Collegium Pharmaceutical Reports $631.4M Revenue for Fiscal Year 2024, Driven by Jornay Sales

Collegium Pharmaceutical, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with net product revenues reaching $631.4 million, up from $566.8 million in 2023. This $64.6 million increase was primarily driven by strong sales of Jornay, Belbuca, and Xtampza ER, which collectively contributed to the revenue growth. The company noted that the revenue from Jornay, acquired in September 2024, accounted for $37.2 million of this increase. However, revenues from the Nucynta Products and Symproic saw declines of $14.3 million and $1.4 million, respectively.

The company's cost of product revenues also increased, totaling $254.1 million in 2024 compared to $240.6 million in the previous year. This rise was attributed to higher intangible asset amortization expenses, which increased from $145.8 million in 2023 to $165.3 million in 2024, largely due to the Ironshore Acquisition. Despite the increase in costs, Collegium reported a gross profit of $377.3 million, up from $326.2 million in 2023, resulting in an income from operations of $169.9 million, slightly down from $167.0 million the previous year.

Strategically, Collegium has made significant moves, including the acquisition of Ironshore Therapeutics, which expanded its portfolio to include Jornay, a medication for ADHD. This acquisition, along with the previous purchase of BioDelivery Sciences International, Inc. in 2022, has allowed Collegium to diversify its product offerings beyond pain management. The company has also expanded its sales force, particularly for Jornay, and plans to increase its ADHD sales team from 150 to 180 representatives by mid-2025.

Operationally, Collegium's workforce has grown to 357 full-time employees as of December 31, 2024. The company has focused on enhancing its marketing strategies to increase awareness of its products, particularly their unique features and the associated risks of opioid use. The sales force is actively engaged with approximately 10,000 healthcare professionals who prescribe a significant portion of branded extended-release opioids in the U.S. The company also reported a working capital deficit of $26.8 million, with current assets of $482.3 million and current liabilities of $508.1 million.

Looking ahead, Collegium remains optimistic about its growth trajectory, bolstered by its recent acquisitions and product launches. The company anticipates that its cash reserves, along with expected cash inflows from operations, will support its operational and capital needs in the foreseeable future. However, it acknowledges the potential risks associated with regulatory changes, market competition, and the ongoing scrutiny of opioid products, which could impact its profitability and market position.