Collegium Pharmaceutical, Inc.

Greetings and welcome to the Collegium Pharmaceutical second quarter 2020 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Alex Vassala, Manager, Investor Relations and Corporate Communications. Thank you. You may begin.

Welcome to Collegium Pharmaceutical's second quarter 2020 earnings conference call. This is Alex Dasala, Head of Investor Relations for Collegium. I am joined today by Joe Schifoni, our Chief Executive Officer, Paul Branley, 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 impact of the COVID-19 pandemic, the risks that we may not successfully commercialize Extamsa ER and the Nuscenta 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 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 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 us. Partnered by Xtamsa ER Growth and the impact of the Nuscenta acquisition, Collegium delivered strong financial results in the second quarter and made progress versus our strategic objectives. This is a testament to the resilience and adaptability of our people and operations and their commitment to making 2020 a transformative year for Collegium Pharmaceutical. Although the pandemic has forced our people to work differently, there has been no disruption to our essential operations and ability to supply the market. During this time, we have also been able to serve healthcare providers and patients. As of today, most of our home office based employees are working onsite, and the majority of our field force is engaging in some level of in-person customer interactions. Although the productivity of our field force is steadily improving, as is the quality of customer interactions, it continues to lag pre-COVID levels. As states began to open, we saw signs that in-person patient visits were increasing, but we believe that that momentum has been adversely impacted as infections increase in many states. We do not anticipate a return to normal for the remainder of 2020. Business highlights from the second quarter include increased profitability, accumulated cash, and paid down debt, grew Xtamsa ER total prescriptions to 141,678, up 22% versus the second quarter of 2019. Strengthened Xtamsa ER's formulary position on the OptumRx national commercial formulary, which covers over 17 million lives. Effective July 16th, Xtamsa ER moved from being non-preferred to a preferred brand. This is the first major formulary position in which Xtamsa ER is at parity with OxyContin. We continue to strengthen our patent estate with the addition of two new formulation patents covering Xtamsa ER, one with an expiry in 2030 and the other in 2036. Xtamsa ER now has 19 Orange Book listed patents. We announced a manuscript describing certain real-world evidence with respect to abuse, misuse, and diversion of Xtamsa ER was accepted for publication in Pain Medicine. We slowed the decline of the Nuscenta franchise in the second quarter of 2020 versus the same period in 2019 and in comparison to the first quarter of 2020. And we remained unwavering in our commitment to leverage, not grow our cost structure. I would like to recognize and thank my colleagues for their commitment to making a positive difference in the lives of people suffering from pain and in our communities. I appreciate their ability to focus, adapt, and propel the organization forward in our quest to become the leader in responsible pain management. For the remainder of 2020, the organization will be focused on achieving our strategic priorities. They are growing Xtensa ER and securing a pathway to market leadership, slowing the decline of the Nusenta franchise, leveraging, not growing our cost structure, and executing our midterm growth strategy. Concurrently, we will be taking the necessary actions to prepare for success in 2021. Even in the face of COVID-19, Collegium Pharmaceutical is on track to make 2020 a transformative year. We expect to increase profit, accumulate cash and pay down debt the remainder of the year. Our organization is healthy, financially strong and uniquely positioned to succeed. I am confident that we have the products and most important, the people to make it happen. I will now hand the call over to Paul for a discussion of the financials.