Collegium Pharmaceutical, Inc.

trained and engaged commercial organization focused on execution. We are well positioned to grow Belbuca and Xtamsa ER prescriptions faster the second half of the year. Xtamsa ER contracts have been renegotiated and we expect to be informed on planned decisions in the fourth quarter. We remain absolutely committed to managing Xtamsa ER gross to net to less than 65% beginning in January 2023. The ELIXIB launch is underway, and we will be synthesizing learnings the remainder of the year. In January 2023, we will begin phase three, accelerate. Our expectation is that we will see an acceleration of top and bottom line growth propelled by improved Xtamsa ER gross to net, prescription growth of Belbuca and Xtamsa ER, and the full year impact of the synergized cost structure. Our singular focus in deploying capital is to create value for our shareholders. Our top priority is business development. We are committed to taking a disciplined approach, but we believe current market conditions are conducive to potentially getting a deal done. We are actively evaluating commercial stage opportunities with peak sales potential of greater than $150 million. Importantly, we are looking for assets that are differentiated and with exclusivity that runs into the 2030s. Our strong financial position allows us to allocate capital in a focused and disciplined manner. We are committed to strategically investing in the growth of our business to create long term value for our shareholders. I will now hand the call over to Colleen for a discussion of the financials.

Thanks, Joe. Good afternoon, everyone. Q2 was a strong quarter for Collegium. We generated record revenue, completed a seamless operational integration, and we remain on track to exceed targeted run rate synergies of at least $75 million. Collegium is in a strong financial position that will get stronger moving forward. Financial highlights for the second quarter include Total product revenue was a record $123.5 million for the second quarter, an increase of 49% from the second quarter of 2021. Bell Buca net revenue was $42.3 million in the second quarter of 2022. This was the first full quarter Bell Buca was a part of the Collegium portfolio, and it was a record quarterly revenue for the product. Xtansa ER net revenue was $33.2 million. Examsa ER gross to net in Q2 was 70.9%. For the full year, we expect gross to nets around 73% with some lumpiness from quarter to quarter. Nusenta franchise net revenue was 43.6 million in the second quarter of 2022. Operating expenses, which includes stock-based compensation expense, were 41.3 million in the second quarter. compared to 33.8 million in the second quarter of 2021. Adjusted operating expenses, which exclude stock-based compensation and acquisition-related expenses, were 32 million in the second quarter, an increase of 17% from the second quarter of 2021. Net loss for the second quarter was 5.2 million. Income from operations was 11.1 million in the second quarter. Non-GAAP adjusted EBITDA was a record $71.2 million for the second quarter versus $40.1 million in the second quarter of 2021. Please see our press release issued earlier today for a reconciliation of GAAP to non-GAAP results. As of June 30, 2022, our cash balance was $122.7 million. During the quarter, Collegium paid off $25 million in debt We expect to end the year with at least $150 million in cash and estimate that our net leverage will be below three times by the end of this year. In Q2, we posted record revenue and delivered solid operational performance. We are on track to exceed annual synergy targets for the BDSI acquisition, and we expect to grow revenue at greater than two times the rate of adjusted OPEX. Collegium is in a strong financial position that will get even stronger moving forward. Moving to our 2022 financial guidance. For 2022, we continue to expect total product revenues in the range of $450 million to $465 million. Driven by greater than anticipated synergies from the BDSI integration, we are updating adjusted operating expenses and adjusted EBITDA guidance. We now expect our adjusted operating expenses in the range of $125 million to $135 million. We are increasing our adjusted EBITDA guidance and now expect total adjusted EBITDA in the range of $245 million to $255 million. We remain focused on creating value for our shareholders through focused and disciplined business development. BD remains our top priority for capital deployment, and we have significant flexibility to finance additional transactions near term. We will rapidly deleverage the balance sheet, paying down $100 million in debt by March 2023 and fully paying our Pharmacon term loan by March 2026. We also have the option to opportunistically return capital to shareholders with more than $50 million remaining on the $100 million share repurchase program authorized by the board last year. 2022 is a pivotal year for Collegium. Our business is in a solid financial position. We are in a phase of growth and value creation and are focused on finishing 2022 strong. I will now turn it over to Scott.

Thanks, Colleen. In the first half of the year, we made meaningful progress against our key commercial priorities, and we're now 100% focused on phase two of our action plan, Generate Momentum. Driven by Bobuca and Xtamsa ER prescription growth, and the finalization of our renegotiated Xtamsa ER contracts that will allow us to bring Xtamsa ER gross to net to less than 65% in January of 2023. Collegium remains firmly established as the leader in responsible pain management. Our pain portfolio, comprised of Velbuca, Xtamsa ER, Nucenta ER, and Nucenta IR, spans the continuum of care from acute to chronic pain and includes both Schedule III and II products. All four products are highly differentiated and viewed favorably by health care providers. Each product is distinctly positioned and sources differently. All of our pain products have broad market access coverage. During the first half of the year, we grew volume and market share for both Bobuca and Xtamps ER and maintained market share for Nucenta ER. We grew the market share of our extended release pain portfolio to 49% of the branded ER market. Belbuca and Xtamsa ER are positioned for growth. Both products have large and growing prescriber bases, and Collegium is now the only company with active promotion in this space. During the second quarter, Belbuca's broad prescriber base grew approximately 7% to 9,200 prescribers, and Xtamsa's prescriber base was up 1% to 19,200 prescribers. The Nuscenta franchise was a strong contributor in the second quarter with stable market share and a broad and stable prescriber base of 13,300 healthcare professionals. During the quarter, we successfully completed phase one of our three-phase action agenda, achieving day one commercial readiness. In May, we conducted a national sales meeting, which enabled us to bring the team together to reinforce the strategy and messaging for our differentiated and distinctly positioned product portfolio, to launch new promotional resources for Belbuco and Xtamps ER, and to focus on execution. We're in the early days of the Elixib launch and are now fully operational. We're taking a focused and phased approach and where we choose to play, we'll play to win. We'll be assessing receptivity and uptake throughout 2022. For the remainder of the year, we're focused on growing Bell Buca and Xtamsa ER. We've launched new marketing materials for our sales representatives and new non-personal promotion content and channels. Our paying sales force is fully trained, focused on execution of our plan, and we expect to drive Belbuca and Xtanser ER prescription growth. Our contract renegotiations for Xtanser ER across contracts representing approximately 50% of Xtanser ER prescriptions are complete. We're now awaiting final decisions from plans, which we expect to occur in the fourth quarter. We're absolutely committed to managing gross to net to less than 65% beginning in January of 2023. I'm confident that the actions that we're taking will generate momentum in phase two of our action agenda and position us to accelerate in phase three. I'll now turn the call back to Jeff.