Collegium Pharmaceutical, Inc. (COLL) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Collegium Pharmaceutical's first-quarter 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 Collegium Pharmaceutical 2026 年第一季財報電話會議。(接線員指示)

Please note that this conference call is being recorded. I'll now turn the call over to Ian Karp, Head of Investor Relations at Collegium. Thank you. You may now begin.

請注意，本次電話會議將被錄音。現在我將把電話交給 Collegium 投資人關係主管 Ian Karp。謝謝。您現在可以開始。

Great. Thanks so much, and welcome to Collegium Pharmaceutical's first quarter 2026 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.

很好。非常感謝，也歡迎參加 Collegium Pharmaceutical 2026 年第一季財報電話會議。今天與我一同出席的有：我們的總裁兼執行長 Vikram Karnani；財務長 Colleen Tupper；以及商務長 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.

在開始今天的會議之前，我們想提醒各位與會者，今天所呈現的資訊均非用於促銷用途；且今天所作的任何前瞻性陳述，均依據 1995 年《私人證券訴訟改革法》(Private Securities Litigation Reform Act of 1995) 的安全港條款作出。

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. Our future results may differ materially from our current expectations discussed today.

敬請注意，此類前瞻性陳述涉及風險與不確定性，相關內容已在公司向美國證券交易委員會（SEC）提交的定期報告中詳述。我們未來的結果可能與今天討論的目前預期存在重大差異。

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.

我們的財報新聞稿與本次電話會議將包含對若干非 GAAP 資訊的討論。您可在我們的公司網站上查閱財報新聞稿（包含相關非 GAAP 調節表）。接下來，我將把電話交給我們的總裁兼執行長 Vikram Karnani。

Thank you, Ian. Good morning, everyone, and thank you for joining our first quarter 2026 earnings call. At Collegium, we are building a leading diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. In the first quarter, we made meaningful progress on our 2026 strategic priorities and took an important step forward with the proposed acquisition of AZSTARYS, a differentiated commercial ADHD treatment for people 6 years and older.

謝謝你，Ian。各位早安，感謝各位參加我們 2026 年第一季財報電話會議。在 Collegium，我們正打造一家領先的多元化生物製藥公司，致力於改善罹患嚴重疾病人們的生活。第一季，我們在 2026 年策略優先事項上取得實質進展，並透過擬議收購 AZSTARYS 邁出重要一步；AZSTARYS 是一款具差異化的商業化 ADHD 治療藥物，適用於 6 歲及以上族群。

The addition of AZSTARYS accelerates our growth trajectory by strengthening our position in ADHD, complementing JORNAY PM and extending revenues into the late 2030s. This strategic acquisition reinforces our long-standing commitment to improving patient care while delivering long-term shareholder value.

納入 AZSTARYS 可強化我們在 ADHD 領域的布局、與 JORNAY PM 形成互補，並將營收延伸至 2030 年代末期，從而加速我們的成長軌跡。這項策略性收購再次彰顯我們長期致力於提升病患照護，同時為股東創造長期價值的承諾。

In the first quarter, we also made meaningful progress on our other 2026 strategic priorities, driving additional growth for JORNAY and continuing to enhance the durability of our pain portfolio. For JORNAY, we delivered continued strong growth across prescriptions, prescribers and market share.

第一季，我們也在其他 2026 年策略優先事項上取得實質進展，推動 JORNAY 的進一步成長，並持續提升我們疼痛產品組合的耐久性。就 JORNAY 而言，我們在處方量、開立處方醫師數與市占率方面持續展現強勁成長。

Prescriber adoption reached another all-time high this quarter, reflecting the positive impact of our sales and marketing investments. We also delivered another solid quarter for our pain portfolio with total pain portfolio net revenues growing 4% year-over-year, driven by growth from both Belbuca and Xtampza ER.

本季開立處方醫師的採用度再創歷史新高，反映我們銷售與行銷投資帶來的正面成效。我們的疼痛產品組合也再度交出穩健的一季表現，疼痛產品組合淨營收年增 4%，成長動能來自 Belbuca 與 Xtampza ER 的雙雙成長。

Steady cash flow generation from our pain portfolio continues to provide a strong financial foundation that supports our disciplined approach to capital deployment and business development. We are off to a strong start in 2026 and remain well positioned to continue executing against our strategy and deliver long-term value for our shareholders.

疼痛產品組合穩定的現金流持續提供堅實的財務基礎，支持我們在資本配置與業務開發上採取審慎且有紀律的方法。我們在 2026 年開局強勁，並仍具備良好條件持續落實策略，為股東創造長期價值。

In the first quarter, we demonstrated strong execution across our entire portfolio. JORNAY prescriptions grew by 14% year-over-year and generated $38.9 million in net revenue, up 36% year-over-year. Our pain portfolio generated $154.6 million in net revenue, up 4% year-over-year, reinforcing our confidence in its continued durability. We achieved both top and bottom line growth with total net product revenues up 9% and adjusted EBITDA up 9% year-over-year.

第一季，我們在整體產品組合上展現強勁的執行力。JORNAY 處方量年增 14%，淨營收達 3,890 萬美元，年增 36%。疼痛產品組合淨營收為 1.546 億美元，年增 4%，進一步強化我們對其持續耐久性的信心。我們在營收與獲利兩端皆實現成長：總淨產品營收年增 9%，調整後 EBITDA 年增 9%。

In addition, we generated more than $57.1 million in cash from operations and ended the quarter with over $421.8 million in cash, up $35 million from the end of 2025. With a clear focus towards the future, we also successfully executed a key element of our capital deployment strategy, announcing the proposed acquisition of AZSTARYS in March.

此外，我們營運活動產生現金超過 5,710 萬美元，季末現金超過 4.218 億美元，較 2025 年底增加 3,500 萬美元。著眼未來，我們也成功執行資本配置策略中的關鍵一環，於 3 月宣布擬議收購 AZSTARYS。

As mentioned, this acquisition will add a differentiated and highly complementary medicine to our existing portfolio, strengthening our position in ADHD. We believe AZSTARYS has significant future growth potential, and we plan to leverage our established commercial infrastructure and expertise to maximize its performance.

如前所述，這項收購將為我們現有產品組合新增一款具差異化且高度互補的藥品，強化我們在 ADHD 的地位。我們相信 AZSTARYS 具備顯著的未來成長潛力，並計畫運用既有的商業化基礎設施與專業能力，以最大化其表現。

The acquisition is expected to strengthen our ADHD portfolio, broaden our revenue base, support margin expansion and extend the longevity of our portfolio with patent protection through December 2037. The required waiting period under the Hart-Scott-Rodino Act has now expired, and we remain on track to close in the second quarter of this year. Turning now to other recent corporate updates.

預期此收購將強化我們的 ADHD 產品組合、擴大營收基礎、支持毛利率擴張，並透過至 2037 年 12 月的專利保護延長產品組合的生命週期。《哈特—史考特—羅迪諾法》(Hart-Scott-Rodino Act) 規定的必要等待期現已屆滿，我們仍按計畫於今年第二季完成交割。接下來談談其他近期公司更新。

In the first quarter, our partner, Hikma Pharmaceuticals, launched authorized generic versions of both Nucynta and Nucynta ER. Our authorized generic agreement with Hikma supports our strategy to maximize the life cycle of our pain portfolio while maintaining patient access.

第一季，我們的合作夥伴 Hikma Pharmaceuticals 推出了 Nucynta 與 Nucynta ER 的授權學名藥版本。我們與 Hikma 的授權學名藥協議支持我們在維持病患可近性的同時，最大化疼痛產品組合生命週期的策略。

This agreement provides us with a significant profit share, positioning us to compete effectively with potential third-party generics. In March, we launched our Embrace Your Sparkle campaign with Paris Hilton, who is treated with JORNAY to help manage her ADHD symptoms. This campaign aims to encourage broader understanding and open dialogues about ADHD.

此協議為我們帶來可觀的利潤分成，使我們能有效與潛在第三方學名藥競爭。3 月，我們與 Paris Hilton 推出「Embrace Your Sparkle」宣導活動；她使用 JORNAY 來協助管理其 ADHD 症狀。此活動旨在促進更廣泛的理解，並鼓勵就 ADHD 展開更開放的對話。

Together, we are reframing common stereotypes and highlighting experiences that are often part of living with ADHD, including the importance of talking to a doctor and finding an individualized treatment plan. In February, we announced a new partnership with Boston Legacy Football Club, a member of the National Women's Soccer League.

我們共同重新詮釋常見刻板印象，並凸顯 ADHD 生活中常見的經驗，包括與醫師討論以及尋找個人化治療計畫的重要性。2 月，我們宣布與 Boston Legacy Football Club 建立新的合作夥伴關係；該球隊為美國國家女子足球聯盟（NWSL）成員。

Aligned with our commitment to healthier people, stronger communities, we are sponsoring a sensory room that will be available at every home game this season to help create an inclusive experience for all fans. In partnership with the organization known as Children and Adults with Attention-Deficit/Hyperactivity Disorder, also known as CHADD, we are designing this room to support comfort and regulation for fans who may need a break from the visual and auditory stimulation of a match day experience, helping ensure a positive and inclusive guest experience.

呼應我們對「更健康的人、更強韌的社區」的承諾，我們將贊助一間感官室（sensory room），本賽季每場主場比賽都將開放使用，以協助為所有球迷打造更具包容性的體驗。我們與「注意力不足／過動症兒童與成人協會」(Children and Adults with Attention-Deficit/Hyperactivity Disorder，CHADD) 合作設計此空間，以支持可能需要暫時遠離比賽日視覺與聽覺刺激的球迷之舒適與自我調節，協助確保正向且具包容性的來賓體驗。

More recently, in April, we announced updates to our Board of Directors. Dr. John Fallon will retire from our Board at our Annual Meeting of Shareholders on May 14. We thank Dr. Fallon for his years of service to our company, Board and shareholders. In addition, Michael Donovan has been nominated to join our Board, and his nomination will be presented for shareholder approval at the 2026 Annual Meeting. Mr. Donovan most recently served as an audit partner at Ernst & Young, where he has held several leadership roles.

更近期地，在 4 月，我們宣布董事會更新。John Fallon 博士將於 5 月 14 日的股東週年大會上自董事會退休。我們感謝 Fallon 博士多年來對公司、董事會與股東的服務。此外，Michael Donovan 已獲提名加入董事會，其提名將於 2026 年股東週年大會上提請股東核准。Donovan 先生最近任職於安永（Ernst & Young）擔任審計合夥人，並曾擔任多項領導職務。

He brings financial expertise gained from over 36 years of extensive business, accounting and financial experience serving public and private companies in the life sciences industry. Finally, we remain dedicated to our commitment to leading with science. In the first quarter, we presented real-world data highlighting our ADHD and responsible pain medicines at the American Professional Society of ADHD and Related Disorders and PainConnect.

他在生命科學產業服務上市與非上市公司方面，累積超過 36 年廣泛的商業、會計與財務經驗，帶來深厚的財務專業。最後，我們仍致力於以科學為本的承諾。第一季，我們在 American Professional Society of ADHD and Related Disorders 與 PainConnect 發表真實世界數據，重點呈現我們的 ADHD 與負責任疼痛用藥。

These are important meetings for scientific exchange, and it was encouraging to see our medicines highlighted. As we look ahead to the rest of the year, we remain focused on three key priorities. First, we will continue to drive growth for JORNAY. In 2026, we expect to deliver $190 million to $200 million in revenue, an increase of 31% at the midpoint of our guidance range.

這些是進行科學交流的重要會議，看到我們的藥品受到重點關注令人備受鼓舞。展望今年剩餘時間，我們仍聚焦於三項關鍵優先事項。第一，我們將持續推動 JORNAY 的成長。在 2026 年，我們預期可實現 1.90 億至 2.00 億美元的營收，按我們指引區間中點計算，增幅為 31%。

As Scott will touch on later, we are seeing the positive impact of the sales and marketing investments we made in 2025 to raise awareness of JORNAY and drive growth. Second, we will continue to maximize the durability of our pain portfolio. Our pain medicines generate significant revenues and cash flows that will continue to support our future aspirations.

正如 Scott 稍後將提到的，我們正看到 2025 年為提升 JORNAY 知名度並推動成長所做的銷售與行銷投資帶來的正面影響。第二，我們將持續最大化我們疼痛產品組合的持久性。我們的疼痛藥物帶來可觀的營收與現金流，將持續支持我們未來的願景。

And third, we remain committed to executing our capital deployment strategy, which balances business development, debt repayment and opportunistic share repurchases. In the near term, we are focused on closing and then seamlessly integrating AZSTARYS into our product portfolio, further accelerating our growth trajectory and increasing our impact within the broader ADHD community.

第三，我們仍致力於執行資本配置策略，在業務發展、償還債務與機會性股票回購之間取得平衡。短期內，我們聚焦於完成交易並將 AZSTARYS 無縫整合至我們的產品組合中，進一步加速成長軌跡，並提升我們在更廣泛 ADHD 社群中的影響力。

We are confident that we can achieve our strategic priorities and remain well positioned for growth as we work to help improve the lives of patients and create long-term value for our shareholders. With that, I will turn it over to Scott to discuss commercial highlights.

我們有信心能達成策略優先事項，並在致力於改善病患生活與為股東創造長期價值的同時，維持良好的成長態勢。接下來我把時間交給 Scott，請他分享商業面亮點。

Thanks, Vikram, and good morning, everyone. Our lead growth driver, JORNAY PM is off to a strong start to the year, building on the positive momentum we generated in 2025. In the first quarter of 2026, we grew prescriptions, prescribers and market share year-over-year. JORNAY 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.

謝謝你，Vikram，各位早安。我們的主要成長驅動力 JORNAY PM 今年開局強勁，延續了我們在 2025 年所建立的正向動能。在 2026 年第一季，我們的處方量、開立處方的醫師數與市占率皆較去年同期成長。JORNAY 是高度差異化的藥物，也是唯一一款可每日一次於晚間服用的 ADHD 興奮劑，能在醒來時即開始控制症狀，並持續至下午乃至晚間。

Many patients, including pediatrics, adolescents and adults, report challenges starting their day, which is an area of key differentiation for JORNAY as it's already starting to work when patients wake up in the morning. 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.

許多病患（包括兒科、青少年與成人）反映在開始一天時面臨挑戰；這正是 JORNAY 的關鍵差異點之一，因為病患早晨醒來時藥效已開始發揮作用。除了醒來時的療效外，對多數病患而言，全天候的症狀控制也很重要，因為這可免除在學校或工作時額外補充加強劑（booster）的需求，而 JORNAY 提供可持續一整天的療效。

HCP perceptions of JORNAY are very positive and have gotten even better following enhanced commercial efforts. Based on new market research conducted in the first quarter of 2026, HCPs continue to give JORNAY a high favorability rating and rank JORNAY as the number one branded ADHD medicine in terms of product differentiation with the score significantly higher than all other medicines in the same category.

醫療照護專業人員（HCP）對 JORNAY 的看法非常正面，且在加強商業推廣後更為提升。根據 2026 年第一季進行的最新市場研究，HCP 仍給予 JORNAY 高度好感評分，並在產品差異化方面將 JORNAY 評為排名第一的品牌 ADHD 藥物，其分數顯著高於同類別的所有其他藥物。

In addition, 70% of surveyed HCPs indicate a strong intent to increase prescribing, which was the highest among all other branded ADHD medicines. As we've previously highlighted, since acquiring JORNAY, we've made targeted investments strategically designed to increase awareness, specifically by increasing the size of our ADHD sales force and launching new digital marketing programs.

此外，受訪 HCP 中有 70% 表示強烈意願增加開立處方，這在所有其他品牌 ADHD 藥物中為最高。如我們先前所強調，自收購 JORNAY 以來，我們進行了具針對性的投資，策略性地提升知名度，特別是擴大我們的 ADHD 銷售團隊規模並推出新的數位行銷計畫。

We're highly encouraged by the latest market research, which shows that HCP awareness of JORNAY has significantly improved since last year. Unaided recall among targeted HCPs increased to 67%, up from 52%, approaching the awareness levels of established brands like Vyvanse and Concerta.

最新市場研究結果令我們深受鼓舞，顯示 HCP 對 JORNAY 的認知度自去年以來已顯著提升。在目標 HCP 中，未提示回想（unaided recall）提升至 67%，高於先前的 52%，已接近 Vyvanse 與 Concerta 等成熟品牌的認知水準。

Patient and caregiver requests for JORNAY also increased, and market research shows that when a patient or caregiver specifically asks to try JORNAY, more than 70% of HCPs will honor that request. We were particularly pleased to see that Collegium was ranked number one in reputation among pharmaceutical companies specializing in ADHD.

病患與照護者對 JORNAY 的主動要求也有所增加；市場研究顯示，當病患或照護者明確提出想嘗試 JORNAY 時，超過 70% 的 HCP 會同意該要求。我們尤其高興看到 Collegium 在專注於 ADHD 的製藥公司中，聲譽排名第一。

Health care providers rated Collegium sales representatives favorably, particularly in comparison to our competitors. And our messages around efficacy were seen as impactful and easily recalled. These results indicate that we're focused on the right messages and that our sales force is highly effective in delivering them. JORNAY continues to be the fastest-growing stimulant for the treatment of ADHD.

醫療照護提供者對 Collegium 的業務代表給予正面評價，尤其相較於競爭對手更為突出。而我們關於療效的訊息被認為具有影響力且容易被記住。這些結果顯示我們聚焦於正確的訊息，且我們的銷售團隊在傳達這些訊息方面非常有效。JORNAY 仍是治療 ADHD 的成長最快的興奮劑。

In the first quarter of 2026, over 206,000 prescriptions were written, up 14% year-over-year. Importantly, we saw growth across both patient segments of the business, pediatrics and adults. In the first quarter of 2026, the pediatric and adolescent segment, representing about 80% of total prescriptions grew 12% year-over-year. The adult segment, representing about 20% of total prescriptions grew 23% year-over-year.

在 2026 年第一季，開立處方超過 206,000 張，較去年同期成長 14%。重要的是，我們在業務的兩個病患族群（兒科與成人）皆看到成長。在 2026 年第一季，兒科與青少年族群約占總處方量的 80%，較去年同期成長 12%。成人族群約占總處方量的 20%，較去年同期成長 23%。

JORNAY's broad prescriber base also hit an all-time high of approximately 30,000 in the first quarter, up 17% year-over-year. We continue to see growth in new prescribers along with increases in depth of prescribing among our targeted physicians. JORNAY's market share of the long-acting branded methylphenidate market grew to 26% this past quarter, up 5.8 percentage points year-over-year.

JORNAY 廣泛的開立處方醫師基礎在第一季也創下歷史新高，約達 30,000 名，較去年同期成長 17%。我們持續看到新開立處方醫師的增加，同時在我們鎖定的醫師群中，開立處方的深度也提升。JORNAY 在長效品牌哌甲酯（methylphenidate）市場的市占率於上季提升至 26%，較去年同期增加 5.8 個百分點。

In addition to increasing awareness among HCPs, caregivers and patients, 2026 growth opportunities include initiatives to increase depth of prescribing, improve patient persistency and deepen penetration in the adult market. Our research indicates that adult patients place greater importance on the need for morning efficacy than HCPs. We believe closing this perception gap between adult patients and their providers will help drive future prescription growth.

除了提升 HCP、照護者與病患的認知度之外，2026 年的成長機會還包括：提高開立處方深度、改善病患持續用藥（persistency），以及加深在成人市場的滲透。我們的研究顯示，成人病患對「早晨即具療效」的重視程度高於 HCP。我們相信，縮小成人病患與其醫療提供者之間的這一認知落差，將有助於推動未來處方成長。

Turning now to the proposed acquisition of AZSTARYS, which represents a highly complementary and differentiated addition to our ADHD portfolio. Despite several different treatment options available today, many patients struggle to find the right individual treatment solution.

接著談到擬議收購 AZSTARYS，此交易將為我們的 ADHD 產品組合帶來高度互補且具差異化的新增品項。儘管目前有多種不同的治療選項，許多病患仍難以找到最適合自己的個別治療方案。

Market research indicates that on average, ADHD patients try about three different ADHD medicines before finding the right treatment. One benefit of adding AZSTARYS to our ADHD portfolio is that it's complementary to JORNAY, and it meets the needs of a different patient type.

市場研究顯示，平均而言，ADHD 病患在找到合適治療前，約會嘗試三種不同的 ADHD 藥物。將 AZSTARYS 納入我們 ADHD 產品組合的一項好處是，它與 JORNAY 互補，並能滿足不同類型病患的需求。

For patients who need efficacy upon awakening in the morning and throughout the day without the need for a booster medicine in the afternoon, JORNAY represents a unique treatment option. AZSTARYS is the first and only ADHD treatment with both fast and long-acting medicines in one capsule, providing patients with rapid efficacy about 30 minutes after they take it that lasts later into the evening.

對於需要早晨醒來即具療效並可持續一整天、且下午不需補充加強劑藥物的病患而言，JORNAY 是一個獨特的治療選項。AZSTARYS 是首款且唯一一款在同一顆膠囊中同時包含速效與長效藥物的 ADHD 治療，病患服用後約 30 分鐘即可快速起效，並可持續到更晚的夜間。

This is important because it offers flexibility for patients. For example, patients who may not have a consistent schedule and need rapid efficacy after they take their prescription in addition to duration of effect may be particularly drawn to AZSTARYS. Based on this different profile compared to JORNAY, AZSTARYS usage is a bit more weighted towards adults than JORNAY, with about one-third of prescriptions in adults and roughly two-third in children and adolescents.

這點很重要，因為它為病患提供了彈性。例如，對於作息可能不固定、需要在服藥後迅速起效，同時也需要足夠作用持續時間的病患而言，AZSTARYS 可能特別具有吸引力。由於其相較於 JORNAY 的不同特性，AZSTARYS 的使用族群在成人的比重略高於 JORNAY；約三分之一的處方來自成人，約三分之二來自兒童與青少年。

HCP perceptions of AZSTARYS are also very positive. In the same new market research I noted earlier, health care professionals rated AZSTARYS high in terms of product differentiation and brand favorability. Approximately 54% of HCPs indicated a strong intent to increase prescribing of AZSTARYS -- like JORNAY, we know that if a patient or caregiver specifically asked to try AZSTARYS, 70% of HCPs will honor that request. We're encouraged by these results, and it shows that perceptions of AZSTARYS are strong.

醫療保健專業人員（HCP）對 AZSTARYS 的看法也非常正面。在我先前提到的同一項新市場調查中，醫療保健專業人員在產品差異化與品牌好感度方面，給予 AZSTARYS 很高的評價。約 54% 的 HCP 表示強烈意願增加 AZSTARYS 的處方——如同 JORNAY，我們知道若病患或照護者特別要求嘗試 AZSTARYS，70% 的 HCP 會同意該請求。我們對這些結果感到鼓舞，這也顯示市場對 AZSTARYS 的觀感相當強勁。

We're receiving highly positive feedback from prominent KOLs regarding the potential addition of AZSTARYS to the Collegium portfolio, particularly regarding the opportunity to bring two best-in-class products together, two methylphenidate treatments that address distinct patient needs.

我們從具影響力的關鍵意見領袖（KOL）那裡收到高度正面的回饋，內容聚焦於將 AZSTARYS 納入 Collegium 產品組合的潛力，尤其是把兩項同級最佳（best-in-class）產品結合的機會——兩種哌甲酯（methylphenidate）治療，可滿足不同病患需求。

KOLs also view this as an opportunity and an important signal for Collegium's long-term commitment to advancing care in ADHD. Like JORNAY, we see opportunities to raise awareness among HCPs, patients and caregivers by leveraging our commercial expertise and infrastructure. In summary, AZSTARYS is highly complementary to JORNAY, and both brands offer differentiated treatment options for different patient types in the stimulant segment of the market.

KOL 也將此視為一項機會，並認為這是 Collegium 長期致力於推動 ADHD 照護的重要訊號。如同 JORNAY，我們看到可運用我們的商業專業與基礎設施，提高 HCP、病患與照護者認知的機會。總結而言，AZSTARYS 與 JORNAY 具有高度互補性，兩個品牌在市場興奮劑（stimulant）領域中，為不同類型病患提供具差異化的治療選擇。

The stimulant segment is large. In 2025, about 98 million stimulant prescriptions were written, and AZSTARYS and JORNAY each generated over 760,000 prescriptions. Given the differentiation of each brand and the size of the stimulant segment, we believe there's significant opportunity to increase market share moving forward.

興奮劑市場區隔規模龐大。2025 年約開立 9,800 萬張興奮劑處方，而 AZSTARYS 與 JORNAY 各自產生超過 76 萬張處方。鑑於各品牌的差異化以及興奮劑市場區隔的規模，我們相信未來有顯著機會提升市占率。

And importantly, the combination of both JORNAY and AZSTARYS into a single commercial organization will better serve the growing ADHD patient community and increase our standing among health care professionals. For the remainder of the year, we'll focus on driving accelerated growth for JORNAY and seamlessly integrating AZSTARYS into our ADHD portfolio following the acquisition close.

更重要的是，將 JORNAY 與 AZSTARYS 整合至單一商業組織，將能更好地服務日益成長的 ADHD 病患社群，並提升我們在醫療保健專業人員中的地位。在今年剩餘時間，我們將專注推動 JORNAY 的加速成長，並在收購完成後，將 AZSTARYS 無縫整合至我們的 ADHD 產品組合。

We continue to launch new marketing efforts aimed at raising awareness of JORNAY among health care providers, patients and caregivers. Earlier this year, we launched our Embrace Your Sparkle campaign with Paris Hilton to help encourage a broader understanding and open dialogue about ADHD.

我們持續推出新的行銷活動，旨在提升醫療照護提供者、病患與照護者對 JORNAY 的認知。今年稍早，我們與 Paris Hilton 推出「Embrace Your Sparkle」活動，以鼓勵社會對 ADHD 有更廣泛的理解並促進公開對話。

Finally, we remain committed to maintaining broad patient access for JORNAY. As we announced earlier this year, we secured new formulary access under a major commercial health plan, which went into effect on May 1, increasing JORNAY's coverage for an estimated 4.5 million covered lives.

最後，我們仍致力於維持 JORNAY 的廣泛病患可近性。如同我們今年稍早宣布的，我們在一項主要商業健康保險計畫下取得新的處方集（formulary）給付准入，並於 5 月 1 日生效，使 JORNAY 的涵蓋範圍增加，估計可覆蓋 450 萬名受保人。

Driven by these strategic investments and continued commercial execution, we're confident we can deliver significant prescription growth and achieve our JORNAY net revenue guidance. Lastly, as we approach the expected close of the AZSTARYS acquisition, -- we're focused on rapidly integrating this medicine into our portfolio and leveraging our commercial infrastructure and capabilities to drive additional growth of the brand while generating meaningful operational efficiencies. We look forward to keeping you updated on our continued progress.

在這些策略性投資與持續的商業執行帶動下，我們有信心能實現顯著的處方成長，並達成我們對 JORNAY 淨營收的指引。最後，隨著 AZSTARYS 收購預期接近完成——我們正專注於迅速將此藥品整合至我們的產品組合，並運用我們的商業基礎設施與能力，推動品牌進一步成長，同時創造具意義的營運效率。我們期待持續向各位更新我們的進展。

Turning now to our pain portfolio. Collegium is the leader in responsible pain management with a unique and differentiated portfolio of medicines. Belbuca, Xtampza ER and Nucynta ER collectively represent about half of the branded ER market. Our pain portfolio is highly differentiated with strong brand fundamentals.

接下來談我們的疼痛產品組合。Collegium 以獨特且具差異化的藥品組合，成為負責任疼痛管理的領導者。Belbuca、Xtampza ER 與 Nucynta ER 合計約占品牌緩釋（ER）市場的一半。我們的疼痛產品組合具高度差異化，且品牌基本面強勁。

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

Belbuca 仍是唯一採用丁丙諾啡（buprenorphine）頰黏膜薄膜技術的長效鴉片類止痛藥。在市場調查中，其在差異化與好感度方面被評為第一名的品牌 ER 鴉片類止痛藥。同樣地，Xtampza 是唯一採用我們專有、同級最佳的防濫用技術 DETERx 的緩釋羥考酮（oxycodone）藥物，在差異化與好感度方面被評為第一名的 ER 羥考酮藥物。

In the first quarter, we delivered consistent performance in our pain portfolio, which continues to fuel the financial foundation of our business. We grew revenues for both Xtampza and Belbuca year-over-year, in line with our expectations. Revenues from the Nucynta franchise, including revenues associated with our authorized generics were stable, which was also in line with our expectations.

第一季，我們的疼痛產品組合表現穩健，持續支撐我們業務的財務基礎。Xtampza 與 Belbuca 的營收皆較去年同期成長，符合我們的預期。Nucynta 系列（franchise）的營收（包含與我們授權學名藥相關的營收）維持穩定，也符合我們的預期。

As expected, prescriptions for all products were pressured by typical first quarter dynamics where deductibles reset and out-of-pocket costs increased for patients. Overall, performance across the pain portfolio was positive, 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.

如預期，所有產品的處方量受到第一季典型動態影響而承壓，因為自付額（deductibles）重設，病患自付費用上升。整體而言，疼痛產品組合的表現仍為正向，強化我們的看法：這些藥品的生命週期可能比市場目前所認知的更長且更具韌性。

We remain committed to maximizing the revenue from our overall pain portfolio while maintaining broad payer coverage. In closing, our commercial team started the year strong, delivering solid performance across both ADHD and pain. For the rest of the year, we'll concentrate on driving further growth for JORNAY, maximizing the value of the pain portfolio and seamlessly integrating AZSTARYS.

我們仍致力於在維持廣泛付費方（payer）給付覆蓋的同時，最大化整體疼痛產品組合的營收。最後，我們的商業團隊在年初表現強勁，於 ADHD 與疼痛兩大領域皆交出穩健成績。在今年剩餘時間，我們將專注推動 JORNAY 的進一步成長、最大化疼痛產品組合的價值，並無縫整合 AZSTARYS。

I'll now hand the call over to Colleen to discuss financial highlights.

接下來我把電話會議交給 Colleen，請她說明財務重點。

Thanks, Scott. Good morning, everyone. We are encouraged by our first quarter results, which reflect significant JORNAY PM growth, consistent pain portfolio performance and robust cash generation. Total net product revenues were $193.5 million in the quarter, up 9% year-over-year. JORNAY net revenue was $38.9 million in the quarter, up 36% year-over-year.

謝謝，Scott。各位早安。我們對第一季的結果感到鼓舞，反映出 JORNAY PM 顯著成長、疼痛產品組合表現穩健，以及強勁的現金創造能力。本季產品淨營收總計為 1.935 億美元，較去年同期成長 9%。本季 JORNAY 淨營收為 3,890 萬美元，較去年同期成長 36%。

It is important to note that JORNAY's year-over-year comparison is impacted by approximately $4 million of destocking that occurred in Q1 of 2025. This created a lower prior year comparator. Belbuca net revenue was $52.6 million in the quarter, up 2% year-over-year. Xtampza ER net revenue was $50.8 million in the quarter, up 7% year-over-year.

需要注意的是，JORNAY 的年對年比較受到 2025 年第一季約 400 萬美元去庫存（destocking）的影響。這使得去年同期的比較基期較低。本季 Belbuca 淨營收為 5,260 萬美元，較去年同期成長 2%。本季 Xtampza ER 淨營收為 5,080 萬美元，較去年同期成長 7%。

Total Nucynta franchise net revenue was $47 million in the quarter, flat year-over-year. This includes $2.7 million in revenue from the profit share on the authorized generic versions of Nucynta and Nucynta ER distributed by Hikma. GAAP operating expenses were $86.4 million in the quarter, up 14% year-over-year.

本季 Nucynta 系列淨營收總計為 4,700 萬美元，與去年同期持平。其中包含 270 萬美元，來自 Hikma 經銷之 Nucynta 與 Nucynta ER 授權學名藥版本的利潤分成收入。本季 GAAP 營業費用為 8,640 萬美元，較去年同期增加 14%。

Non-GAAP adjusted operating expenses were $69.3 million in the quarter, up 11% year-over-year. The increase in operating expenses includes the targeted investments we made to drive JORNAY growth, including the expansion of our sales force and new marketing campaigns. As a reminder, 2026 results will include the full year impact of these investments. GAAP net income was $14.5 million in the quarter, up 500% year-over-year.

本季非 GAAP 調整後營業費用為 6,930 萬美元，較去年同期增加 11%。營業費用的增加包含我們為推動 JORNAY 成長所進行的目標性投資，包括擴編銷售團隊與推出新的行銷活動。提醒各位，2026 年的結果將包含這些投資的全年影響。本季 GAAP 淨利為 1,450 萬美元，較去年同期成長 500%。

Non-GAAP adjusted EBITDA was $103.9 million in the quarter, up 9% year-over-year. GAAP earnings per share was $0.45 basic and $0.40 diluted in the quarter compared to $0.08 basic and $0.07 diluted in the prior year quarter. Non-GAAP adjusted earnings per share was $1.76 in the quarter compared to $1.49 in the prior year quarter. Please see our press release issued earlier today for a reconciliation of GAAP to non-GAAP results. We generated operating cash flows of $57.1 million in the first quarter.

本季非 GAAP 調整後 EBITDA 為 1.039 億美元，年增 9%。本季 GAAP 每股盈餘為基本每股 0.45 美元、稀釋每股 0.40 美元，較去年同期的基本每股 0.08 美元、稀釋每股 0.07 美元為高。本季非 GAAP 調整後每股盈餘為 1.76 美元，去年同期為 1.49 美元。請參閱我們今日稍早發布的新聞稿，以取得 GAAP 與非 GAAP 結果之調節表。第一季我們產生的營運現金流為 5,710 萬美元。

And as of March 31, 2026, we had $421.8 million in cash, cash equivalents and marketable securities, up $35.1 million from the end of 2025. Our strong financial position enabled us to continue to execute our capital deployment strategy and enter into an agreement to acquire AZSTARYS.

截至 2026 年 3 月 31 日，我們持有的現金、約當現金及有價證券為 4.218 億美元，較 2025 年底增加 3,510 萬美元。我們強勁的財務狀況使我們得以持續執行資本配置策略，並簽署協議收購 AZSTARYS。

As previously announced, we plan to acquire AZSTARYS for $650 million in cash. Corium shareholders may also be eligible for up to $135 million in potential additional payments contingent on future commercial and manufacturing milestones. We plan to fund the acquisition through a combination of $350 million in cash on hand, a testament to the strength of our underlying business and $300 million from our delayed draw term loan.

如先前公告，我們計畫以 6.5 億美元現金收購 AZSTARYS。Corium 股東亦可能符合資格，依未來商業化與製造里程碑達成情況，獲得最高 1.35 億美元的潛在額外付款。我們計畫以 3.5 億美元的手頭現金（這也印證我們核心業務的實力）以及 3 億美元的延遲提取定期貸款（delayed draw term loan）組合來為本次收購提供資金。

We estimate that our net debt to adjusted EBITDA will be approximately 2x following the close of the transaction and our future cash flows from operations will continue to support -- will support continued rapid delevering. Importantly, we expect the deal to be immediately accretive to adjusted EBITDA and estimate that AZSTARYS will generate over $50 million in pro forma net revenues in the second half of 2026.

我們估計交易完成後，我們的淨負債對調整後 EBITDA 比率約為 2 倍，而我們未來的營運現金流將持續支持——將支持持續快速去槓桿。重要的是，我們預期本交易將立即增厚（accretive）調整後 EBITDA，並估計 AZSTARYS 在 2026 年下半年將產生超過 5,000 萬美元的備考（pro forma）淨營收。

We also expect to generate more than $50 million of cost synergies within 12 months following deal close based on our ability to leverage our existing ADHD commercial infrastructure. The addition of AZSTARYS is also expected to meaningfully extend our revenues through 2037 as AZSTARYS is protected by 6 Orange Book patents, most of which don't expire until December 2037. We are on track to close the acquisition in the second quarter of this year.

我們亦預期在交易完成後 12 個月內，基於我們能夠運用既有 ADHD 商業化基礎設施的能力，將產生超過 5,000 萬美元的成本綜效。由於 AZSTARYS 受 6 項《橘皮書》（Orange Book）專利保護，其中多數直到 2037 年 12 月才到期，新增 AZSTARYS 亦預期可將我們的營收顯著延伸至 2037 年。我們正按計畫於今年第二季完成本次收購。

We are reaffirming our current 2026 financial guidance, which reflects our existing business, not including the impact of the proposed acquisition of AZSTARYS. We expect total product revenues in the range of $805 million to $825 million. This represents a 4% increase year-over-year, driven by JORNAY growth and durable revenues from our pain portfolio. We expect JORNAY revenue to be in the range of $190 million to $200 million, a 31% increase year-over-year. We expect JORNAY gross-to-net to remain stable in 2026 in the mid-60% range.

我們重申目前的 2026 年財務指引；該指引反映的是我們既有業務，未包含擬議收購 AZSTARYS 的影響。我們預期總產品營收介於 8.05 億至 8.25 億美元。這代表年增 4%，主要由 JORNAY 成長以及我們疼痛產品組合的穩健營收所帶動。我們預期 JORNAY 營收介於 1.90 億至 2.00 億美元，年增 31%。我們預期 2026 年 JORNAY 的毛額到淨額（gross-to-net）將維持穩定，約在 60% 中段水準。

As a reminder, gross to nets tend to fluctuate on a quarterly basis, and we expect gross to net 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. We plan to provide updated 2026 financial guidance for the combined business, including AZSTARYS after the acquisition closes.

提醒一下，毛額到淨額通常會按季度波動；由於典型的季節性因素，我們預期第一季的毛額到淨額最高，且上半年將高於下半年。我們預期調整後 EBITDA 介於 4.55 億至 4.75 億美元，年增 1%。在收購完成後，我們計畫提供合併後業務（包含 AZSTARYS）的更新版 2026 年財務指引。

Our capital deployment strategy is focused on creating long-term value for our shareholders by executing on business development, paying down debt and opportunistically returning capital to shareholders. Our proposed acquisition of AZSTARYS is a result of our thoughtful and disciplined business development approach. We have a long track record of successful business development and a proven ability to rapidly integrate commercial products and accelerate their growth.

我們的資本配置策略著重於透過執行業務發展、償還債務，以及在適當時機向股東返還資本，為股東創造長期價值。我們擬議收購 AZSTARYS，正是我們審慎且自律的業務發展方法所帶來的成果。我們在業務發展方面擁有長期成功的紀錄，並已證明具備快速整合商業化產品並加速其成長的能力。

After closing the AZSTARYS acquisition, we estimate that our net debt to adjusted EBITDA will be approximately 2x, and we remain committed to rapidly delevering consistent with our capital deployment strategy. Finally, we continue to consider opportunistic share repurchases as an important tool to return value to shareholders. Since 2021, we have returned $222 million in value to shareholders and currently have $150 million remaining in the share repurchase program that has been authorized by our Board through December 31, 2026. I will now turn the call back to Vikram.

在完成 AZSTARYS 收購後，我們估計淨負債對調整後 EBITDA 比率約為 2 倍；我們仍致力於依循資本配置策略，快速去槓桿。最後，我們持續將機會性庫藏股回購視為向股東返還價值的重要工具。自 2021 年以來，我們已向股東返還 2.22 億美元的價值；目前董事會已授權至 2026 年 12 月 31 日止的股票回購計畫尚餘 1.5 億美元額度。接下來我把電話交回給 Vikram。

Thank you, Colleen. 2026 is off to an exciting start. We are focused on our strategic priorities of driving significant growth for JORNAY PM, maximizing the durability of our pain portfolio and executing on our capital deployment strategy, including closing and rapidly integrating AZSTARYS into our portfolio.

謝謝你，Colleen。2026 年有個令人振奮的開局。我們聚焦於策略重點：推動 JORNAY PM 的顯著成長、最大化我們疼痛產品組合的持久性，以及執行資本配置策略，包括完成交易並將 AZSTARYS 快速整合至我們的產品組合中。

The addition of AZSTARYS strengthens our ADHD portfolio, accelerates our growth trajectory and increases our top and bottom line potential. This represents an important strategic step forward as we build a leading diversified biopharmaceutical company, create long-term value for our shareholders and deliver meaningfully differentiated medicines for patients.

納入 AZSTARYS 可強化我們的 ADHD 產品組合、加速成長軌跡，並提升我們在營收端與獲利端的潛力。在我們打造領先的多元化生物製藥公司、為股東創造長期價值，並為患者提供具明顯差異化的藥物之際，這代表一項重要的策略性前進。

We are grateful to the patients who rely on our medicines, the health care professionals who care for them and our employees whose execution continues to drive our progress. I will now open up the call for questions. Operator?

我們感謝仰賴我們藥物的患者、照護他們的醫療專業人員，以及持續以執行力推動我們進展的員工。接下來我將開放提問。接線員？

(Operator Instructions)

(接線員指示)

Brandon Folkes, H.C. Wainwright.

H.C. Wainwright 的 Brandon Folkes。

Hi, thanks for taking my questions and congrats on a very good quarter. Maybe just two from me. Can you talk about once you bring AZSTARYS into the portfolio? How do you balance the focus on going deeper with both brands in the current 30,000 prescribers you called out on JORNAY? Are you looking to grow the breadth of prescribers once you bring in AZSTARYS?

嗨，謝謝讓我提問，也恭喜你們交出非常出色的一季表現。我這邊大概兩個問題。能否談談當你們把 AZSTARYS 納入產品組合之後？你們如何在你們提到的 JORNAY 目前 30,000 名開立處方醫師中，同時平衡對兩個品牌加深滲透的重點？在納入 AZSTARYS 後，你們是否也打算擴大開立處方醫師的廣度？

And then can you just update us on your thinking in terms of positioning the two brands in the reps bag and in terms of prioritizing a reps call in front of a physician? How do you balance those two products? Is it different per physician? Just help us think through that.

另外，能否更新一下你們對於在業務代表藥袋（reps bag）中兩個品牌的擺位，以及在醫師面前優先安排業務代表拜訪（reps call）的思考？你們如何在這兩個產品之間取得平衡？是否會因醫師而異？請協助我們理解你們的規劃。

Thanks, Brandon. Maybe I'll kick us off, and then I'll invite Scott to offer some more color. So it's important to remember that AZSTARYS and JORNAY are highly complementary to each other. And as a reminder, the reason for that is because they appeal to different patient types. right? I think in our prepared remarks, we mentioned that if a patient needs efficacy upon awakening in the morning, physicians think about JORNAY as the appropriate medicine for them.

謝謝你，Brandon。也許我先開個頭，接著我會請 Scott 再補充一些細節。因此，重要的是要記得 AZSTARYS 與 JORNAY 彼此高度互補。提醒一下，原因在於它們吸引的是不同類型的患者，對吧？我想在我們事先準備的講稿中提到，如果患者需要在早晨醒來時就具有效果，醫師會把 JORNAY 視為適合他們的用藥。

However, if you are a patient that has less structured schedule, for example, and are more in need for rapid onset of action and that impact lasting throughout the day, AZSTARYS may be more appropriate for you. So at the core of our commercial strategy and our positioning is that important differentiation between those two medicines and the patient types. Maybe Scott can elaborate a little bit further on the go-to-market balance between having those two products in the same bag.

然而，如果您是作息較不規律的患者，例如更需要快速起效且效果能持續一整天，AZSTARYS 可能更適合您。因此，我們商業策略與市場定位的核心，就是這兩種藥物及其對應患者類型之間的重要差異化。也許 Scott 可以再進一步說明，在同時擁有這兩項產品的情況下，我們在上市推進（go-to-market）上如何取得平衡。

Yes. I think in terms of the positioning and the balance, one thing that's important to reinforce is there's also obviously a high overlap of physicians. So I mentioned the 30,000 prescribers for JORNAY. AZSTARYS in the first quarter had almost 26,000 prescribers and they're high overlap. So it's the same targets that we're going to. You asked if we're here to grow both, the answer is yes.

是的。我認為就定位與平衡而言，有一點很重要需要再次強調：顯然醫師端的重疊度也很高。我提到 JORNAY 有 30,000 位開立處方的醫師。AZSTARYS 在第一季有將近 26,000 位開立處方的醫師，而且重疊度很高。所以我們鎖定的目標是一樣的。你問我們是否要同時成長兩者，答案是肯定的。

We're looking to grow products. And the positioning is very clear. The positioning is focused on the differentiated patient type that Vikram mentioned. At the physician level, we'll determine prioritization of order. But the biggest thing to take away is we will grow both products with a focus on those clear patient types. The other thing I'll just reinforce is the physician perceptions of both drugs are so strong.

我們希望推動產品成長。而且定位非常清楚。定位聚焦在 Vikram 提到的差異化患者類型。在醫師層面，我們會決定優先順序。但最重要的重點是：我們會聚焦於那些明確的患者類型，同時推動兩項產品成長。另外我也要再次強調，醫師對這兩種藥物的觀感都非常強。

So in my commentary, I mentioned JORNAY is number one on product differentiation and favorability, high future intent to prescribe. AZSTARYS is ranked just a little bit below that, also very high on product favorability, differentiation, future intent to prescribe. So you put all that together, and it just puts us in a place to leverage the breadth of this portfolio and grow both brands going forward.

因此在我的評論中，我提到 JORNAY 在產品差異化與好感度方面排名第一，未來開立處方意願也很高。AZSTARYS 的排名僅略低一些，但在產品好感度、差異化與未來開立處方意願方面同樣非常高。把這些因素綜合起來，讓我們能夠運用這個產品組合的廣度，並在未來持續推動兩個品牌的成長。

Great. Thank you very much. And congrats again on a good quarter.

很好。非常感謝。也再次恭喜你們本季表現不錯。

Thanks, Brendon.

謝謝你，Brendon。

Les Sulewski, Truist.

接下來是 Truist 的 Les Sulewski。

This is Jeevan on for Les. Yes. So I was wondering if you could just describe how your success with JORNAY reads through to a similar trajectory for AZSTARYS. And also, how should we think about your longer-term strategy in ADHD versus maybe expanding into adjacent CNS or psychiatric complaints?

我是代 Les 發言的 Jeevan。是的。我想請你們描述一下，JORNAY 的成功如何能對 AZSTARYS 形成類似的成長軌跡。另外，對於你們在 ADHD 的長期策略，我們應該如何看待？相較之下，你們是否會擴展到相鄰的中樞神經系統（CNS）或精神科相關適應症？

Yes. Thanks, Jeevan. Maybe Scott take the first one, and I can pick up the second one on future adjacencies.

是的。謝謝你，Jeevan。也許 Scott 先回答第一個問題，我再接著談第二個關於未來相鄰領域的問題。

Yes. No, it's a great question. Look, the first thing I want to reinforce is when you look at AZSTARYS Corium did a really good job launching the product, right? They got momentum going. They grew the brand. I mentioned prescribers, but with limited resources.

是的。這確實是個好問題。首先我想再次強調，當你看 AZSTARYS 時，Corium 在產品上市方面做得非常好，對吧？他們建立了動能。他們推動了品牌成長。我提到開立處方的醫師數，但他們是在資源有限的情況下做到的。

And so when I look at the overlaps of what we've done with JORNAY, part of this acquisition is the fact that we can effectively leverage our expertise, leverage the learnings, what we've done from both a physician and a consumer standpoint and our financial wherewithal to invest in AZSTARYS from here to grow. And that's the focal point of kind of what we'll do as we'll bring both brands together.

因此，當我看我們在 JORNAY 上所做的事情與其重疊之處時，這次收購的一部分原因在於：我們可以有效運用自身專業、運用我們在醫師端與消費者端的經驗與學習，以及我們的財務實力，從現在起加大對 AZSTARYS 的投資以推動成長。這就是我們把兩個品牌整合在一起後將要做的重點。

Yes. And I'll take the question on adjacencies. Look, as we've said before, our business development approach remains focused on acquiring commercial or commercial-ready medicines that are primarily in the areas where we already have made significant commercial investments. To the extent that, that is actionable and to the extent that there are differentiated medicines at the right profile, that would be an area of focus.

是的。我來回答關於相鄰領域的問題。如同我們之前所說，我們的業務開發策略仍聚焦於收購已具商業化或接近商業化的藥品，且主要是在我們已投入大量商業資源的領域。在可執行的前提下，且若有具差異化、並符合適當特性（profile）的藥物，這會是我們的重點方向。

However, we are also aware of the fact that we are open to exploring other adjacent areas, both within CNS, but also outside of it. The bar is higher from a business development standpoint there. We want to make sure that we are acquiring assets that can be grown through efficient sales and marketing approach.

不過，我們也意識到我們願意探索其他相鄰領域，不僅在 CNS 內，也包括 CNS 之外。但從業務開發角度來看，那些領域的門檻會更高。我們希望確保所收購的資產，能透過高效率的銷售與行銷方式來推動成長。

And part of that is leveraging what we have or those areas that may not need significant investments in sales and marketing. And we've talked previously about an example of that being rare disease. So our strategy remains unchanged in terms of how we are looking for further growth through further business development.

其中一部分是運用我們既有能力，或選擇那些不需要在銷售與行銷上投入大量資源的領域。我們先前也談過一個例子，就是罕見疾病。因此，就我們如何透過進一步的業務開發來尋求成長而言，我們的策略維持不變。

Dennis Ding, Jefferies.

接下來是 Jefferies 的 Dennis Ding。

This is [Anthea] on for Dennis. Congrats on the quarter. Two questions from us. One, we'll see early data from an orexin agonist in ADHD in the second half. So I'm just curious how you're framing readouts from that class of drugs? And if you expect any impact to JORNAY or AZSTARYS?

我是代 Dennis 發言的 [Anthea]。恭喜本季表現。我們有兩個問題。第一，我們將在下半年看到一款食慾素（orexin）致效劑在 ADHD 的早期數據。我想了解你們如何看待該類藥物的數據讀出（readouts）？以及你們是否預期會對 JORNAY 或 AZSTARYS 造成任何影響？

And then secondly, how should we think about the impact of the Nucynta AG and other generics over the next several quarters? I think IQVIA is showing 75% and 50% share of the branded still in ER and IR. Is that aligned with what you were expecting and what's contemplated in the guidance? And do you expect that to stabilize?

第二，未來幾季我們應該如何看待 Nucynta 授權學名藥（AG）及其他學名藥的影響？我認為 IQVIA 顯示在 ER 與 IR 劑型中，品牌藥仍分別有 75% 與 50% 的市占。這是否符合你們的預期、也是否已納入財測指引？你們預期這會趨於穩定嗎？

Thank you. I think if your first question, if I understood you correctly, was around the early data that you're seeing from a different class of medicines, look, I think there's a lot that still needs to be proven out. We look at the data. We're following the data. But until something -- until we have more information until these drugs are further along in their development programs, I don't think we would want to speculate or comment.

謝謝。我想如果我正確理解你的第一個問題，是關於你提到的另一類藥物的早期數據。你看，我認為仍有很多需要被證實。我們會看數據。我們也在追蹤數據。但在我們獲得更多資訊、且這些藥物在其研發計畫中更往前推進之前，我不認為我們會想要臆測或評論。

What we believe we have in the near future is our two potentially very differentiated medicines in AZSTARYS and JORNAY PM. And we look forward to continuing to drive growth for both products, as Scott said, within the ADHD community. And with that investment, that makes us one of the most committed organizations that are serving the ADHD community. Colleen, do you want to take the Nucynta question?

我們相信在近期，我們擁有兩款可能高度差異化的藥物：AZSTARYS 與 JORNAY PM。如 Scott 所說，我們期待在 ADHD 社群中持續推動兩項產品的成長。而透過這些投入，我們成為服務 ADHD 社群最投入的組織之一。Colleen，你要回答 Nucynta 的問題嗎？

Yes, absolutely. On the Nucynta front, what I would say is our 2026 revenue guidance remains unchanged. The total revenue -- net revenue guidance of $805 million to $825 million contemplates the impact of the various generic dynamics. And thus far, we don't see anything that changes our expectations.

是的，當然。就 Nucynta 而言，我想說的是，我們 2026 年的營收指引維持不變。總營收——淨營收指引 8.05 億至 8.25 億美元——已納入各種學名藥競爭動態的影響。截至目前，我們沒有看到任何會改變我們預期的因素。

Serge Belanger, Needham & Company.

Serge Belanger，Needham & Company。

Hi, good morning. Thanks for taking the questions. First one regarding the ADHD portfolio. Can you remind us about access, whether both JORNAY and AZSTARYS will have comparable access once both products are under your control?

嗨，早安。感謝讓我提問。第一個問題關於 ADHD 產品組合。能否請您提醒我們關於市場准入的情況：一旦兩個產品都由你們掌控後，JORNAY 和 AZSTARYS 是否都將擁有相當的准入程度？

And then secondly, regarding the pain portfolio, had a pretty nice performance over 1Q. I know that the scripts were down pretty significantly for a couple of products year-over-year. So just curious what drove the performance here? I know you took a price increase, but were there other factors that led to the better performance than expected?

第二個問題關於疼痛產品組合，第一季表現相當不錯。我知道有幾個產品的處方量（scripts）年對年下降得相當明顯。所以想請教是什麼驅動了這裡的表現？我知道你們做了提價，但是否還有其他因素使得表現優於預期？

Yes. I think on the ADHD portfolio, I think it's important to understand, both JORNAY as well as AZSTARYS are in a very good position from an overall payer coverage standpoint. So access is available to patients.

是的。我認為在 ADHD 產品組合方面，重要的是要理解，無論是 JORNAY 或 AZSTARYS，從整體付款方（payer）給付覆蓋的角度來看，都處於非常有利的位置。因此，病患是有准入的。

And I think for us, from a forward-looking standpoint, we will -- we've always been committed to making sure that we provide or we support broader coverage, broader access and support patients via -- and reduce or try to help them control their out-of-pocket expenses with a good co-pay assistance program, and that will be our approach going forward. And on the pain products, the specifics on the financials, maybe Colleen take that question, please.

而且我認為對我們而言，從前瞻角度來看，我們將——我們一直致力於確保我們提供或支持更廣泛的給付覆蓋、更廣泛的准入，並透過——支持病患並降低或嘗試幫助他們控制自付費用（out-of-pocket expenses），搭配良好的共付額協助計畫（co-pay assistance program）；這將是我們未來的做法。至於疼痛產品，財務面的細節，也許請 Colleen 回答這個問題。

Absolutely. So for both Xtampza and Belbuca, as expected, Q1 dynamics were at play on the volume front. The year-over-year growth is driven by profitability improvements in line with our payer strategy, combination of the price increases and a little bit of gross to net benefit as well.

當然。因此，對 Xtampza 和 Belbuca 兩者而言，如預期所見，第一季在量的面向出現了季節性動態影響。年對年成長主要來自於與我們付款方策略一致的獲利能力改善，包含提價的組合效應，以及毛到淨（gross-to-net）也有一些改善。

David Amsellem, Piper Sandler.

David Amsellem，Piper Sandler。

A couple for me. First, on the sales force for ADHD, can you just remind us what portion of ADHD prescribers or ADHD volumes your current sales organization covers? And then over time, what do you aspire to in terms of coverage of both prescribers and volumes? -- in terms of your commercial infrastructure for ADHD.

我有幾個問題。第一，關於 ADHD 的銷售團隊，能否提醒我們目前的銷售組織覆蓋了多少比例的 ADHD 開立處方醫師，或 ADHD 的處方量（volumes）？然後隨著時間推進，就你們的 ADHD 商業基礎建設而言，你們希望在醫師覆蓋與處方量覆蓋方面達到什麼目標？

So that's number one. And then number two, as you look at JORNAY and maybe to a lesser extent, AZSTARYS, heavily weighted towards pediatric use. I guess over time, what's your view on the mix between peds and adults and where that could evolve to for both products, particularly JORNAY since it's been so heavily skewed towards the pediatric setting?

這是第一個。第二，當你看 JORNAY，或許 AZSTARYS 稍微少一些，兩者都高度偏向兒科使用。我想問的是，隨著時間推進，你們如何看待兒科與成人之間的組合占比，以及兩個產品可能會如何演變？特別是 JORNAY，因為它一直非常偏向兒科場景。

Yes. Thanks, David. Scott, maybe you want to take both and if you have any other commentary on that.

是的。謝謝你，David。Scott，也許你可以兩題一起回答，如果你還有其他補充也請一併說明。

Yes, sure. So first, starting off with sales force. If you look at how we're currently structured, I think the main thing I want to reinforce is we size to effectively cover the market, right? So there's no piecemeal approach to our sizing. If you look right now, it's a pretty concentrated business. So about 20,000 physicians cover one-third of all TRxs in the country, right? And so we go to about 25,000. That gives us about 60% coverage of the branded market.

好的，當然。先從銷售團隊談起。如果你看我們目前的架構，我想強調的重點是：我們的團隊規模是為了有效覆蓋市場而設計的，對吧？所以我們在規模設定上不是零碎拼湊的做法。如果你看現在，這是一個相當集中的業務。大約 20,000 位醫師就涵蓋了全國三分之一的所有 TRx（總處方量），對吧？而我們拜訪大約 25,000 位醫師。這讓我們對品牌市場的覆蓋率約為 60%。

And that's exactly as optimal as we can do without going to white space and being inefficient. So we're sized right. Now as we bring in AZSTARYS, we're doing the work to figure out exactly any tweaks we'd make on the footprint. But the main thing I want you to know is we will optimally size to cover the market, and that's what we do now. Second, when it comes to JORNAY, what was the second question?

在不進入空白區（white space）而導致效率不彰的前提下，這已經是我們能做到的最優配置。所以我們的規模是合適的。接下來當我們納入 AZSTARYS 時，我們正在進行工作以確認是否需要對覆蓋版圖做任何微調。但我希望你知道的重點是：我們會以最優方式設定規模來覆蓋市場，而這正是我們現在所做的。第二個問題，關於 JORNAY，你的第二題是什麼？

The second question was about the mix of adults and peds.

第二個問題是關於成人與兒科的組合占比。

Yes. So mix of adults and peds. So the first thing is you look, they're both methylphenidate products, right, David. And so that market is about 70%, 30% peds. AZSTARYS leans a little bit more to adult, we think mostly driven by the profile of the drug and the fact that you take it and get 30-minute efficacy quick, it's a little more flexible dosing for flexible schedules.

是的。關於成人與兒科的組合占比。首先你看，David，它們都是哌甲酯（methylphenidate）產品，對吧。而那個市場大約是 70%、30% 的兒科占比。我們認為 AZSTARYS 會稍微更偏成人，主要是由藥物特性所驅動：服用後 30 分鐘就能快速起效，且在彈性作息下劑量調整更有彈性。

That pushes it a little more adult. For JORNAY in the 80-20 that we're at now, we do expect to continue to penetrate more into the adult market, which would drive a little bit of a mix difference. And the primary driver of that is what I mentioned is this insight we have that there's a bit of a disconnect that adult patients, about 50% say they actually need efficacy immediately upon awaken, right?

這會讓它更偏向成人一些。至於 JORNAY，目前我們大約是 80/20 的占比，我們確實預期會持續更深入滲透成人市場，這將帶來一些組合占比的變化。其主要驅動因素是我提到的洞察：成人病患中約有 50% 表示他們在醒來時就需要立即起效，對吧？

What JORNAY provides, you wake up, the drug is already working, and yet HCPs don't view that need as highly. And so we'll be leaning into that and expect that our growth will continue there. Overall, we're growing volume very well in both segments right now. So right, 14% in the first quarter. That was 12% year-over-year ped growth. That was 23% adult growth. So we're growing now, but we expect the mix to continue to shift.

JORNAY 所提供的是：你醒來時，藥效已經在作用；然而醫療照護專業人員（HCPs）並沒有把這個需求看得那麼重要。因此我們會加強在這方面的推進，並預期我們的成長會持續來自這裡。整體而言，我們目前在兩個族群的量都成長得很好。第一季成長 14%。其中兒科年對年成長 12%。成人成長 23%。所以我們現在就在成長，但我們預期組合占比會持續移動。

Thank you.

謝謝。

At this time, this will conclude our question-and-answer session. I'll hand the floor back to Vikram for closing remarks.

此時，我們的問答環節將告一段落。我將把時間交回給 Vikram 作結語。

Thank you. Thanks to everyone for joining our call, and hope you have a wonderful day and weekend.

謝謝。感謝各位參與我們的電話會議，祝大家有個美好的一天與週末。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation, and have a wonderful day.

謝謝。今天的會議到此結束。您現在可以掛斷電話。感謝您的參與，祝您有美好的一天。