Collegium Pharmaceutical, Inc.

Greetings, and welcome to the Collegium Pharmaceutical Second Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief 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 DeSalis. Head of Investor Relations and Corporate Communications.

Welcome to Collegium Pharmaceutical's second quarter 2021 earnings conference call. This is Alex Asala, Head of Investor Relations for Collegium. I'm joined today by Joe Schifoni, our Chief Executive Officer, Colleen Tupper, 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. We will caution that such forward-looking statements involve risks and uncertainties, including and without limitation the risks that we may not be able to successfully commercialize Xtamsa 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 the call. Today we will discuss our performance during both Q2 and the first half of the year, in addition to our outlook for the remainder of 2021. At Collegium, we remain focused on our mission of being the leader in responsible pain management. I want to take a moment to recognize my colleagues for their hard work and thank them for their commitment to people living with pain and the communities we serve. During the second quarter, we expanded our partnerships in support of life sciences and education in disadvantaged communities With a donation to Science from Scientists, a nonprofit whose mission is to improve STEM literacy. Our contributions will fund multiple STEM programs for the upcoming school year. We are dedicated to delivering on our mission, driving growth in our business, and creating value for shareholders. We will do this by maximizing the potential of our differentiated portfolio of pain products, achieving our near-term operational and financial goals, and strategically investing in our long-term growth. I am pleased to report that in the first half of 2021, we made meaningful progress against the priorities that we outlined for you at the start of the year. Our business is strong and our people are healthy. We are in a phase of growth and value creation and we are on track to achieve our objectives for 2021. Notable accomplishments in the first half of 2021 include We posted record revenue, net income, and adjusted EBITDA. We expanded our market position with Xtamsa ER, delivering all-time highs in market share and total prescriptions. We grew Nusenta franchise net revenue to over $100 million, a level not seen since 2018. We reduced operating expenses, excluding stock-based compensation, and we grew cash on hand to over $200 million. Extamsa ER prescription growth and market share gains were strong in the first half of 2021, driven primarily by new Medicare Part D formulary positions that took effect on January 1st. COVID-19 dynamics adversely impacted the market, in-person patient visits, and our field force's ability to make in-person office visits. The combination of these factors resulted in Extamsa ER prescriptions to exclusive plans which pressured gross to net relative to our expectations. Although we are seeing signs of progress, we anticipate that COVID-19 dynamics will persist in the near term, and as a result, we are adjusting our four-year guidance for Xtamsa ER and the new Cinta franchise. For the remainder of 2021, we are focused on growing market share with Xtamsa ER and improving the mix of business. Over time, we are committed to managing Xtamsa ER gross to net to less than 65% by improving mix of business and optimizing payer contracts. The Nusenta franchise grew revenue in the first half of 2021, driven by favorable gross to net dynamics, offsetting pressure on prescriptions. For the remainder of 2021, we expect Nusenta franchise prescriptions to stabilize, Thank you for joining us today. Our business development strategy is focused on diversification. Specifically, we are seeking to diversify the company in one of three ways. First, financial diversification, like the Nusenta acquisition, where we are focused on commercial stage, high synergy opportunities that would directly leverage our cost structure. Second, diversification through the acquisition of later stage development, defined as phase two ready or later, Non-opioid pain assets. Here we are pursuing programs that have the potential to generate revenue in the 2025 to 2027 timeframe and that have peak sales potential of at least $150 million. And third, we are pursuing commercial stage lower synergy acquisitions that would establish a strategic beachhead into adjacent therapeutic areas. Business development remains a top priority for the organization and we look forward to updating you on our progress. We are encouraged by our revenue performance in the first half of the year and by the underlying trends in our differentiated paying portfolio. We are on track to achieve our objectives but recognize we have a lot of work to do. I will now hand the call over to Colleen for a discussion of the financials.