Joseph Ciaffoni: So Oren, this is Joe. I appreciate that question. Look, one, you’re correct. We have a lot of headroom to go out and win new plans. How that comes together year-to-year is something we’ll provide an update on. And you’re also correct. If you think in Medicare Part D, there are some major plans that have significant OxyContin, and what I can tell you is if there’s a path to getting that access that makes sense, then we want to, as a leader in responsible pain management, open that up for physicians and appropriate patients. And then you can also look from a commercial perspective where I’d say it’s more a mile wide and an inch deep, but where you can piece together plans to position Xtampza to continue to grow volume as we move forward.
The key thing that I would emphasize in closing here is what we are confident in is the ability, whether it be through the addition of new profitable contracts that would be a catalyst to volume and/or as we continue to renegotiate contracts moving forward, that we’ll be able to continue to grow Xtampza ER revenue. But now it will be more year-to-year when we provide an update on how it is that, that’s going to happen.
Oren Livnat: Okay. And on BELBUCA, I guess now that, that’s your largest product and what appears to be our fastest-growing product, which certainly reflects well on that acquisition are prudent to that acquisition. Can you talk a little bit longer term now how you view that? Because certainly, I model and I think the conservative or most conservative assumption is to assume that goes away in 2027. But now that, that’s such an important product for you, can you talk about your view on the longer runway for that potentially in 2027 and beyond, whether it’s with regards to existing settlements, patent wins and the current litigation landscape? Thanks.
Joseph Ciaffoni: Yes. So I appreciate the question, Oren. Look, what I can tell you, number one, is the BDSI acquisition for Collegium was an excellent deal and one that the team has done an exceptional job executing around. I think Scott and his team deserve a tremendous amount of credit, because one of the things that’s most encouraging here at the start of the year is the prescription trends that we’re seeing. So we really have a strong view that we’ll grow prescriptions this year, and BELBUCA is certainly a product that’s worthy of that. From an IP perspective, what I would say to you is the following: our base case when we did the BDSI acquisition is we assume a potential generic in 2027. That’s because there’s a settlement in place with Teva.
What I would say there is Teva has relinquished their first filer exclusivity. They do not have a tentative approval. The second ANDA filer was Alvogen. For us, the green light to execute the deal was when BDSI received a favorable ruling with regards to the IP, which from an invalidity perspective, holds, bars Alvogen from the market until 2032 with that formulation. And then, of course, Chemo is the third ANDA filer who attached themselves to Alvogen from an invalidity perspective. They are pursuing non-infringement. And I would just say that they received their third CRL in the first half of 2023. We think it is very challenging to achieve the doses of BELBUCA or all doses without infringing upon the IP. The final two points I would make is we have an authorized generic agreement with Par Pharmaceuticals.
And probably the strongest comment I can make with regards to our view of BELBUCA is we will continue to invest through 2027 in support of this asset because although our base case assumes generic, I think we need to see what happens and whether players do come to the market, in particular, Teva.
Oren Livnat: All right. Thank you.
Joseph Ciaffoni: Thank you.
Operator: There are no further questions at this time. I would now like to turn the floor back over to Joe Ciaffoni for closing comments.
Joseph Ciaffoni: Thank you. And thank you, everyone, for joining the call today. We look forward to updating you on our progress throughout the year.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
