Collegium Pharmaceutical, Inc. Common Stock Morgan Stanley 24th Annual Global Healthcare Conference

Good afternoon. My name is Bob Klingenberger. I am Executive Director at Morgan Stanley. I am really pleased to be joined by the Collegium team here this afternoon, Vikram Karnani, CEO, and Colleen Tupper, CFO. Just before we get started, for any research disclaimers, please just visit morganstanley.com/researchdisclosure. If any questions, please reach out to your Morgan Stanley representative. Like I said, thrilled to be joined here by the Collegium team. I think, Vikram and Colleen, just maybe to kind of kick things off, historically, I think the company has been viewed as really a pain management company.

I think fair to say that the story today is increasingly diversified. Just maybe to kick us off, it would be great if you could kind of describe the transformation and how you guys, especially Vikram, since you have been in the seat, have really kind of transformed the profile the last couple of years.

Yeah. First of all, thank you. Thanks for having us. Give you a little bit of background on Collegium. We describe ourselves as a dynamic, growing biopharmaceutical company, focusing on improving the lives of people living with serious and often misunderstood conditions. There are three main components to how we do what we do. We identify differentiated commercial assets or medicines that address meaningful unmet needs for patients. We apply focused commercial execution strategies and efforts to accelerate growth. Then finally, we create value through strategic acquisition and business development. We have gotten really good at acquiring companies or products, integrating them, and quickly putting them on a path to growth.

To date, as you rightly identified, we have built the industry's leading organization when it comes to supporting patients with severe pain, and more recently, over the last couple of years, have started the diversification part of our journey and have really expanded into ADHD. While the pain portfolio remains a significant portion of our business, in the last couple of years, the ADHD portfolio has grown to almost 30% of our annual revenues now. Our first ADHD medicine, which we acquired in 2024, Jornay PM, grew 48% in 2025, and we expect approximately 31% growth this year. That is at the midpoint of our annual guidance. That represents revenues of about $190 million to $200 million in 2026.

In May, we acquired our second ADHD medicine, AZSTARYS, which is a highly complementary offering to Jornay PM, and we expect that to deliver $65 million-$75 million in revenues in a partial year, because the deal closed in May. When you take a step back and look at our total diversified portfolio of medicines, both between pain as well as ADHD, it represents about $825 million-$855 million in revenue this year. That is our updated guidance. It represents 8% annual year-over-year growth, and it puts us on a path to achieving a billion-plus in revenue in the future. Most importantly, this growing business also continues to be highly profitable. Our EBITDA margins are in excess of 50%, well above the typical margins that you see in our industry, especially for mid-sized, specialty pharma companies or even commercial biotech companies.

Looking ahead, we remain focused on our efforts to drive growth in ADHD, maintain the durability of our pain portfolio, and then frankly, deploy capital in a highly disciplined manner through business development and expanding the portfolio, debt reduction, strengthen the balance sheet, and then continue to be opportunistic when it comes to buying back shares. In a nutshell, that is the company.

Yeah. No, look, I think you covered a lot of stuff that we will get into in a little bit more detail, but I think a really helpful overview. I think the first piece that you sort of touched on there was ADHD becoming an increasingly important part of the business, especially with the recent acquisition and how do you think about, sort of you mentioned the products being highly complementary, Jornay and AZSTARYS. How do you think about the complementary nature and how you are positioned in that space?

Look, I think it is important to understand. Take a step back and just let us talk about the ADHD market as a whole. In 2025 alone, there were 111 million prescriptions written in this market, so it is a very large market. It is also a growing market, enjoying about 8% CAGR between 2020 to 2025. So 111 million prescriptions growing at a fairly high growth rate, which signals high patient unmet need. Patients on average will try and cycle between two to three different ADHD medicines before they finally arrive on the one that actually works for them. Of the 111 million prescriptions, almost 90% of those prescriptions were written for stimulants, and the balance is for non-stimulants. The vast majority are stimulants. And of that 90%, which represents close to 100 million prescriptions, about 26 million prescriptions were for the methylphenidate category.

So just to give you a sense of size- Yeah What this implies is there is a significant amount of opportunity for both Jornay as well as AZSTARYS to grow within the methylphenidate stimulant category.

As a reference point, both Jornay and AZSTARYS in 2025 did about 760,000 prescriptions each. Right? So 26 million prescriptions written annually. Each of these brands at 760,000. So significant opportunity. Talking about the differentiation and the complementary nature of the two medicines, JORNAY PM is the only stimulant ADHD medicine that is taken at night, and it provides morning efficacy upon awakening, which is a significant state of unmet need for ADHD patients. It's one of the most frequently prescribed medicine to patients that have some structure to their schedule and can predictably They need to wake up at a certain time. Think of school-going kids, for example. Right? On the other hand, AZSTARYS is the first and only ADHD medicine that has both fast and long-acting medicines in one capsule.

So rapid onset of action lasting several hours, up to 13 hours. AZSTARYS is most often prescribed to those patients who would say that their morning is manageable but are really in need for rapid onset of action and need flexibility in their schedule. Then, of course, have continuous therapeutic coverage as a need for the rest of the day. Together, these two medicines provide very nice complementary set of options for physicians, and pre-acquisition, that's what we heard back from physicians, and post-acquisition, as now we've been out there for a few months promoting both medicines, those practices have been validated.

Yeah. And just, I think, helpful to lay out, right, the landscape, and I think one of the proof points, at least as you all have done with Jornay, which you've had in your portfolio for a couple of years now, is really change the trajectory of that product. So could you talk about You talked about the differentiation from it's the only therapy that you can take at night and wake up with the effect. What else has been a factor as you've really expanded that product and it's continued to see growth, as you've talked about with the guidance for this year?

Yeah, look, as a reminder, we talked about the fact that Jornay grew 48% year-over-year in 2025 and is expected to grow 31% this year. So very healthy growth rates for this medicine. This growth is driven by a few factors. Number one, the profile of JORNAY PM is viewed highly favorably by physicians. When we've done research, as a reminder, it's the only ADHD medicine that you take at night, gives you efficacy upon awakening in the morning. Physicians ranked Jornay, in market research, ranked Jornay as the number one branded ADHD medicine in the category in terms of product differentiation, with a score that is far higher than even the second-ranked medicine in the same category.

In addition, in the same research, more than 70% of physicians indicated a strong intent to increase prescribing, which was also the highest among all branded medicines in this category. Secondly, we know ADHD is a highly promotionally sensitive market. Based on growing opportunities within this space, we have increased the size of our sales force that is calling on physicians and increased the size of the called on HCP universe for these medicines. The current sales force is about 190 representatives promoting both Jornay as well as AZSTARYS, and our early insights are suggesting that physicians are very receptive to a single sales force that brings both Jornay and AZSTARYS, both complementary medicines to physicians. It improves our commercial efficiency, and it also expands our reach at the same time.