Collegium Pharmaceutical, Inc. Q1 FY2026 earnings call

• Proposed acquisition of Astaris in March, which is a differentiated commercial ADHD treatment for people six years and older, expected to strengthen ADHD portfolio, broaden revenue base, support margin expansion, and extend portfolio with patent protection through December 2037. • Journée delivered strong growth across prescriptions, prescribers, and market share; prescriber adoption at all-time high. • Pain portfolio had total net revenues up 4% year-over-year, driven by Belbuca and Xtensa ER. • Partner Hikma launched authorized genetic versions of Nucinta and Nucinta ER. • Launched Embrace Your Sparkle campaign with Paris Hilton to encourage understanding of ADHD. • Announced partnership with Boston Legacy Football Club and CHAD to support inclusive experiences. • Updates to board of directors, including Dr. John Fallon retiring and Michael Donovan nominated. • Presented real-world data at relevant meetings.

Journée: Prescriptions grew by 14% year-over-year, generated $38.9 million in net revenue, up 36% year-over-year. Pain portfolio: Total pain portfolio net revenues grew 4% year-over-year, generating $154.6 million in net revenue. Journée contributed 20.1% to total net product revenues ($38.9 million / $193.5 million), pain portfolio contributed 80% ($154.6 million / $193.5 million)

• Expect total product revenues in range of $805 to $825 million in 2026, up 4% year-over-year, driven by Journée growth and durable pain portfolio revenues. • Expect Journée revenue to be in range of 190 to 200 million, a 31% increase year over year. • Expect adjusted EBITDA in range of $455 to $475 million, up 1% year-over-year. • Plan to provide updated 2026 financial guidance for combined business including Astaris after acquisition closes. • Net debt to adjusted EBITDA expected to be approximately two times following Astaris acquisition close, with intent to rapidly de-lever.

Q: Can you talk about balancing focus on Jornet and Astaris with prescribers and positioning in reps' bags?

A: Astaris and Jornet are complementary, appeal to different patient types. Jornet for efficacy upon awakening, Astaris for rapid onset and lasting effect. High overlap in prescribers, focus on growing both with clear patient type positioning.

Q: Describe how success with Jornet reads to Astaris and longer term strategy in ADHD vs adjacent CNS/psychiatric?

A: Astaris can leverage Collegium's expertise, learnings, and financial wherewithal from Jornet's success. Longer term strategy in ADHD focuses on acquiring commercial/commercial-ready medicines in relevant areas, open to exploring adjacent areas with high bar for business development.

Q: Early data on orexin agonist in ADHD and impact on Jornet/Astaris, and impact of Nucenta AG and RR generic?

A: Early data on orexin agonist needs more proof, no speculation yet. 2026 revenue guidance unchanged, contemplates generic dynamics.

Q: ADHD portfolio access and pain portfolio performance?

A: Both Jornet and Astaris have good payer coverage, focus on broader access and copay assistance. Pain portfolio performance driven by profitability improvements from price increases and gross-to-net benefit despite Q1 volume dynamics.

Q: Salesforce for ADHD coverage and mix of peds and adults for Jornet?

A: Currently sized to optimally cover market, about 60% coverage of branded market. Jornet has 80-20 mix of peds to adults, expects to penetrate more into adult market due to patient need for morning efficacy not fully recognized by HCPs