Core Insights - Collegium Pharmaceutical reported $188 million in revenue for the quarter ended June 2025, marking a year-over-year increase of 29.4% and an EPS of $1.68 compared to $1.62 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $180.38 million by 4.23%, and the EPS also surpassed the consensus estimate of $1.62 by 3.7% [1] Revenue Breakdown - Total product revenues for Belbuca were $52.6 million, slightly below the average estimate of $54.94 million, reflecting a year-over-year change of +0.8% [4] - Xtampza ER generated $52.61 million, exceeding the average estimate of $48.28 million, with an 18% increase compared to the previous year [4] - Jornay PM reported revenues of $32.63 million, slightly above the average estimate of $32.23 million [4] - Nucynta achieved $46.45 million in revenues, surpassing the average estimate of $43.31 million, representing a year-over-year change of +4.4% [4] - Symproic revenues were $3.72 million, exceeding the average estimate of $3.45 million, but showing a decline of 7.7% year-over-year [4] Stock Performance - Collegium Pharmaceutical's shares have returned -8.1% over the past month, contrasting with the Zacks S&P 500 composite's +1.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Collegium Pharmaceutical reported $177.76 million in revenue for Q1 2025, a year-over-year increase of 22.7% [1] - The EPS for the same period was $1.49, compared to $1.45 a year ago, indicating a positive trend [1] - The revenue exceeded the Zacks Consensus Estimate of $172.45 million by 3.08%, and the EPS also surpassed the consensus estimate of $1.43 by 4.20% [1] Revenue Breakdown - Total product revenues for Belbuca were $51.66 million, slightly below the estimated $53.86 million, reflecting a 2% year-over-year increase [4] - Xtampza ER generated $47.64 million, exceeding the average estimate of $46.49 million, with a year-over-year change of 4% [4] - Jornay PM reported revenues of $28.54 million, closely matching the average estimate of $28.50 million [4] - Nucynta achieved $47.10 million in revenues, surpassing the average estimate of $42.13 million, marking a 4.3% year-over-year increase [4] - Symproic's revenues were $2.82 million, falling short of the average estimate of $3.25 million, representing a year-over-year decline of 14.7% [4] Stock Performance - Collegium Pharmaceutical's shares returned +2.6% over the past month, while the Zacks S&P 500 composite increased by +11.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - In Q4 2024, net product revenues reached a record $181.9 million, up 22% year-over-year [42] - For the full year 2024, net product revenues were a record $631.4 million, up 11% year-over-year [42] - Adjusted EBITDA grew by 9% year-over-year, reaching a record $401.2 million for 2024 [47] - GAAP net income for Q4 was $12.5 million, down from $31.9 million in Q4 2023, while full year net income was $69.2 million, up from $48.2 million in 2023 [46] Business Line Data and Key Metrics Changes - Jornay PM generated net revenue of $29.3 million in Q4 2024, with full year pro forma net revenue of $100.7 million, expected to exceed $135 million in 2025, representing over 34% growth [12][42] - Belbuca achieved net revenue of $55.2 million in Q4 2024, up 12% year-over-year, and $211.3 million for the full year, up 16% year-over-year [43] - Xtampza ER net revenue was $51.5 million in Q4, up 6% year-over-year, and $191.3 million for the full year, up 8% year-over-year [44] - Nucynta franchise net revenue was $41.8 million in Q4, down 11% year-over-year, and $176.5 million for the full year, down 7% year-over-year [45] Market Data and Key Metrics Changes - The ADHD market has been growing at an average rate of 6% from 2019 to 2024, with stimulant medications comprising almost 90% of the market [21] - Jornay PM prescriptions grew 29% year-over-year in Q4 2024, with a total of 636,200 prescriptions for the full year, up 31% compared to 2023 [12][27] Company Strategy and Development Direction - The company aims to drive significant growth in Jornay, maximize the pain portfolio, and strategically deploy capital to create shareholder value [16][19] - The focus is on expanding and diversifying the portfolio through business development, particularly in ADHD and neuropsychiatry [62] - The company plans to invest in raising awareness of Jornay among healthcare professionals and patients, with targeted investments expected to impact growth primarily in 2026 and beyond [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position, with net leverage expected to be less than one time by the end of 2025 [53] - The company anticipates a modest decline in revenue in Q1 2025 due to typical dynamics, but expects over 10% adjusted EBITDA growth for the year [50][51] - Management highlighted the importance of disciplined capital deployment and the potential for significant growth in the ADHD market [62] Other Important Information - The company repurchased $60 million in shares during 2024, with $90 million remaining in the share repurchase program authorized through Q2 2025 [52] - The acquisition of Ironshore Therapeutics and its lead medicine Jornay PM is seen as a strategic move to enter the neuropsychiatry market [9][66] Q&A Session Summary Question: Path for Collegium over the next three to five years and update on business development opportunities - Management indicated a focus on both organic and inorganic growth, particularly in ADHD and neuropsychiatry, while maintaining a strong financial position [58][62] Question: Synergies realized from the integration of Ironshore - Management noted typical synergies related to senior management overlap and G&A but emphasized the strategic investment in Jornay as the primary focus [66] Question: Impact of the NO PAIN Act on the pain treatment category - Management stated that the NO PAIN Act had no impact on their portfolio as it primarily focuses on inpatient settings, while their products are retail-based chronic pain therapies [67] Question: Sales force expansion and coverage of ADHD prescribers - The expanded sales force will cover 60% of the long-acting ADHD market, targeting approximately 23,000 healthcare professionals [79] Question: Long-term planning for generic entry of Belbuca and Nucynta - Management expressed confidence that no party currently has the necessary combination of ingredients and regulatory clearance to launch competitive generics against their pain products [81]