Collegium Pharmaceutical Inc (COLL) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Collegium Pharmaceutical first-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded. I will now turn the call over to Ian Karp, Head of Investor Relations at Collegium.

您好，歡迎參加 Collegium Pharmaceutical 2025 年第一季財報電話會議。（操作員指示）請注意，本次電話會議正在錄音。現在我將電話轉給 Collegium 投資者關係主管 Ian Karp。

Thanks, Maria, and welcome to Collegium Pharmaceutical's first-quarter earnings conference call. I'm joined today by Vikram Karnani, our President and Chief Executive Officer; Colleen Tupper, our Chief Financial Officer; and Scott Dreyer, our Chief Commercial Officer. 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 provisions of the Private Securities Litigation Reform Act of 1995.

謝謝，瑪麗亞，歡迎參加 Collegium Pharmaceutical 第一季財報電話會議。今天與我一起出席的還有我們的總裁兼執行長 Vikram Karnani；我們的財務長 Colleen Tupper；以及我們的商務長 Scott Dreyer。在我們開始今天的電話會議之前，我們想提醒參與者，今天提供的任何資訊都不是為了促銷，今天做出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。

You are cautioned that such forward-looking statements involve risks and uncertainties, including and without limitation, the risks that we may not be able to successfully commercialize our products, that we may be that we may incur significant expense in doing so and that we may not prevail in current or future litigation pertaining to our business.

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、我們可能在這樣做的過程中產生大量費用以及我們可能無法在與我們業務相關的當前或未來訴訟中勝訴的風險。

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

這些風險和公司的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某些非 GAAP 資訊的討論。您可以在我們的公司網站上找到我們的新聞稿，包括相關的非公認會計準則對帳表。

And with that, I'll now turn the call over to our President and CEO, Vikram Karnani.

現在，我將把電話轉給我們的總裁兼執行長維克拉姆·卡納尼 (Vikram Karnani)。

Thank you, Ian. Good afternoon, and thank you for joining the call. Today, we will discuss Collegium's first quarter 2025 financial performance and provide an update on the company's recent progress. As Collegium embarks on a new phase of growth, we remain committed to three very clear strategic priorities: first, to drive significant growth in Jornay PM; second, to maximize the value of our pain portfolio; and third, to strategically deploy capital to further enhance shareholder value.

謝謝你，伊恩。下午好，感謝您參加電話會議。今天，我們將討論 Collegium 2025 年第一季的財務業績，並提供公司最新進展。隨著 Collegium 進入新的成長階段，我們將繼續致力於三個非常明確的策略重點：首先，推動 Jornay PM 的顯著成長；第二，最大化我們的痛苦投資組合的價值；第三，策略性地部署資本，進一步提升股東價值。

I am pleased to report we have made significant progress on each of these three priorities in the first quarter. And importantly, these accomplishments bring us one step closer towards achieving our goal of building a leading diversified biopharmaceutical company. Collegium was founded with an ambition to become the leader in responsible pain management and we've spent the past decade building a portfolio of differentiated responsible pain medicines.

我很高興地報告，我們在第一季在這三個優先事項上都取得了重大進展。重要的是，這些成就使我們距離實現打造領先的多元化生物製藥公司的目標更近了一步。Collegium 成立的初衷是成為負責任的疼痛管理領域的領導者，過去十年來，我們一直致力於打造差異化的負責任的疼痛藥物組合。

Today, we are the leader in responsible pain management and have also expanded our vision further as we strive to improve the lives of people living with serious medical conditions beyond pain. In fact, we have already begun to diversify our business through the acquisition last year of an important medicine, Jornay PM, for the treatment of ADHD.

如今，我們是負責任的疼痛管理領域的領導者，並且進一步拓展了我們的視野，致力於改善患有嚴重疾病的人們的生活，而不僅僅是緩解疼痛。事實上，我們去年就已透過收購一種用於治療 ADHD 的重要藥物 Jornay PM 開始實現業務多元化。

None of our past success would have been possible without the leadership of our Founder, Mike Heffernan, who will be retiring as Chairman of our Board of Directors in the coming weeks. I'd like to take this opportunity to formally thank Mike for his dedication to patients, his bold strategic vision and for positioning the company for continued growth in 2025 and beyond.

如果沒有我們創辦人 Mike Heffernan 的領導，我們過去的所有成功都不可能實現，他將在未來幾週內卸任董事會主席一職。我想藉此機會正式感謝麥克對患者的奉獻、大膽的戰略眼光以及為公司在 2025 年及以後的持續增長所做的定位。

I'd also like to recognize our employees for the critical role that they play in our growth and success. Collegium's dedication to fostering a collaborative, transparent and engaged culture was recently celebrated by our recognition in USA TODAY's Top Workplaces list for the second year in a row as well as the Boston Business Journal's Best Places to Work.

我還要感謝我們的員工在我們的成長和成功中發揮的關鍵作用。Collegium 致力於培養協作、透明和參與的文化，最近我們連續第二年入選《今日美國》最佳工作場所榜單，並被《波士頓商業雜誌》評為最佳工作場所。

I would like to extend a big thank you to our entire team for their steadfast commitment to our mission and the patients we serve. During the first quarter, we delivered strong performance, including 23% year-over-year revenue growth and significant cash flow generation.

我要向我們整個團隊表達衷心的感謝，感謝他們對我們的使命和我們服務的病人所做的堅定承諾。第一季度，我們取得了強勁的業績，包括年成長 23% 的營收和顯著的現金流。

As expected, we saw the largest growth come from our ADHD medicine Jornay. In our second full quarter of ownership, prescriptions grew 24% year-over-year and generated $28.5 million in net revenue. We continue to expect full year Jornay net revenue to be in excess of $135 million, representing at least 34% annual growth from 2024.

正如預期的那樣，我們看到最大的增長來自於我們的 ADHD 藥物 Jornay。在我們擁有所有權的第二個完整季度中，處方量年增 24%，並產生了 2,850 萬美元的淨收入。我們繼續預計 Jornay 全年淨收入將超過 1.35 億美元，這意味著從 2024 年起年增長率至少為 34%。

Importantly, our business continues to be highly profitable and our ability to generate significant cash flows allows us to invest for the future. We recently completed the expansion of our Jornay sales force, adding approximately 55 new sales representatives, bringing the total ADHD sales force to about 180 reps.

重要的是，我們的業務繼續保持高利潤，並且我們產生大量現金流的能力使我們能夠為未來進行投資。我們最近完成了 Jornay 銷售隊伍的擴充，增加了約 55 名新銷售代表，使 ADHD 銷售隊伍總數達到約 180 名銷售代表。

They are now fully trained, deployed and focused on accelerating further prescription growth. In our pain portfolio, we generated another quarter of solid revenues with $149.2 million in sales, up 3% year-over-year. All three of our pain medicines generated single-digit revenue growth year-over-year in line with our expectations.

他們現在已接受全面培訓、部署並專注於加速處方藥的進一步成長。在我們的痛點產品組合中，我們又創造了一個季度的穩定收入，銷售額達到 1.492 億美元，年增 3%。我們的三種止痛藥的收入均實現了同比個位數成長，符合我們的預期。

In addition to these achievements, we also made important additions to our leadership team and Board of Directors, further positioning Collegium for continued success. We announced updates to our executive leadership team, welcoming David Dieter as Executive Vice President, General Counsel; Jane Gonnerman as Executive Vice President, Strategy and Commercial Development; and Dean Patras as Chief People Officer.

除了這些成就之外，我們還對領導團隊和董事會進行了重要補充，進一步為 Collegium 的持續成功奠定了基礎。我們宣布了執行領導團隊的更新，歡迎 David Dieter 擔任執行副總裁兼總法律顧問； Jane Gonnerman 擔任策略和商業發展執行副總裁；並任命 Dean Patras 為首席人才長。

These proven industry leaders bring a strong track record of success and will be essential as we continue to grow and diversify our business. We also announced updates to our Board of Directors. Founder and Chairman, Michael Heffernan; and Board member, Gwen Melincoff, will retire from Collegium's Board at the Annual General Meeting on May 15, 2025; and Gino Santini, the Board's Lead Independent Director, has been nominated to become Chairman. Dr. Carlos Paya will be nominated to the Board and presented for shareholder approval at the AGM.

這些經驗豐富的行業領袖擁有出色的成功記錄，對於我們業務的持續成長和多元化至關重要。我們也向董事會公佈了最新動態。創辦人兼董事長 Michael Heffernan；董事會成員 Gwen Melincoff 將於 2025 年 5 月 15 日的年度股東大會上從 Collegium 董事會退休；董事會首席獨立董事 Gino Santini 已被提名擔任董事長。卡洛斯·帕亞博士將被提名進入董事會，並在年度股東大會上提交股東批准。

These updates follow the recently announced appointment of Nancy Lurker to the Board in February 2025 and reflect the Board's ongoing focus on Board refreshment and Board succession planning. And finally, we announced today that our Board has authorized a $25 million accelerated share repurchase program, reinforcing our commitment to return value to shareholders.

這些更新是在最近宣布任命 Nancy Lurker 於 2025 年 2 月加入董事會之後發布的，反映了董事會對董事會更新和董事會繼任計畫的持續關注。最後，我們今天宣布，董事會已批准一項 2,500 萬美元的加速股票回購計劃，以加強我們向股東回報的承諾。

As we continue to grow our business, our strategy will remain focused on driving significant growth for Jornay, maximizing our pain portfolio and strategically deploying capital to create value for our shareholders. Jornay is highly differentiated as the only stimulant ADHD medicine with convenient evening dosing. Jornay provides symptom control upon awakening in the morning and throughout the day, limiting the need for an additional booster.

隨著我們業務的不斷發展，我們的策略仍將專注於推動 Jornay 的顯著成長、最大化我們的痛點產品組合以及策略性地部署資本，為我們的股東創造價值。Jornay 具有高度差異化，是唯一可在晚上方便服用的興奮劑型 ADHD 藥物。Jornay 可在早晨醒來時以及全天提供症狀控制，從而減少對額外加強劑的需求。

Our targeted investments throughout 2025, including our expanded sales force and marketing efforts, position Jornay for both near-term growth and significant momentum in 2026 and beyond. We also remain dedicated to maximizing and enhancing the durability of our pain portfolio to generate significant operating cash flows.

我們在 2025 年全年的目標投資，包括擴大銷售隊伍和行銷力度，將使 Jornay 實現近期成長以及 2026 年及以後的顯著成長勢頭。我們也將繼續致力於最大化和增強我們的痛苦組合的持久性，以產生大量的經營現金流。

As evidenced by our first quarter performance, including year-over-year revenue growth for Belbuca, Xtampza ER and the Nucynta franchise, the pain portfolio continues to provide a strong financial foundation for the company. We are confident in the durability of our pain medicines and their ability to continue to drive cash generation. Our third priority is to strategically deploy our capital as we seek to further grow our business and create value for shareholders.

從我們第一季的業績表現來看，包括 Belbuca、Xtampza ER 和 Nucynta 特許經營權的同比增長，疼痛產品組合繼續為公司提供強大的財務基礎。我們對我們的止痛藥的耐用性及其持續推動現金產生的能力充滿信心。我們的第三個優先事項是策略性地部署我們的資本，以進一步發展我們的業務並為股東創造價值。

We are focused on diversifying and expanding our portfolio of medicines through disciplined business development, rapidly paying down debt and opportunistically repurchasing shares. In the first quarter, we generated $55.4 million in cash from operations, growing our cash position to nearly $200 million, which is up $35 million from year-end, while also paying down an additional $16.1 million of debt.

我們致力於透過嚴謹的業務發展、快速償還債務和適時回購股票來實現藥品組合的多樣化和擴大。第一季度，我們從經營活動中產生了 5,540 萬美元的現金，使我們的現金部位增加至近 2 億美元，比年底增加了 3,500 萬美元，同時還償還了額外的 1,610 萬美元的債務。

In terms of future business development, as we continue to assess potential external opportunities, we do so from a position of financial strength. This is especially important given the broader political and economic pressures occurring right now within the overall healthcare sector. Before I turn the call over to Scott to give a more detailed commercial update, I'd like also to provide a bit of context regarding the potential impact of tariff policies, both here in the US and across the globe.

在未來業務發展方面，我們將繼續評估潛在的外部機會，並將從財務實力的角度進行評估。鑑於目前整個醫療保健產業面臨的更廣泛的政治和經濟壓力，這一點尤其重要。在我將電話轉給斯科特以提供更詳細的商業更新之前，我還想提供一些有關關稅政策的潛在影響的背景信息，包括美國國內和全球範圍內的影響。

We do not expect recently announced tariffs to impact Collegium's business in any material way for the foreseeable future. All of our medicines are primarily sourced and manufactured in the US. In addition, the overwhelming majority of our medicines are sold exclusively in the US. 2025 is shaping up to be an exciting year for Collegium and we look forward to providing additional updates as the year progresses.

我們預計，在可預見的未來，最近宣布的關稅不會對 Collegium 的業務產生任何重大影響。我們所有的藥品主要都在美國採購和製造。此外，我們的絕大多數藥品僅在美國銷售。 2025 年對 Collegium 來說將是令人興奮的一年，我們期待在這一年中提供更多更新。

With that, I will now turn it over to Scott.

現在，我將把發言權交給史考特。

Thanks, Vikram, and good afternoon, everyone. Jornay is off to an extremely strong start to the year, a clear continuation of the positive momentum we generated in 2024. And importantly, recent script growth was accomplished in advance of our field force expansion and any new commercial initiatives we're deploying through the remainder of the year.

謝謝，維克拉姆，大家下午好。Jornay 今年開局非常強勁，明顯延續了我們在 2024 年創造的積極勢頭。重要的是，最近的劇本增長是在我們的現場人員擴張和我們在今年剩餘時間內部署的任何新的商業計劃之前完成的。

Underpinning this growth is Jornay's highly differentiated product profile. It's the only stimulant ADHD medicine with once-daily evening dosing that provides symptom control upon awakening through the afternoon and into the evening, which can limit the need for short-acting stimulant add-ons.

這一增長的支撐因素是 Jornay 高度差異化的產品組合。它是唯一一種每天晚上服用一次的興奮劑型 ADHD 藥物，可在下午和晚上醒來時控制症狀，從而可以限制對短效興奮劑添加劑的需求。

This is important for pediatric, adolescent and adult patients because it eliminates the need to dose throughout the day at school or at work. In fact, in market research, HCPs ranked Jornay as the number one recognized brand, both for achieving all-day symptom control with one dose and for controlling evening symptoms after school or work.

這對兒童、青少年和成年患者來說非常重要，因為這樣就不需要在學校或工作場所全天服藥。事實上，在市場調查中，醫療保健專業人員將 Jornay 評為最受認可的品牌，因為它只需一次服用即可實現全天症狀控制，並且還可以控制放學或下班後的晚間症狀。

Jornay is also the highest rated brand in terms of product favorability. And when patients and caregivers request to try Jornay, HCPs honor that request. We plan to further leverage this dynamic through targeted marketing efforts for the remainder of the year.

Jornay也是產品好感度評價最高的品牌。當患者和照護者要求嘗試 Jornay 時，HCP 會尊重他們的要求。我們計劃在今年剩餘時間內透過有針對性的行銷努力進一步利用這種活力。

The first quarter of 2025, our second full quarter of Jornay ownership, was marked by significant prescription growth. This growth was particularly impressive when you consider the typical first quarter headwinds that can impact branded drugs in the highly genericized ADHD category as annual patient deductibles reset and out-of-pocket cost to patients increase.

2025 年第一季是我們擁有 Jornay 的第二個完整季度，處方量顯著增長。如果考慮到第一季典型的不利因素可能會對高度仿製的 ADHD 類別中的品牌藥物產生影響，那麼這種增長就顯得尤為令人印象深刻，因為年度患者免賠額將重置，而患者自付費用也將增加。

In fact, prescriptions during the quarter grew 24% year-over-year and Jornay's market share of the long-acting branded methylphenidate market increased to 20.3%, up 6.4% year-over-year. Importantly, Jornay has broad and growing prescriber base with over 25,000 prescribers in the first quarter, up 22% compared to the first quarter of 2024.

事實上，本季處方量年增 24%，Jornay 在長效品牌哌甲酯市場的市佔率增至 20.3%，年增 6.4%。重要的是，Jornay 擁有廣泛且不斷增長的處方者基礎，第一季處方者超過 25,000 名，與 2024 年第一季度相比增長了 22%。

This growing base of prescribers is a further testament to the impact of our sales force as they work to educate the healthcare community on Jornay's differentiated profile. We see significant additional opportunities for Jornay and are committed to investing in the brand to maximize its full potential. We've identified two main areas to make targeted investments.

處方者群體的不斷增長進一步證明了我們銷售團隊的影響力，他們致力於向醫療保健界宣傳 Jornay 的差異化優勢。我們看到了 Jornay 的重大額外機遇，並致力於投資品牌以最大限度地發揮其潛力。我們確定了兩個主要投資領域。

First, increasing awareness and adoption within an expanded set of prescribers. Second, raising awareness of Jornay's unique and differentiated profile among patients and caregivers to drive HCP requests. Let's start with the primary action we are taking to raise awareness and adoption among healthcare providers.

首先，提高擴大處方人員的認識和採用率。其次，提高患者和照護者對 Jornay 獨特且差異化形象的認識，以推動 HCP 請求。讓我們從我們正在採取的主要行動開始，以提高醫療保健提供者的意識和採用率。

We recently completed the expansion of our sales force, adding approximately 55 new representatives who are fully trained and deployed as of April. Our expanded sales force, which is now 180 representatives, is targeting approximately 21,000 prescribers, up from 17,000 targets prior to our expansion.

我們最近完成了銷售團隊的擴充，增加了約 55 名新代表，他們已於 4 月完成全面培訓並開始部署。我們的銷售團隊已擴大，目前有 180 名銷售代表，目標是為大約 21,000 名處方者提供服務，而擴張之前的目標人數為 17,000 人。

We expect our expanded sales force to drive increased adoption of Jornay and generate prescription growth in line with our guidance for the year. We expect to realize the full impact of the expanded sales force in 2026 and beyond. In addition to expanding the reach of our sales force, we believe it's important to further educate patients and caregivers on the unique benefits of Jornay.

我們預計，擴大銷售團隊將推動 Jornay 的普及，並實現處方成長，符合我們今年的預期。我們期望在 2026 年及以後實現擴大銷售團隊的全面影響。除了擴大銷售團隊的覆蓋範圍之外，我們認為進一步教育患者和照護者了解 Jornay 的獨特優勢也很重要。

Market research indicates patient and caregiver requests are a top influencer of HCP trial. And today, patients and caregivers still have limited knowledge of Jornay and its differentiated profile. To raise awareness, we're launching new digital marketing and social media initiatives, along with new patient support materials, all designed to motivate patients to speak with their healthcare providers about Jornay.

市場研究表明，患者和照護者的要求是 HCP 試驗的最大影響因素。時至今日，患者和照護者對 Jornay 及其差異化特徵的了解仍然有限。為了提高人們的認識，我們正在推出新的數位行銷和社交媒體計劃，以及新的患者支援材料，所有這些都是為了鼓勵患者與他們的醫療保健提供者談論 Jornay。

We'll launch these new campaigns in advance of the back-to-school season. With Jornay's current prescription and prescriber growth trajectory, strong market access coverage and targeted investments, Jornay is well on its way to becoming Collegium's lead growth driver in 2025 and beyond.

我們將在開學季之前推出這些新活動。憑藉 Jornay 目前的處方和處方者成長軌跡、強大的市場准入覆蓋範圍和有針對性的投資，Jornay 預計在 2025 年及以後成為 Collegium 的主要成長動力。

Collegium has a history and reputation of being the leader in responsible pain management with a unique and differentiated portfolio of medicines. Belbuca, Xtampza and Nucynta ER collectively represent over half of the branded ER market, demonstrating the ongoing strength and reach of our portfolio.

Collegium 擁有獨特且差異化的藥物組合，在負責任的疼痛管理領域擁有領先地位，並享有盛譽。Belbuca、Xtampza 和 Nucynta ER 合計佔據了品牌 ER 市場一半以上的份額，彰顯了我們產品組合的持續實力和影響力。

Our pain portfolio delivered another strong quarter, right in line with our expectations. Total revenue growth for the portfolio was 3% year-over-year with all three medicines generating low-single-digit revenue growth. As expected, total prescriptions across the pain portfolio were pressured by both typical first quarter dynamics where deductibles reset and out-of-pocket costs increase for patients as well as recent formulary changes impacting individual brands.

我們的痛苦投資組合又取得了一個強勁的季度表現，完全符合我們的預期。該產品組合的總收入年增 3%，其中三種藥物均實現了低個位數的收入成長。正如預期的那樣，疼痛藥物組合的總處方量受到了典型的第一季動態的壓力，其中免賠額重置和患者自付費用增加，以及近期影響個別品牌的處方變化。

However, these script declines were in line with our expectations and offset by profitability improvements, which led to overall revenue growth in the quarter. Importantly, the business is performing as expected and continues to show great durability. While the overall pain market continues to decline in line with our expectations, we continue to see that there's ample market opportunity for our portfolio of differentiated medicines.

然而，劇本數量的下降符合我們的預期，並被獲利能力的提高所抵消，從而導致本季整體收入成長。重要的是，業務表現符合預期，並繼續表現出良好的持久性。儘管整體疼痛市場繼續按照我們的預期下滑，但我們仍然看到，我們的差異化藥物組合擁有充足的市場機會。

For example, Belbuca remains the only long-acting opioid that uses buprenorphine buccal film technology. In market research, it was ranked as the number one branded ER opioid in terms of product differentiation and favorability.

例如，Belbuca 仍然是唯一採用丁丙諾啡頰膜技術的長效型鴉片類藥物。在市場調查中，它在產品差異化和受歡迎程度方面被評為第一大品牌 ER 鴉片類藥物。

Similarly, Xtampza, the only extended-release oxycodone medicine that uses our proprietary best-in-class abuse-deterrent technology, DETERx, was ranked as the number one ER oxycodone medicine in terms of product differentiation and favorability. We continue to believe that the revenue and cash flows generated from our differentiated pain portfolio will remain durable in both the near and mid-term. Importantly, we believe the life cycle of these medicines may prove to be longer and more robust than is currently appreciated by the market.

同樣，Xtampza 是唯一一款採用我們專有的一流防濫用技術 DETERx 的緩釋羥可酮藥物，在產品差異化和受歡迎程度方面被評為第一的緩釋羥可酮藥物。我們仍然相信，我們差異化的疼痛產品組合產生的收入和現金流量將在近期和中期保持持久。重要的是，我們相信這些藥物的生命週期可能比市場目前認為的更長、更強大。

Xtampza, for example, does not lose exclusivity until September of 2033. And the exclusivity for Nucynta ER and Nucynta IR were recently extended to July of 2027 and January of 2027, respectively. Overall, I'm proud of our commercial execution so far this year, which includes generating impressive growth for Jornay, completing the expansion of our ADHD sales force and delivering solid performance with our core pain business.

例如，Xtampza 直到 2033 年 9 月才會失去獨佔權。Nucynta ER 和 Nucynta IR 的獨家經營權最近分別延長至 2027 年 7 月和 2027 年 1 月。總的來說，我對我們今年迄今為止的商業執行感到自豪，其中包括為 Jornay 創造了令人矚目的增長，完成了我們 ADHD 銷售隊伍的擴張，並在我們的核心疼痛業務中取得了穩健的業績。

We remain well positioned to deliver on our commercial priorities for 2025 and to support our next phase of growth. I'll now hand the call over to Colleen to discuss financial highlights.

我們仍處於有利地位，能夠實現 2025 年的商業重點並支持下一階段的成長。我現在將電話交給科琳來討論財務亮點。

Thanks, Scott. Good afternoon, everyone. In the first quarter of 2025, we delivered strong financial results, including growing revenue 23% year-over-year, making targeted investments in our lead growth driver, Jornay, and generating strong cash flows from our pain business.

謝謝，斯科特。大家下午好。2025 年第一季度，我們取得了強勁的財務業績，包括營收年增 23%、對我們的主要成長動力 Jornay 進行有針對性的投資，以及從我們的痛點業務中產生強勁的現金流。

Financial highlights for the first quarter of 2025 include net product revenues were $177.8 million, up 23% year-over-year. Jornay net revenue was $28.5 million, which represents our second full quarter of ownership. Belbuca net revenue was $51.7 million, up 2% year-over-year. Xtampza net revenue was $47.6 million, up 4% year-over-year.

2025 年第一季的財務亮點包括淨產品收入為 1.778 億美元，年增 23%。Jornay 的淨收入為 2850 萬美元，這是我們擁有該所有權的第二個完整季度。Belbuca 淨收入為 5,170 萬美元，年增 2%。Xtampza 淨收入為 4,760 萬美元，年增 4%。

And Nucynta franchise net revenue was $47.1 million, up 4% year-over-year. GAAP operating expenses were $75.6 million, up 80% year-over-year. Non-GAAP adjusted operating expenses were $62.2 million, up 80% year-over-year. The increase in operating expenses reflects ongoing costs to commercialize Jornay as well as the targeted investments we've made to drive growth, including the expansion of our sales force.

Nucynta 特許經營淨收入為 4,710 萬美元，較去年同期成長 4%。以美國通用會計準則計算，營運費用為 7,560 萬美元，年增 80%。非公認會計準則調整後營業費用為 6,220 萬美元，年增 80%。營運費用的增加反映了 Jornay 商業化的持續成本以及我們為推動成長而進行的目標投資，包括擴大我們的銷售團隊。

GAAP net income was $2.4 million compared to net income of $27.7 million in the first quarter of 2024. As a reminder, net income in the first quarter was impacted by expenses associated with the Ironshore acquisition as well as executive transition expenses that do not represent ongoing operations.

GAAP 淨收入為 240 萬美元，而 2024 年第一季淨收入為 2,770 萬美元。提醒一下，第一季的淨收入受到與 Ironshore 收購相關的費用以及不代表持續經營的高階主管過渡費用的影響。

Non-GAAP adjusted EBITDA was $95.2 million, up 3% year-over-year. GAAP earnings per share was $0.08 basic and $0.07 diluted in the first quarter compared to GAAP earnings per share of $0.86 basic and $0.71 diluted in the prior year period.

非公認會計準則調整後息稅折舊攤提前利潤為 9,520 萬美元，年增 3%。第一季 GAAP 每股收益為基本 0.08 美元，稀釋後 0.07 美元，去年同期 GAAP 每股收益為基本 0.86 美元，稀釋後 0.71 美元。

Non-GAAP adjusted earnings per share was $1.49 in the first quarter versus $1.45 in the first quarter of 2024. Please see our press release issued earlier today for a reconciliation of GAAP to non-GAAP results. In addition, we generated $55.4 million in cash from operations and ended the quarter with $197.8 million in cash, cash equivalents and marketable securities as of March 31, up $35 million from the end of the year.

第一季非公認會計準則調整後每股收益為 1.49 美元，而 2024 年第一季為 1.45 美元。請參閱我們今天早些時候發布的新聞稿，以了解 GAAP 與非 GAAP 結果的控制。此外，我們從營運活動中產生了 5,540 萬美元的現金，截至 3 月 31 日，本季末的現金、現金等價物和有價證券為 1.978 億美元，比年底增加了 3,500 萬美元。

We are reaffirming our 2025 financial guidance. We expect net product revenues in the range of $735 million to $750 million, an 18% increase year-over-year. This increase is primarily driven by Jornay, which we expect to generate net revenue in excess of $135 million, supported by continued performance across our pain portfolio.

我們重申 2025 年財務指引。我們預計淨產品收入將在 7.35 億美元至 7.5 億美元之間，年增 18%。這一成長主要得益於 Jornay，我們預計該公司的淨收入將超過 1.35 億美元，這得益於我們疼痛產品組合的持續表現。

We expect adjusted EBITDA in the range of $435 million to $450 million, representing 10% growth year-over-year and adjusted operating expenses in the range of $220 million to $230 million. The growth in adjusted operating expenses reflects targeted investments to support Jornay near-term growth and drive significant momentum in 2026 and beyond.

我們預計調整後的 EBITDA 在 4.35 億美元至 4.5 億美元之間，年增 10%，調整後的營運費用在 2.2 億美元至 2.3 億美元之間。調整後營運費用的成長反映了有針對性的投資，旨在支持 Jornay 的近期成長並在 2026 年及以後推動顯著成長勢頭。

We expect quarterly adjusted operating expenses to trend down in the second half of the year. We remain committed to strategically deploying capital to create value for our shareholders as demonstrated by our targeted investments in Jornay to accelerate growth, continued focus on evaluating opportunities to expand our portfolio through business development and rapid repayment of debt.

我們預計下半年季度調整後的營運費用將呈現下降趨勢。我們仍然致力於策略性地部署資本，為股東創造價值，正如我們對 Jornay 的定向投資所證明的那樣，以加速成長，繼續專注於評估透過業務發展和快速償還債務來擴大投資組合的機會。

We also have a strong track record of returning value to our shareholders through share repurchases and our Board recently authorized a $25 million accelerated share repurchase as part of our $150 million program. We ended the first quarter with net leverage of 1.5 times net debt to EBITDA and we expect to end 2025 with net leverage of less than 1 times. We repaid $16.1 million of our term loan this quarter and expect to repay an additional $48.4 million during the remainder of 2025. I will now turn the call back to Vikram.

我們還擁有透過股票回購為股東帶來價值的良好記錄，我們的董事會最近批准了 2500 萬美元的加速股票回購，作為我們 1.5 億美元計劃的一部分。我們第一季末的淨槓桿率為淨債務與 EBITDA 比率的 1.5 倍，預計 2025 年底的淨槓桿率將低於 1 倍。我們本季償還了 1,610 萬美元的定期貸款，預計在 2025 年剩餘時間內再償還 4,840 萬美元。我現在將電話轉回給維克拉姆。

Thanks, Colleen. We are proud of our strong performance in the first quarter. We generated stable cash flows from our pain portfolio, drove impressive growth in Jornay, strengthened our balance sheet and made investments to fuel our next phase of growth.

謝謝，科琳。我們對第一季的強勁表現感到自豪。我們從痛苦投資組合中產生了穩定的現金流，推動了 Jornay 的令人矚目的成長，增強了我們的資產負債表，並進行了投資以推動我們下一階段的成長。

We are on track to achieve our 2025 financial guidance and look to the future beyond 2025 from a position of financial strength. We remain focused on creating shareholder value and the strength of our balance sheet gives us the flexibility to maximize and grow our existing portfolio of differentiated medicines, while also prioritizing further diversification through disciplined business development and returning value to shareholders through share repurchases.

我們預計將實現 2025 年的財務目標，並以雄厚的財務實力展望 2025 年以後的未來。我們仍然專注於創造股東價值，我們強勁的資產負債表使我們能夠靈活地最大化和擴大現有的差異化藥物組合，同時還優先透過嚴格的業務發展實現進一步多元化，並透過股票回購為股東帶來價值回報。

With Jornay well on its way to becoming our lead growth driver, supported by the long-term durability of our pain portfolio and an industry-leading executive team, we are confident as we enter our next phase of growth. Ultimately, our greatest success will be our ability to improve the lives of people living with serious medical conditions. I will now open the call up for questions. Operator?

Jornay 有望成為我們的主要成長動力，再加上我們疼痛產品組合的長期耐用性和業界領先的執行團隊的支持，我們對進入下一階段的成長充滿信心。最終，我們最大的成功將是我們能夠改善患有嚴重疾病的人們的生活。我現在開始回答問題。操作員？

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Les Sulewski, Truist Securities.

Les Sulewski，Truist Securities。

Good evening. Thank you for taking my questions, and congrats on the progress. So I have a couple for Scott and then one for Vikram. Scott, so as we're heading to the tail end of the school year, how would you expect the Jornay scripts to trend before the new kind of season pick-up given the recent investment in the sales force? And then also touching on the sales force, is this an increasing touch points or is this more about a geographic expansion? And I have a follow-up to that.

晚安.感謝您回答我的問題，並祝賀您的進展。所以我為史考特準備了幾張，然後為維克拉姆準備了一張。史考特，現在我們即將進入學年末，考慮到最近對銷售隊伍的投資，您認為 Jornay 劇本在新一季銷售旺季來臨之前會有什麼趨勢？然後還談到銷售隊伍，這是增加接觸點還是更多地涉及地理擴張？我對此有一個後續行動。

Thanks for the question, Les. So first to your question about seasonality. So yes, so there's an overall seasonality in the marketplace. So essentially, what you'll see when you look at weekly scripts is as we get to the May -- end of May, June time period, depending on where you are in the country, there can be a little bit of a slowing of scripts a bit in the overall market because some people will have their child take a little bit of a holiday during the summer from their prescriptions.

謝謝你的提問，萊斯。首先回答您關於季節性的問題。是的，市場總體上存在季節性。因此，從本質上講，當您查看每週處方時，您會看到，當我們進入 5 月 - 5 月底或 6 月期間時，根據您所在的國家/地區，整個市場的處方量可能會有所放緩，因為有些人會讓他們的孩子在夏天暫時不服用處方藥。

That then precedes the acceleration you see in back-to-school season, which hits usually in the mid-August time period and then carries well into the fall, last year carried to the beginning of December. So that's the seasonality you should expect when you look at the overall market in ADHD. When it comes to our expansion, yes, there's multiple levers that we pulled.

隨後是返校季的加速，返校季通常在八月中旬開始，並持續到秋季，去年則持續到十二月初。因此，當您觀察 ADHD 的整體市場時，您應該預料到季節性。說到我們的擴張，是的，我們採取了多種手段。

So first, in terms of touch points, we increased our target universe from about 17,000 healthcare professionals to 21,000. So we're reaching more. But with the expansion of 55 and going from 125 to 180 reps, it wasn't just about an increased reach to those new targets, it was also about increasing our frequency on the current targets.

首先，就接觸點而言，我們將目標範圍從約 17,000 名醫療保健專業人員擴大到 21,000 名。因此，我們能夠實現更多目標。但隨著 55 的擴展以及從 125 次到 180 次的重複，這不僅是增加了對這些新目標的覆蓋範圍，也增加了我們對目前目標的頻率。

So overall, what we're looking to see is through expanded reach and frequency, greater understanding of Jornay, greater adoption of Jornay. And from a script standpoint, as I've shared before, really seeing the impact start to kick in, in about six months is what typically you see in terms of acceleration of scripts. So we have that more fourth quarter and then into 2026 and beyond.

所以總的來說，我們希望透過擴大覆蓋面和頻率，讓更多人了解 Jornay，並採用 Jornay。從腳本的角度來看，正如我之前分享的那樣，真正看到影響開始顯現，大約六個月後，你通常會看到腳本加速的現象。因此，我們將迎來第四季度，並持續到 2026 年及以後。

That is helpful. And then looking beyond methylphenidate, is there an opportunity to utilize the Jornay PM delayed release technology and potentially apply to additional compounds, for example, Adderall or Modafinil? Have these conversations occurred internally? And what will be some of the required steps to push this through if this were the case?

這很有幫助。那麼，除了哌甲酯之外，是否有機會利用 Jornay PM 延遲釋放技術並可能應用於其他化合物，例如 Adderall 或 Modafinil？這些對話是在內在進行的嗎？如果情況確實如此，需要採取哪些步驟來推動這一目標的實現？

Yeah, I'll take that one Les. Those conversations, I believe, I think, occurred even before the acquisition happened. So Ironshore had already explored using their technology for other compounds. And I believe the result of all of that work is the fact that we have Jornay, which is which work really well, the technology worked really well for methylphenidate.

是的，我會接受這個，萊斯。我認為這些對話甚至在收購發生之前就已經發生。因此，Ironshore 已經探索將其技術用於其他化合物。我相信所有這些工作的成果就是我們擁有了 Jornay，它的效果非常好，這項技術對於哌甲酯來說非常有效。

Got it. Okay. And then, Vikram, maybe touch on a little bit on the recent color around potential BD plans given your -- you've kind of seeded now at Collegium. What's kind of the appetite for a deal? And has the current change in the environment kind of impacted your outlook for potential deals? Thank you.

知道了。好的。然後，維克拉姆，也許您可以稍微談談最近圍繞潛在 BD 計劃的一些情況，因為您現在已經在 Collegium 播下了種子。對達成交易的興趣如何？當前環境的變化是否對您對潛在交易的展望產生了影響？謝謝。

Yeah. Great question. I think as we stated in our prepared remarks, we always look at capital deployment in a very strategic way for the company. And I think we've been consistent in our position that we'll do the right thing to create value for our shareholders and that's a combination of business development, if it's the right time and the right deal.

是的。好問題。我認為，正如我們在準備好的演講中所說的那樣，我們始終以非常策略性的方式看待公司的資本配置。我認為我們的立場始終如一，那就是如果時機合適、交易正確，我們會做正確的事情來為股東創造價值，這就是業務發展的結合。

It's paying down debt, which you have seen us do, and opportunistically repurchasing shares and returning value to our shareholders, which is exactly what we talked about today. So I would expect that, that type of approach, that type of discipline will continue.

我們正在償還債務，正如你們所見，我們正在這樣做；我們也在機會主義地回購股票，為股東返還價值，這正是我們今天所談論的內容。因此我希望這種方法、這種紀律能夠持續下去。

And as far as your question about this particular market environment, does it increase or change our likelihood of getting a deal done? I don't know that I would make a comment specifically around that. I think whether it's this environment or otherwise, we're -- as I've said before, we look to expand our portfolio of medicines. But I think we're going to do it in a very disciplined way, which is a strong track record that Collegium has had. Go the next question?

至於您關於這個特定市場環境的問題，它會增加還是改變我們達成交易的可能性？我不知道我是否會就此發表具體評論。我認為無論是這種環境還是其他環境，我們都——正如我之前所說，我們希望擴大我們的藥品組合。但我認為我們會以非常有紀律的方式來做這件事，這也是 Collegium 一直以來的良好記錄。繼續下一個問題？

Serge Belanger, Needham & Co.

貝朗格（Serge Belanger），Needham & Co.

Hi, good afternoon. A couple of Jornay questions for Scott. I guess, the first one, can you remind us what the overall ADHD market growth has been recently? And secondly, also remind us the breakdown in the prescriber base between pediatrician and psychiatrists? And then lastly, you did highlight market share seeing some significant gains over the last year. Just curious where that market share is coming from? Is it from other branded products or really other generics in the ADHD market? Thank you.

嗨，下午好。Jornay 向 Scott 提出了幾個問題。我想，第一個問題，您能否提醒我們一下最近整個 ADHD 市場的成長如何？其次，也請提醒我們兒科醫師和精神科醫師之間的處方基礎細分情況？最後，您確實強調了市場份額在過去一年中取得了顯著的成長。只是好奇這個市佔率是從哪裡來的？它是來自其他品牌產品還是 ADHD 市場上的其他仿製藥？謝謝。

All right, Serge, you gave me a few of them there. All right. So let's start with market growth. Yes, the market is growing at about 5% to 6% overall. That's been pretty consistent for the last few years and that's where we expect the growth to continue going forward.

好的，塞爾吉，你給了我一些。好的。那麼就讓我們從市場成長開始。是的，市場整體成長率約為5%至6%。過去幾年來，這一趨勢一直保持穩定，我們預計未來成長將繼續保持這種勢頭。

When you look at the prescriber base, it's pretty straightforward. It's roughly 40% is pediatrician. The other 40% is neuropsychiatry. Some of those are ped neuropsychiatrists. And the remaining 20% is about half PCP and about half NPs or PAs, mid-levels that ladder up to the specialties. So that's the prescriber base that we're looking at there that drives the market and who we're focused on in our target audience.

當你查看處方者基礎時，它非常簡單。其中約40%是兒科醫師。其餘 40% 是神經精神醫學。其中一些是兒科神經精神病學家。剩下的 20% 大約一半是 PCP，一半是 NPs 或 PAs，即晉升到專科的中級人員。這就是我們所關注的推動市場發展的處方者基礎，也是我們關注的目標受眾。

And then lastly, from a share perspective, yeah, we've seen really strong share growth, right, growing to 20% this year year-over-year in the long-acting branded methylphenidate market. And basically, the biggest feeder of growth is the movement from generic immediate release products, right? That's the biggest feed to the branded products and that's what we see. And then we do get some switching from other branded products, but it's mostly the generic immediate release that feeds our business.

最後，從份額角度來看，是的，我們看到了非常強勁的份額增長，今年長效品牌哌甲酯市場的份額同比增長了 20%。基本上，最大的成長動力是仿製速釋產品的發展，對嗎？這是對品牌產品最大的供給，這也是我們所看到的。然後我們確實從其他品牌產品中獲得了一些轉換，但主要是通用的速釋產品推動了我們的業務。

Great, thank you.

太好了，謝謝。

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆、派珀·桑德勒。

Thanks. Just a few on my end. First, how large of a sales organization at steady state are you contemplating for Jornay PM? If I recall, when Vyvanse had exclusivity, Shire's sales force was quite large, a good bit larger than what you have now. I'm not saying that you're going to go there, but there obviously is a wide prescriber audience in the ADHD space. So how are you thinking about that?

謝謝。我這邊只有幾個。首先，您考慮為 Jornay PM 建立多大規模的穩定銷售組織？如果我沒記錯的話，當 Vyvanse 擁有獨家經營權時，Shire 的銷售隊伍相當龐大，比現在的要大得多。我並不是說你會去那裡，但顯然在 ADHD 領域有廣泛的處方受眾。那麼您對此有何看法？

Secondly, can you share your views on what kind of peak sales range you think is realistic for Jornay PM? And then lastly, a biz dev question. How large of a transaction could you contemplate given the current state of the capital structure? Thanks.

其次，您能否分享一下您認為 Jornay PM 的銷售高峰範圍是怎樣的？最後，還有一個關於業務開發的問題。考慮到目前的資本結構，您可以考慮進行多大規模的交易？謝謝。

Yeah, thanks, David. Scott, why don't you take the first question? I'll take the question on peak sales. And then between Colleen and I, we'll answer the last one.

是的，謝謝，大衛。史考特，你為什麼不回答第一個問題呢？我將回答有關銷售高峰的問題。然後我和科琳將回答最後一個問題。

Yeah, that's great. So yeah, so thanks for the question, David. On the sales force, look, we sized that 180 because that's the right size now. We did a bottom up. We didn't have any constraints. That's reaching a target audience. That's the right target audience to drive the brand with the right level of reach and frequency, having really productive territories.

是的，太棒了。是的，謝謝你的提問，大衛。在銷售團隊方面，我們將其規模定為 180，因為這是目前合適的規模。我們進行了由下而上的探索。我們沒有任何限制。這就是觸及目標受眾。這是正確的目標受眾，可以推動品牌以適當的覆蓋率和頻率發展，並擁有真正高效的領域。

So that's what led to where we are right now. So we evaluate that on a regular basis. Every year as part of our planning process, we will be looking at that, looking at the sales force, seeing if we need to make any adjustments on the edges.

這就是我們現在所處境況的原因。因此我們會定期進行評估。每年，作為我們規劃過程的一部分，我們都會關注這一點，關注銷售隊伍，看看是否需要在邊緣上做出任何調整。

But that's what the business demands right now. And to your Vyvanse comment, I think the big difference is that was such a highly branded and competitive marketplace. Now if you look -- where you see such genericization, right, we really have only a couple of players that we're competing with for share of voice. And so not only are we reaching the right customers, but we also feel like we have a really strong share of voice out there in the branded market.

但這正是當前的業務需求。對於您對 Vyvanse 的評論，我認為最大的區別在於那是一個品牌化程度高、競爭激烈的市場。現在如果你看一下——你會看到這種通用化，對吧，我們實際上只有幾個參與者在與我們競爭話語權。因此，我們不僅接觸到了合適的客戶，而且我們感覺我們在品牌市場上擁有非常強大的話語權。

The second question, I think, David, you had was around peak sales for Jornay. We have not talked about peak sales for Jornay PM externally. Part of the reason is we've just gone through an expansion and we have only owned the medicine now for two quarters. What we'd like to do is see the impact of the expansion, which as you can imagine, there's a bit of a lag time between folks going into the field and seeing the downstream effect on demand.

大衛，我認為您的第二個問題是關於 Jornay 的銷售高峰期。我們還沒有對外談論過 Jornay PM 的銷售高峰。部分原因是我們剛剛經歷了擴張，目前我們擁有該藥品僅兩個季度。我們希望看到擴張的影響，正如你所想像的，在人們進入該領域和看到對需求的下游影響之間存在一些滯後時間。

I think once we have a better sense of the impact of the expansion, it will give us a sense of the trajectory and we'll be in a much better place to talk about peak sales at that time. And I think that your last question was about what would be the size of a biz dev transaction that we would contemplate at this time.

我認為，一旦我們更了解擴張的影響，我們就會了解其發展軌跡，屆時我們就能更好地談論銷售高峰。我認為您的最後一個問題是關於我們此時考慮的業務開發交易的規模是多少。

Maybe I can begin and I'll have Colleen provide some additional color. But we I don't know that we have necessarily talked about size of transaction. I think what we have talked about is our ability to take on leverage if we need to.

也許我可以開始，然後讓科琳提供一些額外的顏色。但我不知道我們是否一定討論過交易規模。我認為我們所討論的是，如果需要的話，我們有能力採取槓桿作用。

So in terms of capacity, I think we've talked about the fact that last year, we ended with our net debt over EBITDA at about 1.8, 1.9. This quarter, we're already down to about 1.5 and we expect to end the year less than 1. So what I can say is that we -- given the situation, given our ability to generate significant cash flows from operations, we feel that gives us enough capacity to do a meaningful transaction if the transaction comes along. We're not going to do a deal just to do one, but it's got to be the right one. And Colleen, anything else you'd add?

因此，就產能而言，我想我們已經討論過這樣一個事實：去年，我們的淨債務與 EBITDA 之比約為 1.8 至 1.9。本季度，我們已降至約 1.5，我們預計今年年底將低於 1。因此我可以說的是，考慮到目前的情況，考慮到我們有能力從營運中產生大量現金流，我們認為，如果交易發生，我們有足夠的能力進行有意義的交易。我們不是為了達成協議而達成協議，但它必須是正確的協議。科琳，您還有什麼要補充的嗎？

I think that's right. I think the right deal for the right terms, we've sized from a debt perspective, we'd be willing to potentially go up to 3 times for a commercial asset. What you don't have in that equation is what does the target bring for EBITDA. So we consider that as we're evaluating.

我認為那是對的。我認為，在合適的條件下，合適的交易，我們已經從債務角度進行了評估，我們願意為商業資產支付高達三倍的價格。在這個等式中你沒有考慮到的是目標為 EBITDA 帶來了什麼。因此我們在評估時會考慮到這一點。

Alright, thank you.

好的，謝謝。

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

目前沒有其他問題。現在我想把發言權交還給維克拉姆，請他發表最後評論。

Thank you, everyone, for joining the call today. I wish everybody a great evening.

感謝大家今天參加電話會議。祝大家有個愉快的夜晚。

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。現在您可以斷開線路。感謝您的參與。