Financial Data and Key Metrics Changes - The company reported a 23% year-over-year revenue growth, with net product revenues reaching $177.8 million [26][8] - GAAP net income was $2.4 million, a decrease from $27.7 million in the same quarter of the previous year, impacted by acquisition-related expenses [28] - Non-GAAP adjusted EBITDA was $95.2 million, up 3% year over year [28] - The cash position increased to $197.8 million, up $35 million from year-end [29] Business Line Data and Key Metrics Changes - The ADHD medicine Jornay generated $28.5 million in net revenue, with a 24% year-over-year growth in prescriptions [8][26] - The pain portfolio generated $149.2 million in sales, reflecting a 3% year-over-year growth, with all three pain medicines showing single-digit growth [9][22] - BELBUCA net revenue was $51.7 million, up 2% year over year; Xtampza net revenue was $47.6 million, up 4%; and Nucynta franchise net revenue was $47.1 million, also up 4% [27] Market Data and Key Metrics Changes - Jornay's market share in the long-acting branded methylphenidate market increased to 20.3%, up 6.4% year over year [18] - The overall ADHD market is growing at about 5% to 6% annually [48] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving growth in Jornay, maximizing the pain portfolio's value, and strategically deploying capital to enhance shareholder value [5][11] - The company aims to diversify its portfolio through disciplined business development and has initiated a $25 million accelerated share repurchase program [11][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 financial guidance and emphasized the importance of cash flow generation from the pain portfolio [33][29] - The company is well-positioned to leverage its strengths in responsible pain management while expanding into ADHD treatment [21][34] Other Important Information - The company announced leadership changes, including the retirement of founder Mike Heffernan as Chairman [7][10] - The company is committed to returning value to shareholders through share repurchases and has a strong track record in this regard [31][13] Q&A Session Summary Question: How will Journey scripts trend as the school year ends? - Management noted that there is typically a slowdown in scripts towards the end of the school year, followed by an acceleration in the back-to-school season [36][39] Question: Is there potential to apply JOURNEY PM technology to other compounds? - Management confirmed that discussions regarding the application of the technology to other compounds had occurred prior to the acquisition [40] Question: What is the appetite for business development deals? - Management indicated a disciplined approach to capital deployment, focusing on the right opportunities for business development while also prioritizing debt repayment and share repurchases [42][61] Question: What is the overall ADHD market growth? - The market is growing at about 5% to 6% annually, consistent over the past few years [48] Question: What is the breakdown of the prescriber base for Jornay? - The prescriber base is approximately 40% pediatricians, 40% neuropsychiatrists, and the remaining 20% consists of PCPs and mid-level providers [49] Question: Where is Jornay's market share growth coming from? - The majority of market share growth is coming from the movement away from generic immediate-release products [50]