Collegium Pharmaceutical, Inc. Q4 FY2025 earnings call

• 2025 was a year of transformative growth for Collegium with robust financial results due to strong commercial execution. - Progress was made on three strategic priorities: driving growth for Journée PM, maximizing the durability of the pain portfolio, and strategically deploying capital. - In the fourth quarter, Journée had continued momentum with total prescribers at an all - time high, supported by back - to - school season and sales/marketing investments. - Pain portfolio drove significant revenues with year - over - year growth. - In January 2026, supply and quality agreements with Hikma Pharmaceuticals for Nusinta and Nusinta ER were announced. - Completed real - world evidence studies for Jordan APM and pain portfolio to support the clinical evidence.

In 2025, Journée PM saw 20% growth in prescriptions and 48% growth in net revenue compared to pro forma 2024. Journée prescriptions reached an all - time high in the fourth quarter with over 29,000 prescribers. Journée PM net revenue was $148.9 million in 2025, up 48% from pro forma 2024. The pain portfolio generated $631.7 million in 2025, up 6% year - over - year. Belbuca net revenue was $221.7 million in 2025, up 5% year - over - year. Xtamsa ER net revenue was $199.3 million in 2025, up 4% year - over - year. Nuscenta franchise net revenue was $196.3 million in 2025, up 11% year - over - year. Journée PM contributed a significant portion of revenue growth, and the pain portfolio also provided strong revenues.

• Expect total product revenues in 2026 to be in the range of 805 to 825 million, a 4% increase year over year driven by Journée growth and durable revenues from the pain portfolio. - Journée revenue expected to be in the range of 190 to 200 million, a 31% increase year over year. - Adjusted EBITDA expected to be in the range of $455 to $475 million, up 1% year over year. - Reaffirmed 2026 financial guidance issued in January. - Anticipate a modest quarter - over - quarter decline in revenues in the first quarter of 2026 due to annual deductible resets.

Q: What assumptions underlie 2026 journey guidance and how should we think about factors that could lead to upside? Also, have there been any competitive developments in the space that could impact journey demand?

A: Growth for 2026 Journey guidance is driven by demand growth with expected relative stability in gross to nets. To date, no material competitive developments in the ADHD market that could impact Journée demand as Journée remains differentiated with proprietary delivery technology.

Q: Maybe just two from me. You know, I know you haven't given a peak sales range for Jornet, but can you just help us frame how you're thinking about the ramp to peak? Are you thinking about sort of a three to five year ramp to peak in your hands? And then secondly, within your Nuscenta AG in the market, How promotionally sensitive is Belbuca and Xtamsa at this stage of their life cycle? And how do you think about the commercial infrastructure behind those products today versus perhaps if a generic came to market on either one of those? What's your hurdle to pull back on investment there?

A: On Jornet PM ramp to peak, expanded sales team in April last year, and it takes 6 - 9 months to see impact of expansion, expecting impact to continue in 2026. On Nuscenta AG, Belbuca and Xtamsa are highly promotionally sensitive. Sales force is focused on them, and investment will be made through potential LOE dates as there is uncertainty, and team can pivot quickly.

Q: One on capital deployment. Vikram, I know you've talked about rare diseases in the past and certainly given your background. I'm wondering how you're thinking about it in terms of acquiring a rare disease focused asset that is on the market and using that as sort of a beachhead off of which you can add more rare disease assets where you would leverage a patient services and a reimbursement hub. I know that's something that obviously you have a lot of experience with, but is that something you're thinking about? Or are you leaning more into your existing therapeutic areas of expertise like psychiatry? So that's number one. And then secondly, just talk more generally about the Jornet Salesforce. There's always room to expand. ADHD is, of course, a big market, but how are you thinking about rightsizing of the Salesforce or potential for more expansion down the road, whether it's this year or next year?

A: On capital deployment, looking at commercial or near commercial, U.S. - based assets with LOEs into 2030s and beyond. Ideal to get assets in existing commercial investment areas like psychiatry and pediatrics for operating leverage. Open to other areas but they need to be more capital efficient. On Jornet PM Salesforce expansion, expanded to 180 reps in April last year, believe 180 is right - sized at this point, but will revisit if needed to limit growth.