Collegium Pharmaceutical, Inc. · NASDAQ:COLL
Collegium Pharmaceutical — Investor Presentation (August 2026)
50 slides from Collegium Pharmaceutical's investor presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 2026 | Nasdaq: COLL Healthier people. Stronger communities.
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates,"
Slide 3: Building a Leading, Diversified Biopharmaceutical Company
Building a Leading, Diversified Biopharmaceutical Company BY THE NUMBERS Healthier people. Stronger communities. $840M $458M 2 2026 Product Sales1 2026 Adjusted Current focus areas: EBITDA1,2 ADHD & Pain DIFFERENTIATED MEDICINES 3 1. This financial data represents the midpoint of 2026 financial guid
Slide 4: Committed to Making a Positive Difference for Patients and the Communities We Serve
Committed to Making a Positive Difference for Patients and the Communities We Serve Keeping Patients at the Investing in Our Center of Everything We Do People and Communities Delivering differentiated medicines Investing in our people that uniquely serve patient unmet need Fostering an engaging, col
Slide 5: Path to Building a Leading, Diversified Biopharmaceutical Company
Path to Building a Leading, Diversified Biopharmaceutical Company History of becoming the leader in Beginning of responsible pain management diversification strategy 2002 2016 2022 2026 FDA approved Acquired Belbuca®, Acquired AZSTARYS®, accelerating Founded to address opioid Xtampza® ER formulated
Slide 6: Collegium's Vision for the Next Phase of Growth
Collegium’s Vision for the Next Phase of Growth FURTHER EXPANSION Product diversification and capital deployment Opportunity NEUROPSYCHIATRY and PEDIATRICS PAIN PORTFOLIO FUTURE Time FUTURE 6
Slide 7: 2026 Financial Guidance – Updated August 6, 2026
2026 Financial Guidance – Updated August 6, 2026 2025 Prior 2026 Updated 2026 Actuals YoY Change3 Guidance Range Guidance Range2 Product Revenues, Net $781M $865 – 895M $825 – 855M +8% JORNAY PM Revenue, Net $149M $190 - 200M $190 - 200M +31% AZSTARYS Revenue, Net N/A4 $60 – 70M $65 – 75M N/A Adjust
Slide 8: Strategic Priorities to Drive Value Creation
Strategic Priorities to Drive Value Creation 2026 Strategic Priorities VALUE CREATION Drive further growth for ADHD Portfolio ✓ Grows revenue ✓ Extends longevity Maximize the durability of the ✓ Increases profitability Pain Portfolio ✓ Generates robust cash flows Strategically deploy capital ✓ Diver
Slide 9: Successful Track Record of Growth and Strategic Capital Deployment
Successful Track Record of Growth and Strategic Capital Deployment Strong Commercial Execution Robust Financial Results Strategic Capital Deployment Product Revenues, Net1 Adjusted EBITDA1,3 $2.2B Invested in business development to date4 $840M2 $781M $461M $458M2 $631M $401M $567M $367M $464M $266M
Slide 10: Recent Business Highlights
Recent Business Highlights1 Accelerated Achieved Top-and Strategically Deployed Capital Commercial Momentum Bottom-line Growth to Expand and Diversify Portfolio Product Revenues, Net ADHD Portfolio +6% +41% YoY growth $188M $200M in Q2’26 net revenue Completed acquisition of AZSTARYS and $12.9 milli
Slide 11: Driving Significant Growth in ADHD Portfolio
Driving Significant Growth in ADHD Portfolio
Slide 12: Overview of U.S. ADHD Market and Key Commercial Dynamics
Overview of U.S. ADHD Market and Key Commercial Dynamics 20251 Commercial Dynamics Total ADHD Market annual prescriptions 1. Large and growing market ~111M 8% CAGR from 2020-2025 Stimulants 2. High patient unmet need annual prescriptions Patients on average try ~3 different ADHD medicines before fin
Slide 13: Unmet Need Remains Despite Multiple Treatment Options Available
Unmet Need Remains Despite Multiple Treatment Options Available TREATMENT CHALLENGES 1 HCP’s cite all-day symptom control without Average ADHD patient tries ~3 the need for a short-acting stimulant add-on as the most significant challenge 2 different medicines before finding the right treatment opti
Slide 14: Highly Differentiated Medicine in the ADHD Market
Highly Differentiated Medicine in the ADHD Market • Highly differentiated central nervous system (CNS) stimulant prescription medicine for the treatment of ADHD in people six years of age and older in the U.S. • Only stimulant ADHD medication with once-daily evening dosing that provides symptom cont
Slide 15: Product Differentiation and Strong Brand Fundamentals Drive Utilization
Product Differentiation and Strong Brand Fundamentals Drive Utilization1 #1 highest rated ~70% branded ADHD medicine in terms of of surveyed HCPs plan to increase prescribing product differentiation (highest among all other branded ADHD medicines) >70% ~67% of HCPs will honor a patient/caregiver req
Slide 16: JORNAY PM is Prescribed to a Broad Set of Patients
JORNAY PM is Prescribed to a Broad Set of Patients Distribution of Patients Prescribed JORNAY PM1 New JORNAY PM prescriptions are most commonly Adults coming from3: ~20% 1. Switches from other branded/generic MPH4 medicines +++ Pediatrics/ 2. Switches from other branded/generic AMP4 medicines ++ Ado
Slide 17: Fastest Growing Stimulant for Treatment of ADHD
Fastest Growing Stimulant for Treatment of ADHD GROWTH STRONG MARKET SHARE IN IN QUARTERLY AND GROWING BRANDED LONG-ACTING PRESCRIPTIONS 1 PRESCRIBER BASE 2 METHYLPHENIDATE MARKET 1 +13.1% +17.6% +5.8 Percentage Points 30K+ 29% 210K 26K 185K 23% Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 1. IQVIA NPA throu
Slide 18: AZSTARYS is Well Positioned for Future Growth
AZSTARYS is Well Positioned for Future Growth and is a Highly Complementary Addition to Our ADHD Portfolio • IP protection • First and only ADHD treatment with both fast and through 2037 long-acting medicines in one capsule • Enables significant • Treatment option for patients in need of rapid onset
Slide 19: 2026 Priorities: Driving Further Growth for ADHD Portfolio
2026 Priorities: Driving Further Growth for ADHD Portfolio • Successfully integrate AZSTARYS into • Increase awareness and adoption portfolio with expanded set of prescribers • Accelerate growth trajectory by • Raise caregiver and patient awareness leveraging established commercial to drive HCP requ
Slide 20: Maximizing the Durability of the Pain Portfolio
Maximizing the Durability of the Pain Portfolio
Slide 21: The Leader in Responsible Pain Management
The Leader in Responsible Pain Management STRONG BRAND FUNDAMENTALS 1 PAIN PRODUCT REVENUES, NET 2 • Belbuca: +5% +6% +22% • The ONLY long-acting opioid pain medicine that uses $632M +68% $594M buprenorphine buccal film technology $567M • #1 highest rated branded ER opioid in terms of $464M4 product
Slide 22: Strategically Deploying Capital and Creating Shareholder Value
Strategically Deploying Capital and Creating Shareholder Value
Slide 23: Robust Revenues Generate Significant Cash Flows
Robust Revenues Generate Significant Cash Flows1 Acquired Acquired March 2022 September 2024 48% 42% 37% 32% 27% $82M of Ironshore acquisition related liabilities and costs that were excluded from operating cash $781M $631M $567M $464M $287M2 $329M $277M $275M $205M $104M $124M 2021 2022 2023 2024 2
Slide 24: Track Record of Successful Business Development Driving Top- and Bottom-Line Growth
Track Record of Successful Business Development Driving Top- and Bottom-Line Growth $2.2B Invested in Acquisitions1 Impact of Accretive Acquisitions Nucynta Franchise (Feb. 2020) Product Revenues, Net2 Adjusted EBITDA2,5 $840M3 $781M BDSI (Mar. 2022) $631M $461M $458M3 $567M $401M $367M $464M $582M
Slide 25: Commercial Capabilities and Financial Firepower Drive Value Creation
Commercial Capabilities and Financial Firepower Drive Value Creation BUSINESS DEVELOPMENT FRAME WORK Expertise in Competitive Significant Cash Generation Specialty Markets Robust Revenues Rapid Integration Commercial VALUE Financial High Gross Margins Capabilities CREATION Firepower Securing Broad P
Slide 26: Disciplined Business Development Approach
Disciplined Business Development Approach TARGET THERAPEUTIC AREAS ADDITIONAL FEATURES Guiding • Neuropsychiatry and pediatrics • Commercial or near-commercial Framework • Other specialty conditions • Cost efficient sales and marketing for Near-term (case-by-case) requirements BD Efforts • Rare dise
Slide 27: Capital Allocation Flexibility Driven by Disciplined Debt Management
Capital Allocation Flexibility Driven by Disciplined Debt Management Principal Debt and Net Leverage2 1,000 2.5 900 800 1.8x 2.0 700 2.0x 600 1.5 500 1.0x 400 1.0 300 <1.0x 200 0.5 0.6x 100 - - 2021 2022 2023 2024 2025 Convertible notes $144M $144M $268M $242M $242M Term loan $113M $575M $413M $630M
Slide 28: Opportunistic Share Repurchases Deliver Value to Shareholders
Opportunistic Share Repurchases Deliver Value to Shareholders1 Returned $222M to Shareholders since 2021 Repurchased 8.2M shares at average price of $24.00 $75M $25M $60M 2021 - 2.2M shares at $19.93 $43M $25M 2022 - 1.1M shares at $17.57 $18M $25M 2023 - 3.1M shares at $24.29 $19M $50M $35M $25M 20
Slide 29: Strong IP Management
Strong IP Management
Slide 30: Strong IP Management of Patent Protected Portfolio
Strong IP Management of Patent Protected Portfolio 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 March 2032 Lead Growth Driver December 2037 September 2033 2036 Durable Cash Generators January 2027 2032 Projected exclusivity Authorized Generic Launched Latest in Q1 2026 patent exp
Slide 31: Summary
Summary
Slide 32: Creating Value for Shareholders
Creating Value for Shareholders 2026 STRATEGIC PRIORITIES 1. Drive further growth for 2. Maximize the 3. Strategically deploy capital the ADHD Portfolio durability of the Pain • Business Development Portfolio • Debt repayment • Share repurchases VALUE CREATION Grow Extend Increase Generate Diversify
Slide 33: Important Safety Information
Important Safety Information
Slide 34: Important Safety Information about JORNAY PM
Important Safety Information about JORNAY PM JORNAY PM (methylphenidate HCI (methylphenidate HCI extended-release capsules) extended-release capsules) WARNING: ABUSE, MISUSE, AND ADDICTION JORNAY PM has a high potential for abuse and misuse, which can lead to the development of a substance use disor
Slide 35: Important Safety Information about JORNAY PM
Important Safety Information about JORNAY PM JORNAY PM (methylphenidate HCI (methylphenidate HCI extended-release capsules) extended-release capsules) WARNINGS AND PRECAUTIONS JORNAY PM can cause serious adverse reactions and patients should be monitored for the following: • Risks to Patients with S
Slide 36: Important Safety Information about AZSTARYS
Important Safety Information about AZSTARYS AZSTARYS (serdexmethylphenidate and (serdexmethylphenidate and dexmethylphenidate capsules) dexmethylphenidate capsules) WARNING: ABUSE, MISUSE, AND ADDICTION AZSTARYS has a high potential for abuse, misuse, which can lead to the development of a substance
Slide 37: Important Safety Information about AZSTARYS
Important Safety Information about AZSTARYS AZSTARYS (serdexmethylphenidate and (serdexmethylphenidate and dexmethylphenidate capsules) dexmethylphenidate capsules) WARNINGS AND PRECAUTIONS • Risks to patients with serious cardiac disease: Avoid use in patients with known structural cardiac abnormal
Slide 38: Important Safety Information about XTAMPZA ER
Important Safety Information about XTAMPZA ER XTAMPZA ER (Oxycodone) extended- (oxycodone) extended-release capsules release capsules WARNING: SERIOUS AND LIFE-THREATENING RISKS FROM USE OF XTAMPZA ER Addiction, Abuse, and Misuse Because the use of XTAMPZA ER exposes patients and other users to the
Slide 39: Important Safety Information about XTAMPZA ER
Important Safety Information about XTAMPZA ER XTAMPZA ER (Oxycodone) extended- (oxycodone) extended-release capsules release capsules Opioid Analgesic Risk Evaluation and Mitigation Strategy (REMS) Healthcare providers are strongly encouraged to complete a REMS-compliant education program and to cou
Slide 40: Important Safety Information about BELBUCA
Important Safety Information about BELBUCA BELBUCA (buprenorphine buccal (buprenorphine buccal film) film) WARNING: SERIOUS AND LIFE-THREATENING RISKS FROM USE OF BELBUCA Addiction, Abuse, and Misuse BELBUCA exposes patients and other users to the risks of opioid addiction, abuse, and misuse, which
Slide 41: Important Safety Information about NUCYNTA ER
Important Safety Information about NUCYNTA ER NUCYNTA ER (tapentadol) extended- (tapentadol) extended-release tablets release tablets WARNING: SERIOUS AND LIFE-THREATENING RISKS FROM USE OF NUCYNTA ER Addiction, Abuse, and Misuse Because the use of NUCYNTA ER exposes patients and other users to the
Slide 42: Important Safety Information about NUCYNTA ER
Important Safety Information about NUCYNTA ER NUCYNTA ER (tapentadol) extended- (tapentadol) extended-release tablets release tablets Neonatal Opioid Withdrawal Syndrome If opioid use is required for an extended period of time in a pregnant woman, advise the patient of the risk of NOWS, which may be
Slide 43: Important Safety Information about NUCYNTA
Important Safety Information about NUCYNTA NUCYNTA (Tapentadol) tablets (tapentadol) tablets WARNING: SERIOUS AND LIFE-THREATENING RISKS FROM USE OF NUCYNTA TABLETS Addiction, Abuse, and Misuse Because the use of NUCYNTA tablets exposes patients and other users to the risks of opioid addiction, abus
Slide 44: Important Safety Information about SYMPROIC
Important Safety Information about SYMPROIC SYMPROIC (naldemedine) tablets (naldemedine) tablets SYMPROIC may cause serious side effects, including: – Tear in your stomach or intestinal wall (perforation). Stomach pain that is severe can be a sign of a serious medical condition. If you get stomach p
Slide 45: Important Safety Information about SYMPROIC
Important Safety Information about SYMPROIC SYMPROIC (naldemedine) tablets (naldemedine) tablets INDICATIONS AND USAGE SYMPROIC is indicated for the treatment of opioid-induced constipation (OIC) in adult patients with chronic non-cancer pain, including patients with chronic pain related to prior ca
Slide 46: Important Safety Information about SYMPROIC
Important Safety Information about SYMPROIC SYMPROIC (naldemedine) tablets (naldemedine) tablets USE IN SPECIFIC POPULATIONS Pregnancy: There are no available data with Naldemedine in pregnant women to inform a drug-associated risk of major birth defects and miscarriage. There is a potential for opi
Slide 47: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 48: Reconciliation of GAAP Net Income to Adjusted EBITDA
Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP net (loss) income $ (15,051) $ 11,983 $ (555) $ 14,400 Adjustments: Interest expense 19,519 20,463 35,381 41,253 Interest income (2,289) (2,38
Slide 49: Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses
Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses (in thousands, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP operating expenses $ 106,594 $ 73,279 $ 192,944 $ 148,916 Adjustments: Stock-based compensation 14,484 10,818 25,364 22,34
Slide 50: Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share
Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share (in thousands, except share and per share amounts, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP net (loss) income $ (15,051) $ 11,983 $ (555) $ 14,400 Adjustments: No
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