Collegium Pharmaceutical, Inc.

Greetings and welcome to the Collegium Pharmaceutical third quarter 2024 earnings conference call. At this time, all participants are on a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during this conference call, 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 Danielle Jesse, Director of Investor Relations at Collegium. Please go ahead.

Welcome to Collegium Pharmaceutical's third quarter 2024 earnings conference call. I am joined today by Mike Heffernan, our interim president and chief executive officer, founder, and chairman, 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. 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 our products, that we may incur significant expense in doing so, that we may not prevail in current or future litigation pertaining to our business, risks related to our ability to realize the anticipated benefits and synergies of the recently completed acquisition of Ironshore, the risk that the businesses will not be integrated successfully, and risks related to future opportunities and plans for Ironshore. 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 our chairman, interim president, and CEO, Mike Heffernan.

Thank you, Danielle. Good afternoon, and thank you, everyone, for joining the call. Today, we will discuss Collegium's record financial performance during the third quarter, and provide an update on our business, including the very exciting news that we have successfully completed our CEO search. At Collegium, we're focused on building a leading diversified specialty pharmaceutical company committed to improving the lives of people living with serious medical conditions. This quarter, we completed the acquisition of Orange Shore Therapeutics and its commercial product during APM, and we're excited to welcome the employees of Orange Shore to our team. as we embark on our journey of improving the lives of patients in the ADHD community. We strive to do good as we do well, and I'd like to recognize the Collegium team for their commitment to our mission and continued dedication to making a positive impact on the communities we serve by driving equitable access to STEM education and advancing the next generation of life science leaders. Our third quarter and year-to-date results reflect Collegium's strong operational execution We are on track to deliver on our 2024 financial commitments as updated following the closing of our acquisition of IronShore. We've made significant progress in successfully integrating IronShore and we continue to generate robust operating cash flows and drive significant top and bottom line growth, including growing total revenue 17% with 11% growth in our paying portfolio revenue and adjusted EBITDA growth of 18% on a year-over-year basis in the third quarter. The financial strength of our pain business enabled our acquisition of IronShore and its commercial product, JoinAPM, a central nervous system stimulant for the treatment of attention deficit hyperactivity disorder, or ADHD, in people six years of age and older. JoinAPM is a highly differentiated commercial asset that diversifies our product portfolio beyond pain and has significant revenue and growth potential and Exclusivity into the 2030s. Jordan APM is expected to generate net revenue in excess of $100 million in 2024, expands our commercial presence into ADHD, a large and growing market, and is poised to become the leading growth driver for Collegium. Since closing the IronShare acquisition in early September and for the balance of the year, we are focused on integrating the IronShare business while maximizing the paying portfolio and developing the path to maximize growth of Jornet. We will also continue our business development efforts to identify assets that allow us to build our expertise in a new therapeutic area beyond pain. As we look to close out a strong year, we are confident that we will deliver on our financial commitments and strategic objectives, enabling strong top and bottom line growth in 2025 and beyond. After an extensive search process, we are very excited to welcome Vickram Karnani as our new CEO, Chief Executive Officer, and member of our board, effective on November 12th. The Board of Collegium is convinced he is the right leader with the right skills and the expertise and experience to lead Collegium to its next phase of growth. Vikram is a proven leader with more than 15 years of experience in the borrow farm industry, including holding various leadership positions across commercial, medical affairs, and business development. Most recently, After the acquisition of Horizon by Amgen, he led Amgen's rare disease business as Executive Vice President and President of Global Commercial Operations and Medical Affairs. Prior to that, he held numerous leadership positions at Horizon Therapeutics through its rapid growth phase spanning many aspects of the business, including leading growth strategy and establishing and expanding Horizon's presence in international markets. He demonstrated success in building organizations, and maximizing their potential through both organic growth and business development. This makes him the right fit to lead Collegium. With Vikram as our CEO, we are well positioned for continued success in 2025 and beyond. In the third quarter of 2024, we announced and closed the IronShare acquisition, which is expected to deliver on all our strategic objectives related to business development. In addition, we also drove strong revenue growth in our pain portfolio. Recent key accomplishments and highlights include since the acquisition closed in September, we've seen accelerated growth in Jornet PM prescriptions during the back to school season. Through the first three quarters of 2024, Jornet prescriptions are up 31.2% year over year. We delivered another strong quarter for Belbuca. Marked by record revenue of $53.2 million, up 17% year-over-year, and strong prescription growth of 3.5% year-over-year and 2.6% quarter-over-quarter. We generated record Xtamsa ER revenue of $49.5 million, up 24% year-over-year. We achieved new payer wins for Belbuca and Xtamsa ER, which are expected to support revenue growth in 2025. We continued our history of leadership at Pain Week through the presentation of eight posters highlighting the clinical and population health impact of our differentiated pain portfolio. And we established our presence at key ADHD congresses, including a presentation on Join APM, the American Academy of Child and Adolescent Psychiatry 2024 Annual Meeting, and the Canadian ADHD Resource Alliance 2024 Conference. I will now turn it over to Scott to give a commercial update.