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 ...

Core Viewpoint - Collegium Pharmaceutical, Inc. is acquiring AZSTARYS from Corium Therapeutics for $650 million in cash, with potential additional milestone payments of up to $135 million, which is expected to enhance Collegium's ADHD portfolio and financial position significantly [2][3][4]. Transaction Overview - The acquisition is expected to generate over $50 million in pro forma net revenue in the second half of 2026 and is anticipated to be immediately accretive to adjusted EBITDA [1][7][13]. - The transaction will be funded through Collegium's cash on hand and a previously announced $300 million delayed draw term loan [1][13]. - The deal has been unanimously approved by the boards of directors of both companies and is expected to close in the second quarter of 2026, pending regulatory approvals [8]. Strategic Rationale - The acquisition aligns with Collegium's mission to build a diversified biopharmaceutical company and strengthens its position in the ADHD market [7]. - AZSTARYS is the first and only ADHD treatment combining immediate release and long-acting medications in one capsule, which complements Collegium's existing ADHD products [3][4]. - The acquisition is expected to leverage Collegium's established ADHD commercial infrastructure, driving operational efficiencies and increasing revenue scale [7]. Financial Impact - AZSTARYS generated over 760,000 prescriptions in 2025, indicating strong market demand and potential for revenue growth [7]. - Collegium expects annual run rate synergies exceeding $50 million within twelve months post-closing, further enhancing its financial position [7]. - The acquisition is supported by six Orange Book-listed patents, extending the longevity of Collegium's ADHD portfolio into 2037 and beyond [7].

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 Pharmaceutical, Inc. has launched a campaign called 'Embrace Your Sparkle' in collaboration with Paris Hilton to promote understanding and dialogue about ADHD [1][3] ADHD Statistics - ADHD affects approximately 15.5 million adults and 6.5 million children in the U.S., with an estimated 70% of those diagnosed continuing to experience symptoms into adulthood [2] Stigma and Personal Experience - Paris Hilton shares her personal journey with ADHD, highlighting the stigma and self-doubt she faced, while also emphasizing the creativity and innovation it has inspired in her life [3][5] Treatment Approach - Hilton's treatment plan for managing ADHD symptoms includes JORNAY PM®, a CNS stimulant that is taken in the evening to provide support throughout the day [6][7][8] Company Overview - Collegium Pharmaceutical is a diversified biopharmaceutical company focused on improving the lives of individuals with serious medical conditions, including a growing neuropsychiatry business driven by JORNAY PM [20]

Core Insights - Paris Hilton collaborates with Collegium Pharmaceutical to share her ADHD journey and encourage others to seek treatment [3][5][6] - ADHD affects approximately 15.5 million adults and 6.5 million children in the U.S., with an estimated 70% of adults experiencing symptoms into adulthood [4] Company Overview - Collegium Pharmaceutical, Inc. is a diversified biopharmaceutical company focused on improving the lives of individuals with serious medical conditions, particularly in pain management and neuropsychiatry [16][17] - The company’s leading product, JORNAY PM, is a treatment for ADHD that is taken at night and lasts throughout the day [6][7] Product Information - JORNAY PM is indicated for the treatment of ADHD in patients aged 6 years and older, helping to increase attention and decrease impulsiveness and hyperactivity [7] - The medication contains methylphenidate and is classified as a federally controlled substance due to its potential for abuse [8][9] Treatment Journey - Paris Hilton was diagnosed with ADHD as a young adult and has since worked with her healthcare provider to find an effective treatment plan, ultimately choosing JORNAY PM [6][5] - The collaboration aims to raise awareness about ADHD and the importance of finding suitable treatment options [3][5]

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]