Collegium Pharmaceutical, Inc. · NASDAQ:COLL
Collegium Pharmaceutical — Q1 2024 Earnings Presentation
24 slides from Collegium Pharmaceutical's earnings presentation, May 9, 2024
Slide 1: Q1'24 Earnings Report
Q1’24 Earnings Report May 9, 2024 | 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: Business Update
Business Update Joe Ciaffoni, President & Chief Executive Officer
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. Doing Good As We Do Well Partnering with organizations driving equitable access to STEM education
Slide 5: Track Record of Strong Top- and Bottom-Line Growth
Track Record of Strong Top- and Bottom-Line Growth GROW LEVERAGE E X PA N D Product Revenues, Net Adjusted Operating Adjusted EBITDA4 Expenses4 $588M3 $567M2 $464M2 $388M3 $367M2 $277M1 $266M2 $122M2 $124M2 $123M3 $118M1 $101M1 2021 2022 2023 2024E 2021 2022 2023 2024E 2021 2022 2023 2024E 1. This f
Slide 6: Seamless Leadership Transition: Mike Heffernan as Interim CEO
Seamless Leadership Transition: Mike Heffernan as Interim CEO Founder and Chairman of the Board of Collegium • Founded Collegium in 2002 and served as President and CEO for over 15 years • Chairman of the Board of Collegium from 2018 to present • Successful entrepreneur and biopharmaceutical leader
Slide 7: Business and Financial Highlights
Business and Financial Highlights Colleen Tupper, Executive Vice President & Chief Financial Officer
Slide 8: Recent Business Highlights
Recent Business Highlights • Product revenues, net: $144.9M, flat YoY Delivered strong Q1’24 • Adjusted operating expenses: $34.5M, down (10)% YoY2 financial performance1 • Adjusted EBITDA: $92.4M, up 5% YoY2 • Grew Q1’24 Belbuca® prescriptions 4.2% YoY3; generated record Belbuca revenue of $50.7M,
Slide 9: 2024 Priorities: Operational Execution
2024 Priorities: Operational Execution DELIVER ON S T R AT E G I C A L LY Financial Deploy Capital Commitments • RAPIDLY pay down debt, de-levering on a quarterly • ACHIEVE record basis revenue, adjusted EBITDA and net income • OPPORTUNISTICALLY leverage $150M share • GENERATE record repurchase prog
Slide 10: Q1'24 Financial Highlights
Q1’24 Financial Highlights1 Product Revenues, Net Adjusted Operating Adjusted EBITDA2 Expenses2 Flat $144.8M $144.9M +5% $87.6M $92.4M (10)% $38.2M $34.5M Q1'23 Q1'24 Q1'23 Q1'24 Q1'23 Q1'24 1. This financial data was provided by Collegium in its Form 8-K and/or its Form 10-Q filed with the SEC on M
Slide 11: Reaffirming 2024 Financial Guidance
Reaffirming 2024 Financial Guidance1 Product Revenues, Net Adjusted Operating Expenses3 Adjusted EBITDA3 (Excluding Stock-Based Compensation) (Excluding Stock-Based Compensation) $580–595M $120–125M $380–395M Up 3.7% YoY 2 Down (0.9)% YoY 2 Up 5.6% YoY 2 1. This financial data was provided by Colleg
Slide 12: Disciplined Capital Deployment
Disciplined Capital Deployment Rapidly Pay Down Debt • Ended Q1’24 with net debt/adjusted EBITDA of ~0.8x; expect de minimis by year-end 20241,2 • Repaid $283.3M of Pharmakon loan to date ($650M issued 3/22/2022); will repay additional $137.5M in 20242; Pharmakon loan expected to be paid in full in
Slide 13: Opportunistic Share Repurchases
Opportunistic Share Repurchases1 Returned $137M of Capital to Shareholders from 2021 to 2023 $75M Repurchased at Repurchased 6.3M shares average price of $25M at average price of $21.65 $27.09 ASR $43M Average Repurchase Price $35M $50M 2021 - $19.93 $19M ASR $35M ASR $25M authorization 2022 - $17.5
Slide 14: Commercial Update
Commercial Update Scott Dreyer, Executive Vice President & Chief Commercial Officer
Slide 15: Q1'24 Commercial Update
Q1’24 Commercial Update Collegium Portfolio has Over 50% Branded ER Market Share and Large Prescriber Bases1,2 10,100 16,300 10,600 Unique prescribers3 Unique prescribers3 Unique prescribers3 1. IQVIA NPA through March 2024. 2. Quarter-ending product share (Belbuca, Xtampza ER, and Nucynta® ER). 15
Slide 16: Well Positioned to Grow Belbuca Prescriptions and Revenue in 2024
Well Positioned to Grow Belbuca Prescriptions and Revenue in 2024 Increasing momentum for Belbuca in Q1’24 GROWING BELBUCA STRONG BRAND COMMERCIAL PRESCRIPTIONS F U N D A M E N TA L S PRIORITIES +4.2% #1 highest rated branded ER opioid in terms of product differentiation and Reinforce clinical diffe
Slide 17: Xtampza ER Poised to Grow Revenue in 2024
Xtampza ER Poised to Grow Revenue in 2024 S U C C E S S F U L LY STRONG BRAND COMMERCIAL MANAGING GTN F U N D A M E N TA L S & M A R K E T PRIORITIES ACCESS POSITION 53.6% #1 highest rated ER oxycodone in terms of product differentiation and Reinforce clinical differentiation favorability1 Pull thro
Slide 18: Closing Remarks
Closing Remarks Joe Ciaffoni, President & Chief Executive Officer
Slide 19: Creating Long-Term Value Through Operational Execution
Creating Long-Term Value Through Operational Execution DELIVER ON Financial commitments of top- and bottom- Creating value for line growth: shareholders by: • Achieve record revenue, adjusted EBITDA and net income ✓ Growing revenue • Generate record free cash flow ✓ Increasing profitability S T R AT
Slide 20: Q&A
Q&A
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 22: 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, 2024 2023 GAAP net income (loss) $ 27,713 $ (17,426) Adjustments: Interest expense 17,339 21,427 Interest income (4,487) (2,747) Loss on extinguishment o
Slide 23: 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, 2024 2023 GAAP operating expenses $ 41,982 $ 52,775 Adjustments: Stock-based compensation 7,475 6,035 Litigation settlements — 8,500 Total a
Slide 24: 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, 2024 2023 GAAP net income (loss) $ 27,713 $ (17,426) Adjustments: Non-cash intere
Collegium Pharmaceutical — Q1 2024 Earnings Presentation on 6ix