Collegium Pharmaceutical (COLL) Morgan Stanley 24th Annual Global Healthcare Conference summary

Business transformation and diversification

• Transitioned from a pain management focus to a diversified biopharma model, expanding into ADHD with significant revenue growth from new acquisitions.

• ADHD portfolio now represents nearly 30% of annual revenues, with JORNAY pm and AZSTARYS driving growth and expected to reach $190–$200 million and $65–$75 million in 2026, respectively.

• Total portfolio guidance for 2026 is $825–$855 million in revenue, with 8% year-over-year growth and EBITDA margins above 50%.

• Strategic focus remains on ADHD growth, pain portfolio durability, disciplined capital deployment, and opportunistic share buybacks.

ADHD franchise strategy and market positioning

• ADHD market is large and growing, with 111 million prescriptions in 2025 and 8% CAGR from 2020–2025.

• JORNAY pm is the only stimulant ADHD medicine taken at night, targeting structured schedules, while AZSTARYS offers fast and long-acting effects for flexible needs.

• Both brands had 760,000 prescriptions each in 2025, with significant room for growth in the 26 million methylphenidate prescriptions segment.

• Sales force expanded to 190 representatives, targeting 27,000 physicians, with digital and social media campaigns supporting awareness and adoption.

• Physician research shows high intent to increase prescribing, and both products enjoy strong payer coverage and patient support programs.

Pain portfolio durability and outlook

• Pain business includes four differentiated, abuse-deterrent medicines, generating over $630 million in 2025 revenues and 6% growth.

• XTAMPZA ER maintains exclusivity until September 2033, with stable prescription trends and efficient sales force coverage.

• BELBUCA faces limited near-term generic risk, with earliest possible entrant in 2027 and others barred until 2032.

• NUCYNTA franchise expects gradual erosion due to generic launches, but supply constraints and market dynamics limit further generic entry.

• Pain portfolio provides a durable foundation for revenue, profitability, and cash flow, supporting future investments.