Here are 1-3 brief analogies to describe Collegium Pharmaceutical (COLL):

• Like Jazz Pharmaceuticals but focused exclusively on pain management.

• Xtampza ER: An abuse-deterrent, extended-release, oral formulation of oxycodone used for long-term opioid treatment of severe pain.
• Nucynta ER: An extended-release formulation of tapentadol for pain management.
• Nucynta IR: An immediate-release formulation of tapentadol for pain management.

Collegium Pharmaceutical, Inc. (COLL) is a specialty pharmaceutical company that develops and commercializes medicines. As such, it operates within the pharmaceutical supply chain, selling its products to other companies rather than directly to individual patients. Patients obtain these medications through prescriptions filled at pharmacies or administered in healthcare settings.

The major customers of pharmaceutical manufacturers like Collegium Pharmaceutical are typically large pharmaceutical wholesalers and distributors, who then supply pharmacies, hospitals, and other healthcare providers. The leading pharmaceutical wholesalers in the United States, and thus the likely major customers for Collegium Pharmaceutical, include:

• McKesson Corporation (NYSE: MCK)
• Cencora (formerly AmerisourceBergen Corporation) (NYSE: ABC)
• Cardinal Health, Inc. (NYSE: CAH)

Vikram Karnani, President & Chief Executive Officer

Mr. Karnani joined Collegium Pharmaceutical in November 2024. He previously served as Executive Vice President and President, Global Commercial Operations and Medical Affairs (Rare Disease) at Amgen, having joined Amgen through its 2023 acquisition of Horizon Therapeutics. At Horizon, Mr. Karnani was responsible for the global commercial strategy for its rare disease medicines, leading the business from $300 million to $4 billion in sales, prior to Horizon's acquisition by Amgen for $28 billion. He began his career with an electrical engineering background and also worked in medical devices and cell therapy before transitioning to pharmaceuticals.

Colleen Tupper, Executive Vice President, Chief Financial Officer

Ms. Tupper joined Collegium Pharmaceutical in 2021. She has over 25 years of experience in the industry, including roles at Antigenics (now Agenus), Shire, and Takeda Pharmaceuticals (which acquired Shire). Prior to Collegium, she was the CFO at Takeda. Her previous positions at Shire included Director, Finance; Senior Finance Director, Global Research & Development; and Vice President, U.S. Commercial Finance. She brings expertise in biotech finance, strategic growth management, and emerging industry trends.

Scott Dreyer, Executive Vice President, Chief Commercial Officer

Mr. Dreyer was appointed Executive Vice President and Chief Commercial Officer in July 2018. He initially joined Collegium in January 2018 as Senior Vice President of Sales, Marketing, Commercial Capabilities and Training. With over 25 years of commercial experience in the biopharma industry, Mr. Dreyer's background spans sales, marketing, commercial operations, and strategic planning. Before joining Collegium, he was 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 roles of increasing responsibility at Merck & Co. He has been involved in the commercialization of over 35 products and launched more than 20 products.

David Dieter, Executive Vice President, General Counsel

Mr. Dieter joined Collegium Pharmaceutical in March 2025. Before Collegium, he served as Vice President, Legal at Horizon Therapeutics, which was acquired by Amgen in October 2023. At Horizon, he was responsible for managing legal counsel and advising executive leadership on corporate and commercial matters, as well as international expansion. He played a key role in Horizon's mergers, acquisitions, and dispositions, including its acquisition by Amgen.

Jane Gonnerman, Executive Vice President, Strategy & Corporate Development

Ms. Gonnerman was appointed Executive Vice President, Strategy & Corporate Development on March 17, 2025. She is a member of the executive team.

The key risks to Collegium Pharmaceutical (COLL) are primarily related to generic competition for its key products, ongoing opioid-related litigation and regulatory scrutiny, and broader market competition from alternative pain management treatments.

1. Generic Competition and Patent Expiry: Collegium Pharmaceutical faces significant and immediate risk from generic competition, particularly for its Nucynta franchise. A generic equivalent of Nucynta IR (immediate release) was approved in January 2026, and an authorized generic version of Nucynta IR was launched by Hikma Pharmaceuticals USA Inc. on February 25, 2026. Hikma is also anticipated to launch a generic version of Nucynta ER (extended release) in the first quarter of 2026. While Nucynta IR's U.S. exclusivity was extended to July 3, 2026, and Nucynta ER to December 27, 2025, due to pediatric exclusivity grants, the original Nucynta patent expired in 2018, leading to generic entries that have historically reduced market share and price. In contrast, key patents for Xtampza ER, another of Collegium's products, extend to 2030 and 2036, offering longer protection.

2. Opioid-Related Litigation and Regulatory Scrutiny: Operating in the opioid market exposes Collegium Pharmaceutical to substantial regulatory and legal challenges. The company's products, including Xtampza ER and the Nucynta Products, are subject to stringent regulations and mandatory Risk Evaluation and Mitigation Strategy (REMS) programs, which add to commercialization costs and complexity. Collegium has been a defendant in numerous lawsuits alleging improper marketing practices related to its opioid medications, similar to other manufacturers. Although Collegium reached a Master Settlement Agreement in March 2022 to resolve 27 opioid-related lawsuits for $2.75 million without admitting liability, the ongoing societal challenges surrounding opioid abuse and the associated legal and regulatory scrutiny continue to pose a significant threat, including potential for stricter regulations, reduced demand, and further litigation. Furthermore, the FDA can withdraw or restrict product approvals if post-marketing studies reveal adverse safety findings.

3. Market Competition: Collegium Pharmaceutical faces intense competition not only from generic drug manufacturers but also from other branded pain management treatments. The company competes with other oral and transdermal opioids, as well as non-opioid alternative drugs being developed and marketed by other pharmaceutical and biotechnology companies. For example, Vertex Pharmaceuticals received approval for suzetrigine for acute pain in January 2025. This broad competitive landscape, including legacy pharma, specialty biotechs, and non-opioid candidates, can pressure pricing, market access, and overall market share for Collegium's products.

The emergence and increasing adoption of novel, highly effective, and non-opioid pain management therapies represent a clear emerging threat. These advancements could significantly reduce the market need for opioid-based treatments, even those with abuse-deterrent properties, thus directly threatening Collegium Pharmaceutical's core product portfolio.

Collegium Pharmaceutical (COLL) is expected to drive future revenue growth over the next 2-3 years through a combination of accelerated growth from its ADHD medication, continued durability and strategic management of its pain portfolio, and a broader diversification into non-opioid central nervous system (CNS) therapies.

Here are 3-5 expected drivers of future revenue growth:

1. Accelerated Growth of Jornay PM: Collegium Pharmaceutical's ADHD medication, Jornay PM, is a primary driver of future revenue growth. Following the acquisition of Ironshore Therapeutics in late 2024, Collegium has been integrating Jornay PM into its commercial portfolio to penetrate the approximately $15 billion ADHD market. Jornay PM's net revenue saw significant growth of 48% year-over-year in 2025 and is projected to increase by over 30% in 2026, with anticipated revenues ranging from $190 million to $200 million. This growth is bolstered by an expanded sales force, increasing from 125 to 180 representatives in fiscal year 2025, targeting a 20% uplift in prescriber adoption, and an expanded physician universe of 21,000. Marketing initiatives, including a partnership with Paris Hilton, aim to further raise awareness among adult ADHD patients.
2. Durability and Strategic Management of the Pain Portfolio: While Jornay PM leads growth, Collegium's existing pain portfolio, including Xtampza ER, Belbuca, and the Nucynta franchise, is expected to maintain durable revenues and contribute to overall growth. The pain portfolio generated $631.7 million in 2025, marking a 6% year-over-year increase.
   • Xtampza ER continues to hold a strong position in the abuse-deterrent extended-release opioid market, with a 4% net revenue growth in fiscal year 2025. Strategic investments in managed care contracting are aimed at securing preferred formulary placements to sustain its market share.
   • Belbuca also contributed to the pain portfolio's performance with a 5% net revenue growth in fiscal year 2025, leveraging its position as a lower-abuse-potential buccal buprenorphine.
   • The Nucynta franchise recorded an 11% net revenue growth in fiscal year 2025, largely due to improved profitability from managing gross-to-nets. An authorized generic agreement with Hikma Pharmaceuticals is designed to provide Collegium with a significant share of net profits from generic versions, thereby mitigating the impact of generic competition.
3. Diversification into Non-Opioid CNS Products through M&A and Partnerships: Collegium Pharmaceutical is actively pursuing a multi-year strategy to diversify its revenue streams beyond pain management, with a goal for non-opioid CNS products to account for at least 40% of total revenue by 2027. This strategy involves actively seeking late-stage or commercial-ready neurology and psychiatry assets through mergers, acquisitions, and strategic partnerships. This diversification aims to expand Collegium's market reach and reduce its reliance on the opioid market.
4. Pipeline Expansion and Leveraging DETERx Technology: The company plans to advance its DETERx technology platform, with programs moving into Phase 1/2 for selected non-opioid CNS candidates in 2025-2026. Additionally, Collegium is evaluating planned supplemental New Drug Applications (sNDAs) across 2025-2026 to expand indications for existing products. These initiatives represent potential future product launches and label expansions that could contribute to longer-term revenue growth.

Share Repurchases

• Collegium Pharmaceutical authorized a new share repurchase program of up to $150 million in July 2025, slated to run through December 31, 2026. This program replaced a prior $150 million authorization from January 2024, which had $65 million remaining upon its expiration on June 30, 2025.
• Since 2021, the company has returned $222 million to shareholders through its various share repurchase programs.
• An accelerated share repurchase (ASR) agreement for $25 million was initiated in May 2025, expected to be completed in the third quarter of 2025, as part of the January 2024 authorized program.

Share Issuance

• Collegium Pharmaceutical's shares outstanding have shown a general downward trend, decreasing from 34.12 million in 2021 to 31.57 million in 2025.

Outbound Investments

• Collegium acquired Jornay PM®, a medication for ADHD, thereby expanding its portfolio into neuropsychiatry.

Capital Expenditures

• Collegium Pharmaceutical invested $689K in capital expenditures during Q4 2025.
• For the last 12 months leading up to March 2026, capital expenditures were reported as -$1.74 million.