Collegium Pharmaceutical (COLL) 2025 Conference Transcript

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]