Collegium Pharmaceutical, Inc. reported record financial results for the third quarter ended September 30, 2024. The company generated net revenue of $159.3 million, representing a 17% increase year-over-year. This growth was driven by record revenues from Belbuca at $53.2 million and Xtampza ER at $49.5 million.
GAAP net income for Q3 2024 was $9.3 million, while adjusted EBITDA reached a record $105.1 million, up 18% year-over-year. The company reaffirmed its full-year 2024 guidance for product revenues, net, adjusted operating expenses, and adjusted EBITDA. The pain portfolio showed 11% year-over-year growth.
In a significant leadership change, Collegium appointed Vikram Karnani as its new President and Chief Executive Officer, effective November 7, 2024. Michael Heffernan, Chairman and Interim President and CEO, stated that Karnani is well-positioned to lead Collegium into its next phase of growth, focusing on the integration of Ironshore and maximizing Jornay PM.
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