Earnings call transcript Q3 2022

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Operator

Greetings, and welcome to the Collegium Pharmaceutical Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

[Operator Instructions] Please note, that this conference is being recorded. I will now turn the call over to Dawn Schottlandt, at Argot Partners. you. Thank

begin. may You

Dawn Schottlandt

Chief Pharmaceutical's today XXXX Chief by Chief Scott Colleen Collegium I Executive Conference am Tupper, Dreyer, and Officer joined Joe Financial Officer. Third to Earnings Quarter Call. Officer; Commercial Welcome Ciaffoni Collegium's,

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

You our may products expenses limitation, we involve derive our that and be incur schedule are the forward-looking and risks significant prevail pertaining on future may not and proposed at statements to International Difficulty] of cautioned or also that [ph] the we the and such acquisition uncertainties, including the Sciences [Technical to of the able may litigation all, without current expected benefits in that BioDelivery business. or risks not reducing commercialize fully

These risks company's Securities the Commission. detailed and and Exchange with are of reports filed periodic other the risks in the company

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

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

website including find press can earnings our non-GAAP collegiumpharma.com. release, our on reconciliations corporate You at relevant

call will CEO, over turn I now Joe the Collegium's to Ciaffoni.

Joe Ciaffoni

year what and Thank through perspective advanced we and provide quarter of joining the months you, the discuss and remainder for Difficulty]. everyone, and you, during outlook to first afternoon, Dawn. third the expect the call. be of our Good XXXX for thank on [Technical Today, performance the we nine XXXX our will

living Pharmaceutical lives Company, building conditions. on focused the leading, with committed people serious improving to medical are Specialty diversified of we Collegium, At a

the growing where and a inclusion to Difficulty] Foundation's for retention our our quarter, MassBioEd talent education, [Technical more support highlighted During of recruitment, XXXX industry. and two the continued by the additional Science Life diversified Conference. we sponsorship pool Collegium Workforce live communities charitable donation and work, third of

which provides all non-profit to a and is students educational programs teachers Life MassBioEd Science's backgrounds. of

Annual Day also service We are to proud are which in of to nationwide them. in are service employees of that important organizations our second helped have volunteered

At kits, XXX students of Brockton, we underserved from service, in the lesson Massachusetts over STEM scientists science headquarters corporate packing for School our the partnered on day System. with

focused investing remain our value achieving on for differentiated portfolio, shareholders. potential financial creating our by growing do in our maximizing growth. We long-term this our and business our and and near-term of strategically on goals focusing operational We the

our a the the the we I delivered months team and for to pivotal hard XXXX has beginning we goals want priorities the commitment for of communicated their at thank been Collegium. year dedication strategic on our to year. of mission. Collegium the Throughout executed XXXX, and work, on nine first

in seamless the as of $XX management. the transaction. responsible completed of leader closed BDSI to when We million, Collegium BDSI establishing the the integration from financially deal, announced the shared million run-rate we target and synergies approximately $XX we up expect We transformative pain achieve

contracts ER We the share net maintaining Xtampza we planned access. record acquisition the goal rates on we the represent we by that materially renegotiation the We that and delivered achieved rolling of driven of to the revenue pleased broad Based of and EBITDA, received, BDSI. completed prescriptions. are XX% back all adjusted have of decisions discount

of accelerate than our ER extended-release XXXX, We portfolio. Xtampza pain XX%, in will we market January branded growing share pain management, growth. the leader in advanced our net less gross top-line to responsible position the immediately Starting expect will as which be

positioned real-world Pain product differentiated We of this September and XX awareness with past and and our data distinctly participated poster portfolio. in Week highlighting raising presentations on clinical

the by cities, United we XX States. opioid against subdivisions in pending all Master industry-related now those the and March, lawsuits, And brought of executed been Agreement resolving Each lawsuits company has in other a dismissed. Settlement counties

key progress XXXX. made in nine first these months of We objectives against significant our

of and XXXX to And full-year strategic on guidance. We track all our strong are financial we execution, our achieve our XXXX updating goals. are of because

are XXXX. We in X-phase efforts the BDSI executing Phase yielding confident position a our recent our integration our us seamless achievements banner quarter agenda. that we for We second on the remain X, year successfully and laser-focused are completed action In results. of

synergies now track original months closing first XX on our $XX to and million transaction. to of in exceed million approximately expect are BDSI of run-rate the run-rate target synergies within $XX achieve We the

versus Of have XX%, the At XXXX. contract and Xst of a we we of start which of objectives. significant renegotiation our beginning on completed X, progress most operational net than momentum ER ensures successfully generate gross made note, the second less January quarter, Phase to transitioned to Xtampza

We and positioned ER volume BELBUCA share products forward. market distinctly fundamentally Xtampza to grow. moving and to are well-positioned differentiated, Both expect grow and highly

fully in XXXX. is organization in generate trained, engaged their in XXXX, growth commercial Our on learnings momentum prescription in building to

in XXXX a year Our for XXXX. Collegium execution positions banner in

transition will action X to Phase Accelerate our in We agenda January. of

expect immediate ER less to and BELBUCA of ER than and the full-year synergized and see impact top cost acceleration We of net growth by prescription XXXX XX%, in to Xtampza gross structure. Xtampza propelled of an of the bottom-line growth

shareholders our business Our as in capital singular create development. deploying our top value is to focus and for priority

our a market delivering on disciplined taking conditions business to objectives. we approach current committed and are conducive believe development to are We

opportunities with on stage focused peak are sales We over potential of million. commercial $XXX

runs the are for are with that into assets we XXXXs. looking Importantly, that exclusivity differentiated

debt cash well-positioned and position strong capital financial thoughtful robust a allocate us leaves generation to Our of down rapid in and pay focused including manner.

business our value repurchase value to the opportunistically We return to growth long-term program as share shareholders. our are create to leveraging strategically to as well in committed investing of

we in strategy. have our business Our the results third-quarter reinforce conviction

goals are our meaningful growth bottom-line are positioned for We XXXX. progress and making and on top strongly in

for I the a will over Colleen discussion the now of to hand call financials.

Colleen Tupper

down shareholders share flows while afternoon everyone. strong record the strong was pay debt EBITDA Good cash for our quarter We to generated to adjusted revenue Joe. another leveraged repurchases. Collegium. Thanks QX record returning and cash through

expect we momentum run for BDSI targeted on of and to position capitalize to XXXX. Collegium reflection the synergies in strengthened rate our $XX financial throughout a acquisition this we its approximately increased million. our XXXX As execution,

highlights quarter third the revenue increase of at BELBUCA quarter an total include of a quarter. XX% and revenue BELBUCA by quarter a the $XX.X for million of XXXX. the million of Financial of third XXXX was the product the sales quarter net third the $XXX the from was transient end destocking impacted record were third channel in for

net million which a ER net the one-time shortly. benefit ER $XX.X about driven primarily to was net XX%. to will quarter Xtampza speak was and gross third gross revenue The was by lower returns I to in Xtampza

XXXX, gross net to in less XX%. the be than XX% net year be full less we now a contract the renegotiations, January than as gross expect of will successful to For XXXX result to starting and

quarter Nucynta million franchise expense, third revenue in compensation the stock-based million third were was to net in million which expenses, in $XX.X $XX.X XXXX. quarter the includes $XX third the quarter. compared Operating of

stock-based expenses, operating compensation third from and the of acquisition-related Adjusted in $XX.X quarter of XX% increase excludes million expenses, the an were XXXX. quarter which third

operations EBITDA $XX.X the in quarter. in million quarter million $XX.X quarter the Net $XX.X million XXXX. a million of was income adjusted versus was for the $X.X million. third for was record third quarter Non-GAAP the sorry third Income -- third $XX.X from

per $X.XX diluted quarter earnings and in per was third EPS share XXXX. $X.XX basic the of share XXXX GAAP quarter GAAP The third the earnings in GAAP $X.XX of versus

in was EPS of the adjusted quarter $X.XX quarter the XXXX. Non-GAAP third third versus $X.XX in

returns-related of In that have our returns am disclosed reached addition, February three matter I resolutions we in the this that related comprehensive pleased all wholesalers. to disputes share we year of to with

in revenue non-GAAP adjustment impact reconciliation the million. quarter Overall, release $X.X resulted our today to GAAP returns press in one-time to see earlier the for a a Please issued results. of positive of

our balance million. $XXX.X increased September cash to of As XXth,

we $XX million paid quarter, the off During debt. in

that of to by will times net be below our expect net three this We end year. leverage the EBITDA debt

quarter third Our model. strong operational our of business strength performance demonstrates the in the

track all We at of our adjusted financial achieve OpEx. XXXX growing goals greater times rate notably revenue to two are of the than on

position. are our to pleased We continue performance poised our with and strengthening are financial

Moving to guidance. our XXXX financial

ranges product our are adjusted As executed expenses priorities, the adjusted we revenue operating and guidance for we've on EBITDA. successfully updating financial

to XXXX, expect product now the $XXX revenues For million. we million $XXX of range total in

and of $XXX million in We $XXX to million. the to of million expect EBITDA million our the range range adjusted operating $XXX expenses $XXX adjusted total in

early to forward financial will which XXXX top growth. look We in reflect guidance January, an providing bottom-line acceleration and in

additional value our through capital transactions deployment. the to creating for have disciplined BD thoughtful remains strong shareholders ability on we focused development. priority support are top near-term. and financial our position business And We for our given

to balance two net end to debt We by sheet year times three below the of this of less deleveraging the expected times be the XXXX. are with be at to leverage end rapidly EBITDA than by and net

XXXX and March in expect by term pay down million repay to $XXX XXXX. debt March Pharmakon by We our fully loan

to delever our testament cash strong quickly Our ability to is generation. a

return and shareholders to strength enables financial Our opportunistically repurchase authorized Board value debt, pursue to pay us our through million acquisitions, program. share $XXX our down

XXXX, share million authorized $XX During repurchase shareholders our and program quarter the in $XXX returned million repurchases in the capital through we under third to by October Board.

remaining million this program. $XX approximately under have We

our quarter our to position execute reflects priorities. ability we strategic Overall, are on our our performance pleased this with and financial solid

growth stronger. of a on in strong entering even and value finishing are XXXX are and We and creation phase focused XXXX

I will over Scott. it to now turn

Scott Dreyer

in all XXXX. prescriptions. report for Colleen. that the This contract in revenue ER completed excited renegotiations commercial the priority will ER plans is account acceleration XXXX the and we've fuel it of that to top Thanks successfully I'm of with XX% Xtampza Xtampza

that to net beginning in less confirm than can January. ER Xtampza certainty with I XX% gross be now will

rebates, we the for parity positions of to Importantly, and materially opportunity. able access our renegotiation rolling in to vast exclusive maintain addition back majority were the

the that Let will renegotiations. Xtampza to that subject to of its highlight contract current represent exclusive maintain oxycodone me plans ER position take the results prescription XX% approximately ER of moment renegotiation, or base position OxyContin. with ER the parity In a was Xtampza

market maintained are ER several exclusive the position Xtampza the demonstrated ability share its where have an plans control to plans drive and the past The plans years. that largest and over both

in We these expect volume plans growth from XXXX.

a base to approximately important that this parity move to puts represent plans with ER was position current In Xtampza note the position. that accounts. Xtampza OxyContin in XX% It's of at renegotiation. that change will ER a subject prescription these to non-formulary

As a are demonstrated have group, control. and plans these less smaller

share no volume any XXXX offsets offset accounts will in at that potential discounts maintained pressure market paying the a expect Xtampza Xtampza in position Xtampza in was the where Overall, its grow access non-formulary. we to ER on and potential level benefit expect of ER prescriptions. which longer to any ER moved We that pressure

access. ER to want catalyst while emphasize forward, maintaining for exclusive growth XX%. ample we to the will serve I actions have prescription taking ER to Lastly accounts From that on moving until Xtampza we're opportunistically focused Xtampza ensure wins below year, of within to which room secure the new have Xtampza now continues net gross where the as we end a grow to

These control joint to OxyContin actions tools with Xtampza promotional position non-personal OxyContin and to of ER versus patients patients associated Xtampza include preferred plans Xtampza who to to formulary building the and move communicate and pull utilization action position accelerate exclusive for on and lower launch formulary access ER growth. of ER, to HCPs new personal to tighten payers co-pays to and the the patients the remain and management through

Pharmaceutical the management. in Collegium responsible is leader pain

Xtampza The organization pain ER, Xtampza drivers, growth ER favorably by BELBUCA are share market. strong. are branded our have and of ER and XX% the of a Our combined viewed and our BELBUCA Nucynta portfolio fundamentals HCPs.

prescriber ER positions XXXX. growing market XXXX. broad products have both access are well-positioned products seen Both market and in to only highly strong share the are share differentiated are products grow Specifically, in volume branded bases, in HCPs and market as the by

both our competitive said, it's To brands thus address payer to with plan succeed We navigation exquisite improved the products far in and of execution landscape. prescription The education volume of but versus XXXX, in complex. commercial That market is isn't execution. on this terms being through requires the pain XXXX. flat

Pain to still patient practices internal staff. commercial continue have mid-level not people the levels, in trends administrative in-person and that to to external understand new-to-brand complex and office the turnover experience Beyond XXXX. BELBUCA there navigate adversely prescribers significant returned execution, impacting are Xtampza factors in Externally, and market. how payer landscape. pre-COVID to These visits volume contributed ER

the resulted portfolio. a From of fair in to our a alignments quarter quarter restructuring forces first acquisition the and fourth due first our and XXXX commercial This to half BDSI. changes of Collegium experienced XXXX organization disruption of territory customers field in perspective, amount XXXX, our

and the From For most end year, Xtampza taking complicated hit our was ER. now just a of product BELBUCA. our in of far our focused the of field until commercial force, the growth full to is believe new Xtampza I more than its team on with BELBUCA that fuel commercial BELBUCA beginning XXXX. that's stride action is to organization

and supporting knowledge that of of differentiation executing of ER new use introducing educational Xtampza channels, to and ensure clearly promotional payers our personal access strengthen to where actions non-personal formulary sales controls our clinical and ER and non-personal positions during BELBUCA; the team stronger interactions launching and sales the to through and is value training is pull pharmacists; resources new with promotional launching include Xtampza content of enabling These BELBUCA understood the HCPs which Xtampza ER the and they strong ER professionals, as exclusive. new impact tools for Xtampza reinforce their

which the below achieved to fuel this will generate the Xtampza the in accomplishments of our year, proud renegotiation ER especially actions XX% X, in January for now, taking elevate contracts drive year ER, I'm execution, gross revenue starting we're and drive Xtampza for the of closing, In of for the many I'm Xtampza the successful the level organization acceleration on XXXX. net commercial that commercial will of acceleration that and of remainder confident momentum XXXX. has

to back call the Joe. turn now I'll

Joe Ciaffoni

Scott. Thanks

medical a will significant am strides Collegium forward improving and three-phase on to a encouraged pivotal a serious in committed build specialty leading focused we year. diversified conditions. been We are XXXX by remain for year people living that lives the we our company progress I pharmaceutical has of XXXX making executing our action agenda. XXXX banner be confident and as with

open now call questions. the up for will I

Operator

a [Operator proceed your Instructions] the session. comes conducting from of with Piper our with be will Amsellem question-and-answer And David we question time this first Sandler. At line Please question.

David Amsellem

Hey, thanks.

just I few. a had So

So clarify. I just wanted to

prescriptions Xtampza the said, contracts So by you all ER of renegotiated. was I think it XX% represented

next just at it sort you're those? is just I'm I that So clarify Rxes, safe there. it's the to where wondering for just are place status to of want year? say And remaining a what quo

So that's number one.

Xtampza year. me. better Number shrinking oxycodone on the trajectory execution? But two to can volume you about the just execution the returning comments the external commercial do growth to is are next certainly do you pie, volume beyond more other ER a growth back just lost what economics. In about year you talked And not think next perspective? words product factors think in It's better of get commercial a context not ER from aggressive

is Thank execution growing same on for And a then What of predicated aggressive office are you else do is get growth that visits? commercial the more question in again BELBUCA BELBUCA think just direction? could beyond you. in-person factors product that more

Joe Ciaffoni

Joe. Thanks, Great. to This BELBUCA and off questions the take then David. first question and Xtampza is Scott. the I'll hand

the represented had to as forward the with ER. when to regards So landscape opportunity with prescriptions. about we of Xtampza that you think plans move we This XX% year renegotiate payer

also think enough also year another accomplished Next as Xtampza we have go important we'll if in try And we Scott, with then for other more have prescriptions. renegotiate take what additional prescription it's doing to to it all an for we a plans questions. I ER. that opportunity with that successful opportunistically also emphasize account two of is XX% and will we're to wins, which growth secure so And serve the with out catalyst headroom can than

Scott Dreyer

And BELBUCA, the need to first growth two Yes. and foremost, look and Thanks execute about better. to of David. your again, we other Xtampza

these remarks, prepared internal and were in mentioned a I my in factors As thing real XXXX. external

look it controllables non-controllables. and I at way the so the And there's the is

see matter From visits standpoint, believe there. that the of terms over new patient brand. is time and I are fact bounce external back in those an of we'll some to non-controllables But the office

there's is XX% is look at growth plenty in I grow you to room brands thing opportunity of a market. and both with if look The the in market sitting for Xtampza at the other OER. share

at of to about opportunities there's grow look buprenorphine plenty same share a for there. room So us of from plenty you grow. to thing the And BELBUCA mid-XX market of

of grow. us the to in markets So issue able with I see any terms don't being

controllables on now actions focus to taking controllables next those and our our on where last focus look are XXX% right factors year. The and all that's thing is of is those grow internal is those

the the viewed of are market are and these growing Lastly, differentiated access research prescriber Still highly really position. strong. brands as broad bases strong and fundamentals brands really market in

together of makes that into able be year what next we'll reinvigorate all put feel as that So growth. confident move is me we to

David Amsellem

guys. That's helpful. Thanks,

Joe Ciaffoni

Okay. Thanks,David.

Operator

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

Tim Lugo

Thanks progress for the breakdown the quarter. and excellent the congrats on during

buyback us about you during us if a potential where share in of a just question, answered David's of to you lot talk current rank questions investing capital deployment? the for weigh give sense Can -- these additional maybe my areas franchise You development. can and internally you but

Joe Ciaffoni

Sure, -- or I'll off I'll that sorry hand one David. Tim, to Colleen.

Colleen Tupper

for question. the Thanks Tim. Hi,

allocation which development, our prioritize business as remain So stage as as we assets past discussions, with far priority. priorities, out capital commercial seeking will they consistent first

of our returns with via in paying also shareholders program. the paid million Our buyback return continuing first will debt, so to then opportunistically paying off our down pretty and those be share Pharmakon that $XXX to we year, rapidly the capital down

We have about remaining the through the end year. million of $XX

Joe Ciaffoni

current the the sized a correctly, structure, When the believe you in-line big investment Tim and would at the of obviously, part making -- from through current parts additional portfolio process. cost thing, structure in additional believe would value we look they're we're make there to planning the from do other structure. not of the the portfolio, we if there's wherewithal big If of need only support least And say, a investment to I in size the have our be we we're in cost that that. working

Tim Lugo

you across? on to Can -- that [ph] a and more. Understood. us sense you at? Okay. Obviously, the give Can previously. something a refresher And come just into BELBUCA opportunities on in was you're give looking refresh Hysingla that BD us back like came opportunities and areas just of a digging little I bit maybe us you

Joe Ciaffoni

looking Sure. the think exclusivity really Look is The of we're lens Great million current differentiated, when particular threshold of potential a not it look reasons matters sales And we peak market we over a $XXX I of the course, critical which really to, are think at the so done, of is of us. thinking is we're for looking conducive to but that for getting question anchored think XXXXs. priority, for we're Tim. which deal reimbursement. in that a assets then, we through meaningfully much one, to into therapeutic the environment, are multitude

look there about From space a in the pain when would spoken if that be more conditions, -- current an in in that the assess -- infrastructure was we sense, we place I've adjacency a that but makes opportunistic. neurology little be want being directly something we you the think leverages certainly a past the bit to preference. we and flexible when have market

Tim Lugo

Understood. Thank you.

Joe Ciaffoni

you. You bet. Thank

Operator

Our with next question Brandon Folkes Please Cantor of from proceed comes with Fitzgerald. the line question. your

Brandon Folkes

portfolio, to obviously, portfolio expand improving XXXX products or just taking gross in gross-to-net line congratulations have across for and Thanks to on following you stable me relatively from that progress. of nets gross-to-net, portfolio any my questions of on for other the any one the compromise questioning. expanse the Do Maybe of that achieve the a products in to earlier much Hi. and the XX%? the a we other think than to broader less remaining should in

Joe Ciaffoni

Brandon. hand Colleen. Sure. Thanks for off I'll one that question, the to

Colleen Tupper

or no there portfolio for renegotiation, stability. the was Thanks, do for products and within remaining linked expect the to other Brandon. products No, any compromises we Xtampza broadly our

Brandon Folkes

in talked first renegotiated we Earlier have the follow-up, being year, XX% the This one missed think contracts the just of And about I may answer. Thanks. in this question. year. been asked sorry. I

year. the call, there talked the contracts how year? XX% about and should you've next XX% up then we next Xtampza think I of -- on for that is there still think Are it? about Is maybe XX% renegotiation

Joe Ciaffoni

driven, success That's for There year Joe. on And that of should just How in XX% the to we you those in gross could of achieved large focus is additional see going Xtampza be on net is we a driven? XX%? on approach have your those where contracts this majority Brandon, if maybe to correct. negotiation be the that XXXX. volume something could or change Yes, and contracts is this about an renegotiation think still XX% any else you've such now up your

Joseph Ciaffoni

Yes.

So, great question.

similar ER view a it the in with to Xtampza, recognizing contracts is can make. the did I time, really and ER Xtampza impact that Xtampza what the differentiation from over existing from that and approach think with our XXXX, and the clinical performance we the which will value renegotiation speaks be positive to plans of

opportunity so, catalyst as that important share to The enables new is successful that secure continue when we growth headroom, is, And other gains. prescription would if to opportunistically which to we're have point wins the and a payer look to in now emphasize itself. for potential us certainly significant market doing presents serve

Brandon Folkes

again. Great. Thanks very much congratulations and

Joseph Ciaffoni

Brandon. Thanks, Great.

Operator

Our line the Please Company. question. comes of Needham your next from with & proceed question Serge Belanger with

Serge Belanger

Thanks for of my opportunities continued I first then, Hi, we going and XX% available year, good XX% similar next coming should a improvement up the on annual questions. an for BELBUCA? taking a on basis expect follow-up With other been renegotiated forward? net And a guess first that's gross afternoon. question. the renegotiation contracts to the one

Joseph Ciaffoni

Yes.

would I commitment is want gross than about get to managing ahead Serge, don't think net to to The way less basis. Xtampza forever question. on and a I it, ourselves, So XX%, our ER great of

headroom on But payer renegotiation we we think the to new opportunistically looking access all have, Scott, with let company of to their comment ER most a as And opportunity, to most always improve would margin would secure additional certainly staff wins, the growth. that important, we'll management, leader serve Now as a of and to BELBUCA. the the And also to responsible have we in with want physicians, benefit. we as patients. be catalyst a at for which Xtampza try pain the committed I'll

Scott Dreyer

Yes. Thanks, Serge.

you to matter reiterate of the when season, is to at in BELBUCA as access are what always patients and the is, our for portfolio. want reasonable Nucynta. we access for have BELBUCA look the full We fact first, rest our tenet can at look we broad as said, products. of we to similar our to when gross Right the very yes, of we goal where So, to the have are now, this portfolio negotiating

And call whether always be do we that it's pruning reducing in to what up, access so we may a rate things come are where at while discount maintaining situations a looking or bad contract all have walk gave but right things, to be that report in any will And away. I additional and nothing reflected now, contemplated will in we on January. the guidance that

Serge Belanger

And one now. update on one. quarters the Any Great. been It's first a ELYXYB of CNS. foray migraine. a launch just last then, couple in into It's

Just, color on if going. how that's us you can give

Joseph Ciaffoni

Yes.

So, Serge, question. great

through is, did direct acquisition two, when first emphasize associated clear we the core the that overlap course the we've acquisition was the of and the businesses. going The was we're I the add moving portfolio. because a the two in one, the driver to synergies underway thing the how would driver launch were ELYXYB to handle opportunity, of then a And the synthesize growth on the of BDSI we it Number forward. decision, make said, of learnings we'll asset is differentiated the to BELBUCA and year

pain the portfolio of and all you those it. commercial stage company to soon expect on parameters that decisions how and acquisition that making building handle assets, of a the of our going really about the to we've outlined. with potential when some But basis it's on synthesizing through So Collegium, it going-forward be learnings we're is very think maximizing we're

Serge Belanger

Thank you.

Operator

line proceed Please the from of comes Greg question with next Truist Fraser question. with your Our Securities.

Greg Fraser

mix have could role where in less net XXXX, the Thanks on gross questions predict. to might it anything play talk progress. for congrats the I'm you sense and target important can than But an of Great. I'm taking beyond if XX. if for reach a the about understand the I hard you curious, curious, be will

Joseph Ciaffoni

Sure. Greg, question. the appreciate

frame and we say at will guidance about which ER also we'll will Xtampza can ER time, January, confirm it be revenue. on acceleration to For issuing the give We'll net. XX%. certainly think what now in be gross I how would to than And perspective some less is, Xtampza that early our

Greg Fraser

that you to I'm On those Got how growth share from and think quarters BELBUCA control, results? thinking do the you're it. we weeks Are That's away? when about reinvigorated things helpful. start away that. you can curious, yield

Joseph Ciaffoni

Sure.

So start The organization with think education one terms awareness in and to and that important on at associated I because particular, BELBUCA to our very understand would a the product; filled. of answer thing emphasize, And people going to really the great I terms a that question. think good I'm that overall question. learning to us. is gave was different I level in the Scott, payer in get navigation pharmacy prescription the commercial physicians' of, two, is is complexity just the BELBUCA one in of, how both the the and adjudicated for around

BELBUCA buprenorphine as than growing, know, our a is little in of I multitude the position, and hitting way be education dynamic because market range a when reasons we're a the it's really of should do benefit believe differentiated of been stride. in learning, focusing in market share. And we on see Butrans fact process it's will which on growth long one of believe of where which because relative and patch. a we is, verge a for volume that's I to bit different a that's you of And the So saying, Xtampza so in we'll dosing reeducation

the is execution be, there's product. along one, with BELBUCA, stride volume in and promotion the Xtampza, share than That forward. think as in a of just about moving really we being from so we good opportunity perspective more our to growing can hitting So get good as

Greg Fraser

on of assets, areas you. on it. pain make comments up to Thank areas I other And sense? Got neurology. your interest. What then beyond could on and I'm just follow wanted might curious be that

Joseph Ciaffoni

but that is therapeutic I'm looking we're out get Yes. accomplish. Great, to it what areas, not calling question. rather into going reinforce to

one, commercial looking are stage meaningfully we're for So, that assets differentiated.

sales So for We're we of of and potential have critical the assets. from that's company want reimbursement to don't when getting million We position to a and market peak current marketplace, the strong we or mission want and opportunistic XXXXs, the assets it's looking financially remain and aligned think perspective. we $XXX transaction exclusivity our done we me-too the the contrasting a over commoditized want we to assess into conducive to current conditions, and flexible. that think

Greg Fraser

Great. Thanks question. taking the for

Joe Ciaffoni

Greg. Thanks Great.

Operator

comes the Please H.C. And final with of Wainwright. our question Oren with proceed from question. line Livnat your last

Oren Livnat

have guidance. until guess Clearly to less I some I more any you're you going on not what XX% give thanks. Hi, give a us than color few. means,

that look So about in know the that and into the, How back I later even get guess, will won't terms guess get at rebates -- way. the I you product you you other to guidance highly in just there approach just how you as say think be mix is at of your the Or year work bogey conservatism. anticipated. just let's and Do have have Thanks. And approach? really and it that I even the you how we see coming approach until goes. couple to hey of guess, speak, do then some a And start of follow-ups. go XX% so you guidance? or we'll I and volume year have mind? XX.X% a then through Since then

Joe Ciaffoni

to Oren. off one Colleen. question Sure. hand Thanks the for I'll that

Colleen Tupper

Hi, the question. Oren, thanks for

robust think the we'll through I we'll that we out approach guidance have we'll be -- how [indiscernible] guidance thoughtful set year.

shifts in be what of and the leverage And year, forecasting incorporated our into with up and year there any real far come to the As be all payer have as out dynamics for will forecasting planning in are given you will will our for analogs and that we Xtampza for as that model. estimates would guidance. sorts

Oren Livnat

of this thing think established anyone share is I growing that I you market about one And mentioned within asked was pretty contracts. interesting guess exclusive notion Okay. don't

those forward improving share I you those is in OxyContin on control think to hasn't already or have formularies. patients? what what with exclusive could control as So it that worded you straggler increasing going changed date? mature change already on now? much How do And going contracts

Joe Ciaffoni

I'll one Oren. Okay. pass Thanks that to Scott. off

Scott Dreyer

Oren. Thanks Yeah.

we XX%. we it good the we talked think you when about market So shares above about can ramp, in the exclusives the years as achieve feel through that

they plans, the is with my So years have of as step-wise commentary what's the go approaches behind all on.

a an that literally right Xtampza. turn place work over patients in OxyContin and with to move they year with or two, So we the control they had now to identify the year to for exclusives where opportunity just them there's been

to talk in we're getting we about to shares XX%. in market what So And referring see we above that's that. can when general,

Oren Livnat

can And Okay. average of total across you the weighted share exclusive the talk contracts? about your now

Joe Ciaffoni

so I'll Joe. take is this Yeah. that one. Oren

opportunity the plans. to the in to there the dependent and to the one contracts plans also size various get So you going range exclusive movement upon What not within is I which to share the a and market into volume that of of share, say their and of every a patients exclusive grow would there is out in season and is of significant specifics. we're is

will grow, which offset feel the in what we've which So we which where positions maintained moved we we is in opportunity believe potential position non-formulary a have that to is controls to Medicare XX%, good really that lower biggest about plans the any parity were on to a highest with control. Part continue OxyContin the exclusive pressure D significant there's

Oren Livnat

to the on that been have impact or recognized gross piece positive on from just revenue it quantified to gain. net gross net, you I And guess another to what -- without added? on would nets that that Xtampza that ER wasn't Okay. on way look if sure I What the in gross that one-time was is quarter, to at adjustment this the is

Colleen Tupper

yet. state and Oren, this question specifically Great I didn't

the Xtampza to been for have adjustment net absent XX%. returns ER gross the quarter So would for the

Oren Livnat

Thank you product gave three just running mind sales or numbers through four I thing. -- apologize. real when you results quarter. quickly? the sorry, you. connection last this individual for was fuzzy those one My just Do And

Colleen Tupper

Sure.

XXXX, so So million, third $XX.X Elixa of the $XX.X for is franchise total. Belbuca, million Nucynta other $XX.X $X.X $X.X and total [ph] quarter and for million, Xtampza, million SYMPROIC $XXX for million million

Oren Livnat

your And you I so Thank much. forward look to guidance.

Joe Ciaffoni

you Thank Right. Oren.

Colleen Tupper

Thanks Oren.

Operator

back Joe over of session. remarks. to for And closing the call question-and-answer we now have reached the the I'll turn end

Joe Ciaffoni

on for you our today. forward the updating Thank Great. you call thank great to evening. a and progress. I Have everyone you joining look

Operator

today's concludes this And conference.

disconnect You you lines participation. your your for this may at Thank time.

Collegium Pharmaceutical (COLL) 3 Nov 222022 Q3 Earnings call transcript