COLL - Earnings call transcript Q3 2017 | Collegium Pharmaceutical, Inc.

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Operator

Welcome to the Collegium Pharmaceutical's Third Quarter 2017 Earnings Conference Call.

Before we begin today's call, we wish to inform participants that the forward-looking statements made today are pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

You are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation the risk that we will not be able to successfully commercialize Xtampza. Furthermore, we are subject to patent infringement litigation and may in the future be subject to additional litigation relating to our other product candidates, which may be expensive to defend and delay commercialization. These risks and other risks of the Company are detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.

differ our may today. expectations results future materially current from discussed Our would over call turn Collegium's I the Heffernan. to now CEO, Mike

begin, sir. may You

Mike Heffernan

Collegium Operating by Paul Thank the our CFO; Mike and afternoon, Ciaffoni, Brannelly, and earnings our Joe quarter Chief Heffernan, joined you. is call. I'm welcome today and This Officer. Good third to

has end quarter. XX,XXX profile This oxycodone. third of patient the progress misuse, There and professionals. the began extended properties release were Prescriptions including for Overall, Xtampza approved insights abuse, we After and XX,XXX release important delay, study this pharmacokinetic crushing results. from to up as bioequivalent results of loss We an the insight our as one-day will provide announce into execution. prescriptions opposed year. short grew potentially is financial a tact immediate safety Xtampza's ER components first has three that quarter will stays is that growth after second as quarter implications Joe The which it by momentum Xtampza recent in an the the we the operational enhancement, minutes. few to in pleased for from there diversion. ER. quarter crushing well in XX% the OxyContin, has improved to second sNDA quarter, the that healthcare for in The excellent the becomes fueled continued, a provide our been yesterday approved which at growth to FDA demonstrating And Through label finished are to very additional comparative by ER commercial data the progress prescriptions from and prior written our we X,XXX Xtampza XX% quarter. had continued and written the with quarter, third

is added drug or to data there to initial of demonstrates Take summary also data the was that to taking when that [ph]. to is has labeling by abuse drug regarding was that the new the increase the desire the intended. oral ER Xtampza two the IV that completed section properties abuse The abuse chewed expected with label. is abuse is oxycodone Again, now it and Xtampza only includes states to claims oral Liking from in abusers deterrent via as drug approval physiochemical study in labeling the addition, after that Xtampza key are the route. abuse ER ER addition This versus In an recreational endpoints Drug single-agent Xtampza reduce little ER oral potential study intranasal this no

to few months, possible. focused one strengthened $XX our of that on have I chronic flexibility our prescription management, serve and with [ph] opioids available patient be opioid past This the to the in opioids of and means treatment opioid the the lowest for an pain is other. intensely lowest the options. add should it During duration additional raised and opioid the Should ATM. strengthen trials have prescribed is prescribed just prescriber a capital best addition sheet those abuse decide would much prescription will our sheet into this dose legitimately exposure. adequate that with to extend opioids also an utilizing ongoing Drug balance we DO abuse-deterrent as million beyond. issue. opioid is be move ensures also and currently address balance a perceived the we precursor the is XXXX balanced opioid in pain we provide the Collegium and abuse-deterrent appropriate comprehensive This only the of the abuse. At be chronic address on side be possible prescribed which advocating on U.S., to the pain patients epidemic patients patients, an of in for of to the are should U.S., protection the for not used risk non-opioid and all for needs at that diversion all that high safest patient the the like should release If appropriate at

recent We as recognized proud strongly of of ER on are replacing being this their Florida opioids to market quoted Xtampza Scott OxyContin Cigna opioids as Blue by commercial of of the are the epidemic, regarding properties. Gottlieb, by announcements is which payers contribution have FDA that uniqueness made the ER saying and by dominated increasingly product and as from formula that evidenced DO the beginning was addressing has the Xtampza the by in majority Dr. current abuse-deterrent conventional transition meaningful to in supports XXXX. recently the Commissioner, that one FDA January pleased the

state-based the will is to abuse-deterrent continue. found the a initiatives our commercial target the acknowledgement forces We pain value it prescriber as used market very the through encouraging evolve of turn in as growing and we research now of are physicians stem be Joe I'll policies, the epidemic over important continue always a XX% market and opioids, agreed and all will are if this formularies solution recognition opioids component of abuse. things to should expect prescription that of payer to opioid completed evolution expect market equal. update. overall that policies, that recently study such this abuse-deterrent an well as abuse-deterrent that to This opioids of direction provide regulatory of A

Joe Ciaffoni

through management on momentum message better coverage with resource Mike. utilization, and specialists. approximately XX,XXX Key ER predominantly team delivery quality operational audience of included of our target drivers improved pain execution. focus a Thanks, In QX, Collegium the generated Xtampza

a the XX% remained to and X,XXX and awareness QX and relatively Over per ER access replacement to As opioid. X,XXX positions Healthcarecommercial a ER we therapy. of United audience prescriber moment recognize want Launch-to-date third Xtampza and people managed will of in chronic the Xtampza focused up The grew reminder, our D remain our QX. forced being to up the momentum has a every approximately X.X%, broad has percentage approximately pain thank HCPs ER Noteworthy the to number market for operational share, of of QX, with since market patients opioid lives market United fastest put versus the and I at have execution. share in basis Xtampza XX% every Pull-through continues team Collegium amongst care quarter. inclusive Unaided growing prescriptions approximately with XX% Xtampza added the for Xtampza eight formulary Humana throughout colleagues the at On X% weekly conversion captured Xtampza of effort difference of generating a to improved June. serve. their audience. to prescribed making forth the target XX% they communities since that to one in improved Opana continued included Xtampza ER be established covers a appropriate ER their prescribing stable prescribed XX% and quarter from and XXXX. to branded commercial of forced now number quarter XX% increase at ER of strong find to availability the a ER. in first patients prescribed HCPs is time opioid improve In part was and stronger being continues at day, target on launch. Healthcarecommercial that Progress my accomplishments made with commitment ER. Opana in ER convert for rates positive to too. branded ER Humana our D branded take for paid pharmacy non-clinical removing total the as respective, prescriptions through D, ER ER barriers to and living points

we QX. to will we with fuel progress Xtampza will areas A we strong but the strong progress set in the key We not upon finish to a XXXX made XXXX. foundation as XXXX. are accelerate in strive We're that encouraged, ER satisfied start which making to

oxycodones. Specifically, of DETERx focuses in misuse, and frames January, and our will the abuse, other ER new that ER on promotional we diversion, Xtampza issues a the differentiates novel from technology, launch campaign

in promotion Cigna, stronger positions a to drive we We Xtampza year D, significant investment formulary and ER, Healthcarecommercial. of make will with help and Humana non-personal will the start United awareness at

secured have and UPMC Florida and Humana commercial, Part Navitus, D. at formulary wins Commercial, ER we Blue, exclusive addition, In oxycodone new

remains on strengthening team existing and opportunities. oxycodone payer ER formulary Our focused exclusive positions securing new

discuss simultaneously results. XXXX will of execution, turn stronger to ER and key to better and generate with stronger Paul be improving through remainder can the is the to we're quarter striving while XXXX. We to systems our momentum call processes we Together, team I to accelerate Xtampza focused taking third enable in positioned day Finally, believe stronger. that Collegium to execution. operational over get the now financial to every get actions

Paul Brannelly

quarters, to the million. afternoon to as a of due of included the revenue based prior one-time the that million we Good pick-up revenue the wholesalers. XX. we quarter, recognize selling were June Therefore, Xtampza of that sufficient upon product third revenue Joe. shipments we recorded in for Thanks, determined everyone. recorded Beginning quarter as we recognized based In we now with previously amounts method. Net the product $X.X deferred had to on related third revenue $XX quarter, revenue net experience sell-through method. In

XX. the decreased of only on to During days September XX third hand days of average XX days approximately from wholesaler's quarter, inventory as

estimated product discount our change the an returns. method, gross With net now to the includes for to reserve additional selling

result XX.X% our for calculations a gross of net to estimated the net the returns included quarter was XX.X% to for which the inclusion second in sell-through As under gross from to for quarter. reserve prior the increased discounts of third period the not method,

the September With to gross the XX, the net months was to for switch discount XX.X%. our ended selling nine method

as method. change selling the the to gross selling to range our of effects the for the will we earlier to the partially to of includes discounts reserve method, our gross returns full-year estimated throughout net net offset net the discounts well adjustments. gross that of as by gross other the XX% our to XXXX, discount first-half be estimate For of the as XXXX net recognition Under improvements in are in

due million loss per is to XXXX, the $XX.X XXXX the third million quarter loss for a primarily third our share For share was The loss increase per $X.XX net and net our an the Xtampza. XXXX, share quarters a of $XX.X in in product revenue of quarter for and respectively. in to 'XX $X.XX decrease per compared for net resulting of net

a XX, XX. September $XXX.X million, June cash of our on was down balance As from $XXX.X

to third by second quarter. quarter, compared the $XX.X in million quarter, activities million in was $XX.X first used operating the the During million, cash $XX.X and

of operating including quarter. end in Based and $XX.XX. gross his over cash ATM current price received per of average our proceeds third of expected to were Xtampza cash used in proceeds from $X.X commercialization sufficient I now our call October into of resources quarter. the fourth proceeds existing fund believe on an share and we during we the with million, our the comments, total, As that received plans, to are In of our prior ATM mid-XXXX. in the back the Mike operations QX mentioned inflows early Mike. together we raised facility to $XX.X will turn Gross XXXX

Mike Heffernan

I'll Paul. it up Thanks, questions. to now open

Operator

from [Operator question comes Amsellem Piper Instructions] first of David Our Jaffray.

David Amsellem

Thanks.

is for the gross Can template negotiate? dosing pricing you be capture? doses And potential couple; us you contracts how might contract regarding being us contracts an or more to think talk you negotiated, how you understand of on Opana terms have going nets written for So patients secondly, impact sense mechanics do and the volumes forward. in other looking first, way you're the still there be I lower sense in XXXX, just on at the give threshold? sizable I And that seems question in switch. a the beyond about wanted volumes have just much that's a you of given that. last is then There get can the that that that to that of a to of influential of can help a to certain Opana. may how certain Just that Cigna higher

of more year? the of from an we the So we end that could maybe see move through talk impact much about how as Thanks.

Paul Brannelly

or This Mike. David. of then part Thanks, Great. Paul. hand I'll the question, to Joe take it is first the and over

So on current Cigna the fits as with our gross-to-net. our as guidance with in contract in far -- guidance gross-to-net, prior

strategy contracting but us, of the it change in overall mix innovative an gross-to-net. it's our anything doesn't So for

Joe Ciaffoni

it lot A with in, around became is you this David, it question flipped the way it that is evoked discussion utilizing of in kind With that is us, Joe. that's customers. we think not it that to the that interested something is all contract. to would that your as them regards as a payers I are that reached The template respond And or to whether public have to of value-based because, of interest. first about a thing to did a table out know, is,

right as one only that we of is have in with Now, Cigna. the now, place

even people The we payers, other this I are was starting thing Cigna discussions to what technology. finding in about more see potential able with this And in the that happening recognize the and of DETERx important, the to the that is that that and press think Xtampza the ER learn release, the more our it, is that and talk we're they about it. we're is

more are the I think strengthens the Xtampza interested only our message, the sNDA approval ER of they overall. in

exclusive consistently to particular positions higher But execution, a now, existing comments, is all that encouraged regards on basis it punching ER it percentage. weekly believe my share to certainly new basis, are Opana that also from were X% from work creates Xtampza for continue a think lot to as prescriptions We're about certainly not I perspective. we're at engaged we transition is we secure what to ER. looking the a IR example is we're thing it's to it XX% positioning wins. really in Opana said formulary weight. market the And that question. then that want our payers would strengthen product a believe and transition weekly capture down ER, by, Opana we that wind mid because weekly seen are down. we've abuse-deterrent abuse-deterrent patients important that stay through that us presents three I of converting, a our I encouraged see point as And make Thanks the a in operational on longer potentially And for final continues the with on opportunity oxycodone five to to because to would winding I patients formulations times under as satisfied ER. Right we the with ER to is a not are the does which second the we're appropriate basis, that but X,XXX. With patients, both to it same. to And opportunity say that dramatic above marketplace about that so and a on overall for serves of capturing oxycodone attributes a term So for

Mike Heffernan

Opana that that, was month from generic, David, I'll a this generic market ER. to are as FDA FDA that's others is Mike. the on add is whether prescriptions the no product one abuse There's look there's other discussion going more XX,XXX people come there's that and oxymorphone there At who oxymorphone ER that's Adcom well. ER should all. off written the it [ph] ER qualities Opana at than the the admitted at recent with by which most been actually to and have been about abuse-deterrent for thing as still know, FDA

have that's to be yet could the we another seen. to but oxymorphone So ER after go opportunity patients,

David Amsellem

see It's a I that [ph]? if point on to another what Is there all in raised we're be product suggests the there may lead at to to your good that or follow-up will Mike, own happened you focus just non-substitutable a an intel going believe that in about could that put that to anything anything similar that Adcom on squarely endo you point. generic. outcome

Mike Heffernan

abuse of just the it ER I the believe commented think Scott not potential about but and product. commented, FDA this the I'm to on it mean, I week Gottlieb that review was Adcom, past oxymorphone need sure was Yes, an I

it's but screen be too it. early and I the will radar to the how tell where, it's think and of on So think predict I when taken FDA, and of against action any

David Amsellem

Got it. Thanks.

Mike Heffernan

David. Thanks,

Operator

Our with next question comes Ken Janney. Trbovich from

Ken Trbovich

that sort higher into of of congratulations the like, quarter. between translated us on reported and the revenues the gross-to-net in Thanks, give it here looking current a quarter. those that's to is I'm increase discount that quarter and and for the trying the good revenues. what context in are how understand Can the better the the maybe for difference And sense you prescriptions the you

Mike Heffernan

think the that that net prescriptions with of had than revenue, quarter increase is higher I gross $X.X I prior of mean, gross-to-net that's driven which then in the news increase -- a number Yes, the million. in quarter-over-quarter. performance. But key was sales prescriptions had fact by drove in revenue, fact Paul a the quarter. basically effect, higher which the XX% slightly what drives we in was even we mean, really a the a one-time increase I mentioned, real gross at a the came in increase significantly sales, as

Joe Ciaffoni

I'll and thing one Yes, that. to Ken,

hand days on as that XX, well. wholesalers that's average a lower at probably the being than With down like bit little we'd

So in it's of inventory definitely not the channel. a out lot

Ken Trbovich

Yes, guess the the the and seeing that slightly out I'm question, channel higher that in we're for number figure because And quarter. wasn't for it pills perhaps prescription have reduction argued negative; inventory some that's for account or difference might a right, was positive in what my a to reason a of lower number. would of if obviously trying per I

Paul Brannelly

and by prescription really doses relatively increased are It's flat. per pill in so Yes, driven prescriptions. volume

Ken Trbovich

on back to how regard that on something the United that those to we at to discussion to with sense to about or things can that be you on plan Healthcare is able II, maybe just cost, able next cycles? and then And be Okay. other improvement think mid-year again came the tier being similar see a not at 'XX, a and you might with you be should looking give whether year, us as payers

Joe Ciaffoni

competitive and And enable appropriate, XXXX are we associated We is over comment tier that we've contracts. is Joe. to we on transitioning anything from to believe essentially capture that patients in good about replaced feel are us our that an position. to this with don't grow release What Opana in that will Ken, is opioid. that that market II extended continue obviously Yes, IR the

Mike Heffernan

about Yes, getting you Joe add their Ken, that of relationships, in started list that. I'll our Cigna one evolution mean, the to with payer We I an by we of things talked Florida are to in see in as is thing added where of And relationship But one January of started January January United, got in to and 'XX. added 'XX With Blue, in exclusive. tier moving now we exclusive moving 'XX. II in exclusive we of to we became we're July, January. 'XX, before.

So as what position an is uniqueness you're of of in seeing, made to Joe's payers that aware improvement product. point he get more formulary our earlier, the the

Joe Ciaffoni

one and tier Yes, point and on Ken, United last II.

So a patients card generous for plans. program very we under commercial co-pay have

paying program and improved offset So for there's if there get well. to card we're as a with or II access an co-pay tier III

with So would it we've fit whatever past. the in given in guidance

Ken Trbovich

the to time of on first write guess, and a time, for history or and of many write the a X,XXX, higher written after believers one Joe, long patterns you how those for [ph] they've write, get true for proportion obviously sense how the the start Okay. at the exclusively And you XXX, were prescribe least Can question highlighted I going first new for forward? to become then quick the on fully know, the healthcare to just prescribing X,XXX of of before sort there top that they had last you providers you us ability previously. on give you for

Joe Ciaffoni

on did of Yes, this. it's question. actually a just so fair amount work We a great Ken,

in the should is covert at calls learned we've to prescriber. put still what about relatively the that context, is low people interesting, what's be this And this average in I'll and understand, brand point has takes it launch eight awareness. a a So it on to somebody

it we The and see once prescribers. those XX%, although important maintain it unaided that So XX%. can that to awareness and our is level make continue analysis on segmentation of in by we've reason is a awareness frequency our our with improved the overall somebody audience target comment I we high prescribes is

continue there who with loyalty converted, people to build ours and a brand big is we that's and of do of forward. lot work focus equity move So to a to have as

to things While Xtampza to tell the to are same new of you that prescribers couple continue And that we add time, need at could I know a really we ER. important.

awareness XX%. physicians haven't With it's in look our our overall prescribed it's XX%. you With XX%. audience is If unaided at awareness, who target prescribers,

and gets potential. who execution which technology all is ER our issue. and The really those other important to the likely our perspective, are that have less likely the that time, adopt delivery And Xtampza that's in message of really focus thing are of a to that concern physicians and for that believe recognize ADFs likely All on focus matter DETERx are determines or second They any who abuse, that some write an DETERx are is that for that us, same, those who it believe matters physicians to the a that diversion and product. degree prescribe. continue from is misuse, and to concern. a the thing its magnitude abuse-deterrent physicians first the prescribe is big the understand is that Xtampza versus It's ER then to Xtampza ER, is for to prescribers truly part or really more comparable technology

with to that's remove non-clinical keep and perspective, our the them barriers. from the first the to track. continuing along drive those combination that focus prescribe execution factors it's of to So time, on And an people

Ken Trbovich

Okay, in Thank you. terrific. the back I'll just queue.

Joe Ciaffoni

Thanks, Ken.

Operator

comes Our next Belanger Company. Serge & Needham from question with

Serge Belanger

I good Hi, of a have questions. afternoon. couple

may have talk of a the on the Florida about Blue impacted? you just can First been the maybe business you impact know results, hurricanes? I via significant that have XQ

Paul Brannelly

to for saw Florida. and week business hurricanes impact for actually with negative Florida two we hurricane and Okay. it fronts. where the business. grow both the State our driver continuing Florida as it to the on right basically progress but we're is after the saw and weeks in is significant of you're a preceding, on our Serge. about the then We back of And question, was, Thanks prescriptions, bounced recovering. a was What

seeing. encouraged by we're we're So very what

about So sustainable in snapped a any see effect. probably back three-week didn't we total impact. it And

Serge Belanger

Okay. just in of the terms and of give an you've over some overview additional in covered where pretty formulary last I done us both and you XXXX? in wins, last are the of commercial then Can and plans, percentage needs wins weeks. what months And the notched lives terms to work obviously key on you guess, of be there, Medicare

Paul Brannelly

your so the right Yes, answer for that new question, I lives the now added. Serge, think opportunities that to us we we've we're about very encouraged and covered have

of If of million positions X in approximately about you we've lives this is terms the And XX we've that million look lives the within another lives probably added the strengthened, space. it's overall additional lives.

our we we where work have is One, and do feel from about are, a of pull-through focus two-fold. we perspective. good plenty to So

driving The into is additional second also have also ER we interest are would spillover Xtampza formularies. I about the on and make comment believe impact, conversations wins we that they other have that

all work to it fronts. continue we So on

Serge Belanger

and Okay. one you is I'll market? if give launch, and developments on last One a some a color queue. Onsolis, still recent on that in that for little can more mid-'XX On get track maybe into

Mike Heffernan

remains next step -- key transfer on The approval challenge prior Mike. is process. work and track. the for filing that the on this and of that a Serge, Onsolis Onsolis, Onsolis Yes, continue supplement we the with the will be of is to FDA, still tech

ready so pain. be has mid we opportunity year. there launch for specific still think have product who an its And and to next by on. for that Clearly next is mid be plans cancer being are plans going worked on turf challenges, should breakthrough but still launch by year. patients are do faced we interesting launch-ready market the Our The

to continue change. point, the we this no as of work product So on and

Serge Belanger

and recent Thanks, Okay. congrats progress. on the

Mike Heffernan

Thank you. Great.

Operator

with Our David next Steinberg question comes Jefferies. from

David Steinberg

thanks, had good a afternoon. questions. of couple and I Yes,

on and of If given and of beneficial have is abuse-deterrent what involved your against just quarters, costs no are be there'll far -- And publicity company? does then formulation? because things assume that curious, Thanks. had any I Chris do case, the margin like D.C., the be the this opioid revenue the was was it. results gross would've secondly, in higher first commission seat been coming Christie been about your are margin? think with there's at it's the table? your previous the The how deferred commission lots to mid-XXs. If deferred that's I and And gross I discussion going that all out Collegium you in the Washington, you so, would think a than

Paul Brannelly

part this Mike Dave, Hi, is COGS; that don't answer I take think I'll one. to wants the Paul. first about

X% long-run COG be So our is in to the of for COGS, going about sales. X% or gross

other on base So much to that this switch of year, stability It's COGS. we of higher business. to on just In sell. a out the costs dependant to aren't specific our first are of affect how are a is have things figured related the and sell-in a method did that COGS high like the percentage things not COGS fixed that being testing of our related volume half

COGS big over moment in spread ago, significantly mentioned a quarter. we costs you that's those reason business, as I So a or the see this change a to X% the will of bigger that come down X% so COGS base

Mike Heffernan

And Mike. read this is in obviously to commission. few I'll is Christie this regards report. make David, the the And, comments. Chris a We've

how and with how out not therapy. few in to folks which treatment, opioid do analyzed patients lot when There in ADF educated there remain pain there's the of world and new of the this on treated and opioids. discussion spend a in going prescription commission on the naloxone, which figuring at the opioids, need treatment about meant States overdose all of haven't of lot the focus get and you evolve not a the patients line look was current prevention talking there it, be I'll know, opioid you did how XXX abuse The we pain development current top on abuse, chronic opioid around of million we a lot to effects. of to just as United thoughts. terms time completely chronic of treatment. is who all in were the that the Really wasn't opioid a it give of We focus,

a table, we it's the belong group Abuse-Deterrent Coalition; at at to Coalition of together. a And terms voice In has meetings. sat Abuse-Deterrent the of the the seat a that table, work into the companies

opportunity the got does Now, you a a mean three-minute your at a table tell two meant story. not It lot. voice to to

think not being regulators, have is a is I'm they of this individually or by and a at they and people policy But perspective makers driven really industry. much as and necessarily any table sure as So lot seat may companies the not clinicians do. our

David Steinberg

helpful. efficacy may so Collegium? follow-up, liking that do seen opioid. yesterday, second -- Phase that? positive III I in you long it or meeting, as you you secondly, it see curious no have that's a post no scores need approved competitor, Phase Sure, that but And on the of a was III that see get Obviously that, strong abusable I'm it how a thought do potential Therapeutics move, a first doing less were study you reported their to they longer in a an surprising what to competitor sure planning if had on III, as study. just do and -- Phase Nektar FDA One they some

Mike Heffernan

make are products another And That's abuse-deterrent thanks at has you're any comes effectively excited David, really comprehensive obviously statements we competes for experience, it call, we're by we're a critical already earnings that to with the question. What or excited really naive It's comment as on on is whether time treats what else by is opioid that about made then. aware market an won't label. strong important be and we it closely We're comments competes, that with anything If development. It company's has pain deal a Xtampza or about. along we we'll the recognized program. the opioid attribute. their been track in approved. of think all innovation and chronic it the that ready Nektar

David Steinberg

you. Thank Fair enough.

Operator

next from Our Kedra Kevin comes with Gabelli. question

Kevin Kedra

an Is date that of that guys housekeeping imagine all that your Hi, and you work target are sense to taking a Most more did share couple questions, count that se to But the some will with after prescribing asked Xtampza. or that that give product? formulations been just ask went bit ADF expense mine with QX. SG&A And launch questions. percentage prescribers. thinks having want about those a OxyContin one, want then And base additional with create pretty do for the of wanted can conversation thanks into kept if XXXX, you've to head-to-head us into answered. of is I see equal? since you of what have just a ATM that consistent to should what then SG&A the have interesting of outstanding we your continue the something around expect would I you would you ask expenses,

Joe Ciaffoni

around will sure, previous Xtampza progress they why ER that of here And ER product. and then That pretty Xtampza operational the the discipline one. a the marketplace of is to see is prescribe DETERx year, being and if the this they Joe. and easy all see will sales them that give the educate awareness better, dabbling the and to give my the magnitude I'll organization of is with overcome Okay, strengthens down make where of we're work versus been of made, gets products. relative if is how platform. driving as is we're better to market back it the it's what abuse-deterrent significantly result the label, or a And relatively that we it do. the comments, them overall as final belief driving of it's though other low, you physicians of a specific not on awareness. inform and that ER in and flavor in prescribing, over technology see that's it. understand in said, we talking our continuing that and them DETERx the important about for marketing Kevin, they have And as conversations that the it and potential technology. I we've every DETERx of story. Number we a the that's to us the us take technology Right the DETERx magnitude now continue see When we've and when focused to within push on we're why to we even to sNDA Xtampza the the for is comment, so platform, now, it's threshold first even come understand this on physicians important that we're discussion, fully the enables hurdle us fully they don't to ensure one, our two-fold, very the magic a that for do through and to to excited to the research potential need stretch percentage little and you. in to I'll execution continue have we get But to

Paul Brannelly

your questions, on same sell-in had press with And as to as the the we did the issuing time change filed in as other at get that our our well XX-Q the fact Kevin, right we ATM, release two today. method

calls, but as get shares outstanding we've it's that fairly think can is said for run SG&A, on even our but for as assume And flat. I process now of So fair SG&A, and completed prior rate at additional it'll next far year, you there, be details we're budget XX.X we a to sort as million.

Operator

Tim from comes Lugo William with question Blair. next Our

Ashiq Mubarack

This Hi, taking for Ashiq guys. Mubarack for is on the questions, congrats Thanks the on progress. Tim. and

Thanks. on you thresholds, comment daily be all contract First, might there? the the quarter, any dosing institutional quantify if are helped able their what comments you buy-ins on your to you Cigna thoughts? able impact price during how miss to reduction Are related you at also the with might any to have

Joe Ciaffoni

had than the we regards a were Cigna, Xtampza, to of on threshold. to regards rebates I that Joe. this as dose anchored other exceed additional with get it would an Ashiq, the contract to of certain Yes, average won't any is say they to if is said, to particulars With Cigna comment and

Mike Heffernan

relates course mentioned, is from quarter. days it in the down any was just It went not -- it institutional this normal did [ph], to we As buy-ins in relates, to have buy-ins institutional XX. Mike the Paul wholesaler as buying, outstanding XX and as

Ashiq Mubarack

yes, with marketing fourth helpful. to were that Opana And or quarter? we into regards taking to the less percentage? the more you what's to to from take see with to that what an that then thing to turnaround impact steps I expect then, are to Can Oxymorphone Thanks. get market I think would gave same happen your label, specific Okay, your forces' Is regards And percentage, switches. in may, if you increase If hands materials? share that's the the able you maybe a be new to into immediate? and your sales ER, that

Paul Brannelly

to Yes, we the biggest with really would of comments. that my It at and regards operational The get so bring and driving better to stronger to to drive to I to comes awesome, Xtampza awareness continue to -- us ER overall opportunity Oxymorphone, continuing down you product technology. back have the itself is execution. anchored

So, it's would as forward. it technology any in will the move do be abuse/misuse a around have Xtampza Opana aware, and ER understand whether the that better concern more other event are ER, marketplace, diversion, whether we the and physicians

executionally, share, Opana better at we we X% are as So, down to as does get to weekly as left ER, fourth over-clubbing even a to quarter believe but the on with I that basis. ER, XX% relative team with coming continue or the Opana than do our I what's stronger we to said expect over-capturing

Mike Heffernan

question? other Any

Ashiq Mubarack

sales the that marketing new The more hands materials? into immediate? other that question or team's less -- the other turnaround to question get What's was about and Is your your label. your

Paul Brannelly

in way the take new to sense of to understand new understand impact of label and turnaround, that right chain. now we physicians more in to the to help launch awareness that disciplined the we regards are going campaign we And label the in approach have promotional we the we'll that With ensure working on taking it, are a create that January. we're Awesome. now currently actually it's research most a efficient

how impact that's immediacy in I approach in with what's we be potential XXXX felt the associated the So that left think And in will any it. the more than will real XXXX. sNDA of

Ashiq Mubarack

Okay, very thank you. helpful. That's

Paul Brannelly

Yes.

Operator

question from a Trbovich question Our next Ken follow-up with is Janney.

Ken Trbovich

to from the connect I Mike, dots a on comments dot [indiscernible] Oxymorphone extended for to their you would the -- any a do Is Clearly, maybe initiative product agency, regard about new petition market. concerns. regard own? to remove prepared release for In willing they the failure the to that Opana move to trying here with suggested to safety morphine that there with and past label. citizen's to removed the be or Yes, has I thought around the was the is something connect consider agency guess historically I'm sorry; about to

Mike Heffernan

But comment look we to into on it's products. due nature pursue the to we strategy Ken. at Yes, that And are And opportunities question, it. competitive specifically a we going to will not and it. of all good that, the will fits if differentiate strategic that

Ken Trbovich

contractor? are that, can kind update some on question of on plays sulfate Okay. efforts this think an And on to then how last why just with of pricing those value-based and the equivalent payers you dosing morphine regard us into with you limits, give

Mike Heffernan

of the January equivalents the mean, sulfate had I United hard that morphine limit that Contract Yes. XXXX. and aware others one was contract maybe I'm of in a others on aware

think contracts I I leaders spoke, equivalent of think We've aware us and not contract. had our not specific are the spoke, different. different number. treatment. From peg morphine have have levels any require very any sulfate We morphine opinion other different clinicians They opioid that sizes. to sulfate entered perspective, into required pain key metabolism. difficult of are different are it's equivalent Their a They when people levels

to that. there how think manage, So, to that such I I think and MSC has starting are payers treat difficult understand is you very individualism to pain become

Joe Ciaffoni

the consistent is is this TRXs thing and XX% lower. launch in of thinking by I Joe. it's other payer important that's milligrams with it to is I Ken, add about varies think ER since one around -- our think thing been and at the The And that are I that Xtampza it would only recognize XX that

Ken Trbovich

got think that's you the we right, reason what comfortable or that guess when is I the questions And about how with for is? they that limit Cigna,

Mike Heffernan

Yes.

perspective, our again, from details think get would I the of to one, or appropriate So back how use is But comments dose our we into we of the that just and is payers. to reinforce just taking talked post utilization reinforces has it as case and in come it would any I data, in of prescription commitment, January our of it point won't discussions. we those partner that It opioids, with I and the through per prescription pertains to Cigna opening an plays X in what out, innovative willing learn in market what approach to in Mike since Cigna us real and steady but of responsible it's perspective terms communicating world about the and that been and it contracts, launch. we're see the his will from the our

Ken Trbovich

so thanks much. Terrific,

Mike Heffernan

Ken. Thanks,

Operator

this And I'm the time, call showing at back questions I would any not to further turn over like to Mike.

Mike Heffernan

joining you. call everybody updated. today, to you look Thank and we to the for keep continue like I thank to would forward

Operator

Ladies gentlemen, presentation. and does conclude today's this

You a have may disconnect, now wonderful and day.

Collegium Pharmaceutical (COLL) 8 Nov 172017 Q3 Earnings call transcript