Collegium Pharmaceutical, Inc. · NASDAQ:COLL
Collegium Pharmaceutical — Investor Presentation (January 2026)
49 slides from Collegium Pharmaceutical's investor presentation, Jan 8, 2026
Slide 1: Investor Presentation January 2026
Investor Presentation January 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
3 Building a Leading, Diversified Biopharmaceutical Company 1. This financial data is calculated based on data provided by Collegium in its press release on Form 8-K filed with the SEC on November 6, 2025. 2025 guidance represents the mid-point of financial guidance ranges. 2. Represents a non-GAAP
Slide 4: Committed to Making a Positive Difference for Patients and Communities
Committed to Making a Positive Difference for Patients and the Communities We Serve 4 Delivering differentiated medicines that uniquely serve patient unmet need Keeping Patients at the Center of Everything We Do Leading with science Operating with integrity Investing in our people Investing in Our P
Slide 5: Path to Building a Leading, Diversified Biopharmaceutical Company
Building a portfolio of diversified and differentiated medicines Path to Building a Leading, Diversified Biopharmaceutical Company 5 1990s – 2000s Rise of opioid epidemic in the U.S. 2016 FDA approved Xtampza® ER formulated with proprietary abuse-deterrent technology, DETERx® 2018 – 2020 In-licensed
Slide 6: Collegium's Vision for the Next Phase of Growth
Collegium’s Vision for the Next Phase of Growth 6 Time Opportunity FUTURE FURTHER EXPANSION Product diversification and capital deployment NEUROPSYCHIATRY PAIN PORTFOLIO FUTURE
Slide 7: 2026 Financial Guidance
2026 Guidance Range2 YoY Change3 Product Revenues, Net $805 – 825M +4% Jornay PM Revenue, Net $190 – 200M +32% Adjusted EBITDA1 $455 – 475M Flat 2026 Financial Guidance 7 1. Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2. 2. This financial data was provide
Slide 8: Strategic Priorities to Drive Value Creation
Drive significant growth for Jornay PM 8 Strategic Priorities to Drive Value Creation ✓ Grows revenue ✓ Extends longevity ✓ Increases profitability ✓ Generates robust cash flows ✓ Diversifies portfolio ✓ Strengthens balance sheet VALUE CREATION 2026 Strategic Priorities Maximize the durability of th
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 $1.6B Invested in business development to date4 1. Unless otherwise noted, this financial data was provided by Collegium in its Annual Reports on Form
Slide 10: Recent Business Highlights – Q3 2025
Recent Business Highlights – Q3 20251 1. Unless otherwise noted, this financial data was provided by Collegium in its press release on Form 8-K and Quarterly Report on Form 10-Q filed with the SEC on November 6, 2025. 2. IQVIA NPA through September 2025. 3. Represents a non-GAAP financial measure. R
Slide 11: Driving Significant Growth in Jornay PM
Driving Significant Growth in Jornay PM
Slide 12: Overview of U.S. ADHD Market
Methylphenidates ~25M annual prescriptions Long-acting vs. short-acting Branded vs. generic Stimulants ~90M annual prescriptions Overview of U.S. ADHD Market1 12 Total ADHD Market ~100M annual prescriptions +6% CAGR in total ADHD prescriptions 2019-2024 Other treatment options include non-stimulants
Slide 13: Unmet Need Remains Despite Multiple Treatment Options Available
Unmet Need Remains Despite Multiple Treatment Options Available HCP’s cite all-day symptom control without the need for a short-acting stimulant add-on as the most significant challenge2 Caregivers and adult patients cite challenges waking up in the morning due to uncontrolled ADHD symptoms3 TREATME
Slide 14: Highly Differentiated Medicine in the ADHD Market
14 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 c
Slide 15: Jornay PM is Prescribed to a Broad Set of Patients
Pediatrics/ Adolescents ~80% Adults ~20% Distribution of Patients Prescribed Jornay PM1 New Jornay PM prescriptions are most commonly coming from3 : 1. Switches from other branded/generic MPH4 medicines +++ 2. Switches from other branded/generic AMP4 medicines ++ 3. 1st ADHD medicine prescribed + Jo
Slide 16: Product Differentiation and Strong Brand Fundamentals Drive Utilization
Product Differentiation and Strong Brand Fundamentals Drive Utilization1 1. ATU (Awareness, Trial, & Usage) Market Research Study, completed Q2 2025. 16 Jornay PM Considered Highly Differentiated Strong Intent to Increase Prescribing #1 highest rated branded ADHD medicine in terms of product differe
Slide 17: Fastest Growing Stimulant for Treatment of ADHD
Q3'24 Q3'25 Q3'24 Q3'25 Fastest Growing Stimulant for Treatment of ADHD 17 STRONG AND GROWING PRESCRIBER BASE2 GROWTH IN QUARTERLY PRESCRIPTIONS1 MARKET SHARE IN BRANDED LONG-ACTING METHYLPHENIDATE MARKET1 Q3'24 Q3'25 +20% +22% GROWTH IN AVERAGE WEEKLY PRESCRIPTIONS DURING “BACK-TO-SCHOOL” SEASON1 J
Slide 18: Investing in Jornay PM to Drive Additional Momentum
Investing in Jornay PM to Drive Additional Momentum 18 1. Increase awareness and adoption with expanded set of prescribers 2. Raise caregiver and patient awareness to drive HCP request 3. Maintain broad patient access $145 -150M $190 – 200M 2025E 2026E JORNAY PM 2026 REVENUE EXPECTATIONS1 COMMERCIAL
Slide 19: Maximizing the Durability of the Pain Portfolio
Maximizing the Durability of the Pain Portfolio
Slide 20: The Leader in Responsible Pain Management: Belbuca
The Leader in Responsible Pain Management: Belbuca • The ONLY long-acting opioid pain medicine that uses buprenorphine buccal film technology • #1 highest rated branded ER opioid in terms of product differentiation and favorability • 74% of surveyed target HCPs plan to increase prescribing STRONG BR
Slide 21: The Leader in Responsible Pain Management: Xtampza ER
The Leader in Responsible Pain Management: Xtampza ER • The ONLY extended-release oxycodone pain medicine that uses best-in-class abuse deterrent technology (DETERx) • #1 highest rated ER oxycodone in terms of product differentiation and favorability • 48% of surveyed target HCPs plan to increase pr
Slide 22: Nucynta Franchise: Robust Revenue Contributor in 2026 and Beyond
$173M $185M $191M $177M 2021 2022 2023 2024 Product Revenues, Net1 Nucynta Franchise All other products Nucynta Franchise: Robust Revenue Contributor in 2026 and Beyond Durable Revenue Contributor 1. This financial data was provided by Collegium in its Annual Reports on Form 10-K filed with the SEC
Slide 23: Strategically Deploying Capital and Creating Shareholder Value
Strategically Deploying Capital and Creating Shareholder Value
Slide 24: Robust Revenues Generate Significant Cash Flows
$277M $464M $567M $631M $780M $104M $124M $275M $205M 2021 2022 2023 2024 2025E 37% 27% 48% 32% Robust Revenues Generate Significant Cash Flows1 $82M of Ironshore acquisition related liabilities and costs that were excluded from operating cash $287M2 Acquired March 2022 Acquired September 2024 24 1.
Slide 25: Track Record of Successful Business Development
$139M $177M $191M $325M $390M $440M 2022 2023 2024 2025E 2026E Track Record of Successful Business Development Driving Top- and Bottom-Line Growth 1. Represents the sum of the purchase price consideration paid for the Nucynta acquisition in 2020, the BDSI acquisition in 2022, and the Ironshore acqui
Slide 26: Commercial Capabilities and Financial Firepower Drive Value Creation
Commercial Capabilities and Financial Firepower Drive Value Creation Efficient Operating Model Expertise in Competitive Specialty Markets Rapid Integration Securing Broad Patient Access Two Specialized Sales Forces Significant Cash Generation Robust Revenues Strong Balance Sheet High Gross Margins C
Slide 27: Disciplined Business Development Approach
Disciplined Business Development Approach TARGET THERAPEUTIC AREAS • Neuropsychiatry and pediatrics • Other specialty conditions (case-by-case) • Rare diseases (case-by-case) Guiding Framework for Near-term BD Efforts ADDITIONAL FEATURES While maintaining robust cash generation and financial strengt
Slide 28: Opportunistic Share Repurchases Deliver Value to Shareholders
2021 2022 2023 2024 2025 YTD ASR program Open market share repurchases Opportunistic Share Repurchases Deliver Value to Shareholders1 28 $43M $19M $75M $25M $50M $25M Repurchased 8.2M shares at average price of $24.00 Board Authorized $150M Share Repurchase Program through December 2026 Returned $22
Slide 29: Capital Allocation Flexibility Driven by Disciplined Debt Management
Capital Allocation Flexibility Driven by Disciplined Debt Management 0.6x 2.0x 1.0x 1.8x <1.0x - 0.5 1.0 1.5 2.0 2.5 - 100 200 300 400 500 600 700 800 900 1,000 2021 2022 2023 2024 2025E Principal Debt and Net Leverage1 Convertible notes $144M $144M $268M $242M $242M Term loan $113M $575M $413M $630
Slide 30: Strong IP Management
Strong IP Management a~
Slide 31: Strong IP Management of Patent Protected Portfolio
Strong IP Management of Patent Protected Portfolio Reflects (i) for Xtampza ER, the September 2033 entry date set forth in Collegium’s settlement agreement with Teva; (ii) for Belbuca, the January 2027 entry date set forth in BDSI’s settlement agreement with Teva; (iii) for Jornay PM, which does not
Slide 32: Summary
Summary
Slide 33: Creating Value for Shareholders
Creating Value for Shareholders 33 33 2026 STRATEGIC PRIORITIES VALUE CREATION 1. Drive significant growth for Jornay PM 2. Maximize the durability of the Pain Portfolio 3. Strategically deploy capital • Business Development • Debt repayment • Share repurchases Grow Revenue Extend longevity Increase
Slide 34: Important Safety Information
Important Safety Information
Slide 35: Important Safety Information about Jornay PM
Important Safety Information about Jornay PM (methylphenidate HCI 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 disorder, including addiction. Misuse and abuse of CNS stimulan
Slide 36: Important Safety Information about Jornay PM
Important Safety Information about Jornay PM (methylphenidate HCI 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 Serious Cardiac Disease: Sudden death has been reported in
Slide 37: Important Safety Information about XTAMPZA ER
Important Safety Information about XTAMPZA ER (oxycodone) extended-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 risks of opioid addiction, abuse, and misuse, whic
Slide 38: Important Safety Information about XTAMPZA ER
Important Safety Information about XTAMPZA ER (oxycodone) extended-release capsules Opioid Analgesic Risk Evaluation and Mitigation Strategy (REMS) Healthcare providers are strongly encouraged to complete a REMS-compliant education program and to counsel patients and caregivers on serious risks, saf
Slide 39: Important Safety Information about BELBUCA
Important Safety Information about BELBUCA (buprenorphine buccal 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 can lead to overdose and death, asse
Slide 40: Important Safety Information about NUCYNTA ER
Important Safety Information about NUCYNTA ER (tapentadol) extended-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 risks of opioid addiction, abuse, and misuse, whic
Slide 41: Important Safety Information about NUCYNTA ER
Important Safety Information about NUCYNTA ER (tapentadol) extended-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 life-threatening if not recognized and treated. E
Slide 42: Important Safety Information about NUCYNTA
Important Safety Information about NUCYNTA (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, abuse, and misuse, which can lead
Slide 43: Important Safety Information about SYMPROIC
Important Safety Information about SYMPROIC (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 pain that does not go away, stop
Slide 44: Important Safety Information about SYMPROIC
Important Safety Information about SYMPROIC (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 cancer or its treatment who do no
Slide 45: Important Safety Information about SYMPROIC
Important Safety Information about SYMPROIC (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 opioid withdrawal in a fetus when
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 47: Reconciliation of GAAP Net Income to Adjusted EBITDA
Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands, unaudited) 47 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) (3,280) (7,724) (12,164) Loss on extinguishment of debt — 4,145 — 11,329 Provision fo
Slide 48: Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses
Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses (in thousands, unaudited) 48 GAAP operating expenses $ 67,084 $ 61,955 $ 216,000 $ 147,272 Adjustments: Stock-based compensation 9,811 7,317 32,153 24,804 Executive transition expense — — 1,397 3,051 Acquisition related expense
Slide 49: Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted EPS
Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share (in thousands, except share and per share amounts, unaudited) 49 1. The income tax effect of the adjustments was calculated by applying our blended federal and state statutory rate to the items that have a tax e
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