Collegium Pharmaceutical Inc (COLL) 2023 Q4 法說會逐字稿

Greetings and welcome to the Collegium Pharmaceutical fourth quarter and full year 2023 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded.

歡迎參加 Collegium Pharmaceutical 第四季和 2023 年全年財報電話會議。（操作員說明）請注意，本次電話會議正在錄音。

I will now turn the call over to Christopher James, Vice President of Investor Relations at Collegium. Thank you. You may begin.

我現在將把電話轉給 Collegium 投資者關係副總裁 Christopher James。謝謝。你可以開始了。

Welcome to Collegium Pharmaceutical's fourth quarter and full year 2023 earnings conference call. I'm joined today by Joe Ciaffoni, our Chief Executive Officer; Colleen Tupper, our Chief Financial Officer; and Scott Dreyer, our Chief Commercial Officer.

歡迎參加 Collegium Pharmaceutical 2023 年第四季和全年財報電話會議。今天我們的執行長 Joe Ciaffoni 也加入了我的行列。 Colleen Tupper，我們的財務長；和我們的首席商務官 Scott Dreyer。

Before we begin today's call, we want to remind participants that none of the information presented today is intended to be promotional, and that any forward-looking statements made today are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. You are cautioned that such forward-looking statements involve risks and uncertainties, including and without limitation, the risk that we may not be able to successfully commercialize our products, that we may incur significant expense and that we may not prevail in current or future litigation pertaining to our business.

在我們開始今天的電話會議之前，我們想提醒與會者，今天提供的任何資訊都無意進行促銷，並且今天所做的任何前瞻性陳述都是根據1995 年《私人證券訴訟改革法案》的安全港條款做出的。請注意，此類前瞻性聲明涉及風險和不確定性，包括但不限於我們可能無法成功將我們的產品商業化、我們可能承擔巨額費用以及我們可能無法在當前或未來的訴訟中獲勝的風險與我們的業務有關。

These risks and other risks of the company are detailed in the company's periodic reports filed with the Securities and Exchange Commission. Our future results may differ materially from our current expectations discussed today. Our earnings press release on this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations, on our corporate website at collegiumpharma.com.

本公司的這些風險和其他風險在公司向美國證券交易委員會提交的定期報告中有詳細說明。我們未來的結果可能與我們今天討論的當前預期有重大差異。我們在本次電話會議上發布的收益新聞稿將包括對某些非公認會計準則資訊的討論。您可以在我們的公司網站 collegiumpharma.com 上找到我們的收益新聞稿，包括相關的非 GAAP 調整表。

I will now turn the call over to our CEO, Joe Ciaffoni.

我現在將把電話轉給我們的執行長 Joe Ciaffoni。

Thank you, Chris. Good afternoon and thank you, everyone, for joining the call. Today, we will discuss our performance during the fourth quarter and full year 2023 and our focus on operational execution in 2024.

謝謝你，克里斯。下午好，謝謝大家加入通話。今天，我們將討論 2023 年第四季和全年的業績以及 2024 年營運執行的重點。

As we build a leading diversified specialty pharmaceutical company committed to improving the lives of people living with serious medical conditions, we strive to do good as we do well. We are proud of our partnerships with organizations to drive equitable access to STEM education and underserved communities.

當我們建立一家領先的多元化專業製藥公司，致力於改善患有嚴重疾病的人們的生活時，我們努力做好事。我們為與各組織的合作夥伴關係感到自豪，這些組織致力於推動 STEM 教育和服務不足社區的公平獲取。

As part of this commitment, we recently launched the Collegium Pharmaceutical Scholarship Program for which we will award two full scholarships to Massachusetts-based high school seniors, pursuing a STEM-related major at a U.S. university. We are proud to provide this opportunity to students who have demonstrated financial need, academic achievement, leadership, community service and a commitment to learning as they pursue a career in STEM.

作為這項承諾的一部分，我們最近推出了 Collegium Pharmaceutical 獎學金計劃，我們將向在美國大學攻讀 STEM 相關專業的馬薩諸塞州高中生提供兩項全額獎學金。我們很榮幸為那些在 STEM 職業生涯中表現出經濟需求、學術成就、領導力、社區服務和學習承諾的學生提供這個機會。

Also, yesterday, we published our 2023 ESG report, which reflects our commitment to operating with responsibility, integrity and purpose. I encourage you to read the report on our website. I'd also like to recognize the Collegium team for their commitment to our mission and for their contributions and accomplishments in 2023.

此外，昨天，我們發布了 2023 年 ESG 報告，反映了我們對負責任、誠信和目標經營的承諾。我鼓勵您閱讀我們網站上的報告。我還要感謝 Collegium 團隊對我們使命的承諾以及他們在 2023 年的貢獻和成就。

2023 was a banner year for Collegium Pharmaceutical. We delivered on our financial commitments and executed our capital deployment strategy. Key accomplishments in 2023 include. We delivered record revenue and record adjusted EBITDA. We returned BELBUCA to sequential quarterly prescription growth starting in Q2 2023 and saw year-over-year quarterly growth in Q3 and Q4.

2023 年對 Collegium Pharmaceutical 來說是輝煌的一年。我們兌現了財務承諾並執行了資本部署策略。2023 年的主要成就包括。我們創造了創紀錄的收入和創紀錄的調整後 EBITDA。從 2023 年第二季度開始，我們使 BELBUCA 恢復了連續季度處方增長，並在第三季度和第四季度看到了同比季度增長。

In the fourth quarter, BELBUCA total prescriptions grew 3.2% compared to Q4 2022. We expect to see BELBUCA prescription growth in 2024. We successfully renegotiated a major Medicare Part D plan, accounting for 12% of BELBUCA prescriptions, maintaining access, and materially rolling back rebates. This will result in year-on-year gross-to-net improvement.

第四季度，BELBUCA 總處方數較 2022 年第四季成長 3.2%。我們預計 2024 年 BELBUCA 處方將會成長。我們成功地重新談判了一項主要的 Medicare D 部分計劃，佔 BELBUCA 處方的 12%，維持了准入，並大幅回滾了回扣。這將導致毛淨值年比改善。

We also won new Medicare Part D plan, representing approximately 1 million covered lives. We improved Xtampza ER gross-to-net in 2023 to 59.6%, a decrease of 9.7 percentage points over 2022. We successfully renegotiated contracts, representing 30% of all Xtampza ER prescriptions, maintaining access and improving rebates in 57% of plans. We expect to see gross-to-net improve to 56% to 58% in 2024. We received new patient population exclusivity for Nucynta, extending the period of US exclusivity from June 27, 2025 to July 3, 2026.

我們還贏得了新的 Medicare D 部分計劃，覆蓋約 100 萬人。2023 年，我們將 Xtampza ER 的毛淨比提高到 59.6%，比 2022 年下降了 9.7 個百分點。我們成功地重新談判了合同，佔所有 Xtampza ER 處方的 30%，維持了可及性並提高了 57% 計劃的折扣。我們預計 2024 年毛淨值將提高至 56% 至 58%。我們獲得了 Nucynta 的新病患群體排他性，將美國排他期從 2025 年 6 月 27 日延長至 2026 年 7 月 3 日。

We submitted a pediatric extension for the Nucynta franchise in December, that if approved, will extend exclusivity of the franchise an additional six months. We expect a decision in the second half of 2024. The new patient population exclusivity for Nucynta, together with the potential pediatric extension for the Nucynta franchise bolster our outlook in 2025 and 2026.

我們於 12 月提交了 Nucynta 特許經營權的兒科延期申請，如果獲得批准，該特許經營權將再延長六個月。我們預計將在 2024 年下半年做出決定。Nucynta 的新患者群體排他性以及 Nucynta 特許經營權的潛在兒科擴展增強了我們 2025 年和 2026 年的前景。

We executed our capital deployment strategy, paying down $162.5 million in debt and returning $75 million in capital to our shareholders through our share repurchase program, and we ended the year with over $310 million in cash and marketable securities. Our record financial performance and operational achievements in 2023 position the organization for success in 2024 and beyond. We expect to deliver record revenue, adjusted EBITDA, free cash flow, and net income in 2024.

我們執行了資本部署策略，償還了 1.625 億美元的債務，並透過股票回購計畫向股東返還了 7,500 萬美元的資本，年底我們擁有超過 3.1 億美元的現金和有價證券。我們在 2023 年創下了創紀錄的財務表現和營運成就，使該組織能夠在 2024 年及以後取得成功。我們預計 2024 年將實現創紀錄的收入、調整後 EBITDA、自由現金流和淨利潤。

In 2024, top-line growth will be fueled by BELBUCA and Xtampza ER. We are encouraged by the BELBUCA prescription growth we saw in the fourth quarter of 2023, and we expect to see full-year prescription growth in 2024, along with gross-to-net improvement.

2024 年，BELBUCA 和 Xtampza ER 將推動營收成長。我們對 2023 年第四季看到的 BELBUCA 處方成長感到鼓舞，我們預計 2024 年全年處方成長，以及總淨值的改善。

Over the past two years, we renegotiated contracts representing 84% of all Xtampza ER prescriptions, maintaining access and rolling back rebates in 77% of plans. This is a major accomplishment that will fuel Xtampza ER revenue growth in 2024. We expect gross-to-net to improve to 56% to 58%. The team is working hard to mitigate anticipated pressure on prescriptions.

在過去的兩年裡，我們重新談判了佔所有 Xtampza ER 處方的 84% 的合同，維持了使用權並回滾了 77% 的計劃的回扣。這是一項重大成就，將推動 Xtampza ER 2024 年營收成長。我們預計毛淨比將提高至 56% 至 58%。團隊正在努力減輕處方方面的預期壓力。

The Nucynta franchise is a key contributor to our pain portfolio. We do expect some pressure on Nucynta franchise revenue in 2024 because of the American Recovery Act eliminating the Medicaid cap. Beginning in 2025 through loss of exclusivity, we expect to be able to deliver relatively stable year-on-year results. The new population exclusivity achieved for Nucynta in 2023 and the anticipated pediatric extensions for the franchise in 2024, along with the reduction in the royalties we pay on Nucynta franchise sales from 14% to 7% beginning on June 27, 2025, bolster our outlook for the franchise in 2025 and 2026.

Nucynta 特許經營權是我們疼痛產品組合的關鍵貢獻者。由於美國復甦法案取消了醫療補助上限，我們確實預計 2024 年 Nucynta 特許經營收入將面臨一些壓力。從 2025 年開始，由於獨家經營權的喪失，我們預計能夠實現相對穩定的年比業績。Nucynta 將於2023 年實現新的人群獨佔性，預計2024 年兒科特許經營權將得到擴展，同時我們從2025 年6 月27 日開始將Nucynta 特許經營權銷售支付的特許權使用費從14% 減少到7%，這些都增強了我們的前景2025年和2026年的特許經營權。

In 2024, our focus is on operational execution. We are committed to achieving our financial objectives and deploying capital to create long-term value for our shareholders. We aim to achieve record financial performance while rapidly paying down debt and returning capital to our shareholders by opportunistically leveraging our $150 million share repurchase program. I am confident that we are well positioned to deliver on our financial and capital deployment objectives.

2024年，我們的重點是營運執行。我們致力於實現我們的財務目標並部署資本，為股東創造長期價值。我們的目標是透過機會性地利用我們 1.5 億美元的股票回購計劃，實現創紀錄的財務業績，同時快速償還債務並向股東返還資本。我相信我們有能力實現我們的財務和資本部署目標。

I will now hand the call over to Colleen to discuss the financials.

我現在將把電話轉給科琳討論財務問題。

Thanks, Joe. Good afternoon, everyone. 2023 was a banner year for Collegium in which we achieved all of our financial objectives. We generated record revenue and adjusted EBITDA on both a quarterly and full year basis. We maintained our financial discipline and leveraged our strong cash flows to execute on our capital deployment strategy.

謝謝，喬。大家下午好。 2023 年對 Collegium 來說是輝煌的一年，我們實現了所有財務目標。我們創造了創紀錄的收入，並按季度和全年調整了 EBITDA。我們維持財務紀律，並利用強勁的現金流來執行我們的資本部署策略。

Financial highlights for the fourth quarter and full year include. Net product revenues were a record $149.7 million for the fourth quarter, up 16% year over year 2023. Net product revenues were a record of $566.8 million, up 22% year over year. BELBUCA net revenue was a record $49.3 million in the fourth quarter, up 17% year over year and a record $182.1 million in 2023, up 44% year over year. 2023 sales reflect a full year of revenue compared to a partial year of revenue in 2022 due to the timing of the BDSI acquisition.

第四季和全年的財務亮點包括。第四季產品淨收入達到創紀錄的 1.497 億美元，比 2023 年成長 16%。產品淨收入創紀錄地達到 5.668 億美元，年增 22%。BELBUCA 第四季淨收入達到創紀錄的 4,930 萬美元，年增 17%，2023 年淨收入創紀錄的 1.821 億美元，年增 44%。由於 BDSI 收購的時機，2023 年的銷售額反映了全年的收入，而 2022 年僅反映了部分年份的收入。

For the fourth quarter, Xtampza ER net revenue was a record $48.5 million, up 38% and Xtampza ER gross-to-net was 54.5%. For 2023, Xtampza ER net revenue was a record $177.4 million, up 28% and a gross-to-net was 59.6%. We expect Xtampza ER gross-to-net to be in the range of 56% to 58% in 2024 as a result of the successful contract renegotiations we completed in 2023. Nucynta franchise net revenue was $46.9 million in the fourth quarter, down 2% year over year and $190.8 million in 2023, up 3% year over year. GAAP operating expenses were $32.9 million in the fourth quarter, down 13% year over year.

第四季度，Xtampza ER 淨收入達到創紀錄的 4,850 萬美元，成長 38%，Xtampza ER 毛淨比為 54.5%。2023 年，Xtampza ER 淨收入達到創紀錄的 1.774 億美元，成長 28%，毛淨比為 59.6%。由於我們在 2023 年成功完成了合約重新談判，我們預計 2024 年 Xtampza ER 的毛淨比將在 56% 至 58% 之間。Nucynta 特許經營第四季淨收入為 4,690 萬美元，年減 2%，2023 年淨收入為 1.908 億美元，年增 3%。第四季 GAAP 營運費用為 3,290 萬美元，較去年同期下降 13%。

For 2023, GAAP operating expenses were $159.2 million, down 10% year over year. Non-GAAP adjusted operating expenses were $25.9 million in the fourth quarter, down 20% year over year. For 2023, adjusted operating expenses were $123.6 million, up 1% year over year. GAAP net income for the fourth quarter was $31.9 million compared to a net loss of $7.2 million in the fourth quarter of 2022. For 2023, net income was $48.2 million compared to a net loss of $25 million in '22.

2023 年，公認會計準則營運費用為 1.592 億美元，年減 10%。第四季非 GAAP 調整後營運費用為 2,590 萬美元，較去年同期下降 20%。2023年，調整後營運費用為1.236億美元，年增1%。第四季 GAAP 淨利潤為 3,190 萬美元，而 2022 年第四季淨虧損為 720 萬美元。2023 年淨利為 4,820 萬美元，而 2022 年淨虧損為 2,500 萬美元。

Non-GAAP adjusted EBITDA was a record $104.2 million for the fourth quarter, up 36% year over year and a record $367 million for full-year 2023, up 38%. GAAP earnings per share was $0.99 basic and $0.82 diluted in the fourth quarter compared to GAAP loss per share of $0.21 basic and diluted in the prior year period. GAAP earnings per share was $1.43 basic and $1.29 diluted in 2023 versus GAAP loss per share of $0.74 basic and diluted in 2022.

第四季非 GAAP 調整後 EBITDA 達到創紀錄的 1.042 億美元，年增 36%，2023 年全年創紀錄的 3.67 億美元，年增 38%。第四季 GAAP 基本每股收益為 0.99 美元，稀釋後每股收益為 0.82 美元，而去年同期 GAAP 基本每股收益和稀釋後每股虧損為 0.21 美元。2023 年 GAAP 基本每股收益為 1.43 美元，稀釋後每股收益為 1.29 美元，而 2022 年 GAAP 基本每股收益和稀釋後每股虧損為 0.74 美元。

Non-GAAP adjusted earnings per share was $1.58 in the fourth quarter versus $1.09 in the fourth quarter of '22. For '23, non-GAAP adjusted earnings per share was $5.47 versus $3.96 in the prior year. Please see our press release issued earlier today for a reconciliation of GAAP to non-GAAP results. In 2023, we generated robust operating cash flows of $274.7 million and ended the year with cash, cash equivalents and marketable securities of $310.5 million.

第四季非 GAAP 調整後每股收益為 1.58 美元，而 2022 年第四季為 1.09 美元。23 年，非 GAAP 調整後每股收益為 5.47 美元，前一年為 3.96 美元。請參閱我們今天稍早發布的新聞稿，以了解 GAAP 與非 GAAP 業績的調整。2023 年，我們產生了 2.747 億美元的強勁營運現金流，年底現金、現金等價物和有價證券為 3.105 億美元。

For the year, Collegium paid down $162.5 million in debt, ending the year with leverage of approximately 1x net debt to adjusted EBITDA. We are encouraged by our strong performance in the fourth quarter and full-year 2023. We achieved our financial goals for the year, growing adjusted EBITDA at more than 1.5x the rate of revenue, increasing our cash position and positioning us to deliver on our financial commitments in 2024.

今年，Collegium 償還了 1.625 億美元的債務，年底調整後 EBITDA 的槓桿約為淨債務的 1 倍。我們對第四季和 2023 年全年的強勁表現感到鼓舞。我們實現了今年的財務目標，調整後 EBITDA 的成長速度超過收入的 1.5 倍，增加了我們的現金狀況，並使我們能夠在 2024 年兌現我們的財務承諾。

We reaffirm our 2024 financial guidance, which we announced earlier this year. We expect net product revenues in the range of $580 million to $595 million. We expect adjusted operating expenses in the range of $120 million to $125 million and adjusted EBITDA in the range of $380 million to $395 million. We are confident in our ability to deliver on our financial commitments in 2024. We are focused on creating long-term value for our shareholders through our capital deployment strategy.

我們重申今年稍早宣布的 2024 年財務指引。我們預計產品淨收入在 5.8 億至 5.95 億美元之間。我們預計調整後的營運費用將在 1.2 億至 1.25 億美元之間，調整後的 EBITDA 將在 3.8 億至 3.95 億美元之間。我們對 2024 年履行財務承諾的能力充滿信心。我們專注於透過資本部署策略為股東創造長期價值。

We are rapidly paying down debt and plan to opportunistically return capital to shareholders through share repurchases. We are locked into rapidly deleveraging the balance sheet, paying down over $180 million of debt in 2024, which would put us at de minimis net-debt-to-adjusted EBITDA ratio at year-end. Our ability to delever quickly is a testament to our strong cash generation.

我們正在迅速償還債務，並計劃透過股票回購機會向股東返還資本。我們致力於快速去槓桿化資產負債表，在 2024 年償還超過 1.8 億美元的債務，這將使我們在年底的淨債務與調整後 EBITDA 比率處於最低水平。我們快速去槓桿化的能力證明了我們強勁的現金產生能力。

We have a strong track record of returning value to our shareholders. Since 2021, we've returned $137 million of capital to our shareholders at an average price of $21.65 per share through a combination of open market and accelerated share repurchase programs. In 2023, we repurchased $75 million through accelerated share repurchase programs, including $25 million repurchased at an average price per share of $27.09 since November.

我們在為股東回報價值方面有著良好的記錄。自 2021 年以來，我們透過公開市場和加速股票回購計畫相結合，以每股 21.65 美元的平均價格向股東返還了 1.37 億美元的資本。2023年，我們透過加速股票回購計畫回購了7,500萬美元，其中自11月以來以每股27.09美元的平均價格回購了2,500萬美元。

In January, our Board authorized a new share repurchase program to repurchase up to $150 million in common stock over 18 months. We believe that our stock continues to be undervalued. and we view our share repurchase program as a productive use of our capital to generate high returns for our shareholders.

一月份，我們的董事會批准了一項新的股票回購計劃，在 18 個月內回購高達 1.5 億美元的普通股。我們認為我們的股票仍然被低估。我們將股票回購計畫視為對我們資本的有效利用，為股東創造高回報。

I will now turn it over to Scott to give a commercial update.

我現在將把它交給斯科特來提供商業更新。

Thanks, Colleen. At Collegium, we're proud to be the leader in responsible pain management. BELBUCA, Xtampza ER, and Nucynta ER have a combined 50% share of the branded ER market.

謝謝，科琳。在 Collegium，我們很自豪能夠成為負責任的疼痛管理領域的領導者。BELBUCA、Xtampza ER 和 Nucynta ER 合計佔據品牌 ER 市場 50% 的份額。

Our pain portfolio is highly differentiated, and our commercial organization is focused on maximizing the potential of our products to have a positive impact on the lives of people living with pain and the communities that we serve. We ended 2023 with momentum across the pain portfolio. BELBUCA and Xtampza ER are well positioned for growth in 2024, and the Nucynta franchise will be a key contributor.

我們的疼痛產品組合具有高度差異化，我們的商業組織致力於最大限度地發揮我們產品的潛力，對疼痛患者的生活和我們服務的社區產生積極影響。2023 年結束時，我們的疼痛產品組合勢頭強勁。BELBUCA 和 Xtampza ER 已做好 2024 年成長的準備，而 Nucynta 特許經營權將成為關鍵貢獻者。

In the fourth quarter, BELBUCA total prescriptions grew 3.2% year over year and 1% quarter over quarter, continuing the sequential quarterly growth that started in the second quarter of 2023 when we inflected the prescription trajectory of BELBUCA. As the leader in responsible pain management, we believe that Schedule III products should be used before Schedule II and used more broadly.

第四季度，BELBUCA 總處方量年增 3.2%，環比增長 1%，延續了自 2023 年第二季度開始的環比季度增長，當時我們改變了 BELBUCA 的處方軌跡。作為負責任疼痛管理的領導者，我們認為 Schedule III 產品應該在 Schedule II 之前使用，並得到更廣泛的使用。

We're encouraged that the buprenorphine market continues to grow. We believe BELBUCA is uniquely positioned because of its clinical differentiation as a Schedule III product with a broad range of doses for the management of severe and persistent pain that requires an extended treatment period.

我們對丁丙諾啡市場的持續成長感到鼓舞。我們相信，BELBUCA 具有獨特的地位，因為它作為 Schedule III 產品的臨床差異化，具有廣泛的劑量範圍，用於治療需要延長治療時間的嚴重和持續性疼痛。

Our commercial accomplishments in 2023 position BELBUCA for growth in 2024. Stronger commercial execution drove sequential quarterly growth beginning in the second quarter of 2023. We expect BELBUCA to benefit from improved commercial execution, the successful renegotiation of a major Medicare Part D contract and the addition of a new Part D plan, representing approximately one million covered lives.

我們在 2023 年取得的商業成就使 BELBUCA 能夠在 2024 年實現成長。更強勁的商業執行力推動了 2023 年第二季開始的環比季度成長。我們預計 BELBUCA 將從改進的商業執行、主要醫療保險 D 部分合約的成功重新談判以及新的 D 部分計劃的增加中受益，該計劃代表約 100 萬人的受保生命。

Our focus in 2024 is on strengthening our commercial execution in support of BELBUCA specifically, investing in the knowledge and training of our field force, pulling through BELBUCA's strong commercial access and improving push through in Medicare Part D. Importantly, we'll work on expanding Medicare Part D coverage for BELBUCA. It's the right thing to do and, if successful will serve as a catalyst for growth in 2025 and beyond.

我們2024 年的重點是加強我們的商業執行力，特別是支持BELBUCA，投資於我們現場人員的知識和培訓，利用BELBUCA 強大的商業准入，並改善Medicare D 部分的推進。重要的是，我們將致力於擴大BELBUCA 的 Medicare D 部分承保。這是正確的做法，如果成功，將成為 2025 年及以後成長的催化劑。

Turning to Xtampza ER. In 2023, we delivered record revenue, driven by significant gross-to-net improvement. Our successful contract renegotiations with plans that accounted for 54% of Xtampza ER prescriptions in 2022, reduced gross-to-net by 9.7 percentage points, offsetting pressure on prescriptions. We expect a continuation of that dynamic in 2024 based off our successful renegotiation of contracts representing 30% of all Xtampza ER prescriptions in 2023.

轉向 Xtampza ER。2023 年，在毛淨值顯著改善的推動下，我們實現了創紀錄的收入。我們與佔 2022 年 Xtampza ER 處方量 54% 的計劃成功進行了合約重新談判，使總淨額減少了 9.7 個百分點，抵消了處方壓力。基於我們成功重新談判的合約（佔 2023 年所有 Xtampza ER 處方的 30%），我們預計這種動態將在 2024 年持續下去。

Our focus with Xtampza ER in 2024 is on challenging the status quo with health care professionals. Xtampza ER has strong data in its label differentiating it from OxyContin, and it has superior access in both commercial and Medicare Part D. Our aspiration with Xtampza ER is to replace OxyContin utilization for appropriate patients.

2024 年 Xtampza ER 的重點是挑戰醫療保健專業人員的現狀。Xtampza ER 的標籤上有強有力的數據將其與奧施康定區分開來，並且它在商業和醫療保險D 部分中都具有優越的可及性。我們對Xtampza ER 的願望是取代奧施康定為適當的患者使用。

In managed care, we need to pull through our strong access positions in commercial and Part D and importantly, strive to achieve new wins. We have the ability to achieve new wins and forever manage gross-to-net to less than 65%. The Nucynta franchise is a key contributor to our pain portfolio.

在管理式醫療領域，我們需要鞏固我們在商業和 D 部分方面的強大准入地位，重要的是，努力取得新的勝利。我們有能力取得新的勝利，並將毛淨比永遠控制在 65% 以下。Nucynta 特許經營權是我們疼痛產品組合的關鍵貢獻者。

Tapentadol is a differentiated molecule with a proposed dual mechanism of action. It's viewed favorably and is highly differentiated by health care professionals. Our market access strategy enables us to manage the Nucynta franchise contribution in a relatively stable manner year-on-year, beginning in 2025 through loss of exclusivity.

他噴他多是一種獨特的分子，具有雙重作用機制。它受到醫療保健專業人士的青睞和高度評價。我們的市場准入策略使我們能夠從 2025 年開始透過失去獨家經營權，以相對穩定的方式逐年管理 Nucynta 特許經營權的貢獻。

In closing, I'm proud of our commercial accomplishments in 2023 and focused on achieving our objectives in 2024 through operational execution.

最後，我對我們 2023 年的商業成就感到自豪，並致力於透過營運執行實現 2024 年的目標。

I'll now turn the call back to Joe.

我現在將電話轉回給喬。

Thanks, Scott. 2023 was a banner year for Collegium Pharmaceutical. Our accomplishments in 2023 position the organization for success in 2024 and bolster our outlook in 2025 and 2026. Our focus in 2024 is on operational execution. We expect to deliver record financial performance, and we are committed to deploying capital to create long-term value for our shareholders.

謝謝，斯科特。 2023 年對 Collegium Pharmaceutical 來說是輝煌的一年。我們在 2023 年取得的成就為該組織在 2024 年取得成功奠定了基礎，並增強了我們 2025 年和 2026 年的前景。2024 年我們的重點是營運執行。我們期望實現創紀錄的財務業績，並致力於部署資本，為股東創造長期價值。

I will now open the call up for questions. Operator?

我現在將開始提問。操作員？

(Operator Instructions) David Amsellem, Piper Sandler.

（操作說明）David Amsellem、Piper Sandler。

Hey, thanks. So one question on Xtampza and then one on biz dev M&A. On Xtampza, with the contract renegotiations mostly in the rearview mirror -- I guess the question here is as you look at the long-term landscape for the product, do you think that you can at some point return it to meaningful volume growth and then to the extent that you think you can talk to what commercial efforts you're going to undertake to do so? And so that's number one.

嘿，謝謝。那麼一個關於 Xtampza 的問題，然後是關於商業開發併購的問題。在Xtampza 上，合約重新談判主要是在後視鏡中——我想這裡的問題是，當你審視產品的長期前景時，你是否認為你可以在某個時候將其恢復到有意義的銷量增長，然後您認為您可以談論為此將採取哪些商業努力？所以這是第一。

And then on biz dev, can you just talk to your latest thoughts on asset prices and the relative attractiveness of assets that are out there? What you're seeing in terms of the landscape? And I think in the past, you've talked about being agnostic to various therapeutic verticals, can you just talk to your latest thinking regarding that? Thank you.

然後在商業開發方面，您能談談您對資產價格和現有資產的相對吸引力的最新想法嗎？就風景而言，你看到了什麼？我想在過去，您談到了對各種治療垂直領域的不可知論，您能談談您對此的最新想法嗎？謝謝。

Yeah. So David, this is Joe. Thank you for the questions. I'm going to start off on Xtampza and then kick it over to Scott and then come back and address biz dev.

是的。大衛，這是喬。謝謝你的提問。我將從 Xtampza 開始，然後將其交給 Scott，然後回來向業務開發人員發表講話。

First off with Xtampza, the thing that we are confident in is our ability to continue to grow revenue as we move forward through 2033 with the asset. Where we're at now is it will be a year-to-year situation based off of what it is that we accomplished in the payer landscape. We now have significant headroom where we're under. To be under that 65% that we're forever committed to managing gross-to-net, that gives us the ability to really go after and tried to achieve new wins for the product.

首先，對於 Xtampza，我們有信心的是，隨著我們利用該資產邁向 2033 年，我們有能力繼續增加收入。我們現在所處的情況將是基於我們在付款人領域所取得的成就的逐年情況。我們現在有很大的空間。我們永遠致力於管理毛淨值，低於 65%，這使我們有能力真正追求並努力為產品取得新的勝利。

And then, of course, contracts come up for renegotiation typically every two to three years. So there's fewer this year, but there will be new ones as we move forward where we think there will continue to be opportunity to manage gross-to-net. And Scott can talk about some of the commercial efforts and things to make that happen.

當然，合約通常每兩到三年就會重新談判一次。因此，今年的數量較少，但隨著我們的前進，將會出現新的數量，我們認為將繼續有機會管理總淨值。斯科特可以談論一些商業努力以及實現這一目標的事情。

Yeah. Thanks, David. So first, what I'd say is we have very strong access in commercial and Part D for Xtampza. And what that means is, first and foremost, we can grow organically. There's plenty of room to still grow through pure execution.

是的。謝謝，大衛。首先，我想說的是，我們在 Xtampza 的商業和 D 部分方面擁有非常強大的管道。這意味著，首先也是最重要的是，我們可以有機成長。透過純粹的執行，仍有很大的成長空間。

As I mentioned in my prepared remarks, our focus is on displacing OxyContin for appropriate patients, and how we do that is by challenging the status quo. And so what we're doing is similar to what we've been doing for BELBUCA, right? Training our people, practicing, and showing up in front of the customer to change behavior. And by doing that, I'm confident we have the ability to grow organically where we have access. And then we'll see, as Joe said, what happens with the payer as we move forward.

正如我在準備好的發言中提到的，我們的重點是為合適的患者取代奧施康定，而我們如何做到這一點就是挑戰現狀。所以我們正在做的事情與我們為 BELBUCA 所做的事情類似，對嗎？培訓我們的員工、練習並出現在客戶面前以改變行為。透過這樣做，我相信我們有能力在我們有機會的地方實現有機成長。然後，正如喬所說，隨著我們的進展，付款人會發生什麼。

And then, David, from a business development perspective, what I think is important to emphasize is, one, our confidence in the financial strength of the business. We continue as we execute versus the core business and financially what we're setting out to do, along with the improvement each quarter on the balance sheet to further strengthen our position. And what that gives us is the ability to be clear headed from a BD perspective.

然後，大衛，從業務發展的角度來看，我認為需要強調的是，第一，我們對企業財務實力的信心。我們繼續執行核心業務和財務上的計劃，並每季改善資產負債表，以進一步鞏固我們的地位。這讓我們能夠從 BD 的角度保持頭腦清醒。

So what I would comment specific to your question is, look, everything that we have been engaged with continues to be on the board. We will wait for people to come to rational positions. And when the value is there, we continue to be in a strong position to strike, and I'm confident we will get the right deal done for Collegium.

因此，針對你的問題，我要具體評論的是，看，我們參與的所有內容都繼續在董事會上。我們將等待人們採取理性立場。當價值存在時，我們將繼續處於有利的位置，我相信我們將為 Collegium 達成正確的交易。

From a therapeutic perspective, we want to be agile because we think there are a significant number of opportunities out there. And I'd reiterate, what we're focused on are commercial-stage acquisitions only. If we want differentiated assets, we think that's critical for reimbursement, a $150 million peak sales, and exclusivity into the 2030s.

從治療的角度來看，我們希望保持敏捷，因為我們認為存在大量機會。我要重申，我們關注的只是商業階段的收購。如果我們想要差異化的資產，我們認為這對於報銷、1.5 億美元的峰值銷售額以及 2030 年代的排他性至關重要。

Thanks, Joe.

謝謝，喬。

Thank you.

謝謝。

Tim Lugo, William Blair.

提姆·盧戈，威廉·布萊爾。

Hey, guys, this is Lachlan on for Tim. Thanks for taking the questions and congrats on the strong quarter.

嘿，夥計們，這是拉克蘭替蒂姆發言。感謝您提出問題，並祝賀本季的強勁表現。

The first question is just wondering if we should expect any changes to discounting or the cadence of discounts this year with Medicare Part D redesign? And then second is, given the shift to parity for a number of Xtampza contract in 2024, can you remind us how prior parity contracts have performed and if there are any differences between the dynamics or the timing of discounts or anything like that over the course of the year?

第一個問題只是想知道今年 Medicare D 部分重新設計後，我們是否應該預期折扣或折扣節奏會發生任何變化？其次，考慮到 2024 年許多 Xtampza 合約將轉向平價合約，您能否提醒我們之前的平價合約表現如何，以及整個過程中的動態或折扣時間或類似情況是否存在任何差異今年？

Okay. Thanks, Lachlan. Colleen will take the discounting questions and then Scott will talk about our positioning within managed care and answer that question.

好的。謝謝，拉克蘭。科琳將回答折扣問題，然後斯科特將談論我們在管理式醫療中的定位並回答該問題。

Lachlan, thanks for the question. I would say as far as the cadence and the seasonality of discounting in gross-to-nets overall, in 2024, it will be relatively similar to what we've seen in prior years, which is you have the most favorable gross-to-net positions, particularly for an Xtampza-type product in first quarter. And then you have the impact of coverage gap in second and third quarter or the donut hole as it's also known, and then it bounces back in the fourth. So we expect that to continue for another year in advance of any additional redesign in 2025.

拉克蘭，謝謝你的提問。我想說的是，就整體毛淨值折扣的節奏和季節性而言，到 2024 年，它將與我們前幾年看到的相對相似，即您將獲得最有利的毛淨值比。淨頭寸，尤其是第一季的Xtampza 類產品。然後你會受到第二和第三季的覆蓋差距或眾所周知的甜甜圈洞的影響，然後它在第四季度反彈。因此，我們預計這種情況將在 2025 年進行任何額外的重新設計之前再持續一年。

And then Lachlan, to answer your question about parity positioning. So look, in parity, we had one major priority position before now and now we have a few more. And what we know is there's ample opportunity there to grow. We have plenty of market share left to grow in those positions.

然後拉克蘭回答你關於平價定位的問題。所以看，在平等方面，我們之前有一個主要優先位置，現在我們有更多。我們知道那裡有充足的成長機會。在這些職位上，我們還有大量的市佔率有待成長。

And Lachlan, I would just add, with regards to the renegotiations in general where we have maintained access, we are not in parity positions. And the only instances in which we are now at parity with OxyContin is generally where we've come off the formulary. And I think from that perspective, the clinical profile of Xtampza is a differentiated asset. And as the leader in responsible pain management, we are the only ones out there educating physicians on our products.

拉克蘭，我想補充一點，關於我們保持准入的整體重新談判，我們並不處於平等地位。現在我們與奧施康定處於同等地位的唯一情況通常是我們已經脫離處方集。我認為從這個角度來看，Xtampza 的臨床概況是一項差異化資產。作為負責任的疼痛管理領域的領導者，我們是唯一對醫生進行產品教育的公司。

Serge Belanger, Needham & Co.

塞爾吉貝朗格，李約瑟公司

Hi. Good afternoon and thanks for taking my questions. First one, I guess for Scott on Xtampza. I think so far this year, we've seen about a 6% prescription erosion for Xtampza. Curious if that's what you were expecting and if you expect for those to come back.

你好。下午好，感謝您提出我的問題。第一個，我猜是 Xtampza 上的 Scott。我認為今年到目前為止，我們已經看到 Xtampza 的處方減少了約 6%。很好奇這是否是您所期望的以及您是否期望它們回來。

And then the second question is for Joe. Regarding BD, I think BD transactions been a priority for the company now for I think since 2022. As your view or strategy around that priority evolved and also as part of that question, I guess, in the past, you've talked about wanting to lever up for such a transaction. So also curious with the recent share price appreciation, whether you would purchase via equity to complete a transaction? Thanks.

第二個問題是問喬的。關於 BD，我認為自 2022 年以來，BD 交易一直是公司的優先事項。隨著您圍繞該優先事項的觀點或策略的發展，以及作為該問題的一部分，我想，您過去曾談到希望為此類交易提供槓桿。那麼也好奇最近股價上漲，您是否會透過股權購買來完成交易？謝謝。

Thanks, Serge. Scott will take the first and then Colleen and I will share the second.

謝謝，塞爾日。斯科特將接受第一個，然後科琳和我將分享第二個。

Yeah. Thanks, Serge. Yeah, in simple terms, yes. Where the brand is performing right now is right in line with where we'd expect it to be. And similar to last year where we were moved, the greatest impact tends to be in the first quarter as we move then throughout the year.

是的。謝謝，塞爾日。是的，簡單來說，是的。該品牌目前的表現與我們的預期完全一致。與去年我們搬遷的情況類似，最大的影響往往是在第一季度，因為我們全年都會搬遷。

And Serge, with regards to BD, what I would start with is capital deployment. What we're really focused on right now is what we know we're going to do, which is we're going to rapidly pay down our debt, and we will opportunistically leverage our share repurchase program.

Serge，關於 BD，我首先要考慮的是資本部署。我們現在真正關注的是我們知道我們要做的事情，那就是我們將迅速償還債務，並且我們將機會主義地利用我們的股票回購計劃。

One of the things we take a lot of pride in is our track record of being really good stewards of capital and executing deals that make sense and deliver value for our shareholders. So as we continue to get stronger, what I can tell you is when the right deal was there at the right price, we are in a great position to execute. And Colleen can talk a little bit about how we think about the financial aspects.

我們引以為傲的一件事是，我們在成為真正優秀的資本管理者和執行有意義的交易並為股東創造價值方面擁有良好的記錄。因此，隨著我們不斷變得更強大，我可以告訴你的是，當正確的交易以正確的價格出現時，我們就處於執行的有利位置。科琳可以談談我們如何看待財務上的問題。

Yeah. So Serge, great question on the leverage side. What I would say is we have the ability to raise debt and are comfortable with a net debt ratio of around 3 times or below for commercial-stage asset, which is what we're seeking in the current environment.

是的。Serge，關於槓桿方面的好問題。我想說的是，我們有能力籌集債務，並且對商業階段資產的淨負債率約為3倍或更低感到滿意，這正是我們在當前環境下所尋求的。

I would also say, given our commercial focus, we are focused on near-term accretive and positive EBITDA. And as noted, we also have the ability to use our equity if the market dynamics are supportive. So we think we have a multitude of options there to fund the right deal when it comes along.

我還想說，考慮到我們的商業重點，我們專注於近期的增值和正 EBITDA。如上所述，如果市場動態有利，我們也有能力使用我們的股權。因此，我們認為我們有多種選擇來為正確的交易提供資金。

Thank you.

謝謝。

Thanks, Serge.

謝謝，塞爾日。

Les Sulewski, Truist.

萊斯‧蘇萊夫斯基，真理論者。

Thank you, and congrats on the quarter, guys. Just to take another stab on the BD opportunity, you have mentioned in the past of $150 million in peak potential sales. Maybe we can -- is there a potential where you could see a few smaller deals versus a one chunky one or something that would be pre-approval in terms of an asset play?

謝謝你們，恭喜這個季度，夥伴們。為了再次嘗試 BD 機會，您過去提到過 1.5 億美元的峰值潛在銷售額。也許我們可以——是否有可能看到一些較小的交易而不是一項大交易或在資產遊戲方面需要預先批准的交易？

Yeah. Thanks, Les. I appreciate the question. Look, from a BD perspective, I think what I would reiterate is everything that we have been focused on continues to be on the board. And I think they all fit the criteria of what it is that we're looking for, differentiated commercial stage assets, peak sales potential greater than $150 million, with exclusivity into the 2030s.

是的。謝謝，萊斯。我很欣賞這個問題。聽著，從 BD 的角度來看，我想我要重申的是，我們一直關注的一切仍然在董事會上。我認為它們都符合我們正在尋找的標準：差異化的商業舞台資產、超過 1.5 億美元的高峰銷售潛力，以及 2030 年代的獨家經營權。

But one commentary I would make is, that doesn't mean like the deals we've done previously, they already need to be at $150 million. So for the right opportunity, if we have conviction that it can be $150 million plus, then we're in a great position to execute around that. And if one of the reasons why we're the better owner is because of the resources that we can bring to the table, we would go for that type of opportunity.

但我要發表的評論是，這並不意味著像我們之前所做的交易那樣，它們已經需要 1.5 億美元。因此，對於合適的機會，如果我們確信它可以達到 1.5 億美元以上，那麼我們就處於一個很好的位置來執行它。如果我們成為更好的所有者的原因之一是因為我們可以提供資源，那麼我們就會抓住這種機會。

Got it. And if I may squeeze one follow-up. On the capital deployment plans, potentially outside of repurchases, have you specifically looked at a potential enactment of a dividend plan or any summer payout of a form of a one-time special dividend? Thank you.

知道了。我可以再講一個後續內容嗎？關於資本部署計劃（可能在回購之外），您是否特別考慮過可能頒布的股息計劃或任何夏季支付的一次性特別股息？謝謝。

Yeah. Les, I appreciate that question, and I'm going to hand that one off to Colleen.

是的。萊斯，我很欣賞這個問題，我將把這個問題交給科琳。

Yes, Les, we evaluate all options, but we highly prefer the share repurchase program over dividends, and you could see that continue in the near future.

是的，萊斯，我們評估了所有選擇，但我們更喜歡股票回購計劃而不是股息，你可以看到這種情況在不久的將來會繼續下去。

Oren Livnat, H.C. Wainwright.

奧倫·利夫納特，H.C.溫賴特。

Thanks for taking the questions. I have two. On Xtampza, interesting that you mentioned your large headroom now between I guess your 56% to 58% gross-to-net guidance and I guess this theoretical ceiling that you want to maintain a 65%. Can you talk about how big potential opportunities even if not exactly near term, but the next couple of years, you might have to add volume opportunities that would still keep you under that? Because we obviously don't see the mix between Medicare plans, Medicaid, et cetera. For example, something as gargantuan as a SilverScripts realistically on the table at a gross-to-net, that would still keep you under that 65%. And I have a follow-up. Thanks.

感謝您提出問題。我有兩個。在 Xtampza 上，有趣的是，您提到了現在的巨大淨空，我猜您的總淨值指導為 56% 至 58%，我猜您希望保持 65% 的理論上限。您能否談談潛在的機會有多大，即使不是近期的，但在接下來的幾年裡，您可能必須增加數量機會，仍然能讓您保持在這個水平之下？因為我們顯然沒有看到醫療保險計劃、醫療補助計劃等之間的混合。例如，像 SilverScripts 這樣龐大的東西實際上在桌面上的總淨值仍然會保持在 65% 以下。我有一個後續行動。謝謝。

Yeah. So Oren, this is Joe. I appreciate that question. Look, one, you're correct. We have a lot of headroom to go out and win new plans. How that comes together year to year is something we'll provide an update on.

是的。奧倫，這是喬。我很欣賞這個問題。聽著，一，你是對的。我們有很大的空間去贏得新的計畫。我們將逐年更新這些內容。

And you're also correct if you think in Medicare Part D, there are some major plans that have significant OxyContin. And what I can tell you is if there's a path to getting that access, that makes sense. Then we want to, as a leader in responsible pain management, open that up for physicians and appropriate patients. And then you can also look from a commercial perspective where I'd say it's more a mile wide and an inch deep but where you can piece together plans to position Xtampza to continue to grow volume as we move forward.

如果您認為 Medicare D 部分中有一些主要計劃含有大量奧施康定，您也是正確的。我可以告訴你的是，如果有辦法獲得這種存取權限，那就有意義。然後，作為負責任的疼痛管理領域的領導者，我們希望向醫生和適當的患者開放。然後你也可以從商業角度來看，我想說它有一英里寬，一英寸深，但你可以拼湊出計劃，使 Xtampza 在我們前進的過程中繼續增加銷量。

The key thing that I would emphasize in closing here is what we are confident in is the ability, whether it be through the addition of new profitable contracts that would be a catalyst to volume and/or as we continue to renegotiate contracts moving forward that we'll be able to continue to grow Xtampza ER revenue. But now it will be more year to year when we provide an update on how it is that that's going to happen.

在此結束時，我要強調的關鍵一點是，我們對能力充滿信心，無論是透過增加新的獲利合約來推動交易量，還是透過繼續重新談判合約來推動交易量的成長。將能夠繼續增加Xtampza ER 收入。但現在，當我們提供有關這將如何發生的最新資訊時，情況會變得一年比一年嚴重。

Okay. And on BELBUCA, I guess now that that's your largest product and what appears to be our fastest-growing product, which certainly reflects well on that acquisition or prudent to that acquisition. Can you talk a little bit longer term now how you view that?

好的。至於貝爾布卡，我想現在這是你們最大的產品，也是我們成長最快的產品，這無疑地很好地反映了這次收購或對該收購的謹慎態度。現在您可以談談您的看法嗎？

Because certainly, I model, and I think the conservative or most conservative assumption is to assume that goes away in 2027. But now that that's such an important product for you, can you talk about your view on the longer runway for that, potentially in 2027 and beyond, whether it's with regards to existing settlements, patent wins, and the current litigation landscape? Thanks.

因為當然，我進行了建模，我認為保守或最保守的假設是假設這種情況會在 2027 年消失。但現在這對您來說是一個如此重要的產品，您能否談談您對更長的發展前景的看法，可能是在2027 年及以後，無論是現有和解、專利勝訴還是當前的訴訟情況？謝謝。

Yeah. So I appreciate the question, Oren. Look, what I can tell you number one is the BDSI acquisition for Collegium was an excellent deal and one that the team has done an exceptional job executing around. I think Scott and his team deserve a tremendous amount of credit because one of the things that's most encouraging here at the start of the year is the prescription trends that we're seeing. So we really have a strong view that we'll grow prescriptions this year, and BELBUCA is certainly a product that's worthy of that.

是的。所以我很欣賞這個問題，奧倫。看，我可以告訴你的第一件事是 BDSI 對 Collegium 的收購是一筆出色的交易，團隊在執行方面做得非常出色。我認為史考特和他的團隊值得高度讚揚，因為今年年初最令人鼓舞的事情之一就是我們看到的處方趨勢。因此，我們確實有強烈的想法，今年我們將增加處方量，而 BELBUCA 無疑是一款值得的產品。

From an IP perspective, what I would say to you is the following: our base case when we did the BDSI acquisition is we assume a potential generic in 2027. That's because there's a settlement in place with Teva. What I would say there is Teva has relinquished their first filer exclusivity. They do not have a tentative approval. The second ANDA filer was Alvogen. For us, the green light to execute the deal was when BDSI received a favorable ruling with regards to the IP, which from an invalidity perspective, holds, bars Alvogen from the market until 2032 with that formulation.

從智慧財產權的角度來看，我想對您說的是：我們收購 BDSI 時的基本情況是，我們假設 2027 年可能會出現仿製藥。那是因為與 Teva 達成了和解。我想說的是，梯瓦公司已經放棄了他們的第一個文件管理器的獨家經營權。他們沒有得到臨時批准。第二份 ANDA 申報人是 Alvogen。對我們來說，執行交易的綠燈是當 BDSI 收到有關智慧財產權的有利裁決時，從無效的角度來看，該裁決認為，在 2032 年之前禁止 Alvogen 進入市場。

And then, of course, Chemo is the third ANDA filer who attached themselves to Alvogen from an invalidity perspective. They are pursuing non-infringement. And I would just say that they received their third CRL in the first half of 2023. We think it is very challenging to achieve the doses of BELBUCA or all doses without infringing upon the IP.

當然，Chemo 是第三個從無效角度來看與 Alvogen 合作的 ANDA 申請者。他們正在追求不侵權。我想說的是，他們在 2023 年上半年收到了第三個 CRL。我們認為，在不侵犯智慧財產權的情況下實現 BELBUCA 的劑量或所有劑量是非常具有挑戰性的。

The final two points I would make is we have an authorized generic agreement with Par Pharmaceuticals. And probably the strongest comment I can make with regards to our view of BELBUCA is we will continue to invest through 2027 in support of this asset because although our base case assumes generic, I think we need to see what happens and whether players do come to the market, in particular, Teva.

我要說的最後兩點是我們與 Par Pharmaceuticals 簽訂了授權通用協議。關於我們對BELBUCA 的看法，我能做出的最強烈的評論是，我們將在2027 年之前繼續投資以支持這項資產，因為儘管我們的基本案例假設是通用的，但我認為我們需要看看會發生什麼事以及玩家是否真的會加入市場，尤其是梯瓦（Teva）。

All right. Thank you.

好的。謝謝。

Thank you.

謝謝。

There are no further questions at this time. I would now like to turn the floor back over to Joe for closing comments.

目前沒有其他問題。我現在想把發言權交還給喬，讓他發表結束語。

Thank you, and thank you, everyone, for joining the call today. We look forward to updating you on our progress throughout the year.

謝謝大家，也謝謝大家今天加入電話會議。我們期待向您通報我們全年的進展。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。