Collegium Pharmaceutical (NasdaqGS:COLL) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsBrandon Folkes - Managing DirectorColleen Tupper - CFOIan Karp - Head of Investor RelationsJeevan Larson - Equity Research AssociateScott Dreyer - Chief Commercial OfficerVikram Karnani - President and CEOConference Call ParticipantsDavid Amsellem - Managing Director and Senior Research AnalystOperatorGreetings! Welcome to the Collegium Pharmaceutical fourth quarter and full year 2025 earnings co ...

Collegium Pharmaceutical (NasdaqGS:COLL) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsBrandon Folkes - Managing DirectorColleen Tupper - CFOIan Karp - Head of Investor RelationsJeevan Larson - Equity Research AssociateScott Dreyer - Chief Commercial OfficerVikram Karnani - President and CEOConference Call ParticipantsDavid Amsellem - Managing Director and Senior Research AnalystOperatorGreetings! Welcome to the Collegium Pharmaceutical fourth quarter and full year 2025 earnings co ...

Collegium Pharmaceutical (NasdaqGS:COLL) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Speaker5Greetings! Welcome to the Collegium Pharmaceutical fourth quarter and full year 2025 earnings conference call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during this conference call, please press star zero on your telephone keypad. Please note, this conference call is being recorded. I ...

Core Insights - Collegium Pharmaceutical, Inc. has announced its financial guidance for 2026, projecting product revenues between $805 million and $825 million, with Jornay PM net revenue expected to be between $190 million and $200 million, and adjusted EBITDA anticipated in the range of $455 million to $475 million [1][4][5] Financial Performance - The company reported record growth in 2025, driven by strong performance in Jornay PM and sustained revenue growth across its pain management portfolio [2][5] - The financial guidance for 2025 was raised to a net revenue range of $775 million to $785 million and adjusted EBITDA between $460 million and $470 million, with results expected to be reported in February 2026 [5] Business Development - Collegium has successfully closed a $980 million syndicated credit facility, which will be used to repay a previous term loan and provide capital for future business development opportunities [5] - The company has entered into agreements with Hikma Pharmaceuticals for the authorized generic versions of Nucynta and Nucynta ER, with expected launches in 2026 [5] Strategic Focus - Collegium aims to balance capital deployment by paying down debt, repurchasing shares, and exploring opportunities to expand and diversify its portfolio [2][5] - The company is committed to improving the lives of patients with serious medical conditions through its diversified biopharmaceutical portfolio [5][6]

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]

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]