Hi, good afternoon. Welcome to Day Two of the Jefferies Healthcare Conference. My name is Dennis Ding, Biotech Analyst here at Jefferies. I have the great pleasure of having Collegium Pharmaceuticals here to give us a presentation. We have CEO Vikram Karnani here. So welcome, Vikram.
Thank you, Dennis. I'd like to remind everyone that during this presentation, I will be making forward-looking statements. Please refer to the risk factors discussed in our latest SEC filings. Thank you to the Jefferies team for welcoming us and giving us the opportunity to introduce you to Collegium. At Collegium, we have a mission of building a leading, diversified biopharmaceutical company. We're committed to medicines for people with serious medical conditions, primarily in chronic pain, as well as in ADHD. We have significant revenue and a high growth profile as a company. As you can see, we have five marketed products. In 2024, we generated $631 million in net sales, and we're expecting to grow 18% at the midpoint of our guidance for this year, which is $743 million.
We have a history of cash generation and successful business development, and we've been creating shareholder value for our shareholders, which includes discipline and smart business development, as well as returning value to our shareholders through stock share repurchases. A little bit about the company. I think it's important to understand the history and the journey that we've been on. The company was founded in 2002 with the goal of addressing the opioid crisis, the opioid epidemic. We set a vision to become the leader in responsible pain management. I'd like to say that over the next several years, with the launch of XTAMPZA ER and the acquisition and the introduction of NUCYNTA, as well as BELBUCA into our portfolio, we, over the years, successfully navigated that journey and became the leader in responsible pain management. In 2024, we began our diversification strategy.
In addition to bringing relief to chronic pain patients, we set about through the acquisition of Ironshore Therapeutics, which brought JORNAY PM into our portfolio. JORNAY PM is a terrific medicine for ADHD. It is highly differentiated, and more on that in just a few minutes. A little bit about our product portfolio. Our portfolio consists of highly differentiated medicines. That is one of the common features, the common threads across our entire portfolio. Starting with JORNAY PM, JORNAY did about a little over $100 million in net sales in 2024. This year, we have guided that we expect to do in excess of $135 million in JORNAY net sales. Key differentiation factor, JORNAY is the only ADHD medicine with once-daily evening dosing. That is important because it provides symptom control upon awakening. It provides symptom control throughout the afternoon, as well as into the evening.
It also thereby eliminates or reduces the need for any additional short-acting stimulant add-ons or boosters. This is really critical because the unique feature of JORNAY is what allows it, this differentiating feature is what allows it to deliver on those really high areas of unmet need with ADHD patients. Next is BELBUCA. In 2024, BELBUCA did about $211 million in net sales. It is the only long-acting opioid pain medicine that uses buprenorphine buccal film technology. XTAMPZA ER, which was the founding product for the company, about $191 million in net sales in 2024. It is the only extended-release oxycodone pain medicine that uses the best-in-class abuse deterrent technology known as DETERx. Finally, the NUCYNTA franchise with both immediate release as well as extended-release formulations, about $177 million in 2024 net sales.
Again, the only opioid pain medicine proven to treat both severe and persistent pain, as well as neuropathic pain associated with diabetic peripheral neuropathy. Common feature, I think it's on the slide, but I'll point it out anyway. A lot of onlys. The whole goal for us was to have a portfolio of unique, differentiated medicines. Our financial guidance, this was provided at the beginning of the year. In terms of net revenues, we expect to be in the $735-$750 million range. At the midpoint, that indicates 18% year-over-year growth. Adjusted EBITDA of about $435-$450 million, which also represents 10% year-over-year growth. Adjusted operating expenses of $220-$230 million, which is a growth of 49% year-over-year, in large part driven by the acquisition and the introduction of JORNAY into the portfolio. We have a strong track record of delivering both top and bottom-line growth.
You can see on the graph, on the left, we have grown net revenue significantly over the years, as well as on the right side, we have 39% CAGR in terms of adjusted EBITDA growth over the same timeframe. It's a little bit different on this screen. Okay. I'm going to try and guess what's on the screen in front of you. What you see is a company with a very strong financial foundation to build off of, going into 2025 with strong near-term growth expectations, with a very strong team. From the left to right. Okay. Okay. Now we're synced. $630 million in 2024 net sales. We talked about adjusted EBITDA and growing at about 18% year-over-year. One of the things that we'll talk about in just a minute here is the expected long-term durability of our revenues.
At least two of our assets are into the 2032 and 2033 timeframe. As I will explain in the next slide or two, we have good reason to believe that the entire portfolio has a strong expectation of revenue durability over time. Our investment priorities in the near term, we invest in JORNAY to maximize its near-term growth, as well as creating significant momentum in 2026 and beyond, expanding the portfolio through disciplined business development, while also rapidly paying down debt, as well as opportunistically repurchasing shares. Let's spend a minute on the durability of our pain portfolio. This is one of those areas that is largely underappreciated by the investment community. There are a lot of words on this slide, but I'm going to try to keep the message simple. I'm going to go one by one.
Before I go into every single medicine, it is important to understand that there is no potential generic entrant that has achieved all three criteria that must be satisfied in order to launch future generics. What are those three criteria? Legal, regulatory approval, as well as availability of supply or manufacturing. XTAMPZA ER, our projected exclusivity is through September 2033. We have previously settled on the exclusivity date with the first generic company to file. Additionally, there are no currently approved ANDAs for XTAMPZA ER. BELBUCA, the projected exclusivity is January of 2027. However, no ANDA has been approved. First filer appears to have waived its regulatory exclusivity. Additionally, the predecessor to Collegium that owned the asset, which was BDSI, reached a settlement with that first generic filer regarding exclusivity date.
Finally, it's unclear if generic opioids align with future growth opportunity for some of the other potential competitors. Second filer has postponed market entry until 2032, and ANDA is not currently listed in the Orange Book. Then similar story on the NUCYNTA franchise. Our projected exclusivity for ER is July 2027. For IR, it's January of 2027. Again, it's unclear if generic opioids align with the corporate strategy for any potential future competitor. Not to mention, manufacturing tapentadol, which is the primary material that is used for NUCYNTA, is only manufactured by four manufacturing organizations in the country. Only one of them is at commercial scale, and that is our exclusive supplier. When you look across the portfolio, top to bottom, there is no one generic competitor that has satisfied all three criteria to be able to launch a generic entrant.
We can go into this in a lot more detail in a different forum. It is something that needs to be thought through and appreciated, but it is a very important point because this speaks to the durability of that pain portfolio, which represents upwards of $600 million in net sales. Some recent business highlights, as we covered in Q1, 2025 is off to a really strong start for us as a company. We drove significant momentum in our commercial portfolio, both across JORNAY as well as our pain franchise. We grew from 2024 at $144 million to about $177 million this year, which represented growth of 23% year-over-year. We strategically deployed capital and strengthened our balance sheet. We generated about just a little bit over $55 million in cash from operations.
We have about $197 million, just shy of $200 million in cash and cash equivalents, as well as marketable securities. Our leverage ratio is about 1.5 net debt over EBITDA, which is down from approximately 1.9 at the end of last year. As we have stated previously, we expect that by the end of 2025, we should be down to less than one times net debt over EBITDA, which again speaks to the rapid delevering profile that we have because of our strong cash generation. We're investing in JORNAY PM to drive growth. Most recently, we announced a share repurchase program of about $25 million in May of 2025. Finally, on the executive team side, we've introduced three new executive leaders, as well as made updates to our board of directors to support our long-term growth strategy.
We continue to publish both on JORNAY as well as our pain franchise scientific papers in leading conferences and leading scientific journals. What is underlying this growth? What is underlying the JORNAY PM revenue growth is strong growth in prescriptions. As you can see on the left side, our prescriptions grew 24% year-over-year in Q1. Our prescriber base grew 22% year-over-year in Q1. How did this translate into market share growth? We grew from about 14% market share in Q1 of 2024 to 20% market share in Q1 of 2025. This is, as a reminder, market share in the branded long-acting methylphenidate market. Very strong market growth, clearly driven by fundamental growth coming from both prescriptions as well as new prescribers. What are we doing to continue to drive growth? We have recently expanded the sales team for JORNAY PM.
We went from about 125 sales representatives at the end of last year to about 180 sales representatives. All of those 180 sales representatives are now in the field as of April of 2025. In addition, we are raising caregiver and patient awareness to drive requests with the HCPs. This is anticipated to come from digital programs as well as social media strategies, a lot of that which is actually being put in place as we speak. A point on these revenue expectations, we just expanded the team in April. We are investing in marketing programs currently. All of this, the timing was important so that it aligned with the back-to-school season, which starts really in Q3.
Our full-year financial guidance of $135 million plus for this year, much of that was driven by the momentum that we had coming into this year, which is why with the investments that we're making this year in Salesforce expansion as well as marketing programs, we believe the full impact of that we will really start to see in Q4 and really going into 2026 and beyond. We are extremely well-positioned to maximize and enhance the durability of our responsible pain management portfolio. As I talked about BELBUCA and XTAMPZA ER first, one thing to appreciate about both of these medicines is that the brand fundamentals are extremely strong. As you can see, BELBUCA, number one highest-rated branded opioid in terms of product differentiation as well as favorability. Same thing on XTAMPZA, number one highest-rated extended-release oxycodone in terms of product differentiation and favorability.
Physicians have been using and prescribing these medicines for a long time. The reason for that is they believe in the differentiation, the favorability, the superior efficacy of these medicines while being abuse-deterrent. That is a really important part of our portfolio. Lastly, what I'd like to say here is Collegium is very uniquely positioned relative to many of its biopharmaceutical peers. Here's why. We have a robust revenue profile with double-digit growth. As we talked about, $735-$750 million in net revenue anticipated this year with 18% year-over-year growth from 2024. We're highly profitable. Our adjusted EBITDA margins are in excess of 60%. That is after we acquired Ironshore and invested in JORNAY. We have a very strong cash generation profile. We generated $55 million in cash from operations in Q1, and we expect that to grow throughout 2025.
We have a very attractive balance sheet, very strong balance sheet. We're 1.5 times net debt over EBITDA at the end of Q1 2025, and we expect that to be less than one times by the end of the year. We have a history of returning value to our shareholders. Since 2021, we have repurchased $222 million of shares. As I said earlier, we just announced an ASR in May 2025 worth $25 million. All of our programs are commercial stage. We have a history of discipline business development, and we're focused on commercial products. Finally, there's been a lot of discussion around the topic of tariffs recently, as well as most favorite nation pricing and exposure to ex-U.S. Our medicines are primarily sourced in the U.S. and are almost exclusively sold in the U.S..
Therefore, we are largely immune to tariffs and/or other things that are out there. Finally, our next phase of growth, we expect to continue being a company that is built on revenue growth, increasing profitability and growing profitability. We like our cash generation profile, and we expect to continue to be a strong source of cash generation. We've been good stewards of deploying our capital very strategically through disciplined business development and repurchasing shares over the years. We expect that profile to continue.
Thank you for your time.