Collegium Pharmaceutical Inc (COLL) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Collegium Pharmaceutical second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) Please note that this conference call is being recorded.

您好，歡迎參加 Collegium Pharmaceutical 2024 年第二季財報電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行問答環節。（操作員說明）請注意，本次電話會議正在錄音。

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

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

Welcome to Collegium Pharmaceutical's second quarter 2024 earnings conference call. I'm joined today by Mike Heffernan, our Interim President and Chief Executive Officer, Founder and Chairman; Colleen Tupper, our Chief Financial Officer; and Scott Dreyer, our Chief Commercial Officer.

歡迎參加 Collegium Pharmaceutical 2024 年第二季財報電話會議。今天，我們的臨時總裁兼執行長、創辦人兼董事長 Mike Heffernan 也加入了我的行列。 Colleen Tupper，我們的財務長；以及我們的首席商務官 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,

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均無意進行促銷，並且今天所做的任何前瞻性陳述均根據 1995 年《私人證券訴訟改革法案》的安全港條款作出。請注意，此類前瞻性陳述涉及風險和不確定性，

Including and without limitation, the risks that we may not be able to successfully commercialize our products, that we may incur significant expense in doing so, that we may not prevail in current or future litigation pertaining to our business, risks related to our ability to complete the acquisition of Ironshore Therapeutics on the proposed terms and schedule or et al, risks related to our ability to realize the anticipated benefits and synergies of the proposed acquisition of Ironshore,

包括但不限於我們可能無法成功將我們的產品商業化的風險、我們可能為此承擔大量費用的風險、我們可能無法在當前或未來與我們業務相關的訴訟中獲勝的風險、與我們的能力相關的風險按照擬議的條款和時間表完成對 Ironshore Therapeutics 的收購，或與我們實現擬議收購 Ironshore 的預期收益和協同效應的能力相關的風險，

The risk that the business will not be integrated successfully, risks related to negative effects of this announcement or the consummation of proposed acquisition on the market price of our common stock and or operating results, and risks related to future opportunities and plans for Ironshore.

業務無法成功整合的風險、與本公告或擬議收購的完成對我們普通股市場價格和/或經營業績產生負面影響相關的風險，以及與 Ironshore 未來機會和計劃相關的風險。

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 and 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。我們的收益新聞稿和本次電話會議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 Chairman, Interim President and CEO, Mike Heffernan.

我現在將把電話轉給我們的董事長、臨時總裁兼執行長 Mike Heffernan。

Thank you, Chris. Good afternoon, and thank you, everyone, for joining the call. Today, we'll discuss Collegium's financial performance during the second quarter and provide an update on our progress in 2024. At Collegium, we are focused on building a leading diversified specialty pharmaceutical company committed to improving the lives of people living with serious medical conditions while striving to do good as we do well.

謝謝你，克里斯。下午好，謝謝大家加入通話。今天，我們將討論 Collegium 第二季的財務業績，並提供 2024 年進展的最新資訊。在 Collegium，我們致力於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，同時努力像我們一樣做好事。

I'd like to recognize the Collegium team for their dedication to our mission and community impact, as well as their strong performance in support of our pain portfolio in implementing our capital deployment strategy in the first half of the year.

我要表彰 Collegium 團隊對我們使命和社區影響的奉獻精神，以及他們在今年上半年實施資本部署策略時支持我們的痛苦投資組合的出色表現。

Our results this quarter and through the first half of the year reinforced Collegium's strong operational execution. We continue to generate robust operating cash flows and drive significant top- and bottom-line growth in our pain portfolio, including growing revenues 7% and adjusted EBITDA 12% on a year-over-year basis in the second quarter.

我們本季和上半年的業績強化了 Collegium 強大的營運執行力。我們繼續產生強勁的營運現金流，並推動我們的疼痛產品組合實現顯著的收入和利潤成長，包括第二季度營收年增 7%，調整後 EBITDA 年成長 12%。

Through execution of the Hikma authorized generic agreement and securing the six-month pediatric exclusivity extension for the Nucynta Franchise, we are maximizing the value of this portfolio through 2025 and beyond.

透過執行 Hikma 授權的通用協議並確保 Nucynta 特許經營權延長六個月的兒科獨家經營權，我們將在 2025 年及以後最大限度地提高該產品組合的價值。

The strength of our pain business positions us to execute on the recently announced proposed acquisition of Ironshore Therapeutics, including its commercial product, Jornay PM, a central nervous system stimulant for the treatment of attention deficit hyperactivity disorder, or ADHD, in people six years of age and older.

我們的疼痛業務實力使我們能夠執行最近宣布的對Ironshore Therapeutics 的收購計劃，包括其商業產品Jornay PM，這是一種中樞神經系統興奮劑，用於治療注意力不足過動症(ADHD)，患者的注意力不足過動症(ADHD) 已治療六年。

The Ironshore acquisition meets all of our business development objectives. Jornay PM is a highly differentiated commercial asset that diversifies our portfolio, has significant revenue and growth potential and exclusivity into the 2030s. Jornay PM is expected to generate net revenue in excess of $100 million in 2024, expands our commercial presence into ADHD, a large and growing market and is poised to become the leading growth driver for Collegium.

收購 Ironshore 滿足了我們所有的業務發展目標。Jornay PM 是一項高度差異化的商業資產，它使我們的投資組合多樣化，在 2030 年代具有巨大的收入和成長潛力以及排他性。Jornay PM 預計到 2024 年將產生超過 1 億美元的淨收入，將我們的商業業務擴展到 ADHD 這一龐大且不斷增長的市場，並有望成為 Collegium 的主要成長動力。

Once the acquisition closes, we will leverage our core competencies with respect to commercial execution and build on our proven track record of efficiently and successfully integrating commercial assets to build our portfolio. Importantly, the addition of Jornay PM serves as a step forward in building another therapeutic area of focus for Collegium. We look forward to closing this transaction in the third quarter, welcoming the Ironshore team to Collegium and embracing Jornay PM as the newest part of our portfolio.

收購完成後，我們將利用我們在商業執行方面的核心能力，並以我們高效、成功地整合商業資產的良好記錄為基礎，建立我們的投資組合。重要的是，Jornay PM 的加入標誌著 Collegium 建構另一個重點治療領域向前邁出了一步。我們期待在第三季完成這筆交易，歡迎 Ironshore 團隊加入 Collegium，並歡迎 Jornay PM 作為我們產品組合的最新組成部分。

For the second half of this year, we are focused on delivering our financial commitments by maximizing our pain business while closing and seamlessly integrating our proposed acquisition of Ironshore Therapeutics. We are confident that we will achieve our 2024 financial commitments for the pain business, which, along with the Jornay PM, will set a solid foundation for 2025 and beyond.

今年下半年，我們的重點是透過最大化我們的疼痛業務來履行我們的財務承諾，同時完成並無縫整合我們對 Ironshore Therapeutics 的擬議收購。我們有信心實現 2024 年疼痛業務的財務承諾，並與 Jornay PM 一起為 2025 年及以後奠定堅實的基礎。

Additionally, our search for the next CEO to lead Collegium in this upcoming phase of growth is active and ongoing. And we look forward to sharing updates on this important process as they become available. Our strong executive team has the full trust of the Board, and we'll continue our focus on operational execution during this process.

此外，我們正在積極尋找下一任執行長來領導 Collegium 即將到來的成長階段。我們期待分享這一重要流程的最新資訊。我們強大的執行團隊得到了董事會的充分信任，在此過程中我們將繼續專注於營運執行。

I'll now hand the call over to Colleen to discuss key business highlights and financials.

我現在將把電話轉給科琳，討論關鍵業務亮點和財務狀況。

Thanks, Mike. Good afternoon, everyone. In the second quarter of 2024, we generated top- and bottom-line growth, executed on our capital deployment strategy and improved the outlook for our pain portfolio in 2025 and beyond. Recent key accomplishments and highlights include.

謝謝，麥克。大家下午好。2024 年第二季度，我們實現了營收和利潤成長，執行了我們的資本部署策略，並改善了 2025 年及以後疼痛產品組合的前景。最近的主要成就和亮點包括。

We delivered another strong quarter for Belbuca, with prescriptions up 2.1% year-over-year and 1.4%quarter-over-quarter, coupled with record quarterly Belbuca revenue, up 21% year-over-year. We grew Xtampza ER revenue 8% year-over-year, with gross to net of 56.2% in the second quarter, reinforcing the success of our contract renegotiation strategy.

我們為 Belbuca 帶來了另一個強勁的季度，處方量同比增長 2.1%，環比增長 1.4%，同時 Belbuca 季度收入創紀錄，同比增長 21%。我們的 Xtampza ER 營收年增 8%，第二季毛收入成長至淨收入 56.2%，鞏固了我們合約重新談判策略的成功。

We bolstered the value of the Nucynta Franchise in 2025 and beyond through our authorized generic agreement with Hikma Pharmaceuticals and the six-month pediatric exclusivity extension for the Nucynta Franchise, extending the exclusivity of Nucynta to January 3, 2027, and Nucynta ER to December 27 , 2025.

我們透過與Hikma Pharmaceuticals 簽訂的授權通用協議以及將Nucynta 特許經營權延長六個月的兒科獨家經營權，將Nucynta 的獨家經營權延長至2027 年1 月3 日，將Nucynta ER 的獨家經營權延長至12 月27 日，從而增強了Nucynta 特許經營權在2025 年及以後的價值。

And we executed on our capital deployment strategy, including announcing the proposed acquisition of Ironshore Therapeutics, which will establish Collegium's presence in the large and growing ADHD market and diversify our portfolio with a meaningfully differentiated product that is poised to become our leading growth driver.

我們執行了我們的資本部署策略，包括宣布擬收購Ironshore Therapeutics，這將確立Collegium 在龐大且不斷增長的ADHD 市場中的地位，並透過有意義的差異化產品使我們的產品組合多樣化，該產品有望成為我們領先的成長動力。

Securing attractive financing for the acquisition of Ironshore with terms that reduced our cost of capital by 300 basis points and enhanced flexibility in the management of our debt, redeeming all $26.4 million aggregate principal amount of our previously outstanding convertible senior notes due in 2026 and returning $35 million in capital to shareholders through an accelerated share repurchase program, repurchasing 1.06 million shares at an average share price of $32.94.

為收購Ironshore 提供有吸引力的融資，其條款可將我們的資本成本降低300 個基點，並提高債務管理的靈活性，贖回我們之前未償還的2026 年到期的可轉換優先票據本金總額2,640 萬美元，並返還35 美元透過加速股票回購計畫向股東提供 100 萬股資本，以平均股價 32.94 美元回購 106 萬股。

Our second quarter performance reflects record Belbuca revenue, disciplined expense management, significant bottom-line expansion and robust operating cash flows. Financial highlights for the second quarter include.

我們第二季的業績反映了貝爾布卡創紀錄的收入、嚴格的費用管理、顯著的獲利擴張和強勁的營運現金流。第二季的財務亮點包括。

Net product revenues were $145.3 million in the second quarter, up 7% year-over-year. Belbuca net revenue was a record $52.2 million, up 21% year-over-year. Xtampza ER net revenue was $44.6 million, up 8% year-over-year, and Xtampza ER gross to net was 56.2% in the second quarter. We now expect the full year Xtampza ER gross to net to be between 55% to 57% in 2024, which is an improvement from our previously guided range of 56% to 58%. Looking forward to 2025 with the Medicare Part D redesign, Xtampza ER will benefit from the small manufacturer phase-in period related to paying rebates for utilization by low-income subsidy patients, also known as dual eligibles.

第二季產品淨收入為 1.453 億美元，年增 7%。Belbuca 淨收入達到創紀錄的 5,220 萬美元，年增 21%。Xtampza ER 淨收入為 4,460 萬美元，年增 8%，第二季 Xtampza ER 毛淨比為 56.2%。我們現在預計 2024 年全年 Xtampza ER 總淨收入將在 55% 至 57% 之間，這比我們先前指導的 56% 至 58% 範圍有所改善。展望 2025 年，隨著 Medicare D 部分重新設計，Xtampza ER 將受益於與低收入補貼患者（也稱為雙重資格患者）使用費用回扣相關的小型製造商分階段實施期。

Nucynta Franchise net revenue was $44.5 million, down 6% year-over-year. GAAP operating expenses were $43.3 million, up 13% year-over-year. This quarter included a $3.1 million charge related to the CEO transition. Excluding this and stock-based compensation, adjusted operating expenses were $30.3 million, down 3% year-over-year.

Nucynta Franchise 淨收入為 4,450 萬美元，年減 6%。GAAP 營運費用為 4,330 萬美元，較去年同期成長 13%。本季包括與執行長換屆相關的 310 萬美元費用。不計此費用和股票薪酬，調整後營運費用為 3,030 萬美元，年減 3%。

GAAP net income for the second quarter was $19.6 million, up 51% year-over-year. Non-GAAP adjusted EBITDA was $96 million, up 12% year-over-year. GAAP earnings per share was $0.60 basic and $0.52 diluted on the second -- in the second quarter compared to GAAP earnings per share of $0.38 basic and $0.34 diluted in the prior-year period. Non-GAAP adjusted earnings per share was $1.62 in the second quarter, up 29% year-over-year.

第二季 GAAP 淨利潤為 1,960 萬美元，較去年同期成長 51%。非 GAAP 調整後 EBITDA 為 9,600 萬美元，年增 12%。第二季 GAAP 基本每股收益為 0.60 美元，稀釋後每股收益為 0.52 美元，去年同期 GAAP 基本每股收益為 0.38 美元，稀釋後每股收益為 0.34 美元。第二季非 GAAP 調整後每股收益為 1.62 美元，較去年同期成長 29%。

Please see our press release issued earlier today for a reconciliation of GAAP to non-GAAP results. As of June 30, we had $271.6 million in cash, cash equivalents and marketable securities. We generated another quarter of strong cash flows, enabling us to execute on our capital deployment strategy and enter into an agreement to acquire Ironshore.

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。截至 6 月 30 日，我們擁有 2.716 億美元的現金、現金等價物和有價證券。我們又創造了一個季度強勁的現金流，使我們能夠執行我們的資本部署策略並簽訂收購 Ironshore 的協議。

Under the terms of the proposed Ironshore acquisition, Collegium will acquire all the outstanding shares of Ironshore for $525 million in cash at closing. Collegium will also pay Ironshore shareholders $25 million in additional consideration if Jornay PM net revenue exceeds a defined threshold in 2025. The all-cash consideration will be funded by approximately $200 million of Collegium's existing cash on hand and approximately $325 million of our new $646 million secured financing from Pharmakon. $320.8 million of the new term loan was used to replace our prior term loan with Pharmakon, reducing our interest rate on this balance by 300 basis points.

根據擬議的 Ironshore 收購條款，Collegium 將以 5.25 億美元現金收購 Ironshore 的所有已發行股票。如果 Jornay PM 2025 年淨收入超過規定的門檻，Collegium 還將向 Ironshore 股東支付 2,500 萬美元的額外對價。全現金對價將由 Collegium 現有現金中的約 2 億美元以及 Pharmakon 提供的 6.46 億美元新擔保融資中的約 3.25 億美元提供資金。新定期貸款中的 3.208 億美元用於取代我們先前向 Pharmakon 提供的定期貸款，使我們的餘額利率降低了 300 個基點。

Our reduced interest rate enables us to keep our interest expense for the next 12 months relatively stable, including the funding of an acquisition that is poised to add a new lead growth driver, Jornay PM. In addition to the significant improvement in our cost of capital, the new term loan also has a longer term, lower amortization and more prepayment flexibility.

利率的降低使我們能夠在未來 12 個月內保持利息支出的相對穩定，包括為一項收購提供資金，該收購有望增加新的主要成長動力 Jornay PM。除了我們的資金成本顯著改善外，新定期貸款還具有更長的期限、更低的攤銷和更大的提前還款彈性。

We expect the transaction to be immediately accretive to adjusted EBITDA while being highly accretive to 2025 adjusted EBITDA. The acquisition is expected to close in the third quarter of 2024, subject to customary closing conditions, including receipt of required regulatory approvals.

我們預計該交易將立即增加調整後 EBITDA，同時大幅增加 2025 年調整後 EBITDA。此次收購預計將於 2024 年第三季完成，但須滿足慣例成交條件，包括獲得所需的監管批准。

We are reaffirming our 2024 financial guidance for the current business, not including the impact of the proposed acquisition of Ironshore. We expect net product revenues in the range of $580 million to $595 million. We expect Belbuca revenue growth in 2024 to be fueled by full year prescription growth. We expect 2024 revenue growth for Xtampza ER to be driven by gross to net improvement.

我們重申對目前業務的 2024 年財務指引，不包括擬議收購 Ironshore 的影響。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 Belbuca 2024 年的營收成長將由全年處方成長推動。我們預計 Xtampza ER 2024 年的營收成長將由毛淨值改善推動。

For the Nucynta Franchise on a full year basis due to the elimination of the Medicaid cap by the American Recovery Act, we expect some pressure on the Nucynta Franchise year-over-year revenues in 2024 with a return to relative year-over-year stability in 2025.

對於 Nucynta 特許經營業務而言，由於《美國復甦法案》取消了醫療補助上限，我們預計 2024 年 Nucynta 特許經營業務的同比收入將面臨一些壓力，並恢復相對同比穩定2025年。

We expect adjusted operating expenses in the range of $120 million to $125 million, with expenses being lower in the second half of the year as compared to the first half of the year, and adjusted EBITDA in the range of $380 million to $395 million. We plan to provide updated 2024 financial guidance for the combined business, including Ironshore, after the acquisition closes. 2024 Jornay PM net revenue is expected to be in excess of $100 million. With our strong financial performance in the first half of the year, we are well positioned to deliver on our financial commitments for 2024.

我們預計調整後的營運支出將在 1.2 億至 1.25 億美元之間，下半年的支出將低於上半年，調整後的 EBITDA 將在 3.8 億至 3.95 億美元之間。我們計劃在收購完成後為包括 Ironshore 在內的合併後業務提供最新的 2024 年財務指引。2024 年 Jornay PM 淨收入預計將超過 1 億美元。憑藉著上半年強勁的財務業績，我們完全有能力兌現 2024 年的財務承諾。

As we look beyond this year, our outlook for our pain portfolio in 2025 and beyond continues to meaningfully improve due in part to milestones we achieved this year, including the authorized generic agreement with Hikma Pharmaceuticals and the six-month pediatric exclusivity extension for the Nucynta Franchise.

展望今年，我們對 2025 年及以後疼痛產品組合的前景繼續顯著改善，部分原因是我們今年實現的里程碑，包括與 Hikma Pharmaceuticals 的授權仿製藥協議以及 Nucynta 的兒科獨家延期六個月特許經營。

And lastly, the Medicare Part D redesign in 2025 will serve as a tailwind for our pain portfolio, in particular for Xtampza ER. We anticipate the continued strength of our pain portfolio to support our expansion into neurology and for total company growth to be bolstered by Jornay PM.

最後，2025 年 Medicare D 部分的重新設計將成為我們疼痛產品組合的順風車，特別是 Xtampza ER。我們預計我們的疼痛產品組合將持續強勁，以支持我們向神經病學領域的擴張，並在 Jornay PM 的支持下推動公司整體成長。

Our capital deployment strategy is focused on creating long-term value for our shareholders by executing on business development, paying down debt and opportunistically returning capital to shareholders. Our acquisition of Ironshore meets each and every one of our business development criteria, and we will be focused on closing the transaction, integrating Ironshore and maximizing Jornay PM.

我們的資本部署策略著重於透過執行業務發展、償還債務和機會向股東返還資本，為股東創造長期價值。我們對 Ironshore 的收購符合我們的每項業務發展標準，我們將專注於完成交易、整合 Ironshore 並最大化 Jornay PM。

With the transaction, we secured a new term loan that replaces our existing loan at significantly improved terms. We estimate that our net leverage at year-end will be less than 2 times based on estimated fiscal year 2024 pro forma combined EBITDA. We expect that our significant cash flow generation post transaction will enable us to delever and maintain a strong balance sheet to fund our growth going forward.

透過此交易，我們獲得了一項新的定期貸款，以顯著改善的條件取代了我們現有的貸款。根據預計 2024 財年預計合併 EBITDA，我們估計年底的淨槓桿率將低於 2 倍。我們預計交易後產生的大量現金流將使我們能夠去槓桿化並保持強勁的資產負債表，為我們未來的成長提供資金。

We also strategically managed our balance sheet and reduced debt by redeeming the $26.4 million total principal amount of our 2026 convertible senior notes in all cash. We remain dedicated to creating value for our shareholders through opportunistically leveraging our $150 million share repurchase program as part of our capital deployment strategy. We recently repurchased $35 million through an accelerated share repurchase program at an average price of $32.94 per share. We have $150 million remaining in the program.

我們也策略性地管理我們的資產負債表，並透過以全部現金贖回 2026 年可轉換優先票據本金總額 2,640 萬美元來減少債務。我們仍然致力於透過機會主義地利用 1.5 億美元的股票回購計畫作為我們資本部署策略的一部分，為股東創造價值。我們最近透過加速股票回購計畫以每股 32.94 美元的平均價格回購了 3,500 萬美元。該計劃還剩 1.5 億美元。

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

我現在將其交給斯科特進行商業更新。

Thanks, Colleen. At Collegium, we take pride in being a leader in responsible pain management with a unique and differentiated portfolio of products for the treatment of pain. Belbuca, Xtampza ER and Nucynta ER collectively command over half of the branded ER market, demonstrating the ongoing strength and reach of our portfolio. Our commercial organization is focused on continuing to drive momentum for our products in order to make a positive impact on the lives of people living with pain and the communities we serve.

謝謝，科琳。在 Collegium，我們為成為負責任的疼痛管理領域的領導者而感到自豪，擁有獨特且差異化的疼痛治療產品組合。Belbuca、Xtampza ER 和 Nucynta ER 共同佔據了品牌 ER 市場一半以上的份額，證明了我們產品組合的持續實力和影響力。我們的商業組織致力於繼續推動我們產品的發展，以便對遭受痛苦的人們的生活和我們服務的社區產生積極影響。

Belbuca continued to grow in the second quarter. Prescriptions grew 2.1% compared to the second quarter of 2023, marking the fourth straight quarter of year-over-year prescription growth. We're encouraged by this consistent prescription growth, including 1.4% growth in the second quarter compared to the first quarter and the impact that our strong commercial execution is having in the marketplace.

Belbuca第二季持續成長。與 2023 年第二季相比，處方藥數量增加了 2.1%，這是處方藥數量連續第四個季度同比增長。我們對這種持續的處方成長感到鼓舞，包括第二季與第一季相比成長 1.4%，以及我們強大的商業執行力對市場的影響。

We believe Schedule III products should be used before Schedule II and used more broadly. 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.

我們認為，附表 III 產品應在附表 II 之前使用，並得到更廣泛的使用。Belbuca 因其 Schedule III 產品的臨床差異化而具有獨特的地位，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 team is focused on delivering this message to healthcare professionals and building upon our commercial execution. Our priorities for Belbuca include pulling through Belbuca's strong commercial access, improving push-through in Medicare Part D and expanding Medicare Part D coverage. Belbuca revenue growth in 2024 is expected to be driven by prescription growth.

我們的商業團隊致力於向醫療保健專業人員傳遞這一訊息，並以我們的商業執行為基礎。我們在 Belbuca 的優先事項包括利用 Belbuca 強大的商業准入、改善 Medicare D 部分的推進以及擴大 Medicare D 部分的覆蓋範圍。預計 2024 年 Belbuca 的營收成長將由處方成長推動。

Xtampza ER prescriptions were stable in the second quarter and in line with our expectations. We expect revenue growth for the full year to be driven by improved gross to net. We're committed to educating physicians on Xtampza's differentiated label, pulling through our strong access position in commercial and Part D plans and securing new payer wins with available gross to net headroom. Our aspiration is to replace OxyContin utilization for appropriate patients.

Xtampza ER 處方在第二季度保持穩定，符合我們的預期。我們預計全年營收成長將由毛淨比改善推動。我們致力於向醫生宣傳 Xtampza 的差異化標籤，利用我們在商業和 D 部分計劃中的強大准入地位，並透過可用的毛淨淨空餘空間確保新的付款人獲勝。我們的願望是為合適的患者取代奧施康定。

The Nucynta Franchise is a key contributor to our pain portfolio. Tapentadol is a differentiated molecule with a proposed dual mechanism of action. It's viewed favorably, and it's highly differentiated by healthcare professionals.

Nucynta 特許經營權是我們疼痛產品組合的關鍵貢獻者。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。

The positive developments for the franchise, including the authorized generic agreement with Hikma and the six-month pediatric extension, along with our market access strategy, enable us to manage the Nucynta Franchise contribution in a relatively stable manner year-on-year beginning in 2025 and beyond.

特許經營權的積極發展，包括與 Hikma 的授權通用協議和六個月的兒科延期，以及我們的市場准入策略，使我們能夠從 2025 年開始以相對穩定的方式管理 Nucynta 特許經營權的貢獻以及更遠的地方。

We're excited to be a diamond sponsor and significant participant at PAINWeek this September. It's the largest pain conference in the US for healthcare providers. We'll have a significant commercial and medical presence and expect to present eight posters supporting our pain franchise.

我們很高興成為今年 9 月 PAINWeek 的鑽石贊助商和重要參與者。這是美國最大的醫療保健提供者疼痛會議。我們將擁有重要的商業和醫療影響力，並預計將展示八張海報來支持我們的疼痛特許經營權。

This is a meaningful opportunity for Collegium to educate and engage with pain specialists across the country and expand the reach of our portfolio. Our participation further echoes our commitment to leading with the science.

對於 Collegium 來說，這是一個有意義的機會，可以教育全國各地的疼痛專家並與之互動，並擴大我們的產品組合範圍。我們的參與進一步呼應了我們引領科學的承諾。

We're thrilled to welcome Jornay PM into our portfolio of commercial assets and to expand our commercial presence into the large and growing ADHD market upon closing of the Ironshore acquisition. Jornay PM is a highly-differentiated product that can address an unmet need for patients and caregivers.

我們很高興歡迎 Jornay PM 加入我們的商業資產組合，並在 Ironshore 收購完成後將我們的商業業務擴展到龐大且不斷成長的 ADHD 市場。Jornay PM 是一款高度差異化的產品，可以滿足患者和照護者未滿足的需求。

And it's poised for rapid growth as we look to leverage our commercial experience to maximize the brand's potential. The ADHD market has grown 5% on average over the past four years. And over the past few years, Jornay PM has delivered significant double-digit prescription growth. In 2023, total prescriptions for Jornay grew 58% compared to 2022 to approximately 490,000. And through the first half of this year, Jornay PM prescriptions have grown 32% year-over-year.

隨著我們希望利用我們的商業經驗最大限度地發揮品牌潛力，它有望實現快速成長。過去四年，ADHD 市場平均成長了 5%。在過去的幾年裡，Jornay PM 的處方量實現了兩位數的顯著增長。2023 年，Jornay 的總處方數較 2022 年增加了 58%，達到約 49 萬張。今年上半年，Jornay PM 的處方量年增了 32%。

In addition, Jornay has a broad and growing prescriber base, approximately 15,000 prescribers every month and strong market access. The ADHD business is concentrated to the commercial and the Medicaid segments, about 60% of the business in commercial and 40% in Medicaid.

此外，Jornay 擁有廣泛且不斷增長的處方者基礎，每月約有 15,000 名處方者，並且擁有強大的市場准入。ADHD業務主要集中在商業和醫療補助領域，約60%的業務在商業，40%在醫療補助。

And Jornay PM has 80% coverage across these segments. With these strong fundamentals and clinical differentiation, we see significant opportunity for Jornay PM. And we believe it has the potential to be Collegium's leading growth driver, complementing our continued leadership position in responsible pain management.

Jornay PM 對這些細分市場的覆蓋率為 80%。憑藉這些強大的基礎和臨床差異化，我們看到了 Jornay PM 的巨大機會。我們相信它有潛力成為 Collegium 的主要成長動力，補充我們在負責任的疼痛管理方面持續的領導地位。

In closing, in the second half of the year, we're focused on operational execution to drive momentum in our pain portfolio and integrate Jornay PM seamlessly into our portfolio. We believe that we are well positioned for meaningful growth in 2025 and beyond.

最後，在今年下半年，我們將重點放在營運執行上，以推動我們的疼痛產品組合的發展勢頭，並將 Jornay PM 無縫整合到我們的產品組合中。我們相信，我們已做好充分準備，在 2025 年及以後實現有意義的成長。

I'll now turn the call back to Mike.

我現在將電話轉回給麥克。

Thanks, Scott. We are at a transformational time for Collegium. We are on track to deliver record financial performance this year as we maximize the value of our pain portfolio and deliver on the growth with Belbuca and Xtampza ER. With the addition of Jornay PM upon closing of the Ironshore acquisition, we are expanding into a new therapeutic area with a differentiated product that is poised to become our leading growth driver. We are confident in our ability to achieve our strategic and financial commitments in order to create value for shareholders. With a solid track record of execution and success, Collegium is well positioned for future growth.

謝謝，斯科特。我們正處於 Collegium 的轉型時期。隨著我們最大限度地提高疼痛產品組合的價值並透過 Belbuca 和 Xtampza ER 實現成長，今年我們有望實現創紀錄的財務表現。隨著 Ironshore 收購完成後 Jornay PM 的加入，我們正在將差異化產品擴展到新的治療領域，該產品有望成為我們的主要成長動力。我們對實現策略和財務承諾、為股東創造價值的能力充滿信心。憑藉良好的執行和成功記錄，Collegium 為未來的發展做好了準備。

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

我現在將開始提問。操作員？

(Operator Instructions).

（操作員說明）。

David Amsellem with Piper Sandler.

大衛·阿姆塞勒姆和派珀·桑德勒。

Thank. So, just have a couple. First, on Belbuca, and I joined late, so I apologize if I missed this in the prepared remarks, but can you talk about how you're thinking about improving Medicare Part D access for that product beyond this year? And just remind us what covered lives on Part D currently looks like? So that's number one.

感謝。所以，就來一對吧。首先，關於Belbuca，我加入得很晚，所以如果我在準備好的發言中錯過了這一點，我深表歉意，但是您能談談您如何考慮在今年之後改善該產品的Medicare D 部分的使用情況嗎？請提醒我們 D 部分的承保生活目前是什麼樣子？所以這是第一。

And then secondly, in terms of the acquisition and the focus on ADHD and calling on psychiatrists, how do you think about additional transactions over the long term as you delever, as you're generating cash now that you're in this new therapeutic vertical? Would it be safe to say that you're going to look for additional assets that leverage the infrastructure that you're going to have in place? Thanks.

其次，就收購和對多動症的關注以及對精神科醫生的關注而言，當你處於這個新的治療垂直領域時，你如何考慮長期的額外交易，因為你正在產生現金？可以肯定地說，您將尋找利用您將擁有的基礎設施的額外資產嗎？謝謝。

So, Scott, do you want to take that first question? Thanks, David, for the questions.

那麼，史考特，你想回答第一個問題嗎？謝謝大衛提出的問題。

Yeah, that's great. I'll take that. Thanks, David. So yeah, so first and foremost, if you look at the current position of Belbuca, it's covered for about 30% of Medicare Part D lives. And as we look going forward in terms of improving that coverage, look, the focus is the clinical profile of the drug.

是的，那太好了。我會接受的。謝謝，大衛。所以，是的，首先也是最重要的，如果你看看 Belbuca 目前的情況，你會發現它涵蓋了大約 30% 的 Medicare D 部分生命。當我們展望未來提高覆蓋範圍時，重點是藥物的臨床概況。

We believe that Schedule III should be used before Schedule II and used more broadly and that patients should have full access to the differentiated profile of Belbuca. So that's what we're engaging payers with is that clinical data, the data that only keeps getting stronger. And then, we'll see where the dust settles when we get to November if we're able to achieve new wins in an economics that works for us.

我們認為，附表 III 應該在附表 II 之前使用，並更廣泛地使用，並且患者應該能夠充分了解 Belbuca 的差異化特徵。因此，我們與付款人接觸的是臨床數據，這些數據只會變得越來越強大。然後，如果我們能夠在適合我們的經濟中取得新的勝利，我們將在 11 月看到塵埃落定的結果。

Great. Thanks, Scott. And on the second question, David, about acquisition strategy going forward, I mean, clearly, we're going to be focused in the short term on integration and then growing the Jornay business, which will take a significant amount of effort. Subsequent to that, we'll be calling on a mix of pediatrics, neuropsych. So, we will be sharpening our BD focus around those particular focus areas, which gives us a lot of optionality. And as you suggest, we will be looking to create synergy and as we build the business development strategy going forward.

偉大的。謝謝，斯科特。關於第二個問題，大衛，關於未來的收購策略，我的意思是，很明顯，我們將在短期內專注於整合，然後發展 Jornay 業務，這將需要付出大量的努力。接下來，我們將結合兒科和神經心理學的知識。因此，我們將圍繞這些特定的重點領域來加強我們的 BD 重點，這給了我們很多選擇。正如您所建議的，我們將尋求創造協同效應，並制定未來的業務發展策略。

Okay. That's helpful. Thanks.

好的。這很有幫助。謝謝。

(Operator Instructions).

（操作員說明）。

Les Sulewski with Truist Securities.

Les Sulewski 與 Truist 證券公司。

Great. Thank you for taking my questions, and congrats on the quarter. How do you balance the integration versus maintaining the performance you've been able to achieve across your current portfolio?

偉大的。感謝您回答我的問題，並祝賀本季。您如何平衡整合與維持目前產品組合所實現的績效？

And then second, on the update on the CEO search, has the Ironshore acquisition changed the focus on the potential candidate selection? Thank you.

其次，關於執行長搜尋的更新，Ironshore 的收購是否改變了對潛在候選人選擇的關注？謝謝。

Yeah. Thanks, Les, for the questions. From the standpoint -- I'll take the CEO search question. So the CEO search, as I mentioned in my comments, is ongoing and active and making good progress. And we've seen some really good candidates. Frankly, if anything, this has increased the interest because of the growth potential when we bring Jornay into the portfolio. So, we remain very focused on finding a top-tier candidate, and this has not changed the strategy at all.

是的。謝謝萊斯的提問。從這個角度來看——我將回答執行長搜尋問題。因此，正如我在評論中提到的那樣，執行長的搜尋工作正在進行中，非常活躍，並且取得了良好的進展。我們已經看到了一些非常好的候選人。坦白說，如果有什麼不同的話，那就是當我們將 Jornay 納入投資組合時，由於成長潛力，這增加了人們的興趣。因此，我們仍然非常專注於尋找頂級候選人，這根本沒有改變策略。

Scott, do you want to take the first question?

史考特，你想回答第一個問題嗎？

Yeah, sure, Mike. Yeah, thanks for the question, Les. And in terms of balance, it's very simple. We will maintain 100% of our pain sales force, marketing teams, the core commercial people focused on pain. And then, we will integrate a fully commercialized Jornay team in that sales force, and there will be no overlap.

是的，當然，麥克。是的，謝謝你的提問，萊斯。就平衡而言，這非常簡單。我們將保持我們的疼痛銷售團隊、行銷團隊、核心商業人員100%專注於疼痛。然後，我們將在該銷售團隊中整合一個完全商業化的喬奈團隊，並且不會有重疊。

Each will be focused on what they're responsible for, the pain group with continuing to maximize the value of that full portfolio of pain products and the Jornay PM team continuing to focus on the growth trajectory that's been started for Jornay. So that's our approach is really just keeping complete separation in our commercial efforts.

每個人都將專注於他們所負責的事情，疼痛小組將繼續最大化整個疼痛產品組合的價值，而 Jornay PM 團隊將繼續專注於 Jornay 已經開始的成長軌跡。所以我們的方法實際上就是在我們的商業工作中保持完全分離。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions).

（操作員說明）。

Thank you. (Operator Instructions) And it looks like we have reached the end of the question-and-answer session. And I'll turn the call back over to Mike for closing remarks.

謝謝。（操作員說明）看來我們的問答環節已經結束了。我會將電話轉回給麥克，讓他致閉幕詞。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。