Core Insights - Collegium Pharmaceutical, Inc. will present nine posters at PAINWeek 2025, showcasing real-world data from its pain management portfolio, emphasizing its commitment to responsible pain management [1][42] - The poster session is scheduled for September 4, 2025, from 4 – 5:30 p.m. PT, aimed at providing healthcare professionals with insights to support clinical decision-making [2] Group 1: Research Presentations - The posters will include analyses on the treatment characteristics and safety of Belbuca and other opioid treatments among chronic low back pain patients [3] - Specific studies will cover the economic burden of transitioning patients from short-acting opioids to Belbuca, as well as the safety profiles of these medications [3][5] - Additional research will focus on opioid use disorder outcomes and clinical outcomes translated to healthcare costs [5][6] Group 2: Company Overview - Collegium is focused on building a diversified biopharmaceutical company with a strong portfolio in responsible pain management and has recently expanded into neuropsychiatry with the acquisition of Jornay PM [42] - The company's strategy includes growing its commercial portfolio, with Jornay PM identified as a key growth driver [42]

Financial Performance - The company reported record revenue growth of 29% year over year, with adjusted EBITDA increasing by 9% year over year [6][21][22] - Net product revenues reached $188 million, with Jornay PM contributing $32.6 million, BELBUCA at $52.6 million (up 1%), Xtampza at $52.6 million (up 18%), and Nucynta franchise at $46.4 million (up 4%) [22][23] - GAAP net income was $12 million, down from $19.6 million in the prior year, while non-GAAP adjusted earnings per share increased to $1.68 from $1.62 [23][24] Business Lines Performance - Jornay PM prescriptions grew by 23% year over year, with record quarterly revenues of $32.6 million [6][22] - The pain portfolio generated record revenues of $155.4 million, up 7% year over year, with all three core pain medicines showing growth [6][18] Market Data - Jornay PM's market share in the long-acting branded methylphenidate market grew to 23%, up 7.6 percentage points year over year [15] - The company expanded its prescriber base for Jornay PM to over 26,000, a 23% increase compared to the previous year [15][35] Company Strategy and Industry Competition - The company aims to build a diversified biopharmaceutical portfolio, focusing on significant growth for Jornay PM and maximizing the pain portfolio [4][9] - The company is committed to strategic capital deployment, including share repurchases and business development opportunities [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on financial and strategic commitments, raising 2025 revenue guidance to approximately 19% growth year over year [8][28] - The company is focused on increasing awareness of Jornay PM among healthcare providers and patients, particularly in the adult ADHD market [12][17] Other Important Information - The company completed a $25 million accelerated share repurchase program and announced a new $150 million share repurchase program [7][26] - The company ended the quarter with $222.2 million in cash and cash equivalents, while reducing debt by $16.1 million [10][24] Q&A Session Summary Question: What is the target goal for additional prescribers for Jornay PM by year-end? - Management indicated that there is no specific goal for prescribers but expects continued growth in prescriber breadth [34][35] Question: What are the specific levers for growth in the third quarter? - Management highlighted the importance of raising awareness among healthcare providers and patients to drive prescriptions [51] Question: Any updates on generic competition for the pain portfolio? - Management noted that there are no immediate threats from generics due to regulatory and manufacturing barriers [53][56] Question: How does the company view potential business development opportunities? - Management stated a commitment to disciplined assessment of potential opportunities, focusing on commercial-ready assets [60][61]

Summary of Collegium Pharmaceutical (COLL) Conference Call Company Overview - Collegium Pharmaceuticals is focused on building a diversified biopharmaceutical company, primarily addressing chronic pain and ADHD [2][3] - The company generated $631 million in net sales in 2024, with an expected growth of 18% to $743 million in 2025 [3][9] Product Portfolio - The company has five marketed products, including: - **Jornay PM**: $100 million in net sales in 2024, expected to exceed $135 million in 2025. It is the only ADHD medicine with once-daily evening dosing [5][6] - **BELBUCA**: $211 million in net sales in 2024, a long-acting opioid using buprenorphine buccal film technology [7] - **Xtampza ER**: $191 million in net sales in 2024, an extended-release oxycodone with abuse deterrent technology [8] - **Nucynta Franchise**: $177 million in net sales in 2024, treating severe and persistent pain as well as neuropathic pain [8] Financial Performance - Expected net revenues for 2025 are between $735 million and $750 million, indicating an 18% year-over-year growth [9] - Adjusted EBITDA is projected to be between $435 million and $450 million, representing a 10% year-over-year growth [10] - Adjusted operating expenses are expected to grow by 49% year-over-year due to the acquisition of Ionshore Therapeutics [10] Revenue Durability - The company has a strong expectation of revenue durability, with projected exclusivity for Xtampza ER through September 2033 and BELBUCA until January 2027 [14][15] - No generic competitors have satisfied all criteria to launch future generics, which supports the durability of the pain portfolio [17] Recent Business Highlights - In Q1 2025, the company achieved $177 million in net sales, a 23% increase from 2024 [18] - Cash from operations was over $55 million, with a leverage ratio of 1.5 net debt over EBITDA, expected to decrease to less than 1 by the end of 2025 [19] - A share repurchase program of $25 million was announced in May 2025 [19] Growth Strategies - The company is investing in Jornay PM to maximize growth and has expanded its sales team from 125 to 180 representatives [21][22] - Marketing programs are being implemented to raise awareness among caregivers and patients, aligning with the back-to-school season [23] Competitive Positioning - Collegium is positioned uniquely among biopharmaceutical peers with a robust revenue profile and double-digit growth [25] - The company has a strong cash generation profile and a history of returning value to shareholders, having repurchased $222 million in shares since 2021 [26][27] - The majority of its medicines are sourced and sold in the US, making them largely immune to tariffs and pricing pressures [28] Conclusion - Collegium Pharmaceuticals is well-positioned for continued growth, with a strong focus on revenue generation, profitability, and disciplined capital deployment strategies [28]

Financial Data and Key Metrics Changes - The company reported a 23% year-over-year revenue growth, with net product revenues reaching $177.8 million [26][8] - GAAP net income was $2.4 million, a decrease from $27.7 million in the same quarter of the previous year, impacted by acquisition-related expenses [28] - Non-GAAP adjusted EBITDA was $95.2 million, up 3% year over year [28] - The cash position increased to $197.8 million, up $35 million from year-end [29] Business Line Data and Key Metrics Changes - The ADHD medicine Jornay generated $28.5 million in net revenue, with a 24% year-over-year growth in prescriptions [8][26] - The pain portfolio generated $149.2 million in sales, reflecting a 3% year-over-year growth, with all three pain medicines showing single-digit growth [9][22] - BELBUCA net revenue was $51.7 million, up 2% year over year; Xtampza net revenue was $47.6 million, up 4%; and Nucynta franchise net revenue was $47.1 million, also up 4% [27] Market Data and Key Metrics Changes - Jornay's market share in the long-acting branded methylphenidate market increased to 20.3%, up 6.4% year over year [18] - The overall ADHD market is growing at about 5% to 6% annually [48] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving growth in Jornay, maximizing the pain portfolio's value, and strategically deploying capital to enhance shareholder value [5][11] - The company aims to diversify its portfolio through disciplined business development and has initiated a $25 million accelerated share repurchase program [11][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 financial guidance and emphasized the importance of cash flow generation from the pain portfolio [33][29] - The company is well-positioned to leverage its strengths in responsible pain management while expanding into ADHD treatment [21][34] Other Important Information - The company announced leadership changes, including the retirement of founder Mike Heffernan as Chairman [7][10] - The company is committed to returning value to shareholders through share repurchases and has a strong track record in this regard [31][13] Q&A Session Summary Question: How will Journey scripts trend as the school year ends? - Management noted that there is typically a slowdown in scripts towards the end of the school year, followed by an acceleration in the back-to-school season [36][39] Question: Is there potential to apply JOURNEY PM technology to other compounds? - Management confirmed that discussions regarding the application of the technology to other compounds had occurred prior to the acquisition [40] Question: What is the appetite for business development deals? - Management indicated a disciplined approach to capital deployment, focusing on the right opportunities for business development while also prioritizing debt repayment and share repurchases [42][61] Question: What is the overall ADHD market growth? - The market is growing at about 5% to 6% annually, consistent over the past few years [48] Question: What is the breakdown of the prescriber base for Jornay? - The prescriber base is approximately 40% pediatricians, 40% neuropsychiatrists, and the remaining 20% consists of PCPs and mid-level providers [49] Question: Where is Jornay's market share growth coming from? - The majority of market share growth is coming from the movement away from generic immediate-release products [50]

Financial Data and Key Metrics Changes - The company reported a 23% year-over-year revenue growth, with net product revenues reaching $177.8 million [27] - GAAP net income was $2.4 million, a decrease from $27.7 million in the first quarter of 2024, impacted by acquisition-related expenses [29] - Non-GAAP adjusted EBITDA was $95.2 million, up 3% year over year [29] - The cash position increased to $197.8 million, up $35 million from year-end [30] Business Line Data and Key Metrics Changes - The ADHD medicine Jornay generated $28.5 million in net revenue, with a 24% year-over-year growth in prescriptions [7][27] - The pain portfolio generated $149.2 million in sales, reflecting a 3% year-over-year growth, with all three pain medicines showing single-digit growth [9][22] - BELBUCA net revenue was $51.7 million, up 2% year over year; Xtampza net revenue was $47.6 million, up 4%; and Nucynta franchise net revenue was $47.1 million, also up 4% [28] Market Data and Key Metrics Changes - Jornay's market share in the long-acting branded methylphenidate market increased to 20.3%, up 6.4% year over year [19] - The overall ADHD market is growing at about 5% to 6% annually [48] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving growth in Jornay, maximizing the pain portfolio's value, and strategically deploying capital to enhance shareholder value [4][11] - The company aims to diversify its portfolio through disciplined business development and has authorized a $25 million accelerated share repurchase program [11][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of the pain portfolio and its ability to generate significant cash flows [12][25] - The company is well-positioned to achieve its 2025 financial guidance and is focused on creating shareholder value [33] Other Important Information - The company completed the expansion of its ADHD sales force, adding approximately 55 new representatives, bringing the total to about 180 [9][20] - The company is undergoing leadership changes, with the founder retiring and new executives joining the team [10] Q&A Session Summary Question: How will Journey scripts trend as the school year ends? - Management noted that there is typically a slowdown in scripts towards the end of the school year, followed by an acceleration in the back-to-school season [36][38] Question: Is there potential to utilize JOURNEY PM technology for other compounds? - Management confirmed that discussions regarding the use of the technology for other compounds had occurred prior to the acquisition [40] Question: What is the appetite for business development deals? - Management indicated a disciplined approach to capital deployment, focusing on the right opportunities for business development while also prioritizing debt repayment and share repurchases [42][44] Question: What is the overall ADHD market growth? - The ADHD market is growing at about 5% to 6% annually [48] Question: What is the breakdown of the prescriber base for Jornay? - The prescriber base consists of approximately 40% pediatricians, 40% neuropsychiatrists, and the remaining 20% split between PCPs and mid-level providers [48] Question: What is the size of the sales organization contemplated for Jornay? - Management stated that the current sales force of 180 is appropriate for the target audience, with regular evaluations for potential adjustments [56]