Collegium Pharmaceutical, Inc. · NASDAQ:COLL
Collegium Pharmaceutical — Q1 2023 Earnings Presentation
20 slides from Collegium Pharmaceutical's earnings presentation, May 4, 2023
Slide 1: Q1'23 Earnings Report
Q1’23 Earnings Report Nasdaq: COLL May 4, 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: Q1'23 Highlights
Q1’23 Highlights Delivered Strong Made Progress on Capital Deployment Financial Performance1 Business Objectives ✓ Record product revenues, ✓ Generated record quarterly ✓ Paid down $25M in debt in net: Belbuca® and Xtampza® ER Q1’23; quarter-end net debt $144.8M, up 73% YoY revenue to adjusted EBITD
Slide 6: 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 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, leveraging cost structure durable assets • Rapidly pay-down debt • Grow Belbuca and Xtampza ER revenue and prescriptions • Oppo
Slide 8: Financial Highlights
Financial Highlights Colleen Tupper Executive Vice President & Chief Financial Officer
Slide 9: Q1'23 Financial Highlights
Q1’23 Financial Highlights Record Revenue1 Record Adjusted EBITDA1,2 Rapid Delevering2,3 Q1’23 Product Revenue, Net Q1’23 Adjusted EBITDA Estimated Net Debt/Adjusted EBITDA Ratio $144.8 Million $87.6 Million ~1.0x +73% Over Q1’22 +101% Over Q1’22 At 2023 Year-End 1. This financial data was provided
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 – 580M $135 – 145M $355 – 370M 1. This financial data was provided by Collegium in its press release filed with the SEC on May 4
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: Commercial Update
Commercial Update Scott Dreyer Executive Vice President & Chief Commercial Officer
Slide 13: Q1'23 Commercial Update
Q1’23 Commercial Update Strong and Growing Large Prescriber Market Position Base3 49% ~9K Branded ER Market Share1,2 ~19K +1% Over Q1’22 ~12K Sources: 1. IQVIA NPA through March 2023. 2. Quarter-ending product share (Belbuca, Xtampza ER, and Nucynta® ER). 3. IQVIA Xponent through March 2023; quarter
Slide 14: 2023 Commercial Priorities
2023 Commercial Priorities Grow Belbuca and Win in Managed Xtampza ER Care • Strengthen commercial • Expand access by achieving execution with salesforce new payor wins for Belbuca training and education and Xtampza ER • Reinforce clinical • Renegotiate Xtampza ER differentiation contracts represent
Slide 15: 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 16: Q&A
Q&A
Slide 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 18: 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 March 31, 2023 2022 GAAP net loss $ (17,426) $ (13,069) Adjustments: Interest expense 21,427 5,831 Interest income (2,747) (4) Loss on extinguishment of debt 23,50
Slide 19: 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 March 31, 2023 2022 GAAP operating expenses $ 52,775 $ 58,511 Adjustments: Stock-based compensation 6,035 6,135 Litigation settlements 8,500 — Acquisi
Slide 20: 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 March 31, 2023 2022 GAAP net loss $ (17,426) $ (13,069) Adjustments: Non-cash interest expe
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