Earnings call transcript Q2 2023

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Operator

Greetings. Welcome to the Collegium Pharmaceuticals Second Quarter 2023 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 call is being recorded.

the Relations to at turn President James, now Investor of Collegium. will call Christopher over Vice I Thank you.

You may begin.

Christopher James

Officer; Ciaffoni, Welcome to I'm Chief Financial Joe call. Scott Officer. Dreyer, earnings XXXX our our Executive Officer; our Chief and Collegium Pharmaceuticals joined second today quarter Colleen Chief Tupper, Commercial conference by

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

litigation You statements that significant that with prevail including our and we the uncertainties, company that that not successfully are risks in to be expense risks and other and not company's products future the cautioned the filed incur in to or current able periodic risks pertaining such and involve risks may may reports Securities are of may These business. the commercialize forward-looking without Commission. we limitation our Exchange detailed and we

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

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

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

call the I will CEO, Joe Ciaffoni. to now turn over our

Joe Ciaffoni

and the you joining you, Chris. Thank Good afternoon, call. thank everyone for

we lives the conditions. serious leading Collegium, to improving Today in At committed and half first living remainder of diversified progress XXXX, achieving toward the specialty people with discuss for year. our we expectations on our company will financial focused a banner performance the building medical pharmaceutical of in the are year a

we where communities the and live supporting includes work. commitment Our

Collegium's STEM the with STEM organization to we Red driving access support launched Boston from and leaders. educational initiatives partnership low-income kids to next equitable During the from leading for generation Scientists, furthers Sox that This the households. a quarter, resources new commitment Science a partnership non-profit education second of

organization communities we our their for commitment hard and serious the colleagues to their to work with I'd people and that dedication recognize for serve. my and living thank like to them conditions medical

we make and track this potential be At to am to portfolio growth committed a maximizing top and achieved strong that the pain that year structure. report I by Collegium pleased would of our banner are Pharmaceutical. to beginning bottom-line of year, for on our we XXXX leveraging differentiated cost the

will achieve also said enable what that cash priorities. us year exactly of strategic operating debt would our focused rapidly commitments. confident capital half is deployment on down in be track we to strong pay remainder XXXX. for to financial and of we generate are what would first We accomplished our that That to that and position flows other the on the and deliver have am this we us we on I

include; our adjusted of grew to and revenue first compared performance the strong XXXX. in record In in generated first the half first half of revenue EBITDA. XXXX XX% the half of adjusted XX% We and pain accomplishments Key the delivered we year, portfolio. we EBITDA

second the growth achieve were in quarter. to the on prescription Total a basis. up compared quarter trending prescriptions is full-year X.X% to BELBUCA first

that level highest encouraged of prescriptions total BDSI in achieved continue since trends generated acquired BELBUCA by March be to we XX, X,XXX The We July seeing. ending the the we week are XXXX.

year-on-year. relatively gross Xtampza contract completion year-over-year grew to XX% first that our last grew successful year. franchise Nucynta by revenue be delivered half of on first of due year the the driven franchise We would stable revenue by the the ER commitment the revenue of renegotiations to half year In X%. in We net in Nucynta's improvement

and under children Nucynta six-month and pediatric Nucynta pursuit franchise solution children Nucynta use the for six approval extension in older. age step FDA IR for aged important of oral and of in an achieved with a six the We of both the

has We execute to to strategy. securities on our cash our capital marketable Board million enter $XXX increased deployment into well-positioned And balance over us leaving us share program. authorized our million accelerated $XX repurchase and a

continues are million share our be our committed significantly stock We opportunistically our cash believe $XXX leveraging we and undervalued to to return shareholders. to repurchase that to program

are of two-pronged capital strategy on shareholders. of create and value We for strategically to laser-focused differentiated maximizing our portfolio our pain potential the our deploying

BELBUCA is We the believe portfolio. maximizing our is Nucynta to that strong ER the net to expected key from grow Xtampza basis revenue and on to franchise pain exceeding a expectations. of improvement, commercial potential prescriptions gross are benefiting full-year execution is

for shareholders is on our long-term is development top focused business creating priority. our Our strategy and capital value deployment

pursuing believe the XXXXs. we into million We potential differentiated $XXX exclusivity sales peak more that are actively have in commercial of stage than assets

business development deployment approach. committed disciplined capital we to our absolutely our priority, are in Although top being is

Our us strong financial do position to allows so.

end long-range loan For Pharmacon will $X hand the our perspective base in net we our of billion case on XXXX. greater paying off at plan, of cash of have than

to leveraging position value We financial create shareholders. to committed our strong are our for

on track for a We decrease to the and expenses strong the of remainder for the half to in year. delivered of Collegium increase is XXXX we Pharmaceutical. in banner the first year be expect performance year a see revenue

the expenses We which and X.X of adjusted rate growth. X.X the XXXX our operating guidance, rate adjusted growing full-year of are revenue EBITDA reaffirming by times includes financial times approximately growth

our million the meaningful believe to company shareholders. is back to deliver the $XX of intrinsic share our We stock accelerated disconnect value to buy between authorized of program that Board repurchase the and share value be price a our we'll and there utilizing

achieve Our priorities of are are year the clear to for remainder the and we well-positioned them.

Colleen the hand to financials. now the over will I to call discuss

Colleen Tupper

known XXXX. We while managed highlights grew the rate. expected generated $XXX.X double-digit revenue in an afternoon, million the to achieve down expense for year-over-year revenue objectives quarter be lighter on quarter the as compared track due Thanks higher to net operating also adjusted quarter growth generated than the Joe. in include, debt. the coverage. second everyone. tends positive In hole cash to for twice financial XXXX, of the at the second to quarter and as product were and we Medicare operating of donut flows, in million that quarter, paying $XXX.X our second coverage expenses first Financial quarter remain XX% for revenues EBITDA second the second GAAP Good We increase

in revenue the quarters quarterly to expect We XXXX. of increase remaining

XX% in second net second gross BELBUCA quarter in the revenue quarter. quarter, the an increase the was XXXX an $XX.X million Xtampza quarter over XXXX. million and increase was the X% Xtampza $XX.X net of the to XX.X% was second of revenue second in second net of ER over quarter, ER

in between full-year XX% XX% ER We to XXXX. gross Xtampza to expect net be to

which quarter revenue $XX.X the million GAAP decreased quarter, compared to operating quarter the same second of operating quarter increase in in second X% XXXX. $XX.X $XX.X over the X% Nucynta was were an million the decreased second to in second expenses franchise million million million XXXX. in compared net which Adjusted of XXXX. were expenses the quarter, $XX of the X% in of $XX.X second quarter,

per compared XX%. per the second quarter quarter quarter compared in adjusted second increase diluted $X.XX share XXXX. income in in a of second was in $X.X $XX $X.XX second XXXX, million of $XX.X of GAAP quarter million and XXXX. second the loss second EBITDA loss for to million second second was Net net quarter the in $X.XX increase of to for million compared was compared of Non-GAAP in $X.XX of GAAP to were earnings Non-GAAP the $XX.X the per quarter quarter the XXXX, the of share share XX%. the basic earnings basic $X.XX an to diluted and adjusted an quarter

non-GAAP to Please earlier of see today our release press a GAAP results. issued reconciliation for

of June cash, As equivalents cash our to and $XXX.X marketable securities XXth, increased million.

During X.X quarter times EBITDA the We related debt and net in quarter to the time. at at second our we million term approximately debt $XX.X to the notes. second expect end paid down one year ended to adjusted

are our financial for guidance We reaffirming XXXX.

million, range the in in operating million million. of $XXX $XXX $XXX expenses revenues $XXX of in of adjusted EBITDA $XXX product $XXX adjusted net to range expect million to million range million and the the to We

exceed second the lower first part operating and the guidance, the revenues net the As this half. of the half the expect financial expenses in of be year to half of year first we half second to than product in adjusted

organization, We our to strategy. our Business through we creating focused remain development financially remain approach. deployment on capital priority is disciplined our long-term committed for is on Collegium shareholders priorities. strong deliver to deployment a a our and capital value well-positioned top

adjusted We EBITDA at deleveraging at debt put are to rapidly of $XXX.X time the locked into balance paying million sheet, year-end. would in which debt net one approximately down XXXX, us

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

through also shareholders are repurchases. returning share to We capital

stock the favorable million program at to Our worth for very that in of share attractive up return our enables in long-term current profile purchase with repurchase year. of us a We represents to company and valuation, January, our investors. investment, $XXX our a shares success the this announced believe

repurchase of our to shareholders. such, As has benefit capital $XX see program, program deployment. share we our repurchase deliver a authorized our us reinforcing program, share capital for accelerated We a of high-return the part our to our enter repurchase today to million as into through commitment effective our of announced that, shareholders the as Board use

over it I will Scott. now to turn

Scott Dreyer

grown first committed being In to take differentiated Thanks, leader viewed this distinctly and pain XX% our half of It's positioned and to testament pain year, specialists, management. and in in talented as portfolio, responsible portfolio branded We Collegium we've of by highly pride Colleen. of market. pain organization. our a a the our share the commercial

our force is focused capacity at growing and differentiated XXX% on Our portfolio. field pain

X.X% first total steadily XXXX, comparator And quarter second we increasing. see past prescription several prescriptions basis. in to BELBUCA favorable will in the the that quarter, on a the of back full-year encouraged seeing, are the a half we expectation an the our grew grow along weekly prescriptions been of have months, total In versus XXXX. trends BELBUCA with trend. BELBUCA's reinforce were over prescriptions that The uptick

clinical the grow that by to BELBUCA's prescriptions, to in we're moving XXXX having our will encouraged for improving total growing confident XXXX. half addition focus year, our and position, ability with the of in Medicare and We're second discussions BELBUCA payers, in financial on D forward. Part the are within be and In

Xtampza not pressure year, from first the growth the of candidly, is quarter, prescriptions, within stabilized removed trends from grew improvements XXXX. from where ER from the quarter, XX% that stronger did formulary the half in for gross-to-net second maintained first plans we revenues the renegotiated commercial of contract completed where position. result in in Xtampza represented as the that we contracts the need Prescription we to a year-over-year, significantly This our due about year. prescription was and last see of execution but successful renegotiations, we the

Xtampza for maintained the we remainder we momentum be anticipated. not ER's To year. ER formulary level focused of the the plans, progress position, through that Xtampza clear, the we're but where on We're making within to building

In ER. plans year, terms on care, contracts additional managed focused expire renegotiating for XX% of that prescriptions winning we're Xtampza of this an represent which new and

Our strategy our below well in as provide renegotiations, catalyst keeping on for and growth an and XXXX, secured XX%. Xtampza as expect serve of the we're status any will net new forever we In BELBUCA for update November, to a wins, committed for gross to payer as to contract we've XXXX.

of we the Nucynta Importantly, our acquired stable franchise continues and when was it performance commitment The the Assertio we're from revenue Nucynta deliver in to XXXX. contribution, excited which franchise. by

and excellent done organization has an market in access Our our particular team commercial job.

an Nucynta within role serves pain management. The franchise important

of is Nucynta the Our share BELBUCA, Xtampza differentiated strong ER with pain market. XX% and a holding branded ER portfolio combined

committed organization, commercial stable communities the people a pain of difference lives and a the we have with making serve. that in to living, positive We

focused September, team presence the largest in large conference and growth XX for States. in participating our pain the franchise. We'll the in United a to half in medical the access on as pain second our posters, expects market leading and PAINWeek, sponsor to we year, strategy XXXX. forward to executing momentum the look supporting present pain position In We're our of a building have portfolio

the turn back Joe. to I'll now call

Joe Ciaffoni

are XXXX Thanks, and our Scott. track to We had and strategic first achieve of commitments. half financial in on a the strong performance

our deployment for for Collegium. through strategy. are shareholders banner business year growing creating XXXX core our will a We our and value focused be on capital long-term

will up I call now the for questions. open Operator?

Operator

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

David Amsellem

Thanks. Hi.

have I a few. just So

like? Can in talked to you looking you level, terms I understand for you're on one. think in over So, improve buybacks to you're talk Part not are it's time? road? regarding broad business your just about lives therapeutic the buybacks categories two about gross-to-net BD that how access. deployment. the either/or question What balancing guess how thinking terms can an Part number guess do is BELBUCA, I that different number percent that's I you not know, range? should could may the D of remind look Just what versus even about but a looking on activity? product do covered us expect we then or And access more interested down capital you a help in D goals Medicare So may of And about what for improved you how lastly, development. us on then be you're

Joe Ciaffoni

Okay. David Med Scott the deployment ask D capital the to third and Colleen take question. question. come BELBUCA I'll for back thanks I'm going and the to on

Scott Dreyer

Yeah. David. Thanks

manage large the bottom submitted improve profile D. update discussions and and where plant stands, of other to you will BELBUCA get profitability. and BELBUCA we'll around We're have net the So than to encouraged we bids at first strong Look, it profile and it, gross to going clinical effectively line looking should to commercial waiting real look Part access. I'm We've feel into the and the we're in guidance back only in now Part we saying net heading the access you more our give an with and gross be one hear D. had. in D plans on where very in always looking by patients not November. We're Medicare But we've Part we're to is in and the to when

Colleen Tupper

priorities. allocation David for capital about question the Thanks,

that and So, clear debt program. priority to we've opportunistically our to our via been rapidly is the return and secondly paying then then also first business third down continuing share development shareholders buyback always capital

see the our in mind, can you with from record without we repurchases. years share as in past done track have BD or So XXXX

was a into accelerated to us year. we're repurchase where year January program. authorized that we to buying $XXX but today $XXX will So then light in And million typical that now the accelerate for of part full have What in share has share million a is announced as right million announced of place we've repurchase in $XX Board our pleased we program. enter BD shares it a the

Joe Ciaffoni

David, top be with Because then BD, market And Okay. our deployment to we important a to from agile. regards perspective. is it's priority the of current capital conditions which think

new be new we of The a organization. pivot therapeutic infrastructure, a next to So open-minded we're terms very in areas. the acquisition do will a to footprint

be will what synergy it than that historically. a So is it lower done deal we've

of we're million of commercial So with sales what really anchored to the are any differentiated therapeutic fundamentals with a than $XXX area. than more so particular in opinion one the stage into XXXXs greater peak our asset exclusivity

David Amsellem

go ways where being number bit a terms What attractive, Are in you to If about we I more more follow-up. find in a you've a the a just times still of of sneak to feel is prices? asset or that have may look you like talked a comfortable? market at of prices do disciplined And asset here. place point

Joe Ciaffoni

the David, I appreciate No, question.

What it great is different I a it's of than difference private to whether question. capital easier had previous would noticeable which access this is years level engagement say it's was when the the companies for is been year people. think public I in what

to growth Now, to drivers because look deal company our Collegium. and the of forward, go we deal we're strength going of financial have the we do durabilities to We're right do be don't as of for disciplined. the because a going the

get more strike rational I we've zone would additional a one to would time to a instances, before as engaged suspect, companies position that's quarters we been deal see or is getting or done. see a what what we some the say And I can to maybe in need couple where

really So what find deal the financially. executing our focused value will core will in our am business that continuing is I is confident what to against strengthen we're on the we Collegium for Pharmaceutical for company And create shareholders. right that

David Amsellem

Okay. That's Thank you. helpful.

Joe Ciaffoni

David. Thank you,

Operator

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

Unidentified Analyst

John Tim. two This for our taking is Thanks from lot team. on question. Maybe a up. Hi, just for

more a the progressing manage that's the little said front speak long some bit a then the to franchises? and as to BELBUCA. near sales in you those affect the you you know product I little overlap on maybe a past term? maybe and Can talk that you ramp-up BELBUCA force continue the might efforts existing how a expect can requiring on on both bit see the more that on of potential is Thanks. might of education bit complicated focus additional BD you trajectory that little the of of education. And growth growth and a how how about you in So your the on you

Joe Ciaffoni

Sure. one BELBUCA. is take I'll question. Joe. and BD Scott John, this I the on the comment will appreciate

look you one, we're a when that in a and able the we about So it. pain are a have runway pride of perspective take BD we management leader a and with in organization, think from we think of and lot responsible the portfolio to say front I

BELBUCA? have over with And infrastructure one on do that the So, additional us and anything disrupt we'll that's assets peak focused an we're the business, has And pain approach to to we're what that about the narrative focused beachhead, the the then potential enable of setting belief an becomes with think leveraging plus not with of that when will also is asset of shifting And while key sales. the Scott which will we we're time. million that a that we're would a company, $XXX on not then doing we be be BD confident focus, taking. be disruptive new the what is strategic that that. setting on good things out with to news And

Scott Dreyer

John. Thanks Yes.

we resources. professionals our And the And And we ability to all a before. into to a product, build. the some that of complexity new we're in tools to of continue have by our confidence lot about gives contributor the clearly, through of sales acquisition of so and means, rolling momentum the talk think, starting practicing to out we rest year. look, upon So, I of about see that that's execution grow the sale the us effort, when put talked training yes,

Unidentified Analyst

Thanks so much.

Joe Ciaffoni

you. Thank

Operator

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

Serge Belanger

Hi. Good afternoon.

guess, of the from three growth tell of to you in what Just for second products I in those gross you you saw the movement half the a And second expect couple kind in gross on net do of questions first what one net. us just the year? us. over move major Can into to the net quarter?

And for an got post-XXXX? that secondly, outlook just you've that pediatric now for then updated extension the maybe Nucynta, product

Joe Ciaffoni

Thanks, Okay. Serge.

gross Colleen net. on So, to

Colleen Tupper

Hi, of interest the Thanks Great question. topic Serge. here. for

as coverage the the the So nets second due all impact expense. expected, Part of Medicare business theme Medicaid of products our depending the cap quarter to to is on the D. across of higher That's much varying to how higher gross were really same degrees

generally that or lower year, the in back first. each But are gross not of in of coverage gap due quarter as quite hole, through the fourth donut there and in half is good year the to as is quarter, but the improvement out as first favorable third of in then as to coming the net more the patients also the known

back gap Medicare have the and would now right we year. for improvement expense, are half of we the see height expected, the of coverage So, in as we'll

Joe Ciaffoni

to XXXX And XXXX we're us that do with Nucynta the July to terms of XXXX. in take going extension we would If would year of we quarter in franchise, from first the full the know then expect to the Serge pediatric achieve exclusivity. whether

Operator

All right.

line the from question. Glen with of comes proceed your Please Jefferies. question next Santangelo with Our

Glen Santangelo

a for of want Hi. on made. comments I question. couple Thanks Colleen, my to Hey, just that you taking follow-up

said First, Is to with finish did you XXXX X%? I the $XXX prepared in of year of a that your in you debt the hear million goal? retire that remarks expect leverage worth and

Colleen Tupper

right. That's

debt that we right adjusted to year, about our times payment and EBITDA. have a the it now. net paying put per will debt end one of We the million billion over We're $XXX $X.X schedule at this year

Glen Santangelo

Yes. million I this, out know should Okay. but apologize probably $XXX And have I the there. authorization you

Now accelerated million there's $XX another repurchase share authorization.

So now? total is million it in $XXX

Colleen Tupper

of repurchase share full No. million The $XX million part is for year. $XXX the accelerated the

Glen Santangelo

right. Okay. All

million of of to so cash $XXX million would and the of mean return at what you And be would repo aggregate that level flow, accelerated just in probably I would shareholders expect looking this your you year? debt $XX

Colleen Tupper

$XXX announcement soon million we contract have which $XXX year accelerated within today's throughout of million press to share executed. been that have we'll as to in tool the an of do the to So share repurchases that repurchase the has entire authorization as we that do is which additional issue a release up

Glen Santangelo

Yes.

maybe the Joe question Okay. you're on right about And follow-up just what now. your if previous I of M&A could on some seeing market comments the in

said years. Are And a the level not? is level we deal? if assess lower a trying higher would there's that the or of than reasonable sort we're seeing year is engagement implying I market of valuations be different to now. guess without disappointed Were you a the level previous what You or you of you exited in engagement And engagement? of all

Joe Ciaffoni

Yes.

So question Glen. great

on of in are. commercial market companies engaged terms that And a the different weren't So in is difference comment of that to dynamic in a now engage mindset, a in reached of in that past actively pursuit out is of there because receptivity perhaps stage we that focused assets. what that are we've I'm

a reasonable that's And come of need a deal parties to of rational a your commitment any that make perspective. valuation, to as course, you a position we from timing get were you deal, to deal unpredictable then terms know from the on going to valuation done. have two we not agree part to a if To or I'm would of able In done. question

the strength urgency discipline the so while do afforded financial assets luxury of maintaining and we of durability have. to the of organization the the that So because we're with work we and

Glen Santangelo

comments. for Thanks the

Joe Ciaffoni

You bet. Thank you.

Colleen Tupper

you. Thank

Operator

Wainwright. Please proceed question. with line the from comes question with of H.C. Oren next your Livnat Our

Oren Livnat

a me. if you have I few dug Thanks.

about lagging full-year committed know BELBUCA your Nucynta to like year-over-year where Just guidance we BELBUCA still I yet, think both previously guide. full-year just And and looks products should want reiterate I is are, total. maybe other offsets is or are follow-ups. and I year, there revenue of can outperformance there than to up a volumes assume franchise ago? positive for difference I helping you maybe that lower But that understand to And you you you've and full Nucynta guess Xtampza's six the as get make growing hoped it I your improved. months have has couple your even

Joe Ciaffoni

Okay.

the – way think don't I you Oren, guidance. know So would product-specific about give and we as

you we not grow to BELBUCA do a out of we that As need prescription see achieve in this the basis. to continue revenue Xtampza, the full-year reaffirmed said and We right with of guidance do that we to that to will gate expect prescriptions seen on growth see revenue expect Xtampza grow. acceleration year We've today.

seen we've important step. what is with an which So Xtampza stabilization is

we say trying and for the we build from year full-year confidence believe of at could with point there but that will the don't see growth Xtampza. Rx focused with be remainder this to We we'll that

remarks, I'll the we beginning is here set encouraged of And the had year. relative the really my as we're said prepared emphasize stability I of that and in exceeding expectation at Nucynta and

So confident guidance. a manner full-year performing where reaffirming the pain in portfolio is the we're

Oren Livnat

grew than the in is through net it maybe gross little looks get past I guiding for net from I on second to or little Okay. least Colleen expected gross XQ you bit And to QX the than growth. or had a just guess year cadence half revenue guys I wisened expense different faster at to like a maybe into are but to guess it

to you'll actually this even or to perhaps or QX we donut-hole improve got an the see in So we maybe besides QX, a should which misunderstanding? and gross faster for a thinking donut-hole net little through getting year are improvement Xtampza in

why extended-release then a I I there wondering out still think with how do is great. you than than maximizing for?" that's which is there XX% let's big away know about you picture give arbitrary, promising revenue? volume all that keep year just on is headroom more little XX% can I'm less you a makeup to there's when think gross into now, reason safe volume you about next though or product you standard but Is that "Hey say XX%, wouldn't that grow we what guess more just know bit a that huge OxyContin And right ones any

Joe Ciaffoni

Okay.

Oren. let and I'll we'll Colleen come the the the for we the thanks market some question go of to back through how around gross think and mechanics net question about OxyContin So then to and the approach.

Colleen Tupper

on the to For question gross net.

QX with which is expected the as quite noted. to we gap, dramatically most coverage sort of gross-to-net increases as So Medicare due Xtampza acute the you

For the be XX%. full to anticipating XX% the year we are of within range still expand will

board products a as and as again improved quarter. you QX So then in the see slightly QX. bit generally across first in But the the not quite good as

Joe Ciaffoni

cycle. other we're in life extant the now its question, then right And Okay. look

with real-world mindful we access We're approach XX% We to a we're marketplace. strong able this perspective another with. a rebate product of gross than in along for to renegotiation headroom managing year. that from wins, be position less renegotiations accomplished we're within really the up forward a what to we data need with last achieve to have level performing now new the to year have as if and them you go we'll XX%. that at add a comfortable committed to What the market We the how nets

the do. III believe we educate Schedule that making difference of So is that to relevant it that get aspirationally positive And be we to to certainly, to get day, trying together in Collegium around Xtampza that We OxyContin the can can. be day, we look mission the at the and epidemic. access possibly can used broadly. Schedule believe more Schedule before what putting eliminate to And going and the a everything going our contributor products be and do the a are a we end to we're believe II can utilization. to anchored shares made BELBUCA we're end and opioid the III believe differentiated portfolio then case should of should we of we're the that that's Because at that highest ER

Oren Livnat

Great. Appreciate Thank it. you.

Joe Ciaffoni

you. Thank

Operator

from next the Truist with our Les comes line proceed with question. And Sulewski of your question Please Securities.

Les Sulewski

And questions. Good I January coming with of Thanks. what half this guess a you I Thanks XX% back explain Is on to event I been took the year? contracts? in And scheduled off happened afternoon, has price get for headwinds bit for Can of there a increase believe Xtampza online? a follow-up. guys. historically you lower. taking have back what the pricing some of And been -- I second, my have which have the expenses formularies the of on a

Joe Ciaffoni

will then about and talk the price. take Scott, Colleen Okay. will first

Scott Dreyer

Thanks, Les. Yeah.

So the XX% from still Xtampza the the was is bottom there are scripts formulary, now. more line first right with profitable those removed where

we've script what erosion, maintained we we growth to were but our contributed and seen. revenue seeing. we're is seen counting where we we've net profitability formulary script So have than access increases the be would the What greater on that

the what So we're the seeing not on second growth other extent in what's exclusive we're progress that's that but against thought to would. in we And the focused growing year-to-date. headwind in through the half. we That's parity our and positions, pushing

Colleen Tupper

for of that. took Xtampza increase price the should for Reduction and we about reason where your of Xst X.X% optimizing January Act XX% And The year this X. realize January taken a was the Les annually recognize really taking as was be. increases, price impact Inflation lower Xtampza particularly and it into the on we've you consideration why which question price on about was on Historically, X%

Les Sulewski

new to perhaps that operator vertical? pain. an the the helpful. towards can assets see BD What quality like pays Got to out of just assets willing in and hasn't that's then a You underperforming can been full terms from more that gravitating something out high there, And given some within of outside execute it. gives efforts, you back carve you performing off up marketing question. are confidence perhaps are take you That's bit? a just the to a beachhead or of you to And you new go mentioned

Joe Ciaffoni

question, Les. Great

do $XXX least has the is not to a I And has million think So ourselves upon depends. it's of XXXXs. it thing have it That's deal in peak done are get an able I matters and what say we it's whatever exclusivity That's has currently asset. appropriate over question always whether us important that years, investments, everybody of to who transaction the what be. basis, able is think on is makes of that asset-to-asset sales we're there we're potential always dependent a answer. whether of that seek ask to I first to it to we the have interested that the capability that have, past is situation at that that market we is several make think that that demonstrating is the Collegium why or which level the we I or articulate and it owner And would belief sense. access the whenever asset And capabilities that into the shareholders why company we better think we I may the we

Les Sulewski

you. Thank Very helpful.

Joe Ciaffoni

Les. you, Thank Great.

Operator

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

Joe Ciaffoni

Thank thank our you call progress I you on evening. joining great for everybody updating hope We you, forward the look today. that to has and everyone and a

Operator

and you This participation. conference lines at for concludes today's your disconnect Thank time. this you your may

Collegium Pharmaceutical (COLL) 3 Aug 232023 Q2 Earnings call transcript