Collegium Pharmaceutical, Inc. · NASDAQ:COLL
Collegium Pharmaceutical — Q2 2025 Earnings Presentation
48 slides from Collegium Pharmaceutical's earnings presentation, Aug 7, 2025
Slide 1: Investor Presentation
Investor Presentation August 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: Building a Leading, Diversified Biopharmaceutical Company
Building a Leading, Diversified Biopharmaceutical Company
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: 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 2022 2002 2016 2025 Acquired BioDelivery FDA approved Sciences International and Collegium founded to address Xtampza® ER formulated c
Slide 6: 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 $1.6B Product Revenues, Net1 Adjusted EBITDA1,2 Invested in business development to date3 $631M $567M $401M $464M $367M $266M $277M $118M $222M Share r
Slide 7: 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 8: Recent Business Highlights – Q2 2025
Recent Business Highlights – Q2 20251 Accelerated Achieved Top-and Bottom-line Strategically Deployed Capital Commercial Momentum Growth and Strengthened Balance Sheet Product Revenues, Net $72.4M in cash from operations; +29% $188.0M $222.2M in cash, cash equivalents, and marketable +23% YoY growth
Slide 9: Raised 2025 Financial Guidance
Raised 2025 Financial Guidance: Strong Top-and Bottom-Line Growth Updated Guidance Prior Guidance Range2 YoY Change3 Range Product Revenues, Net $735 – 750M $745 – 760M +19% Jornay PM Revenue, Net >$135M $140 - 145M +42% Adjusted EBITDA1 $435 – 450M $440 – 455M +12% Adjusted Operating Expenses1 $220
Slide 10: Expansion into Neuropsychiatry with Jornay PM
Expansion into Neuropsychiatry with Jornay PM
Slide 11: Overview of U.S. ADHD Market
Overview of U.S. ADHD Market 1 ADHD Prevalence 2 ~6.5M Pediatrics & Adolescents ~15.5M Adults Concentrated Total ADHD Market Stimulants Methylphenidates Prescriber Base ~100M ~90M ~25M ~20,000 annual prescriptions HCPs writing 1/3 of prescriptions3 annual prescriptions annual prescriptions Top HCP S
Slide 12: Highly Differentiated Medicine in the ADHD Market
Highly Differentiated Medicine in the ADHD Market HCP Perspective1 MOST SIGNIFICANT • Highly differentiated central nervous system (CNS) stimulant prescription ADHD CHALLENGE is medicine for the treatment of ADHD in people six years of age and older in all-day symptom control the U.S. without the ne
Slide 13: Product Differentiation and Strong Brand Fundamentals
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 14: Fastest Growing Stimulant for Treatment of ADHD
Fastest Growing Stimulant for Treatment of ADHD ACCELERATION IN QUARTERLY STRONG AND GROWING MARKET SHARE IN BRANDED LONG- PRESCRIPTIONS 1 PRESCRIBER BASE 2 ACTING METHYLPHENIDATE MARKET 1 +23% +7.6% +23% 26K 23% 186K 21K 16% 151K Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 1. IQVIA NPA through June 2025. 2
Slide 15: 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 from2: ~20% 1. Switches from other branded/generic MPH3 medicines +++ Pediatrics/ 2. Switches from other branded/generic AMP3 medicines ++ Ado
Slide 16: 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 +42% • Expanded ADHD sales force to ~180 sales reps deployed to $140 -145M cover full market opportu
Slide 17: The Leader in Responsible Pain Management
The Leader in Responsible Pain Management
Slide 18: 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 EXECUTION OF STRONG BRAND FUNDAMENTALS 4 GROWTH STRATEGY 1 +16% #1 highest rated branded ER opioid in +19% +3% $211M $182M terms of product differentiation and $148M2 $153M3 favorability
Slide 19: Nucynta Franchise: Robust Revenue Contributor in 2025 and Beyond
Nucynta Franchise: Robust Revenue Contributor in 2025 and Beyond Durable Revenue Contributor Improved Outlook for 2025 and Beyond Product Revenues, Net1 Grünenthal Settlement with Teva results in no anticipated generic entry for Nucynta® ER prior to July 2027 June 2025 January 2027 June 2025 July 20
Slide 20: Strong Track Record of Execution and Delivering on Financial Commitments
Strong Track Record of Execution and Delivering on Financial Commitments
Slide 21: Achievement of 2024 Financial Commitments Sets Strong Foundation for 2025 and Beyond
Achievement of 2024 Financial Commitments Sets Strong Foundation for 2025 and Beyond ACHIEVED 2024 GUIDANCE WITH 2025 GUIDANCE REFLECTS SIGNIFICANT REMAIN COMMITTED TO STRATEGIC RECORD FINANCIAL RESULTS1 TOP- AND BOTTOM-LINE GROWTH2 CAPITAL DEPLOYMENT Product Revenues, Net Product Revenues, Net +11%
Slide 22: Track Record of Strong Top- and Bottom-Line Growth
Track Record of Strong Top- and Bottom-Line Growth GROW LEVERAGE EXPAND Product Revenues, Net1 Adjusted Operating Adjusted EBITDA1,3 Expenses1,3 $753M2 $631M $567M $448M2 $464M $401M $367M $266M $277M $230M2 $151M $122M $124M $118M $101M 2021 2022 2023 2024 2025E 2021 2022 2023 2024 2025E 2021 2022
Slide 23: Robust Operating Cash Flow Generation from Pain Portfolio
Robust Operating Cash Flow Generation from Pain Portfolio1 Acquisitions February 2020 March 2022 September 2024 Purchase Price $373M $669M $525M3 Consideration $275M $287M4 $82M of Ironshore acquisition related liabilities and costs that were excluded from operating cash $124M $205M $94M $104M Cash
Slide 24: Disciplined Capital Deployment
Disciplined Capital Deployment
Slide 25: 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. 25
Slide 26: Track Record of Successful Business Development Drives Top- and Bottom-Line Growth
Track Record of Successful Business Development Drives Top- and Bottom-Line Growth $1.6B Invested in Acquisitions1 Impact of Accretive Acquisitions Product Revenues, Net2 Adjusted EBITDA2,5 3 $753M Nucynta Franchise (February 2020) $631M $567M $448M3 $440M $390M $401M $464M $367M $325M $266M $277M B
Slide 27: 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 $19M $50M $25M ASR 2023 - 3.1M shares at $24.29 $35
Slide 28: Capital Allocation Flexibility Driven by Disciplined Debt Management
Capital Allocation Flexibility Driven by Disciplined Debt Management 1000 Principal Debt and Net Leverage1 2.5 900 800 2.0 700 1.8x 2.0x Ended Q2 2025 with 600 1.5 500 1.0x net leverage of ~1.4x3 400 1.0 300 Expect to end 2025 with 200 0.5 0.6x net leverage of <1.0x3 100 0 - 2021 2022 2023 2024 Conv
Slide 29: Strong IP Management
Strong IP Management
Slide 30: Patent Protected Commercial Portfolio
Patent Protected Commercial Portfolio …2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 …2037 September 2033 2036 Growth Drivers January 2027 2032 March 2032 January 2027 Projected Contributors exclusivity Latest July 2027 2028 patent expiry May 2033 Teva currently is the only g
Slide 31: Summary
Summary
Slide 32: 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 32
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 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 46: 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, 2025 2024 2025 2024 GAAP net income $ 11,983 $ 19,606 $ 14,400 $ 47,319 Adjustments: Interest expense 20,463 15,587 41,253 32,926 Interest income (2,383) (4,397) (4,60
Slide 47: 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, 2025 2024 2025 2024 GAAP operating expenses $ 73,279 $ 43,335 $ 148,916 $ 85,317 Adjustments: Stock-based compensation 10,818 10,012 22,342 17,487
Slide 48: 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, 2025 2024 2025 2024 GAAP net income $ 11,983 $ 19,606 $ 14,400 $ 47,319 Adjustments: Non-cash i
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