Collegium Pharmaceutical Inc (COLL) 2025 Q4 法說會逐字稿

Greetings. Welcome to the Collegium Pharmaceutical fourth quarter in full year 2025 earnings conference call. (Operator Instruction) Please note this conference call is being recorded. I'll now turn the call over to Lan Karp, Head of Investor Relations at Collegium. Thank you. You may now begin.

問候。歡迎參加 Collegium Pharmaceutical 2025 年第四季及全年業績電話會議。（操作員指示）請注意，本次電話會議正在錄音。現在我將把電話交給Collegium投資者關係主管Lan Karp。謝謝。現在你可以開始了。

Great, thanks. Welcome to Collegium Pharmaceuticals fourth quarter and full year 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.

太好了，謝謝。歡迎參加 Collegium Pharmaceuticals 2025 年第四季及全年業績電話會議。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。

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. We are cautioned that such forward-looking statements involve risks and uncertainties as detailed in the company's periodic looking statements periodic reports filed with the Securities and Exchange Commission. Our future results may differ materially from our current expectations discussed today.

在今天的電話會議開始之前，我們想提醒各位參與者，今天提供的所有資訊均不具有推廣性質，並且今天作出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。我們謹此提醒，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前瞻性陳述報告。我們未來的業績可能與我們今天討論的預期有重大差異。

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

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。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, Lan. Good morning, everyone, and thank you for joining our fourth quarter and full year 2025 earnings call. 2025 was a year of transformative growth for Collegium. We delivered robust financial results due to strong commercial execution and deployed capital strategically to support long-term value creation. Importantly, we made meaningful progress on our three strategic priorities, which include driving significant growth for [Jornay PM] maximizing the durability of our pain portfolio.

謝謝你，蘭。各位早安，感謝各位參加我們2025年第四季及全年財報電話會議。 2025年是Collegium實現轉型成長的一年。我們憑藉強勁的商業執行力取得了穩健的財務業績，並策略性地部署資本以支持長期價值創造。重要的是，我們在三個策略重點方面取得了實質進展，其中包括推動 [Jornay PM] 實現顯著成長，最大限度地提高我們疼痛產品組合的持久性。

And strategically deploying capital to further enhance shareholder value. In the fourth quarter we saw continued momentum for journey among prescribers and across our key patient populations including pediatrics, adolescents, and adults. We were encouraged to see that once again total Journey prescribers reached an all-time high in the quarter, which is particularly impressive given that Journey first launched more than six years ago.

並進行策略性資本部署，以進一步提升股東價值。第四季度，我們看到處方醫生和我們的主要患者群體（包括兒科、青少年和成人）的旅程繼續保持成長勢頭。我們很高興地看到，Journey 處方用戶總數在本季再次創下歷史新高，考慮到 Journey 於六年前首次推出，這一成績尤其令人印象深刻。

This growth was supported by a strong back to school season which began in Q3, as well as the positive impact from recent sales and marketing investments made throughout the year. In parallel, our paint portfolio continued to drive significant revenues with meaningful year over year growth in the fourth quarter.

這一成長得益於第三季開始的強勁返校季，以及全年銷售和行銷投資帶來的正面影響。同時，我們的塗料產品組合在第四季度繼續推動了可觀的收入成長，實現了顯著的同比增長。

The continued performance of our pain portfolio enabled us to achieve record levels of both full year total revenues and adjusted EBITDA while generating significant cash flows to fuel our capital deployment strategy. Our dedication to patients and the communities we serve drives us every day, and it is the foundation of our success.

我們疼痛產品組合的持續出色表現，使我們得以實現全年總收入和調整後 EBITDA 的創紀錄水平，同時產生大量現金流，為我們的資本部署戰略提供動力。我們對病人和所服務社區的奉獻精神每天都在激勵著我們，這也是我們成功的基石。

And with our achievements comes a significant opportunity and responsibility to further support patients and give back to our communities. Yesterday we published our 2025 ESG report which highlights the various ways we demonstrate our ongoing commitment to doing good as we do well. I encourage you to view this report now available on our corporate website.

隨著我們所取得的成就，我們也迎來了重要的機會和責任，要進一步支持病人並回饋社會。昨天我們發布了 2025 年 ESG 報告，重點介紹了我們持續致力於在取得良好業績的同時造福社會的各種方式。我建議您查看這份報告，該報告現已發佈在我們公司網站上。

I want to thank the entire collegiate team for their enduring commitment to operating with integrity and empathy as we deliver on our strategic priorities and serve patients who are at the forefront of everything we do.

我要感謝整個大學團隊，感謝他們始終秉持誠信和同理心開展工作，以實現我們的策略重點，並為我們所做的一切以患者為中心的事情服務。

In 2025, we achieved record top and bottom line results, growing full year net revenues by 24% and adjusted EBITDA by 15%. Strong execution across the enterprise enabled us to achieve our annual financial guidance. In our first full year of journey ownership, we drove significant growth in both prescriptions and revenue. Journey prescriptions grew by 20% year over year and generated $148.9 million in net revenue, up 48% compared to pro forma 2024 revenue.

2025 年，我們實現了創紀錄的營收和利潤，全年淨收入成長 24%，調整後 EBITDA 成長 15%。企業各部門的強有力執行使我們能夠實現年度財務目標。在我們全面接管旅程的第一年，處方量和收入都實現了顯著增長。Journey 處方藥年增 20%，淨收入達 1.489 億美元，比 2024 年預計收入增長 48%。

Our pain portfolio generated $631.7 million in 2025, up 6% year over year, with all three of our core pain medicines delivering folio growth. The continued solid performance of our pain portfolio further reinforces our belief that these revenues will prove to be durable in the years ahead.

到 2025 年，我們的疼痛產品組合創造了 6.317 億美元的收入，年增 6%，我們所有三種核心疼痛藥物都實現了產品組合的成長。我們疼痛治療產品組合的持續穩健表現進一步增強了我們對這些收入在未來幾年將保持穩定的信心。

In addition, we generated more than $329 million in cash from operations in 2025 and ended the year with over $386 million in cash, up approximately $224 million from the end of 2024. Our net leverage ratio is now less than 1 time, which was an ambitious target we set for ourselves earlier in 2025.

此外，我們在 2025 年透過經營活動產生了超過 3.29 億美元的現金，到年底現金餘額超過 3.86 億美元，比 2024 年底增加了約 2.24 億美元。我們的淨槓桿率現在低於 1 倍，這是我們在 2025 年初為自己設定的雄心勃勃的目標。

Finally, we made great progress executing our capital deployment strategy. In December we announced the closing of a $980 million syndicated credit facility which significantly improves our interest rate and debt terms and provides additional flexibility as we continue to seek opportunities to expand and diversify our portfolio through BD. The successful closing of our syndicated, our first syndicated credit facility reflects the strength of our financial outlook and demonstrates our commitment to maintaining a strong balance sheet.

最後，我們在執行資本部署策略方面取得了巨大進展。去年 12 月，我們宣布完成 9.8 億美元的銀團貸款，這大大改善了我們的利率和債務條款，並為我們繼續尋求透過 BD 擴大和多元化投資組合的機會提供了更大的靈活性。我們首次成功完成銀團貸款，這反映了我們強勁的財務前景，也反映了我們致力於維持穩健資產負債表的決心。

Earlier in the year, we repurchased 25 million in shares through our share repurchase program. Reinforcing the importance of repurchases as an important component of our capital deployment strategy. Turning out now to recent corporate updates, in keeping with our strategy of maximizing the life cycle of our pain portfolio and ensuring our medicines remain accessible to patients, in January we announced supply and quality agreements with [Hikma] Pharmaceuticals in connection with our authorized generic agreement for Nucynta and Nucynta that was previously announced in 2024.

今年早些時候，我們透過股票回購計畫回購了 2,500 萬股股票。強調回購是我們資本部署策略的重要組成部分。現在來看看最近的公司動態，為了最大限度地延長我們疼痛產品組合的生命週期，並確保患者能夠繼續獲得我們的藥物，我們在 1 月份宣布與 [Hikma] Pharmaceuticals 達成供應和質量協議，這與我們之前宣布的 2024 年 Nucynta 和 Nucynta 的授權仿製藥協議有關。

This allows Hikma to launch authorized generics of the Nucynta products. ICM recently launched an authorized generic of Nucynta and is expected to launch Nucynta in Q1 2026. Our AG agreement provides us with significant profit share, positioning us to maximize the value of the Nucynta franchise and compete effectively with third-party generics.

這使得 Hikma 能夠推出 Nucynta 產品的授權仿製藥。ICM最近推出了Nucynta的授權仿製藥，預計將於2026年第一季推出Nucynta。我們的AG協議為我們提供了可觀的利潤分成，使我們能夠最大限度地發揮Nucynta特許經營權的價值，並有效地與第三方仿製藥競爭。

We also continued to strengthen the clinical evidence supporting our portfolio, completing four real-world evidence studies for Jornay PM and three across our pain portfolio, generating meaningful new insights for healthcare professionals. We also supported investigator-initiated studies evaluating Jornay PM in adults and in patients with comorbid psychiatric conditions, helping to expand understanding in patient populations of growing clinical interest. As we enter 2026, we remain focused on our top three priorities mentioned before, with the ultimate goal of improving the lives of patients and driving near and long-term value creation for our shareholders.

我們也持續加強支持我們產品組合的臨床證據，完成了 Jornay PM 的四項真實世界證據研究和我們疼痛產品組合的三項真實世界證據研究，為醫療保健專業人員提供了有意義的新見解。我們也支持研究者發起的評估 Jornay PM 在成人和合併精神疾病患者中的應用的研究，幫助加深對日益受到臨床關注的患者群體的理解。進入 2026 年，我們將繼續專注於先前提到的三大優先事項，最終目標是改善患者的生活，並為股東創造近期和長期的價值。

First, we will build upon the progress we made in driving growth for Journey. In 2025 we accelerated journey's growth trajectory, delivering 20% growth in prescriptions and 48% growth in net revenue compared to pro forma 2024. As expected, we are starting to see the tangible benefits from the sales and marketing investments we made in 2025 to raise awareness of journey.

首先，我們將鞏固我們在推動 Journey 成長方面的進展。2025 年，我們加快了 Journey 的成長軌跡，與 2024 年的預期相比，處方量增加了 20%，淨收入成長了 48%。正如預期的那樣，我們開始看到 2025 年為提高人們對旅程的認識而進行的銷售和行銷投資所帶來的實際好處。

These efforts included expanding our ADHD sales force and launching new commercial initiatives which we expect will continue to drive momentum throughout 2026.

這些努力包括擴大我們的 ADHD 銷售團隊，並推出新的商業計劃，我們預計這些計劃將在 2026 年繼續推動發展勢頭。

As reflected in our 2026 guidance, we expect GA revenue of $190 million to $200 million, representing more than 30% annual growth. Second, we will continue to maximize the durability of our pain portfolio. In 2025, our pain medicines delivered 6% growth in revenues and generated robust cash flows that enable us to further invest in our business and support our capital deployment strategy.

正如我們在 2026 年的業績指引中所反映的那樣，我們預計 GA 收入將達到 1.9 億美元至 2 億美元，年增長率超過 30%。其次，我們將繼續最大限度地提高我們疼痛治療產品組合的持久性。2025 年，我們的止痛藥收入成長了 6%，並產生了強勁的現金流，使我們能夠進一步投資於我們的業務並支持我們的資本部署策略。

And third, we remain committed to discipline capital deployment. Our approach balances portfolio expansion and diversification through business development. Debt repayment and opportunistic share repurchases. Our new syndicated credit facility provides additional flexibility to further drive long-term value creation as we work to expand and diversify our portfolio of differentiated medicines.

第三，我們將繼續致力於規範資本部署。我們的方法透過業務發展實現投資組合擴張和多元化。償還債務和伺機回購股票。我們新的銀團貸款安排為我們提供了更大的靈活性，以便在努力擴大和多元化我們的差異化藥物組合的過程中，進一步推動長期價值創造。

With our proven history of delivering results, we are well positioned for near and long-term growth in 2026 and beyond. Our pain portfolio provides a strong financial foundation from which we continue to invest in our business.

憑藉我們過往的卓越業績，我們已做好充分準備，迎接 2026 年及以後的近期和長期成長。我們的疼痛管理產品組合為我們提供了強大的財務基礎，我們可以以此為基礎繼續投資於我們的業務。

That foundation is bolstered by Journey, a differentiated medicine with headroom for further meaningful growth, and that provides an anchor in neuropsychiatry and pediatrics from which we can continue to expand our portfolio. Our track record of successful business development, including our proven ability to rapidly integrate and invest behind newly acquired assets, provides a pathway for long-term value creation.

Journey 是一款差異化的藥物，具有進一步實現有意義增長的空間，它為這一基礎提供了支撐，並為神經精神病學和兒科學領域提供了支撐，我們可以以此為基礎繼續擴展我們的產品組合。我們在業務發展方面擁有成功的記錄，包括我們快速整合和投資新收購資產的成熟能力，這為創造長期價值提供了途徑。

And 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. Jornay PM continued to perform well in the fourth quarter as we leverage the momentum created in the third quarter and maximize the opportunity during back to school season.

謝謝維克拉姆，大家早安。Jornay PM 在第四季度繼續保持良好表現，我們利用了第三季度積累的勢頭，並最大限度地把握了返校季的機會。

During the fourth quarter, we grew prescriptions, prescribers, and market share backed by strong brand differentiation and HCP perceptions coupled with the growth trajectories just mentioned and our ongoing commercial investments, we're well positioned to drive additional growth for Journey again this year.

第四季度，憑藉強大的品牌差異化和醫療保健專業人員的認可，我們的處方量、處方醫生數量和市場份額均有所增長。再加上前面提到的成長軌跡以及我們持續的商業投資，我們已做好充分準備，在今年再次推動 Journey 實現進一步成長。

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

Jone 是一種高度差異化的藥物，也是唯一一種每天只需在晚上服用一次的過動症興奮劑，可在起床後一直到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 的藥物在患者早上醒來後就開始起效。

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 continue to be highly positive. In market research, healthcare professionals rated Jornay as the number one ADHD brand in terms of product differentiation, with a score that was more than double that of all other medicines in the same category.

醫療保健專業人員對 Jornay 的看法仍然非常積極。在市場調查中，醫療保健專業人士將 Jornay 評為 ADHD 產品差異化方面排名第一的品牌，其得分是同類其他藥物的兩倍多。

In addition, over 60% of HCPs indicated a strong intent to increase prescribing, which was the highest among all other branded ADHD medicines. We also know that if a patient or caregiver specifically asks to try Jornay, physicians typically honor that request.

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。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。

Our commercial team remains focused on increasing awareness of Journey's unique and differentiated profile to further drive utilization, and we see opportunities to drive additional growth moving forward.

我們的商業團隊將繼續致力於提高人們對 Journey 獨特和差異化定位的認識，以進一步推動其使用，我們看到了未來推動進一步成長的機會。

In addition to raising awareness among HCPs, caregivers, and patients, other opportunities include initiatives to extend persistency and actions to further penetrate the adult market.

除了提高醫護人員、照護者和患者的意識外，其他機會還包括延長治療持續時間的措施和進一步滲透成人市場的行動。

Jornay was the fastest growing stimulant for the treatment of ADHD in the fourth quarter and full year 2025, delivering record prescriptions in both the quarter and the year. In the fourth quarter, over 200,000 prescriptions were written, up 16% year over year, and over 760,000 prescriptions were written in 2025, up 20% year over year.

Jornay 在 2025 年第四季和全年都是治療 ADHD 成長最快的興奮劑，該季度和全年的處方量均創下紀錄。第四季開立的處方超過 20 萬張，年增 16%；2025 年開立的處方超過 76 萬張，年增 20%。

This performance reflects strong commercial execution throughout the year, including the critical back to school season, as well as early impact from the new sales and marketing investments we made in 2025. Our expanded ADHD sales force and new marketing campaigns were strategically in place ahead of the back to school season to maximize the opportunity during this time, and we continue to see their impact on prescriptions extending into the fourth quarter.

這項業績反映了全年強勁的商業執行力，包括關鍵的返校季，以及我們在 2025 年進行的新銷售和行銷投資的早期影響。我們在返校季之前就策略性地擴大了 ADHD 銷售團隊並開展了新的行銷活動，以最大限度地利用這段時間的機會，我們繼續看到它們對處方量的影響延續到了第四季度。

In December, average weekly prescriptions were up to approximately 16,600 compared to 13,800 in July, an increase of 20%. We're excited to see that this momentum continued into January, with average weekly prescriptions of approximately 16,800, which was particularly encouraging given the typical Q1 dynamics where there is seasonal pressure on volume due to annual deductible resets and higher out of pocket costs for patients. We expect strong prescription growth in 2026 as we continue to realize the full year benefit of our expanded sales force and marketing campaigns.

12 月份，平均每週處方量約為 16,600 張，而 7 月份為 13,800 張，增加了 20%。我們很高興地看到，這一勢頭延續到了 1 月份，平均每週處方量約為 16,800 張，考慮到第一季通常會面臨季節性壓力（例如年度免賠額重置和患者自付費用增加），這一數字尤其令人鼓舞。我們預計 2026 年處方量將強勁成長，因為我們將繼續實現擴大的銷售隊伍和行銷活動帶來的全年效益。

Journey's broad prescriber base also continued to grow, reaching an all-time high of over 29,000 in the fourth quarter, up 21% year over year. Not only are we seeing growth in new prescribers, but the depth of prescribing also increased throughout 2025, particularly with our targeted physicians.

Journey 的處方醫生群體也持續成長，第四季達到歷史新高，超過 29,000 人，較去年同期成長 21%。我們不僅看到新處方醫生數量增長，而且到 2025 年，處方深度也有所增加，尤其是在我們目標醫生群體中。

Journay's market share of the long-acting branded methylphenidate market grew to nearly 26% in the fourth quarter, up 6.5% points year over year. Importantly, we saw growth across both patient segments of our business, pediatrics and adults. In the fourth quarter, the pediatric and adolescent segment, which represents about 80% of total prescriptions, grew 14% year over year. The adult segment, which represents about 20% of prescriptions, grew 24% year over year.

第四季度，Journay 在長效品牌哌甲酯市場的佔有率成長至近 26%，較去年同期成長 6.5 個百分點。重要的是，我們在兒科和成人這兩個患者群體中都實現了成長。第四季度，兒科和青少年處方藥市場（約佔處方總量的 80%）年增 14%。成人處方藥市場約佔處方藥總量的 20%，較去年同期成長 24%。

We see additional opportunity in the adult market, including raising awareness among HCPs that their adult patients' unmet need for efficacy upon awakening is greater than they think. We remain focused on driving significant growth in Journey by raising awareness and maintaining broad patient access. In 2025, we made targeted investments to increase awareness and adoption with an expanded set of prescribers and to raise caregiver and patient awareness, so they asked their healthcare provider about Jornay.

我們看到成人市場還有更多機會，包括提高醫療保健專業人員的意識，讓他們意識到他們的成年患者在醒來後對療效的未滿足需求比他們想像的要大。我們將繼續致力於透過提高公眾意識和保持廣泛的患者可及性來推動 Journey 的顯著增長。2025 年，我們進行了有針對性的投資，以提高更多處方醫生的認識和採用率，並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。

Our expanded sales team is targeting approximately 21,000 prescribers, up from 17,000 prior to the expansion. Importantly, they are also increasing frequency of interactions with key healthcare providers. As we end 2025, the majority of targets we added as part of the expansion have written a prescription for Jornay, and their depth of prescribing increased by the end of the year. Building on our efforts from last year, we continue to launch new marketing campaigns aimed at raising awareness of Jornay among healthcare providers, patients, and caregivers.

我們擴大的銷售團隊的目標是約 21,000 名處方醫生，而擴張前的目標人數為 17,000 人。重要的是，他們與主要醫療保健提供者的互動頻率也在增加。到 2025 年底，我們在擴張過程中新增的大多數目標客戶都已開始使用 Jornay，並且到年底，他們的使用深度有所增加。在去年的努力基礎上，我們繼續推出新的行銷活動，旨在提高醫療保健提供者、患者和照護者對 Jornay 的認識。

Our non-personal marketing efforts include a comprehensive and broad campaign that surrounds healthcare providers via web and social media content, supporting the efforts of our sales force to drive awareness of Journey's differentiated profile. During the back to school season spanning Q3 and Q4, we increased our investment in these critical non-personal promotional programs, reaching an additional 50,000 ADHD prescribers who fall outside of the Salesforce targeting efforts. In total, our digital marketing actions target approximately 70,000 healthcare providers.

我們的非個人行銷工作包括一項全面而廣泛的宣傳活動，該活動透過網路和社交媒體內容圍繞著醫療保健提供者展開，以支持我們的銷售團隊提高人們對 Journey 差異化形象的認識。在第三季和第四季的返校季期間，我們加大了對這些關鍵的非個人推廣計劃的投入，額外接觸到了 Salesforce 目標群體之外的 50,000 名 ADHD 處方醫生。我們的數位行銷活動總共針對約 70,000 名醫療保健提供者。

In addition, we made significant and increased investment in digital marketing to activate adult patients and caregivers during the back to school season, as we know that their requests are one of the largest driving forces behind new prescriptions.

此外，我們還增加了對數位行銷的投入，以在返校季期間激活成年患者和護理人員，因為我們知道他們的需求是新處方背後的最大驅動力之一。

Finally, we also focused on maintaining broad payer access for Journey. We're pleased to share that we've secured new formulary access under a major commercial healthcare plan which will be effective May 1, increasing Journey's coverage by an estimated 4.5 million covered lives.

最後，我們也專注於確保 Journey 能夠獲得廣泛的支付方支援。我們很高興地宣布，我們已獲得大型商業醫療保健計劃的新處方集准入資格，該資格將於 5 月 1 日生效，預計將使 Journey 的承保人數增加 450 萬。

Turning now to our pain portfolio, Collegium is the leader in responsible pain management with a unique and differentiated portfolio of medicines, Belbuca, Extanansa and the Nucynta franchise, which collectively represent approximately 50% of the branded market.

現在來看看我們的疼痛產品組合，Collegium 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品組合，包括 Belbuca、Extanansa 和 Nucynta 系列，這些藥品合計約佔品牌藥市場的 50%。

Our pain portfolio is highly differentiated with strong brand fundamentals. Belbuca remains the only long acting opioid medicine that uses buprenorphine buckle film technology. In market research, it was ranked as the number one branded opioid in terms of differentiation and favorability. Similarly, tansa, the only extended release oxycodone medicine, That uses our proprietary best in class abuse deterrent technology, Deterre was ranked as the number one oxycodone medicine in terms of differentiation and favorability.

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 仍然是唯一採用丁丙諾啡扣膜技術的長效鴉片類藥物。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，Tansa 是唯一一款採用我們專有的同類最佳濫用抑制技術 Deterre 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 4th quarter and full year 2025, we delivered strong performance in our pain portfolio, which continues to fuel the financial strength of our business. We grew combined revenues from our pain portfolio on a quarterly and full year basis, both up mid-single-digits, and prescription performance was in line with our expectations, 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.

2025 年第四季和全年，我們的疼痛治療產品組合表現強勁，這持續推動著我們業務的財務實力。我們的疼痛產品組合的綜合收入按季度和全年計算均實現了中等個位數的增長，處方表現也符合我們的預期，這更加堅定了我們對這些藥物生命週期可能比目前市場所認識到的更長、更穩健的信念。

Average weekly prescriptions for both Belbuca and Xtampza were particularly strong in October through December, generating positive momentum as we entered this year. Additionally, we continue to see a large and in the case of Belbuca growing prescriber base despite these brands being later in the life cycle, further supporting our expectation of durability for both brands. As we've said before, we remain committed to maximizing the revenue from our paint portfolio while maintaining broad payer coverage.

從 10 月到 12 月，Belbuca 和 Xtampza 的平均每週處方量都非常強勁，為我們進入今年帶來了積極的勢頭。此外，儘管這些品牌已進入生命週期的後期，但我們仍然看到龐大的處方醫生群體，而且 Belbuca 的處方醫生群體還在不斷增長，這進一步支持了我們對這兩個品牌持久性的預期。正如我們之前所說，我們將繼續致力於最大限度地提高塗料產品組合的收入，同時保持廣泛的支付方覆蓋率。

As a reminder, we expect both our ADHD and pain portfolios to be impacted by the typical 1st quarter dynamics when there's seasonal pressure on volume and gross to nets due to annual deductible resets and higher out of pocket costs for patients. This is in line with our expectations and reflected on our 2026 financial guidance.

再次提醒，我們預計我們的 ADHD 和疼痛產品組合都會受到第一季典型動態的影響，屆時由於年度免賠額重置和患者自付費用增加，銷量和毛利淨額都會面臨季節性壓力。這符合我們的預期，並已反映在我們的 2026 年財務指引中。

We enter 2026 from a position of strength as we remain focused on advancing our priorities for the year. We delivered another year of strong performance in 2025 across the entire portfolio. I'm proud of our commercial team's execution, which set us up to enter 2026 in a position of strength as we remain focused on advancing our priorities of growingjourney and maximizing the pain portfolio. I'll now hand the call over to Colleen to discuss financial highlights.

進入 2026 年，我們依然保持強勁勢頭，並將繼續專注於推進今年的各項優先事項。2025年，我們的整個投資組合又取得了強勁的業績。我為我們商業團隊的執行力感到自豪，這使我們能夠以強大的姿態進入 2026 年，我們將繼續專注於推進我們的優先事項，即發展旅程和最大化痛點組合。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. I'm pleased to share that we have delivered another year of robust financial results and achieved our 2025 financial guidance. This accomplishment is a testament to the operational execution and financial discipline across our organization.

謝謝你，斯科特。各位早安。我很高興地宣布，我們又一年取得了穩健的財務業績，並實現了2025年的財務目標。這項成就證明了我們公司在營運執行和財務紀律方面的卓越表現。

Full year 2025 net revenues were a record $780.6 million, up 24% year over year. An adjusted EBITA was a record $460.5 million up 15% year over year. We also generated robust operating cash flows of $329.3 million and ended the year with $386.7 million in cash equivalents, and marketable securities.

2025 年全年淨收入創歷史新高，達到 7.806 億美元，年增 24%。經調整後的 EBITA 達到創紀錄的 4.605 億美元，年增 15%。我們也產生了強勁的營運現金流，達到 3.293 億美元，年底持有現金等價物和有價證券共 3.867 億美元。

Additional financial highlights for the fourth quarter and full year of 2025 include total net product revenues were $205.4 million in the quarter, up 13% year over year, and a record $780.6 million in 2025, up 24% year over year.

2025 年第四季和全年的其他財務亮點包括：該季度產品淨收入總額為 2.054 億美元，年增 13%；2025 年全年淨收入總額將創下 7.806 億美元的紀錄，年增 24%。

Jornay PM net revenue was $45.9 million in the quarter, up 57% year over year, and $148.9 million in 2025, up 48% year over year compared to pro forma 2024 revenue. Belbuca net revenue was $59.1 million in the quarter, up 7% year over year, and $221.7 million in 2025, up 5% year over year. Xtampza net revenue was $48.6 million in the quarter, down 6% year over year, and 199.3 million in 2025, up 4% year over year.

Jornay PM 本季淨收入為 4,590 萬美元，年增 57%；預計 2025 年淨收入將達到 1.489 億美元，年增 48%（與 2024 年的預估收入相比）。Belbuca 本季淨收入為 5,910 萬美元，年增 7%；預計 2025 年淨收入將達到 2.217 億美元，年增 5%。Xtampza 本季淨收入為 4,860 萬美元，年減 6%；預計 2025 年淨收入將達到 1.993 億美元，年增 4%。

Nucinta franchise net revenue was 47.9 million in the quarter, up 15% year over year, and $196.3 million in 2025, up 11% year over year. Revenue from the Nucinta franchise increased year over year primarily due to profitability improvements from managing ghost to nets consistent with our payer strategy.

Nucinta 特許經營淨收入本季為 4,790 萬美元，年成長 15%，預計 2025 年將達到 1.963 億美元，年成長 11%。Nucinta 特許經營收入逐年增長，主要原因是盈利能力的提高，這得益於我們管理虛假帳戶的淨額與支付方策略的一致性。

GAAP operating expenses were $67.6 million in the quarter, up 12% year over year, and $283.6 million in 2025, up 37% year over year. Non-GAAP adjusted operating expenses were $57.5 million in the quarter, up 13% year over year, and $237.3 million in 2025, up 58% year over year. The increase in operating expenses in 2025 reflects ongoing cost to commercialize Journey as well as the targeted investments we made to drive future growth, including the expansion of our sales force and new marketing campaigns.

本季 GAAP 營運費用為 6,760 萬美元，年增 12%；2025 年預估為 2.836 億美元，年增 37%。本季非GAAP調整後的營運費用為5,750萬美元，年增13%；2025年預計為2.373億美元，年增58%。2025 年營運費用的增加反映了 Journey 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 net income was $17 million in the quarter, up 36% year over year and $62.9 million in 2025, down 9% year over year. Note that GAAP net income in the quarter and full year was impacted by a one-time loss on extinguishment of debt of approximately $16 million related to the extinguishing of our prior debt and refinancing with our new syndicated credit facility.

本季 GAAP 淨收入為 1,700 萬美元，年增 36%；預估 2025 年淨收入為 6,290 萬美元，年減 9%。請注意，本季和全年的 GAAP 淨收入受到一次性債務清償損失的影響，損失約為 1,600 萬美元，這與我們清償先前債務以及透過新的銀團信貸安排進行再融資有關。

Non-GAAP adjusted EBITDA was 127.3 million in the quarter, up 18% year over year, and a record 460.5 million in 2025, up 15% year over year. GAAP earnings per share was $0.54 basic and $0.46 diluted in the quarter compared to $0.39 basic and $0.36 diluted in the prior year quarter. For the full year, GAAP earnings per share was $1.98 basic and $1.73 diluted compared to $2.14 basic and $1.86 diluted in the prior year.

本季非GAAP調整後EBITDA為1.273億美元，年增18%；預計2025年將達到創紀錄的4.605億美元，年增15%。本季GAAP每股收益基本為0.54美元，稀釋後為0.46美元，去年同期基本為0.39美元，稀釋後為0.36美元。全年來看，GAAP每股收益基本為1.98美元，稀釋後為1.73美元，去年同期基本為2.14美元，稀釋後為1.86美元。

Non-GAAP adjusted earnings per share was $2.04 in the quarter compared to $1.77 in the prior year quarter. For the full year, non-GAAP adjusted earnings per share was $7.42 compared to $6.45 in the prior year. Please see our press release issued earlier today for a reconciliation of GAAP to non-GAAP results.

本季非GAAP調整後每股收益為2.04美元，而去年同期為1.77美元。全年非GAAP調整後每股收益為7.42美元，去年同期為6.45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。

As of December 30, 2025, we have $386.7 million in cash equivalents, and marketable securities, up $223.9 million from the end of 2024. We ended the year with net debt to adjusted EBITDA leverage of less than 1 ton. We are reaffirming the 2026 financial guidance that was issued in January. We expect total product revenues in the range of 805 to 825 million. This represents a 4% increase year over year driven by Journey growth and durable revenues from our paying portfolio.

截至 2025 年 12 月 30 日，我們擁有 3.867 億美元的現金等價物和有價證券，比 2024 年底增加了 2.239 億美元。年底時，我們的淨負債與調整後 EBITDA 的比率不到 1 噸。我們重申1月發布的2026年財務預期。我們預計產品總收入將在 8.05 億至 8.25 億之間。這代表著年增 4%，主要得益於 Journey 的成長以及我們付費產品組合帶來的穩定收入。

Our revenue guidance reflects an estimated impact of our authorized generic agreement with Hikma. Our agreement with Hikma provides us with significant profit share, positioning us to maximize the value of the Nucynta franchise and compete effectively with third-party generics.

我們的營收預期反映了我們與 Hikma 達成的授權仿製藥協議的預期影響。我們與 Hikma 達成的協議為我們提供了可觀的利潤分成，使我們能夠最大限度地發揮 Nucynta 特許經營權的價值，並有效地與第三方仿製藥競爭。

Consistent with prior years and typical first quarter dynamics that impact our industry, we expect a modest quarter over quarter decline in revenues in the first quarter of 2026 due to annual deductible resets that increase out of pocket costs for patients.

與往年以及影響我們行業的典型第一季動態一致，我們預計 2026 年第一季收入將出現小幅環比下降，原因是年度免賠額重置增加了患者的自付費用。

We expect Journey revenue to be in the range of $190 million to $200 million a 31% increase year over year. We ended 2025 with Journey full year gross to nets of about 64%, and we expect gross to nets in 2026 to remain stable in the mid-60% range.

我們預計 Journey 的營收將在 1.9 億美元至 2 億美元之間，年增 31%。2025 年全年 Journey 毛利約為 64%，我們預計 2026 年毛利率將維持在 60% 左右的穩定水準。

As a reminder, gross to nets tend to fluctuate on a quarterly basis, and we expect gross to nets to be highest in the first quarter and higher in the first half of the year compared to the second half due to typical seasonal dynamics. We expect adjusted EBITDA in the range of $455 million to $475 million, up 1% year over year.

需要提醒的是，毛利潤與淨利潤之比往往會按季度波動，由於典型的季節性因素，我們預計第一季的毛利潤與淨利潤之比最高，上半年的毛利潤與淨利潤之比高於下半年。我們預計調整後 EBITDA 將在 4.55 億美元至 4.75 億美元之間，年增 1%。

We remain committed to creating value for our shareholders through disciplined capital deployment. Our capital deployment strategy balances expansion and diversification through business development, debt repayment, and opportunistic share repurchases. As Vikram mentioned, we remain actively engaged in evaluating opportunities to further expand and diversify our portfolio through business development, which I will elaborate on in a moment.

我們將繼續致力於透過審慎的資本配置為股東創造價值。我們的資本部署策略透過業務發展、償還債務和機會性股票回購來平衡擴張和多元化。正如 Vikram 所提到的，我們將繼續積極評估透過業務拓展進一步擴大和多元化我們投資組合的機會，我稍後會詳細說明。

In December we announced the successful closing of our first syndicated credit facility, underscoring the strength of our financial outlook. The $980 million credit facility will mature in 2030 and consists of $580 million initial term loan, $300 million delayed draw term loan, and a $100 million revolving credit facility. The initial term loan was used to repay the $581 million balance of our previous $646 million term loan. With the delayed draw term loan and revolving credit facility both currently undrawn.

12 月，我們宣布成功完成首筆銀團貸款，凸顯了我們強勁的財務前景。這項 9.8 億美元的信貸安排將於 2030 年到期，其中包括 5.8 億美元的初始定期貸款、3 億美元的延期提取定期貸款和 1 億美元的循環信貸安排。首筆定期貸款用於償還我們先前6.46億美元定期貸款中剩餘的5.81億美元。目前，延期提取的定期貸款和循環信貸額度均未提取。

Our new credit facility significantly improves our interest rate and debt terms, which is expected to result in meaningful annualized interest savings. The credit facility also provides additional capital that can be used to fund future business development opportunities to drive long-term value for shareholders.

我們新的信貸安排顯著改善了我們的利率和債務條款，預計將帶來可觀的年度利息節省。此信貸安排還提供額外的資金，可用於資助未來的業務發展機會，從而為股東創造長期價值。

In 2025, we returned $25 million of value to shareholders through an accelerated share repurchase program. We have $150 million remaining in our current board-authorized repurchase program which can be leveraged through December 31, 2026.

2025年，我們透過加速股票回購計畫向股東返還了2,500萬美元的價值。我們目前經董事會批准的回購計畫中還剩 1.5 億美元，該計畫可執行至 2026 年 12 月 31 日。

We remain disciplined in our approach to business development and continue to evaluate assets that are commercial or near commercial with cost efficient sales and marketing requirements and exclusivity into the 2030s and beyond.

我們將繼續秉持嚴謹的業務發展策略，並持續評估具有商業價值或接近商業價值、銷售和行銷成本低廉且在 2030 年代及以後具有獨家經營權的資產。

We are focused on therapeutic areas where we can leverage our expertise and established infrastructure, including neuropsychiatry, pediatrics, and pain, while also remaining open to other specialty indications or rare diseases that are cost-efficient, assuming they offer a compelling path to building a franchise.

我們專注於能夠發揮自身專長和已建立的基礎設施的治療領域，包括神經精神病學、兒科學和疼痛治療，同時也對其他具有成本效益的特殊適應症或罕見疾病持開放態度，前提是它們能夠為建立特許經營權提供一條令人信服的途徑。

I am confident in our ability to build upon this track record when the right opportunity arises. I will now turn the call back to Vikram.

我相信，一旦適當的時機到來，我們有能力在此基礎上再創佳績。現在我將把電話轉回給維克拉姆。

Thank you, Colleen. 2025 was a year of strong execution for Collegium in which we achieved our financial commitments and delivered on our strategic priorities. We entered 2026 with great momentum and a clear focus on driving further growth for Jornay PM, maximizing the durability of our pain portfolio, and strategically deploying capital.

謝謝你，科琳。 2025年對Collegium來說是執行力強勁的一年，我們實現了財務承諾，並達成了策略重點目標。2026 年伊始，我們便擁有強勁的發展勢頭，並明確專注於推動 Jornay PM 的進一步增長，最大限度地提高我們疼痛管理產品組合的持久性，並進行戰略性資本部署。

These priorities position us to create long-term value for our shareholders as we build a leading diversified biopharmaceutical company committed to improving the lives of patients living with serious medical conditions.

這些優先事項使我們能夠為股東創造長期價值，同時打造一家領先的多元化生物製藥公司，致力於改善患有嚴重疾病的患者的生活。

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

現在開始接受提問，接線生。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instruction)

謝謝。接下來我們將進行問答環節。（操作說明）

Les Sulewski with Truist.

Les Sulewski 與 Truist 合作。

Hey, this is [Jeevan] on for Les. Thanks for taking our questions. What assumptions underlie 2026 journey guidance and how should we think about factors that could lead to upside? Also, have there been any competitive developments in the space that could impact journey demand? Thank you.

嘿，我是[Jeevan]，為您報道Les。謝謝您回答我們的問題。2026 年業績指引基於哪些假設？我們該如何看待可能導致業績上行的因素？此外，該領域是否有任何可能影響出行需求的競爭發展？謝謝。

Yeah, thanks for the question, Jeevan. I think if I understood your question, you were asking what drives, what assumptions drive the 2026 guide for journey, and I think, as we've said before in our prepared remarks, we expect that growth to be driven by demand growth as we expect relative stability in gross to nets between 2025 and 2026. And if you don't mind repeating your second question, that'd be helpful.

是的，謝謝你的提問，吉萬。我認為，如果我理解你的問題，你是在問是什麼驅動著、是什麼假設驅動著 2026 年的旅程指南，我認為，正如我們之前在準備好的發言稿中所說，我們預計增長將由需求增長驅動，因為我們預計 2025 年至 2026 年間毛利潤與淨利潤將保持相對穩定。如果您不介意重複您的第二個問題，那就太好了。

Yeah, sure. Have there been any competitor developments in the ADHD market that could potentially impact joining demand?

當然可以。ADHD市場中是否存在任何可能影響加入需求的競爭對手動態？

We look, we monitor, all the typical competitive dynamics in the market. We assess future launches that might be coming into this space to date we have, we don't see real much material change both in the forms of current dynamics or in future launches.

我們會觀察、監測市場中所有典型的競爭動態。我們評估了未來可能進入這一領域的發射，到目前為止，我們沒有看到任何實質性的變化，無論是在當前的動態方面還是在未來的發射方面。

That could impact Jona demand. As a reminder, Jonay remains as one of the only differentiated medicines in this space, specifically because of our proprietary delivery technology which makes meaningful impact for patients, particularly those that are dealing with morning challenges, and we don't expect that to be impacted anytime in the future.

這可能會影響 Jona 的需求。需要提醒的是，Jonay 仍然是該領域為數不多的差異化藥物之一，這主要歸功於我們專有的給藥技術，該技術對患者產生了有意義的影響，特別是對那些面臨晨起挑戰的患者，我們預計這種情況在未來不會受到影響。

Oren Livnat with HC Wainwright.

Oren Livnat 與 HC Wainwright。

Hi, thanks for taking my questions and congrats on all the progress. Maybe just two from me. I know you haven't given a peak sales range Jona, but can you just help us frame how you're thinking about the ramp to peak, are you thinking about sort of a three to five year ramp to peak, in your hands?

您好，感謝您回答我的問題，也恭喜您取得的所有進展。或許我只會選兩個。Jona，我知道你還沒有給出銷售高峰期的範圍，但你能幫我們說說你是如何考慮達到銷售高峰期的嗎？你認為在你掌控下，達到銷售高峰期需要三到五年時間嗎？

And then secondly, within Nucinta in the market. How commercially sensitive is Belbuca and Xtampza at this stage of their life cycle and, how do you think about the commercial infrastructure behind those products today versus perhaps if a generic came to market on either one of those, what's your hurdle to pull back on investment there?

其次，在市場上，Nucinta 也處於領先地位。Belbuca 和 Xtampza 在目前的生命週期階段的商業敏感度如何？您如何看待這些產品如今的商業基礎設施？如果其中任何一種藥物的仿製藥上市，您會面臨哪些障礙而撤回投資？

Thank you.

謝謝。

Yeah, thanks for the question, Brandon. I'll take the Journey PM peak sales question, and then we'll have Scott maybe address the Nacinta question. So we -- you're right, we have not previously talked about Journey PM peak sales primarily because we have, as I've said before, we are, continuing to invest in sales and marketing, activities, for Journey PM.

是的，謝謝你的提問，布蘭登。我來回答 Journey PM 銷售高峰的問題，然後我們可能會讓 Scott 回答 Nacinta 的問題。所以——你說得對，我們之前沒有討論過 Journey PM 的銷售高峰，主要是因為正如我之前所說，我們一直在繼續投資 Journey PM 的銷售和行銷活動。

And as a reminder, we expanded the sales team from 125 to 180 sales reps back in April last year and we also said that it takes about six to nine months before you can truly start to see the impact of the expansion. We're right in that time frame right now where we're starting to see the impact of the expanded team, and we expect that to continue throughout 2026.

再次提醒大家，去年四月我們將銷售團隊從 125 名銷售代表擴充到 180 名，我們也說過，大約需要六到九個月的時間才能真正開始看到擴張的影響。我們現在正處於團隊擴充帶來的影響顯現的時期，我們預計這種情況將持續到 2026 年。

So I think once we have a better sense of what the impact of these commercial investments tend to be, we'll have a much better sense both of the peak opportunity as well as what that ramp looks like so we look forward to keeping you updated on what journey looks like both in terms of the peak and how fast we can get there.

所以我認為，一旦我們更了解這些商業投資的影響，我們就能更好地了解高峰機會以及成長路徑，因此我們期待隨時向您報告成長路徑，包括高峰以及我們達到高峰的速度。

Now on the Nucinta question, maybe I'll turn it over to Scott and Colleen Dreyer.

關於 Nucinta 的問題，或許我應該把它交給 Scott 和 Colleen Dreyer 來回答。

I'll start, rand. I think your first thing was, as Nucinta AGs here, how does that help us think about the salesforce and is Belbuca Xtampza promotionally sensitive, and they're definitely mutually exclusive. Nina later in life circle light promotional sensitivity.

我先來，蘭德。我認為你們首先要考慮的是，作為 Nucinta AG，這如何幫助我們思考銷售團隊，以及 Belbuca Xtampza 是否具有促銷敏感性，而它們肯定是互斥的。妮娜在人生後期階段對燈光推廣活動表現出敏感度。

Belbuch and Extamsa high promotional sensitivity. It's a different situation, right? It's not one where it's competitive, so to speak, versus other sales forces, but it's a highly complex marketplace. And so our sales representatives are helping the offices navigate the payer environment and continue to change behavior. And so definitely promotionally sensitive. We need our team and just as a reminder, it's highly efficient. We have 100 in that sales organization that are supporting that $600 million plus revenue, so we think we're in a good spot there.

Belbuch 和 Extamsa 對促銷活動非常敏感。情況不一樣了，對吧？雖然它與其他銷售團隊之間不存在競爭關係，但它是一個高度複雜的市場。因此，我們的銷售代表正在協助各辦事處了解支付方環境並持續改變其行為。因此，這在推廣方面絕對非常敏感。我們需要我們的團隊，再次提醒大家，我們的團隊效率非常高。我們銷售團隊有 100 人，他們支撐著超過 6 億美元的收入，所以我們認為我們在這方面處於有利地位。

Yeah, Brandon, and I'll just add on, as we've said previously, particularly our failed forces, as Scott just mentioned, is focused on Xtampza and Belbuca , and we will invest through any of those potential LOE dates because of the uncertainty in the event an event were to occur, we can pivot pretty quickly, and we have the ability to moderate investment there, and that's how we would approach that.

是的，布蘭登，我再補充一點，正如我們之前所說，特別是我們失敗的投資，正如斯科特剛才提到的，主要集中在 Xtampza 和 Belbuca 上，我們會投資到任何可能的 LOE 日期，因為如果發生不確定事件，我們可以很快調整策略，並且有能力控制投資，這就是我們處理這種情況的方式。

And then I might just come back and just remind you on Journey PM that the LOE for is our base case IP is out to 2032 and given its differentiation as you think about longevity, you should be thinking about that date.

然後我可能會回來提醒您，Journey PM 中我們基本情況的知識產權的 LOE 到 2032 年，考慮到它的差異化，當您考慮其長期性時，您應該考慮這個日期。

Great, thank you very much.

太好了，非常感謝。

David Amsellem with Piper Sandler.

大衛·阿姆塞勒姆和派珀·桑德勒。

Hey, thanks. So just a couple for me, one on capital deployment. Vikram, I know you've talked about rare diseases, in the past and certainly given the background. I, I'm wondering how you're thinking about it in terms of Acquiring a rare disease focused asset that is on the market and using that as sort of a beachhead off of which you can add more rare disease assets where you would leverage. A patient services and a reimbursement hub. I know that's something that obviously you have a lot of experience with, but is that something you're thinking about, or are you leaning more into your existing therapeutic areas of expertise like psychiatry? So that's number one.

嘿，謝謝。對我來說，只有兩件事，一件是關於資本部署的。維克拉姆，我知道你過去曾談論過罕見疾病，考慮到你的背景，這一點尤其值得關注。我想知道您是如何考慮收購市場上專注於罕見疾病領域的資產，並以此為跳板，再增加更多罕見疾病資產，從而發揮槓桿作用的。病患服務和報銷中心。我知道你在這方面顯然有很多經驗，但你是在考慮這方面，還是更傾向於你現有的治療專長領域，例如精神病學？這是第一點。

And then secondly, just talk more generally about the Jornay Salesforce. There's always room to expand. ADHD is of course a big market, but how are you thinking about, right sizing of the salesforce, or, potential for more expansion down the road, whether it's this year Or next year.

其次，更廣泛地談談 Jornay Salesforce。總有發展的空間。ADHD 當然是一個巨大的市場，但是您是如何考慮銷售團隊的合理規模，或者未來進一步擴張的潛力，無論是今年還是明年？

Thanks David. On capital deployment, I think I'll remind everyone that our capital deployment, particularly from a BD standpoint, as we've said before, the types of assets we're looking at are commercial or near commercial, primarily US based, that that have LOEs into the 2030s and beyond.

謝謝你，大衛。關於資本部署，我想提醒大家，我們的資本部署，特別是從業務拓展的角度來看，正如我們之前所說，我們正在關注的資產類型是商業或接近商業用途的資產，主要位於美國，其運營期限可延長至 2030 年代及以後。

In an in an ideal world we can get these assets in the areas where we have already made a significant commercial investment, right? So if you think about psychiatry and pediatrics where with the with the Journey PM sales force we already call on a significant number of prescribers, that would be ideal so we can get a significant operating leverage. Now what we've also said before that we're open to other potential areas.

在理想情況下，我們可以在我們已經進行了大量商業投資的地區獲得這些資產，對嗎？因此，如果您考慮精神病學和兒科學，考慮到 Journey PM 銷售團隊已經接觸到大量處方醫生，這將是理想的，這樣我們就可以獲得顯著的營運槓桿。正如我們之前所說，我們對其他潛在領域持開放態度。

But they do need to be more capital efficient and as you rightly identified where disease tends to be one of those areas where it can be a bit more agnostic, but you can build a franchise that is, that creates operating leverage from creating a significant commercialization.

但他們確實需要提高資本效率，正如你所正確指出的，疾病往往是其中之一，它可能更具中立性，但你可以建立一個特許經營權，透過創造重大的商業化來產生營運槓桿。

Approach and one of them is, the backbone of patient services, reimbursement hub, etc. As we've spoken before, both of those areas are attractive to us as we think about how we build our portfolio out for the future.

其中之一是病患服務、報銷中心等的核心業務。正如我們之前所說，在考慮如何建立未來的業務組合時，這兩個領域都對我們很有吸引力。

In terms of the Journey PM Salesforce expansion, I think what we previously said still holds true. We, when we expanded to 180 reps back in April, we did that because we believe that, given the number of prescribers, given what the prescribing behavior looks like and what the various deciles looked like, we believe that 180 was the right number and so we believe the right size. Of course, if down the. Road if we feel that we need to expand more because you know we're only limiting our growth ourselves, then we will absolutely revisit that. But at this point in time we believe 180 is the right number and we look forward to seeing the momentum we're going to drive this year.

就 Journey PM Salesforce 的擴展而言，我認為我們之前所說的仍然適用。今年四月，我們將代表人數增加到 180 人，因為我們認為，考慮到處方醫生的數量、處方行為的現狀以及各個十分位數的分佈情況，180 人是正確的數字，也是正確的規模。當然，如果向下。如果我們認為需要進一步擴張，因為你知道，我們只是在限制自己的發展，那麼我們一定會重新考慮這個問題。但就目前而言，我們認為 180 是一個合適的數字，我們期待看到今年我們將要取得的進展。

Okay, that's helpful, thank you.

好的，這很有幫助，謝謝。

Thank you.

謝謝。

Thank you. At this time, I'll turn the floor back to Vikram for closing comments.

謝謝。現在，我將把發言權交還給 Vikram，請他做總結發言。

Well, thank you everyone for joining our call. Wish you a great rest of the day.

謝謝大家參加我們的電話會議。祝您今天餘下的時間過得愉快。

Thank you. This will conclude today's conference. We disconnect your lines at this time. We thank you for your participation. Have a wonderful day.

謝謝。今天的會議到此結束。我們現在將斷開您的線路。感謝您的參與。祝您有美好的一天。