Collegium Pharmaceutical (COLL) Piper Sandler 36th Annual Healthcare Conference summary

Leadership vision and strategic direction

• New CEO sees parallels with previous experience at Horizon Therapeutics, aiming to leverage a strong pain portfolio and diversify into new therapeutic areas, adapting proven growth strategies to current context.

• Growth is supported by a committed team, a supportive board, and a strong financial profile, with a focus on adapting successful playbooks rather than replicating them.

• Diversification beyond pain is a priority, with the recent Ironshore acquisition and Jornay PM product expanding the portfolio.

• Rare disease assets may be considered if they meet strict criteria, but are not a primary focus.

• Long-term vision includes potentially building an R&D organization, but only after achieving greater scale and commercial stability.

Capital deployment and financial strategy

• Comfortable leveraging up to 3x net debt to EBITDA for commercial-stage asset acquisitions, with a plan to reduce leverage below 1x by end of next year.

• Capital deployment is flexible, balancing buybacks, business development, and debt repayment based on opportunity and market conditions.

Jornay PM integration and growth plans

• Jornay PM acquisition diversifies the business beyond pain, with plans to expand the sales force from 126 to 170-190 reps to increase physician coverage.

• Focus on raising awareness among physicians, caregivers, and parents, especially about the product's unique evening dosing profile.

• Coverage is strong at 80%, with 40% of business from Medicaid, which is profitable for this product.

• Gross-to-net for Jornay PM is in the 60s, reflecting a highly genericized category.

• Current usage is 80% pediatric, 20% adult, with expectations for gradual growth in adult segment.

• Most new patients are switches from other treatments rather than treatment-naive.