COLL announced another formulary “win” for Xtampza following successful contracting with ESRX, the largest US pharmacy benefits manager (PBM). Starting January 1, 2017, Xtampza will be added to ESRX’s formulary as a preferred brand with access to another 28M commercial lives. Based on steady progress with the launch and managed care wins, we continue to believe that Xtampza Rxs are positioned for an inflection in 1H17 and see the drug as a $400M+ peak product.