Collegium Pharmaceutical (COLL) Jefferies London Healthcare Conference 2024 summary

Financial performance and product highlights

• Achieved record Q3 revenues of $159 million, up 17% year-over-year, with Belbuca and Xtampza both delivering record results; JORNAY PM contributed $8 million for just under a month post-acquisition.

• Xtampza's gross to net was 50.8% in Q3, aided by a one-time benefit, with full-year guidance at the low end of the 55%-57% range; adjusted EBITDA reached a record $105 million, up 18% year-over-year.

• JORNAY PM scripts grew 58% year-over-year last year and 32% this year, with an 18% sequential increase during back-to-school season; coverage stands at 80% across commercial and Medicaid.

• Belbuca has shown five straight quarters of year-over-year growth, with recent weekly breakouts and robust performance across all payer segments.

• Xtampza revenue growth year-to-date is in the low single digits, with future growth expected from gross to net improvements and potential prescription growth.

Leadership and strategic direction

• New CEO Vikram Karnani joined, bringing experience from Horizon and a focus on driving the next phase of growth, both organic and inorganic.

• The board sought a leader with commercial and business development expertise to build on a strong pain franchise and nearly $600 million top line.

• No major strategic shifts expected; focus remains on leveraging the current product portfolio and expanding growth opportunities.

Product pipeline, IP, and competition

• JORNAY PM is differentiated as the only extended-release methylphenidate dosed in the evening, providing morning and all-day efficacy; IP protection extends through 2032.

• No significant competition anticipated for JORNAY PM in the extended-release ADHD segment.

• Xtampza faces prescription pressure due to payer contract decisions but maintains revenue growth through gross to net improvements.

• Belbuca's IP runs through 2032 for most filers; Teva could enter in 2027 but has not received tentative approval, and their intent remains uncertain.

• Nucynta's authorized generic agreement with Hikma and limited API availability suggest a longer and more robust revenue tail, with key generic entry dates in late 2025 and 2027.