Collegium Pharmaceutical (COLL) Jefferies Global Healthcare Conference 2026 summary

Business overview and recent progress

• Focuses on pain management and ADHD, with three pain products and two ADHD medicines after a recent acquisition.

• Sales guidance raised to $900 million, with nearly $500 million in EBITDA, reflecting strong growth.

• Employee base has grown to about 450, with significant expansion over the past 18 months.

Pain management portfolio durability

• Pain business includes XTAMPZA ER (exclusivity to 2033), BELBUCA, and NUCYNTA (IR and ER).

• NUCYNTA faces modest revenue declines due to authorized and external generics, but profit share remains high.

• XTAMPZA ER's first generic could launch in 2033, but Teva's interest in launching is uncertain.

• BELBUCA's earliest generic entry is possible in 2027, but Teva has not shown intent to launch; other generics are delayed or blocked.

• Pain portfolio expected to have a robust and extended revenue tail, with flat to low single-digit growth for XTAMPZA and BELBUCA.

ADHD franchise strategy and growth

• ADHD market is large and growing, with 22–23 million patients and 111 million prescriptions in 2025.

• JORNAY PM grew nearly 50% in 2025; 2026 guidance is $190–$200 million, a 31% increase.

• AZSTARYS acquisition expands the ADHD portfolio, increasing prescriber reach and sales force.

• Both products target different patient needs, minimizing cannibalization and expanding market access.

• Gross-to-net improvements expected for both ADHD products, with ongoing optimization.