Collegium Pharmaceutical, Inc. (NASDAQ:COLL) Q1 2019 Earnings Conference Call Transcript

May 08, 2019 • 04:30 pm ET


Collegium Pharmaceutical, Inc. (NASDAQ:COLL) Q1 2019 Earnings Conference Call Transcript


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Good day, ladies and gentlemen, and welcome to the Collegium Pharmaceutical's First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session, and instructions will follow at that time. (Operator Instructions) As a reminder, this call may be recorded.

I would now like to introduce your host for today's conference, Ms. Alex Dasalla. Ma'am, you may begin.

Alex Dasalla

Welcome to the Collegium Pharmaceutical's first quarter 2019 earnings conference call. This is Alex Dasalla, Head of Investor Relations for Collegium. I am joined today by Joe Ciaffoni, our Chief Executive Officer; Paul Brannelly, 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 risk that we may not be able to successfully commercialize Xtampza ER and the Nucynta franchise, and that we will incur significant expense and may not prevail in current or future patent infringement litigation or other litigation pertaining to our products and product candidates. 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 release and this call will include discussion of certain non-GAAP information. You can find our earnings release, including relevant non-GAAP reconciliations, on our corporate website at

I will now turn the call over to Collegium's CEO, Joe Ciaffoni.

Joseph Ciaffoni

Thanks, Alex. Good afternoon and thank you, everyone for joining the call. We believe that 2019 will be a breakthrough year for Collegium Pharmaceutical. We are encouraged by our performance in the first quarter and confident that Collegium is well positioned to become the leader in responsible pain management. We remain laser-focused on our key priorities for 2019, which are to leverage exclusive ER oxycodone payer wins, to accelerate Xtampza ER, maximize the value of the Nucynta franchise, strengthen operational execution, leverage, not add to our cost structure, and execute our mid-term growth strategy.

Financial highlights for the first quarter include net revenue of $74.5 million, up 17% versus Q1 2018, Xtampza ER revenue of $25.1 million, up 59% versus Q1 2018. Xtampza ER total prescriptions were 105,309, up 71% versus the first quarter of 2018. Driven by 13 new exclusive ER oxycodone payer wins that took effect on January 1st, Xtampza ER continues to be the fastest-growing branded ER opioid. As was the case in 2018, we anticipate a faster rate of growth in the first half of the year, followed by sustained growth at a moderated rate in the second half of 2019. Nucynta franchise revenue was $49.4 million, up 3% versus Q1 2018. Nucynta