Collegium Pharmaceutical, Inc. · NASDAQ:COLL
Collegium Pharmaceutical — Q3 2025 Earnings Presentation
23 slides from Collegium Pharmaceutical's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Earnings Report
Q3 2025 Earnings Report November 6, 2025 | 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: Business Update
Business Update Vikram Karnani President & Chief Executive Officer
Slide 4: Collegium is Well-Positioned for Continued Growth
Collegium is Well-Positioned for Continued Growth Healthier people. Building a leading, diversified Strong track record of using cash Stronger communities. biopharmaceutical company generated to fuel highly successful committed to improving the business development opportunities lives of people livi
Slide 5: Recent Business Highlights – Q3 2025
Recent Business Highlights – Q3 20251 Accelerated Achieved Top-and Bottom-line Strategically Deployed Capital Commercial Momentum Growth and Strengthened Balance Sheet Product Revenues, Net $78.4M in cash from operations; +31% $209.4M $285.9M in cash, cash equivalents, and marketable +20% YoY growth
Slide 6: Building on a Successful Strategy
Building on a Successful Strategy DRIVE SIGNIFICANT MAXIMIZE STRATEGICALLY Jornay PM Growth Pain Portfolio Deploy Capital • Invest in Jornay PM to support • Maximize and enhance • Expand portfolio through near-term growth and create durability of pain portfolio disciplined business significant momen
Slide 7: Collegium's Vision for the Next Phase of Growth
Collegium’s Vision for the Next Phase of Growth1 FURTHER EXPANSION Product diversification and capital deployment Opportunity NEUROPSYCHIATRY PAIN PORTFOLIO FUTURE Time 1. Illustrative purposes only. 7
Slide 8: Commercial Update
Commercial Update Scott Dreyer Executive Vice President & Chief Commercial Officer
Slide 9: Product Differentiation and Strong Brand Fundamentals Drive Utilization
Product Differentiation and Strong Brand Fundamentals Drive Utilization1 Jornay PM Considered Highly Differentiated Strong Intent to Increase Prescribing #1 highest rated >60% branded ADHD medicine in terms of of surveyed HCPs plan to increase prescribing product differentiation (highest among all o
Slide 10: Fastest Growing Stimulant for Treatment of ADHD
Fastest Growing Stimulant for Treatment of ADHD GROWTH STRONG MARKET SHARE IN GROWTH IN AVERAGE IN QUARTERLY AND GROWING BRANDED LONG-ACTING WEEKLY PRESCRIPTIONS PRESCRIPTIONS 1 PRESCRIBER BASE 2 METHYLPHENIDATE DURING “BACK-TO- MARKET 1 SCHOOL” SEASON 1 +20% +22% +6 Percentage +14% Points 28K 16K 1
Slide 11: Investing in Jornay PM to Drive Additional Momentum
Investing in Jornay PM to Drive Additional Momentum COMMERCIAL PRIORITIES FOCUSED ON GROWTH JORNAY PM NEAR-TERM REVENUE EXPECTATIONS 1 Increase Awareness and Adoption with Expanded Set of Prescribers • Expanded ADHD sales force to ~180 sales reps deployed to cover +46% full market opportunity $145 -
Slide 12: Well Positioned to Maximize and Enhance Durability of Responsible Pain Management Portfolio
Well Positioned to Maximize and Enhance Durability of Responsible Pain Management Portfolio SUCCESSFUL COMMERCIAL STRONG BRAND EXECUTION OF GROWTH STRATEGY 1 FUNDAMENTALS 2 #1 highest rated branded ER opioid in terms $58.3M of product differentiation and favorability +10% 74% of surveyed target HCPs
Slide 13: Financial Highlights
Financial Highlights Colleen Tupper Executive Vice President & Chief Financial Officer
Slide 14: Q3'25 Financial Highlights
Q3’25 Financial Highlights1 Record Product Revenues, Net Adjusted Operating Expenses2 Record Adjusted EBITDA2 +31% $209.4M +27% $159.3M $133.0M $105.1M +60% $55.7M $34.8M Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 1. This financial data was provided by Collegium in its press release on Form 8-K and Quarter
Slide 15: Raised 2025 Financial Guidance
Raised 2025 Financial Guidance Updated Guidance Prior Guidance Range2 YoY Change3 Range Product Revenues, Net $745 – 760M $775 – 785M +24% Jornay PM Revenue, Net $140 - 145M $145 - 150M +46% Adjusted EBITDA1 $440 – 455M $460 – 470M +16% Adjusted Operating Expenses1 $225 – 235M $235 – 240M +58% 1. Re
Slide 16: Disciplined Capital Deployment
Disciplined Capital Deployment EXPAND PORTFOLIO THROUGH OPPORTUNISTICALLY LEVERAGE RAPIDLY PAY BUSINESS DEVELOPMENT SHARE REPURCHASE PROGRAM DOWN DEBT • Acquisition of Ironshore added lead • $25M Accelerated Share Repurchase • Ended Q3’25 with net leverage of ~1.2x2 growth driver, Jornay PM, new sal
Slide 17: Closing Remarks
Closing Remarks Vikram Karnani President & Chief Executive Officer
Slide 18: Collegium's Next Phase of Growth
Collegium’s Next Phase of Growth CREATING VALUE FOR SHAREHOLDERS Growing Increasing Generating Strong Strategically Business Revenue Profitability Cash Flows Deploying Capital Development 18
Slide 19: Healthier people. Stronger communities.
Healthier people. Stronger communities. Building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. 19
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 21: Reconciliation of GAAP Net Income to Adjusted EBITDA
Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands, unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 GAAP net income $ 31,507 $ 9,335 $ 45,907 $ 56,654 Adjustments: Interest expense 21,767 18,394 63,020 51,320 Interest income (3,116) (3,
Slide 22: Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses
Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses (in thousands, unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 GAAP operating expenses $ 67,084 $ 61,955 $ 216,000 $ 147,272 Adjustments: Stock-based compensation 9,811 7,317 32,1
Slide 23: 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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 GAAP net income $ 31,507 $ 9,335 $ 45,907 $ 56,654 Adjustments:
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