Collegium Pharmaceutical, Inc. · NASDAQ:COLL
Collegium Pharmaceutical — Q2 2023 Earnings Presentation
23 slides from Collegium Pharmaceutical's earnings presentation, Aug 3, 2023
Slide 1: Q2'23 Earnings Report
Q2’23 Earnings Report Nasdaq: COLL August 3, 2023
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," "estimates," "anticipates,"
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We use these non-GAAP financial measures to understand, manage and evaluate our business as we believe they provide additional informatio
Slide 4: Healthier people. Stronger communities.
Healthier people. Stronger communities. Mission Driven Building a leading, diversified specialty pharmaceutical company committed to improving the lives of people living with serious medical conditions. Uphold Integrity Embrace Differences Encourage Expression Be Accountable Guided by Our I D E A Co
Slide 5: Strengthening Our Communities
Strengthening Our Communities We partner with organizations leading equitable access to STEM education Collegium strongly believes in the value of education and supporting the next generation of scientists. We engage with nonprofits driving equitable access to education and STEM resources in underse
Slide 6: 1H'23 Highlights
1H’23 Highlights Delivered Record Progress Towards Executing on Capital Financial Performance1 Business Objectives1 Deployment Strategy ✓ Product revenues, net: ✓ Reported record Belbuca® ✓ Paid down $70.8M in debt $280.3M, up 35% YoY in and Xtampza® ER revenue in in 1H’23; net debt to 1H’23 1H’23 a
Slide 7: Strategy for a Banner 2023
Strategy for a Banner 2023 Maximize Portfolio Deploy Capital • Generate strong cash flow • Conduct business development from pain portfolio and focused on commercial-stage, leverage cost structure durable assets • Rapidly pay-down debt • Grow Belbuca prescriptions and Xtampza ER revenues • Opportuni
Slide 8: 2023 To Be A Banner Year
2023 To Be A Banner Year ACCELERATE MANAGE LEVERAGE Product Revenues, Net Adjusted Operating Expenses3 Adjusted EBITDA3 +44% 2 $573M 2 CAGR $363M +75% 1 CAGR $464M 1 $266M +18% CAGR 1 2 $277M 1 $140M $122M 1 $101M 1 $118M 2021 2022 2023E 2021 2022 2023E 2021 2022 2023E 1. This financial data was pro
Slide 9: Financial Highlights
Financial Highlights Colleen Tupper Executive Vice President & Chief Financial Officer
Slide 10: Q2'23 Financial Highlights
Q2’23 Financial Highlights Strong Revenue1 Adjusted EBITDA1,2 Rapid Delevering2,3 Q2’23 Product Revenue, Net Q2’23 Adjusted EBITDA Estimated Net Debt/Adjusted EBITDA Ratio $135.5 Million $85.8 Million ~1.0x +10% Over Q2’22 +21% Over Q2’22 At 2023 Year-End 1. This financial data was provided by Colle
Slide 11: 2023 Financial Guidance
2023 Financial Guidance1 Product Revenues, Net Adjusted Operating Adjusted EBITDA3 Expenses2 (Excluding Stock-Based Compensation) (Excluding Stock-Based Compensation) $565 – 580M $135 – 145M $355 – 370M 1. This financial data was provided by Collegium in its press release filed with the SEC on Augus
Slide 12: Capital Deployment Priorities Focused on Long-Term Value Creation
Capital Deployment Priorities Focused on Long-Term Value Creation Focused Business Rapidly Return Capital Development Pay-Down Debt to Shareholders • Targeting differentiated, • Expect net debt/adjusted • Strong track record of commercial-stage assets to EBITDA of ~1.0x by year-end opportunistic sha
Slide 13: Accelerated Share Repurchase Program
Accelerated Share Repurchase Program History of Returning Capital to Shareholders Share Repurchases $50M 2 $50M Accelerated $43M 1 Share Repurchase • Part of $100M share repurchase program authorized in January 2023 • Facilitates repurchase of large block $19M 1 of shares upon initiation • Reflects
Slide 14: Commercial Update
Commercial Update Scott Dreyer Executive Vice President & Chief Commercial Officer
Slide 15: Q2'23 Commercial Update
Q2’23 Commercial Update Large Collegium Portfolio has 50% Branded ER Market Share1,2 Prescriber Bases3 3.5% growth in total prescriptions in Q2’23 compared to Q1’231 9,700 24% growth in Q2’23 revenue compared to Q2’22 18,100 8% growth in Q2’23 Nucynta Franchise revenue compared to Q2’22 11,600 1. IQ
Slide 16: 2023 Commercial Priorities
2023 Commercial Priorities Expand Market Win in Managed Leadership Care • Grow Belbuca and • Expand access by achieving Xtampza ER new payor wins for Belbuca and Xtampza ER • Reinforce clinical differentiation • Renegotiate Xtampza ER contracts representing 30% • Pull-through strong of prescriptions
Slide 17: PAINWeek Conference 2023: September 5-8, 2023
PAINWeek Conference 2023: September 5-8, 2023 Largest Pain Conference in the U.S. for HCPs 10 abstracts accepted for presentation Significant medical presence with medical information booth and Product Theater Opportunity to educate and engage with pain specialist community 17
Slide 18: Delivering on a Strong 2H'23 and a Banner Year
Delivering on a Strong 2H’23 and a Banner Year Maximize Portfolio Deploy Capital • Grow core business including • Conduct business development Belbuca and Xtampza ER focused on commercial-stage, durable assets • Generate higher revenue and • Rapidly pay-down debt lower expenses compared to 1H’23 • E
Slide 19: Q&A
Q&A
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 21: Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
Collegium Pharmaceutical, Inc. Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (in thousands) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 GAAP net income (loss) $ 13,007 $ (5,191) $ (4,419) $ (18,260) Adjustments: Interest expense 21,863 17,761 4
Slide 22: Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses
Collegium Pharmaceutical, Inc. Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses (in thousands) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 GAAP operating expenses $ 38,193 $ 41,254 $ 90,968 $ 99,765 Adjustments: Stock-based compensati
Slide 23: Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted EPS
Collegium Pharmaceutical, Inc. Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income and Adjusted Earnings Per Share (in thousands, except share and per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 GAAP net income (loss) $ 13,007 $ (5
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