Collegium Pharmaceutical, Inc.

Greetings and welcome to the Collegium Pharmaceuticals second quarter 2025 earnings conference call. This time all participants are in listen only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero from your telephone keypad. Please note this conference is being recorded. I'll now turn the conference over to Ian Karp, head of investor relations at Collegium. Thank you. You may now begin your presentation.

Great, thanks, and welcome to Collegium Pharmaceutical's second quarter 2025 earnings conference call. I'm 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 provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such forward-looking statements involve risks and uncertainties as 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. And with that, I'll now turn the call over to our President and CEO, Vikram Karnani.

Thank you, Ian. Good morning, everyone, and thank you for joining the call. Today, we will discuss Collegium's second quarter 2025 financial performance and provide an update on our recent progress. At Collegium, we are dedicated to building a leading diversified biopharmaceutical company focused on improving the lives of people living with serious medical conditions. This past quarter, we continue to execute our strategic priorities, which include driving significant growth for journey PM, maximizing the durability of our paying portfolio, and strategically deploying capital to further enhance shareholder value. We generated both top and bottom line growth in the quarter, including record revenue from Jornet and return value to our shareholders through our share repurchases. As we look ahead to the second half of the year, we remain committed to the patient communities we serve. The continued strength of our commercial and financial performance provides significant flexibility to further grow and diversify our business. We will continue to evaluate external opportunities to expand our portfolio through business development and generate shareholder value through our capital deployment strategies. We are well positioned for our next phase of growth, and I am confident in our ability to deliver on our financial and strategic commitments. I would like to thank all of our employees for their continued dedication to our mission and to the patients we serve who are at the center of everything we do. In the second quarter of 2025, we delivered strong financial performance, including record quarterly revenue that grew 29% year over year and adjusted EBITDA that grew 9% year over year. This was driven by performance across our entire portfolio, including from our lead growth driver journey. During our third full quarter of owning journey, descriptions grew 23% year over year, and we generated record quarterly revenues of 32.6 million. We also generated another quarter of meaningful growth from our pain portfolio with a record 155.4 million in combined revenues, up 7% year over year. All three of our core pain medicines generated year over year revenue growth. We return value to our shareholders through the completion of a $25 million accelerated share repurchase program, and our board recently approved a new $150 million share repurchase program authorized through December 2026. Following our annual meeting of shareholders in May, I am pleased to report that Gina Santini, our lead independent director, was appointed as chairman of the board. Additionally, Dr. Carlos Paya, was elected by our shareholders to join the board following his nomination last quarter. These changes reflect our commitment to our next phase of growth and our ongoing focus on board refreshment and succession planning. And lastly, based on our strong financial performance to date, we are raising our 2025 financial guidance ranges. We now expect to grow total revenue by approximately 19% year over year, driven by our continued confidence in the durability of our pain portfolio and significant growth from Journey. We now expect Journey revenue to be in the range of $140 to $145 million, representing roughly 42% growth from 2024 pro forma revenue. Further, we now expect to grow adjusted EBITDA by approximately 12% year-over-year, These growth expectations are a testament to the dedication and execution across our entire organization. In just a short period of time, we have integrated Journée into our portfolio of differentiated medicines, expanded the size and scope of the collegium team, and established a new growth platform for our company. Importantly, we accomplished all of this while maintaining our leadership position in responsible pain management. As we generate additional momentum in our next phase of growth, we remain committed to our strategic priorities, driving significant growth for Journée, maximizing our pain portfolio, and strategically deploying capital. We are focused on driving significant growth for Journée by raising awareness of its highly differentiated profile among healthcare providers, patients, and caregivers through targeted investments. In April, we completed the expansion of our ADHD sales force, and we are making further investments in the brand through new marketing campaigns to raise awareness. These investments position Journey for both near-term growth and significant momentum in 2026 and beyond. Turning to our pain portfolio, we delivered year-over-year revenue growth with all three core pain medicines growing for the second quarter in a row. Our responsible pain medicines have long served as a foundation of our business and provide a strong financial base which fuels our future growth strategy. Finally, we remain committed to our capital deployment strategy, including diversifying our portfolio through business development, rapidly paying down debt, and opportunistically repurchasing shares. In the second quarter, we generated $72.4 million in cash from operations, growing our cash position to $222 million, while paying down $16.1 million of debt and repurchasing $25 million in shares. We are well on our way to building a leading, diversified biopharmaceutical company committed to improving the lives of people with serious medical conditions. Our strong financial position, consistent cash flow generation, and track record of successful business development uniquely position us for further growth as we continue to assess potential BD opportunities to diversify and expand our business. We remain committed to driving long-term growth and generating value for our shareholders. I will now turn it over to Scott to discuss commercial highlights.