COLL - Earnings call transcript Q4 2024 | Collegium Pharmaceutical, Inc.

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Operator

Greetings, and welcome to the Collegium Pharmaceuticals Fourth Quarter and Full Year 2024 Earnings Conference Call. [Operator Instructions]. Please note that this conference call is being recorded. I'll now turn the call over to Danielle Jesse, the Director of Investor Relations at Collegium. Thank you, and you may begin.

Danielle Jesse

Fourth Full Pharmaceuticals Conference XXXX Collegium Call. to Quarter Year and Earnings Welcome today our and Vikram Executive am by I joined Karnani, Chief Officer. Tupper, Chief our Officer; our President Financial Dreyer, Officer; Scott Commercial Colleen Chief and

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

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

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

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

turn Karnani. can call President earnings press release, now our corporate to including over You Vikram website at find and I will non-GAAP CEO, reconciliations our collegiumpharma.com. relevant our on the

Vikram Karnani

and you, quarter we full joining and year will a Thank Danielle. and update. for thank Today, fourth afternoon, XXXX for the discuss performance call. Good you, everyone, the Collegium's business financial provide

lives all successful this strategic people growth. of future opportunity living serious make I'm I by several of investment culture the that portfolio With role. lead phase me Having strong am value last strong this Ironshore maintaining to strong our enables organization's thankful expertise a demonstrates the spent the new improving to are company. The company at journey. at discipline. to And record with next that to and track The organizations, acquisitions, spearhead saying be financial time commercial what the Journee to energized the creating generates its built to phase positioned leading Collegium in leading its start company's pain will exciting execution driver, commitment growth. how a poised attracted growth is high-growth has years which that Let the an its of me Collegium and conditions Collegium has at acquisition for further join of through through the medical company flows, for in this a opportunity the and while growth Collegium's well drive in growth inflection trajectory. is leverage investments cash team

Journee We flows have collaborating am pain At goal of this forward growth enabled to Collegium, a and XXXX, be in transformational $XXX revenue quarter-over-quarter. as are strive Therapeutics in mission values In and in XX% I'd Journee accelerated and in a XX% excess our year-over-year million portfolio generated of strong and leadership the net is We published and representing to a serve. presence for helping fourth $XXX.X The XXXX XX% forma well, was I building diversified operational new grew our of with Collegium. first communities deeply year neuropsychiatry. the expected team biopharmaceutical growth. and that establishing together working highlighted quarter we toward of looking basis team was people pro XXXX good Collegium's a for we we quarter, strong our impact and to do full leading report through durable on million accomplished robust Ironshore our our do its company. on PM, was over prescriptions and positive growth our acquire ownership. Journee's to the in to yesterday. execution. generated significant committed cash team us make business in a the medicine, a recognize pain by like commitment during lead ESG entire our we XXXX for to employees,

Nancy's Directors. this Relations of and the shares companies, exclusivity generated Relations, biopharmaceutical we in he extended achieved XXXX. of pain for We as led adjusted our by appointed positive Ian developments of growth. Nucynta Nucynta the And number and BELBUCA welcome We XXXX, commercial several to a that ER the and revenue mission. our portfolio of thrilled our XXXX, us franchise great revenue for for value and July X% beyond. XX%, Karp, contributor growing robust Nancy I'm of expertise projected Nancy to guidance growth this acquisitions repurchased revenues in Investor a -- leading our revenue Collegium has strengthened reinforcing financial has Xtampza we us the ER. Board the franchise $XX opportunistically growth work history of excited our record team. Investor leading year-over-year. X% strong to to both a be total durability has Board. year, as strategic welcome that to year with warmly joined million driving of a Lurker in long Our chapter grew new EBITDA for of advance finally, We for to Ian next while Head are We worth to We will

and and across beyond, look X main generated XXXX commercial we XXXX in we priorities. our will As build on the focus we on portfolio to momentum

investments. treatment medicine maximize to and first therapy investments potential and awareness will in and for raise for is to with drive the Journee caregivers of opportunities has potential to identified Journee to health for make care as right with growth is of The ADHD full its highly ADHD community. important targeted the Journee patients potential. professionals, We've an the significant growth its unlock a significant differentiated

to our support term coming near and majority expect in beyond. the the impact We investments growth with XXXX in of

and portfolio. stream revenue underappreciated. generate that pain medicines have we These maximize significant more durable the a robust and flows, remains is to Our second cash priority longer believe

and value. to Our my third strategically spending of a priority, significant to deploy when create I'm is shareholder portion frankly, time capital

through expanding acquisition. diversifying and business as our recently portfolio did most on focused the we are We Ironshore with development

We and will rapidly leverage share debt. program to down pay opportunistically continue repurchase the

track of of levers to to shareholder create a With Scott I financial strength capital us deployment commercial turn that, we record a now Our to these has peers, position update. continue relative put use in over and our it give disciplined to will to value. will

Scott Dreyer

good begin excited X% and is with our XXXX growing average market large XXXX. the methylphenidates with Stimulant been our and I'm has everyone. I'll Journee, on quarter commercial heading ADHD The Vikram, medications, highlighting to fourth at into amphetamines make Thanks, up we driver. XXXX. lead market. prescriptions created you, share and results afternoon, from momentum XX% growth and for use and of or products approximately of majority the of XX% for is the of almost writing adolescents concentrated skewed towards The is with of stimulants, use methylphenidate XX% adults. XX% and prescribers pediatrics neuropsychiatrists are prescriptions. population is methylphenidate of the with X/X Within highly pediatricians. the Prescribing HCPs pediatric XX,XXX to

provide by Journee market adolescent pediatric, throughout for has need. in to HCPs medication efficacy it request. symptom day. control #X medication medication Journee long-lasting looking after that when of for highest-rated upon control ADHD provides because has the Journee a day, important dose a that has as request and honor In of dosing. that with for one provides for awakening eliminates the treatment brand, adult professionals to profile convenient a Journee, the a tailored targeted symptom that choose the school to HCPs school evening is duration, all-day be and the terms And limiting stimulant flexible patient's at This add-ons. ranked the meet Journee stimulant morning work. the in or highly evening in the ADHD for or that product recognized controlling It health try need dose-dependent patients, favorability. Journee dose morning and and day duration symptom work. to care symptoms short-acting to the and is the needs. patients at the caregivers as can HCPs both the is awakening achieving effect their only throughout with research, upon they're throughout differentiated potential patients brand control need enabling for As

of coverage across supports Journee, XX% This Journee's Journee market before the Since coverage. we is addition, strong even making as driver. has speaks potential generated having position and our Medicaid, business. we entire to its growth of access key XX% business momentum commercial the lead in book accelerated and Approximately and In strong the Journee investments XX% targeted with performance brand. acquired is growth

quarter-over-quarter. XX% first the quarter full During were and quarter, owning our year-over-year XX% up Journee, fourth prescriptions

year to to full XXX,XXX, grew the compared XXXX, For XX% XXXX. up prescriptions Journee

prescribers in momentum XX,XXX despite of with for areas base prescriber with middle we're and we're XXXX further see to to year. to in impact of January Journee, since XXXX up growth and the growth. all-time growth early and prescriptions growing costs and broad is the we a And investments identified where to Journee start make strong out-of-pocket high clinical for has in and continue in fourth typical fundamentals Journee the X weekly and expectations patients. quarter, dynamics for We've addition, to quarter investing brand Journee opportunity encouraged the achieved In main the performing increase significant fourth line committed in our see deductibles With quarter its this reset targeted maximize beyond. to first brand and XXXX. in an XXXX, the differentiation, in accelerate XX%

it progress sized to is also target and force the in awareness calling approximately to increase use expanding do expanding HCPs increasing the nonpersonal great The awareness care have We're ensure sales sales prescribers. professionals. among and XXX with and reach force, to we're to the making this, the Journee from optimally expanded this invest To in health force sales of and adoption amplify trained sales we'll with is and our To April. We're representatives. on to complement XXX promotion the force audience. expect work, we efforts sales the hired, first of

raising ask of caregivers. Market invest requests their differentiated patients social trial, and research media patients strategies area and patients caregivers motivate raise them and caregivers focus have shows knowledge profile. differentiated health of marketing second about is care among of and The we'll and a Journee. digital unique HCP caregivers to and awareness top and designed are Journee's and Therefore, that tactics limited of patients among provider influencer awareness Journee profile in and and to its

and of While impact financial expected we toward these guidance. investments investments in XXXX, XXXX in benefit from of the beyond. These end impact XXXX their the our majority and to be the included expect are will

Nucynta and take portfolio. portfolio unique of treatment a collectively for our our over with At to the pain. management ER reach pain BELBUCA, responsible demonstrating Xtampza portfolio. being pride pain ER the the branded and in market, Collegium, we medicines and leader ongoing ER in Turning differentiated the of represent of half of strength

XXXX. capitalize record X.X% will generated growth on revenue. we total Our pain and commercial in of prescriptions organization the marking driving our sixth quarter for portfolio prescription delivered another to BELBUCA straight strong momentum up quarter continue with year-over-year the year-over-year, quarterly

In consistent to growth trend, the in month with addition, year-over-year BELBUCA's on we our and is execution acceleration the the encouraged that brand at of differentiated December. which end in the profile. speaks year impact of this prescriptions growth the We're strong saw commercial having X.X% by

resets. we expect net which to XX.X%, full achieved in Xtampza acceleration that fourth typical and December. compared the quarter as in on prescriptions in impact our Xtampza gross weekly payer quarter deductible as formulary average execution the strategy a reflects change in successful for the as revenue the were first to X net prescriptions due record change. the the year XXXX, generate encouraged third momentum year. into first saw quarter quarter full from XXXX. ER of on pressure the drove the of We're able grew the heading by revenue of we expect prescription January and we to That growth and month quarter prescriptions of that formulary for positive We fourth of well dynamics X.X% year as starting to patient full driven well said, occurred We

quarter in on on market ER's access to by due first expect on We're first typical strong prescriptions the driven its educating occurred as label capitalizing resets. differentiated dynamics and pressure as starting on focused formulary physicians deductible position. on January We a change Xtampza quarter patient X that well the

settlement and Colleen patient of for all on portfolio financial is clinical Journee and the enables ER's drivers for discuss and June authorized of hand for of to This, recent and XXXX integrating revenue new labeling. to to of Hikma, durability aspiration utilization now Nucynta our of to years pediatric accomplishments enhance 'XX pain of the to delivering to Nucynta potential Teva to I'm is In pain Journee, accelerating contributor the highlights. increase proud July in in a X.X stream. which extension commercial exclusivity appropriate momentum developments beyond. patients XXXX. generating the 'XX strong franchise, X the of ER We're the pain due X-month our for extension, us franchise The exclusivity growth closing, I'll from 'XX Nucynta population quarter. included the with with and abuse-deterrent to to portfolio franchise generic our properties maximize in Xtampza continue XXXX, the with with and focused coupled Nucynta execution, years Our fourth extended key and superior including the performance the from a June growth portfolio robust maximizing performance positive exclusivity in January of in agreement 'XX. of the over commercial accelerating now call and of The

Colleen Tupper

deployed In XX% and financial and results Scott. delivered dedication Good on EBITDA grew by generated financial growth. to for significant afternoon, by robust and XXXX, and capital. established Thanks, our guidance. priorities operational XXXX execution adjusted XXXX operating guidance generated line through We top X%, reflects we and strategically revenue bottom excellence, strong our cash strategic that our everyone. strong a of XXXX foundation financial flows Successful

plan up disciplined into deployment. and million by up our financial quarter revenue of product full strengthen BELBUCA net Financial fourth year-over-year and was quarter for full net to in year year-over-year. head capital our first was a position and $XX.X Collegium. which Xtampza through inclusive quarter, highlights we As value ownership. fourth million we create year include the the year, $XX.X XX% net $XXX.X full recognized of a revenues record product record $XX.X revenue record XX% in net year-over-year. $XXX.X Dornain quarter, up fourth XX% X% were year-over-year. million the in was were Pro quarter, a revenue a $XXX.X ER up net in XX% million, the million $XXX.X represents for million year-over-year. was revenue the XXXX revenues million, up record net forma quarter, million record fourth a the XXXX, $XX.X further

of year Nucynta than expenses better $XXX.X gross net million, XXXX, up a quarter, in year-over-year. For million coming approximately revenue was Xtampza the was down XX%. ER the franchise was $XX.X X% net million quarter, XX.X%, down year-over-year XX% revenue record to million X% and fourth $XXX.X XX% XXXX, in Full net fourth $XX.X year-over-year. our expectation in year-over-year. were up GAAP in operating

expenses $XXX.X GAAP up quarter, adjusted XX% operating were XXXX, For $XX.X were million, Non-GAAP the up in year-over-year. operating year-over-year. XX% expenses million

XX% XXXX, year-over-year. were For million, expenses adjusted up operating $XXX.X

million net million the with in in As a additional increased portfolio. XXXX $XX.X expenses our the reminder, in the due to operating of XXXX. was GAAP costs adjusted associated operational to quarter income $XX.X compared quarter Journee having fourth for fourth

Non-GAAP in X% fourth XXXX, For $X.XX was in $XX.X of record earnings quarter in share the year per EBITDA diluted per a million and $X.XX million $X.XX fourth basic basic prior income XXXX. earnings was share the $X.XX per was basic in $X.XX diluted for of GAAP million share year-over-year million earnings to GAAP per basic earnings in GAAP share adjusted in earnings were versus the quarter, period. versus XXXX XXXX. diluted $XX.X record $X.XX was compared quarter $X.XX XXXX, adjusted and the quarter $X.XX for and $X.XX fourth Non-GAAP X% $X.XX share and up of up $XXX.X fourth diluted per and the XXXX. in a to compared GAAP year-over-year. net $XXX.X

$X.XX was earlier to non-GAAP for prior the GAAP issued earnings per a year. today see press Please versus XXXX, adjusted For share $X.XX our non-GAAP in release of results. reconciliation

XX, and December had securities. cash, equivalents of cash in As million we $XXX.X marketable

million and issued we our deployed During XXXX, We was hand share guidance, on Ironshore program. for reaffirm in Therapeutics, which $XXX as January. million repurchase repurchases XXXX of our part share of of $XX acquisition cash our funded

of to we expect the our excess performance product is where million. $XXX pain in million revenues forecasted in primarily durable Journee, net This expect driven net $XXX we range of For be to the million, by from supported by $XXX product year, continued growth portfolio. revenues

modest in our typical revenue typical is in reset within we the and As space, decline quarter expect quarter-over-quarter due patients. out-of-pocket increase to a costs deductibles where first dynamics for

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

As adjusted drive near-term XXXX Journee Scott beyond. in momentum investments support targeted operating and expenses the previously and mentioned, growth to reflects significant increase in

we investments, financial financial with our our adjusted XXXX. and these improvement that are This still EBITDA business in pain margin to year adjusted in testament beginning XX% the this EBITDA a With over strong foundation provides. growth expecting is strength

portfolio spend into we of for to expected out committed Journee our roll half program in quarter shareholders. front-loaded expand to commercial in We share paying our in XXXX, repurchase create leveraging capital in value in to and these early the be through the million XXXX our rapidly is our share debt. shares, remain $XX opportunistically to we initiatives of strategically an and May development Our growth, repurchased repurchase program We while to repurchased deploying XXXX. plan the first year drive million through XXXX. accelerated $XX invest million $XX business fourth as including down In

by $XX remaining through program, our of have Board in XXXX. million repurchase our share is authorized We which QX

call the debt. on net than now Xx less remain to with of than leverage expect and We will to Xx. net Vikram. focused less our I back end of turn XXXX leverage we paying down with Finally, ended XXXX

Vikram Karnani

Colleen. Thanks,

The earlier the and execution at XXXX Collegium for have and commitments of this of a our in of time patient financial phase serve. team strategic an beyond. remarks, our XXXX us As exciting is our in communities the priorities in and we I achievement my new positioned growth for mentioned for

are growth feel financially on shareholders. and strategically for deploying deliver strong a fortunate and accelerating capital create bottom to is maximizing value company to lead line and and Looking we for focused positioned mission-focused, create Journee, very I ahead, our growth value. pain portfolio our to top that well

the patients the passion for up up call the entire thank their for will lives take we Before that, to questions, open to I of in moment a I the wanted questions. make the open Operator? to call team With Collegium difference at helping dedication a now and we serve. for

Operator

Instructions]. [Operator

First comes question Securities. from Sulewski from Leszek Truist

Leszek Sulewski

Great could Vikram. have that from call, perhaps quantify opportunities. have the perhaps to minimis any you next that for then BD realized lay the on deal? over of there's Act, pain any to path treatment first you out regards of been on X your had say any synergies shifts for early, update the expect? you in dynamic sort then Could And then kind you the Colleen, you've you that is the NOPAIN -- you'd are de And in of Collegium team, I'll cycle -- lastly, category late to X next integration to that or portfolio? years? Perhaps this to for And there. there you us maybe the the the Ironshore? perhaps you're Or envision start mid of Would

Vikram Karnani

Journee, at the lot of Maybe call our a performing lay by team Collegium, pain has us key well little is for a saying over forward. Yes. strong I well commercial of it, as performances portfolio me foundation I've which question. you X.X going to a out in it start let as from. off. kick financial part very to a strong grow last, came validated. what continue with exceptionally months been for I'll a portfolio with strong is that in execution the This Look, been that with first These Thank the

done about as our our right? we're As we strategy inorganic, now as previously, Journee. we have earlier, function a doing growth is long-term with we and have it growth said the portfolio main it before, for both Organic as organic talked growth, of well

assets on in growth, can primary the In our near focus commercial development meaningful is revenue business of assets terms term. -- and that inorganic look, add

area to logical terms ADHD looking therapeutic In that the look, are acquired there we're top our of priority. at, our newly are asset adjacencies that

ADHD, are at we're broader or If in. areas even interested you these quite CNS, look neuropsychiatry that

are at not Additionally, neuropsych, outside areas then finally, example, we're orphan capital some areas against or looking diseases. for or areas And other efficient, therapeutic of interested we're into of other look, rare just well. neuro the we're newer pure looking in beyond as that

end go I'd as last perspective given this is where able to from fact with less strategic year well the we you EBITDA, us. other at out would over EBITDA, and net as But me financial it -- the they as say, both than net higher. let that sure given look where has debt ended debt areas, certainly -- performance the make X.Xx Although our We that that also performance, financial sense we we're absolutely -- year given to be be position. we financial strong make maybe over Xx in are we're into would further a strategic to a a for bar pretty to anticipated expect

have time, both products as to And portfolio. do so turn to expand the will But have well now over to sure we looking do Colleen. at it same the I'll deal. organically Maybe look the that as we we we're with make execute to actively our next

Colleen Tupper

flag much so about a of us. a a the and for -- Journee question for new on recall, therapeutic the in as putting acquisition really sticking was Ironshore area synergies, Thanks specifically product

invest a So expect that we G&A not behind in the consideration synergies. management and deal. were part strategically facilities, us, the of overlap as drive that growth. Really type opportunity you synergies senior meaningful for it to Journee achieved the typical on would was They situation

Scott Dreyer

NOPAIN take This Les. And is I'll Act, Scott. the

is. the are therapy. our impact question where products retail-based or that chronic our had primary pain it of that's focus on negatively. on because yes, your obviously, reimbursement Act, setting. the on in And inpatient additional focus is positively So no the act And the portfolio That's NOPAIN providing

on time. impact at us this no So

Operator

from Amsellem David Sandler. The from comes Piper next question

David Amsellem

missed So does ADHD what portion focused that encompass? what this, sorry I larger, force force the you're we've contemplating. secondly, seen me of just if than ADHD expansion, the sales sales forces or with remind related larger even but expanded sales to the much how then portion the prescribers sales XXX And -- even of organization, volumes

entry guess the question long for over the a is thinking how thinking term how that I and generic the with are had you're the opioids and generic long these the BELBUCA you proper with just there's associated Nucynta, further term, then obviously, given are So opioids about I companies need of a role lot on And question in baggage of their on expansion? about litigation. and

So both 'XX? you ahead exclusivity are products looking for loss of to how for planning

Vikram Karnani

the to give for thanks the Scott type I'm some expansion, both to on so it going what kick coverage give invite David, pain as Look, the color call color force Colleen some maybe I'm in force. question us and to off, the then going terms then size I'll And products. of Yes, universe to on on to questions. we well sales the sales related have of as the of LOE

of our and really we're highly force progress just with the talked date. team. the we're with by that which really the size Ironshore a happy the the QX representatives with that performance, been basically to in performance we thrilled acquisition. And as has encouraged of about And So with do delivered have, that over APM to part was, came sales reminder, we're we look, of Journee XXX sales first date with the all, as performance

future, the the how XXX. And force we about we're for As how give to color force universe the expand means that changes by that to I'll coverage the going to and business. maybe on HCPs talked fact total sales Scott for about look we've what that some that ask XX, sales an our the -- that also additional brings into and

Scott Dreyer

Yes. Great.

questions, great David. So

and meaning that categories, there's look there in If said, write XXX,XXX there's these interesting, large a physicians at prescribing overall ADHD, it's over the drive States, United to some are That first So you pain, XX,XXX foremost, tails, ADHD X/X of prescription. prescribing. right? analogs

to a market. it's efficient way the So highly to go

we market. is drive XX% long-acting we That we where which overall is when need puts So covering which at to will end market, targets, us drives to XXX, up the XX,XXX of exactly about the expand forward. what

Look, out if with can about there's you always sales but on. look and talked significant future sizing. at that's coverage. look at standpoint we'll tell cover need, every other efficient is there, we deploying focused a we sets year, way, make hygiene look the But in we're don't You sure I an competitive will anticipate you no forces we're growth, from to what doctors what to

Colleen Tupper

the legal and take And of there I'll combination David, our question. that necessary then, our And generics competitive LOE launch across the to looking manufacturing ingredients, has against clearance, no any entire party portfolio, is capability regulatory clearance throughout product portfolio. pain

to equally ER. the our January cleared competitive for litigation, there X dates regulatory XXXX and franchise, Specifically that been has near-term generic API quantities ER Nucynta Xtampza LOE for necessary Nucynta above approval, was or the Nucynta access hurdles of to combination contractual formulations. ingredients The to Nucynta the due tapentadol, scale of party the in Nucynta with respect The and July no commercial IR. comments and true are able accomplish to some now franchise for extensions we've XXXX for BELBUCA are launch,

do, in. point, as could there be the a would in So comes into that will At see fact, us XXXX on entrants, that particularly is only generic invest in what player frame a BELBUCA reassess player. we through date time date. where you'll single then And be proceed if, January we that there

Vikram Karnani

more a revenue believe is this underappreciated exactly longer reinforced and And we with this why business. robust we stream we've also -- that have we that remains

Operator

that no Thank of remarks. the now are have for to question-and-answer further to And the like There sir. Karnani reached you, we Vikram therefore back Instructions]. end [Operator questions, closing turn which session. the call I'd means

Vikram Karnani

the Great. a Have you, for call. wonderful evening, good night. joining everyone, and Thank

Operator

and Thank call. the you. gentlemen, Ladies that does conclude

You may now disconnect your lines.

Collegium Pharmaceutical (COLL) 27 Feb 252024 Q4 Earnings call transcript