Collegium Pharmaceutical (COLL) 25th Annual Needham Virtual Healthcare Conference summary

2026 financial guidance and growth drivers

• 2026 revenue guidance is $805–$825 million, reflecting 4% year-over-year growth, with adjusted EBITDA of $455–$475 million, up 1% year-over-year.

• Jornay PM is expected to deliver $190–$200 million in revenue, a 31% year-over-year increase, driven by sales force expansion and marketing.

• Pain portfolio is projected to see a low single-digit decline, mainly due to Nucynta franchise dynamics.

• Potential upside includes stronger-than-expected Jornay PM performance and immediate accretion from the AZSTARYS acquisition.

AZSTARYS acquisition overview

• AZSTARYS is a differentiated ADHD treatment with both fast and long-acting components, complementary to Jornay PM.

• Acquisition cost is $650 million upfront, with up to $135 million in additional milestone payments; no ongoing royalties.

• AZSTARYS extends ADHD revenue durability with exclusivity until December 2037, supported by six Orange Book patents.

• Expected to be immediately accretive to adjusted EBITDA, with greater contribution in 2027.

Commercial strategy and market positioning

• AZSTARYS and Jornay PM target different ADHD patient segments, minimizing cannibalization risk.

• AZSTARYS has broad payer coverage and was marketed by a 100-rep team at Corium; integration will leverage a 180-rep team.

• Over 760,000 AZSTARYS prescriptions were written in 2025; expected to generate over $50 million in net revenue in H2 2026.

• ADHD market exceeds 110 million prescriptions annually, with stimulants representing 90% of the market.