Collegium Pharmaceutical, Inc.

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the fourth quarter 2019 Collegium Pharmaceutical Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask the question during that portion of the call, you will need to press star 1 on your telephone. And please be advised that today's conference is being recorded. If you require any further assistance, please press star and zero. I will now hand the conference over to your first speaker today, Alex Dosala, Head of Investor Relations.

Welcome to Collegium Pharmaceutical's fourth quarter 2019 earnings conference call. This is Alex Dosala, Head of Investor Relations for Collegium. I am joined today by Joe Schifoni, our Chief Executive Officer, Paul Brantley, our Chief Financial Officer, and Scott Dreyer, our Chief Commercial Officer. Before we begin today's call, we want to remind participants that none of the information presented today is intended to be promotional, and that any forward-looking statements made today are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. You are cautioned that such forward-looking statements involve risks and uncertainties, including, and without limitation, the risks that we may not be able to successfully commercialize exam VR and Lucinta Franchise, and that we may incur significant expense and may not prevail in current or future opioid industry litigation and investigations, patent infringement litigation, or other litigation pertaining to our products. These risks and other risks of the company are detailed in the company's periodic reports filed with the Securities and Exchange Commission. Our future results may differ materially from our current expectations discussed today. Our earnings patch release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations, on our corporate website at collegiumpharma.com. I will now turn the call over to Collegium CEO, Joe Schifoni.

Thank you, Alex. Good afternoon, and thank you, everyone, for joining the call. In 2019, Collegium Pharmaceutical made significant strides towards becoming the leader in responsible pain management. Based off of quantitative market research conducted in the spring and fall of 2019 with targeted healthcare providers, Collegium was ranked second only to Pfizer as a leader in responsible pain management, a testament to the quality and professionalism of our team. We take great pride in healthcare providers' views of our organization, business practices, and pain portfolios. We made and will continue to make significant investments in our people, processes, and programs to strengthen our most important brand, Collegium Pharmaceutical. Key accomplishments in 2019 include achieving nearly 1 million portfolio prescriptions of 7% versus 2018, increasing full-year net revenue to $296.7 million versus $280.4 million in 2018, A 6% increase. Growing Expanse ER full-year net revenue to $105 million with total prescriptions of 466,378, up 51% and 49% respectively versus 2018. Enhancing Expanse ER's already strong patent portfolio with the addition of a 15th orange book listed patent. Adding exclusive ER oxycodone formulary wins that cover over 35 million predominantly commercial lives effective January 1, 2020. Delivering Nuscenta franchise net revenue of $191.7 million and total prescriptions of 530,569, representing a decline of 9% and 14% respectively versus 2018. generating non-GAAP adjusted income for three consecutive quarters and strengthening the executive team with the appointments of Dr. Richard Malamut and Bart Dunn to the roles of Chief Medical Officer and Executive Vice President, Strategy and Corporate Development. Both will play key roles in the execution of our midterm growth strategy. I want to recognize my colleagues at Collegium on their many accomplishments in 2019 and thank them for their commitment to establishing Collegium as the leader in responsible pain management. Looking ahead, 2020 is off to a strong start and will be a transformative year for Collegium. The acquisition of the U.S. rights to the Nucenta franchise is a financially transformative event for our organization. Along with strong extant ER growth and continued financial discipline, Collegium Pharmaceutical will be profitable beginning in Q1 2020, and we expect full-year, non-gap adjusted income in the range of $125 to $140 million. Collegium has the financial flexibility to pursue future business development transactions. Xtanza ER is Collegium's growth driver and highest priority in 2020 and beyond. Expansa ER is poised for its next phase of accelerated growth and is on a path to market leadership no later than 2023. Pepentadol is a molecule that we believe is meaningfully differentiated, and we are committed to maximizing the potential of the Nucenta franchise. The Nucenta franchise will be an important contributor to Collegium's bottom line through mid-2025. Our priorities are the following. Our 2020 priorities are the following. Accelerate Xtamsa ER and secure its path to market leadership. Moderate the decline of the Nucenta franchise in 2020 and take actions to position it for sequential revenue stability beginning in 2021. Execute our portfolio market access strategy. Generate and disseminate real-world surveillance and claims-based data for our product portfolio. Leverage, not grow, Collegium's cost structure, initiate our plan to reduce portfolio COGS over the next three years, execute business development transactions aligned to our midterm growth strategy, and invest in people, processes, and programs to enable Collegium to become the leader in responsible pain management. 2019 was a year in which Collegium Pharmaceutical made significant progress towards becoming the leader in responsible pain management. Led by Xtamsa ER growth, the acquisition of the Nucenta franchise, financial discipline, and business development transactions, 2020 will be a transformative year for the organization. I'm confident that we have the right plan, and more importantly, people in place to make it happen. I look forward to updating you on our progress throughout 2020. I will now hand the call over to Paul for a discussion of the financials.