Collegium Pharmaceutical, Inc. · NASDAQ:COLL
Collegium Pharmaceutical — FY2022 Earnings Presentation
22 slides from Collegium Pharmaceutical's earnings presentation, Feb 23, 2023
Slide 1: Q4 and FY 2022 Earnings Report
Q4 and FY 2022 Earnings Report February 23, 2023 Nasdaq: COLL
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: Mission Driven
Mission Driven Building a leading, diversified specialty pharmaceutical company committed to improving the lives of people living with serious medical conditions. 4 Committed to sustainability, social impact and ethical governance Environmental: Be a responsible steward of the environment Social: Do
Slide 5: Operational Excellence in 2022 Delivered Strong Financial Performance
Collegium’s Operational Excellence in 2022 Delivered Strong Financial Performance1 Record product revenues, net: $463.9M, up 68% YoY Adjusted operating expenses: $122.0, up 21% YoY2 Record adjusted EBITDA: $266.0, up 125% YoY2 Deployed Capital Acquired BDSI, expanding leadership position in
Slide 6: 2023 To Be A Banner Year
$118M $266M $363M 2021 2022 2023E Adjusted EBITDA3 $277M $464M $573M 2021 2022 2023E Product Revenues, Net 6 2023 To Be A Banner Year 2 2 1. This financial data was provided by Collegium in its Annual Report on Form 10-K filed with the SEC on February 23, 2023. 2. This financial data was provided by
Slide 7: Action Agenda
Action Agenda Phase 3: Accelerate Top- and Bottom-Line Growth Phase 1 (03/22/22–06/30/22) Seamless Integration 1. Executed with no disruptions to core operations 2. Achieved day one field force readiness 3. Realized majority of targeted run rate synergies Phase 2 (07/01/22–12/31/22) Generate Momentu
Slide 8: Strategy for a Banner 2023
Strategy for a Banner 2023 • Generate strong cash flow from pain portfolio through commercial execution and leveraging cost structure • Grow Belbuca and Xtampza ER prescriptions • Maximize Nucynta Franchise and Symproic® • Conduct business development focused on commercial-stage, durable assets • Ra
Slide 9: Financial Highlights
Financial Highlights Colleen Tupper Executive Vice President & Chief Financial Officer
Slide 10: FY2022 Financial Highlights
10 FY2022 Financial Highlights FY2022 Product Revenue, Net $463.9 Million +68% Over FY2021 Record Revenue1 FY2022 Adjusted EBITDA $266.0 Million +125% Over FY2021 Record Adjusted EBITDA1,2 Net Debt/Adjusted EBITDA Ratio 2.0x At 2022 Year-End Rapid Delevering1,3 1. This financial data was provided by
Slide 11: 2023 Financial Guidance
1. This financial data was provided by Collegium in its press release filed with the SEC on February 23, 2023. 2. Adjusted operating expenses is a non-GAAP financial measure. See Non-GAAP Financial Measures on Slide 3. 3. Adjusted EBITDA is a non-GAAP financial measure. See Non-GAAP Financial Measur
Slide 12: Capital Deployment Priorities
1. Adjusted EBITDA is a non-GAAP financial measure. See Non-GAAP Financial Measures on Slide 3. 2023 net debt/adjusted EBITDA is calculated based on Collegium’s forecast of net debt at year-end 2023, compared to the mid-point of the 2023 guidance ranges provided by Collegium in its press release fil
Slide 13: Commercial Update
Commercial Update Scott Dreyer Executive Vice President & Chief Commercial Officer
Slide 14: Strong and Growing Market Position
~9K ~19K ~13K 14 Q4FY22 Commercial Update Strong and Growing Market Position 50% Branded ER Market Share1,2 +2% Over Q4FY21 Sources: 1. IQVIA NPA through December 2022. 2. Quarter-ending product share (Belbuca, Xtampza ER, and Nucynta® ER). 3. IQVIA Xponent through December 2022; quarterly prescribe
Slide 15: The Leader in Responsible Pain Management
15 The Leader in Responsible Pain Management Source: ATU (Awareness, Trial, & Usage) Market Research Study, fielded Q4 2022 Collegium is rated #1 in responsible pain management by HCPs #1 highest rated branded ER opioid in terms of product differentiation and favorability 74% of surveyed target HCPs
Slide 16: 2023 Commercial Priorities
2023 Commercial Priorities 16 Grow Belbuca and Xtampza ER Win in Managed Care • Strengthen commercial execution with salesforce training and education • Reinforce clinical differentiation • Pull-through strong access positions • Expand access by achieving new payer wins for Belbuca and Xtampza ER •
Slide 17: Mission Driven: 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. Guided by Our Core Values Uphold Integrity Embrace Differences Encourage Expression Be Accountabl
Slide 18: Q&A
Q&A
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 20: Reconciliation of GAAP Net Income to Adjusted EBITDA
Collegium Pharmaceutical, Inc. Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands) (unaudited) 20 GAAP net (loss) income $ (7,199) $ (25,034) $ (25,002) $ 71,517 Adjustments: Interest expense 20,575 4,757 63,213 21,014 Interest income (1,027) (3) (1,047) (12) Benefit from income taxe
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) 21 GAAP operating expenses $ 38,032 $ 32,789 $ 176,169 $ 132,989 Adjustments: Stock-based compensation 5,670 4,912 22,874 24,255 Restructuring — 4,578 — 4,578 Litigation
Slide 22: Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted EPS
Collegium Pharmaceutical, Inc. Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share (in thousands, except share and per share amounts) (unaudited) 1. The income tax effect of the adjustments was calculated by applying our blended federal and state statutory rate o
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