Despite Recent Performance We Still See Room for Upside Given United Win and Xtampza ER Tailwinds for 2017

03 October, 2016

Following recent share performance that has shares almost doubling in the past two weeks, we continue to see room for share appreciation as the Xtampza ER launch has clear tailwinds as we exit the summer through 2017. Management has signed at least one large managed care win with UnitedHealth (UNH $140.00) and we believe additional managed care wins are likely during the fourth quarter as well as the potential for comparative data between OxyContin and Xtampza ER being added to label. Admittedly, the Xtampza ER launch was slow as management chose to launch during the summer months despite the historically slow season, which was compounded by a lack of approved marketing materials. However, the company recently received approved marketing materials and given formulary wins (both UnitedHealth and likely additional wins), we should see a ramping up of scripts over the next quarter and into 2017.

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