COLL - Earnings call transcript Q1 2018 | Collegium Pharmaceutical, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the First Quarter 2018 Collegium Pharmaceutical, Inc. Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to introduce General Counsel, Ms. Shirley Kuhlmann. ahead. go Please

Shirley Kuhlmann

Collegium the Quarter Earnings XXXX Welcome Pharmaceutical Call. Conference to First

safe wish today's today participants the the begin of we Reform to Securities are provision Litigation Private call, to made Before XXXX. statements we inform Act of forward-looking that pursuant harbor the

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

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

Michael Heffernan

and provide to Chief recent call. then to will bring first off Officer. welcome I a financial results. turn to CFO; new will more of Xtampza Good Joe, conference in over first marked and X acceleration will quarter Depomed start the Brannelly, overview I'm XXXX ER prescriptions is Ciaffoni, commercial is of with on Mike in an Collegium the provide and quarter the of with by progress and significant the assets, who Heffernan. Joe then achievements, and detail our transaction Pharmaceutical's our Nucynta and provide Paul to joined Nucynta closing will our it our results. the review pain I today afternoon, accomplishments and ER. insight Collegium the This into Paul Operating financial an excellent

pain management. dedicated of only perspective, committed $XX.X put to the their to have prescribing from has opioid to million advocating This grown million. To fourth reviewing differentiated million this quarter acute first growth responsible not milestones. for additional do Collegium relieve into million at like quarter. pain. first options providing for some Nucynta and is significant chronic was includes to products and in growth of Revenue X, from revenue transaction recently to in in by those XXXX. reminder, quarter to pain of or that for the the the close of the As January achieved revenue driven I The any market revenue would supporting and in XXXX balanced, innovative, $X.X other the $XX.X Nucynta both first a is by XXXX on the the the post quarter $XX.X Xtampza ER available patients is to start

quarter, from For Xtampza, there growth. the in were first in XX,XXX XX,XXX the This up prior quarter. prescriptions XX% is

pleased very the are for market growing acceptance with We Xtampza.

of the in we last manufactured commercial not that the level, been per anticipated over as due for our in have and good as was into the operations, was year. We to news our in additional supply March. Joe in Nucynta, roughly issue insights restored. internal Rico leading to Both disruption second of Prescriptions With the As call, into at including prescriptions, fully growth outages brands Hurricane achieving there significant discussed X,XXX As pain prospects to of deal. weekly restocked messaging. And they product X,XXX Prescriptions, XX. our to hit fundamentals bring specialists. that few with in ER all branded week in we last the the [ph] process. early of Collegium, ER supply X,XXX through were Xtampza a almost And in these the expectations. last the phases as averaging we by the supply report of release is product pain to last supply quarter have Nucynta to which week. seen with of version there is for signs Puerto have the very Maria We're X,XXX Since a finished are week to product at quarter. -- prescriptions Puerto can we we've it has together close ER moved minutes. as call. X,XXX portfolio address on second last week Nucynta, first Butrans the slightly week overtaking the are unaffected the with week, excited commercial in the pharmacy been range first putting have opioid immediate oxycodone is the there low of will to of last first the have week, anticipated prescribed. in we're a the continuing quarter the continued strength integrate Collegium due of strategy supply provide then, chain of we continued and the a supply the Xtampza largest the ER issue, in quarter. the disruption with Again, prior stability, prescribed March and remain prescriptions the broadly OxyContin, which The launching Depomed line financial so for we last most strive We This issue, the X worked for in year of including the integration been had last Rico. in encouraging as we associating about be prescriptions were opportunity the Nucynta by has product, XX,XXX

XXXX. will increase X.X% in effective to Nucynta the of for both products few transaction, addition, In Due a unique a took of February explain the treatments structure accounting we price the minutes. Paul

ER new date This be be that to and exclusivity the the come. recently and XXXX. we expect the portfolio We a patent with fully U.S. Xtampza DETERx an notified in that of continued our issued covering patents were expiration technology Book. Orange for have XXth continue Xtampza strong We Xtampza on listed the office years prosecute will IP build of for to many that to has to patent protecting new the would goal patent of the

As expertise last that I has Kuhlmann our all at years serving Counsel leadership corporate strengthen as compliance comprehensive enhance legal She internal our external Pepper grow. will and will responsible and mentioned as as our Shirley within continuing be our announced as functions be build corporate to are for well Collegium we on General already to Shirley company the as focused Hamilton. counsel continuing of recently team program. compliance. we quarter, after X-plus evolve and We joined

more As the manufacturers is committed for for plays innovative an patients. market, market increasingly to Many patients continue bringing have and the opioid them evolves product role these options. prescribers to and, important and both their pain importantly, of exhausted leave non-opioid Collegium Collegium alternatives,

to addition future increasingly constituents, with consists and the Collegium and market. provide our innovative this over Joe lower leader solely discussion In of potential turn fully for opioids envision will a diversion. unsatisfied I pain market to abusing properties in patients, issues regulators, time providing intends to the abuse-deterrent safer in to with looking now payers currently are solutions update. the for We to when including a medications. the commercial become and products

Joseph Ciaffoni

Xtampza ER commitment accelerating made quarter, put plans, OxyContin on leveraging Part which Xtampza promotional focused a strive new execution Florida QX, thanking ER's HealthCare campaign, the our efforts head-to-head the D in Xtampza and with our that the ER select difference Medicare colleagues Thanks, at Commercial our Collegium progress of Part and in lives also from every Cigna my the people for November. was and positions Commercial at acceleration of which transitioning ER that improved data branded and and In Navitus and ER. the and Commercial, suffering all in make UPMC franchise. sNDA want Xtampza Nucynta operational exclusive and to to forth the commercial by Advantage first United at the Part to our pain Pull-through exclusive in team Optum to they to Mike. first ER stability in Humana In they as and Commercial live. I ER commercial. commercial, want PDP D the day, Xtampza we I PK of comparing the positive Blue communities quarter, recognize fueled oxycodone and incorporates start stabilizing the position D, the team

highlight became In in XX%, next fastest QX nonpersonal significant ER ER addition, QX. date, at Florida we We ER. ER promotion providers key the grew opioid. ER like I ER quarter. and following new the branded accomplishments in first have prescriptions, would prescribed prescribed XX,XXX Xtampza first Commercial the added the plan, focused approximately to total executing the Cigna prescribers Navitus growing care Xtampza quarter. quarter. remains the Xtampza for branded in Launch Commercial We #X a on to commercial, the represents Xtampza which Blue opioid brand. the versus investment health X,XXX

were to Xtampza And XX% our of effect Part amongst took unaided ER up April XXXX. addition, X. increased from extended-release which In XX% D, able access at a preferred, secure we exclusive, oxycodone target awareness Cigna-HealthSpring we to audience,

meaningful stabilizing Nucynta integration franchise promotion ER of the Xtampza Phase XX. on Nucynta The in the we quarter, plan. is Collegium's February transitioning first In of to franchise. progress the addition and first made the I accelerating the phase focus of in began

was the that differentiated step franchise the signal perspective providers Nucynta and, Nucynta with tracking a health the we We well share now signs neuropathy total had of total Nucynta ER mid-March and interactions been that brand of prescription of importantly, a positioned brand. to case early new prescription its established, ability is positive to the communicated we that prescription confirm share, in health. from is resolved. positive which and mechanism in In is diabetic by consistently peripheral a indication. stabilization our have That supply the early stabilize Our ahead to challenges mid-March, stakeholders tool all brand of distinctly and, believe of saw action in care been critical ER,

derived transition integration of Phase the progress Nucynta making We while I, on and are plan, stabilize beginning concurrently franchise Phase II learnings.

phase, move through, responsible will next team message push and now promotion monitoring and will the Collegium the call Xtampza and focused one, pain we will laser we care to becoming commercial significant first the priorities: our number quality investments franchise. over quarter In accelerating the leader discuss two, and nonpersonal management. potential maximizing execution pull results. the remain to in is drive The ER; be committed quarter, execution number with along turn portfolio Paul into financial the managed on Nucynta success. I As of results Operational closely. second our our stability, we to delivery, in our

Paul Brannelly

XXXX. product quarter everyone. first XXXX, versus fourth recorded afternoon, we million the the of of In $XX.X $XX.X Good Joe. in Thanks, of net quarter million revenue

increase net the to Nucynta for closing quarter, of first product XXXX. issues. to XX.X% transition million for On the commercial of the franchise. first the revenue the million a of partial net and was and date, For Nucynta January revenue Collegium's quarter due organization, February $XX.X Nucynta of top The our X effects $XX.X ER the gross combined Xtampza to a was portfolio price discount quarter supply for includes

As going discussed basis portfolio our disclose on information call, combined gross will we to earnings year-end forward. net on a

of accounting For per for The XXXX, the $X.X the and with million net share noncash in for includes stock-based net XXXX million respectively. $X.XX million $X.X and compensation net loss and charge our of XXXX compared Nucynta quarter quarter to expenses, loss deal. was including the of loss noncash first $X.XX the XXXX, million the of for associated $XX.X XXXX interest resulting quarters, $XX.X of first a

transaction. minutes that the few a to the closed X, treatment Given wanted January the Nucynta reviewing of accounting on we spend deal

transaction items balance closing, counted an the terms sheet X is on for asset our sheet. At recorded of In main acquisition. balance impact, deal as we

at of the an asset and payment, million. includes upfront royalty minimum license recorded assumed First, we intangible fee, recorded $XXX.X The liabilities. intangible transaction which cost is asset cost,

be revenues. for the X as amortization expect intangible the will next and cost $XXX.X million approximately The over X product in be We years. XXXX P&L recognized years, asset $XXX.X that amortized our will in of million

From million, Second, of expense, at This This Collegium will years of asset obligation The is doesn't first balance discounted X termination. the after rights treatment to Acquisition accounting our which at its of that the a of be X made liability note years. financing sheet. least putting on Obligation revenues $XX.X deal interest classified royalty our in the on payments recorded cash X.X%, years which cash Please royalty assumes years. any would titled are product we but which not sheet, $XXX.X explanation payments payments as within a present be X minimum Asset as more totals it's XX-Q, of Footnote represents the Despite impact important a in a minimum the X the of payments accounting. royalty deal over acquisition detailed value of cost activities. million. termination date for effective that exercise perspective, is see all Nucynta revenues X Nucynta operations, the recognized balance not discount minimum flow the from

to was quarter. As the of December payments, in for the March second that of sufficient over cash million, Xtampza existing fund with Heffernan. our of operations, cash from quarter turn primarily in the resources, Mike XX. royalties expected until increase I that at to first will our inflows $X.X together franchise, an paid $XXX.X into commercialization from least, timing The minimum our Nucynta cash due call balance is on now XX, increase million current to believe are the Nucynta-related back the of cash the including and $XX.X XXXX. plans, Based the million operating our we weren't

Michael Heffernan

I you, now Thank Paul. open questions. up for it will

Operator

[Operator Jaffray. Piper And David our from Amsellem question the first comes line with Instructions] of

David Amsellem

couple. a Just

of Xtampza, so and going that bigger plans talked about walk terms key you some us a plans through contracts? you've first on being regional more lock down looking you're can the of know to I So priority. state forward, in

grow And us So product think the are think here you secondly, looking rearview guess, priorities is, in provide the be if that there's potential back year there it which are where go, more the the generally can are further question that you states as on Nucynta issues you could priorities, in on or which regions now of the that XXXX? at get we then largely you I is to I supply as regarding mirror, ones stabilization the Or and would mean, the or half growing potential a helpful. biggest do biggest XXXX? with into the details then it are

Joseph Ciaffoni

first the I to of X Okay. is emphasize would in hit X with with progress Thanks David, achieved ER, with quarter, significant space across we've I in to the with where each were referenced to all the regards wins the for achieve able them, -- Joe. my that seen of have Xtampza we leadership. thing we this With questions. payer first the is the comments, the market regards

look I'm the keep And where others of national there's with to on into excited And course a were achieved and The brand Cigna-HealthSpring final an share supply prescription market to share right and the strategy our and where State of about indicator exclusive disciplined say point committed having regards D. I TRx week we're important highest one to we're question you going to oxycodone early terms that priorities in to to thing believe approach at for time other in the overall is Probably, ER our in in strongest also forward, to the We population very comfortable exciting encouraged we're from volume, of is ER leapfrogged the as progress, the that Florida. to first and if looking that continued any make that both the is to headroom of of position contract as is that a looking is new us, mid-March highest we we now, the the to on in back get than regards payer detail we're the you're lot perspective from replenished, remaining X over, within Part the throughout we're to to most we've regional where with in would April XXXX perspective. focusing a is share opportunities, the continue we of expect work really more Nucynta With addition of brand of the which of for category, almost that was right what plans. we're and we share, year. not we're productive at of we're and the and We're for of we're with NBRx really health, it discussions to are regard. Nucynta think The as our stabilization. around I in context follow signs it the states in see, in which XX. seen it us.

we for the is So now, of seeing think it from progress XXXX. we we're stabilization that expectation there and our that remainder

David Amsellem

follow-up on may And ask a if Nucynta. I

reasonably you a Do Depomed, you're do contract. payer in somewhere So contracts of place? think know in access? I inherited think Or but you about terms are of in you good talk you have chop from maybe terms you to where

Joseph Ciaffoni

Yes, it's David. question, a great

where like lives are broadly First ER we're availability. available. about good at, ER, is we and of those what Medicare IR at really in about of ER is Both off, commercial available about brands have D. with Part we feel have Nucynta Nucynta Nucynta XX% IR about XX%. is Xtampza XX% And

to about II good take on -- So back. What Phase me I transition try really over doing we're Collegium. step what our we're into let availability. perform. brand is a we broad payer transferring we Phase was essentially stabilized the to what research, ideal is in the situation to the is feel figure II, the for focused contracts and In to digging out -- do Phase

working discipline oxycodone contracts will if right in know positions focusing very pertains So we on and Nucynta extended it to learning hard do as extended-release That perform. it derived we the we're -- because phase of will of now. we on know contrast that release ER, franchise. those the assessment maintain you part to on that exclusive And Xtampza be the

Operator

question William Blair. line with the And our from Lugo comes of Tim next

Tim Lugo

this numbers when the you before Is X how quarters on growth we trailing Nucynta Can saw And it quarter's inherited ER growth, on talk number? about maybe is you the in you on quarter? just franchise, restocking franchise? about much that stabilization For that? stabilization revenue talk this based benefited a based the

Michael Heffernan

Yes.

is of the the Tim, Mike. part So first I'll question. take this

the happened strengths had a from were restock. So end wasn't strengths that and what is standpoint, It times. over quarter of until the able different got all to restocking -- March we we we at individual back back

what back was we more Our XX- the which in Xtampza, wholesalers to but with XX-day to with in restock days that to was than on have goal range. line in probably is less the hand historical,

increase revenue adding with increase associated So shipments. bolus see we significant a in not a did of Nucynta

Joseph Ciaffoni

then this replenishment we've the the the supply. week to the had stabilize. Tim, the With and And share a the stabilization of at recent NBRx saw year that it my of Joe. we where and at regards is reference time the XXXX, point in the share are on The bit TRx of with in little data with the the weekly of most March question, it NBRx When share leapfrogged. saw Nucynta focus share, achieving share first that's XX. that, X.X% make we NBRx And share, highest above up coincided progress our beginning our looking gets TRx the TRx April data, seen along happened

Tim Lugo

promotion? around starting X? I be see we should And quarter settling the February talk Okay. growth to are guess, obviously lack OxyContin ER just scripts, for over and or to single-digit to the What's we really strong around you Great. drivers? have they about from Xtampza be in are Can next January to were the And -- of what and what the recently. going are expectations week in week and that looked benefit

Joseph Ciaffoni

Thanks, Yes, great questions. Tim.

this So take I'll that. Joe. is

place. I'll ER. typically take in oxycodone is back dynamics Xtampza these the a talked you to payer period ER to points that you which over of the when of there's see and reference bolus ER, patients call in exclusive we bring we've which a predominantly our the from converting And post period, have X- about then marketplace, last X-month that normal significant wins into the IR positions, it, look conversion you If and you're as to of

market to we're achieve finding of Now a continue or were of the to first D with There's What dynamic, protracted. little a in plans bit to quarter. Part plans, more we bit grow. is still slower room able leadership a have several the different the

a quarter. seen an quarter as XX,XXX OxyContin look So significant the the some We're about addition Part that's focus we And we've XX-week about prescriptions. although us, million think almost the we D excited second area of opportunity there, move X if you for of and that's the through Cigna-HealthSpring period, over growth that's into third lives. backwards

we're So D, we're see But time, out through we're and that payers the continuing deal the still. Xtampza that same Part of progress with as at to to believe the year, also right XXXX. while, setting excited a Cigna-HealthSpring able -- a do position, continue cycle to the achieve with engage you the will to up focus about -- if we'll if

Tim Lugo

Okay. And quick GTN. just maybe a question on

Is a about be improving talking blended to Xtampza's year? now You're to the gross throughout expected GTN. net still

Paul Brannelly

is Paul. Yes. this Tim,

to down in business we will plans non-contracted discount call, that -- our rebated. said concentrated they're net of the spill net course and growth exclusive over on be the gross -- the to over is the year, as beginning gross gross year-end as year. higher we higher of into at to for plans, the come as So And lower-rebated those to tend to be net Xtampza's to expect be

Joseph Ciaffoni

more committed and we our competitive. And complex see in on prescriptive your the for marketplace. What excited and is high a promotion physicians, OxyContin time XXXX. didn't to step a it Tim, at couple difference the is the have around of we the and than where would years, believe into a even On of of choosing describe that products have is we past we're these others And this a as question, marketplace, step to of us assets are we market to level market to about Joe. a to potential portfolio the awareness is meaningfully out educate make drive that to differentiated talk compel positive activity

is, there's I think of we physicians company discussion. space time to that regards of interact as the having do less see with thing one one that benefit the to within perhaps, type the So

Operator

question with from & line Company. the of Needham our comes And next Serge Belanger

Serge Belanger

is on question GTN I so you Paul, bit talked the My a first little prior about guess, a Xtampza. follow-up question. for

of quarter of what Nucynta, of first supply the in terms some the do throughout affected by you In progression kind the GTN And year? issues? were expect is

Paul Brannelly

Yes.

gross to issues, affected by So net wasn't all. at supply

And don't so some for Nucynta, as with of much nowhere Xtampza. contracts because situation I for product pronounced mature so but you it's And don't have more stable effect a than Xtampza, the think of Nucynta. exclusive it's the be to seasonality, there near might

Serge Belanger

And Part think you've contracting. the you kind of commercial for of Okay. we should In year? Xtampza plans the Can on an in lives, of then Medicare where terms progression on Joe the provide that update uncommercial on past, levels provided see you was D. throughout and where and percentage

Joseph Ciaffoni

Great question, Sure. Serge.

we're of regards D we're them exclusive the approximately progress and to through. and and about D. pull see to XX%, life at and oxycodone XX% in point XX opportunity. with for lives we've getting is, commericial million the started million. opportunity XX Part Medicare XX% out cycle, just from also have XX% that's Commercial is million in That's approximately at of look D. about perspective, we out What can excited the But have we're ER what So commercial Part exclusive What oxycodone when continue to you Part XX we million ER positions the a we is of made broad the this XXX have availability so lives of And you broad excited have lives. lives,

opportunity we'll having perspective for XXXX. those in Although discussions. or is pull-through the discipline, really maintain D we focus in Commercial cycle success out Part both that, have of And lot as when a a we're to continue whether to of that we and it progress from we engage be important

Serge Belanger

And then on contracting. one more Okay.

forward of plans? Cigna X use you could do Are think differently that of other terms there contract. makeup that's template the months And going scripts? you anything seeing You're the you into X, now the a with in risk-based

Joseph Ciaffoni

Yes.

So their getting a as of patient question. seeing, a for the in being management, in really need what mission that at it's now, patient. on and choice pain our medication, the Right part appropriate good best ER leader as focus we're of a dose responsible we an for them of

are of independent or dose the is what So product to we agnostic utilized.

when difference terms dose contract is your any on Cigna what question in it relative So overall. value-based of that you the to we contract, utilization we to go that see don't see in

space to in mission creative the with positions. willing payer commitment aligned is Our plans those to our secure and we're to be work

of payers So value-based think time we do and us have focal discussions primary with time don't but point a interacting with it's I of the agreement, to most the we're with.

Operator

And question our next line with Steinberg comes Jefferies. from David of the

David Steinberg

X questions. Just

And Or tubes. this your would sort $XX QX of or time multiply waxy these we a niche secondly, some could color sort for be to model on of then I in And have are if pretty to wondering that's the one-timers and of as SG&A, so some little Xtampza around offer selling patients million. First the besides doing who you a million it's feeding was how hard the quarter using X just quarter, number? $XX step-up beads patient? unique from had it? million, annual Is a this an being ADF, Nucynta? swallowing times due in $XX institutional big from have setting for that this largely there just get to expense of to type

Paul Brannelly

David. Great. Thanks,

So I'll first SG&A. you about had take the question

with the we we first transaction, as growth. spend items million said, So some to as to as onetime year there product. but And the expected significant million announced $XX overall the there's just there, extra we Nucynta $XX are in XXXX,

you a well. so effect as from the quarter see big And in that

Joseph Ciaffoni

utilization With Joe. the to the to formulary. in in of can't the the We different to we've regards numbers to in this we've when specific overall business I that administration, of I would administration. obviously, get for regards that's the approaches vast driven choose think and Xtampza it's David, space. the hospitals make that benefit is the retail setting, impact With But seen you. a route the the increase a majority, part And had say traditional predominantly addition consideration to to their in significant by is institution. of ER institutional that

David Steinberg

back And Paul. Right. to just you, coming

onetime mentioned quantify you costs. what line? be were some You there Can on those the might SG&A

Paul Brannelly

Yes.

single-digit it's millions So there.

read FDA you XX-Q, sort consulting there -- fees And some some as items additional see expenses. be our and ongoing every So that of will not you'll there. quarter there's

Operator

next from Ken our Janney. line of the Trbovich And question with comes

Ken Trbovich

of I that the of $X million guys some I circle to that will, excellent execution Depomed And there wasn't sort comments understand, on if I there if quickly. you significant a the shipments to the one and guess, quarter. the that the to prior made the specifically I the Obviously, back comment, to help heard correctly, were benefit quarter was would Nucynta questions number? guess, that Xtampza think to during of that sale to the see of trying the Mike, inventory. on Can in in Depomed you I'm be that gone may asked wanted offset sort of pull-through sort us drawdown, to sort rationalize you recognized the And to I on you so of otherwise stocking. earlier have

Michael Heffernan

Yes.

on At So color bit days Xtampza our just a around days. had days a color. typical first we quarter, -- bit is or -- of additional outstanding the little end hand XX

and was at days. was XX that We said set. IR days the so Xtampza And the was ER was at where Nucynta XX that --

the we supply took fill Puerto strength. strength bit that, would back a of IR the strength that. end higher And we And chain we than when from as with over are demand product. a were another get then got little product, for for At that. that product maybe get was at we'd and the think, numbers shipped we appropriate year, the appropriate would then we the we Rico, the So intermittently, certain the got

So there might another that complete for outstanding. be a then would that was a we an have individual strength while. higher had days out-of-stock strength But

only got last that benefit to year. speak they all, I look the the benefit say speak can't significant got at you quarter. in what Depomed but it's first hard quarter what So all may have to to stocking we year, first can look in and it, gotten to happened when this any from I or

Paul Brannelly

one hand prescription factor guess, based days there, current on is I to other in the point calculated on is Yes. Ken, levels.

levels down come prescription obviously, some. have So

the channel of on amount hand. in the inventory amount the to that be to lower So days has same of have

Ken Trbovich

that on an longer then a have of coverage Got there been abuse-deterrent things change really the no tremendous sorts about of of of from approaches, that a of legislative generics pressures that, payers, some perhaps, folks things. amount Is the one any landscape here to have there's playing those overall around financial on a if the incentive not products sense of in and as folks opioid-based it we've a specifically put recently, people sort you branded it. noticed congressional applied to relative And to products being there's even or the position products? relates for perspective abusable products payers creating to changing field abuse-deterrent these for the

Michael Heffernan

landscape you changed. Yes, it's imagine, a can question. And the legislative good as

of said, abuse-deterrent for of activity discussion. that the going I of are All and in there's many amount media. tell are the And and them can bills could talked pay as are think which about over national bills others. to there's play product you choice to in opioids with abuse-deterrent payers faster believe being that tremendous of are requirement bills don't in right I Washington do I than anybody to individual in that call There So predict, can't opioids that XX the opioids. have now. forward move that we be for

need as the the a we a comments, are whether to discussion subsets In discussion there's there a of out of patients is understanding that opioid, in which pain about that I and they think lot that safer used non-opioid broader. are news, opioids. a reimbursement said only much real there or be good my that seeing is that's safer opening I in And treatment, options. really need treatment need

product so, set that earlier, and unique we think innovative multi-modal again, as and that's Joe said And advocate to we're out a had of for pain, that. wholeheartedly, we bringing treatment

Ken Trbovich

then would pressure to might do sense that evolution being that Is normally Got be mid-year that. considering just perhaps it. there payers And given that applied? related that's not any the

Joseph Ciaffoni

experienced we're applied of franchise, marketplace, of ongoing innovative the prior we're that as overall obviously, Joe. the we having product a our post the pressure this to ER, much acceptance lot tapentadol, learn and in Xtampza that's with say as of there's the on people associated the other in And lot obviously, the about and that with what potential that, molecule technology the is driver interest. there's I take about the of see to any too. wouldn't to is changed. commercialization then about any -- And abuse-deterrent the is relevant Yes, of discussion scale a has What more that more that's, would I payers, and discussions XXXX. the thing adds I result being agreement Nucynta a an interest they add the

Operator

next our line of question Kedra Gabelli. from Kevin And comes with the

Kevin Kedra

to that ask regulations on IR IR you the impact side you're you guideline and First, if the franchise. have the Wondering days IR both the impact speak from of reduce use. then guys new wanted ER if of from seeing the any Nucynta to side now number opioid to on as can

Michael Heffernan

Kevin, Yes. I'll question, take that. for thanks the

As you yesterday X-day with acute pain probably a is Walmart came policy I and prescriptions. out saw, initial on for example, good new a limit a where think

ER both think X little you pain limits about Xtampza, products. effect It little used These if effect. those of -- chronic either have So patients. limits which very of very Nucynta are dose by pill has and on or

acute We but written for or minority. great more vast have a specialists, chronic is the get Nucynta, IR for pain. patients pain is said, we hand by pain how paying it's many patients being right Nucynta specialists majority And pain. approved don't the who Nucynta that believe Now of typically onetime exactly yet acute we also IR think on have and treat

going So products. that, time to our be Only tell. there's these think based we to X will any on limits on little dose effect of

states we changes sure, As significant dynamic haven't plans there's who health limits well in those individual put markets. you're familiar as have and place, seen as been in I'm

Kevin Kedra

a just follow-up. do for then and how opportunity? force think you And the you now? right of given you that Great. your get sales How force where increased about rightsizing opportunities are Nucynta do the about Phase II, And as into you beyond sales with guys the stabilization think

Joseph Ciaffoni

we this look we perspective, coverage of is our Kevin, Joe. it as the Yes. question. feel really our market. Great XXXX, overall for good From about at

we to cover So you XX% give about of perspective, the branded ER market.

prescription cover If that Nucynta XX% of from we Xtampza ER a of you look XX% IR ER. perspective, XX% volume, and of over Nucynta

amongst our important that think most important continuity about support us and in -- of feel have most on we focus access stability, then attributes execution. good laser place. is through that we the the to or attribute We gain footprint prescribers portfolio in operational So enables our our the the which to

disrupt process, we sales As the Xtampza very But evolution to the not inclusive care that's providers Nucynta learnings we we'll through would be would something professionals the the we that our where is or the I good be whether health get think of margin. call on. it of confidence, around about pretty back that's And year and established we tell need and work strategy, to planning the with half reluctant derive you, the what they do. we can that with on go have for our to into relationships think and of about we franchise start synthesizing the

Operator

showing I'm And questions no time. this further at

that, So President like CEO, remarks. to conference Mike Heffernan, the turn over back to I'd closing and Mr. with for

Michael Heffernan

thank and their for providing look ongoing forward thank dedication responsible our to to today, Thank like Collegium call I'd the you. I'd continued updates. management. to team joining pain for everybody to We like

Operator

wonderful for Ladies in you today's you may and all conclude have day. a disconnect. thank the This does conference. gentlemen, program, participating and Everyone,

Collegium Pharmaceutical (COLL) 9 May 182018 Q1 Earnings call transcript