Collegium Pharmaceutical Inc (COLL) 2025 Q3 法說會逐字稿

Greetings and welcome to the Collegium Pharmaceuticals third quarter 2025 earnings conference call. (Operator Instructions) I will now turn the call over to Lan Park, Head of Investor Relations at Collegium.

各位來賓，歡迎參加 Collegium Pharmaceuticals 2025 年第三季財報電話會議。（操作員指示）我現在將電話轉交給 Collegium 投資者關係主管 Lan Park。

Thank you. You may begin.

謝謝。你可以開始了。

Great, thanks. Welcome to Collegium Pharmaceuticals third quarter 2025 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.

太好了，謝謝。歡迎參加Collegium Pharmaceuticals 2025年第三季財報電話會議。今天與我一同出席的有：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。

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 as detailed in the company's periodic reports filed with the Securities and Exchange Commission.

我們想提醒各位參與者，今天所展示的任何資訊均不具有宣傳性質，並且今天所作的任何前瞻性陳述均符合 1995 年《私人證券訴訟改革法案》的安全港條款。請注意，此類前瞻性陳述涉及風險和不確定性，詳情請參閱本公司向美國證券交易委員會提交的定期報告。

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.

我們未來的業績可能與我們今天討論的預期有重大差異。我們的獲利新聞稿和本次電話會議將討論某些非GAAP資訊。您可以在我們的公司網站上找到我們的獲利新聞稿，包括相關的非GAAP財務報表調整表。

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

接下來，我將把電話交給我們的總裁兼執行長維克拉姆·卡爾納尼。

Thank you, Ian. Good morning everyone and thank you for joining the call. I am pleased to report that we delivered another quarter of both top and bottom line growth driven by a strong start to the back to school season for Jornay PM and robust revenues from our Pain Portfolio.

謝謝你，伊恩。各位早安，感謝各位參加本次電話會議。我很高興地報告，在 Jornay PM 返校季的強勁開局和我們疼痛管理產品組合的穩健收入推動下，我們又實現了營收和利潤的雙重增長。

As our financial results reflect, we continue to make considerable progress on our three strategic priorities which include driving significant growth for Jornay, maximizing the durability of our Pain Portfolio, and strategically deploying capital to further enhance shareholder value.

從我們的財務表現來看，我們在三大戰略重點方面繼續取得顯著進展，包括推動 Jornay 實現顯著增長、最大限度地提高疼痛管理產品組合的持久性以及戰略性地部署資本以進一步提升股東價值。

Jornay prescription growth accelerated in the quarter during the critical back to school season, and early signals indicate that our incremental commercial efforts are being well received by healthcare providers, caregivers, and patients. We also generated another quarter of meaningful revenue growth across our Pain Portfolio. The continued growth across our portfolio is a testament to the outstanding focus and execution driven by the entire Collegium team.

在關鍵的返校季期間，Jornay 的處方增長在本季度加速，早期跡象表明，我們逐步推進的商業努力受到了醫療保健提供者、護理人員和患者的歡迎。我們的疼痛產品組合也實現了另一個季度的顯著收入成長。我們投資組合的持續成長證明了Collegium團隊全體成員的出色專注和執行力。

As I reflect on my first full year at Collegium, I am incredibly proud of what our team has accomplished. We successfully expanded into a new therapeutic area, rapidly integrated Jornay into our portfolio, and made strategic investments to drive future growth.

回顧我在Collegium的第一個完整學年，我為我們團隊的成就感到無比自豪。我們成功拓展到新的治療領域，迅速將 Jornay 納入我們的產品組合，並進行策略性投資以推動未來的成長。

We also continue to generate robust performance from our Pain Portfolio and are increasingly confident that these revenues will prove to be more durable than many had previously expected.

我們的疼痛管理產品組合也持續取得強勁的業績，我們越來越有信心，這些收入將比許多人之前預期的更具持久性。

We have also strategically deployed our capital through share repurchases and rapid debt repayment and have remained active in our pursuit of additional differentiated medicines to add to our growing portfolio via business development.

我們也透過股票回購和快速償還債務，有策略地部署了我們的資本，並透過業務發展，積極尋求更多差異化藥物，以豐富我們不斷增長的產品組合。

Of course, none of this success is possible without a strong commitment to the patient communities we serve. We recently celebrated and supported initiatives for both Paid Awareness Month in September and ADHD Awareness Month in October, serving as an opportunity to raise awareness, bolster education, and honor the patients and communities we serve who are at the center of everything we do.

當然，如果沒有對我們所服務的患者群體的堅定承諾，這一切成功都不可能實現。我們最近慶祝並支持了九月份的付費意識月和十月份的多動症意識月的相關活動，這為我們提供了一個機會，可以提高人們的意識，加強教育，並向我們服務的患者和社區致敬，他們是我們一切工作的核心。

I would like to thank everyone on the Collegium team for their hard work, discipline, and dedication to our mission. Without you, none of our accomplishments would have been possible. We look forward to finishing the year strong and carrying this momentum into 2026 and beyond.

我要感謝學院團隊的每一位成員，感謝他們為我們完成使命所付出的辛勤努力、嚴謹自律和奉獻精神。沒有你們，我們所取得的一切成就都不可能實現。我們期待以強勁的勢頭結束今年，並將這種勢頭延續到 2026 年及以後。

In the third quarter of 2025, we delivered strong financial performance, including record quarterly net revenue that grew 31% year over year and record adjusted EBITDA that grew 27% year over year. Our lead growth driver Jornay PM generated a record $41.8 million in net revenue and prescriptions grew 20% year over year.

2025 年第三季度，我們取得了強勁的財務業績，包括創紀錄的季度淨收入年增 31%，以及創紀錄的調整後 EBITDA 年成長 27%。我們的主力成長動力 Jornay PM 創造了創紀錄的 4,180 萬美元淨收入，處方量年增 20%。

We also grew net revenue from our paint portfolio to a record $167.6 million, up 11% year over year. We generated $78.4 million of cash from operations, we paid $16.1 million of debt, and ended the third quarter with $285.9 million in cash, further strengthening our balance sheet.

我們的塗料產品組合淨收入也成長至創紀錄的 1.676 億美元，年增 11%。我們從經營活動中產生了 7,840 萬美元的現金，償還了 1,610 萬美元的債務，第三季末現金餘額為 2.859 億美元，進一步增強了我們的資產負債表。

Based on the continued strength of our financial performance to date, we are raising our 2025 financial guidance. We now expect to grow total revenue by approximately 24% year over year, driven by our continued confidence in the durability of our Pain Portfolio and significant growth from Jornay. We now expect Jornay revenue to be in the range of $145 million to $150 million, representing 46% growth from 2024 pro forma revenue.

鑑於我們迄今為止持續強勁的財務業績，我們上調了 2025 年財務預期。我們現在預計總收入將同比增長約 24%，這得益於我們對疼痛產品組合持久性的持續信心以及 Jornay 的顯著增長。我們現在預計 Jornay 的營收將在 1.45 億美元至 1.5 億美元之間，比 2024 年的預期營收成長 46%。

Outside of our financial achievements and consistent with our commitment to leading with science, we presented 9 posters at Pain Week 2025 highlighting real-world data from our differentiated Pain Portfolio. We also had 2 articles published in the peer-reviewed Pain Research and Management journal and the Journal of Pain Research focused on real-world benefits of treatment with BELBUCA and Xtampza.

除了財務上的成就之外，為了秉承我們以科學為先的承諾，我們在 2025 年疼痛週上展示了 9 張海報，重點介紹了我們差異化的疼痛產品組合的真實世界數據。我們也在同行評審的《疼痛研究與管理》雜誌和《疼痛研究雜誌》上發表了 2 篇文章，重點介紹了 BELBUCA 和 Xtampza 治療在現實世界中的益處。

And we recently presented 2 posters at the American Academy of Child and Adolescent Psychiatry and neuroscience Education Institute conferences highlighting real-world data from our differentiated neuropsychiatry product Jornay PM.

我們最近在美國兒童和青少年精神病學會和神經科學教育研究所的會議上展示了 2 張海報，重點介紹了我們差異化的神經精神病學產品 Jornay PM 的真實世界數據。

Finally, we recently had the privilege of ringing the opening bell at Nasdaq to celebrate a significant milestone, our 10-year anniversary as a publicly traded company.

最後，我們最近有幸在納斯達克敲響開市鐘，以慶祝我們作為一家上市公司成立 10 週年這一重要里程碑。

Marking a decade of delivering differentiated medicines to patients and creating value for our shareholders, we look forward to our next phase of growth and the exciting opportunities ahead.

在過去的十年裡，我們致力於為患者提供差異化的藥物，並為股東創造價值。我們期待下一個成長階段以及未來令人興奮的機會。

For the remainder of 2025, we are focused on driving significant growth for Jornay PM, maximizing our paid portfolio, and strategically deploying capital. We remain intent on driving significant growth for Jornay by raising awareness of its highly differentiated profile among healthcare providers, patients, and caregivers.

在 2025 年剩餘的時間裡，我們將專注於推動 Jornay PM 實現顯著成長，最大限度地提高我們的付費投資組合，並進行策略性資本部署。我們將繼續致力於推動 Jornay 的顯著成長，提高醫療保健提供者、患者和照護者對其高度差異化優勢的認識。

Throughout the year we have made strategic commercial investments to raise awareness, especially ahead of the back to school season. We are already seeing early indicators of positive impact and are pleased with Journey's growth in the third quarter. We expect to continue this momentum in 2026 and beyond.

我們全年都進行了策略性的商業投資，以提高知名度，尤其是在返校季之前。我們已經看到了積極影響的早期跡象，並對 Journey 在第三季度的成長感到滿意。我們預計這一勢頭將在2026年及以後繼續保持。

Turning to our Pain Portfolio, we delivered another quarter of solid year over year revenue growth with revenues from all three core pain medicines growing for the third quarter in a row. We expect our Pain Portfolio to continue to provide a durable financial base that fuels our ability to grow further and diversify our business.

再來看我們的疼痛產品組合，我們又實現了穩健的同比增長，所有三種核心疼痛藥物的收入連續第三個季度增長。我們預期我們的疼痛管理業務組合將繼續提供穩定的財務基礎，從而增強我們進一步發展和多元化業務的能力。

We remain committed to creating value for our shareholders through execution of our capital deployment strategy, which balances expansion through business development, opportunistic share repurchases, and rapid debt repayment.

我們將繼續致力於透過執行資本部署策略為股東創造價值，該策略平衡了透過業務發展實現擴張、抓住機會回購股票以及快速償還債務。

We believe we are uniquely positioned for long-term growth. Our existing portfolio provides a strong financial foundation from which we consistently generate significant cash flows, and there is still meaningful opportunity to grow our medicines, particularly Jornay PM.

我們相信，我們擁有得天獨厚的優勢，能夠實現長期成長。我們現有的產品組合為我們提供了強大的財務基礎，使我們能夠持續產生可觀的現金流，並且我們仍有很大的發展空間，尤其是在 Jornay PM 方面。

Our track record of successful business development, including rapidly integrating and investing behind newly acquired assets, provides opportunities for further expansion. We remain active in our search for additional business development opportunities to drive long-term growth and generate value for our shareholders.

我們在業務發展方面擁有成功的記錄，包括快速整合和投資新收購的資產，這為進一步擴張提供了機會。我們將繼續積極尋找其他業務發展機會，以推動長期成長並為股東創造價值。

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

接下來，我將把麥克風交給史考特，讓他來談談商業亮點。

Thanks Vikram and good morning everyone. In the third quarter, we continued to generate positive momentum for our lead growth driver Jornay PM, driven by strong brand fundamentals and our ongoing commercial efforts. We delivered growth in Jornay prescriptions, market share, and prescribers, which I'll discuss in detail in a moment.

謝謝Vikram，大家早安。第三季度，在強勁的品牌基本面和我們持續的商業努力的推動下，我們的主要成長動力 Jornay PM 繼續保持積極的成長勢頭。我們在 Jornay 處方量、市場份額和處方醫生數量方面都實現了增長，我稍後會詳細討論這一點。

Jornay is a highly differentiated medicine and the only ADHD stimulant with once daily evening dosing that provides symptom control upon awakening throughout the afternoon and into the evening. Many patients, including pediatrics, adolescents and adults, report challenges starting their day which is a key area of differentiation for Jornay, as it begins working when patients wake up in the morning.

Jornay 是一種高度差異化的藥物，也是唯一一種每天晚上服用一次的過動症興奮劑，可在起床後、整個下午和晚上控制症狀。包括兒童、青少年和成人在內的許多患者都反映，他們難以開始新的一天，而這正是 Jornay 的一個關鍵差異化優勢，因為 Jornay 的療效是從患者早上醒來開始的。

In addition to efficacy upon awakening, symptom control throughout the day is important for most patients because it can eliminate the need for an additional booster at school or work, and Jornay delivers efficacy that lasts throughout the day.

除了起床後的療效外，對於大多數患者來說，全天控制症狀也很重要，因為它可以避免在學校或工作場所額外服用加強針，而 Jornay 可以提供全天的療效。

HCP perceptions of Jornay are highly positive. In market research, healthcare professionals rated Jornay as the #1 ADHD brand in terms of product differentiation, with a score that was more than double that of any other competing brand. In addition, over 60% of HCPs indicated a strong intent to increase prescribing, which was the highest among all other branded ADHD medicines.

醫療保健專業人員對 Jornay 的評價非常正面。在市場調查中，醫療保健專業人士將 Jornay 評為 ADHD 產品差異化排名第一的品牌，其得分是其他任何競爭品牌的兩倍以上。此外，超過 60% 的醫療保健專業人員表示有強烈的意願增加處方量，這一比例在所有其他品牌 ADHD 藥物中最高。

We also know that if a patient or caregiver specifically asks to try Jornay, physicians typically honor that request.

我們也知道，如果患者或照護者明確要求嘗試 Jornay，醫生通常會滿足這項要求。

While we're pleased with our progress to date, there's still significant opportunity to increase awareness of Jornay's unique and differentiated profile to further drive utilization.

雖然我們對迄今為止的進展感到滿意，但仍有很大的機會提高人們對 Jornay 獨特和差異化特性的認識，以進一步推動其利用率。

Year-to-date, Jornay PM is the fastest growing stimulant for ADHD. In the third quarter, Jornay delivered strong prescription growth of 20% year over year. Our expanded sales force and new marketing campaigns were in place to maximize the opportunity during the back to school season, and as expected, we're seeing growth in weekly prescriptions.

今年迄今為止，Jornay PM 是治療 ADHD 成長最快的興奮劑。第三季度，Jornay 的處方量年增 20%，實現了強勁增長。為了最大限度地掌握返校季的商機，我們擴大了銷售隊伍並推出了新的行銷活動，正如預期的那樣，我們看到每週的處方量都在增長。

The back to school season varies depending on regional school schedules and can extend well into the fourth quarter, as autumn parent teacher conferences can also prompt discussions about ongoing unmet needs for children with ADHD. We're pleased to see that we're generating prescription growth during this back to school season, as average weekly prescriptions in October were 15,700 compared to 13,800 scripts in July, an increase of 14%, and we broke 16,000 scripts last week.

返校季因地區學校的日程安排而異，可能會持續到第四學期，因為秋季家長會也可能引發關於患有 ADHD 兒童持續未滿足的需求的討論。我們很高興看到，在返校季期間，我們的處方量有所增長，10 月份的平均每週處方量為 15,700 張，而 7 月份為 13,800 張，增長了 14%，上週我們突破了 16,000 張。

This is an encouraging growth trajectory, and we remain focused on continuing this momentum to maximize the potential of Jornay. Journay's market share of the long-acting branded methylphenidate market also grew to 23.4% in the third quarter, up 6.3% points year over year.

這是一個令人鼓舞的成長軌跡，我們將繼續保持這一勢頭，最大限度地發揮 Jornay 的潛力。第三季度，Journay 在長效品牌哌甲酯市場的佔有率也成長至 23.4%，較去年同期成長 6.3 個百分點。

And Jornay has a broad and growing prescriber base, reaching an all-time high of 27,700 prescribers in the third quarter, up 22% year over year.

Jornay 擁有廣泛且不斷增長的處方醫生群體，第三季處方醫生數量達到歷史新高 27,700 人，年增 22%。

Importantly, we're seeing growth across both patient segments. In the third quarter, the pediatric and adolescent segment, which represents about 80% of our total prescriptions, grew 18% year over year. The adult segment, which represents about 20% of our prescriptions, grew 29% year over year. We see additional opportunity in the adult market and will continue to evaluate the levers we can pull to further grow within this segment.

重要的是，我們看到兩個患者群體都實現了成長。第三季度，兒科和青少年市場（約占我們處方總量的 80%）年增 18%。成人處方量約占我們處方量的 20%，年增 29%。我們看到成人市場還有更多機會，並將繼續評估我們可以採取哪些措施來進一步擴展這一細分市場。

Throughout the year we've invested in two key commercial priorities focused on driving near and long-term growth for Jornay PM. The first is to increase awareness and adoption with an expanded set of prescribers, and the second is to raise caregiver and patient awareness so that they ask their healthcare provider about Jornay.

今年以來，我們重點投資了兩個關鍵的商業優先事項，旨在推動 Jornay PM 的近期和長期成長。首先，要擴大處方醫生的群體，提高人們對 Jornay 的認識和接受度；其次，要提高護理人員和患者的認識，以便他們向醫療保健提供者諮詢 Jornay。

In April, we completed the expansion of our sales force, adding approximately 55 new representatives, bringing the total ADHD sales force to approximately 180 representatives. Our expanded sales force is focused on increasing awareness and adoption in prescribers and was fully trained and deployed ahead of the back to school season. Our sales team is now targeting approximately 21,000 prescribers, up from 17,000 prior to the expansion.

4 月份，我們完成了銷售團隊的擴充，新增了約 55 位銷售代表，使 ADHD 銷售團隊的總人數達到約 180 人。我們擴大的銷售團隊致力於提高處方醫生的認知度和採用率，並在返校季之前完成了全面的培訓和部署。我們的銷售團隊目前的目標是約 21,000 名處方醫生，而擴張前的目標人數為 17,000 人。

Importantly, they are also increasing the frequency of interactions with key healthcare providers.

重要的是，他們也在增加與主要醫療保健提供者的互動頻率。

We're starting to see early indicators of positive impact, including strong results during the back to school season, and almost 3,800 new targets wrote a prescription for Jornay in the third quarter. Not only are we seeing growth in new prescribers, but we're also seeing an increase in the number of prescriptions from existing prescribers.

我們開始看到一些正面影響的早期跡象，包括返校季的強勁業績，以及第三季近 3800 個新目標為 Jornay 開立處方。我們不僅看到新處方醫生數量增加，而且也看到現有處方醫生開出的處方數量增加。

In recent months, we also launched new marketing campaigns to raise awareness among healthcare providers, patients, and caregivers. Our new non-personal promotion campaigns targeted to healthcare providers support the efforts of our sales force to drive awareness of Jornay's differentiated profile. We're committed to further educating patients and caregivers on the differentiated benefits of Jornay. As we know, patient requests are a key driver of new prescriptions.

近幾個月來，我們也推出了新的行銷活動，以提高對醫療保健提供者、患者和照護者的意識。我們針對醫療保健提供者所進行的全新非人員推廣活動，旨在支持我們的銷售團隊提高人們對 Jornay 差異化優勢的認識。我們致力於進一步向患者和照護者普及 Jornay 的獨特優勢。眾所周知，患者的需求是新處方開立的關鍵驅動因素。

Our new digital marketing campaigns directed to caregivers and patients are designed to raise their awareness of Journey and motivate them to talk to their healthcare provider.

我們針對護理人員和患者的全新數位行銷活動旨在提高他們對 Journey 的認識，並激勵他們與醫療保健提供者進行交流。

In addition, we recently announced a new collaboration with entrepreneur and advocate, Paris Hilton to increase awareness of ADHD and Jornay PM. We believe her firsthand experiences with ADHD being diagnosed as a young adult and being treated with Jornay PM will resonate with our target audiences.

此外，我們最近宣布與企業家兼倡導者帕麗斯希爾頓展開新的合作，以提高人們對 ADHD 和 Jornay PM 的認識。我們相信，她年輕時被診斷出患有 ADHD，並接受 Jornay PM 治療的親身經歷，將引起我們目標受眾的共鳴。

Overall, we're seeing a high level of engagement across our digital marketing channels and are encouraged by the increasing interest in Jornay's differentiated profile.

總體而言，我們在各個數位行銷管道都看到了很高的參與度，並且對 Jornay 的差異化形像日益增長的興趣感到鼓舞。

Lastly, as we look at the payer landscape for 2026, we expect to improve coverage for about $2 million lives. We don't expect any negative formulary changes to the strong coverage that Jorda has across the commercial and Medicaid books of business.

最後，展望 2026 年的支付方格局，我們預期將改善約 200 萬人的醫療保險覆蓋範圍。我們預計 Jorda 在商業和 Medicaid 業務領域強大的覆蓋範圍不會受到任何負面的處方集變化的影響。

As I reflect on our first year promoting Jornay, I'm encouraged by our team's performance. I'm also extremely proud of our support of the ADHD community. We recently had the opportunity to present posters at two medical conferences providing insight into real real-world use of Jornay, and we honored patients during ADHD Awareness Month in October.

回顧我們推廣 Jornay 的第一年，我對我們團隊的表現感到鼓舞。我也為我們對過動症群體的支持感到無比自豪。我們最近有機會在兩場醫學會議上展示海報，深入探討 Jornay 在現實世界中的應用，並在 10 月的 ADHD 宣傳月期間向患者致敬。

We're committed to supporting this community and strive to improve care for patients living with ADHD. Looking ahead, we're motivated and well positioned to finish the year strong and carry this momentum into 2026.

我們致力於支持這個群體，並努力改善患有註意力不足過動症患者的照護。展望未來，我們充滿動力，並已做好充分準備，力爭在今年取得佳績，並將這種勢頭延續到 2026 年。

Turning to our Pain Portfolio, Collegium has long been the leader in responsible pain management with a unique and differentiated portfolio of medicines. BELBUCA, Xtampza and NUCYNT collectively represent approximately 50% of the branded market. Our pain portfolio is highly differentiated with strong brand fundamentals. BELBUCA remains the only long-acting opioid medicine that uses buprenorphine buckle film technology.

就我們的疼痛產品組合而言，Collegium 長期以來一直是負責任的疼痛管理領域的領導者，擁有獨特且差異化的藥物組合。BELBUCA、Xtampza 和 NUCYNT 合計約佔品牌市場份額的 50%。我們的疼痛管理產品組合具有高度差異化優勢，並擁有強大的品牌基礎。BELBUCA 仍是唯一一種採用丁丙諾啡扣膜技術的長效型鴉片類藥物。

In market research, it was ranked as the number one branded opioid in terms of differentiation and favorability. 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 oxycodone medicine in terms of differentiation and favorability.

在市場調查中，就差異化程度和受歡迎程度而言，它被評為排名第一的品牌阿片類藥物。同樣，Xtampza 是唯一一款採用我們專有的同類最佳濫用抑制技術 DETERx 的緩釋羥考酮藥物，在差異化和受歡迎程度方面被評為排名第一的羥考酮藥物。

In the third quarter, combined quarterly revenues from our Pain Portfolio reached an all-time high, performing ahead of our expectations and continuing to fuel the financial strength of our business. Prescription performance was in line with our expectations across the portfolio, reinforcing our belief that the life cycle of these medicines may prove to be longer and more robust than is currently appreciated in the market.

第三季度，我們疼痛產品組合的季度總收入創歷史新高，超出預期，並繼續推動我們業務的財務實力。整個產品組合的處方表現符合我們的預期，這更加堅定了我們的信念，即這些藥物的生命週期可能比目前市場上所認識到的更長、更穩健。

We're committed to maximizing revenues from our paint portfolio in 2026 and beyond through a combination of driving demand for our highly differentiated products and enhancing the profitability of each brand. We have broad coverage for our paint products and do not expect to have any major payer changes in 2026. For Xtampza ER we did secure exclusive formulary access for approximately $1.7 million commercial lives effective January 1.

我們致力於在 2026 年及以後最大限度地提高塗料產品組合的收入，具體措施包括：推動對我們高度差異化產品的需求，以及提高每個品牌的盈利能力。我們的塗料產品覆蓋範圍廣泛，預計 2026 年不會出現任何重大的支付方變更。對於 Xtampza ER，我們已獲得獨家處方集准入資格，自 1 月 1 日起，商業保單價值約為 170 萬美元。

Finally, we continued our history of leadership at Pain Week 2025 where we presented 9 posters highlighting real-world data underscoring the differentiation of our pain portfolio and celebrated Pain Awareness Month. We're proud to be the leader in responsible pain management, lead with the science, and support patients living with severe and persistent pain.

最後，我們在 2025 年疼痛週上延續了我們的領導地位，我們展示了 9 張海報，重點介紹了真實世界的數據，突顯了我們疼痛產品組合的差異化優勢，並慶祝了疼痛意識月。我們很自豪能夠成為負責任的疼痛管理領域的領導者，以科學為先導，並為遭受嚴重和持續性疼痛的患者提供支持。

This has been another quarter of strong commercial performance and execution. For the remainder of the year, we're focused on finishing strong and generating momentum to ensure a fast start in 2026. I'll now hand the call over to Colleen to discuss financial highlights.

這又是一個商業業績和執行力強勁的季度。今年剩餘時間裡，我們將專注於取得好成績並積蓄勢頭，以確保在 2026 年快速開局。現在我將把電話交給科琳，讓她來討論財務上的重要事項。

Thanks, Scott. Good morning, everyone. Q3 was another strong quarter. We delivered record total revenues of $209.4 million, up 31% year over year. Adjusted EBITDA of $133 million up 27% year over year and are on track to achieve our updated full year 2025 guidance. We also generated robust operating cash flows of $78.4 million repaid $16.1 million of debt, and ended the quarter with $285.9 million in cash, cash equivalents, and marketable securities, demonstrating the strength of our balance sheet. Our strong performance enabled us to raise our 2025 financial guidance, which I will detail shortly.

謝謝你，斯科特。各位早安。第三季表現依然強勁。我們實現了創紀錄的總收入 2.094 億美元，年增 31%。調整後 EBITDA 為 1.33 億美元，年增 27%，預計將實現我們更新後的 2025 年全年業績指引。我們還產生了強勁的經營現金流，達到 7,840 萬美元，償還了 1,610 萬美元的債務，並在季度末持有 2.859 億美元的現金、現金等價物和有價證券，這證明了我們資產負債表的穩健性。我們強勁的業績使我們能夠提高 2025 年的財務預期，我稍後會詳細介紹。

Financial highlights for the third quarter of 2025 include net product revenues were $209.4 million up 31% year over year. Jornay PM net revenue was $41.8 million. BELBUCA net revenue was $58.3 million up 10% year over year. Xtampza net revenue was $50.5 million up 2% year over year.

2025 年第三季財務亮點包括：淨產品收入為 2.094 億美元，較去年同期成長 31%。Jornay PM 的淨收入為 4,180 萬美元。BELBUCA 淨收入為 5,830 萬美元，年增 10%。Xtampza 淨收入為 5,050 萬美元，年增 2%。

NUCYNTA franchise net revenue was $54.8 million, up 21% year over year. NUCYNTA revenues increased year over year primarily due to profitability improvements from gross to nets, consistent with our re-payer strategy, as well as certain rebate settlements benefiting the quarter.

NUCYNTA 特許經營淨收入為 5,480 萬美元，年增 21%。NUCYNTA 的營收年增，主要原因是毛利潤到淨利的獲利能力提高，這與我們的還款策略一致，以及某些回饋結算對本季有利。

GAAP operating expenses were $67.1 million up 8% year over year. Non-GAAP adjusted operating expenses were $55.7 million, up 60% year over year. As a reminder, the increase in operating expenses reflects ongoing costs to commercialize Jornay, as well as the targeted investments we've made to drive future growth, including the expansion of our sales force and new marketing campaigns. GAAP net income was $31.5 million, up 238% year over year.

GAAP營運費用為6,710萬美元，較去年同期成長8%。非GAAP調整後的營運費用為5,570萬美元，較去年同期成長60%。需要提醒的是，營運費用的增加反映了 Jornay 商業化的持續成本，以及我們為推動未來成長而進行的有針對性的投資，包括擴大銷售團隊和開展新的行銷活動。GAAP淨利為3,150萬美元，較去年同期成長238%。

Non-GAAP adjusted EBITDA was $133 million, up 27% year over year. GAAP earnings per share was $1 basic and $0.84 diluted compared to GAAP earnings per share of $0.29 basic and $0.27 diluted in the prior year period. Non-GAAP adjusted earnings per share was $2.25 compared to $1.61 in the prior year period. Please see our press release issued earlier today for a reconciliation of GAAP to non-GAAP results.

非GAAP調整後的EBITDA為1.33億美元，較去年同期成長27%。GAAP每股收益基本為1美元，稀釋後為0.84美元，去年同期GAAP每股收益基本為0.29美元，稀釋後為0.27美元。非GAAP調整後每股盈餘為2.25美元，去年同期為1.61美元。有關 GAAP 與非 GAAP 結果的調整表，請參閱我們今天早些時候發布的新聞稿。

In addition, we generated $78.4 million in cash from operations and ended the quarter with $285.9 million in cash equivalents, and marketable securities as of September 30.

此外，我們從營運活動中產生了 7,840 萬美元的現金，截至 9 月 30 日，本季末我們擁有 2.859 億美元的現金等價物和有價證券。

As a result of our continued strong performance in the first 9 months of the year, we are raising our 2025 full year guidance. We expect total product revenues in the range of $775 million to $785 million. This represents a 24% increase year over year driven by our lead growth driver Jornay PM and supported by continued performance from our pain portfolio. We expect Jornay revenue to be in the range of $145 million to $150 million driven by both increased demand and gross to net improvements.

由於我們在今年前 9 個月持續取得強勁業績，我們上調了 2025 年全年業績預期。我們預計產品總收入將在 7.75 億美元至 7.85 億美元之間。這代表著年增 24%，主要得益於我們領先的成長動力 Jornay PM，以及我們疼痛產品組合的持續良好表現。我們預計，在需求成長和毛利提高的雙重推動下，Jornay 的營收將在 1.45 億美元至 1.5 億美元之間。

As we've done in the past, we seek to balance achieving broad coverage with enhancing profitability by managing growth to net, and we have taken the same approach with Jornay. Gross to net for Jornay was 62% in the third quarter, and we expect further improvement in Q4, resulting in a full year gross to net to be in the mid-60% range. We expect adjusted EBITA in the range of $460 million to $470 million a 16% increase year over year.

正如我們過去所做的那樣，我們力求在實現廣泛覆蓋和提高盈利能力之間取得平衡，透過管理淨增長來實現這一目標，我們對 Jornay 也採取了同樣的方法。Jornay 第三季毛利淨利為 62%，我們預計第四季將進一步改善，全年毛利淨利將達到 60% 左右。我們預計調整後 EBITA 將在 4.6 億美元至 4.7 億美元之間，年增 16%。

Adjusted operating expenses are expected in the range of $235 million to $240 million. The increase from 2024 reflects ongoing targeted investments to support Jornay's near-term growth and drive significant momentum in 2026 and beyond.

調整後的營運費用預計在 2.35 億美元至 2.4 億美元之間。2024 年的成長反映了為支持 Jornay 近期成長並推動其在 2026 年及以後取得顯著發展勢頭而進行的持續有針對性的投資。

We remain committed to creating value for our shareholders through disciplined capital deployment. Our strategy balances expansion through business development, opportunistic share repurchases, and rapid debt repayment.

我們將繼續致力於透過審慎的資本配置為股東創造價值。我們的策略是透過業務發展實現擴張、抓住機會回購股票以及快速償還債務來實現的平衡。

As Vikram mentioned, we remain actively engaged in evaluating potential opportunities to further expand and diversify our portfolio.

正如 Vikram 所提到的，我們將繼續積極評估進一步擴大和多元化投資組合的潛在機會。

Year-to-date we have returned $25 million of value to shareholders through an accelerated share repurchase program, and we have $150 million remaining in our current board authorized share repurchase program that we can opportunistically leverage through December 31, 2026. Our ongoing authorization reinforces the importance of share repurchases as a key component of our capital deployment strategy.

今年迄今為止，我們已透過加速股票回購計劃向股東返還了 2,500 萬美元的價值，我們目前在董事會授權的股票回購計劃中還有 1.5 億美元，我們可以抓住機會利用該計劃，直至 2026 年 12 月 31 日。我們持續的授權進一步凸顯了股票回購作為我們資本部署策略關鍵組成部分的重要性。

In the third quarter we repaid $16.1 million of our term loan and ended the quarter with net debt to adjusted EBITDA leverage of approximately 1.2 times. We expect to repay an additional $16.1 million in the fourth quarter and to end the year with net leverage of less than one time.

第三季度，我們償還了 1,610 萬美元的定期貸款，季度末淨債務與調整後 EBITDA 的槓桿率約為 1.2 倍。我們預計第四季將額外償還 1,610 萬美元，並使年底淨槓桿率低於 1 倍。

I will now turn the call back to Vikram.

現在我將把電話轉回給維克拉姆。

Thanks, Colleen. In summary, we delivered another strong quarter which has prompted us to raise our full year financial guidance.

謝謝你，科琳。總而言之，我們又迎來了一個強勁的季度，這促使我們提高了全年財務預期。

We are determined to carry this momentum through the remainder of the year and into 2026. As we look ahead, we remain focused on our capital deployment strategy to further expand and diversify our business while creating value for our shareholders. And importantly, we are committed to improving the lives of patients living with serious medical conditions who are at the forefront of everything we do.

我們決心將這種勢頭保持到今年年底甚至2026年。展望未來，我們將繼續專注於資本部署策略，進一步拓展並多元化我們的業務，同時為股東創造價值。更重要的是，我們致力於改善身患重疾的患者的生活，他們是我們一切工作的核心。

I will now open the call up for questions, operator.

現在我將開放提問環節，接線生。

(Operator Instructions)

（操作說明）

Dennis singh, Jeffreys.

丹尼斯·辛格，杰弗里斯。

Good morning. This is Anthea on for Dennis. Thank you for taking our question and congrats on the great quarter. First question, for Q3 script growth was clearly very strong, but curious how return reserves and inventory also played into that in addition to grows to net improvements. And then secondly, on the expanded sales force, do you see that having a major impact on Q3 already, or should we actually expect more of an acceleration in Q4 in 2026? Thank you.

早安.這裡是安西亞替丹尼斯報道。感謝您回答我們的問題，並祝賀您本季業績出色。第一個問題是，第三季腳本成長顯然非常強勁，但除了淨成長之外，退貨準備金和庫存是如何影響這一成長的呢？其次，關於擴大的銷售隊伍，您認為這是否已經對第三季產生了重大影響，還是我們應該期待在 2026 年第四季出現更大的加速成長？謝謝。

Thank you. I'll take that first question and then I'll hand it off to Scott for the second half. So for Jornay gross to nets, as expected, gross to nets has improved in the third quarter as compared to the first half of the year. As a point of comparison, Q1 gross to nets was 70%, Q2 67%, and 62% in the third quarter as just mentioned.

謝謝。我先回答第一個問題，然後把剩下的部分交給史考特來回答。因此，正如預期的那樣，Jornay 的毛利與淨利潤在第三季度比上半年有所改善。作為對比，如剛才所提到的，第一季毛利與淨利比為 70%，第二季為 67%，第三季為 62%。

And we now expect gross to nets to be in the mid 60% range relative to our previous expectation of upper 60s. What's really driving that improvement on the gross to net front is the through the year improvement is seasonality and then broadly it's also improving returns rates and favorable contracting.

我們現在預計毛利與淨利潤之比將在 60% 左右，而我們先前的預期是 60% 以上。真正推動毛利與淨利比有所改善的因素是全年成長的季節性因素，以及整體而言，不斷提高的回報率和有利的合約條款。

All right. And to your question on the sales force, so no, there was not significant impact in the third quarter as it relates to the expansion of the salesforce. What I'd say is we're beginning to see, as I said in my prepared remarks, some early signals of impact, right? We're reaching more customers.

好的。至於你提出的銷售團隊問題，答案是：不，第三季銷售團隊的擴張並沒有受到重大影響。正如我在準備好的演講稿中所說，我們開始看到一些早期影響的跡象，對吧？我們正在觸達更多客戶。

I'd say the biggest numerical thing is. We expanded our sales force from 17 -- I mean our target universe from 17,000 to 21,000 targets, and 3,800 of those wrote a prescription, so that's a good signal, but not significant impact in the third quarter and we really expect most impact as we get into 2026 and beyond.

我認為最重要的數字是：我們將銷售團隊從 17 人擴大到目標客戶群——我的意思是，我們的目標客戶群從 17,000 人擴大到 21,000 人，其中 3,800 人開了處方，這是一個好兆頭，但對第三季度的影響並不顯著，我們預計最大的影響將在以後 2026 年及顯著。

Brandon Folkes, HC Wainwright.

Brandon Folkes，HC Wainwright。

Hi, thanks for taking my question. I do want to just follow on from the prior question. Can you help us just think through so on Jornay, the net revenue, I think if we look at prescriptions 3Q over 2Q looks like it grew 3.2% you know gross net obviously improved from 67% to 62%. Revenue quarter over quarter is up 28%. Can you just sort of answer the question about inventory movements, it does seem to be flowing through to, 4Q if I look at the new guidance. So can you just help us understand the net price tailwinds in the back of this year and is that dynamic expected to be similar in 2026? Thank you.

您好，感謝您回答我的問題。我想接著上一個問題再問。能幫我們分析一下 Jornay 的淨收入嗎？我認為如果我們看一下處方藥，第三季比第二季增加了 3.2%，毛淨收入顯然從 67% 提高到了 62%。營收季增28%。能否回答一下關於庫存變動的問題？如果我查看新的指導意見，庫存變動似乎會延續到第四季。那麼，您能否幫我們了解今年稍後的淨價格利好因素，以及這種動態預計在 2026 年是否類似？謝謝。

Thanks a lot for the question, Brandon. So our, in our space, all of our products, given that they're controlled substance inventory is on average around 15 days on hand. We don't see much fluctuation from that up or up or down a few days.

布蘭登，非常感謝你的提問。因此，在我們這個領域，由於所有產品都是受管制物質，我們的庫存平均約為 15 天。我們預計這幾天內不會出現太大的波動，無論是上漲還是下跌。

Jornay for the third quarter, I believe, was 17 days on hand. And as far as the gross to nets, and so what has improved this year, so I'll separate. In each year, you would expect higher gross to nets in the first half, particularly in the first quarter due to deductible resets in those typical seasonal patterns.

我記得，Jornay 第三季有 17 天的空閒時間。至於毛利潤與淨利的比率，以及今年有哪些方面有所改善，我將單獨列出。每年上半年，尤其是第一季度，由於季節性規律中可抵扣額的重置，毛利潤與淨利潤之比都會較高。

In addition to that, what we have seen that has been better than our expectations is improved returns rates and improved contracting. And so looking forward to 2026, what I would say is the seasonality associated with the first half versus second half dynamic will exist due to those Q1 resets, and we would expect full year gross to nets to be stable now in about the mid-60s range.

除此之外，我們還看到一些超出預期的情況，例如回報率提高和合約簽訂情況改善。因此，展望 2026 年，我認為由於第一季的調整，上半年與下半年動態相關的季節性因素仍然存在，我們預計全年毛利潤與淨利潤之比將穩定在 60% 左右。

Les Sulewski, Truist.

萊斯·蘇萊夫斯基，Truist。

Hi this is [Jeevan] on for Less. Thanks for taking our questions and congrats on the progress.

大家好，我是[Jeevan]，為您帶來低價節目。感謝您解答我們的問題，並祝賀您的進展。

So now that we're in November, how is the adherence rate for Jornay has been trending since beginning of back to school season? And then also in terms of M&A, when you look across your BD funnel, have you gotten to the due diligence stages on anything? And if so, what are some factors that might dissuade you from closing on an effective deal? Thank you.

現在已經是 11 月了，自從返校季開始以來，Jornay 的堅持率趨勢如何？此外，就併購而言，當你審視你的業務拓展流程時，你是否已經對任何專案進入了盡職調查階段？如果是這樣，有哪些因素可能會阻礙你達成有效的交易？謝謝。

Yeah, thanks for the questions. I'll have Scott answer the question on Jornay, and then I'll take the BD question.

好的，謝謝你的提問。我會先請 Scott 回答關於 Jornay 的問題，然後再由我來回答 BD 的問題。

Go ahead. Yeah, thanks. Related to adherence, there's no surprises when it comes to the adherence rate for jornay PM. It's in line with all ADHD medications where we see a typical adherence curve of 9 to 10 months per TRX.

前進。嗯，謝謝。就依從性而言，jornay PM 的依從性並沒有什麼意外。這與所有 ADHD 藥物的情況一致，我們看到典型的依從性曲線是每片 TRX 9 到 10 個月。

Yeah, on the BD question, I mean, I think we wouldn't comment on any specific opportunities that we're in process on, but what I would say is, I would reiterate what I said in my prepared remarks. We remain active in our business development efforts as we have been in the past, and when at a point when there is something to be discussed, obviously we will make folks aware, but as a reminder.

是的，關於業務拓展的問題，我的意思是，我認為我們不會對任何正在進行中的具體機會發表評論，但我會重申我在準備好的演講稿中所說的內容。我們將繼續像過去一樣積極開展業務拓展工作，當有需要討論的事情時，我們當然會通知大家，但在此也提醒一下。

I want to reiterate what I said about our overall capital deployment strategy. It's a balance of business development and expanding our portfolio, opportunistic opportunistically repurchasing our shares. And continuing to strengthen our balance sheet by repaying debt, and what you should expect is that balance to continue.

我想重申我之前所說的關於我們整體資本部署策略的觀點。這是在業務發展和擴大投資組合之間取得平衡，並伺機回購我們的股票。我們將繼續透過償還債務來強化資產負債表，您可以預期這種平衡狀態將持續下去。

Serge Belanger, Needham & Company Inc.

Serge Belanger，Needham & Company Inc.

Hi, good morning. This is John. I'm for Serge today. Congrats on the quarter and thanks for taking our questions. So sticking with GTNs, you just had a really solid quarter, and I believe in the past you've highlighted GTNs for 2025 for this product to be in the range of roughly 40%. Just curious to see, where they were in the third quarter and if you can provide any additional color on the rebate settlements and how much of an impact that had, that'd be great.

您好，早安。這是約翰。我今天支持塞爾吉。恭喜您本季取得佳績，感謝您回答我們的問題。所以，說到 GTN，你們剛剛度過了一個非常穩健的季度，而且我相信你們過去曾重點提到，2025 年該產品的 GTN 佔比將達到 40% 左右。我很好奇他們第三季的業績如何，如果您能提供更多關於退款結算以及其影響程度的信息，那就太好了。

John, just to clarify, which product was that question on? You cut out a bit.

約翰，請確認一下，你問的是哪個產品的問題？你刪掉了一部分。

NUCYNTA.

努辛塔。

Okay, great. I wanted to make sure. Thanks for the question. For the overall NUCYNTA franchise, obviously NUCYNTA IR and NUCYNTA travel a little bit different. The rebate settlement benefit in the third quarter was just under $3 million at $2.8 million. That was really a timing difference. It was a benefit in the third quarter that was really attributable to first half activities for gross to net rate in the third quarter, NUCYNTA IR was at -- because of that benefit, 28.5% and NUCYNTA ER was 31.8%.

好的，太好了。我想確認一下。謝謝你的提問。對於整個 NUCYNTA 特許經營體係而言，NUCYNTA IR 和 NUCYNTA 旅行顯然略有不同。第三季的退款結算收益略低於 300 萬美元，為 280 萬美元。那確實是時間上的差異。第三季的收益實際上歸功於上半年的活動，第三季毛利率與淨利率之比為 28.5%，由於該收益，NUCYNTA IR 為 31.8%。

David Amsellem, Piper Sandler Companies.

David Amsellem，Piper Sandler 公司。

This is Alex on for David. Maybe just to circle back to business development, how large a transaction would you contemplate given the current capital structure, and when would you be willing to take on R&D risk? Also related to BD and M&A, are you led to, pain or CNS or are you thinking more broadly? Thank you.

這裡是Alex替David報道。或許可以回到業務發展這個話題，鑑於目前的資本結構，您會考慮多大規模的交易？何時願意承擔研發風險？另外，關於業務拓展和併購，您是專注於疼痛還是中樞神經系統問題，還是考慮得更廣泛一些？謝謝。

Yeah, thank you for the question. As far as the size of, business development transaction, I think what we've previously said is we are willing to take on, lever up to about 3 times net debt over EBITA, and, as Colleen mentioned, we, ended this quarter in Q3, at about 1.2, and then, we expect to end the year, less than 1 time.

是的，謝謝你的提問。至於業務發展交易的規模，我認為我們之前說過，我們願意承擔的槓桿率最高可達淨債務與 EBITA 之比的 3 倍左右，正如 Colleen 所提到的，我們在第三季末的槓桿率約為 1.2 倍，然後，我們預計到年底將低於 1 倍。

In terms of the area of the therapeutic area, look, our priority is always going to be, those areas where we can create some operational leverage from the investments that we have made, right?

就治療領域而言，我們的首要任務始終是那些我們能夠利用已進行的投資創造一些營運槓桿的領域，對吧？

So, you think about paying where we have a 100% sales force now with the Jornay we have a 180% sales force that calls on roughly half and half about equally split between pediatricians and psychiatrists. So when we think about call point synergies, those would be the target areas that we would look at, but you know we're as I've said before, we are willing to look beyond that.

所以，想想看，我們現在有一支 100% 的銷售團隊，而 Jornay 則有一支 180% 的銷售團隊，他們拜訪的醫生大約有一半，其中一半是兒科醫生，另一半是精神科醫生，兩者人數大致相當。所以，當我們考慮呼叫點協同效應時，這些就是我們會關注的目標領域，但你知道，正如我之前所說，我們也願意考慮其他方面。

However, the bar is higher, and in order for us to look beyond that and create a third stool of the leg or third leg of the stool, sorry, it would need to be a capital efficient area, right? So we, we've discussed those in the past as well. So at the end of the day, what we'd like to do is continue to think about additional BD opportunities that are in that are commercial assets or very near commercial assets.

然而，標準更高，為了超越這個標準，創造出凳子的第三條腿，或者說凳子的第三條腿，抱歉，它必須是一個資本效率高的領域，對吧？所以，我們過去也討論過這些問題。所以歸根究底，我們希望繼續思考那些已經是商業資產或非常接近商業資產的額外業務拓展機會。

Thinking just from a risk standpoint, and your question more around BD pipeline and, development stage, I don't think that's something that we can take on today, down the road once we have scaled the company and, build another, commercial leg, so to speak, to the company, we can contemplate that, but at this point in time we are focused on commercial or very near commercial assets.

僅從風險角度考慮，以及您關於 BD 管線和開發階段的問題，我認為我們目前無法承擔。未來，一旦公司規模擴大，並為公司建立另一個商業支柱，我們可以考慮這個問題。但目前，我們專注於商業化或接近商業化的資產。

Thank you. I would like to turn the floor over to Vikram for closing remarks.

謝謝。我謹將發言權交給維克拉姆，請他作總結發言。

Okay, well, thank you everyone for joining the call this morning. Enjoy the rest of your day.

好的，謝謝大家今天早上參加電話會議。祝您今天餘下的時間愉快。

This concludes today's teleconference. We may disconnect your lines at this time and thank you for your participation.

今天的電話會議到此結束。我們可能會在此時斷開您的線路，感謝您的合作。