Collegium Pharmaceutical is like a focused **Jazz Pharmaceuticals** for pain and central nervous system (CNS) medications, primarily growing by acquiring and commercializing established drugs in this therapeutic area.

• Xtampza ER: An abuse-deterrent, extended-release oxycodone formulation used for the management of severe and chronic pain.
• Nucynta ER and Nucynta: Tapentadol, an opioid analgesic available in both extended-release (ER) and immediate-release (IR) formulations for managing severe chronic pain.
• Symproic: A peripherally-acting mu-opioid receptor antagonist (PAMORA) indicated for the treatment of opioid-induced constipation (OIC) in adults with chronic non-cancer pain.
• Buprenorphine and Naloxone Sublingual Film: A generic medication used for the treatment of opioid dependence.

Collegium Pharmaceutical (COLL) - Major Customers

• Cardinal Health (Symbol: CAH)
• McKesson Corporation (Symbol: MCK)
• Cencora (formerly AmerisourceBergen Corporation) (Symbol: COR)

• Jazz Pharmaceuticals, Inc. (JAZZ)

Vikram Karnani President and Chief Executive Officer

Mr. Karnani became President and Chief Executive Officer of Collegium Pharmaceutical in November 2024. Prior to joining Collegium, he served as Executive Vice President and President, Global Commercial Operations and Medical Affairs (Rare Disease) at Amgen. He joined Amgen through its 2023 acquisition of Horizon Therapeutics Plc, where he previously served as Executive Vice President and President.

Colleen Tupper Executive Vice President, Chief Financial Officer

Ms. Tupper has been the Executive Vice President and Chief Financial Officer of Collegium Pharmaceutical since 2021. Her previous roles include Chief Financial Officer for the U.S. business unit at Takeda and various leadership positions at Shire Pharmaceuticals. She began her career in financing and accounting roles at Antigenics.

Scott Dreyer Executive Vice President, Chief Commercial Officer

Mr. Dreyer was appointed Executive Vice President and Chief Commercial Officer in July 2018, having joined Collegium in January 2018. He has over 25 years of commercial experience within the biopharma industry, including sales, marketing, commercial operations, and strategic planning. Before Collegium, he served as Senior Vice President, Marketing and Commercial Operations for The Medicines Company, and Vice President and Chief Marketing Officer-U.S. at Biogen. He also held various commercial leadership positions at Merck & Co.

Shirley Kuhlmann Executive Vice President, Chief Administrative Officer & General Counsel

Ms. Kuhlmann joined Collegium Pharmaceutical in March 2018 as Executive Vice President, General Counsel and Secretary, and currently serves as EVP, Chief Administrative Officer & General Counsel. Previously, she was an attorney in the Health Sciences Group of Pepper Hamilton LLP, where she advised both private and public companies on transactional matters, including securities offerings, mergers & acquisitions, and other financing transactions.

Thomas B. Smith, M.D. Executive Vice President, Chief Medical Officer

Dr. Smith has served as Chief Medical Officer and Executive Vice President of Collegium Pharmaceutical since 2022. Prior to joining Collegium, he was Chief Medical Officer for BioDelivery Sciences International. His previous experience also includes serving as Chief Medical Officer at Charleston Laboratories, Ameritox, and Mallinckrodt Pharmaceuticals.

The key risks to Collegium Pharmaceutical's business include:

1. Patent Expirations and Generic Competition: Collegium Pharmaceutical faces the risk of patent cliffs, which could accelerate generic pressure on its core pain brands. The company's success is partly dependent on its ability to identify and acquire patents, and it is subject to patent infringement litigation concerning key products like Xtampza ER and Belbuca. The invalidation of patents or the entry of generic competitors can significantly impact revenue and market share.

2. Regulatory Shifts and Declining Opioid Prescribing Volumes: Regulatory changes that further dampen opioid prescribing volumes pose a significant risk to Collegium Pharmaceutical, given its portfolio of pain management medications, including abuse-deterrent opioid formulations. The company has previously faced regulatory scrutiny and settled litigation related to its marketing practices for an opioid product.

3. Product-Related Litigation: Beyond patent infringement, Collegium Pharmaceutical is exposed to broader product-related litigation. The company has a history of resolving opioid-related lawsuits, indicating an ongoing risk of legal challenges related to its products. Such litigation can be expensive to defend and could potentially delay the commercialization of products or result in financial penalties.

The accelerating shift away from opioid prescribing, including for abuse-deterrent formulations, driven by intensifying pressure from regulatory bodies, payors, and the medical community favoring non-opioid pain management strategies and alternatives.

Collegium Pharmaceutical Inc. (COLL) focuses on developing and commercializing innovative drugs for pain management and neuropsychiatry, with key products including Xtampza ER, Nucynta (ER and IR), and Jornay PM. The addressable markets for these products primarily pertain to the U.S. region, with some global market data available for broader categories.

• Xtampza ER (oxycodone extended-release): This product is designed for chronic pain management with abuse-deterrent properties. In 2021, approximately 681,000 prescriptions for Xtampza ER were written in the U.S.. While a specific addressable market size in U.S. dollars for Xtampza ER alone is not readily available, it operates within the broader opioid extended-release market. In 2022, the global opioid analgesics market was valued at approximately $12 billion, with North America being the leading consumer. Collegium believes Xtampza ER is "well-positioned to capture a significant share of extended-release oxycodone market."
• Nucynta (tapentadol extended-release and immediate-release): Nucynta ER is indicated for chronic pain and neuropathic pain associated with diabetic peripheral neuropathy, while Nucynta IR is for acute pain. The global tapentadol market was estimated at USD 4.10 billion in 2024 and is projected to grow to USD 6.83 billion by 2032, with a compound annual growth rate (CAGR) of 6.57%. North America is identified as the leading market for tapentadol, with particularly high demand in the U.S. In 2018, Nucynta generated approximately $320 million in U.S. sales, representing about 2% of the total U.S. opioid analgesic market, which was valued at around $16 billion nationally. Global revenue for Nucynta ER alone is projected to reach approximately $250-$300 million in the U.S. by 2028.
• Jornay PM (methylphenidate HCl): This central nervous system stimulant is approved for the treatment of Attention Deficit Hyperactivity Disorder (ADHD) in individuals aged six years and older. The U.S. attention deficit hyperactivity disorder market was estimated at USD 10.31 billion in 2024 and is projected to reach USD 13.88 billion by 2033, growing at a CAGR of 3.3% from 2025 to 2033. Globally, the ADHD therapeutics market is calculated at US$ 25.05 billion in 2024 and is forecasted to reach US$ 45.51 billion by 2034. The U.S. dominated the global ADHD market, holding a 69.1% revenue share in 2023. The stimulant segment, to which Jornay PM belongs, held the largest market share in the U.S. ADHD market, accounting for 69.3% in 2024.

Collegium Pharmaceutical (COLL) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Continued Growth of Jornay PM: Jornay PM, an ADHD medication, is consistently highlighted as Collegium's lead growth driver. The company expects increased demand for the product, supported by an expanded sales force, new marketing initiatives, and anticipated improvements in gross-to-net. For 2025, Jornay PM revenue is projected to be in the range of $145 million to $150 million, representing a 46% growth from 2024 pro forma revenue. Prescription growth for Jornay PM was 20% year-over-year in Q3 2025, with significant gains in market share within the branded long-acting methylphenidate market.
2. Durability and Growth of the Pain Portfolio: Collegium Pharmaceutical's pain management portfolio is expected to continue its robust performance. The company has observed significant growth, with net revenue from its pain portfolio reaching a record $167.6 million in Q3 2025, an 11% increase year-over-year. Management emphasizes the durability and continued demand for these products in the market.
3. Strategic Expansion of Sales Force and Marketing Initiatives: Collegium is making strategic investments in its commercial infrastructure, including the expansion of its sales force, particularly for Jornay PM. This expansion and enhanced marketing efforts are designed to drive further growth and increase awareness among healthcare providers and caregivers for its key products in both the ADHD and pain management segments. The ADHD sales team was expanded to 180 representatives, targeting an increased number of prescribers.
4. Improvements in Payer Coverage and Gross-to-Net: The company anticipates that improved payer coverage for Jornay PM in 2026 will contribute to both volume growth and enhanced profitability. Collegium aims to balance broad coverage with profitability by actively managing gross-to-net adjustments across its product portfolio.

Share Repurchases

• A new $150 million share repurchase program was authorized in July 2025, effective through December 31, 2026, which replaced a previous $150 million program.
• Collegium has returned $222 million to shareholders through repurchase programs since 2021.
• This includes a $25 million accelerated share repurchase initiated in May 2025, which was completed in the third quarter of 2025 and involved the repurchase of 0.8 million shares.

Share Issuance

• As of March 31, 2025, Collegium Pharmaceutical had approximately 32.1 million shares outstanding.
• In 2022, the company completed a $241.5 million convertible senior note offering due in 2029.

Outbound Investments

• On September 3, 2024, Collegium acquired Ironshore for an initial merger consideration of approximately $525 million in cash, with a potential $25 million commercial milestone payment. This acquisition expanded Collegium's product portfolio to include Jornay PM, an ADHD treatment.
• In 2022, Collegium acquired and integrated BDSI (BioDelivery Sciences International), achieving approximately $85 million in annual run-rate synergies.