Collegium Pharmaceutical, Inc.

Greetings and welcome to the Collegium Pharmaceuticals' fourth quarter and full year 2024 earnings conference call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference call, please press the star and then zero on your telephone keypad. Please note that this conference call is being recorded. I'll now turn the call over to Danielle Jesse, the Director of Investor Relations at Collegium. Thank you, and you may begin.

Welcome to Collegium Pharmaceutical's fourth quarter and full year 2024 earnings conference call. I am joined today by Vikram Karnani, our President and 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. 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, 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 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 President and CEO, Vikram Karnani.

Thank you, Danielle. Good afternoon and thank you everyone for joining the call. we will discuss Collegium's financial performance for the fourth quarter and full year 2024 and provide a business update. Let me start by saying how thankful I am for the opportunity to join Collegium at this exciting time in the company's journey. Having spent the last several years leading high growth organizations, I'm energized at the opportunity to spearhead this team through its next phase of growth. Collegium has a successful track record of creating value through strong commercial execution and strategic acquisitions, all while maintaining financial discipline. The organization's commitment to improving the lives of people living with serious medical conditions and its strong culture are what attracted me to this role. The company has built a leading pain portfolio that generates strong cash flows, which enables investment in future growth. And the Iron Shore acquisition demonstrates that Collegium is well-positioned to make further investments that leverage our expertise and will drive a new phase of growth for the company. With Journée poised to be Collegium's lead growth driver, the company is at an inflection in its growth trajectory. We have strong leadership and a deeply committed team of employees, and I am looking forward to collaborating with this accomplished team working together toward our goal of building a leading diversified biopharmaceutical company. At Collegium, we strive to do good as we do well, and our values are highlighted in our 2024 ESG report that was published yesterday. I'd like to recognize the entire team for our commitment to Collegium's mission and for helping make a positive impact on the people and the communities we serve. 2024 was a transformational year for Collegial. We generated significant growth in our pain portfolio through strong operational execution. The robust, durable cash flows generated by our pain business enabled us to acquire Iron Shore Therapeutics and its lead medicine, Journée PM, establishing a new presence in neuropsychiatry. Journée's growth accelerated during our first full quarter of ownership. In the fourth quarter, we grouped descriptions 29% year-over-year and 11% quarter-over-quarter. Journey net revenue on a pro forma basis was $100.7 million in 2024 and is expected to be in excess of $135 million in 2025, representing over 34% growth. Our pain portfolio generated 5% revenue growth in 2024, led by record revenues for both Belbuca and Xsamza ER. We achieved our financial guidance for the year, growing total revenue 11%, while adjusted EBITDA grew 9% year over year. We opportunistically repurchased $60 million worth of shares in 2024. We strengthened the durability of the Nuscenta franchise with several positive developments that extended projected exclusivity for Nuscenta ER to July 2027, reinforcing this franchise as a robust revenue contributor this year and beyond. We appointed Nancy Lurker to our board of directors. Nancy's expertise in driving commercial growth and strategic acquisitions will be of great value to us as we work to advance our mission. We warmly welcome Nancy to the board. And finally, I'm excited to welcome our new head of investor relations, Ian Karp, to the Collegium team. Ian has a long history of leading investor relations for a number of leading biopharmaceutical companies, and we are thrilled that he has joined us for our next chapter of growth. As we look to 2025 and beyond, we will build on the momentum we generated across our commercial portfolio in 2024 and focus on three main priorities. The first is to drive significant growth in Journée to maximize its potential as an important therapy for the ADHD community. Journée is a highly differentiated medicine for the treatment of ADHD and has potential for significant growth with the right investments. We've identified opportunities to raise awareness of Journée with healthcare professionals, patients, and caregivers, and will make targeted investments to unlock its full potential. We expect our investments to support growth in the near term, with majority of the impact coming in 2026 and beyond. Our second priority is to maximize the pain portfolio. These medicines generate significant durable cash flows, and we believe have a longer and more robust revenue stream that remains underappreciated. Our third priority, and frankly, when I'm spending a significant portion of my time, is to strategically deploy capital to create shareholder value. We are focused on expanding and diversifying our portfolio through business development as we did most recently with the IHO acquisition. We will continue to opportunistically leverage the share repurchase program and rapidly pay down debt. Our track record of disciplined capital deployment has put us in a position of financial strength relative to our peers, and we will continue to use these levers to create shareholder value. With that, I will now turn it over to Scott to give a commercial update.