Collegium Pharmaceutical, Inc. · NASDAQ:COLL
Collegium Pharmaceutical — Q1 2022 Earnings Presentation
25 slides from Collegium Pharmaceutical's earnings presentation, May 10, 2022
Slide 1: Q1FY22 Earnings Report
May 10, 2022 | Nasdaq: COLL Q1FY22 Earnings Report
Slide 2: Forward-Looking Statements
Forward - Looking Statements This presentation contains forward - looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 .. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimat es, " "antici
Slide 3: Building a leading, diversified specialty pharmaceutical company
Building a leading, diversified specialty pharmaceutical company committed to improving the lives of people living with serious medical conditions I D E A Uphold I ntegrity Embrace D ifferences Encourage E xpression Be A ccountable GUIDED BY OUR CORE VALUES Mission Driven Investor Presentation 3
Slide 4: Strong Culture and a Commitment to Our Communities
Strong Culture and a Commitment to Our Communities Investor Presentation E XTERNAL R ECOGNITION C OMMUNITY P ARTNERSHIPS 4
Slide 5: Q1 2022 Key Business Highlights
G ROW T OP AND B OTTOM L INES I NTEGRATE BDSI D EPLOY C APITAL Received approval from FDA for the prior approval supplement for a new Nucynta ® ER manufacturing site Resolved all 27 pending opioid - related lawsuits Strengthened Executive team and Board of Directors Q1 2022 Key Business Highlights $
Slide 6: Collegium Three-Phase Action Agenda
Collegium 3 - Phase Action Agenda P HASE 1 S EAMLESS I NTEGRATION P HASE 2 G ENERATE M OMENTUM P HASE 3 A CCELERATE 1. Executed with no disruptions to core operations 2. Achieved day one field force readiness 3. Realized majority of targeted run rate synergies 1. Grow Belbuca and Xtampza ER TRxs 2.
Slide 7: 2022 Priorities
2022 Priorities G ROW T OP L INE Grow Belbuca and Xtampza ER Maximize Nucynta Franchise and Symproic ® Launch Elyxyb Renegotiate Xtampza ER c ontracts A CCELERATE B OTTOM L INE Exceed targeted run rate synergies of at least $75 million Maintain financial discipline D EPLOY C APITAL Business developm
Slide 8: Capital Allocation Priorities
O PPORTUNISTICALLY R ETURN C APITAL TO S HAREHOLDERS R APIDLY P AYDOWN D EBT F OCUSED B USINESS D EVELOPMENT Capital Allocation Priorities • Commercial - stage neurology assets with $150 million peak sales potential • >$50M remaining on $100M share repurchase program 2 • New $650M Pharmakon loan iss
Slide 9: 2022 is Off to a Strong Start
G ROW T OP AND B OTTOM L INES D EPLOY C APITAL 2022 is Off to a Strong Start Investor Presentation Growth and Value Creation On track to exceed targeted run rate synergies of at least $75M Well - positioned to achieve record full - year revenue and adjusted EBITDA Completed strategically and financi
Slide 10: Financial Highlights
Financial Highlights Colleen Tupper, Executive Vice President & Chief Financial Officer
Slide 11: Financial Highlights: Leveraging Cost Structure and Generating Cash
E XPECT O PERATING C ASH F LOW TO A CCELERATE F OLLOWING CLOSE OF BDSI A CQUISITION 11 Financial Highlights: Leveraging Cost Structure and Generating Cash 1. Adjusted operating expenses is a non - GAAP financial measure. See Non - GAAP Financial Measures on Slide 2 and Reconciliations on s lides 24
Slide 12: Capital Allocation Priorities
O PPORTUNISTICALLY R ETURN C APITAL TO S HAREHOLDERS R APIDLY P AYDOWN D EBT F OCUSED B USINESS D EVELOPMENT Capital Allocation Priorities • Commercial - stage neurology assets with $150 million peak sales potential • > $50M remaining on $100M share repurchase program 2 • New $650M Pharmakon loan is
Slide 13: Strong Financial Position and Executing to Plan
Collegium is in a Strong Financial Position and Executing to Plan 1,2 R EVENUE G ROWTH & S CALE $133M S IGNIFICANT C OST L EVERAGE 3 Est. 2022 Adj. EBITDA of $235 - 250M ~+105% y/y at mid - point 1. This financial data was provided by Collegium in its press release filed with the SEC on April 5, 202
Slide 14: Commercial Update
Commercial Update Scott Dreyer, Executive Vice President & Chief Commercial Officer
Slide 15: The Leader in Responsible Pain Management
The Leader in Responsible Pain Management Sources: 1. IQVIA NPA, March 2022 2. ATU (Attitudes, Trial & Awareness) Market Research Study fielded Q1 2021 A CUTE C HRONIC P ORTFOLIO S PANS THE C ONTINUUM OF C ARE Pain portfolio distinctly positioned and sources differently Highly differentiated product
Slide 16: Belbuca Expanded Market Position over Q1 2021
Belbuca Expanded Market Position over Q1 2021 Investor Presentation Sources: 1. IQVIA NPA through March 2022 2. Quarter - Ending Share 3. IQVIA Xponent through March 2022 ` Total Prescriptions 1 116,900 +4% Q1’22 vs. Q1’21 Branded Extended - Release Market Share 1,2 17.4% +2% Q1’22 vs. Q1’21 Unique
Slide 17: Xtampza ER Expanded Market Position over Q1 2021
Xtampza ER Expanded Market Position over Q1 2021 Investor Presentation Sources: 1. IQVIA NPA through March 2022 2. Quarter - Ending Share 3. IQVIA Monthly Xponent through March 2022 ` Total Prescriptions 1 166,400 +3% Q1’22 vs. Q1’21 Oxycodone Extended - Release Market Share 1,2 34.2% +3.6% Q1’22 vs
Slide 18: Nucynta Franchise and Symproic are Contributors
Nucynta Franchise and Symproic are Contributors Investor Presentation Sources: 1. IQVIA NPA through March 2022 2. Quarter - Ending Share ` Branded Extended - Release Market Share 1,2 5.6% Stable Q1’22 vs. Q1’21 ` Total Prescriptions 1 17,800 +13.7% Q1’22 vs. Q1’21 18
Slide 19: A Strategic Foothold in Neurology
A Strategic Foothold in Neurology N EUROLOGY IS A T ARGET A DJACENCY E LYXYB L AUNCH O PPORTUNITY • Focused and Phased Approach • 25 territories, 3,500 targets • ~15% of acute migraine market • Where we choose to play, we will play to win • Success - gated expansion • Business development priority •
Slide 20: 2022 Commercial Priorities
20 2022 Commercial Priorities Maximize potential of Nucynta Franchise and Symproic Launch Elyxyb in focused and phased approach Achieve gross - to - net of <65% for Xtampza ER beginning in January 2023 Grow Belbuca and Xtampza ER
Slide 21: Q&A
Q&A
Slide 22: Building a Leading, Diversified Specialty Pharmaceutical Company
Building a Leading, Diversified Specialty Pharmaceutical Company D IVERSE AND DURABLE PORTFOLIO S TRONG FINANCIAL POSITION L ONG - T ERM V ALUE C REATION ✓ Leadership in pain ✓ Strategic foothold in neurology ✓ Durable growth drivers ✓ Revenue expected to grow ~65% YoY 1 ✓ Significant cost leverage:
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations N
Slide 24: Reconciliation of GAAP Net Income to Adjusted EBITDA
24 Collegium Pharmaceutical, Inc. Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands) (unaudited) GAAP net (loss) income $ (13,069) $ 15,662 Adjustments: Interest expense 5,831 5,721 Interest income (4) (3) (Benefit from) provision for income taxes (2,773) (188) Depreciation 715 439
Slide 25: Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses
25 2022 2021 GAAP Operating expenses $ 58,511 $ 34,406 Adjustments: Stock-based compensation 6,135 6,879 Acquisition related expenses 27,167 - Total adjustments 33,302 6,879 Adjusted operating expenses $ 25,209 $ 27,527 Three months ended March 31, Collegium Pharmaceutical, Inc. Reconciliation of GA
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