Collegium Pharmaceutical, Inc. · NASDAQ:COLL
Collegium Pharmaceutical — Q3 2023 Earnings Presentation
22 slides from Collegium Pharmaceutical's earnings presentation, Nov 7, 2023
Slide 1: Q3'23 Earnings Report
Q3’23 Earnings Report Nasdaq: COLL November 7, 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: Q3'23 Highlights
Q3’23 Highlights Delivered Strong Progress Towards Business Executing on Capital Financial Performance1 Objectives1 Deployment Strategy ✓ Product revenues, net: ✓ Executed on managed care strategy; ✓ Paid down $45.8M in debt in $136.7M, up 8% YoY renegotiated Xtampza® ER and Q3’23; net debt to adjus
Slide 6: Strategy for a Banner 2023
Strategy for a Banner 2023 Maximize Portfolio Deploy Capital • Generate strong cash flow • Conduct disciplined business from pain portfolio and development focused on leverage cost structure commercial-stage, durable assets • Grow Belbuca prescriptions • Rapidly pay-down debt and Xtampza ER revenues
Slide 7: 2023 To Be A Banner Year
2023 To Be A Banner Year ACCELERATE MANAGE LEVERAGE Product Revenues, Net Adjusted Operating Expenses3 Adjusted EBITDA3 +43% 2 $568M 2 CAGR $363M +75% 1 CAGR $464M 1 +12% $266M CAGR 1 2 $277M 1 $122M $128M 1 $101M 1 $118M 2021 2022 2023E 2021 2022 2023E 2021 2022 2023E 1. This financial data was pro
Slide 8: Financial Highlights
Financial Highlights Colleen Tupper Executive Vice President & Chief Financial Officer
Slide 9: Q3'23 Financial Highlights
Q3’23 Financial Highlights Strong Revenue1 Adjusted EBITDA1,2 Rapid Delevering2,3 Q3’23 Product Revenue, Net Q3’23 Adjusted EBITDA Estimated Net Debt/Adjusted EBITDA Ratio $136.7 Million $89.4 Million ~1.0x +8% Over Q3’22 +19% Over Q3’22 At 2023 Year-End 1. This financial data was provided by Colleg
Slide 10: 2023 Financial Guidance
2023 Financial Guidance1 Product Revenues, Net Adjusted Operating Adjusted EBITDA3 Expenses2 (Excluding Stock-Based Compensation) (Excluding Stock-Based Compensation) $565 – 570M $125 – 130M $360 – 365M 1. This financial data was provided by Collegium in its press release filed with the SEC on Novem
Slide 11: 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 12: Track Record of Opportunistic Share Repurchases
Track Record of Opportunistic Share Repurchases1 Returned $112M of Capital to Shareholders from 2021 to October 2023 2021 – 2023 YTD Share Repurchases Repurchased 5.4M shares at average price of $20.72 ASR Programs $50M $43M • $25M ASR entered into in Q4’21 which repurchased 1,333,826 shares at an a
Slide 13: Commercial Update
Commercial Update Scott Dreyer Executive Vice President & Chief Commercial Officer
Slide 14: Q3'23 Commercial Update
Q3’23 Commercial Update Large Collegium Portfolio has 50% Branded ER Market Share1,2 Prescriber Bases3 17% growth in Q3’23 revenue compared to Q3’22 9,800 2% growth in Q3’23 revenue compared to Q3’224 17,700 7% growth in Q3’23 Nucynta Franchise revenue compared to Q3’22 11,300 1. IQVIA NPA through S
Slide 15: Successful Xtampza ER Contract Renegotiations to Fuel Revenue Growth
Successful Xtampza ER Contract Renegotiations to Fuel Revenue Growth 2023 2022 & 2023 Contract Renegotiations Contract Renegotiations Plans representing 30% of Xtampza ER Plans representing 84% of Xtampza ER prescriptions prescriptions • Plans representing 84% of Xtampza ER prescriptions successfull
Slide 16: Evolving Payor Landscape for Belbuca
Evolving Payor Landscape for Belbuca Progress on Belbuca payor front to generate revenue and prescription growth in 2024 Contract Renegotiation New Payor Win • Successfully renegotiated • Achieved new payor win for major Medicare Part D plan Belbuca in Medicare Part D representing 12% of Belbuca pla
Slide 17: Delivering on a Banner 2023
Delivering on a Banner 2023 Maximize Portfolio Deploy Capital • Grow core business including • Conduct disciplined business Belbuca and Xtampza ER development focused on commercial-stage, durable • Extend Nucynta patent assets exclusivity • Rapidly pay-down debt • Generate higher revenue and • Retur
Slide 18: Q&A
Q&A
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 20: 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 September 30, 2023 2022 GAAP net income $ 20,634 $ 457 Adjustments: Interest expense 20,768 19,046 Interest income (4,538) (11) Provision for income taxes 8,149 97
Slide 21: 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 September 30, 2023 2022 GAAP operating expenses $ 35,298 $ 38,372 Adjustments: Stock-based compensation 7,027 5,377 Acquisition related expenses — 463
Slide 22: 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 September 30, 2023 2022 GAAP net income $ 20,634 $ 457 Adjustments: Non-cash interest expen
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