Collegium Pharmaceutical, Inc.

Greetings and welcome to the Collegium Pharmaceutical first quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference call is being recorded. I will now turn the call over to Christopher James. Vice President of Investor Relations at Collegium. Thank you. You may begin.

Welcome to Collegium Pharmaceuticals' first quarter 2023 earnings conference call. 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. Your caution that such forward-looking statements involve risks and certainties, including, and without limitation, the risks that we may not be able to successfully commercialize our products, that we may incur significant expense, and that we may not prevail in current or future litigation pertaining to our business. 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 on 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 our CEO, Joe Schifoni.

Thank you, Chris. Good afternoon and thank you everyone for joining the call. Today we will discuss our financial performance during the first quarter and provide an update on our progress towards achieving a banner year in 2023. At Collegium, we are focused on building a leading, diversified specialty pharmaceutical company committed to improving the lives of people living with serious medical conditions. Our commitment to improving lives extends to our communities And in support of that, during the first quarter, we made a charitable donation to Kids in Tech, a nonprofit organization leading STEM education initiatives for kids from low-income households, and we donated 1,000 hygiene and essential kits for people in need through Life Science Cares. I'd like to thank our team for their commitment to our mission and for making Collegium a great place to work. In the first quarter of 2023, we delivered strong financial results and made progress against our strategic priorities. Key accomplishments in the first quarter include we delivered record quarterly revenue and adjusted EBITDA. We generated record quarterly Belbuca and Xtamsa ER revenue. We achieved gross to net for Xtamsa ER of 55%. reflecting the immediate impact of the successful contract renegotiations completed last year. We presented four posters at the American Academy of Pain Medicine's annual meeting, and we increased our cash balance, leaving us well positioned to execute on our capital deployment strategy. With our strong performance in the first quarter, we are confident 2023 will be a banner year. As we move through 2023, we expect to recognize significant top and bottom line growth. Top line drivers include Xtamsa ER growth cement improvement, full year Belbuca revenues, and Belbuca and Xtamsa ER prescription growth on a full year basis. We believe our fully synergized cost structure and financial discipline will further fuel bottom line growth and enable us to deploy capital to create long-term value for our shareholders. Our 2023 financial guidance includes growing adjusted EBITDA by over one and a half times revenue and over two times adjusted operating expenses. We are confident in our ability to deliver on our financial and strategic goals and have already made progress in the first quarter of the year. We are dedicated to making 2023 a banner year by executing our two-pronged strategy, maximizing the potential of our paying portfolio and deploying capital. We plan to maximize the potential of our paying portfolio through strong commercial execution. During the first quarter, we saw an immediate acceleration of Xtamsa ER revenue to a record level with year-over-year growth of approximately 52%. primarily driven by gross-to-net improvement to 55%. We also delivered record quarterly Belbuco revenue and will recognize the benefit of owning Belbuco for the full year. We do expect Belbuco and Xtamsa ER prescription growth on a full-year basis, and we anticipate that the Nusenta franchise and Simproic will be steady contributors. Our capital deployment strategy is focused on creating long-term value for our shareholders. Our top priority is business development. We are focused, active, and engaged. We are looking for differentiated commercial stage assets that have the potential to generate over $150 million in annual revenues with exclusivity into the 2030s. We believe market conditions are conducive to potentially getting a deal done. We are in a strong financial position, which gives us the opportunity gives us the flexibility to evaluate a range of deals that could be a great strategic fit for Collegium. We will remain disciplined in our approach. We are committed to rapidly paying down debt and opportunistically utilizing our share repurchase program to return capital to our shareholders. We are encouraged by our first quarter performance and confident that we are on track to achieve our financial objectives. Our strategy is clear. and our organization is focused on execution. I will now hand the call over to Colleen to discuss the financials.