$Collegium Pharmaceutical (COLL.US)$In the past 5 years, wit...
$Collegium Pharmaceutical (COLL.US)$In the past 5 years, with the exception of 2021, revenue has grown rapidly for 5 years. Operating profit shrank sharply after reversing losses in 2020, reaching 0.3 million yuan in 2022. Net profit in 2021 was basically tax-rebated, and 2022 was affected by interest expenses of 62 million yuan, but instead lost 25 million yuan.
The 2023Q1 situation did not change much. Revenue and operating profit continued to grow rapidly, and net profit was affected by interest and special expenses, and losses increased. There is a good sign in 2023Q1. Profits can be achieved if special expenses are not taken into account, and special expenses have not been frequent in past financial reports. If they do not appear, profits will most likely be achieved in subsequent quarters.
The quarterly operating profit for Q1 was 25 million. If the annual operating profit is 100 million and interest is the same as 2022, then profit before tax can be achieved. The current market value of 805 million corresponds to 21 times the price-earnings ratio. It seems that the risk is still quite high. Let's take a look at a few more quarters.
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