Summary of Collegium Pharmaceutical FY Conference Call Company Overview - **Company**: Collegium Pharmaceutical (NasdaqGS:COLL) - **Key Products**: Jornay PM, Belbuca, Nucynta, Xtampza - **Industry**: Pharmaceutical, specifically focusing on ADHD and pain management medications Key Points Jornay PM Performance - **Growth Driver**: Jornay PM is identified as the primary growth driver for Collegium, with a unique profile as the only ADHD medication taken at night [4][5] - **Prescription Growth**: In Q3, prescriptions for Jornay PM grew by 20% year-over-year, with new writers increasing by 22% [4] - **Sales Guidance**: Full-year net sales guidance for Jornay PM was raised to $145 million-$150 million, reflecting a 46% growth year-over-year [5] - **Market Context**: The overall ADHD market consists of approximately 100 million prescriptions, growing at 6%-8% annually [12] Commercial Infrastructure - **Sales Force Expansion**: The sales team was expanded from 125 to 180 representatives to effectively target over 21,000 physicians, focusing on both psychiatrists and pediatricians [14][20] - **Target Demographics**: Currently, 80% of Jornay PM prescriptions are for pediatric and adolescent patients, with plans to shift towards a 70/30 split with adults over time [29][33] Market Access and Competition - **Payer Access**: Access to Jornay PM is favorable, with a split of two-thirds commercial and one-third Medicaid. Patients typically need to try generics before accessing the branded product [42] - **Gross-to-Net Ratio**: The gross-to-net ratio for Jornay PM is expected to be in the mid-60s, improved from previous expectations [49][53] Legacy Pain Business - **Belbuca Exclusivity**: The first potential generic competitor for Belbuca is expected in January 2027, with no current generic entrants meeting all necessary criteria [68][66] - **Nucynta and Xtampza**: Nucynta has a stable revenue base, while Xtampza has a significant barrier to entry for generics, with a current gross-to-net ratio in the mid-50% range [125][128] Strategic Priorities - **Capital Deployment**: Collegium focuses on three strategic priorities: accelerating Jornay growth, maximizing the pain franchise, and disciplined capital deployment [129][131] - **Business Development**: The company is actively seeking additional business development opportunities, particularly in ADHD and rare diseases, with a focus on assets that can generate over $300 million in peak sales [140][142] Future Outlook - **Investment Strategy**: Collegium aims to invest in commercial or near-commercial assets that align with its existing sales force, while also considering the addition of a specialty sales force for rare disease products [148][154] - **Development Stage Assets**: Currently, Collegium does not plan to take on development stage assets until achieving greater commercial scale [155] Additional Insights - **Market Dynamics**: The ADHD market is characterized by a high volume of prescriptions and a competitive landscape, with Collegium's differentiated product positioning providing a unique advantage [3][12] - **Patient Demographics**: The company is seeing a mix of switchers from other medications and some treatment-naive patients, indicating a growing acceptance of Jornay PM among prescribers [60]

Group 1 - Recent significant temperature drops in northern regions have led to increased reports of joint and head pain, potentially linked to cold stimuli, migraines, and hypertension [1] - Over 50% of patients seek medical attention due to pain, with chronic pain often signaling underlying health issues such as leukemia or heart disease [1] - Chronic pain lasting over three months can lead to depression and sleep disorders, affecting overall health and quality of life [1] Group 2 - There are many effective treatments for pain, and conditions like shingles and migraines should not be endured without timely intervention [3] - The prevalence of migraines is around 10%, particularly among individuals aged 20 to 40, and early medication is advised during migraine attacks [4] - For mild migraines, non-steroidal anti-inflammatory drugs (NSAIDs) can be used, while moderate to severe cases may require more targeted medications under professional guidance [4] Group 3 - Concerns about dependency on pain medications are addressed, with a distinction made between opioid and non-opioid analgesics [6] - Non-opioid analgesics like acetaminophen and ibuprofen are considered safe when used as directed and do not lead to addiction [8] - Cases of addiction to opioids are rare when these medications are used at standard doses and in a regulated manner [10]

持续聚焦于疼痛领域有潜力的离子通道靶标。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，阳光安津（南京）生物医药科技有限公司（以下简称"阳光安津"）日前完成超亿 元Pre-A轮融资。本轮融资由启明创投领投，博行资本和清控银杏跟投。所募资金将用于全球领先的 疼痛治疗研发管线临床前和早期临床阶段的开发，加速靶向钠离子通道Nav1.8小分子药物的研发进 度，增强其在全球生物医药领域的竞争力。 阳光安津由北京大学雷晓光教授与中国医学科学院皮肤病医院临床医生杨勇教授共同创立， 现 已经 组建了在创新药物开发领域具有丰富研发经验和国际竞争力的研发团队，以新型镇痛药的研发为目 标，专注于Nav1.8和Nav1.7这两个与机体疼痛感受高度相关的钠离子通道。 当前，全球慢性疼痛发病率一直居高不下，根据国际疼痛协会数据，全世界1/5的人经历过慢性疼 痛。在中国，根据《中国疼痛防控与健康促进战略蓝皮书：中国疼痛医学发展报告》，有超过3亿人 正在遭受慢性疼痛的折磨，且正以每年1000万-2000万的速度快速增长，疼痛已成为继心脑血管疾 病、肿瘤之后的第三大健康问题。根据M ...