Core Viewpoint - Collegium Pharmaceutical, Inc. is set to report its third quarter 2025 financial results on November 6, 2025, before market opening, followed by a live conference call at 8:00 a.m. ET [1]. Company Overview - Collegium Pharmaceutical is focused on becoming a leading, diversified biopharmaceutical company dedicated to improving the lives of individuals with serious medical conditions [3]. - The company has a strong portfolio in responsible pain management medications and is expanding its neuropsychiatry business, particularly with Jornay PM®, a unique treatment for ADHD [3]. - Collegium's strategy emphasizes the growth of its commercial portfolio, with Jornay PM as the primary growth driver, and aims to deploy capital in a disciplined manner [3].

Core Insights - Collegium Pharmaceutical, Inc. is presenting real-world data on its ADHD treatment product, Jornay PM, at the AACAP and NEI conferences, emphasizing its commitment to the ADHD community [1][2] Group 1: Product Information - Jornay PM is a CNS stimulant used for treating ADHD in individuals aged 6 and older, aimed at increasing attention and reducing impulsiveness and hyperactivity [11] - The product is scheduled for poster presentations at two major conferences: AACAP in Chicago from October 20-25, 2025, and NEI in Colorado Springs from November 6-9, 2025 [3][4] Group 2: Conference Details - The poster titled "Determining the Optimal Dose of Methylphenidate HCl (JORNAY PM) in Adolescents and Adults in a Real-World Psychiatric Setting" will be presented on October 22, 2025, from 4-6 p.m. CDT at the Hyatt Regency [3] - Another poster titled "JORNAY PM® in Practice: Real-World Evidence Exploration of Utilization and Patient Response" will be presented on November 7, 2025, from 4-5 p.m. MST at Broadmoor West, The Broadmoor [4] Group 3: Company Strategy - Collegium is focused on building a diversified biopharmaceutical company with a strong portfolio in pain management and a growing neuropsychiatry business, with ADHD as a key growth driver [14]

Core Points - Collegium Pharmaceutical, Inc. will celebrate its 10-year anniversary as a publicly traded company by ringing the Nasdaq opening bell on October 14, 2025 [1] - The company has established itself as a leader in responsible pain management and has recently expanded into neuropsychiatry with the acquisition of Jornay PM for ADHD, which is now the fastest growing stimulant medicine for ADHD [2] - Collegium's strategy focuses on growing its commercial portfolio, with Jornay PM as the primary growth driver, while maintaining a disciplined approach to capital deployment [3] Company Overview - Collegium is a diversified biopharmaceutical company dedicated to improving the lives of patients with serious medical conditions, with a strong portfolio in pain management and a growing neuropsychiatry segment [3] - The company is headquartered in Stoughton, Massachusetts, and aims to continue making a positive impact in the healthcare community [3]

Core Insights - Collegium Pharmaceutical, Inc. is celebrating its 10-year anniversary as a publicly traded company on the Nasdaq Stock Market, with a bell-ringing ceremony scheduled for October 14, 2025 [1] - The company has established itself as a leader in responsible pain management and has recently expanded into neuropsychiatry with the acquisition of Jornay PM® for ADHD, which is now the fastest growing stimulant medicine for ADHD treatment [2][3] Company Overview - Collegium is focused on building a diversified biopharmaceutical company aimed at improving the lives of patients with serious medical conditions, with a strong portfolio in pain management and a growing neuropsychiatry segment [3] - The company's strategy includes expanding its commercial portfolio, with Jornay PM as the primary growth driver, and managing capital deployment in a disciplined manner [3]

Core Thesis - Collegium Pharmaceutical, Inc. is viewed as an undervalued investment opportunity, particularly due to its stable cash-generating pain portfolio and growth potential in the ADHD segment [2][5]. Company Overview - As of September 24th, Collegium's shares were trading at $35.16, with trailing and forward P/E ratios of 32.92 and 4.87 respectively [1]. - The company has historically faced stigma due to its opioid focus but has successfully commercialized products like Xtampa ER, Belbuca®, Symproic, and Nucynta without heavy R&D spending [2]. Recent Developments - The acquisition of BioDelivery Sciences International in 2022 allowed Collegium to bring Belbuca fully in-house, enhancing its control over commercialization and revenue [3]. - Collegium has entered the ADHD market with Jornay PM, which has over 20% market share in its niche and a projected 5-year CAGR of 5-6% [3]. Management and Strategy - The new management team, led by Vikram Karnani and David Dieter, has a strong track record in scaling niche pharmaceuticals through capital-light acquisitions and disciplined capital allocation [4]. - Collegium's pain portfolio funds growth in ADHD while maintaining exclusivity on key products until the early 2030s, creating high barriers to competition [4]. Financial Metrics - The company is trading at under 5x EV/EBITDA with steady double-digit ROIC, indicating it is undervalued compared to peers [5]. - There is a reasonable upside potential to $60 per share, with a bull scenario projecting $120 [5]. Market Position - Collegium is positioned as an overlooked specialty pharma opportunity with significant risk-adjusted upside, driven by a combination of stable cash flow and growth initiatives [5].

Core Insights - Collegium Pharmaceutical (COLL) and Masimo Corporation (MASI) are highlighted as strong buy stocks due to rising earnings estimate revisions and their respective market positions in the medical sector [1][2]. Collegium Pharmaceutical (COLL) - Collegium is recognized as an undervalued specialty pharmaceutical company focusing on central nervous system, respiratory, and skin-related disorders [1]. - The company is projected to achieve a 20% increase in revenue and a 9% increase in earnings this year, with low-single digit growth expected for fiscal 2026 [3]. - Collegium's stock is trading at a forward earnings multiple of 5X and a sales multiple of less than 2X, significantly below the S&P 500 averages and the Zacks Medical-Drugs Industry average of 15.5X forward earnings and 3.4X forward sales [4]. - EPS projections for Collegium have risen to over $7 per share, distinguishing it from over 130 smaller-cap pharmaceutical companies that are currently unprofitable [5]. Masimo Corporation (MASI) - Masimo is noted for its non-invasive health monitoring systems, which provide real-time insights into patient physiology [2]. - The company is expected to see a 20% increase in annual earnings for FY25, reaching $5.30 per share, up from $4.40 last year, with a further 7% increase projected for FY26 [7]. - Masimo's stock trades at a forward earnings multiple of 26.5X, slightly above the Zacks Medical-Instruments Industry average of 23.5X, indicating a justified premium due to its growth prospects [7]. Market Context - Both Collegium and Masimo have experienced significant EPS revisions over the last 60 days, making them attractive options for growth and value in a market characterized by high volatility [9].

Core Viewpoint - Collegium Pharmaceutical (COLL) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling actions that affect stock prices [4]. Company Performance and Outlook - The upgrade for Collegium Pharmaceutical reflects an improvement in its underlying business, suggesting that investors may push the stock price higher due to this positive trend [5][10]. - The Zacks Consensus Estimate for Collegium Pharmaceutical indicates expected earnings of $7.03 per share for the fiscal year ending December 2025, with a 1.8% increase in estimates over the past three months [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, positioning Collegium Pharmaceutical among the best candidates for potential market-beating returns [9][10].

Summary of Collegium Pharmaceutical FY Conference Call Company Overview - Collegium Pharmaceutical is a leading biopharmaceutical company focused on two main areas: pain management and ADHD treatments. The pain franchise generates approximately $600 million in net sales, while the ADHD product, Jorn APM, is projected to achieve net sales of $1.40 to $1.45 billion, up from previous guidance of $135 million [5][6]. Financial Performance - The company expects total net sales for the year to be between $745 million and $760 million, with an EBITDA margin approaching 60% [6]. - Since 2021, Collegium has returned over $220 million to shareholders through share repurchase programs, with a new authorization for up to $150 million through 2026 [6][7]. ADHD Product - Jorn APM - Jorn APM is differentiated as the only ADHD medication taken at night, providing a delayed and extended release profile that addresses morning transition issues for patients [10][11]. - The company has seen strong momentum in prescriptions, particularly in the back-to-school season, which is expected to drive demand in the second half of the year [12][14]. - The gross-to-net improvement and the seasonal demand are key drivers for the raised guidance [14]. Market Dynamics and Growth Strategy - Collegium is expanding its sales force from 125 to 180 representatives to increase physician awareness and engagement, targeting a broader set of prescribers [28][30]. - The company is also investing in direct-to-consumer (DTC) marketing to raise awareness among parents and caregivers about Jorn APM [30]. Pain Management Portfolio - The pain portfolio continues to generate significant revenue, with a reported 7% year-over-year growth in Q2, despite pressures on prescriptions [36]. - Collegium is confident in its exclusivity projections for its pain products, noting that no competitors have satisfied all criteria for generic entry, which may extend the product life cycle [38][39]. Capital Allocation and Future Outlook - Collegium maintains a disciplined capital deployment strategy, balancing acquisitions, share repurchases, and debt reduction [42][45]. - The company aims to reduce its net debt over EBITDA ratio to below one by the end of the year, enhancing its financial flexibility for future acquisitions [45]. Reimbursement Strategy - The ADHD product has strong reimbursement coverage, with 65% commercial and 35% Medicaid coverage, and an aggressive co-pay program to offset patient costs [31][32]. Conclusion - Collegium Pharmaceutical is positioned for growth with a strong product portfolio in pain management and ADHD, a disciplined financial strategy, and a focus on increasing market share through enhanced sales efforts and consumer awareness initiatives [6][42].

Core Insights - The company has experienced significant progress in the past ten months under the new CEO, Vikram Karnani, highlighting a productive year ahead in 2025 [1][2] - A key strategic priority for the company is to maximize the growth of Jornay PM, which was acquired through the purchase of Ironshore Therapeutics, marking the company's entry into the ADHD market [2]

Summary of Collegium Pharmaceutical FY Conference Call Company Overview - **Company**: Collegium Pharmaceutical (NasdaqGS: COLL) - **Industry**: Pharmaceutical, specifically focusing on ADHD and pain management medications Key Points Strategic Priorities 1. **Growth of Jornay PM**: - Acquired from Ironshore Therapeutics, Jornay PM is aimed at the ADHD market, with a focus on maximizing its growth. - Initial guidance for 2024 was $135 million, later raised to $140-145 million, indicating strong sales performance [2][4][11]. 2. **Pain Franchise Durability**: - The pain franchise generates approximately $600 million in net sales, with modest infrastructure and expected low single-digit growth. - Q2 demonstrated a 7% year-over-year growth, exceeding expectations [2][4][19]. 3. **Smart Capital Allocation**: - The company is focused on business development, share repurchases, and debt reduction. - Collegium has repurchased over $220 million in shares since 2021 and has a current authorization of $150 million for further repurchases [3][30][31]. Commercial Performance - **Jornay PM Commercialization**: - The product is differentiated as the only branded ADHD medication dosed in the evening, providing efficacy upon waking. - There was a 23% increase in prescribers year-over-year, with 26,000 prescribers reported [6][10][18]. - **Market Trends**: - Average weekly prescriptions for Jornay PM increased by 1,200 in August compared to July, indicating strong demand during the back-to-school season [8][12]. Market Opportunity - **ADHD Market Size**: - The ADHD market consists of 22 million patients and 100 million prescriptions annually, growing at a 6% CAGR over the last five years [15][16]. - **Pain Franchise Longevity**: - The pain franchise is protected from generic competition due to stringent regulatory and manufacturing requirements, ensuring long-term revenue stability [20][22]. Business Development Criteria - Collegium seeks commercial or near-commercial assets with peak sales potential exceeding $300 million and longevity in intellectual property extending into the mid-2030s [26][27]. Financial Health - **Leverage and Debt Management**: - The company has a net debt to EBITDA ratio of 1.4 times, expected to decrease to below 1 by year-end. - Collegium is comfortable with leverage up to 3 times for strategic acquisitions [30][32]. Future Outlook - **Growth Expectations**: - Continued growth in Jornay PM and the pain franchise is anticipated, with a focus on leveraging existing sales infrastructure for new product introductions [33][42]. - **Long-term Vision**: - The company aims to enhance its ADHD portfolio while maintaining profitability from its pain business, ensuring shareholder value through strategic investments and capital allocation [41][43]. Investor Engagement - Collegium emphasizes the importance of educating investors on the growth potential of Jornay PM, the durability of the pain franchise, and its capital allocation strategy [36][37]. Additional Insights - The company is optimistic about the impact of recent investments in marketing and sales force expansion, expecting to see significant results in 2026 [14][35]. - The absence of competitive threats in the pain market is seen as a confidence booster for investors regarding the franchise's durability [38][40]. This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Collegium Pharmaceutical's growth strategies, market opportunities, and financial health.