'potential,' 'proposed,' 'continue,' 'estimates,' 'anticipates,' 'expects,' 'plans,' 'intends,' 'may,' 'could,' 'might,' 'should' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements related to our full-year 2025 financial guidance, including projected product revenue, adjusted operating expenses and adjusted EBITDA, current and future market opportunities for our products and our assumptions related thereto, expectations (financial or otherwise) and intentions, and other statements that are not historical facts. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the company's current expectations, including risks relating to, among others: unknown liabilities; risks related to future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, and our ability to service those markets; our ability to obtain reimbursement and third-party payor contracts for our products; the rate and degree of market acceptance of our products; the costs of commercialization activities, including marketing, sales and distribution; changing market conditions for our products; the outcome of any patent infringement or other litigation that may be brought by or against us; the outcome of any governmental investigation related to our business; our ability to secure adequate supplies of active pharmaceutical ingredient for each of our products and manufacture adequate supplies of commercially saleable inventory; our ability to obtain funding for our operations and business development; regulatory developments in the U.S.; our expectations regarding our ability to obtain and maintain sufficient intellectual property protection for our products; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Agency compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenue, capital requirements and need for additional financing. These and other risks are described under the heading 'Risk Factors' in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release. Investor Contacts:Ian KarpHead of Investor Relationsir@ Danielle JesseDirector, Investor Relationsir@ Media Contact:Cheryl WheelerHead of Corporate Communicationscommunications@ Collegium Pharmaceutical, Selected Consolidated Balance Sheet Information(in thousands) March 31,2025 December 31,2024 Cash and cash equivalents $ 96,192 $ 70,565 Marketable securities 101,582 92,198 Accounts receivable, net 228,710 228,540 Inventory 37,218 35,560 Prepaid expenses and other current assets 43,996 30,394 Property and equipment, net 13,850 14,329 Operating lease assets 5,545 5,822 Intangible assets, net 835,930 891,402 Restricted cash 20,902 26,047 Deferred tax assets 91,665 98,033 Other noncurrent assets 5,038 8,368 Goodwill 150,760 162,333 Total assets $ 1,631,388 $ 1,663,591 Accounts payable and accrued liabilities 71,593 76,058 Accrued rebates, returns and discounts 324,665 338,642 Business combination consideration payable 24,565 28,956 Term notes payable 600,281 615,316 Convertible senior notes 237,429 237,172 Operating lease liabilities 6,503 6,810 Deferred royalty obligation 121,522 120,613 Deferred revenue 10,000 10,000 Contingent consideration 396 1,182 Shareholders' equity 234,434 228,842 Total liabilities and shareholders' equity $ 1,631,388 $ 1,663,591 Collegium Pharmaceutical, Condensed Statements of Operations(in thousands, except share and per share amounts) Three Months Ended March 31, 2025 2024 Product revenues, net $ 177,757 $ 144,923 Cost of product revenues Cost of product revenues (excluding intangible asset amortization) 24,960 18,950 Intangible asset amortization and impairment 55,473 34,517 Total cost of product revenues 80,433 53,467 Gross profit 97,324 91,456 Operating expenses Selling, general and administrative 76,423 41,982 Gain on fair value remeasurement of contingent consideration (786 ) — Total operating expenses 75,637 41,982 Income from operations 21,687 49,474 Interest expense (20,790 ) (17,339 ) Interest income 2,225 4,487 Income before income taxes 3,122 36,622 Provision for income taxes 705 8,909 Net income $ 2,417 $ 27,713 Earnings per share — basic $ 0.08 $ 0.86 Weighted-average shares — basic 31,793,739 32,326,589 Earnings per share — diluted $ 0.07 $ 0.71 Weighted-average shares — diluted 32,840,153 41,438,466 Collegium Pharmaceutical, of GAAP Net Income to Adjusted EBITDA(in thousands)(unaudited) Three Months Ended March 31, 2025 2024 GAAP net income $ 2,417 $ 27,713 Adjustments: Interest expense 20,790 17,339 Interest income (2,225 ) (4,487 ) Provision for income taxes 705 8,909 Depreciation 1,091 917 Amortization 55,473 34,517 Stock-based compensation 11,524 7,475 Recognition of step-up basis in inventory 3,477 — Executive transition expense 1,397 — Acquisition related expenses 1,289 — Gain on fair value remeasurement of contingent consideration (786 ) — Total adjustments $ 92,735 $ 64,670 Adjusted EBITDA $ 95,152 $ 92,383 Collegium Pharmaceutical, of GAAP Operating Expenses to Adjusted Operating Expenses(in thousands)(unaudited) Three Months Ended March 31, 2025 2024 GAAP operating expenses $ 75,637 $ 41,982 Adjustments: Stock-based compensation 11,524 7,475 Executive transition expense 1,397 — Acquisition related expenses 1,289 — Gain on fair value remeasurement of contingent consideration (786 ) — Total adjustments $ 13,424 $ 7,475 Adjusted operating expenses $ 62,213 $ 34,507 Collegium Pharmaceutical, of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share(in thousands, except share and per share amounts)(unaudited) Three Months Ended March 31, 2025 2024 GAAP net income $ 2,417 $ 27,713 Adjustments: Non-cash interest expense 1,367 1,780 Amortization 55,473 34,517 Stock-based compensation 11,524 7,475 Recognition of step-up basis in inventory 3,477 — Executive transition expense 1,397 — Acquisition related expenses 1,289 — Gain on fair value remeasurement of contingent consideration (786 ) — Income tax effect of above adjustments (1) (18,737 ) (12,653 ) Total adjustments $ 55,004 $ 31,119 Non-GAAP adjusted net income $ 57,421 $ 58,832 Adjusted weighted-average shares — diluted (2) 39,446,458 41,438,466 Adjusted earnings per share (2) $ 1.49 $ 1.45 (1) The income tax effect of the adjustments was calculated by applying our blended federal and state statutory rate to the items that have a tax effect. The blended federal and state statutory rate for the three months ended March 31, 2025 and 2024 were 25.8% and 26.6%, respectively. As such, the non-GAAP effective tax rates for the three months ended March 31, 2025 and 2024 were 25.4% and 28.9%, respectively. (2) Adjusted weighted-average shares - diluted were calculated using the 'if-converted' method for our convertible notes in accordance with ASC 260, Earnings per Share. As such, adjusted weighted-average shares – diluted includes shares related to the assumed conversion of our convertible notes and the associated cash interest expense added-back to non-GAAP adjusted net income. For the three months ended March 31, 2025 and 2024, adjusted weighted-average shares – diluted includes 6,606,305 and 7,509,104 shares, respectively, attributable to our convertible notes. In addition, adjusted earnings per share includes other potentially dilutive securities to the extent that they are not antidilutive.
Yahoo
01-04-2025
- Business
- Yahoo
Collegium to Participate in 24th Annual Needham Virtual Healthcare Conference
STOUGHTON, Mass., April 01, 2025 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL) today announced that management will participate in a fireside chat at the 24th Annual Needham Healthcare Conference being held virtually from April 7-10, 2025. Details of the event are as follows:Fireside Chat Date and Time: Tuesday, April 8, 2025, at 9:30 a.m. ET The fireside chat will be webcast live and can be accessed from the Investors section of the Company's website: A replay of the webcast will be archived on the Company's website for 90 days following the presentation. About Collegium Pharmaceutical, is building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. The Company has a leading portfolio of responsible pain management medications and recently acquired Jornay PM®, a treatment for ADHD, establishing a presence in neuropsychiatry. Collegium's strategy includes growing its commercial portfolio, with Jornay PM as the lead growth driver, and deploying capital in a disciplined manner. Collegium's headquarters are located in Stoughton, Massachusetts. For more information, please visit the Company's website at Investor Contacts:Ian KarpHead of Investor Relationsir@ Danielle JesseDirector, Investor Relationsir@ Media Contact:Cheryl WheelerHead of Corporate Communicationscommunications@ in to access your portfolio
Yahoo
27-02-2025
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Collegium Reports Record Fourth Quarter and Full-Year 2024 Financial Results
– Generated Record Quarterly and Full-Year Net Revenue of $181.9 Million and $631.4 Million – – Reported Quarterly Jornay PM® Net Revenue of $29.3 Million and Pro Forma Full-Year Net Revenue of $100.7 Million – – Achieved Quarterly and Full-Year GAAP Net Income of $12.5 Million and $69.2 Million – – Delivered Record Quarterly and Full-Year Adjusted EBITDA of $107.7 Million and $401.2 Million – – Ended 2024 with Cash, Cash Equivalents and Marketable Securities of $162.8 Million; Repurchased $60.0 Million in Shares in 2024 – – Reaffirmed Full-Year 2025 Guidance – – Conference Call Scheduled for Today at 4:30 p.m. ET – STOUGHTON, Mass., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL) today reported its financial results for the quarter and full year ended December 31, 2024, and provided a business update. '2024 was a year of strong execution for Collegium, marked by robust performance in our pain portfolio and the addition of Jornay PM, establishing our presence in neuropsychiatry and reaffirming our commitment to helping improve the lives of people living with serious medical conditions. This was made possible thanks to the dedication of our talented team,' said Vikram Karnani, President and Chief Executive Officer. 'We drove record financial results in 2024 and are poised for a new phase of growth in 2025 and beyond. We are focused on growing Jornay PM, maximizing our pain portfolio, and strategically deploying capital to create value and continue to build a leading, diversified biopharmaceutical company.' 'We are proud to have delivered on our financial commitments and strategic priorities for 2024, including growing total revenue by 11% and adjusted EBITDA by 9%, generating robust operating cash flows in a year that we completed an acquisition, and deploying capital to expand and diversify our business while executing $60 million in share repurchases,' said Colleen Tupper, Chief Financial Officer. 'We are in a position of financial strength, ending the year with net debt to adjusted EBITDA of less than two times. We are committed to creating long-term value for our shareholders by executing on our commercial priorities and strategically deploying capital in a disciplined manner.' Business Highlights Grew Jornay PM prescriptions 29% year-over-year and 11% quarter-over-quarter in the quarter ended December 31, 2024 (the 2024 Quarter). Pro forma Jornay PM net revenue was $100.7 million in 2024 and expected to be in excess of $135 million in 2025. Grew Belbuca® total prescriptions 5.6% year-over-year and 2.9% quarter-over-quarter in the 2024 Quarter. Belbuca net revenue was a record $55.2 million in the 2024 Quarter, up 12% year-over-year. Xtampza® ER net revenue was a record $51.5 million in the 2024 Quarter, up 6% year-over-year. Appointed Nancy S. Lurker to Collegium's Board of Directors, effective February 4, 2025. Ms. Lurker most recently served as President and Chief Executive Officer of EyePoint Pharmaceuticals, Inc. until 2023, when she transitioned to the role of Executive-Vice Chair of its Board of Directors. In 2024, repurchased $60.0 million in shares, including $25.0 million repurchased in the fourth quarter of 2024 and $35.0 million repurchased through an accelerated share repurchase program in May 2024. Financial Guidance for 2025 The Company reaffirms its full-year 2025 guidance for Product Revenues, Net, Adjusted Operating Expenses and Adjusted EBITDA: Product Revenues, Net $735.0 to $750.0 million Adjusted Operating Expenses(Excluding Stock-Based Compensation) $220.0 to $230.0 million Adjusted EBITDA(Excluding Stock-Based Compensation) $435.0 to $450.0 million Financial Results for Quarter Ended December 31, 2024 Product revenues, net were $181.9 million for the 2024 Quarter, compared to $149.7 million for the quarter ended December 31, 2023 (the 2023 Quarter), representing a 22% increase year-over-year. GAAP operating expenses were $60.2 million for the 2024 Quarter, compared to $32.9 million for the 2023 Quarter, representing an 83% increase year-over-year. Adjusted operating expenses, which exclude stock-based compensation expense and other adjustments to reflect changes that occur in our business but do not represent ongoing operations, were $51.1 million for the 2024 Quarter, compared to $25.9 million for the 2023 Quarter, representing a 97% increase year-over-year. GAAP net income for the 2024 Quarter was $12.5 million, with $0.39 GAAP earnings per share (basic) and $0.36 GAAP earnings per share (diluted), compared to GAAP net income for the 2023 Quarter of $31.9 million, with $0.99 GAAP earnings per share (basic) and $0.82 GAAP earnings per share (diluted). Non-GAAP adjusted net income for the 2024 Quarter was $68.5 million, with $1.75 adjusted earnings per share, compared to non-GAAP adjusted net income for the 2023 Quarter of $64.2 million, with $1.58 adjusted earnings per share. Adjusted EBITDA for the 2024 Quarter was $107.7 million, compared to $104.2 million for the 2023 Quarter, representing a 3% increase year-over-year. The Company exited the 2024 Quarter with cash, cash equivalents and marketable securities of $162.8 million, down from $310.5 million as of December 31, 2023. During 2024, $200.0 million of cash on hand funded the acquisition of Ironshore Therapeutics and $60.0 million funded share repurchases as part of the Company's share repurchase program. Financial Results for Year Ended December 31, 2024 Product revenues, net were $631.4 million for the year ended December 31, 2024 (FY 2024), compared to $566.8 million for the year ended December 31, 2023 (FY 2023), representing an 11% increase year-over-year. GAAP operating expenses were $207.4 million for FY 2024, compared to $159.2 million for FY 2023, representing a 30% increase year-over-year. Adjusted operating expenses, which exclude stock-based compensation expense and other adjustments to reflect changes that occur in our business but do not represent ongoing operations, were $150.6 million for FY 2024, compared to $123.6 million for FY 2023, representing a 22% increase year-over-year. GAAP net income for FY 2024 was $69.2 million, with $2.14 GAAP earnings per share (basic) and $1.86 GAAP earnings per share (diluted), compared to GAAP net income for FY 2023 of $48.2 million, with $1.43 GAAP earnings per share (basic) and $1.29 GAAP earnings per share (diluted). Non-GAAP adjusted net income for FY 2024 was $254.8 million, with $6.45 adjusted earnings per share, compared to non-GAAP adjusted net income for FY 2023 of $223.3 million, with $5.47 adjusted earnings per share. Adjusted EBITDA for FY 2024 was $401.2 million, compared to $367.0 million for FY 2023, representing a 9% increase year-over-year. Conference Call Information The Company will host a conference call and live audio webcast on Thursday, February 27, 2025, at 4:30 p.m. ET. To access the conference call, please dial (877) 407-8037 (U.S.) or (201) 689-8037 (International) and reference the 'Collegium Pharmaceutical Fourth Quarter and Full-Year 2024 Earnings Call.' An audio webcast will be accessible from the Investors section of the Company's website: The webcast will be available for replay on the Company's website approximately two hours after the event. About Collegium Pharmaceutical, Inc. Collegium is building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. The Company has a leading portfolio of responsible pain management medications and recently acquired Jornay PM, a treatment for ADHD, establishing a presence in neuropsychiatry. Collegium's strategy includes growing its commercial portfolio, with Jornay PM as the lead growth driver, and deploying capital in a disciplined manner. Collegium's headquarters are located in Stoughton, Massachusetts. For more information, please visit the Company's website at Non-GAAP Financial Measures To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliations, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In addition, certain non-GAAP financial measures, primarily adjusted EBITDA, are used to measure performance when determining components of annual compensation for substantially all non-sales force employees, including senior management. We may discuss the following financial measures that are not calculated in accordance with GAAP in our quarterly and annual reports, earnings press releases, and conference calls. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as: adjusted EBITDA excludes depreciation and amortization, and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes; adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; we exclude stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; and (ii) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position; we exclude impairment expenses from adjusted EBITDA and, although these are non-cash expenses, the asset(s) being impaired may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; we exclude restructuring expenses from adjusted EBITDA. Restructuring expenses primarily include employee severance and contract termination costs that are not related to acquisitions. The amount and/or frequency of these restructuring expenses are not part of our underlying business; we exclude litigation settlements from adjusted EBITDA, as well as any applicable income items or credit adjustments due to subsequent changes in estimates. This does not include our legal fees to defend claims, which are expensed as incurred; we exclude acquisition related expenses as the amount and/or frequency of these expenses are not part of our underlying business. Acquisition related expenses include transaction costs, which primarily consisted of financial advisory, banking, legal, and regulatory fees, and other consulting fees, incurred to complete the acquisition, employee-related expenses (severance cost and benefits) for terminated employees after the acquisition, and miscellaneous other acquisition related expenses incurred; we exclude recognition of the step-up basis in inventory from acquisitions (i.e., the adjustment to record inventory from historic cost to fair value at acquisition) as the adjustment does not reflect the ongoing expense associated with sale of our products as part of our underlying business; we exclude losses on extinguishments of debt as these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; and we exclude other expenses, from time to time, that are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis. Adjusted Operating Expenses Adjusted operating expenses is a non-GAAP financial measure that represents GAAP operating expenses adjusted to exclude stock-based compensation expense, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted Net Income and Adjusted Earnings Per Share Adjusted net income is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude significant income and expense items that are non-cash or not indicative of ongoing operations, including consideration of the tax effect of the adjustments. Adjusted earnings per share is a non-GAAP financial measure that represents adjusted net income per share. Adjusted weighted-average shares - diluted is calculated in accordance with the treasury stock, if-converted, or contingently issuable accounting methods, depending on the nature of the security. Reconciliations of adjusted EBITDA, adjusted operating expenses, adjusted net income, and adjusted earnings per share to the most directly comparable GAAP financial measures are included in this press release. The Company has not provided a reconciliation of its full-year 2025 guidance for adjusted EBITDA or adjusted operating expenses to the most directly comparable forward-looking GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, because the Company is unable to predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition related expense and litigation settlements. These items are uncertain and depend on various factors that are outside of the Company's control or cannot be reasonably predicted. While the Company is unable to address the probable significance of these items, they could have a material impact on GAAP net income and operating expenses for the guidance period. A reconciliation of adjusted EBITDA or adjusted operating expenses would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements related to our full-year 2025 financial guidance, including projected product revenue, adjusted operating expenses and adjusted EBITDA, current and future market opportunities for our products and our assumptions related thereto, expectations (financial or otherwise) and intentions, and other statements that are not historical facts. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the company's current expectations, including risks relating to, among others: unknown liabilities; risks related to future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to realize the anticipated benefits associated with the acquisition of Ironshore; our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, and our ability to service those markets; our ability to obtain reimbursement and third-party payor contracts for our products; the rate and degree of market acceptance of our products; the costs of commercialization activities, including marketing, sales and distribution; changing market conditions for our products; the outcome of any patent infringement or other litigation that may be brought by or against us; the outcome of any governmental investigation related to our business; our ability to secure adequate supplies of active pharmaceutical ingredient for each of our products and manufacture adequate supplies of commercially saleable inventory; our ability to obtain funding for our operations and business development; regulatory developments in the U.S.; our expectations regarding our ability to obtain and maintain sufficient intellectual property protection for our products; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Agency (DEA), compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenue, capital requirements and need for additional financing. These and other risks are described under the heading "Risk Factors" in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release. Investor Contacts:Ian KarpVice President, Investor Relationsir@ Danielle JesseDirector, Investor Relationsir@ Media Contact:Cheryl WheelerHead of Corporate Communicationscommunications@ Pharmaceutical, Selected Consolidated Balance Sheet Information(in thousands) December 31, December 31, 2024 2023 Cash and cash equivalents $ 70,565 $ 238,947 Marketable securities 92,198 71,601 Accounts receivable, net 228,540 179,525 Inventory 35,560 32,332 Prepaid expenses and other current assets 30,394 15,195 Property and equipment, net 14,329 15,983 Operating lease assets 5,822 6,029 Intangible assets, net 891,402 421,708 Restricted cash 26,047 1,047 Deferred tax assets 98,033 26,259 Other noncurrent assets 8,368 825 Goodwill 162,333 133,857 Total assets $ 1,663,591 $ 1,143,308 Accounts payable and accrued liabilities 76,058 46,263 Accrued rebates, returns and discounts 338,642 227,331 Business combination consideration payable 28,956 — Term notes payable 615,316 405,046 Convertible senior notes 237,172 262,125 Operating lease liabilities 6,810 7,112 Deferred royalty obligation 120,613 — Deferred revenue 10,000 — Contingent consideration 1,182 — Shareholders' equity 228,842 195,431 Total liabilities and shareholders' equity $ 1,663,591 $ 1,143,308Collegium Pharmaceutical, Condensed Statements of Operations(in thousands, except share and per share amounts) Three Months Ended December 31, Years Ended December 31, 2024 2023 2024 2023 Product revenues, net $ 181,949 $ 149,745 $ 631,449 $ 566,767 Cost of product revenues Cost of product revenues (excluding intangible asset amortization) 28,190 20,601 88,801 94,838 Intangible asset amortization and impairment 55,471 34,514 165,304 145,760 Total cost of product revenues 83,661 55,115 254,105 240,598 Gross profit 98,288 94,630 377,344 326,169 Operating expenses Selling, general and administrative 63,091 32,942 210,363 159,208 Gain on fair value remeasurement of contingent consideration (2,914 ) — (2,914 ) — Total operating expenses 60,177 32,942 207,449 159,208 Income from operations 38,111 61,688 169,895 166,961 Interest expense (22,654 ) (19,281 ) (73,974 ) (83,339 ) Interest income 1,812 4,303 13,976 15,615 Loss on extinguishment of debt — — (11,329 ) (23,504 ) Income before income taxes 17,269 46,710 98,568 75,733 Provision for income taxes 4,733 14,770 29,378 27,578 Net income $ 12,536 $ 31,940 $ 69,190 $ 48,155 Earnings per share — basic $ 0.39 $ 0.99 $ 2.14 $ 1.43 Weighted-average shares — basic 32,078,621 32,301,211 32,273,850 33,741,213 Earnings per share — diluted $ 0.36 $ 0.82 $ 1.86 $ 1.29 Weighted-average shares — diluted 40,109,649 41,279,981 40,424,180 41,788,125 Collegium Pharmaceutical, of GAAP Net Income to Adjusted EBITDA(in thousands)(unaudited) Three Months Ended December 31, Years Ended December 31, 2024 2023 2024 2023 GAAP net income $ 12,536 $ 31,940 $ 69,190 $ 48,155 Adjustments: Interest expense 22,654 19,281 73,974 83,339 Interest income (1,812 ) (4,303 ) (13,976 ) (15,615 ) Loss on extinguishment of debt — — 11,329 23,504 Provision for income taxes 4,733 14,770 29,378 27,578 Depreciation 1,041 949 3,856 3,496 Amortization 55,471 34,514 165,304 145,760 Stock-based compensation 7,596 7,002 32,400 27,136 Litigation settlements — — — 8,500 Recognition of step-up basis in inventory 3,968 — 5,269 15,116 CEO transition expense — — 3,051 — Acquisition related expenses 4,443 — 24,329 — Gain on fair value remeasurement of contingent consideration (2,914 ) — (2,914 ) — Total adjustments $ 95,180 $ 72,213 $ 332,000 $ 318,814 Adjusted EBITDA $ 107,716 $ 104,153 $ 401,190 $ 366,969 Collegium Pharmaceutical, of GAAP Operating Expenses to Adjusted Operating Expenses(in thousands)(unaudited) Three Months Ended December 31, Years Ended December 31, 2024 2023 2024 2023 GAAP operating expenses $ 60,177 $ 32,942 $ 207,449 $ 159,208 Adjustments: Stock-based compensation 7,596 7,002 32,400 27,136 Litigation settlements — — — 8,500 CEO transition expense — — 3,051 — Acquisition related expenses 4,443 — 24,329 — Gain on fair value remeasurement of contingent consideration (2,914 ) — (2,914 ) — Total adjustments $ 9,125 $ 7,002 $ 56,866 $ 35,636 Adjusted operating expenses $ 51,052 $ 25,940 $ 150,583 $ 123,572Collegium Pharmaceutical, of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share(in thousands, except share and per share amounts)(unaudited) Three Months Ended December 31, Years Ended December 31, 2024 2023 2024 2023 GAAP net income $ 12,536 $ 31,940 $ 69,190 $ 48,155 Adjustments: Non-cash interest expense 4,664 1,963 9,729 8,635 Loss on extinguishment of debt — — 11,329 23,504 Amortization 55,471 34,514 165,304 145,760 Stock-based compensation 7,596 7,002 32,400 27,136 Litigation settlements — — — 8,500 Recognition of step-up basis in inventory 3,968 — 5,269 15,116 CEO transition expense — — 3,051 — Acquisition related expenses 4,443 — 24,329 — Gain on fair value remeasurement of contingent consideration (2,914 ) — (2,914 ) — Income tax effect of above adjustments(1) (17,245 ) (11,252 ) (62,880 ) (53,526 ) Total adjustments $ 55,983 $ 32,227 $ 185,617 $ 175,125 Non-GAAP adjusted net income $ 68,519 $ 64,167 $ 254,807 $ 223,280 Adjusted weighted-average shares — diluted(2) 40,109,649 41,279,982 40,424,180 41,788,125 Adjusted earnings per share(2) $ 1.77 $ 1.58 $ 6.45 $ 5.47 (1) The income tax effect of the adjustments was calculated by applying our blended federal and state statutory rate to the items that have a tax effect. The blended federal and state statutory rate for the three months ended December 31, 2024 and 2023 were 25.3% and 25.9%, respectively; and the blended federal and state statutory rate for the years ended December 31, 2024 and 2023 were 26.5% and 25.9%, respectively. As such, the non-GAAP effective tax rates for the three months ended December 31, 2024 and 2023 were 23.5% and 25.9%, respectively; and the non-GAAP effective tax rates for the years ended December 31, 2024 and 2023 were 25.3% and 23.4%, respectively.(2) Adjusted weighted-average shares - diluted were calculated using the 'if-converted' method for our convertible notes in accordance with ASC 260, Earnings per Share. As such, adjusted weighted-average shares – diluted includes shares related to the assumed conversion of our convertible notes and the associated cash interest expense added-back to non-GAAP adjusted net income. For the three months ended December 31, 2024 and 2023, adjusted weighted-average shares – diluted includes 6,606,305 and 7,509,104 shares, respectively, attributable to our convertible notes. For the years ended December 31, 2024 and 2023, adjusted weighted-average shares – diluted includes 6,606,305 and 6,793,421 shares, respectively, attributable to our convertible notes. In addition, adjusted earnings per share includes other potentially dilutive securities to the extent that they are not antidilutive.
