Collegium Pharmaceutical (COLL) investor relations material

Jornay PM growth and market positioning

• Jornay PM is the only ADHD medication taken at night, offering delayed and extended release for all-day efficacy, leading to strong patient and physician uptake.

• Q3 saw 20% year-over-year prescription growth and 22% growth in new prescribers, with net sales guidance raised to $145–$150 million, a 46% increase year over year.

• The ADHD market is large and growing (100 million prescriptions, 6–8% annual growth), providing significant runway for Jornay PM.

• The sales force expanded to 180 territories in April, targeting over 21,000 physicians, with a prescriber base split roughly 40% psychiatrists, 40% pediatricians, and 20% other specialties.

• Jornay PM's patient base is currently 80% pediatric/adolescent and 20% adult, with adult prescriptions growing faster (29% vs. 18% for peds/adolescents).

Access, payer dynamics, and gross-to-net trends

• Two-thirds of Jornay PM's business is commercial, one-third Medicaid; step edits require patients to try generics first, but prior authorizations are not overly burdensome.

• Gross-to-net for Jornay PM improved to the mid-60% range, better than last year's 71%, due to improved returns and copay program management.

• Most new patients are switchers from other methylphenidate or stimulant products, with a growing but still small share of treatment-naive patients.

Pain franchise exclusivity and investment

• Belbuca's first potential generic entrant is Teva in January 2027, but Teva lacks tentative approval and has relinquished first filer exclusivity; other competitors face significant barriers.

• Investment in Belbuca will continue at current levels until exclusivity status changes, with potential for volume growth if payer landscape remains stable.

• Belbuca's gross-to-net is stable in the mid-50% range.

• Nucynta faces multiple ANDA filers, but none have commercial-scale access to the API; an authorized generic partnership with Hikma provides favorable profit share.

• Xtampza's only ANDA filer, Teva, is allowed to enter in September 2033; gross-to-net has improved to the mid-50% range and is expected to remain stable.