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]

Financial Performance - The company reported record revenue growth of 29% year over year, with adjusted EBITDA increasing by 9% year over year [6][21][22] - Net product revenues reached $188 million, with Jornay PM contributing $32.6 million, BELBUCA at $52.6 million (up 1%), Xtampza at $52.6 million (up 18%), and Nucynta franchise at $46.4 million (up 4%) [22][23] - GAAP net income was $12 million, down from $19.6 million in the prior year, while non-GAAP adjusted earnings per share increased to $1.68 from $1.62 [23][24] Business Lines Performance - Jornay PM prescriptions grew by 23% year over year, with record quarterly revenues of $32.6 million [6][22] - The pain portfolio generated record revenues of $155.4 million, up 7% year over year, with all three core pain medicines showing growth [6][18] Market Data - Jornay PM's market share in the long-acting branded methylphenidate market grew to 23%, up 7.6 percentage points year over year [15] - The company expanded its prescriber base for Jornay PM to over 26,000, a 23% increase compared to the previous year [15][35] Company Strategy and Industry Competition - The company aims to build a diversified biopharmaceutical portfolio, focusing on significant growth for Jornay PM and maximizing the pain portfolio [4][9] - The company is committed to strategic capital deployment, including share repurchases and business development opportunities [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on financial and strategic commitments, raising 2025 revenue guidance to approximately 19% growth year over year [8][28] - The company is focused on increasing awareness of Jornay PM among healthcare providers and patients, particularly in the adult ADHD market [12][17] Other Important Information - The company completed a $25 million accelerated share repurchase program and announced a new $150 million share repurchase program [7][26] - The company ended the quarter with $222.2 million in cash and cash equivalents, while reducing debt by $16.1 million [10][24] Q&A Session Summary Question: What is the target goal for additional prescribers for Jornay PM by year-end? - Management indicated that there is no specific goal for prescribers but expects continued growth in prescriber breadth [34][35] Question: What are the specific levers for growth in the third quarter? - Management highlighted the importance of raising awareness among healthcare providers and patients to drive prescriptions [51] Question: Any updates on generic competition for the pain portfolio? - Management noted that there are no immediate threats from generics due to regulatory and manufacturing barriers [53][56] Question: How does the company view potential business development opportunities? - Management stated a commitment to disciplined assessment of potential opportunities, focusing on commercial-ready assets [60][61]

Summary of Collegium Pharmaceutical (COLL) Conference Call Company Overview - Collegium Pharmaceuticals is focused on building a diversified biopharmaceutical company, primarily addressing chronic pain and ADHD [2][3] - The company generated $631 million in net sales in 2024, with an expected growth of 18% to $743 million in 2025 [3][9] Product Portfolio - The company has five marketed products, including: - **Jornay PM**: $100 million in net sales in 2024, expected to exceed $135 million in 2025. It is the only ADHD medicine with once-daily evening dosing [5][6] - **BELBUCA**: $211 million in net sales in 2024, a long-acting opioid using buprenorphine buccal film technology [7] - **Xtampza ER**: $191 million in net sales in 2024, an extended-release oxycodone with abuse deterrent technology [8] - **Nucynta Franchise**: $177 million in net sales in 2024, treating severe and persistent pain as well as neuropathic pain [8] Financial Performance - Expected net revenues for 2025 are between $735 million and $750 million, indicating an 18% year-over-year growth [9] - Adjusted EBITDA is projected to be between $435 million and $450 million, representing a 10% year-over-year growth [10] - Adjusted operating expenses are expected to grow by 49% year-over-year due to the acquisition of Ionshore Therapeutics [10] Revenue Durability - The company has a strong expectation of revenue durability, with projected exclusivity for Xtampza ER through September 2033 and BELBUCA until January 2027 [14][15] - No generic competitors have satisfied all criteria to launch future generics, which supports the durability of the pain portfolio [17] Recent Business Highlights - In Q1 2025, the company achieved $177 million in net sales, a 23% increase from 2024 [18] - Cash from operations was over $55 million, with a leverage ratio of 1.5 net debt over EBITDA, expected to decrease to less than 1 by the end of 2025 [19] - A share repurchase program of $25 million was announced in May 2025 [19] Growth Strategies - The company is investing in Jornay PM to maximize growth and has expanded its sales team from 125 to 180 representatives [21][22] - Marketing programs are being implemented to raise awareness among caregivers and patients, aligning with the back-to-school season [23] Competitive Positioning - Collegium is positioned uniquely among biopharmaceutical peers with a robust revenue profile and double-digit growth [25] - The company has a strong cash generation profile and a history of returning value to shareholders, having repurchased $222 million in shares since 2021 [26][27] - The majority of its medicines are sourced and sold in the US, making them largely immune to tariffs and pricing pressures [28] Conclusion - Collegium Pharmaceuticals is well-positioned for continued growth, with a strong focus on revenue generation, profitability, and disciplined capital deployment strategies [28]

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]