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Core Viewpoint - Collegium Pharmaceutical is expanding its position in the ADHD market through the acquisition of AZSTARYS and related subsidiaries from Corium Therapeutics [2] Group 1: Acquisition Details - The acquisition of AZSTARYS significantly enhances Collegium's portfolio in the ADHD sector [2] - The call includes participation from key executives, including the President and CEO, Chief Commercial Officer, and Chief Financial Officer, indicating a strong leadership presence for the discussion [2] Group 2: Investor Communication - The company emphasizes that the information presented is not promotional and includes forward-looking statements under the safe harbor provision of the Private Securities Litigation Reform Act of 1995 [3] - There is a caution regarding the potential differences between future results and current expectations, highlighting the inherent risks and uncertainties [4]

Summary of Collegium Pharmaceutical Investor Call Company Overview - **Company**: Collegium Pharmaceutical (NasdaqGS:COLL) - **Event**: Investor Call regarding the acquisition of AZSTARYS from Corium Therapeutics - **Date**: March 19, 2026 Key Points Acquisition Details - Collegium announced the acquisition of AZSTARYS and relevant subsidiaries from Corium Therapeutics for **$650 million** in cash, with potential contingent payments of up to **$135 million** based on sales and regulatory milestones [8][10][19] - The acquisition is expected to close in the **second quarter of 2026** [19] Strategic Rationale - The acquisition significantly expands Collegium's position in the **ADHD** market, adding a second differentiated treatment alongside **Jornay PM** [5][19] - AZSTARYS is expected to extend ADHD revenues into **2037**, five years beyond Jornay PM's expected loss of exclusivity [7][19] - The deal is aligned with Collegium's capital allocation strategy, balancing portfolio expansion and fiscal responsibility [8][19] Financial Impact - The acquisition is projected to be immediately accretive to adjusted EBITDA, with AZSTARYS expected to generate over **$50 million** in pro forma net revenues in the second half of **2026** [10][11] - Collegium generated over **$329 million** in cash from operations in **2025**, indicating strong cash flow to support the acquisition [9] Market Context - The ADHD market is large and growing, with approximately **22 million** patients in the U.S. and **111 million** prescriptions written in **2025** [12] - ADHD prescriptions have been growing at about **8% annually** over the past five years, with **90%** of prescriptions for stimulant medications [12] Product Differentiation - Jornay PM is unique as it is taken at night and provides efficacy upon awakening, while AZSTARYS combines fast and long-acting medications in one capsule [15][17] - Both products target different patient needs, with Jornay PM primarily used in children and adolescents, and AZSTARYS having a more balanced distribution between adults and children [17][18] Sales and Marketing Strategy - Collegium plans to leverage its existing ADHD commercial infrastructure to drive growth for both products, expecting significant cost synergies of over **$50 million** within 12 months post-acquisition [10][19] - The company has a sales force of **180 representatives**, compared to Corium's **100**, which will enhance marketing efforts for AZSTARYS [30][37] Future Outlook - Collegium remains open to further acquisitions in both ADHD and potentially other therapeutic areas, maintaining a focus on capital-efficient opportunities [50][51] - The company aims to maximize the potential of both Jornay PM and AZSTARYS, ensuring broad access and support for the ADHD community [45][54] Additional Insights - Healthcare professionals have rated both Jornay PM and AZSTARYS highly, with **70%** indicating a strong intent to increase prescribing of Jornay PM and **53%** for AZSTARYS [15][16] - The acquisition reflects Collegium's commitment to innovation and financial discipline, aiming to create long-term shareholder value [19][21] Conclusion - The acquisition of AZSTARYS is a strategic move for Collegium, enhancing its ADHD portfolio and positioning the company for sustained growth and shareholder value creation in the biopharmaceutical sector [21][64]

Summary of Collegium Pharmaceutical Investor Call Company Overview - **Company**: Collegium Pharmaceutical (NasdaqGS: COLL) - **Industry**: Biopharmaceuticals, specifically focusing on ADHD and pain management Key Points from the Call Acquisition Announcement - Collegium announced the acquisition of **AZSTARYS** and relevant corporate subsidiaries from **Corium Therapeutics** for **$650 million** in cash, with potential contingent payments of up to **$135 million** based on sales and regulatory milestones [2][8][19] - This acquisition significantly expands Collegium's position in the ADHD market, complementing its existing product **Jornay PM** [2][5] Strategic Rationale - The acquisition is seen as a strategic addition that accelerates growth and enhances patient care, with a focus on differentiated commercial medicines that have exclusivity into the **2030s** and beyond [4][5] - AZSTARYS is expected to extend future ADHD revenues into **2037**, five years beyond Jornay PM's expected loss of exclusivity [7][19] Financial Implications - The acquisition is expected to be immediately accretive to adjusted EBITDA, with AZSTARYS projected to generate over **$50 million** in pro forma net revenues in the second half of **2026** [10][11] - Collegium generated over **$329 million** in cash from operations in **2025**, indicating strong cash flow to support the acquisition [9] Market Dynamics - The ADHD market is large and growing, with approximately **22 million** patients in the U.S. and **111 million** prescriptions written in **2025** [12] - Prescriptions for ADHD have been growing at about **8%** annually over the past five years, with **90%** of prescriptions for stimulant medications [12] Product Differentiation - **Jornay PM** is unique as it is taken at night and provides efficacy upon awakening, while **AZSTARYS** combines fast and long-acting medications in one capsule, addressing different patient needs [15][17] - Both products are expected to be complementary, with **70%** of healthcare professionals indicating a strong intent to increase prescribing of Jornay PM and **53%** for AZSTARYS [15][16] Operational Synergies - Collegium plans to leverage its existing ADHD commercial infrastructure to achieve significant cost synergies, estimated to exceed **$50 million** within 12 months post-acquisition [10] - The combined sales force will enhance market access and operational efficiencies, allowing for better service to the ADHD community [18] Future Outlook - Collegium remains focused on executing its strategy of driving growth through business development, with an openness to exploring other therapeutic areas, including rare diseases [49][50] - The company plans to update its financial guidance for **2026** following the transaction's closure, expected in the second quarter [11][19] Additional Insights - The acquisition aligns with Collegium's capital allocation strategy, balancing portfolio expansion with fiscal responsibility [8] - The company emphasizes its commitment to improving patient care and delivering shareholder value through strategic acquisitions and operational efficiencies [21][22]

Collegium Pharmaceutical logo 5 Hot Stocks With Summer Buybacks You Can Cash In On Collegium Pharmaceutical (NASDAQ:COLL) outlined plans to acquire the ADHD drug AZSTARYS and related corporate subsidiaries from Corium Therapeutics, a transaction the company said would add a second commercial-stage ADHD product alongside Jornay PM and extend the durability of its ADHD revenue base. Transaction terms and timing On the investor call, President and CEO Vikram Karnani said Collegium plans to pay $650 mi ...

Collegium to Acquire AZSTARYS® from Corium Therapeutics March 19, 2026 | Nasdaq: COLL Healthier people. Stronger communities. 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," "expects," "plans," "intends," "may," "could," "might," "should" or other words that c ...

– Adds Highly Complementary and Differentiated Medicine with Significant Growth Potential to Collegium’s Existing ADHD Portfolio – – Enables Greater Impact Across ADHD Patient Communities – – AZSTARYS Expected to Generate Over $50 Million in Second Half 2026 Pro Forma Net Revenue – – Expected Patent Protection into 2037 – – Transaction Expected to be Immediately Accretive to Adjusted EBITDA – – Acquisition to Be Funded by Collegium’s Cash on Hand and Previously Announced $300 Million Delayed Draw Term Loan ...

Core Insights - Collegium Pharmaceutical reported a record-breaking performance in 2025, driven by the growth of its ADHD product JORNAY PM and a stable pain portfolio [5][4][21] JORNAY PM Performance - JORNAY PM achieved a remarkable growth of 48.9% year-over-year in 2025, with management highlighting its unique once-nightly dosing and efficacy upon awakening as key differentiators in the ADHD market [3][1] - The growth in 2025 was attributed to substantial volume growth of around 20% year-over-year, supported by expanded commercial initiatives and programs aligned with the back-to-school season [2][4] - For 2026, JORNAY PM is expected to generate revenue between $190 million and $200 million, reflecting approximately 31% growth at the midpoint, primarily driven by prescription demand [7][9] Pain Portfolio Insights - The pain franchise, which includes products like Nucynta, Xtampza, and Belbuca, grew by 6% year-over-year in 2025, with low- to mid-single-digit growth expected in 2026 [3][10] - The pain portfolio faces challenges from upcoming generic competition, particularly for Nucynta, which is expected to impact overall performance [11][12] Financial Performance - Collegium generated over $325 million in free cash flow in 2025 and lowered its cost of capital through refinancing, indicating strong financial health [6][19] - The company provided 2026 total revenue guidance of $805 million to $825 million, representing a 4% year-over-year increase, largely driven by JORNAY PM growth [16][7] Strategic Priorities - The company is focused on diversifying its portfolio through business development, opportunistic share repurchases, and debt reduction, with a balance sheet capacity for transactions up to approximately $1 billion [17][18] - Collegium aims to maintain a disciplined capital deployment strategy while prioritizing assets that align with its existing focus on pain management and ADHD [17][21]

Core Insights - Collegium Pharmaceuticals has experienced significant changes in leadership and strategy, with Vikram Karnani recently appointed as CEO and an acquisition made towards the end of 2024 to diversify the company's revenue streams [1] Company Overview - The company is focusing on growth through strategic acquisitions, which is expected to enhance its product offerings and market position [1] - The leadership team includes the CEO, CFO Colleen Tupper, and Chief Commercial Officer Scott Dreyer, indicating a strong executive presence to guide the company's future [1] Performance and Guidance - Collegium Pharmaceuticals has raised its guidance multiple times throughout the year, suggesting better-than-expected performance in 2025 [1] - The company is positioned to discuss its performance metrics and strategic outlook in detail during the conference [1]

Group 1: Fund Performance - Third Avenue Small-Cap Value Fund returned 4.62% in Q4 2025, outperforming the MSCI USA Small-Cap Value Index which gained 3.13% [1] - For the full year 2025, the Fund delivered a 14.04% return, surpassing the index's return of 10.80% [1] - The Fund primarily invests in publicly traded companies with independent management teams [1] Group 2: Collegium Pharmaceutical, Inc. Performance - Collegium Pharmaceutical, Inc. (NASDAQ:COLL) was highlighted as a leading contributor to the Fund's performance [2][3] - The stock closed at $37.27 per share on March 09, 2026, with a one-month return of -20.28% and a 52-week gain of 24.27% [2] - Collegium Pharmaceutical reported record quarterly revenue and improved operating income guidance, along with a new share repurchase authorization [3] Group 3: Hedge Fund Interest - Collegium Pharmaceutical, Inc. was held by 34 hedge fund portfolios at the end of Q4 2025, an increase from 27 in the previous quarter [5] - Despite its potential, the company is not among the 40 most popular stocks among hedge funds heading into 2026 [5] - The analysis suggests that certain AI stocks may offer greater upside potential and less downside risk compared to Collegium Pharmaceutical [5]