Collegium Pharmaceutical, Inc.

Greetings and welcome to the Collegium Pharmaceuticals Third Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the 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 Ian Parks. Head of Investor Relations at Collegium. Thank you. You may begin.

Great. Thanks. Welcome to Collegium Pharmaceuticals' third 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 provision 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. I am pleased to report that we delivered another quarter of both top and bottom line growth driven by a strong start to the back-to-school season for Journey PM and robust revenues from our pain portfolio. As our financial results reflect, we continue to make considerable progress on our three strategic priorities, which include driving significant growth for Journée, maximizing the durability of our pain portfolio, and strategically deploying capital to further enhance shareholder value. Journée prescription growth accelerated in the quarter during the critical back-to-school season, and early signals indicate that our incremental commercial efforts are being well received by healthcare providers, caregivers, and patients. We also generated another quarter of meaningful revenue growth across our pain portfolio. The continued growth across our portfolio is a testament to the outstanding focus and execution driven by the entire Collegium team. As I reflect on my first full year at Collegium, I am incredibly proud of what our team has accomplished. We successfully expanded into a new therapeutic area, rapidly integrated Journée into our portfolio, and made strategic investments to drive future growth. We also continue to generate robust performance from our pain portfolio and are increasingly confident that these revenues will prove to be more durable than many had previously expected. We have also strategically deployed our capital through share repurchases and rapid debt repayment and have remained active in our pursuit of additional differentiated medicines to add to our growing portfolio via business development. Of course, none of this success is possible without a strong commitment to the patient communities we serve. We recently celebrated and supported initiatives for both Paid Awareness Month in September and ADHD Awareness Month in October, serving as an opportunity to raise awareness, bolster education, and honor the patients and communities we serve who are at the center of everything we do. I would like to thank everyone on the collegium team for their hard work, discipline, and dedication to our mission. Without you, none of our accomplishments would have been possible. We look forward to finishing the year strong and carrying this momentum into 2026 and beyond. In the third quarter of 2025, we delivered strong financial performance, including record quarterly net revenue that grew 31% year over year and record adjusted EBITDA that grew 27% year over year. Our lead growth driver, Joan APM, generated a record 41.8 million in net revenue and prescriptions grew 20% year over year. We also grew net revenue from our pain portfolio to a record 167.6 million, up 11% year over year. We generated 78.4 million of cash from operations, repaid 16.1 million of debt, and ended the third quarter with $285.9 million in cash, further strengthening our balance sheet. Based on the continued strength of our financial performance to date, we are raising our 2025 financial guidance. We now expect to grow total revenue by approximately 24% 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 145 to 150 million, representing 46% growth from 2024 pro forma revenue. Outside of our financial achievements and consistent with our commitment to leading with science, we presented nine posters at pain week 2025, highlighting real world data from our differentiated pain portfolio. We also had two articles published in the peer reviewed Pain Research and Management Journal, and the Journal of Pain Research focused on real-world benefits of treatment with Delbuca and Xtanser ER. And we recently presented two posters at the American Academy of Child and Adolescent Psychiatry and Neuroscience Education Institute conferences, highlighting real-world data from our differentiated neuropsychiatry product, Joan APM. Finally, we recently had the privilege of ringing the opening bell at NASDAQ to celebrate a significant milestone, our 10-year anniversary as a publicly traded company, marking a decade of delivering differentiated medicines to patients and creating value for our shareholders. We look forward to our next phase of growth and the exciting opportunities ahead. For the remainder of 2025, we are focused on driving significant growth for Jordan APM, maximizing our paid portfolio, and strategically deploying capital. We remain intent on driving significant growth for Jornet by raising awareness of its highly differentiated profile among healthcare providers, patients, and caregivers. Throughout the year, we have made strategic commercial investments to raise awareness, especially ahead of the back-to-school season. We are already seeing early indicators of positive impact and are pleased with Jornet's growth in the third quarter. We expect to continue this momentum in 2026 and beyond. Turning to our pain portfolio, we delivered another quarter of solid year-over-year revenue growth with revenues from all three core pain medicines growing for the third quarter in a row. We expect our pain portfolio to continue to provide a durable financial base that fuels our ability to grow further and diversify our business. We remain committed to creating value for our shareholders through execution of our capital deployment strategy, which balances expansion through business development, opportunistic share repurchases, and rapid debt repayment. We believe we are uniquely positioned for long-term growth. Our existing portfolio provides a strong financial foundation from which we consistently generate significant cash flows, and there is still meaningful opportunity to grow our medicines, particularly Jordan APM. Our track record of successful business development, including rapidly integrating and investing behind newly acquired assets, provides opportunities for further expansion. We remain active in our search for additional business development opportunities to drive long-term growth and generate value for our shareholders. With that, I will now turn it over to Scott to discuss commercial highlights.