Q2 2024 Collegium Pharmaceutical Inc Earnings Call Transcript
Key Points
- Collegium Pharmaceutical Inc (COLL) reported a 7% year-over-year increase in revenues and a 12% increase in adjusted EBITDA for the second quarter of 2024.
- The company successfully executed the Hikma authorized generic agreement and secured a six-month pediatric exclusivity extension for the Nucynta Franchise, extending its exclusivity to 2027.
- The proposed acquisition of Ironshore Therapeutics is expected to diversify Collegium's portfolio and add Jornay PM, a product with significant revenue potential and exclusivity into the 2030s.
- Belbuca achieved record quarterly revenue, with a 21% year-over-year increase, and Xtampza ER revenue grew by 8% year-over-year.
- Collegium secured attractive financing for the Ironshore acquisition, reducing its cost of capital by 300 basis points and enhancing debt management flexibility.
- Nucynta Franchise net revenue decreased by 6% year-over-year, indicating challenges in maintaining its market position.
- GAAP operating expenses increased by 13% year-over-year, partly due to a $3.1 million charge related to the CEO transition.
- The company faces risks related to the successful integration of Ironshore Therapeutics and realizing anticipated benefits from the acquisition.
- Belbuca's Medicare Part D coverage is currently limited to about 30% of lives, posing a challenge for broader market penetration.
- The search for a new CEO is ongoing, which may create uncertainty in leadership during a critical phase of growth and acquisition integration.
Greetings, and welcome to the Collegium Pharmaceutical second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) Please note that this conference call is being recorded.
I'll now turn the call over to Christopher James, Vice President of Investor Relations at Collegium. Thank you. You may begin
Welcome to Collegium Pharmaceutical's second quarter 2024 earnings conference call. I'm joined today by Mike Heffernan, our Interim President and Chief Executive Officer, Founder and Chairman; 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
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