Collegium Pharmaceutical (COLL) Barclays 28th Annual Global Healthcare Conference summary

Strategic priorities and performance

• Achieved record net revenues and adjusted EBITDA in 2025, surpassing expectations and raising guidance twice during the year.

• Focused on accelerating JORNAY PM growth, maximizing pain franchise durability, and disciplined capital deployment.

• Strengthened balance sheet with a new credit facility and maintained strong cash generation.

JORNAY PM growth and commercial strategy

• JORNAY PM grew 48.9% year-over-year, driven by both volume (20% growth) and net price improvements.

• Expanded sales force from 125 to 180, increasing target physicians from 17,000 to 21,000, resulting in broader reach and deeper prescribing.

• Launched awareness campaigns, including a partnership with Paris Hilton, targeting both physicians and adult ADHD patients.

• 2026 guidance for JORNAY PM is $190–$200 million, up 31%, with growth expected to be driven primarily by demand.

Pain portfolio performance and outlook

• Pain brands Nucynta, Xtampza, and Belbuca saw low- to mid-single-digit growth in 2025, mainly from pricing strategies.

• Xtampza and Belbuca expected to remain stable or show slight growth in 2026, with Nucynta facing compression due to generic entry.

• Authorized generic agreements and patent litigation provide some protection and stability for Nucynta and Belbuca.

• Investments in the pain portfolio focus on efficient field force and patient support resources.