Collegium Reports Fourth Quarter and Full-Year 2025 Financial Results

Financial Performance - Generated quarterly net revenues of $205.4 million, up 13% year-over-year, and record full-year net revenues of $780.6 million, up 24% year-over-year [1][11] - Achieved record quarterly and full-year Jornay PM® net revenue of $45.9 million and $148.9 million, up 57% and 48% year-over-year, respectively [1][6] - Quarterly pain portfolio net revenues reached $159.6 million, up 5% year-over-year, with full-year pain portfolio net revenues at $631.7 million, up 6% year-over-year [1][6] Cash and Debt Management - Ended 2025 with cash, cash equivalents, and marketable securities totaling $386.7 million [1][17] - Successfully closed a $980 million syndicated credit facility, which included repaying the remaining balance of a previous term loan, resulting in improved debt terms and expected annualized interest savings [7] Strategic Initiatives - Focused on driving growth for Jornay PM and maximizing the durability of the pain portfolio, with significant investments in expanding the sales force and marketing strategies [3] - Reaffirmed full-year 2026 guidance for product revenues, net, Jornay PM revenue, net, and adjusted EBITDA, projecting product revenues of $805 to $825 million and Jornay PM revenue of $190 to $200 million [8][17] Operational Highlights - Jornay PM prescriptions reached over 200,000 in the 2025 Quarter, up 16% year-over-year, and over 760,000 for FY 2025, up 20% year-over-year [6] - Generated adjusted EBITDA of $127.3 million for the 2025 Quarter, representing an 18% increase year-over-year, and $460.5 million for FY 2025, up 15% year-over-year [17][29]