Collegium Pharmaceutical, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s total assets increased to $1.635 billion, up from $1.143 billion at the end of 2023, primarily due to the acquisition of Ironshore Therapeutics. However, total current assets decreased to $443.8 million from $537.6 million, with cash and cash equivalents dropping sharply to $39.0 million from $238.9 million.
For the third quarter of 2024, Collegium's product revenues reached $159.3 million, a 16.5% increase from $136.7 million in Q3 2023. For the nine months ended September 30, 2024, revenues totaled $449.5 million, compared to $417.0 million in the same period last year. The growth was driven by increased sales of Belbuca, Xtampza ER, and Jornay, which offset a decline in Nucynta product sales.
Gross profit for Q3 2024 was $96.8 million, up from $80.3 million in Q3 2023, while net income for the quarter fell to $9.3 million from $20.6 million year-over-year. For the nine-month period, net income rose significantly to $56.7 million from $16.2 million in 2023. The earnings per share for Q3 2024 were $0.29, down from $0.61 in Q3 2023, but the nine-month EPS increased to $1.75 from $0.47.
The company incurred substantial acquisition-related expenses of $19.9 million in Q3 2024, contributing to a rise in selling, general, and administrative expenses to $62.0 million from $35.3 million in the prior year. Interest expenses decreased to $18.4 million from $20.8 million, reflecting lower interest rates.
Collegium completed the acquisition of Ironshore on September 3, 2024, for approximately $310.0 million, aiming to expand its portfolio into the neurology market with the product Jornay. This acquisition is expected to enhance the company’s growth trajectory, although it has also led to increased operational costs and cash outflows.
The company’s cash flow from operating activities for the nine months ended September 30, 2024, was $120.3 million, down from $201.4 million in the same period of 2023, primarily due to cash used to settle liabilities from the Ironshore acquisition. Cash used in investing activities surged to $276.0 million, largely due to the Ironshore acquisition costs.
Overall, Collegium's strategic acquisition and product performance have positioned the company for future growth, despite short-term challenges in cash flow and operational expenses.
About COLLEGIUM PHARMACEUTICAL, INC
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