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• Net Product Revenues: $145.3 million in Q2, up 7% year-over-year.

• Belbuca Net Revenue: $52.2 million, up 21% year-over-year.

• Xtampza ER Net Revenue: $44.6 million, up 8% year-over-year.

• Xtampza ER Gross to Net: 56.2% in Q2.

• Nucynta Franchise Net Revenue: $44.5 million, down 6% year-over-year.

• GAAP Operating Expenses: $43.3 million, up 13% year-over-year.

• Adjusted Operating Expenses: $30.3 million, down 3% year-over-year.

• GAAP Net Income: $19.6 million, up 51% year-over-year.

• Non-GAAP Adjusted EBITDA: $96 million, up 12% year-over-year.

• GAAP Earnings Per Share: $0.60 basic and $0.52 diluted.

• Non-GAAP Adjusted Earnings Per Share: $1.62, up 29% year-over-year.

• Cash, Cash Equivalents, and Marketable Securities: $271.6 million as of June 30.

• 2024 Financial Guidance: Net product revenues expected between $580 million to $595 million.

• 2024 Adjusted EBITDA Guidance: Expected between $380 million to $395 million.

• Jornay PM 2024 Net Revenue Expectation: In excess of $100 million.

• Warning! GuruFocus has detected 6 Warning Sign with COLL.

Release Date: August 08, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Collegium Pharmaceutical Inc (NASDAQ:COLL) reported a 7% year-over-year increase in revenues and a 12% increase in adjusted EBITDA for the second quarter of 2024.

• The company successfully executed the Hikma authorized generic agreement and secured a six-month pediatric exclusivity extension for the Nucynta Franchise, extending its exclusivity to 2027.

• The proposed acquisition of Ironshore Therapeutics is expected to diversify Collegium's portfolio and add Jornay PM, a product with significant revenue potential and exclusivity into the 2030s.

• Belbuca achieved record quarterly revenue, with a 21% year-over-year increase, and Xtampza ER revenue grew by 8% year-over-year.

• Collegium secured attractive financing for the Ironshore acquisition, reducing its cost of capital by 300 basis points and enhancing debt management flexibility.

Negative Points

• Nucynta Franchise net revenue decreased by 6% year-over-year, indicating challenges in maintaining its market position.

• GAAP operating expenses increased by 13% year-over-year, partly due to a $3.1 million charge related to the CEO transition.

• The company faces risks related to the successful integration of Ironshore Therapeutics and realizing anticipated benefits from the acquisition.

• Belbuca's Medicare Part D coverage is currently limited to about 30% of lives, posing a challenge for broader market penetration.

• The search for a new CEO is ongoing, which may create uncertainty in leadership during a critical phase of growth and acquisition integration.