COLL - Earnings call transcript Q4 2018 | Collegium Pharmaceutical, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to Q4 2018 Collegium Pharmaceutical, Inc. Earnings Conference Call. Currently, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] Also, as a reminder, this conference call is being recorded. would Alex turn Relations. Dasalla, I to call time, host, your Head this like the to over At of Investor go ahead. Please

Alex Dasalla

call. Officer; I Dreyer, Officer. am Welcome XXXX today and by Head Pharmaceutical’s Scott Collegium our joined our Investor This Chief Chief Ciaffoni, conference Officer; Executive of Collegium. to Commercial Dasalla, Brannelly, is our for fourth Relations Chief Joe Alex Paul the earnings quarter Financial

the information we forward-looking participants XXXX. of Private Before of made Act today’s that be Safe to the want call, statements the Litigation provision Harbor are any today remind to presented promotional begin we today pursuant that intended to Reform Securities of is none and made

and patent able may the prevail litigation not future not that without of or we our the may cautioned the other are and These franchise, successfully the significant the current Commission. to to that expense Company’s limitation, and and risks involve are You Company other Exchange filed detailed pertaining such including, forward-looking in product risks be that Securities Xtampza will with incur and statements reports risks in candidates. Nucynta or ER commercialize we and uncertainties, infringement periodic litigation risks and products and

our Our from results future may today. differ current discussed expectations materially

and Our non-GAAP certain earnings this release call will of include information. discussion

over turn call relevant on corporate our the collegiumpharma.com. Collegium’s Ciaffoni. including will reconciliations earnings non-GAAP can release, now our You find website at CEO, I to Joe

Joe Ciaffoni

the financial improved in to opioid in oxycodone and improved was thank Collegium for $XXX.X for of versus and of processes and to operational XXXX. The the Xtampza ER was Xtampza of patent with significant XXXX, revenue fueled ER total net broadened be the revenue in consecutive commercialization expanding achieved deliver fastest the Orange XXX% quarter call. the ended exceeding Collegium burn the Xtampza each was base, million relevance XXXX. being stakeholders the state year XXXX rights to afternoon, XXXX. increase We million in wins Collegium, to Xtampza $XX.X XXX% XXXX Thank representing hand, investments total acquisition overall. to objectives eighth its growing of and the the patents achieved grew enable guidance ER with you, full-year accretive Nucynta versus ER XXXX, franchise Book a on portfolio, commitment profitability. to revenue exclusive leader and addition Alex. you, extended-release systems million. all ER XXXX everyone, personnel, execution, Collegium our and joining Cash in increased million, and strengthened in pain for year cash Collegium of prescriptions two the Good by made XXX% accelerating of transformative to XX. The U.S. Collegium's time net a grew listed bringing Collegium's $XXX.X in $XXX management. on up responsible quarter the payer

Collegium strategic in will thorough Pharmaceuticals responsible leader will against year for become a the is We that we executing a we be Importantly, forward. breakthrough Collegium. review on XXXX completed be that to culminated moving management. the strategic well-positioned believe focused and that pain plan in

as prescriptions effect took a ER XX January that ER expect We on Xtampza total accelerate oxycodone exclusive wins to XXXX. payer result new of X,

at in in amended guided XXXX. that the sales commercialization XXXX, year, moderated second rate The rate of the half original of we growth XXXX. first will versus significantly followed in level and a of case the the anticipate half in improve Nucynta by to a we’ve growth sustained of was the agreement the Collegium's As faster economics agreement

Revenue XXXX strategic will in and be XXXX. for year that growth to that organization driven The discipline beyond. and versus We Xtampza XXXX. striving and breakthrough will anticipate by adding of structure in cost our in are not costs the we’re plan ER the focused actions on developed operating will we the XXXX financial leveraging, guide XXXX drive flat in

Our management. pain strategic to leader clear, Collegium be aspires in is the vision responsible

assets focused U.S. on innovative are market, therapies. We bringing and non-opioid to differentiated the including

strategic products We our a with Collegium leverage clinical three will programs and focused strengths major assets. in-development on-market developing late-stage a work will plan, in pain stage office-based and This result of are on in building company portfolio pain relevant to In balanced commercializing being that specialists. streams. Collegium we growth

the significant marketed the we current anticipate financial five-year driven of level, Xtampza number prescribed will one At high Xtampza was We ER of believe oxycodone. first development the by ER The that generate cash, portfolio a our will that trajectory the ER. organization. become

Second, our strength competitive functions as and differentiation. and areas we identified commercial development of

Our on the and be focus pain U.S. market will specialists. office-based

Third, will development believe later we that X and/or acquire are we post Phase strive commercial and to stage assets differentiated. innovative

to potential as primary as transformative for Our be early Pharmaceutical. novel, will a program was XXXX generate that Collegium non-opioid focus XXXX. have year revenue the on

the call I Paul. a have in hand commitment do. moment suffering their to to Last over difference want to the also making my that efforts We everyday in will has Collegium of the become certainly we that of put are people challenge. breakthrough the they on, strive recognize is positive thank for leader for we the pain work to to lives team be that the as but the and I'm by not we want year lot from proud of colleagues a the accomplishments management. of but Early we’re XXXX potential confident we forth the pain and a we them responsible now recognize take to at organization. that for I up that to encouraged I to communities to the Collegium serve. least, made. progress the the trends a

Paul Brannelly

Good Joe. everyone. Thanks, afternoon,

quarter in XXXX. we For fourth product $XX.X $XX.X recorded of third prior XXXX, and $XX.X of compared the to the the million revenue net quarter million of quarter in year million

and the Nucynta revenue for For million Xtampza of franchise. the fourth net ER million XXXX, product quarter for $XX was $XX.X

to XXXX, ER revenue net For product for the both million Nucynta X% $XX.X grew was revenue by the million XXXX. fourth and compared Xtampza X% $XXX ER in to compared and third the prescriptions net franchise. quarter gross-to-net improvement during quarter to the XXXX revenue quarter a of third for slight the discount. Nucynta in due the grew fourth the full-year Xtampza of by quarter

For $XX.X of loss the year fourth income we the a to prior quarter million had net million, net of XXXX, $X.X quarter. of compared for

driven decreased the investors an XX-K. in to our quarter of fourth of expenses SG&A XXXX $X.X third $XX.X our and insight order from is million the was supplement In release non-GAAP earnings which one-time and loss XXXX. accounting Company's The the into quarter press increased to million to primarily believe management's non-GAAP the Nucynta operating financial revenue adjusted of of view million, agreement. we’ve improvement GAAP non-GAAP adjusted included the quarter compared was third in net the performance. by loss $X.X that adjustments, income to provides amended supplement, due adjusted improvement XXXX, core the the loss fourth We of for of quarter While

$X.X exceeds December XXXX. and $XXX.X $XX.X XX, the of of million, which an $XXX our represents XXXX, XX, guidance year As cash from million our increase and balance prior million cash was September from of

downs. of consecutive loan cash marks this flows for the offerings and adjusting after improving stock quarter eighth As stated, draw Joe term

net improves net Collegium's quarter levels. on our cash the third all agreement Nucynta amended commercialization discussed revenue at call, flow As

through in yearend flow the simplified Nucynta obligation substantial XXXX, of financial of as Additionally, intangible on revenues cost acquisition our In the flow. P&L asset statement with as operating our sheet. our cash are the activities will royalties Nucynta products on statements removal balance asset reduction within well corresponding of our of

For conference SEC. this on call the amendment XX-K since January additional our details first we reaffirming the previous to refer commercialization our guidance. agreement, we issued related to with filed Xth, is are of the our Since please guidance

this For and goods between XXXX, to between Xtampza growth million. Nucynta Xtampza million $XXX of million operating million XX% cost and $XXX of million, expenses, between $XXX and and revenues excluding XX%, $XX sold revenue $XXX revenue implies we expect million, $XXX

call we now on to turn the do I Scott reaffirming Going plan forward, will earnings not for quarterly update. our guidance on commercial over calls.

Scott Dreyer

highs, XXXX. In total quarter of start XXX% which over for the quarter setting of for we in fourth Paul. prescription There five ER prescriptions came new total third Thanks, the Xtampza priorities achieving our X,XXX total and seven finishing commercial of writers over over XXXX, growth last ended fast Xtampza strong to quarter, the date is quarter up in against X% at the XX,XXX, fourth XXXX. quarter, were prescribers. to fourth ER fourth made the and growth in the the a progress new launch year weeks. XX,XXX the bringing

declined overall to Nucynta priorities third stable delivered the opioid ER two quarter our in and is prescribed formulary within XXXX, XXXX. the Within quarter. compared of X.X% Total positions the plans maximizing of the are second franchise. in ER quarter, and the a In potential the commercial flat of plans. market. third the with commercial ER since XXX,XXX quarter the quarter total had number IR franchise the prescriptions quarter prescriptions Nucynta been six X% ER to fourth XX Nucynta down D XXXX, Part were Xtampza of that the of prescriptions place in a one fourth decline Medicare IR establishing ER third branded line for exclusive oxycodone the oxycodone as in in in total The all the X% the ER the from were clear, and choice and were Nucynta from fourth Xtampza

ER, our intravenous displacing OxyContin and ER ER only we For is Xtampza label. agent labeling. are on focused differentiated oral Xtampza single leveraging with intranasal oxycodone abuse-deterrent and the

Nucynta with establishing on For dual a our action. the as mechanism franchise, differentiated novel a focus is opioid tapentadol of

associated on Part being neuropathy. access XX% for into ER XX as Nucynta covered a focused the are Medicare pulling well oxycodone oxycodone ER formulary interactions trends and first effect with now on for new specialists wins of pain of on January lives. D Xtampza ER market XX% those improving establish for opportunities formulary went Across peripheral the as lives quality of oxycodone is with Part market of our strong access prescription focused Xtampza XX% we the that exclusive the exclusive XX% neuropathic Xtampza the commercial Xtampza ER exclusive is and Xtampza as pain and XXXX, for is only of are positions, the Through commercial coverage Medicare choice. priority. is Xst, to seven lives. of opioid lives also encouraging. are ER weeks Overall, and D of ER XX broad ER indicated with execution leveraging diabetic fact Operational We coverage through the ER’s ER

to back of is team breakthrough committed highs. Collegium Xtampza a to consistently new achieved I'll by The that now turn holiday year. exception impacted it is prescription the has week weeks ensuring extreme Joe. a ER weather, and With XXXX total

Joe Ciaffoni

Scott. Thanks,

will open We questions. up for now it

Operator

[Operator Instructions] & ahead. from Our Company. Please first Belanger Serge comes go from Needham question

Serge Belanger

Hi. Good afternoon.

on question first Xtampza. of Just the formulary coverage

expanding then, year? As XXXX only the expanding is on Xtampza of XXXX, over you side? you three and Medicare there the the to look do on Part that to beyond, D exclusive is how in goal continue side, additions commercial positioning see And the

Joe Ciaffoni

Okay. ensuring the ER and commercial new position on is where have. pulling XX% question. space, with Hey, I'll payer we ER, Serge, grow what to this opportunities along broad the we are Xtampza thing along is we're leveraging the we through that with in maximizing availability to regards focused exclusive With continuing that Joe. those wins the have first accomplish take trying we’re to

payers add as and D ER OxyContin. commercial state and is with think know, discussions we And that go we opportunities plans in a XXXX, are oxycodone players ER. are left. level regional The will think from and and negotiated year Medicare continue Xtampza the we displace key look perspective, as we to about positions about As strengthen block XXXX. as on to there around essentially there in control focused we a perspective, we the two you willingness high forward And at Part now advance. are have to more the significant those From engage

Part Medicare think out. how in But, be that focus as plays see about we'll our the will it commercial to side that more D, general, than we forward. moving So, is

Serge Belanger

Paul, update And in an just where guess fourth quarter at question I did gross-to-nets inventory for the and then, a stand yearend? on

Paul Brannelly

fourth a in Xtampza With on Nucynta positive low -- So, though we sort overall were previously discussed XX% remains And at had there around quarter, the year that having basis. gross-to-nets at XX%. And of the for the year XX% the surprise that, we ended range. a finishing for portfolio XX.X%.

reasons of one fourth that's the Nucynta higher was that in quarter. So, the

both for gross-to-net the the Xtampza XXXX. XX%, out And XX% course to but remain so, XXXX in discount we numbers. it Nucynta But those stay around and should believe that lumpy the for over products, should average throughout year, and of be low-XXs that should

Serge Belanger

Inventory?

Paul Brannelly

Yes.

Sorry.

So, days as on… as inventory, mean far you

Serge Belanger

Yes.

Paul Brannelly

Okay.

with end as year. Depomed when been the The has pattern order Nucynta, had So, wholesalers of the lot even the Nucynta, at a it.

for went days between and So, to of that surprise when was Nucynta. bit one it average, of in On a about the five up that QX to quarter, and and level reasons forward. it but a Xtampza up the about little ER. little went a IR the day going day Nucynta came expect fourth half in slightly we keeping over went that's a at a

Serge Belanger

on sneak additional discussed me earlier plan and crisis they opioid steps. hear in studies, efficacy opioids this back mean to get I FDA last comments one the Let have one, wanted just your I'll week, comments to have new companies to issued those conduct queue. for address

Joe Ciaffoni

Yes.

is this that. Joe. Serge, on I'll comment So,

FDA first committed was the would aligned Human a appropriate of is company leader with addressing epidemic. people the with I being to in the that treatment at that and management, the of FDA Health emphasize suffering Commissioner the look and we Gottlieb pain that are Services, statement opioid week, you and when thing to on this off, also ensure in responsible that’s the issued are terms as focused pain they First areas

to of the of know, in things fully medication, areas and we of supply avoid it are you and positioning about company eliminate they and As that’s the be look aligned chain aspects diversion. reversion, illicit pertaining you something we’re terms to of fentanyl want talked focus, monitoring to with. the of of part all -- taking a steps When innovative those to other at obviously trying

to been worked that done pertains it something that's and As around is the that's safety hyperalgesia, that comments the on. work has through consortium

pertains is haven't to what that we been it to As won't notified thinking. study, is efficacy on agency with the regards because I the speculate

studies, the I is emphasize, requirements the to product, So, what steps required agency the also -- we asked will of and all demonstrated at the you how the take approval the we've if through we approval with saw the meet you pertains we along statement. the article post-marketing look Collegium that in can its that for. Xtampza, would with and of it history sNDA the our as see of

do, So, that meet we ultimately, be whatever notified certainly they're were respond and it us if will requirements. that to those we is for looking to

Operator

Thank you.

Jaffray. comes Piper Our from next from question David Amsellem Please go ahead.

David Amsellem

few. a had just I So,

first So, on Nucynta.

differentiation product yet, footprint admittedly and is has -- is pure not new the agonist, is points not it's of So, opioid some a it and its flattish and growing.

novel helpful. are color on going lastly, there? Then is can in you should is question net deal your words, what opioid? you terms guess are your variety just regarding product's I -- in terms you there think Nucynta And here I cast about from of the grow So need how have? you size, know that's another M&A do the when dry powder other you kind doing it's that to be not that Anything contracting? to I wide Is Number when major should So, two, question. a significantly R&D-stage changes number garden you of question assets? one. given do you prioritizing anything do guess be assets versus we the of to that you what think doing ER or footprint In inherited Thanks. different contracts strategy commercial? is we of Depo. expect

Joe Ciaffoni

to I'll I and David, on Okay. M&A comment hand the then to questions Nucynta going am the off strategy. Scott

Scott Dreyer

focus want to Nucynta of regarding what kind point. that first, this our on is growth. at reinforce So, I

quarters. last stabilization on we've accomplished which what of is So right now feel few focused Nucynta ER, the continued over we we're

And of is at a market. than we're the the so modest looking to look that we erosion drive slow in business. decline and to growth Nucynta of IR, When is our better IR that to overall the year is goal level the 'XX, simple IR over that of

the the guidance research, $XXX pain market specialists million overall to standpoint at about encouraging accomplish to to look we increase as differentiated, prescribers a when put trying product of prescribing. what's intend and to from we're XX% is to million. favorable, $XXX And view out our of what highly that's achieve So revenue we've Nucynta their us

execution think the contracts of To your that second support franchise. focusing bunch can accomplish we're a contracting, about operational trying with we on what inherited So yes, over. to we've moved point we

we As reevaluate profitability. focus those is contracts, our

way there's in what we're our want continue another profitably direction. profitability and are think contracts. But So if the to provide not ones of point looking we performing contracts do move renegotiation focal the is would best that the to, is we we ensuring that in

Joe Ciaffoni

I that where in that comment we're one it too, benefit seems contracting seeing displaced in make analysis to David, OxyContin. have doing would And is we that the is also on Nucynta we're accounts

market one, pain comment where to series through although what office for ER, the are I point sources than and assets of we we'll regards different today, strategic them the the anchor we to with we and assets see is looked and So wide have through cast us to number will to hundreds that's something that potentially to playing differentiation, important how of real distinctly The of filters. specialists. we have on. has focused is business that focus something put action space out at are did With that's M&A Xtampza evolved. we review, a it feel would we that this is And a way on net that continue relevant be a around. of point people on that competitive thing the on be synergistic, and to That's something

II we will be we're potential perspective, following From the it'd some terms in over bar or we so targeting solutions. and in-line on have short-term cash non-opioid predominantly anchored Phase a bullish are post year that the maybe assets third generated XXXX. be differentiation The of the that because or development-stage particular are can it in in to high for that around to asset mechanisms looking a accretive don't runway there the commoditizer financing. revenue point how the is very be then we in And window, we're that is action and the Xtampza Paul novel an of of generating has of business the give either color have priority assets highest Our high a is the to five-year and the And commoditized we value. And that bar. be want aggregator year. action

Paul Brannelly

Yes.

So financing with on we try seen thing agreement would Nucynta do economics future innovative the deal is the much key important retain deal front, us than Any what the you've the we the to with come Nucynta for would with -- one is in structures with more transaction. that up did will we difference. we'd the

David Amsellem

of be Just mean, you're question. could one you're neuropathic clarification how about adjacencies assets it way other office we it basket at, the a question, of to doesn't space fair could the necessarily within be words, at chronic about even pain, setting. it pain looking looking in think have When pain, be thinking that I a Is specialists migraine, be, it assets? could

Paul Brannelly

David. It is

and key right a With valuable you're think are of to that is pain are the the we it. office pain or on to then space point, Company. relevant and things The specialists it hitting

Joe Ciaffoni

it. on I right think you're

David Amsellem

helpful. Okay. That's Thanks.

Joe Ciaffoni

Thank you.

Operator

you. Thank

go from from Tim William Blair. Lugo ahead. next comes Please question Our

Tim Lugo

the your you you with you're looking sales a Obviously, seeing them payers? are competitors? players away perspective. contract of from in to marketing about a market But largest kind pulled seeing from what and from when Can still bit the the market comment you're

Joe Ciaffoni

Yes.

to that So Tim, I'll hand off one Scott.

Scott Dreyer

we'd away competitive. The Purdue from is we we so So, have the that more standpoint, when personal yes, play that look environment there, still a they emphasize but contracting market's thing active, and the their at promotion. in, stepped from complex

still challenge is which OxyContin, entrenched displacing Our number one market leader. is an

differentiated to what with forward. our is more fact look are raise of space that market around projects you the pain and educate when move time us awareness, so meaningfully our encouraged by specialists, we dynamics allows the out pulling time in office it them And more the us customers and gives Purdue, at and the

Tim Lugo

comment And maybe another market. from the

for comments what in accelerate similar that view Is saw You that on and better how something remainder kind Has maybe planned? of beyond scripts beginning and prepared pacing expected? last mentioned of should seen Can growth or is acceleration than second it year for in that expected the in you your your expect half I to weekly the of the to we very the the are or as solid moderate been comment we already growth? just looking that were the that scripts. above year. the kind you We've get then

Joe Ciaffoni

Joe. take So, that one. Tim, I'll this is

encouraged that, emphasize So the I by we're We're one, it's in year. seeing. trends early would the

year versus XX,XXX. as the that vortex in positive the capture and year in I look back, polar you was and see. we through of capture of many at around quarter the that weeks point As that terms a put The of was to guidance our the you comparable weeks the would forecasted view at that exclusive saw point was XXXX, oxycodone ways and being the that seven various we bounce we versus we a of would then wins, data opportunity on is ER at in saw the this data occurred, see there The week seven different rate looking if looked like gave, that and at terms one in light at look and year to at. first guidance point is in the at incremental first the you impact I look the we a par a the We look we caveat XXXX, good that significant XXXX you we're through and at of which if opportunity. XXXX out a would one

the But other now, similar in there. at. life-size that of a just opportunity, looking line encouraged would by off we're capturing leave of we're I indicators in terms right and So very rate, it we're

Tim Lugo

one maybe last Fair enough. on one OpEx. And

quarters And that marketing year-over-year. will there OpEx higher a be that year have any on a essentially fluctuate? flat the during spend And others? quarter-by-quarter to may than are guided basis, You

Paul Brannelly

Yes.

and there depending bit little legal little a the year. over bit, So, bit marketing more overall, be which some fluctuation of some predictable, the will decrease course then are which And on marketing less predictable. little will litigation a fees, But is a spend and are we're ones aren't control spending that little year and under fluctuate higher general, through of our bit it's that decrease But the not that early like piece. a and -- bit the could the marketing little more a year. because things other in in

Operator

Thank you.

Our next question Cantor Please comes ahead. from from Brandon go Folkes Fitzgerald.

Brandon Folkes

So, XXXX year. as implemented on of the we given of have can look perhaps half second the some first growth year, learnings us you second in the the of out drive the your toward get in pull-through the you give half in what thought there? year the I to half

of any So second may see in what color the year? on half just we the

Joe Ciaffoni

conversion So, is there's when year, these that we wins come staff exclusive know in new focus our at we the on. look oxycodone the where opportunities pulling the in ER first half through

the half year D. I of second think that where the have, commercial coverage access focus I driven in is and by availability we broad being the Part XX% XX% the the

nonexclusive at And first be half be growth the business. that in but in for and will so half, in more that half second second yes, moderation there the the as growth focal point year, the greater will you look

Brandon Folkes

And maybe follow-up. just Okay. one

to is you? growth say higher to your So of your that nonexclusive could that, safe be margin in business, that kind

Joe Ciaffoni

Yes.

other that that's be to assess look already the along those contracted there's Joe. as into commercial exclusive, improving how simplistic continuing marketplace, of margin. of step then to in And at significantly commercial the a there's 'XX, other look effectiveness in significant we half half that's do also we're with to that are players metric the being one saw our contracted the better than two to reasons look there's we'll and player is why other you our business. the effectiveness and better a the We positive margin. nonexclusive business, way of books believe two When we back at books non-contracted. expect is the as And we on of And we 'XX a looking we the is second performance this Brandon, in the also then see impact So has out. at those would year there

Brandon Folkes

one just strategic more I on maybe could review. And the if

looked had number at you mentioned You a transactions. of

So some color to on right you're seeing pricing those this maybe could space pricing the the rational now? sellers you within Thank how the of transactions? give and you. us value Are

Joe Ciaffoni

Brandon, I for won't strategic comment review to as question. would on the of other that the underlying So much thank runway emphasize in-line we did too in emphasize of it you the I portfolio, than the that strength because of market, of that mid-stage is and priority thing our is action. second one to non-opioid are we build in, the And we're pipeline the independent those looking the novel for the then of mechanisms position of because value.

be move, a position assets. in and where overpaying for So we're we're would we a forced to do not not

Operator

next [Operator question Arce Co. Wainwright Our from ahead. & Please from H.C. Instructions] you. go comes Ed Thank

Ed Arce

were certain qualitative business, just ask few like the different Thanks sort And that founding asked sort know guys. this Purdue. of the new that I I of taking lines will them so revelations for I that picture effect? process forth. wondering been of the long at the a having of Hi, of Most is and is across one some some is switching. of -- of in sort members know annualized But exclusive and tangible and family there of is about days, answered. question, have that But, recently just last and my question. bigger any wins

have comments you there. if wondering So any

Joe Ciaffoni

a most minds franchise are what and we're and the viewed professionals in through is posed the Nucynta the have upon. we necessarily relative don't healthcare the question to in favorably marketplace Xtampza see importantly, you of the it. ER I as say and is comment What would eyes that I are calling the differentiated,

studies. ER particular of interest Xtampza the at to people and high Within wide significant look product. now the of case Number one, space, can a payers, the gaining of two, label and of because is pretty successful in we profile payer see list differentiated pull-through traction the clinical the

it's leave position. for ER when of at us credible so the And and we that. about into the it I put market would And to Xtampza receptivity it's comments talk that as the

Operator

you. Thank

question G. go Research. Our Please Kevin next from ahead. Kedra comes from

Kevin Kedra

the taking for question. Thanks

I probably to even around you of and have low Where direction contract focusing that to think to longer-term the been working market question. answered. business a kind to outlook maybe mine most share Certainly market for have that shift of volume -- on doing you more versus OxyContin. Xtampza, you are share does asked teens of guys to making build But and taking before up share? margin versus get that that with been profitability the of the need more of

Joe Ciaffoni

Kevin, this is great Joe. question. That's So, a

As our number ER expectation my prescribed Xtampza the one becomes oxycodone. that ER in I said is comments, to

is willingness ER Our while in very balancing on look uptake whole volume focused are block high why is we're have approach for plans to margin, we which the that disciplined and oxycodone exclusive to our maintaining the strategy control and contract that OxyContin.

always So, are we cognizant of that.

in We Xtampza now level to at focus the And terms breadth margin which XX% a national availability, focused regional of we're ER as important physician Xtampza we're a experience perspective. with trying also than state ER. on is a from more for the create broad significant and level

try pull when look at and we're versus to OxyContin. how we the continually to through that an perspective So, that's become to will parity able we at more from compete we're basis is how much will add with something it and exclusive

Operator

session. remarks. turn Joe of Ciaffoni, Q&A closing for Please call this time, CEO ahead. At Mr. the This concludes to like you. Pharmaceutical, Collegium I'd our Thank to go

Joe Ciaffoni

on XXXX leader evening. progress joining for this Have forward a for and well-positioned on a responsible Collegium you thank transformative towards the you management. look XXXX in again, is updating focused Once was us a year made We to pain Collegium. breakthrough progress. you. our year. making We significant afternoon. Thank becoming good

Operator

Thank you, concludes conference. gentlemen, ladies the attending for and today's This program.

You may day. all disconnect. Good

Collegium Pharmaceutical (COLL) 27 Feb 192018 Q4 Earnings call transcript