Core Viewpoint - Collegium Pharmaceutical (COLL) has demonstrated strong stock performance, with a 33.5% increase over the past month and a 67% gain since the beginning of the year, significantly outperforming the Zacks Medical sector and the Zacks Medical - Drugs industry [1][2]. Financial Performance - The company has consistently exceeded earnings expectations, reporting an EPS of $2.25 against a consensus estimate of $1.88 in its last earnings report [2]. - For the current fiscal year, Collegium is projected to achieve earnings of $7.55 per share on revenues of $783.93 million, reflecting a 17.05% increase in EPS and a 24.15% increase in revenues [3]. - The following fiscal year is expected to see a slight decline in EPS to $7.4 per share, with revenues increasing to $807.27 million, indicating a year-over-year change of -2.03% in EPS and 2.98% in revenues [3]. Valuation Metrics - Collegium Pharmaceutical's stock trades at a valuation of 6.3X current fiscal year EPS estimates, significantly lower than the peer industry average of 19.3X [7]. - On a trailing cash flow basis, the stock trades at 3.9X compared to the peer group's average of 15.9X, positioning the company favorably for value investors [7]. Zacks Rank and Style Scores - The company holds a Zacks Rank of 1 (Strong Buy), supported by rising earnings estimates [8]. - Collegium has a Value Score of A, a Growth Score of D, and a Momentum Score of C, resulting in a combined VGM Score of B [6][9]. Industry Comparison - The Medical - Drugs industry is performing well, ranking in the top 28% of all industries, providing a favorable environment for both Collegium Pharmaceutical and its peer, Catalyst Pharmaceuticals, Inc. (CPRX) [12]. - Catalyst Pharmaceuticals has a Zacks Rank of 2 (Buy) and has also shown strong earnings performance, beating consensus estimates by 33.33% [10][11].

Summary of Collegium Pharmaceutical FY Conference Call Company Overview - **Company**: Collegium Pharmaceutical (NasdaqGS:COLL) - **Key Products**: Jornay PM, Belbuca, Nucynta, Xtampza - **Industry**: Pharmaceutical, specifically focusing on ADHD and pain management medications Key Points Jornay PM Performance - **Growth Driver**: Jornay PM is identified as the primary growth driver for Collegium, with a unique profile as the only ADHD medication taken at night [4][5] - **Prescription Growth**: In Q3, prescriptions for Jornay PM grew by 20% year-over-year, with new writers increasing by 22% [4] - **Sales Guidance**: Full-year net sales guidance for Jornay PM was raised to $145 million-$150 million, reflecting a 46% growth year-over-year [5] - **Market Context**: The overall ADHD market consists of approximately 100 million prescriptions, growing at 6%-8% annually [12] Commercial Infrastructure - **Sales Force Expansion**: The sales team was expanded from 125 to 180 representatives to effectively target over 21,000 physicians, focusing on both psychiatrists and pediatricians [14][20] - **Target Demographics**: Currently, 80% of Jornay PM prescriptions are for pediatric and adolescent patients, with plans to shift towards a 70/30 split with adults over time [29][33] Market Access and Competition - **Payer Access**: Access to Jornay PM is favorable, with a split of two-thirds commercial and one-third Medicaid. Patients typically need to try generics before accessing the branded product [42] - **Gross-to-Net Ratio**: The gross-to-net ratio for Jornay PM is expected to be in the mid-60s, improved from previous expectations [49][53] Legacy Pain Business - **Belbuca Exclusivity**: The first potential generic competitor for Belbuca is expected in January 2027, with no current generic entrants meeting all necessary criteria [68][66] - **Nucynta and Xtampza**: Nucynta has a stable revenue base, while Xtampza has a significant barrier to entry for generics, with a current gross-to-net ratio in the mid-50% range [125][128] Strategic Priorities - **Capital Deployment**: Collegium focuses on three strategic priorities: accelerating Jornay growth, maximizing the pain franchise, and disciplined capital deployment [129][131] - **Business Development**: The company is actively seeking additional business development opportunities, particularly in ADHD and rare diseases, with a focus on assets that can generate over $300 million in peak sales [140][142] Future Outlook - **Investment Strategy**: Collegium aims to invest in commercial or near-commercial assets that align with its existing sales force, while also considering the addition of a specialty sales force for rare disease products [148][154] - **Development Stage Assets**: Currently, Collegium does not plan to take on development stage assets until achieving greater commercial scale [155] Additional Insights - **Market Dynamics**: The ADHD market is characterized by a high volume of prescriptions and a competitive landscape, with Collegium's differentiated product positioning providing a unique advantage [3][12] - **Patient Demographics**: The company is seeing a mix of switchers from other medications and some treatment-naive patients, indicating a growing acceptance of Jornay PM among prescribers [60]

Core Insights - Collegium Pharmaceutical, Inc. (COLL) has demonstrated strategic discipline and optimism, focusing on its pain-management franchise and ADHD product, Jornay PM, supported by significant capital investments [1] Share Buybacks Highlight Long-Term Confidence - The company has implemented an aggressive share buyback strategy, including a $25 million accelerated share repurchase deal in May and a new $150 million repurchase program authorized in July, reflecting a commitment to growth and returning capital to shareholders [2] Strengthening Governance and Commercial Expansion - Collegium is enhancing its corporate governance by refreshing its board, appointing Gino Santini as chairman and adding Nancy S. Lurker as a director, while also expanding its ADHD commercial operations with the deployment of approximately 180 trained sales representatives for Jornay PM [3] Disciplined Capital Allocation - The company is focusing on disciplined capital allocation, which includes paying down debt, engaging in opportunistic share repurchases, and prioritizing business development in areas with potential for long-term returns [4] Broadening Beyond Pain Management Amid Competition - Collegium is expanding beyond its traditional pain management focus, gaining traction in neuropsychiatry with Jornay PM, while facing competition from companies like Amneal Pharmaceuticals, Inc. and ANI Pharmaceuticals, Inc. [5] Consistent Outperformance Reinforces Momentum - In Q3 2025, Collegium reported adjusted earnings of $2.25 per share, exceeding the Zacks Consensus Estimate of $1.88, and revenues of $209.36 million, surpassing the consensus estimate of $189.73 million, marking a consistent trend of beating revenue estimates over the past four quarters [6] Bottom Line - The year 2025 has been characterized by consolidation and strategic evolution for Collegium, positioning the company for sustainable, shareholder-focused growth rather than short-term gains [7] Summary of Recent Developments - Collegium has made significant advancements through share buybacks, governance changes, and expanded ADHD commercial efforts, deploying around 180 representatives for Jornay PM while maintaining disciplined capital allocation [8]

Summary of Collegium Pharmaceutical Conference Call Company Overview - **Company**: Collegium Pharmaceutical (NasdaqGS:COLL) - **Focus**: Chronic pain management and ADHD with five marketed products - **Revenue**: Expected to reach $780 million in 2025, representing a 24% year-over-year growth [1][3][11] Core Business Insights - **Flagship Products**: - Xtampza: Extended-release oxycodone with abuse-deterrent technology - Belbuca: Long-acting opioid using buprenorphine buccal film technology - Nucynta: Treats severe and persistent pain, including diabetic neuropathy - Jornay PM: Unique evening-dosed ADHD medication [2][3][11] - **Recent Acquisition**: IronSure in 2024, adding Jornay PM to the portfolio [2] Financial Performance - **Q3 2025 Results**: - Revenues: $209.4 million, up 31% year-over-year - Adjusted EBITDA: $133 million, up 27% year-over-year - Cash from operations: Nearly $80 million, total cash balance of $286 million [6][11] - **Debt Management**: - Net debt to adjusted EBITDA ratio down to 1.2 times, expected to be below 1 by year-end [7][12] Growth Strategy - **Three Core Pillars**: 1. Grow Jornay through strategic investments in sales and marketing 2. Maximize the value of the pain portfolio 3. Strategically deploy capital for business development, debt repayment, and share repurchases [4][12] - **Market Position**: - Jornay PM is the fastest-growing stimulant for ADHD, with a 20% growth in prescriptions [8][9] - Pain portfolio revenue growth: 10% for Belbuca and 2% for Xtampza in Q3 [11] Market Dynamics - **ADHD Market**: - Approximately 100 million prescriptions annually, with 90% being stimulant medications - Jornay PM has a unique evening dosing, leading to high differentiation and prescriber intent [7][8] - **Pain Management Market**: - Collegium's pain portfolio represents about half of the branded extended-release market - Minimal regulatory or clinical risks compared to peers [11][12] Shareholder Value - **Share Repurchases**: Over $220 million repurchased since 2021, with an authorization for an additional $150 million through 2026 [1][12] - **Future Outlook**: Confident in the strength and durability of the business, with robust revenue growth and strong cash flow generation expected [11][13]

Core Insights - Collegium Pharmaceutical, Inc. (COLL) is highlighted as a promising biopharma company, with a focus on its recent performance and potential investment opportunities [1]. Group 1: Company Overview - Collegium Pharmaceutical is being revisited for analysis after a previous article in March, indicating ongoing interest and developments in the company [1]. - The company is part of a model portfolio that includes 12-20 high upside biotech stocks, suggesting a strategic selection aimed at maximizing investor returns [1]. Group 2: Analyst Background - The analysis is led by an experienced market analyst with over 13 years in the biotech sector, specializing in high beta sectors that offer potentially large returns [1]. - The analyst is associated with The Biotech Forum, which provides live discussions on trade ideas and weekly updates on market commentary and portfolio performance [1].

Core Insights - Collegium Pharmaceutical reported Q3 CY2025 revenue of $209.4 million, exceeding Wall Street expectations by 31.4% year-on-year and beating analyst estimates by 10.7% [1][5] - The company raised its full-year revenue guidance to $780 million, which is 3.8% above analysts' estimates [1][5] - Non-GAAP profit per share was $2.25, surpassing analysts' consensus by 21% [1][5] Revenue and Financial Performance - Revenue for Q3 was $209.4 million compared to analyst estimates of $189.1 million, reflecting a 31.4% year-on-year growth [5] - Adjusted EPS was $2.25, beating analyst estimates of $1.86 by 21% [5] - Adjusted EBITDA reached $133 million, with a margin of 63.5%, exceeding analyst estimates of $118.2 million [5] - The company increased its full-year EBITDA guidance to $465 million, above analyst estimates of $442.6 million [5] - Operating margin improved to 29.7%, up from 21.9% in the same quarter last year [5] - Market capitalization stands at $1.28 billion [5] Product Performance and Strategic Outlook - Strong demand for ADHD medication Jornay PM and resilience in the pain management portfolio were key drivers of growth [3][4] - Jornay PM prescriptions grew by 20% year-over-year, aided by expanded sales efforts and targeted marketing [3] - Management expects continued momentum from Jornay PM and a stable outlook for pain products, with plans for incremental investments in sales and marketing [3][4] - Improvements in payer coverage and contract terms are anticipated to support profitability [3]

Core Insights - Collegium Pharmaceutical's shares increased by 11.6% following the announcement of strong Q3 2025 financial results, surpassing analyst expectations and raising full-year guidance [1][2] Financial Performance - The company reported net revenue of $209.4 million, reflecting a year-on-year increase of 31.4%, which exceeded Wall Street forecasts [2] - Collegium raised its full-year net revenue forecast to a range of $775 million to $785 million and adjusted EBITDA projection to between $460 million and $470 million [2] Market Reaction - The stock's movement indicates low volatility, with only 9 instances of greater than 5% movement in the past year, suggesting significant market impact from the recent news [4] - The stock has risen 44.5% year-to-date, reaching a new 52-week high of $41.36 per share [6] - An investment of $1,000 in Collegium shares five years ago would now be valued at $2,105 [6]

Core Insights - Collegium Pharmaceutical (COLL) reported quarterly earnings of $2.25 per share, exceeding the Zacks Consensus Estimate of $1.88 per share, and showing an increase from $1.61 per share a year ago, resulting in an earnings surprise of +19.68% [1][2] - The company achieved revenues of $209.36 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 10.35% and up from $159.3 million year-over-year [2] - Collegium Pharmaceutical shares have increased approximately 25.1% year-to-date, outperforming the S&P 500's gain of 15.6% [3] Earnings Outlook - The future performance of Collegium Pharmaceutical's stock will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current consensus EPS estimate for the upcoming quarter is $2.10 on revenues of $197.79 million, and for the current fiscal year, it is $7.08 on revenues of $753.27 million [7] Industry Context - The Medical - Drugs industry, to which Collegium Pharmaceutical belongs, is currently ranked in the top 39% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Another company in the same industry, Metagenomi (MGX), is expected to report a quarterly loss of $0.60 per share, reflecting a year-over-year decline of -33.3%, with revenues projected at $9.26 million, down 19.6% from the previous year [9]

Financial Data and Key Metrics Changes - The company reported record total revenues of $209.4 million, up 31% year-over-year [23] - Adjusted EBITDA reached $133 million, reflecting a 27% increase year-over-year [23] - Cash from operations was $78.4 million, with a cash balance of $285.9 million at the end of the quarter [25][23] - The company raised its 2025 financial guidance, expecting total product revenues in the range of $775 million to $785 million, representing a 24% increase year-over-year [25] Business Line Data and Key Metrics Changes - Jornay PM generated record net revenue of $41.8 million, with prescriptions growing 20% year-over-year [6][23] - The pain portfolio achieved record net revenue of $167.6 million, up 11% year-over-year [7] - Belbuca net revenue was $58.3 million, up 10% year-over-year, while Xtampza net revenue was $50.5 million, up 2% year-over-year [24] - Nucynta franchise net revenue reached $54.8 million, reflecting a 21% year-over-year increase [24] Market Data and Key Metrics Changes - Jornay PM's market share in the long-acting branded methylphenidate market grew to 23.4%, an increase of 6.3 percentage points year-over-year [14] - The prescriber base for Jornay PM reached an all-time high of 27,700, up 22% year-over-year [14] - The pediatric and adolescent segment, representing about 80% of total prescriptions, grew 18% year-over-year, while the adult segment grew 29% year-over-year [15] Company Strategy and Development Direction - The company is focused on driving significant growth for Jornay PM, maximizing the pain portfolio, and strategically deploying capital [9][10] - There is an emphasis on raising awareness of Jornay's differentiated profile among healthcare providers, patients, and caregivers [10] - The company remains active in pursuing additional differentiated medicines to expand its portfolio through business development [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of the pain portfolio and significant growth from Jornay PM [8] - The company is committed to improving the lives of patients and creating value for shareholders [29] - Management highlighted the importance of ongoing investments in commercial efforts and the expansion of the sales force to drive future growth [10][11] Other Important Information - The company celebrated its 10-year anniversary as a publicly traded entity, marking a decade of delivering differentiated medicines [9] - The company presented nine posters at Pain Week 2025, showcasing real-world data from its pain portfolio [8] Q&A Session Summary Question: How did return reserves and inventory impact Q3 script growth? - Management noted that gross to net improved in Q3, with returns rates and favorable contracting contributing to this improvement [32] Question: What impact did the expanded sales force have in Q3? - Management indicated that while early signals of impact were observed, significant effects from the expanded sales force are expected in 2026 and beyond [33] Question: What is the adherence rate for Jornay PM since the back-to-school season? - Adherence rates for Jornay PM are consistent with typical ADHD medications, showing a standard adherence curve [44] Question: What is the company's approach to business development? - The company remains active in business development, focusing on commercial or near-commercial assets while balancing capital deployment strategies [53]

Q3 2025 Earnings Report November 6, 2025 | 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 convey uncertainty of future ev ...