Q1 2021 Collegium Pharmaceutical Inc Earnings Call
Okay.
[music].
Greetings and welcome to the Collegium pharmaceutical first quarter 2021 earnings call.
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A brief question answer session will follow the formal presentation.
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And is not on my pleasure to introduce your host Alex to solid. Please go ahead.
Welcome to Collegium Pharmaceuticals first quarter 2021 earnings conference call. This is Alex to Salah head of Investor Relations for Collegium.
I'm joined today by Joseph <unk>, Our Chief Executive Officer, Paul Bradley, 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 such forward looking statements involve risks and uncertainties, including and without limitation. The risks that we may not be able to successfully commercialize extends the E R and the NUCYNTA franchise.
And that we may incur significant expense and may not prevail and current or future opioid industry litigation and investigations patent infringement litigation or other litigation and pertaining to our products. These risks and other risks of the company are detailed on 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 Collegium flow Dot com.
I'll now turn the call over to Collegium CEO Joseph on thank.
Thank you Alex good afternoon, and thank you everyone for joining the call I'm pleased to be here today to discuss our Q1 performance and 2021 outlook that's.
And that's Collegium were focused on our mission of being the leader and responsible pain management and on.
And have and unwavering commitment to people living with pain and the communities we serve.
And the first quarter, we hope life Science care once the second annual 1000 laptop challenge with the donation of more than 100, laptops, which were distributed to students and underserved communities across Boston through the nonprofit Tech goes home and we continue to look for ways to make a meaningful difference where we were.
Live and work and are dedicated to acting and a socially responsible manner.
We believe we can deliver on our mission and create value for our shareholders by maximizing the value of our differentiated portfolio of pain products, achieving our near term operational and financial goals and strategically investing and our long term growth.
I am pleased to report that and the first quarter, we made meaningful progress against the priorities and objectives for 2021 that we outlined for you in February our business is strong and our people are healthy.
We are embarking upon a phase of growth and value creation for the organization and are on track to meet our objectives for 2021.
Notable accomplishments and the first quarter include generated record quarterly revenue of $87 $7 million and record quarterly adjusted EBITDA of $45.3 million, we achieved all time highs and market share and total prescriptions with extensive E are bolstering our momentum towards branded.
Market leadership in 2020 three.
We grew NUCYNTA franchise net revenue versus Q4, 2020 two a level ahead of our expectations and not achieved since Q4 2018 as a direct result of the Payor strategy, we executed in 2020 one.
We leveraged our cost structure, reducing core operating expenses defined as opex minus stock based compensation by 5% versus Q1 and 2020 we.
We transitioned commercial manufacturing for example, the E R to a new state of the art dedicated suite that will accommodate expanse and <unk> continued growth and we advanced the tech transfer of NUCYNTA ER manufacturing from the legacy Janssen site to Thermo Fisher and Cincinnati.
As expected extensor ER share gains and prescription growth were strong and the quarter driven primarily by growth and new exclusive formulary wins that took effect on January one 2021 and progression and exclusive formulary wins achieved in 2020.
<unk> ER share gains and prescription growth did skew heavily in Q1, two exclusive plans and within exclusives to Medicare part D.
This dynamic pressured gross to net and Q1 above our prior full year guidance.
Although we did see positive growth and share gains across all books of business, we believe that performance and contracted nonexclusive and non contracted plans continues to be adversely impacted by COVID-19.
As conditions associated with COVID-19 get better and we anticipate performance and these more profitable books of business to improve.
Our commercial team increased their focus on these segments of the market when we kicked off the second quarter, Paul and Scott will provide more detail on the remarks.
The NUCYNTA franchise exceeded our expectations and Q1, posting positive revenue growth, our lifecycle management, including purposeful pruning of less attractive payor contracts successfully resulted in a positive gross to net shift for the franchise more than offsetting the decline and prescriptions.
As a result of the strong performance in Q1, we are raising our NUCYNTA franchise revenue guidance for the year.
Overall, we are encouraged by our first quarter revenue performance and by the underlying trends and our differentiated pain portfolio.
Operationally, we continue to focus on leveraging our cost structure, specifically, our core expenses, which resulted in increased profitability and cash flow generation and the first quarter.
As we generate cash we remain committed to deploying our balance sheet and a disciplined manner with a focus on creating shareholder value and investing and our long term growth.
We also announced today a planned upcoming CFO transition.
After six years of Collegium, Paul Bramley will leave to pursue other opportunities effective may 24th.
On behalf of the entire organization I want to thank Paul for his many contributions to Collegium success to date and for having built a strong finance team and function at the company, which will ensure continuity going forward.
On a personal note I want to thank him for his partnership and friendship I wish him all the best and his future endeavors.
We are also excited to announce the appointment of calling Tupper as our new Chief Financial Officer also effective may 24th choline and brings over 20 years of finance experience and commercial stage pharmaceutical companies and most recently served as senior Vice President and CFO of the U S business unit of Takeda.
We believe she is a great fit for our organization as we move into a phase of growth and value creation I will now hand, the call over to Paul for a discussion of the financials.
Thanks, Joe Good afternoon, everyone before I start with the details on the quarter I want to thank Joe for his kind words and thank all of my colleague said Collegium for their dedication and hard work during my time at the company.
I feel privileged to have served as CFO over the past six years during which time the company has undergone and enormous transformation.
I'm happy that we were able to bring such qualified individual as Colleen to succeed me and this role and I look forward to a smooth transition.
Now on to the quarter.
Q1 was another solid quarter for Collegium with record revenue and record adjusted EBITDA. This performance is supportive of our outlook and we continue to expect <unk> ER revenue growth and stable NUCYNTA franchise profit contributions to drive increased profitability and.
Strong cash generation and 2021.
Total product revenue was a record 87.
$7 million for the first quarter and increase of 15% from the first quarter of 2020.
And <unk>, our net revenue was $35 4 million and increase of 12% from the first quarter of 2020, and an increase of 15% from the fourth quarter of 2020.
The gross to net discount for <unk> Z E. R was 67, 1% and the quarter above the range. We had communicated back in February for the full year.
This is a result of mix of business and the quarter as our new exclusive ER Oxycodone on formulary wins performed very strongly on a volume basis, and the quarter and our non exclusive and non contracted volumes continued to be impacted by COVID-19.
We now expect gross to net discount for the full year to be 66% to 68%, reflecting stronger volume contributions from our exclusive contracted business versus our prior expectations.
As Joe mentioned as conditions associated with COVID-19 get better we anticipate performance and are more profitable books of business to improve over the course of the year.
NUCYNTA net revenue was $52 3 million and the first quarter and increase of 16% from the first quarter of 2020, and a 15% increase from the fourth quarter of 2020.
Which which was ahead of our expectations.
As you recall in late 2020, we took payer actions to improve the profitability of the NUCYNTA franchise, which we had expected to pressure prescriptions.
As expected and the first quarter prescriptions decline, but gross to net discount was 42, 7%, which was ahead of our expectations.
Operating expenses, excluding stock based compensation expense were $27 5 million and the 2021 quarter compared to $29 million and the first quarter of 2020.
This decrease.
Of $1 5 million or 5% was primarily due to a continued commitment to leverage our existing cost structure.
Our non-GAAP adjusted EBITDA was $45 3 million for the first quarter versus $20 5 million and the first quarter of 2020, and $38 3 million and the fourth quarter of 2020.
A notable improvement.
Please see our press release issued earlier today for a reconciliation of GAAP to non-GAAP results.
As of March 31, 2020, our net cash balance was $182 8 million, which is an $8 7 million increase from our exist from our December 31 2020 balance.
As a reminder, we expect the first quarter to be the lowest quarter from a cash flow generation perspective, due to the payment of Grunenthal royalty, which is paid every six months as well as a number of annual items that are due and the first quarter like annual bonuses as well as payroll and other taxes, which total.
Proximately $10 million from the first quarter.
Despite us having to pay these items in Q1, we still generated $20 6 million of cash from operating activities.
Today, we are updating our previous guidance, which was initially provided on January six and reconfirmed on February 25th it.
It is important to note that our annual guidance assumes that there is no substantial COVID-19 related and normalization to our business until the second half of 2021.
For 2021, we continue to expect extends a ER revenues and the range of 155 to 165 million and total operating expenses, which includes stock based compensation and the range of $125 million to $135 million.
For 2020, one we now expect NUCYNTA franchise revenues and the range of $185 million to $195 million, which is an increase of $10 million from our prior guidance.
And adjusted EBITDA, which excludes stock based compensation and the range of $170 million to $180 million, which is an increase of $10 million from our prior guidance.
I'll now turn the call over to Scott.
Thanks, Paul we're on.
To a strong start in 2021 as a direct result of the actions. We took in 2020 to generate momentum for <unk> ER and to manage the NUCYNTA franchise for stable profit contributions on <unk>.
Courage that extends to ER was the fastest growing ER opioid and achieved all time highs for total prescriptions, new to brand and T Rx market share and total prescribers and the quarter. The actions. We took in late 2020 enabled us to pull through our new exclusive ER oxycodone on formulary positions and continue to grow share within our <unk>.
2020 exclusive wins building strong momentum breck stamps ER to.
To be specific <unk> ER total prescriptions grew to greater than 161000, and up 18% year over year and 11% sequentially.
<unk> ER exited the first quarter with a 36% share of the ER oxycodone market up five and a half share points from Q4, a really strong quarter.
There were 18000 unique prescribers of <unk> ER, a 24% increase versus the first quarter of 2020, and a 22% increase versus the fourth quarter of 2020.
This is the most new prescribers, we've added and a quarter and three years.
<unk> ER share performance within exclusive accounts was very strong and the first quarter, we saw immediate market share and volume acceleration within all new exclusive formulary wins as well as continued share growth within the exclusive formulary wins, we had achieved in 2020 overall <unk> E. R O ER market share within excuse.
And of accounts is approaching 60%.
<unk> ER growth skewed toward the exclusive accounts and in particular Medicare part D. While we did see growth and the non exclusive and non contracted books of business performance within these non exclusive books continues to be adversely impacted by COVID-19, as the conditions associated with COVID-19 get better we.
Spec that we will see improved performance within these more profitable books of business the.
And the entire commercial team is now increasing their focus and taking specific actions to grow <unk> ER market share within our non exclusive books of business. These actions include launching new selling resources and digital engagement tools for our sales representatives and launching new non personal promotional content and executing sales training program.
Grams to help our sales representatives increase their impact.
Moving to the NUCYNTA franchise, we had anticipated NUCYNTA franchise total prescriptions and market share to be down and the first quarter. Following the execution of our payer strategy aimed at improving the profitability of the franchise. While they did in fact decline a positive impact on gross to net that we expected more than offset the decline and prescription.
As a result, net revenue was up 15% quarter over quarter ahead of our expectations.
And looking out further into 2021, the COVID-19 pandemic remains a challenging dynamic and the marketplace. The biggest impact continues to be on in office patient visits which remained down about 20% since pre COVID-19 levels. This has a corresponding impact on the new to brand market.
The difference between this year and last year is that we're leveraging key learnings benefiting from adjustments and our commercial model and have better visibility overall on the impacts of COVID-19.
The productivity of our sales force is at pre COVID-19 levels, although the number of in office visits are still down due to COVID-19 or.
Our sales team continues to make progress adapt and leverage digital capabilities to engage healthcare professionals remotely.
We just completed market research and March to understand physician perceptions related to our brands and the results were really encouraging sick.
65% of our targeted health care providers intend to prescribe more extends the ER over the next 12 months. This is an increase and intend to prescribe from the surveys that were done prior to the emergence of the COVID-19 pandemic.
Conversely, 63% of our targeted health care providers intend to prescribe less oxycontin.
We remain very enthusiastic about the outlook for <unk> ER and continue to expect that we will achieve branded market leadership in 2023.
The commercial team is focused on continuing to drive broad based growth for <unk>, ER and ensuring stable contributions from the NUCYNTA franchise and 2021 I look forward to updating you again on our progress on future calls with that I'll turn it back to Joe. Thanks, Scott I will now open the call up for questions.
Ladies and gentlemen, and you and will have a question and answer session.
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One moment, please on the non poll for questions.
Our first question comes from Tim Lugo with William Blair. Please proceed with your question.
Yeah. Thank you for taking my question and congratulations to Paul for his work over the past year.
And as well.
And where that income.
Right.
And as variable abroad break into profitability and such.
So congratulations.
Well, Paul and the whole team and I would call me and I look forward to working with you.
And I did have a question on NUCYNTA and NUCYNTA is annualizing at over 200 million and.
And the top end of the guidance is still 195 is there some sort of quarter to quarter Lumpiness that we should expect throughout the year and I know, obviously, the story and giving up some volume for.
Higher value prescriptions, which of course makes sense, but just wondering if there's anything onetime nature and the quarter or something we should watch out for.
Yeah, Tim well first thanks for the kind words, and so I really appreciate it and and it had been.
Really enjoyed my time here at Collegium as far as new NUCYNTA for the year volume will continue to decline but.
But we think that the actions we took.
We'll just make it more profitable overall with a lower gross to net discount for the year. So our prior guidance on on gross to net discount was and the low Fifty's. We now think it will be more in the range of 46% to 48% for the year, so not quite as good of a gross to net discount as we.
And the first quarter.
So so that that will.
Bring revenue down on a quarterly basis, some as we go forward.
Okay, great. Thanks, Paul.
Great. Thanks, Tim.
Thank you.
Our next question comes from David Steinberg with Jefferies. Please proceed with your question.
Thanks, and good afternoon, and Paul Best of luck to you and your new endeavors really appreciate your help over the years good luck to you.
So a couple of questions first on NUCYNTA ER.
So you mentioned that you now have.
And with growing revenues because.
And you've pruned out the less profitable scripts.
And are there other related actions.
Just curious is positive revenue growth sustainable.
Going forward versus declines.
As scripts continue to decline and secondly, I know that when you did.
Did the transaction to get back more of the rights. You also mentioned that you were looking at some things over time be a tech transfer and things to improve the margins on NUCYNTA and I know you said you've moved the.
Manufacturing facility TMO is that does that mean that we should be expecting better gross margins and and medium term from.
And from NUCYNTA and <unk>.
Question is.
Do you think there might be a chance for some off cycle wins coming up soon with pairs and thirdly on BD, you keep generating more and more cash and I know you've been talking about looking at assets for a while obviously you want to buy the right assets, but is the issue that the valuations are too high or.
You just can't really find anything that fits with your strategy. Thanks.
Great. So David this is Joe I'll start off with the NUCYNTA questions I'll hand, it off to Scott to.
And to talk about off cycle with ICH stamps and maybe come back with some thoughts on <unk>.
So look when you think about ER NUCYNTA ER I think it's important that we continue to ground people. When we did the acquisition we had communicated that we felt coming out of 2020 on a going forward annual basis, we could deliver sequentially stable revenues and that continues.
Used to be our position.
We're very encouraged by the impact of.
Pruning some of the unfavorable contracts, but its having in 2021 and as Paul said.
We expect to see continued pressure on prescriptions, although I would emphasize we do believe the remainder of this year it will be at a moderated pace. So it won't be to the degree.
We saw in the first quarter.
As we emphasize with our guidance, we believe that we're going to do better than we had anticipated coming into 2021, but going forward I would think about sequentially stable revenues based off of how we exited 2020 for the remainder of the lifecycle of NUCYNTA from a cost of production.
<unk> perspective.
Right now the tech transfer that's underway to Thermo Fisher is an important step. We're also working across the value chain, both with NUCYNTA and <unk> and I think at the end of this year, we will be able to give some perspective on what we think we can accomplish over the next couple of years and Scott can talk about <unk>.
Soft cycle, yes. Thanks for the question David So look in the second quarter here as we typically do we come off the first quarter were really evaluating the impact of the new wins, we've had and how we've shaped the market of course, we're always in conversations with payers and right now I have nothing to report from a mid cycle, when but I will reinforce that our strategy Hasnt changed we always are.
Looking to broaden access for the brand and really with a path of either exclusivity parity or in some situations and exclusive run into parity and so we'll keep talking and when I have something to share I'll be back and such.
And then David from a BD perspective.
What I would emphasize is one we feel we're coming at it from a position of strength because of the underlying business and the durability of our revenue from our differentiated pain portfolio I would say the thing. That's most important to emphasize is we're committed to being disciplined as it pertains to our business development.
Activities. So we're not looking to just do a deal we're looking to do a deal that really makes sense for collegium and so we're not going to rush into anything we're very focused we remain active and engaged and we continue to prioritize later stage.
Non opioid pain solutions, and we will also maintain and opportunistic posture as it pertains to commercial stage.
Okay. Thank you.
Youre welcome.
Thank you.
Our next question comes from David and from Piper Sandler. Please proceed with your question.
Okay.
Thanks, So just a couple so first on expands on the gross to net so I understand the near term dynamics in terms of driving that wider spread between gross and net.
But I wanted to ask you Joe about your longer term thinking about about contracts.
And in particular as you continue to gain share the oxy market.
Sorry, the ER Oxycodone market do you need to.
To have exclusivity.
And place and and if you Don does that mean, there's potential for narrower and lower rebates over time, so help us understand you.
How to think about that and then secondly on on BD.
You talk about pain and I'm, just wondering out loud if you brought on your focus more to the CNS.
Not necessarily pain, maybe therapeutic adjacencies.
Neurology and more broadly speaking, but I'm just wondering how you are all the time, if you don't find something and pain do you cast a wider net.
So how should we think about that thanks.
Yeah. So David Thank you for the questions.
First off when you look at gross to net and I know your question was longer term, but I'm going to make a comment on shorter term. We do believe when there is a return to normal and hopefully that will be the back half of this year that we'll be able to have a greater impact and our parity and non contracted books of business one.
Thing that encourages us from that perspective, even and a world of COVID-19. If you were just to look at our non contracted books of business on a sequential growth basis. It grew 3% versus Q4 of 2020. So we're seeing movement, there and ultimately when you think longer term about our strategy.
And with ICH stamps the ER. Our goal has never been to get every life and a pay and and exclusive position, but rather to get enough critical mass that we could have a spillover impact into those other books of business. So that's something we will continue to monitor and longer term theres a couple of things we'll be focused.
On one our effectiveness in those other books of business, which would have a positive impact on gross to net obviously, we will also continue to as we get further out with the brands, So think 2020 two and beyond.
For opportunities to optimize existing contracts that we have in place when they expire and that's how we think about it on a going forward basis.
And look from a BD perspective.
And the market and what we see there is the neuter brand kind of <unk> market volume is still where it's been during COVID-19. So there was a little spiked that we drove through our Newark stamps of contracts and exclusivity, but now it's settling closer to COVID-19 levels. So those are the two measures we look at and that's what we look for to bounce back of as things.
Move later and the second half of the year and Greg the only other color I would add to that is really where we believe the potential for impact there is and the other more profitable books of business, where you don't have the payor, helping to drive disruption and we thank those two dynamics together will put us on the.
Asian to be more effective there.
I understand that qualitatively I was just trying to make sure that I wasn't missing something that you actually model is sort of tying to N. B R X's and tear access et cetera. It sounds like it's more of a qualitative.
Thing yeah.
Go ahead and.
No go ahead.
Did you guys notice any differences around the country and performance and Q1 specifically.
Yeah. Thanks for the question, yes, the biggest thing I'd point out differentially is when you add a plan like opt and PDP one of the largest part D plans all over the country. We absolutely saw that had that had a differential effect and some regions that were lagging and market share where they have more aggressively accelerated market.
Sure. So that's the biggest thing I would point out to you Greg Okay.
Two more one is have you noticed anything.
About Purdue as a competitor changing ahead of ER and emergence from bankruptcy or is it status quo from your perspective.
Yes, Greg This is Joe I don't think there's anything that we've noticed different and as a result of those proceedings and as you know we stay laser focused on what it is that we're trying to accomplish sure and lastly, Joe we've talked about just the overall long acting opioid erosion right and what you have built.
And and a longer term and a moderation I think commit single digit are you are you tracking sort.
Sort of towards that as expected or has there been anything interesting that's changed and that sort of erosion right for the overall pie. Thanks.
So great question, Greg from our perspective and relative to what we modeled on the markets performing this year in line to those expectations and as you said over the next five years, we believe but we'll moderate to a low single digit decline.
Thanks, a lot gentleman and good luck Paul.
Okay. Thanks correct.
Thank you.
Our next question comes from surge Polandri with me and him and company. Please proceed with your question.
And thanks for taking my questions.
First one I guess for Joe and Scott.
This is usually the time of the year, we start seeing a.
Penetration and and your exclusive preliminary plans kind of stabilized.
On.
A reason that same level. This year should we expect anything different given the nature of the the newer plans and the expectations for a covered recovery and the second half.
Yeah. Thanks for the question surge. So yes, I think when you think about the shape of the curve for this year I would think of it. Similarly, we expect growth throughout the rest of the year skewed towards the first quarter I think the one thing I point out that's different when we talk about this returned to normal we do believe is that happens and patient visits balance back and new to.
Brand bounces back a bit that we can have greater growth and the third and fourth quarters of this year than we did in the past and so that would be the one thing that I'd say could be different but the shape overall it should be similar and.
Okay, and you were talking about the.
Non exclusive formula areas and Ah.
And much more profitable business and just give us an idea of how much more profitable that really is.
Yes surge. This is Joe we probably won't get into specifics on that but what I would say too is when you think about a continuum.
Medicare would be Medicare exclusive would be the least profitable commercial better parity better than those two and then obviously non contracted is the most profitable prescription.
Okay, Alright, thank you and good luck to Paul.
Thank you.
Thank you.
And the reminder, total audience. If you would like to ask a question. Please press star one on your telephone keypad.
Our next question comes from Brandon folks with Cantor Fitzgerald. Please proceed with your question.
Hi, Thanks for taking my question and maybe just following on from my previous question and you talk about patients with it being down, but how much coffee on sort of interest and rips.
And how how contingent instead of this.
And these wins and the nonexclusive uhm on those face to face.
Interactions and maybe just sort of any context and kind of probably what percentage of your sales force.
Back to face to face across the country and April.
And then maybe on the guidance on and standard guidance in particular.
That's gross Tonight, net wind up a little bit and did.
Did you perform a little bit better and a volume perspective, do you think and the first quarter and all.
Yeah, and it sort of in line and you kind of remain within that range and just any context, and Kansas, how well you've actually done on and to different volume suspected is.
And look pretty good thank you.
Okay.
Yeah. Thanks for the question and branded for the sales force. So yeah. So basically what we're seeing is our overall capacity is at 100% all our reps are out there making calls about 70% of those calls are alive and office. So that's where we see improvement or increase as the country continues to open up and we move through COVID-19. So that's the.
Contact that I'd give to you there and why that's meaningful the biggest reason that's meaningful is for the exclusive business. What we've learned even during a pandemic is because of the payers influenced that business will grow as it did and the first quarter, but it's really our sales representatives b and back and patient visits resuming to full capacity, where we're able to really penetrate the non.
And exclude non exclusive books of business. So that's the focal point there and.
And brand and I would say at a high level. When you look at <unk> stamps uptake and the first quarter was expected from the perspective that we saw and immediate the first day of the year. It was strong throughout.
Throughout the entire quarter skew too exclusive in particular.
Medicare Party and so the commentary I would make us think about exclusive perhaps being a higher percentage of the mixed and what we anticipated, but overall prescriptions in line to perhaps a bit favorable relative to what we were thinking.
Great. Thank you, but I think maybe one quick follow up and medical exceptions at the beginning of this year and then maybe any from the beginning of last year and.
And any impact there anything material we should consider.
Yeah. So I think when you were asking about medical exceptions, you're probably talking about in part D and the 12 month approval, what I would say is when you look across all of our exclusive books of business.
Inclusive of the 2020 and legacy When's, we saw progression across all exclusive and I also want to emphasize that we saw growth.
And contracted non exclusive and and non contracted books of business on a sequential basis and the first quarter, which was encouraging to us.
Alright, thanks, very much and all the rest of the pole as well.
Great. Thank you for index left wing.
Thank you.
No further questions at this time and I'd like to turn the floor back over to Joseph your phone and for any closing remarks.
Thank you all for your attention Q1 was a strong start to the year and I'm encouraged by our momentum and strong financial position. We believe that we are entering a phase of growth and value creation for the organization and are on track to meet our objectives for 2021 I want to recognize my colleagues that collegium for their heart.
And work and dedication to our organization and thank them for their commitment to people living with pain and communities we serve.
And we will continue to focus our efforts on maximizing the value of our differentiated portfolio of pain products, achieving our near term operational and financial goals strategically investing and our long term growth and delivering on our mission of being the leader and responsible pain management I look forward to update and you on our progress.
Have a good evening.
Ladies and gentlemen, this concludes today's webcast and you may now disconnect your lines time.
Thank you for your participation and have a great day.