Shares of Collegium Pharmaceutical experienced a notable increase on Wednesday following the company’s positive guidance for the next fiscal year. The specialty pharmaceutical company expects higher revenue and adjusted earnings, boosting investor confidence.
At $34.64, the stock surged by 11%, marking its most significant percentage increase in a year and reaching an unprecedented closing high. Over the past year, shares have already climbed by 28%, indicating a promising trajectory for the company.
Collegium Pharmaceutical, headquartered in Stoughton, Massachusetts, projects product revenue between $580 million and $595 million for fiscal 2024. This forecast surpasses the anticipated revenue of $565 million to $570 million for the current fiscal year ending in December.
Furthermore, the company anticipates adjusted Ebitda of $380 million to $395 million for fiscal 2024, reflecting its strong financial performance. In comparison, Collegium Pharmaceutical predicted adjusted Ebitda of $360 million to $365 million for fiscal 2023.
Chief Financial Officer Colleen Tupper emphasized the company’s commitment to debt reduction using capital and strategic utilization of the share repurchase program in 2024.
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