Collegium (COLL) Shares Rise on Financial Outlook for 2024
Shares of Collegium Pharmaceutical, Inc. COLL were up 8.4% on Jan 3 after it announced its full-year financial guidance for 2024 and provided a business update, indicating a positive investor response.
The company expects product revenues, net in the range of $580-$595 million in 2024. Adjusted operating expenses (excluding stock-based compensation) are expected to be in the band of $120-$125 million, while adjusted EBITDA (excluding stock-based compensation) is projected in the range of $380-$395 million in 2024.
Per the press release, Collegium’s board of directors has also authorized a new share repurchase program to repurchase up to $150 million shares over 18 months.
The company remains focused on creating maximum value for its shareholders with the aid of the new share repurchase program and making use of the capital to repay any debt obligations in 2024.
Shares of Collegium have rallied 20.8% in the past year compared with the industry’s growth of 1.5%.
Image Source: Zacks Investment Research
Collegium’s commercial portfolio currently includes Xtampza ER, Nucynta products – Nucynta ER and Nucynta IR, Belbuca and Symproic.
Xtampza ER, Belbuca and Nucynta are approved for the management of severe pain that requires daily opioid medication and for which alternative treatments are not adequate.
Symproic is indicated for the treatment of opioid-induced constipation in adult patients with chronic non-cancer pain.
During the first nine months of 2023, Belbuca generated sales worth $132.7 million, increasing around 57.2% year over year. Meanwhile, Xtampza ER recorded $128.9 million in sales in the first nine months of 2023, increasing about 24.5% year over year. Symproic generated sales of $11.4 million in the first nine months of 2023.
Collegium added Belbuca and Symproic products to its portfolio with the acquisition of BioDelivery Sciences in March 2022.
Collegium anticipates that its top-line growth will be mainly driven by Belbuca and Xtampza ER sales in 2024.
It remains to be seen how the company will navigate any unforeseen challenges and drive its business in 2024.
Zacks Rank & Stocks to Consider
Collegium currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the healthcare sector are Dynavax Technologies Corporation DVAX, Entrada Therapeutics, Inc. TRDA and Puma Biotechnology, Inc. PBYI, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Dynavax Technologies’ 2024 earnings per share have improved from 12 cents to 18 cents. In the past year, shares of DVAX have surged 39.1%.
Earnings of Dynavax Technologies beat estimates in two of the last four quarters while missing the same on the remaining two occasions. DVAX delivered a four-quarter earnings surprise of 293.21%, on average.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have narrowed from $2.35 to $2.04. In the past year, shares of TRDA have lost 1.4%.
Earnings of Entrada Therapeutics beat estimates in three of the last four quarters while missing the same on the remaining occasion. TRDA delivered a four-quarter average earnings surprise of 70.68%.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 62 cents to 69 cents. In the past year, shares of PBYI have lost 4.6%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Dynavax Technologies Corporation (DVAX) : Free Stock Analysis Report
Puma Biotechnology, Inc. (PBYI) : Free Stock Analysis Report
Collegium Pharmaceutical, Inc. (COLL) : Free Stock Analysis Report
Entrada Therapeutics, Inc. (TRDA) : Free Stock Analysis Report
