Q3 2024 Collegium Pharmaceutical Inc Earnings Call Transcript
Key Points
- Collegium Pharmaceutical Inc (COLL) reported a record financial performance in the third quarter of 2024, with total net product revenues reaching $159.3 million, up 17% year-over-year.
- The acquisition of Ironshore Therapeutics and its commercial product, Jornay PM, is expected to generate net revenue in excess of $100 million in 2024, expanding COLL's presence in the ADHD market.
- The pain portfolio delivered strong performance with record revenue of $151.3 million, up 11% year-over-year, driven by products like Belbuca and Xtampza ER.
- The company achieved new payer wins for Belbuca and Xtampza ER, which are expected to support revenue growth in 2025.
- Collegium Pharmaceutical Inc (COLL) successfully completed its CEO search, appointing Vikram Karnani, who brings over 15 years of experience in the biopharm industry, to lead the company into its next phase of growth.
- The integration of Ironshore and its product Jornay PM may present challenges, as the company focuses on maximizing growth and ensuring a smooth transition.
- GAAP operating expenses increased by 76% year-over-year to $62 million, partly due to $19.9 million in acquisition-related expenses associated with the Ironshore acquisition.
- The Nucynta franchise experienced a 5% year-over-year decline in net revenue, indicating potential challenges in maintaining its market position.
- Changes in formulary coverage for Xtampza ER and Belbuca, including removal from a Medicare Part D plan, may pressure prescriptions in 2025, although expected to be net revenue positive.
- The ADHD market is highly competitive and genericized, which may pose challenges for Jornay PM despite its unique evening dosing feature.
Greetings, and welcome to the Collegium Pharmaceutical third quarter 2024 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded.
I will now turn the call over to Danielle Jesse, Director of Investor Relations at Collegium. Please go ahead.
Welcome to Collegium Pharmaceuticals third quarter 2024 earnings conference call. I am 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 Securities Litigation Reform Act of 1995. You are cautioned that such forward-looking statements involve risks and uncertainties, including and without
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