Collegium Pharmaceutical, Inc. (COLL) Q2 2019 Earnings Call Transcript

Collegium Pharmaceutical, Inc. (COLL -1.92%)
Q2 2019 Earnings Call
August 7, 2019, 4:30 p.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good day and welcome to the Q2 2019 Collegium Pharmaceutical earnings conference call. I will now turn the call over to Alex Dasalla. You may begin.

Alex Dasalla -- Head of Investor Relations

Welcome to the Collegium Pharmaceutical second quarter 2019 earnings conference call. This is Alex Dasalla, Head of Investor Relations for Collegium. I am joined today by Joe Ciaffoni, our Chief Executive Officer, Paul Brannelly, our Chief Financial Officer, and Scott Dreyer, our Chief Commercial Officer.

Before we begin today's call, we want to remind participants that none of the information presented today is intended to be promotional and that any forward-looking statements made today are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995.

You are cautioned that such forward-looking statements involve risks and uncertainties, including and without limitation the risks that we may not be able to successfully commercialize Xtampza ER and the Nucynta franchise and that we will incur significance expense and may not prevail in current or future opioid industry litigation and investigations, patent infringement litigation, or other litigation pertaining to our products.

These risks and other risks of the company are detailed in the company's periodic reports filed with the Securities and Exchange Commission. Our future results may differ materially from our current expectations discussed today. Our earnings press release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations on our corporate website at collegiumpharma.com.

I will now turn the call over to Collegium's CEO, Joe Ciaffoni.

Joe Ciaffoni -- President and Chief Executive Officer

Thanks, Alex. Good afternoon and thank you, everyone for joining the call. We're pleased with the progress that we made in the first half of 2019 versus our key strategic and operational priorities and we are on track for 2019 to be a breakthrough year for Collegium Pharmaceutical. The second quarter marked another quarter of growth for Collegium, capping a strong first half performance.

Total net revenue for the first six months was $149.6 million, which represents a 9.3% increase over the first half of 2018. Xtampza ER delivered strong year-over-year growth driven by 13 new exclusive ER oxycodone payer winds that came online at the beginning of the year. Compared to the first half of 2018 Xtampza ER total prescriptions grew 60% and Xtampza ER total net revenue increased 51% to $51.2 million. Driven by operational stability and execution, we expect Xtampza ER to continue to grow over the remainder of 2019 at a moderated pace compared to the first half of the year.

With respect to the Nucynta franchise, we saw signs of stability in the second quarter. Sequentially, total prescriptions and market share were flat compared to the first quarter of 2019. We believe that Nucynta ER volumes will grow modestly over the remainder of 2019 and we expect Nucynta IR to decline in line with the IR market.

Importantly, and as we said at the start of the year, we believe the organization is sized appropriately to maximize the potential of the portfolio. We're committed to leveraging, not growing Collegium's cost structure. Evidence of that commitment was reflected in lower sequential quarter and year over year quarterly operating expenses.

As we strive to become the leader in responsible pain management, we recognize that our most important brand is Collegium Pharmaceutical. Our entire organization works hard every day to differentiate Collegium Pharmaceutical and to earn the trust and respect of our various stakeholders. Recent headlines related to opioid litigation developments reinforced the importance of good corporate citizenship and the need to operate from a position of trust and accountability, putting the best interest of patients and our communities at the forefront of all that we do.

Quantitative market research conducted in the second quarter showed that among our targeted healthcare providers, Collegium was ranked second only to Pfizer as a leader in responsible pain management, a testament to the quality and professionalism of our team and the growing recognition of Collegium's commitment.

As part of that same research, Collegium was rated number one based on ethical business practices, a belief that the company's portfolio and materials, services and websites support responsible pain management, and a positive reputation among the public and medical community.

As we continue to build awareness around our commitment to being the leader in responsible pain management, we recognize the importance of leading with the science and that evidence-based outcomes are a key component to differentiating our brands.

Since joining the team in the spring, our Chief Medical Officer, Dr. Richard Malamut, has been evaluating our scientific communications efforts in developing a plan for future enhancements. We now have a comprehensive publication plan in place and will have a strong presence at this year's Pain Week in September, the largest US pain conference for clinicians dedicated to pain management.

The presentation of new real world data regarding Xtampza ER and the Nucynta franchise, including data derived from surveillance systems that track abuse and diversion, allow us to enhance our discussions with numerous stakeholders, including payers.

Before I conclude my opening remarks, I would also like to take a moment to address the ongoing industrywide opioid litigation. Prior to doing so, I want to emphasize that our organization stepped into this space in 2016 at a time when others begin to step out because of a belief that Xtampza ER and our proprietary DETERx technology has the potential to make a positive difference in the lives of people suffering from pain and could play a role in responsibly addressing the opioid epidemic.

As of today, there are over 2,000 lawsuits against opioid manufacturers, distributors, and other participants in the supply chain brought by various plaintiffs from cities to states to attorneys general and other parties. Of these, we are aware of 27 in which we are currently named. Where we have an opportunity to do so, we are pursuing dismissal based on Collegium's late entry to the market in the absence of allegations that we engaged in conduct that contribute to the crisis.

To date, Collegium has been dropped from 8 of 11 lawsuits currently consolidated in the Ohio multi-district litigation that we have been named in and we're awaiting dismissal in two cases brought against us in the Pennsylvania state courts. Collegium was never a party to the prominent Oklahoma AG suit that has recently garnered national attention and Collegium was dismissed from an opioid lawsuit in Arkansas state court.

We are not named in any case in the multi-district litigation that is a track or bellwether case and do not expect to have involvement or engagement in the MDL for some time. Finally, we did not assume any liability for Nucynta promotion or sales that occurred prior to January 2018. Instead, any such liability is retained by Assertio.

While we typically refrain from commenting on litigation of any sort, we realize that this is an area of ongoing inquiry due to the high-profile nature of the opioid epidemic and the seriousness of the allegations made against various parties in the industry. Today's commentary is intended to address some of the common questions we have been receiving from the investment community.

However, beyond these brief remarks, we will have no further comment on this topic during this call and would refer you to our quarterly and annual reports filed with the SEC, which contain both detailed descriptions of the status of litigation matters, as well as descriptions of the risks associated with them.

Looking to the balance of the year, we remain focused on execution. We are encouraged by but not satisfied with our accomplishments in the first half of 2019 and we have a lot of work to do in the second half of the year. I am confident that Collegium has the right capabilities and most importantly, the rigth people in place to make it happen.

At this time, I would now like to hand the call over to Paul Brannelly for a discussion of the financials.

Paul Brannelly -- Chief Financial Officer

Thanks, Joe. Good afternoon, everyone. During the second quarter of 2019, we achieved several milestones, including total net product revenue exceeded $75 million for the first time. Operating activities provided almost $15 million in cash. And although we had a net loss of $4.7 million on a GAAP basis, we were profitable on a non-GAAP basis for the first time. Additional financial details for the quarter included net product revenue for Xtampza of $26 million, which is a 44% increase from Q2 2018 and a 4% increase from Q1 2019.

Xtampza ER revenue growth was driven by prescription growth, partially offset by a reduction in channel inventory, which had a net revenue impact of approximately $500,000. The gross to net discount for Xtampza ER was 58.4% in Q2 2019 compared to 59.1% in Q1 2019. The improvement in gross to net discount was driven by a 1.4% reduction in reserves for potential returns, which was partially offset by higher rebates. We believe that the gross to net discount for Xtampza will average in the low 60s for the year.

Revenue for the Nucynta franchise was $49 million in the second quarter of 2019, down from $49.4 million in the first quarter and from $54.9 million in the second quarter of 2018. The decrease in Nucynta net product revenue was driven by lower prescription volume. Operating expenses excluding costs of product revenues were $31.4 million for the second quarter of 2019 compared to approximately $35.3 million for the first quarter of 2019.

The decrease was primarily due to lower sales and marketing related expenses. For the second quarter of 2019, our net loss was $4.7 million compared to a net loss of $13.1 million for the prior year quarter. The second quarter of 2019 includes approximately $4.2 million of stock-based compensation expense and $3.7 million of amortization expense related to the Nucynta intangible assets.

Our non-GAAP adjusted income for the second quarter of 2019 was $3.1 million, compared to a non-GAAP adjusted loss of $4.9 million for the second quarter of 2018 and the non-GAAP adjusted loss of $1.7 million for the first quarter of 2019. Please see our press release issued earlier today for a reconciliation of GAAP to non-GAAP results.

As of June 30th, 2019, our cash balance was $148.7 million, which is a $13.8 million increase from our March 31st, 2019 balance. We remain encouraged by our financial progress through the first half of the year, both in terms of total net revenues and operating expenses, which reflect our stated objective of continuing to grow the business while leveraging our existing cost structure.

With that, I will now turn the call over to Scott Dreyer for a commercial update.

Scott Dreyer -- Chief Commercial Officer

Thanks, Paul. In the second quarter, we saw continued growth for Xtampza ER and stabilization of the Nucynta franchise. Xtampza ER achieved all-time highs for total prescriptions, market share, and total prescribers in a quarter. Total prescriptions were 116,593, representing 11% growth over the first quarter of 2019 and 51% growth over the second quarter of 2018.

Xtampza ER exited the second quarter with branded ER market share of 12.6% and oxycodone ER market share of 17%, an increase of 1% and 1.4%, respectively versus the end of the first quarter. There were over 13,000 unique prescribers in the second quarter, an increase of 7% versus the first quarter and 29% versus the end of 2018. We saw strong market share performance for Xtampza ER across the exclusive oxycodone ER formulary positions and significant share acceleration within the new formulary positions that went into effect in 2019.

In fact, Xtampza ER achieved branded ER market share leadership within 19 of the 26 contracts that were in effect at the start of 2019. Total prescriptions for Nucynta for the franchise in the second quarter were 135,257 and we saw stability in prescriptions and market share compared to the first quarter.

In the second quarter, we conducted quantitative market research with our targeted healthcare providers and are encouraged by the results. Unaided brand awareness for Xtampza was 69%, up from 62% in the fourth quarter of 2018. Xtampza was rated the number one product on product favorability among branded ER products and its abuse-deterrent technology was rated higher than Oxycontin. 58% of prescribers intend to increase their utilization of Xtampza ER and 63% intend to decrease their prescribing of Oxycontin.

Nucynta ER was ranked second on product differentiation and 50% of prescribers intend to increase their prescribing of Nucynta ER. In this same body of research, our sales organization was highly rated by pain specialists on overall favorability, knowledge, support, and customer engagement.

In the second half of the year, we're taking specific actions to drive performance across the portfolio. These actions include launching new educational resources to enable interactive engagement with HCPs, leveraging new digital content to continue to grow brand awareness, and executing comprehensive plans to maximize the broad market access coverage of our portfolio.

Specific to Xtampza ER, the market access team is working diligently to strengthen existing payer positions and to secure new exclusive ER oxycodone formulary wins for 2020. We're in the midst of the negotiating season and we're actively engaged in a large number of national and regional payers.

Thus far, we're encouraged by how the discussions are evolving. For Xtampza ER, the messages to payers are clear and they're compelling. Xtampza ER has a differentiated label relative to Oxycontin. Xtampza ER offers a lower net price than Oxycontin when added to formulary and there are numerous case studies demonstrating favorable market receptivity to an exclusive formulary position.

We believe that we have a strong case to support the addition of Xtampza ER to payer formularies and we look forward to continuing our interactions to raise awareness of the opportunities Xtampza ER represents for their coverage universe. The commercial team is laser-focused on operational execution and taking the necessary actions to grow Xtampza ER and continue to stabilize the Nucynta franchise.

With that, I'll turn it back to Joe.

Joe Ciaffoni -- President and Chief Executive Officer

Thanks, Scott. I will now open up the call for questions.

Questions and Answers:

Operator

Ladies and gentlemen, if you would like to ask a question, please press * then 1. If your question has been answered and you'd like to remove yourself from the queue, please press the # key. Once again, to ask a question, that's * then 1.

Our first question comes from David Amsellem of Piper Jaffray. Your line is open.

David Amsellem -- Piper Jaffray -- Analyst

Thanks. Just a few -- so, on the exclusive contracts you already have in place, can you talk about what you can do or need to do to further increase your share? I know you're already in a position of leadership in the broad ER opioid space, but how do you grow your share? It would be intuitive that you could continue to grow your share given that you have exclusive access. Yet, there's still quite a bit of Oxycontin volumes that we see weekly. So, help us understand what you can do there.

Secondly, can you elaborate on your negotiations for new contracts? You mentioned national plans. I don't know that you can give specifics, but maybe frame for us how many covered lives you think the new contracts could encompass theoretically if you were to execute according to plan. Thanks.

Scott Dreyer -- Chief Commercial Officer

Thanks for the question, David. First, on the current plans that are in place -- as I said, we feel really good about our performance. We've achieved branded ER leadership at 19 of the 26 plans. As you referenced, when we look at weekly share performance, we see continued progress and growth of share, so, we think we're doing exactly what we need to do there to pull through those plans.

When it comes to what's on the table for 2020, I would just reinforce that I'm not going to speculate on the size of the opportunity, but we're in negotiations with numerous national and regional payers. We're really encouraged by those discussions and we're looking to add both new wins or strengthen our existing position and we'll be happy to share more on the next call when we have results of our work.

Joe Ciaffoni -- President and Chief Executive Officer

David, I was just going to add, where we have the exclusive wins that have been in place, a couple of the things that we do is we work it from the plan side, working with them to ensure that the controls that they're trying to implement from the on the ground intelligence are in fact being implemented. Then the second thing that we do is we continue to ensure that our people are refined and identifying on a physician by physician basis where opportunities to continue to grow share exist.

Then with regard to our negotiations, I always like to emphasize that in many respects, we're just getting started. So, if you look from an opportunity to improve our exclusive positions, we have a long runway with about 70% of the market to go. If you look at Medicare Part D, we're at about 50% of those lives in an exclusive position. So, we feel really good about where we are. We're encouraged by the negotiations that are ongoing and as Scott said, we'll provide an update on our next call in terms of how 2020 is shaping up.

David Amsellem -- Piper Jaffray -- Analyst

Just a quick follow-up -- any color on where you think gross to net on Xtampza will be next year. Is low 60s a good way to think about it or is it going to be higher as you have more exclusives onboarding?

Paul Brannelly -- Chief Financial Officer

We think we can continue to manage it in the low 60s, David.

David Amsellem -- Piper Jaffray -- Analyst

Thanks, guys.

Operator

Our next question comes from Greg Fraser of SunTrust. Your line is open.

Greg Fraser -- SunTrust Robinson Humphrey -- Analyst

Thanks. This is Greg Fraser on for Gregg Gilbert. On the ER, you mentioned that you expect to grow volumes modestly in the second half. Just to clarify, are you referring to growth in the second half versus the first half or on a year-over-year basis?

Joe Ciaffoni -- President and Chief Executive Officer

Yeah, Greg. This is Joe. I was referencing on a sequential quarterly basis we expect to see modest growth with Nucynta ER.

Greg Fraser -- SunTrust Robinson Humphrey -- Analyst

Okay. Got it. Just a quick question on the opioid litigation. I appreciate all of your earlier commentary. But outside of MDL, are there any cases in which you're a defendant that have been moving forward that could go to trial in 2020?

Joe Ciaffoni -- President and Chief Executive Officer

Yeah. Greg, as I said in my comments on the call, we're not going to communicate beyond what it is that I outlined. But if you look, what I would emphasize and the perspective that we're trying to provide is that there are over 2,000 total cases of which Collegium is currently named in 27 of those. 23 are state cases and they're unlikely to go to trial in 2020.

Greg Fraser -- SunTrust Robinson Humphrey -- Analyst

Got it. The last question is in terms of business development, how has the stock price in the market environment impacted your appetite for BD, if at all?

Joe Ciaffoni -- President and Chief Executive Officer

So, Greg, this is Joe. I appreciate the question. What I would emphasize from a BD perspective is the stock price has not impacted what it is we're focused on. So, as we outlined on the last call, our highest priority is looking in that mid-term window where we're looking for novel mechanisms of action, non-opioid pain solutions, and things that would be of value to the office-based pain specialists and the patients that they treat.

Then of course, the other window is in the short-term, where we're certainly open to and looking at potentially differentiated assets that if we executed around it, it would be accretive in the year we did it and if not that year, the following year.

Greg Fraser -- SunTrust Robinson Humphrey -- Analyst

Great. Thanks for the color.

Operator

Our next question comes from Serge Belanger of Needham. Your line is open.

Tian Sun -- Needham & Company -- Analyst

Hi, thanks for the question. This is Tian on for Serge. So, just one or two -- I've noticed that the FDA recently had a guidance for the future approvals of opioids and it seems that in terms of drugs with abuse-deterrent properties, they're somehow concerned about the AEs that they're seeing. How do you think this might impact the products that are already on the market versus those that might be looking into entering this space? Any thoughts would be great.

Joe Ciaffoni -- President and Chief Executive Officer

Yeah, Tian. This is Joe. I appreciate the question. I'm not sure what it is that you're referencing as it pertains to abuse-deterrent formulation. What I would comment with regards to the hearing the agency is having on the 17th with a focus on both the future approval of opioid analgesics and also incentives and ways to incent innovation to novel treatments for pain, those are two topics that we believe are very important.

We think because opioids are serious medications that it's important that anything that were to be approved to the market, there is a high bar and it would need to bring something different than currently available therapies. Then of course, as we've talked about, we're trying to physician the company to be a part of ushering in the next wave of non-opioid pain solutions. So, from our perspective, anything that were to incent innovation is a positive.

Tian Sun -- Needham & Company -- Analyst

Okay. Great. Thanks. Just on the content lawsuit that's gone on in the news regarding opioids, have you seen any change as far as your encounters with physicians that are prescribing opioids or even with payers as you start negotiating contracts? Thanks.

Joe Ciaffoni -- President and Chief Executive Officer

I would emphasize what we're focused on is what it is that Collegium is striving each and every day to do in terms of being the leader in responsible pain management. I think the biggest change we're seeing as a result of our efforts is that the Collegium Pharmaceutical brand is rising to the top of the list with the healthcare providers that we're calling on each and every day and they value the information and education that our people are providing them. They see our portfolio as innovative and differentiated and they look at the content of our materials, whether it be our websites and other educational information that we provide to be best in class.

Tian Sun -- Needham & Company -- Analyst

Got it. Thanks for the color.

Operator

Our next question comes from David Steinberg of Jefferies. Your line is open.

David Steinberg -- Jefferies -- Analyst

Thanks. I have two questions. The first one is on the status of some of your new contracts, since they've commenced, have they seen any increase in volume from Ohio workers in a large Mountain West plan? Secondly, related to Medicare Part D, I know that you had thought last year they would start kicking in in a significant way in the second half of the year and that didn't quite materialize. What are your thoughts about the second half of this year compared to last year for Part D plans? Thanks.

Scott Dreyer -- Chief Commercial Officer

Thanks for the question, David. First, on the new wins that we announced that went into effect in the Mountain West in Ohio, it's very early, but we're encouraged by what we're seeing there. Right out of the gate, we're seeing market share growth consistently week after week. But it's early to draw any other conclusions.

Then on Med D, on your question about continued growth, what we've referenced is as the year resets, the reset or the second change at Med D. What we saw in the first quarter was absolutely share acceleration within the Med D plans and we expect to see continued growth in the second half of the year.

Operator

Our next question comes from Tim Lugo of William Blair. Your line is open.

Lachlan Hanbury-Brown -- William Blair -- Analyst

Hi, this is Lachlan on for Tim. Thanks for taking the questions. I've got a couple. First of all, Nucynta is just now starting to stabilize. How confident are you that you'll hit the free cash flow expectations you had when you licensed the franchise? Secondly, you had talked about your new contracts for Xtampza ER for next year. Should we expect similar discounting in those contracts? At what point do you think you'll be potentially able to get more favorable discounting?

Paul Brannelly -- Chief Financial Officer

Great. Thanks for the question, Tim. Your phone is going in and out a little bit. So, if we don't answer your questions exactly, please ask them over again after we comment. As far as meeting our goals as far as free cash flow, we're managing the Nucynta franchise closely. As we've said, we view the Nucynta franchise as a great fit into our portfolio. There are a lot of advantages to having it in our commercial organization, but it's really a financial transaction for us, where we hope to manage the franchise to help us get to profitability sooner and generate cash. We believe it's meeting those expectations.

Joe Ciaffoni -- President and Chief Executive Officer

This is Joe. As it pertains to new payer wins for 2020 and how we think of that in terms of an impact on gross to net -- we believe and are committed to both in 2019 and 2020 that we can manage the gross to net of Xtampza ER in the low 60 percentile.

Lachlan Hanbury-Brown -- William Blair -- Analyst

Great. Thank you.

Operator

Our next question comes from Brandon Folkes of Cantor Fitzgerald.

Brandon Folkes -- Cantor Fitzgerald -- Analyst

Thanks for taking my question. I was wondering if you could provide any color on the percentage of Xtampza scripts which currently are not going through the exclusive contracts. Thank you.

Scott Dreyer -- Chief Commercial Officer

That's a great question. Right now, roughly 65% of prescriptions go through exclusive and 35% go through non-exclusive or non-contracted.

Joe Ciaffoni -- President and Chief Executive Officer

And Brandon, this is Joe. One other piece of color I would provide there is we are growing Xtampza ER across exclusive contracted, contracted non-exclusive, and the non-contracted books of business.

Brandon Folkes -- Cantor Fitzgerald -- Analyst

Great. Maybe one follow-up -- as we look at new patient starts in the second half of the year, are you willing to provide some color in terms of where those are coming from, just so we can get a semblance of do they tend to start on the lower doses or are they actually coming from other products where we could see patients switching and starting on the higher doses of Xtampza? Thank you.

Joe Ciaffoni -- President and Chief Executive Officer

Yeah, Brandon, this is Joe. I'll take that one. With the exception of when there is forced conversion from disruption from the payers, the dose utilization of Xtampza is consistent. So, when patients are forced from a payer off of Oxycontin to Xtampza, we'll see a slight increase to the higher doses. When we're through those conversion periods or those heavy periods of conversion, you get back to a steady state of the market and it skews to the lower doses.

Brandon Folkes -- Cantor Fitzgerald -- Analyst

Thank you very much.

Operator

Our next question comes from Kevin Kedra of G. Research. Your line is open.

Kevin Kedra -- G. Research -- Analyst

Thanks for taking the question. I wanted to ask about the FDA. We had a change at the top. I know it was a big priority addressing opioids under the Gottlieb FDA. I'm wondering what you're seeing form the Sharpless FDA, if there's been a change in the way that they're approaching opioids and whether the concept of addressing some of the older products without abuse-deterrent formulations. Is that something that you think this leadership at the FDA may be willing to address?

Joe Ciaffoni -- President and Chief Executive Officer

Yeah, Kevin. This is Joe. I would say that what we're seeing is the work that Dr. Gottlieb has done when he headed the agency along with the focus continuing, as there's been a transition to leadership. As it pertains specifically to anything, as it pertains to non-abuse deterrent opioids, I wouldn't want to speculate on that. From our perspective, the focus of the agency, the work that was put into place and started under Dr. Gottlieb are all things that we are supportive of, participate in when we have an opportunity to comment, and certainly look forward to continue to see how it evolves from here.

Kevin Kedra -- G. Research -- Analyst

Thanks. Secondly, would you be able to give some view on what your mix is between IR and ER for Nucynta sales? I would imagine that as that mix shifts over time, it would be useful to know since IR is kind of a diminishing asset, whereas ER is something that you talk about being able to stabilize or grow.

Paul Brannelly -- Chief Financial Officer

Kevin, if you refer to our 10-Q, we have that listed each quarter. In the MD&A section of our 10-Q, we break out Nucynta IR and ER within that. So, you can track it there.

Kevin Kedra -- G. Research -- Analyst

Thank you.

Operator

There are no further questions. I would like to turn the call back over to Joe Ciaffoni for closing remarks.

Joe Ciaffoni -- President and Chief Executive Officer

Thank you, everyone for joining us today. Our priortiies for the remainder of the year are clear and remain No. 1, taking actions to further establish and differentiate Collegium Pharmaceutical as the leader in responsible pain management, No. 2, to grow Xtampza ER, stabilize the Nucynta franchise, and leverage our existing cost structure to deliver a breakthrough year, No. 3, to sergeant existing formulary position and/or achieve new ER oxycodone wins for Xtampza ER that will take effect in 2020, No. 4, to lead with the science by generating and presenting real world data on the Collegium pain portfolio, and No. 5, to execute against our mid-term growth strategy.

Before we sign off, I want to take a moment to thank and recognize my colleagues at Collegium for their focus on achieving our goals, assuring that 2019 is a breakthrough year, and for their unwavering dedication to our mission of becoming the leader in responsible pain management. We look forward to updating you on our progress next quarter and I want to thank you for your time and I hope you have a great evening.

Operator

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program and you may all disconnect. Everyone have a great day.

Duration: 35 minutes

Call participants:

Alex Dasalla -- Head of Investor Relations

Joe Ciaffoni -- President and Chief Executive Officer

Paul Brannelly -- Chief Financial Officer

Scott Dreyer -- Chief Commercial Officer

David Amsellem -- Piper Jaffray -- Analyst

Greg Fraser -- SunTrust Robinson Humphrey -- Analyst

Tian Sun -- Needham & Company -- Analyst

David Steinberg -- Jefferies -- Analyst

Lachlan Hanbury-Brown -- William Blair -- Analyst

Brandon Folkes -- Cantor Fitzgerald -- Analyst

Kevin Kedra -- G. Research -- Analyst

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