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Collegium (NASDAQ: COLL) posts Q1 2026 growth and plans accretive AZSTARYS ADHD deal

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Collegium Pharmaceutical reported strong first quarter 2026 results and reiterated its full-year outlook. Product revenues, net were $193.5 million, up 9% year-over-year, driven by ADHD drug JORNAY PM net revenue of $38.9 million, up 36%, and pain portfolio revenue of $154.6 million, up 4%.

GAAP net income rose to $14.5 million, while non-GAAP adjusted net income reached $69.2 million and adjusted EBITDA was $103.9 million, both up 9% year-over-year. The company ended the quarter with $421.8 million in cash, cash equivalents and marketable securities and generated $57.1 million in operating cash flow.

Collegium reaffirmed 2026 guidance for product revenues, net of $805–$825 million, JORNAY PM revenue of $190–$200 million, and adjusted EBITDA of $455–$475 million, excluding the planned acquisition of ADHD medicine AZSTARYS. The AZSTARYS deal totals $650 million in cash plus up to $135 million in milestones and is expected to be immediately accretive to adjusted EBITDA after an anticipated close in the second quarter of 2026.

Positive

  • Strong top- and bottom-line growth: Q1 2026 product revenues, net rose 9% to $193.5 million, adjusted EBITDA increased 9% to $103.9 million, and non-GAAP adjusted net income grew to $69.2 million with adjusted EPS of $1.76.
  • High-growth ADHD franchise and supportive guidance: JORNAY PM net revenue increased 36% year-over-year to $38.9 million, and the company reaffirmed 2026 guidance of $805–$825 million in product revenues, net and $455–$475 million in adjusted EBITDA, excluding AZSTARYS.
  • Accretive portfolio expansion with AZSTARYS: The planned $650 million cash acquisition of AZSTARYS, plus up to $135 million in potential milestones, is expected to be immediately accretive to adjusted EBITDA and extend ADHD revenues into the late 2030s.

Negative

  • None.

Insights

Collegium posts broad-based Q1 growth and plans accretive ADHD acquisition.

Collegium delivered a 9% year-over-year increase in product revenues, net to $193.5 million, with adjusted EBITDA up 9% to $103.9 million. Growth was led by JORNAY PM, whose net revenue rose 36% to $38.9 million, while the pain portfolio grew 4% to $154.6 million.

Profitability remained solid: GAAP net income reached $14.5 million, and non-GAAP adjusted net income was $69.2 million with adjusted earnings per share of $1.76. Operating cash flow of $57.1 million and quarter-end liquidity of $421.8 million support both operations and capital deployment.

The company reaffirmed 2026 guidance, targeting product revenues, net of $805–$825 million and adjusted EBITDA of $455–$475 million. It also highlighted the planned $650 million cash acquisition of AZSTARYS plus up to $135 million in milestones, expected to be immediately accretive to adjusted EBITDA after an anticipated close in Q2 2026. Actual contribution will depend on integration execution and ADHD market dynamics.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 product revenues, net $193.5 million Quarter ended March 31, 2026; up 9% year-over-year
Q1 2026 adjusted EBITDA $103.9 million Quarter ended March 31, 2026; up 9% year-over-year
JORNAY PM Q1 2026 net revenue $38.9 million Quarter ended March 31, 2026; up 36% year-over-year
Pain portfolio Q1 2026 net revenues $154.6 million Quarter ended March 31, 2026; up 4% year-over-year
Q1 2026 GAAP net income $14.5 million Quarter ended March 31, 2026; basic EPS $0.45, diluted EPS $0.40
Quarter-end cash and investments $421.8 million Cash, cash equivalents and marketable securities as of March 31, 2026
2026 product revenues, net guidance $805–$825 million Full-year 2026 outlook for current business, excluding AZSTARYS
AZSTARYS purchase price $650 million plus up to $135 million milestones Cash consideration and contingent milestone payments for planned acquisition
Adjusted EBITDA financial
"Adjusted EBITDA for the 2026 Quarter was $103.9 million, compared to $95.2 million for the 2025 Quarter"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP adjusted net income financial
"Non-GAAP adjusted net income for the 2026 Quarter was $69.2 million, with $1.76 adjusted earnings per share"
A company’s non-GAAP adjusted net income is its reported profit after management removes certain expenses or gains that it considers one-time, nonrecurring, or not part of core operations (for example, restructuring costs or stock-based pay). Investors watch it as an attempt to show the company’s ongoing earning power — like looking at a cleaned-up weekly budget — but because companies choose what to exclude, it’s important to compare the underlying details rather than the headline number alone.
contingent consideration financial
"we exclude changes in the fair value of contingent consideration, which are non‑cash, acquisition‑related items"
Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.
delayed draw term loan financial
"Acquisition to be funded with $350M in cash on hand and $300M delayed draw term loan"
A delayed draw term loan is a financing agreement that lets a borrower take one or more lump-sum loans from a lender at agreed future dates within a set time window instead of receiving all funds up front. It matters to investors because it changes when and how much debt a company will carry, affecting cash flexibility, interest costs and risk exposure—think of it like an approved credit line you only tap when you need cash for a project.
Adjusted operating expenses financial
"Adjusted operating expenses, which exclude stock-based compensation expense and other adjustments"
Adjusted operating expenses are a company’s routine costs of running the business (like payroll, rent and supplies) after removing unusual, one‑time or nonrecurring items so investors can see the recurring spending level. Think of it like cleaning a household budget of a one‑off repair to understand typical monthly bills. It matters because it helps investors compare underlying performance across periods and companies, but the adjustments can vary by company.
convertible senior notes financial
"Convertible senior notes | 238,472 | | | $ | 238,213"
Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.
Product revenues, net $193.5 million +9% year-over-year
GAAP net income $14.5 million up from $2.4 million in Q1 2025
Adjusted EBITDA $103.9 million +9% year-over-year
JORNAY PM net revenue $38.9 million +36% year-over-year
Guidance

For 2026, Collegium guides to product revenues, net of $805–$825 million, JORNAY PM revenue, net of $190–$200 million, and adjusted EBITDA of $455–$475 million for its current business, excluding the planned AZSTARYS acquisition.

Understanding 8-K Material Events →
FALSE000126756500012675652026-05-072026-05-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2026
COLLEGIUM PHARMACEUTICAL, INC.
(Exact name of registrant as specified in its charter)
Virginia001-3737203-0416362
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
100 Technology Center Drive
Suite 300
Stoughton, MA 02072
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (781) 713-3699
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.001 per shareCOLLThe NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, Collegium Pharmaceutical, Inc. (the “Company”) issued a press release announcing its financial results for the quarterly period ended March 31, 2026. The full text of the press release issued in connection with the announcement is attached hereto as Exhibit 99.1 and is being furnished, not filed, under Item 2.02 of this Current Report on Form 8-K.
Item 7.01 Regulation FD Disclosure.
On May 7, 2026, Collegium Pharmaceutical, Inc. released an earnings presentation. The presentation is attached hereto as Exhibit 99.2 and is being furnished, not filed, under Item 7.01 of this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
EXHIBIT TABLE

Exhibit
No.		Description
99.1
Press Release, dated May 7, 2026
99.2
Earnings Presentation, dated May 7, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Collegium Pharmaceutical, Inc.
By:/s/ Colleen Tupper
Colleen Tupper
Executive Vice President and Chief Financial Officer
Dated: May 7, 2026


Exhibit 99.1
coll-20251106xex99d1001a.jpg
Collegium Reports First Quarter 2026 Financial Results and Highlights Recent Company Progress

– Generated Quarterly Net Revenues of $193.5 Million, Up 9% Year-over-Year –

– Generated JORNAY PM® Quarterly Net Revenue of $38.9 Million, Up 36% Year-over-Year –

– On Track to Close Acquisition of AZSTARYS® in Second Quarter of 2026, Adding Highly Complementary and Differentiated Medicine with Significant Growth Potential to Collegium’s Existing ADHD Portfolio –

– Generated Quarterly Pain Portfolio Net Revenues of $154.6 Million, Up 4% Year-over-Year –

– Ended Q1’26 with Cash, Cash Equivalents and Marketable Securities of $421.8 Million –

– Reaffirmed Full-Year 2026 Guidance for the Current Business –

– Conference Call Scheduled for Today at 8:00 a.m. ET –

STOUGHTON, Mass., May 7, 2026 -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL) today reported its financial results for the quarter ended March 31, 2026, and provided a business update.

“In the first quarter, we made meaningful progress on our 2026 strategic priorities, including delivering strong performance for JORNAY PM and continued durability from our pain portfolio” said Vikram Karnani, President and Chief Executive Officer. “We generated additional growth for JORNAY PM, with net revenue up 36% and prescriptions rising 14% driven by gains in both new prescribers and market share. We are encouraged by the impact of our expanded ADHD salesforce and marketing initiatives and look forward to integrating AZSTARYS following the expected close of the transaction. The pending acquisition of AZSTARYS represents an important next step in strengthening our ADHD portfolio, extending revenues into the late 2030s, and expanding our growth profile. At the same time, our pain portfolio delivered another solid quarter of durable revenues, driven by differentiated products and deliberate actions taken to enhance profitability. We remain focused on executing our strategy to build a leading diversified biopharmaceutical company while improving the lives of people living with serious medical conditions.”

“We delivered strong first quarter results, marked by significant net revenue growth for JORNAY PM, robust contributions from our pain portfolio, and impressive operating cash flows,” said Colleen Tupper, Chief Financial Officer. “Our strong financial position enabled us to continue to execute on our capital deployment strategy, fueling the proposed acquisition of AZSTARYS. We expect the acquisition to be immediately accretive upon close and to extend our revenues into the late 2030s. Following an encouraging start to the year, we are well positioned to achieve our strategic priorities and financial commitments as we work to drive long-term shareholder value.”

ADHD Business Highlights

•Generated JORNAY PM net revenue of $38.9 million, up 36% year-over-year in the quarter ended March 31, 2026 (the 2026 Quarter).
•JORNAY PM prescriptions reached an all-time high in the 2026 Quarter, with over 206,000 prescriptions written, up 14% year-over-year.
•JORNAY PM prescribers reached an all-time high in the 2026 Quarter with approximately 30,000 healthcare providers writing JORNAY PM prescriptions, up 17% year-over-year.
•In March, announced the acquisition of AZSTARYS from Corium Therapeutics for $650 million in cash with the potential for additional milestone payments up to $135 million contingent on future commercial and manufacturing milestones. The acquisition will add a highly complementary and differentiated medicine with significant growth potential to Collegium’s existing ADHD portfolio. The acquisition is expected to close in the second quarter of 2026 and be immediately accretive to adjusted EBITDA.
•In March, launched the ‘Embrace Your Sparkle’ campaign with Paris Hilton, aimed at encouraging broader understanding and an open dialogue about ADHD.
•In February, announced a multi-year sponsorship for a sensory room with Boston Legacy FC, a member of the National Women's Soccer League (NWSL), to help make games accessible and inclusive for more fans while raising awareness and encouraging understanding of neurodevelopmental disorders, such as ADHD.


•In January, presented four posters at the American Professional Society of ADHD and Related Disorders (APSARD) Annual Conference highlighting real-world JORNAY PM data.

Pain Portfolio Highlights

•Generated pain portfolio net revenues of $154.6 million in the 2026 Quarter, up 4% year-over-year.
•Generated Belbuca® net revenue of $52.6 million in the 2026 Quarter, up 2% year-over-year.
•Generated Xtampza® ER net revenue of $50.8 million in the 2026 Quarter, up 7% year-over-year.
•Generated Nucynta® Franchise net revenue of $47.0 million in the 2026 Quarter, flat year-over-year. This includes $2.7 million from Hikma Pharmaceuticals USA Inc. (Hikma) for the sale of the authorized generic (AG) versions of Nucynta and Nucynta ER, both launched in the 2026 Quarter. Under the terms of the AG agreement, Collegium will receive a significant share of net profits of the AG products from Hikma.
•In March, presented two posters at PainConnect 2026 showcasing real-world data from the pain portfolio.

Corporate Updates

•In April, announced proposed updates to Collegium’s Board of Directors effective as of the date of Collegium’s 2026 Annual Meeting of Shareholders on May 14, 2026 (the Annual Meeting). Michael Donovan, who most recently served as an audit Partner at Ernst & Young LLP and brings significant audit and biotechnology industry experience, is nominated to stand for election at the Annual Meeting. In addition, current Board member Dr. John Fallon will retire after having dutifully served since 2016.

Upcoming Events

The Company will participate in the following upcoming investor conferences in the second quarter of 2026:

•Jefferies Global Healthcare Conference – New York, NY; June 3, 2026.

Financial Guidance for 2026

The Company reaffirms its full-year 2026 guidance for Product Revenues, Net, JORNAY PM Revenue, Net and Adjusted EBITDA for its current business, not including the impact of the planned acquisition of AZSTARYS. Collegium expects to update 2026 guidance following the close of the acquisition.

Product Revenues, Net$805 - $825 million
JORNAY PM Revenue, Net$190 - $200 million
Adjusted EBITDA$455 - $475 million

Financial Results for Quarter Ended March 31, 2026

•Product revenues, net were $193.5 million for the 2026 Quarter, compared to $177.8 million for the quarter ended March 31, 2025 (the 2025 Quarter), representing a 9% increase year-over-year.
•GAAP operating expenses were $86.4 million for the 2026 Quarter, compared to $75.6 million for the 2025 Quarter, representing a 14% increase year-over-year. Adjusted operating expenses, which exclude stock-based compensation expense and other adjustments to reflect changes that occur in our business but do not represent ongoing operations, were $69.3 million for the 2026 Quarter, compared to $62.2 million for the 2025 Quarter, representing an 11% increase year-over-year.
•GAAP net income for the 2026 Quarter was $14.5 million, with $0.45 GAAP earnings per share (basic) and $0.40 GAAP earnings per share (diluted), compared to GAAP net income for the 2025 Quarter of $2.4 million, with $0.08 GAAP earnings per share (basic) and $0.07 GAAP earnings per share (diluted). Non-GAAP adjusted net


income for the 2026 Quarter was $69.2 million, with $1.76 adjusted earnings per share, compared to non-GAAP adjusted net income for the 2025 Quarter of $57.4 million, with $1.49 adjusted earnings per share.
•Adjusted EBITDA for the 2026 Quarter was $103.9 million, compared to $95.2 million for the 2025 Quarter, representing a 9% increase year-over-year.
•The Company generated $57.1 million in cash from operations, and exited the 2026 Quarter with cash, cash equivalents and marketable securities of $421.8 million.

Conference Call Information

The Company will host a conference call and live audio webcast on Thursday, May 7, 2026, at 8:00 a.m. ET. To access the conference call, please dial (877) 407-8037 (U.S.) or (201) 689-8037 (International) and reference the “Collegium Pharmaceutical First Quarter 2026 Earnings Call.” An audio webcast will be accessible from the Investors section of the Company’s website: www.collegiumpharma.com. The webcast will be available for replay on the Company’s website approximately two hours after the event.

About Collegium Pharmaceutical, Inc.

Collegium is building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. The Company has a leading portfolio of responsible pain management medications and a rapidly growing neuropsychiatry business driven by JORNAY PM®, a differentiated treatment for ADHD. Collegium’s strategy includes growing its commercial portfolio, with JORNAY PM as the lead growth driver, and deploying capital in a disciplined manner. Collegium’s headquarters are located in Stoughton, Massachusetts. For more information, please visit the Company’s website at www.collegiumpharma.com.

Non-GAAP Financial Measures

To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliations, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In addition, certain non-GAAP financial measures, primarily adjusted EBITDA, are used to measure performance when determining components of annual compensation for substantially all non-sales force employees, including senior management.

In this press release we discuss the following financial measures that are not calculated in accordance with GAAP.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as:

•adjusted EBITDA excludes depreciation and amortization, and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA;
•adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs;
•adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes;
•adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;
•we exclude stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; and (ii) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position;


•we exclude impairment expenses from adjusted EBITDA and, although these are non-cash expenses, the asset(s) being impaired may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA;
•we exclude restructuring expenses from adjusted EBITDA. Restructuring expenses primarily include employee severance and contract termination costs that are not related to acquisitions. The amount and/or frequency of these restructuring expenses are not part of our underlying business;
•we exclude litigation settlements and contingencies that are subject to recovery from adjusted EBITDA, as well as any applicable income items or, credit adjustments, or recoveries due to subsequent changes in estimates. This does not include our legal fees to defend claims, which are expensed as incurred;
•we exclude acquisition related expenses as the amount and/or frequency of these expenses are not part of our underlying business. Acquisition related expenses include transaction costs, which primarily consisted of financial advisory, banking, legal, and regulatory fees, and other consulting fees, incurred to complete the acquisition, employee-related expenses (severance cost and benefits) for terminated employees after the acquisition, legal defense expenses for specific acquired claims that relate to acts that occurred prior to our acquisition, and miscellaneous other acquisition related expenses incurred;
•we exclude recognition of the step-up basis in inventory from acquisitions (i.e., the adjustment to record inventory from historic cost to fair value at acquisition) as the adjustment does not reflect the ongoing expense associated with sale of our products as part of our underlying business;
•we exclude changes in the fair value of contingent consideration, which are non‑cash, acquisition‑related items that are not part of our underlying business;
•we exclude losses on extinguishments of debt as these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis;
•we exclude executive transition expenses from adjusted EBITDA as the amount and/or frequency of these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; and
•we exclude other expenses, from time to time, that are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis.

The Company has not provided a reconciliation of its full-year 2026 guidance for adjusted EBITDA to the most directly comparable forward-looking GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, because the Company is unable to predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition related expenses, amortization of acquired intangible assets, and changes in fair value of contingent consideration. These items are uncertain and depend on various factors that are outside of the Company’s control or cannot be reasonably predicted. While the Company is unable to address the probable significance of these items, they could have a material impact on GAAP net income and operating expenses for the guidance period. A reconciliation of adjusted EBITDA would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements related to the expected closing of the acquisition of AZSTARYS; the anticipated benefits of the AZSTARYS acquisition, including its impact on Collegium’s ADHD portfolio and commercial strategy; projected financial performance, including expected revenue and adjusted EBITDA, statements related to current and future market opportunities for our products and our assumptions related thereto and other statements that are not historic facts. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the company's current expectations, including risks relating to, among others: our ability to complete the AZSTARYS acquisition on the proposed terms and schedule or at all; the failure (or delay) to receive the required regulatory approvals relating to the AZSTARYS acquisition; risks related to our ability to realize the anticipated benefits of the AZSTARYS acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; risks related to future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, and our ability to service those markets; our ability to obtain reimbursement and third-party payor contracts for our products; the rate and degree of market acceptance of our products; the costs of commercialization activities, including marketing, sales and distribution; changing market conditions for our


products; the outcome of any patent infringement or other litigation that may be brought by or against us; the outcome of any governmental investigation related to our business; our ability to secure adequate supplies of active pharmaceutical ingredient for each of our products and manufacture adequate supplies of commercially saleable inventory; our ability to obtain funding for our operations and business development; regulatory developments in the U.S.; our expectations regarding our ability to obtain and maintain sufficient intellectual property protection for our products; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Agency compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenues, capital requirements and need for additional financing. These and other risks are described under the heading "Risk Factors" in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

Investor Contacts:
Ian Karp
Head of Investor Relations
ir@collegiumpharma.com

Danielle Jesse
Director, Investor Relations
ir@collegiumpharma.com

Media Contact:
Jessica Cotrone
Senior Vice President, Communications & Corporate Affairs
communications@collegiumpharma.com


Collegium Pharmaceutical, Inc.
Unaudited Selected Consolidated Balance Sheet Information
(in thousands)
March 31,December 31,
20262025
Cash and cash equivalents$268,648 $231,252 
Marketable securities153,105 155,427 
Accounts receivable, net228,762 211,328 
Inventory42,741 40,912 
Prepaid expenses and other current assets32,562 32,642 
Property and equipment, net11,661 12,013 
Operating lease assets3,975 4,187 
Intangible assets, net614,037 669,510 
Restricted cash20,908 20,906 
Deferred tax assets113,567 112,539 
Other noncurrent assets16,064 20,193 
Goodwill145,925 145,925 
Total assets$1,651,955 $1,656,834 
Accounts payable and accrued liabilities$64,976 $73,123 
Accrued rebates, returns and discounts317,691 318,266 
Business combination consideration payable17,565 17,565 
Term notes payable564,348 571,112 
Convertible senior notes238,472 238,213 
Operating lease liabilities5,236 5,539 
Deferred royalty obligation121,634 121,563 
Deferred revenue9,611 9,778 
Shareholders’ equity312,422 301,675 
Total liabilities and shareholders’ equity$1,651,955 $1,656,834 


Collegium Pharmaceutical, Inc.
Unaudited Condensed Statements of Operations
(in thousands, except share and per share amounts)
Three Months Ended March 31,
20262025
Product revenues, net$193,520 $177,757 
Cost of product revenues
Cost of product revenues (excluding intangible asset amortization)20,801 24,960 
Intangible asset amortization55,473 55,473 
Total cost of product revenues76,274 80,433 
Gross profit117,246 97,324 
Operating expenses
Selling, general and administrative86,350 76,423 
Gain on fair value remeasurement of contingent consideration— (786)
Total operating expenses86,350 75,637 
Income from operations30,896 21,687 
Interest expense(15,862)(20,790)
Interest income3,706 2,225 
Income before income taxes18,740 3,122 
Provision for income taxes4,244 705 
Net income$14,496 $2,417 
Earnings per share — basic$0.45 $0.08 
Weighted-average shares — basic32,087,472 31,793,739 
Earnings per share — diluted$0.40 $0.07 
Weighted-average shares — diluted40,065,665 32,840,153 


Collegium Pharmaceutical, Inc.
Reconciliation of GAAP Net Income to Adjusted EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31,
20262025
GAAP net income$14,496 $2,417 
Adjustments:
Interest expense15,862 20,790 
Interest income(3,706)(2,225)
Provision for income taxes4,244 705 
Depreciation463 1,091 
Amortization55,473 55,473 
Stock-based compensation10,880 11,524 
Recognition of step-up basis in inventory— 3,477 
Executive transition expense— 1,397 
Acquisition related expenses6,175 1,289 
Gain on fair value remeasurement of contingent consideration— (786)
Total adjustments$89,391 $92,735 
Adjusted EBITDA$103,887 $95,152 


Collegium Pharmaceutical, Inc.
Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses
(in thousands)
(unaudited)

Three Months Ended March 31,
20262025
GAAP operating expenses$86,350 $75,637 
Adjustments:
Stock-based compensation10,880 11,524 
Executive transition expense— 1,397 
Acquisition related expenses6,175 1,289 
Gain on fair value remeasurement of contingent consideration— (786)
Total adjustments$17,055 $13,424 
Adjusted operating expenses$69,295 $62,213 



Collegium Pharmaceutical, Inc.
Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended March 31,
20262025
GAAP net income$14,496 $2,417 
Adjustments:
Non-cash interest expense819 1,367 
Amortization55,473 55,473 
Stock-based compensation10,880 11,524 
Recognition of step-up basis in inventory— 3,477 
Executive transition expense— 1,397 
Acquisition related expenses6,175 1,289 
Gain on fair value remeasurement of contingent consideration— (786)
Income tax effect of above adjustments (1)(18,629)(18,737)
Total adjustments$54,718 $55,004 
Non-GAAP adjusted net income$69,214 $57,421 
Adjusted weighted-average shares — diluted (2)40,065,665 39,446,458 
Adjusted earnings per share (2)$1.76 $1.49 
(1)The income tax effect of the adjustments was calculated by applying our blended federal and state statutory rate to the items that have a tax effect. The blended federal and state statutory rate for the three months ended March 31, 2026 and 2025 were 24.9% and 25.8%, respectively. As such, the non-GAAP effective tax rates for the three months ended March 31, 2026 and 2025 were 25.4% and 25.4%, respectively.
(2)Adjusted weighted-average shares - diluted were calculated using the “if-converted” method for our convertible notes in accordance with ASC 260, Earnings per Share. As such, adjusted weighted-average shares – diluted includes shares related to the assumed conversion of our convertible notes and the associated cash interest expense is added-back to non-GAAP adjusted net income. For the three months ended March 31, 2026 and 2025, adjusted weighted-average shares – diluted includes 6,606,305 shares attributable to our convertible notes. In addition, adjusted earnings per share includes other potentially dilutive securities to the extent that they are not antidilutive.

Q1 2026 Earnings Report May 7, 2026 | Nasdaq: COLL Healthier people. Stronger communities.

 

Forward-Looking Statements This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this presentation include, among others, statements related to the expected closing of the acquisition of AZSTARYS; the anticipated benefits of the AZSTARYS acquisition, including its impact on Collegium’s ADHD portfolio and commercial strategy; projected financial performance, including expected revenue and adjusted EBITDA, statements related to current and future market opportunities for our products and our assumptions related thereto and other statements that are not historic facts. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the company's current expectations, including risks relating to, among others: our ability to complete the AZSTARYS acquisition on the proposed terms and schedule or at all; the failure (or delay) to receive the required regulatory approvals relating to the AZSTARYS acquisition; risks related to our ability to realize the anticipated benefits of the AZSTARYS acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; risks related to future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, and our ability to service those markets; our ability to obtain reimbursement and third-party payor contracts for our products; the rate and degree of market acceptance of our products; the costs of commercialization activities, including marketing, sales and distribution; changing market conditions for our products; the outcome of any patent infringement or other litigation that may be brought by or against us; the outcome of any governmental investigation related to our business; our ability to secure adequate supplies of active pharmaceutical ingredient for each of our products and manufacture adequate supplies of commercially saleable inventory; our ability to obtain funding for our operations and business development; regulatory developments in the U.S.; our expectations regarding our ability to obtain and maintain sufficient intellectual property protection for our products; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Agency compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenues, capital requirements and need for additional financing. These and other risks are described under the heading "Risk Factors" in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the SEC. Any forward-looking statements that we make in this presentation speak only as of the date of this presentation. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this presentation. Non-GAAP Financial Measures To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliations, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In addition, certain non-GAAP financial measures, primarily Adjusted EBITDA, are used to measure performance when determining components of annual compensation for substantially all non-sales force employees, including senior management. In this presentation, we discuss the following financial measures that are not calculated in accordance with GAAP, to supplement our consolidated financial statements presented on a GAAP basis. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as: • adjusted EBITDA excludes depreciation and amortization, and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; • adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; • adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes; • adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; • we exclude stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; and (ii) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position; • we exclude impairment expenses from adjusted EBITDA and, although these are non-cash expenses, the asset(s) being impaired may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; • we exclude restructuring expenses from adjusted EBITDA. Restructuring expenses primarily include employee severance and contract termination costs that are not related to acquisitions. The amount and/or frequency of these restructuring expenses are not part of our underlying business; • we exclude litigation settlements and contingencies that are subject to recovery from adjusted EBITDA, as well as any applicable income items, credit adjustments, or recoveries due to subsequent changes in estimates. This does not include our legal fees to defend claims, which are expensed as incurred; • we exclude acquisition related expenses as the amount and/or frequency of these expenses are not part of our underlying business. Acquisition related expenses include transaction costs, which primarily consisted of financial advisory, banking, legal, and regulatory fees, and other consulting fees, incurred to complete the acquisition, employee-related expenses (severance cost and benefits) for terminated employees after the acquisition, legal defense expenses for specific acquired claims that relate to acts that occurred prior to our acquisition, and miscellaneous other acquisition related expenses incurred; • we exclude recognition of the step-up basis in inventory from acquisitions (i.e., the adjustment to record inventory from historic cost to fair value at acquisition) as the adjustment does not reflect the ongoing expense associated with sale of our products as part of our underlying business; • we exclude losses on extinguishments of debt as these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; • we exclude executive transition expenses from adjusted EBITDA as the amount and/or frequency of these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; and • we exclude other expenses, from time to time, that are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis. Adjusted Operating Expenses Adjusted operating expenses is a non-GAAP financial measure that represents GAAP operating expenses adjusted to exclude stock-based compensation expense, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted Net Income and Adjusted Earnings Per Share Adjusted net income is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude significant income and expense items that are non-cash or not indicative of ongoing operations, including consideration of the tax effect of the adjustments. Adjusted earnings per share is a non-GAAP financial measure that represents adjusted net income per share. Adjusted weighted-average shares - diluted is calculated in accordance with the treasury stock, if-converted, or contingently issuable accounting methods, depending on the nature of the security. Reconciliations of adjusted EBITDA to the most directly comparable GAAP financial measures are included in this presentation. The Company has not provided a reconciliation of its full-year 2026 guidance for adjusted EBITDA to the most directly comparable forward-looking GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, because the Company is unable to predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition related expenses, and litigation settlements. These items are uncertain and depend on various factors that are outside of the Company’s control or cannot be reasonably predicted. While the Company is unable to address the probable significance of these items, they could have a material impact on GAAP net income and operating expenses for the guidance period. A reconciliation of adjusted EBITDA would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. 2

 

Business Update Vikram Karnani President & Chief Executive Officer

 

4 Building a Leading, Diversified Biopharmaceutical Company 1. This financial data represents the midpoint of 2026 financial guidance ranges provided by Collegium in its press release on Form 8-K filed with the SEC on May 7, 2026. Financial guidance does not include the impact of the proposed acquisition of AZSTARYS. 2. Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2. Healthier people. Stronger communities. $465M 2026 Adjusted EBITDA1,2 $815M 2026 Product Sales1 2 Current focus areas: ADHD & Pain BY THE NUMBERS DIFFERENTIATED MEDICINES 4

 

Recent Business Highlights1 1. Unless otherwise noted, this financial data was provided by Collegium in its press release on Form 8-K and Quarterly Report on Form 10-Q filed with the SEC on May 7, 2026. 2. Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2. 3. Collegium announced the proposed acquisition of AZSTARYS from Corium Therapeutics in its press release on Form 8-K filed with the SEC on March 19, 2026. The acquisition is expected to close in Q2 2026. 4. Net debt/adjusted EBITDA is calculated based on financial data provided by Collegium in its press release on Form 8-K filed with the SEC on March 19, 2026 and Quarterly Report on Form 10-Q filed with the SEC on May 7, 2026. Accelerated Commercial Momentum Pain Portfolio Strategically Deployed Capital to Expand and Diversify Portfolio3 Acquisition to be funded with $350M in cash on hand and $300M delayed draw term loan ~2x net debt to adjusted EBITDA at close of acquisition2,4 Product Revenues, Net Announced proposed acquisition of AZSTARYS from Corium Therapeutics; expands ADHD portfolio, accelerates growth trajectory, and expected to be immediately accretive to adjusted EBITDA2 $178M $194M Q1'25 Q1'26 +36% YoY growth in Q1’26 net revenue +4% YoY growth in Q1’26 net revenue Achieved Top-and Bottom-line Growth +9% Adjusted EBITDA2 $95M $104M Q1'25 Q1'26 +9% 5

 

Drive further growth for JORNAY PM 6 Strategic Priorities to Drive Value Creation ✓ Grows revenue ✓ Extends longevity ✓ Increases profitability ✓ Generates robust cash flows ✓ Diversifies portfolio ✓ Strengthens balance sheet VALUE CREATION 2026 Strategic Priorities Maximize the durability of the Pain Portfolio Strategically deploy capital • Business development • Debt repayment • Share repurchases 6

 

Commercial Update Scott Dreyer Executive Vice President & Chief Commercial Officer

 

Product Differentiation and Strong Brand Fundamentals Drive Utilization1 1. ATU (Awareness, Trial, & Usage) Market Research Study, completed Q1 2026. #1 highest rated branded ADHD medicine in terms of product differentiation ~70% of surveyed HCPs plan to increase prescribing (highest among all other branded ADHD medicines) >70% of HCPs will honor a patient/caregiver request to try JORNAY PM ~67% unaided recall of JORNAY PM, a significant improvement from Q2’25 #1 highest rated company in terms of reputation in ADHD 8

 

Fastest Growing Stimulant for Treatment of ADHD Q1'25 Q1'26 GROWTH IN QUARTERLY PRESCRIPTIONS1 +14% 181K 206K Q1'25 Q1'26 STRONG AND GROWING PRESCRIBER BASE2 +17% 25K 30K MARKET SHARE IN BRANDED LONG-ACTING METHYLPHENIDATE MARKET1 Q1'25 Q1'26 20% 26% +5.8 Percentage Points 1. IQVIA NPA through March 2026. 2. IQVIA Xponent through March 2026. Graph represents approximate quarterly prescriber counts rounded to thousands whereas growth rate is calculated based on the unrounded approximate quarterly prescriber counts. 9

 

Highly Complementary Addition to ADHD Portfolio1 1. ATU (Awareness, Trial, & Usage) Market Research Study, completed Q1 2026. Dual immediate and long-acting profile First and only ADHD treatment with both fast and long-acting medicines in one capsule Treatment option for patients in need of rapid onset of efficacy and duration throughout the day Considered highly differentiated by HCPs Viewed as highly favorable amongst HCPs Of HCPs surveyed, ~54% plan to increase prescribing of AZSTARYS ~70% of HCPs indicated that if a patient/caregiver requests AZSTARYS they typically fulfill that request 10

 

Driving Accelerated Growth for ADHD Portfolio1 1. Collegium announced the proposed acquisition of AZSTARYS from Corium Therapeutics in its press release on Form 8-K filed with the SEC on March 19, 2026. The acquisition is expected to close in Q2 2026. • Increase awareness and adoption with expanded set of prescribers • Raise caregiver and patient awareness to drive HCP request • Increase depth of prescribing with targeted physicians • Successfully integrate AZSTARYS into portfolio • Accelerate growth trajectory by leveraging established commercial infrastructure and expertise • Evaluate opportunities to drive operational efficiencies Maintain broad patient access 11

 

12 Well Positioned to Maximize Durability of Responsible Pain Management Portfolio 1. This financial data was provided by Collegium in its press release on Form 8-K and Quarterly Report on Form 10-Q filed with the SEC on May 7, 2026. 2. ATU (Awareness, Trial, & Usage) Market Research Study, fielded Q4 2022. #1 highest rated branded ER opioid in terms of product differentiation and favorability 74% of surveyed target HCPs plan to increase prescribing STRONG BRAND FUNDAMENTALS2 #1 highest rated ER oxycodone in terms of product differentiation and favorability 48% of surveyed target HCPs plan to increase prescribing SUCCESSFUL COMMERCIAL EXECUTION1 $50.8M Q1’26 revenue $52.6M Q1’26 revenue 12

 

Financial Highlights Colleen Tupper Executive Vice President & Chief Financial Officer

 

Q1’26 Financial Highlights1 14 1. This financial data was provided by Collegium in its press release on Form 8-K and Quarterly Report on Form 10-Q filed with the SEC on May 7, 2026. 2. Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2. Product Revenues, Net $178M $194M Q1'25 Q1'26 +9% Adjusted Operating Expenses2 $62M $69M Q1'25 Q1'26 Adjusted EBITDA2 $95M $104M Q1'25 Q1'26 +11% +9% 14

 

TIMING: Expected to close in Q2 2026 AZSTARYS Acquisition Transaction and Financial Details1 1. Unless otherwise noted, based on financial data provided by Collegium in its press release on Form 8-K filed with the SEC on March 19, 2026 announcing the proposed acquisition of AZSTARYS from Corium Therapeutics. The acquisition is expected to close in Q2 2026. 2. Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2. 3. Net debt/adjusted EBITDA is calculated based on financial data provided by Collegium in its press release on Form 8-K filed with the SEC on March 19, 2026, and Quarterly Report on Form 10-Q filed with the SEC on May 7, 2026. Funding for Acquisition • $350 million cash on hand • $300 million delayed draw term loan • $650 million in cash • Up to $135 million in potential milestone payments contingent on future commercial and manufacturing milestones Purchase Price • Net debt to adjusted EBITDA2,3 expected to be approximately 2x at deal close • Expect to rapidly pay down debt from future cash from operations Capital Impact • Immediately accretive to adjusted EBITDA2 – >$50 million in expected second half 2026 pro forma revenue – >$50 million in expected annual run rate synergies to be achieved within 12 months of close • Extends revenues through 2037 Financial Impact 15

 

2026 Guidance Range2 YoY Change3 Product Revenues, Net $805 – 825M +4% JORNAY PM Revenue, Net $190 – 200M +31% Adjusted EBITDA1 $455 – 475M +1% 2026 Financial Guidance 1. Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2. 2. This financial data was provided by Collegium in its press release on Form 8-K filed with the SEC on May 7, 2026, and does not include the impact of the AZSTARYS acquisition. 3. This financial data is calculated based on data provided by Collegium in its press release on Form 8-K filed with the SEC on May 7, 2026, and Annual Report on Form 10-K filed with the SEC on February 26, 2026. The estimated year- over-year change represents the mid-point of 2026 financial guidance ranges compared to 2025 financial results. 16

 

Disciplined Capital Deployment 17 1. Collegium announced the proposed acquisition of AZSTARYS from Corium Therapeutics in its press release on Form 8-K filed with the SEC on March 19, 2026. The acquisition is expected to close in Q2 2026. 2. Adjusted EBITDA is a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2. Net debt/adjusted EBITDA is calculated based on financial data provided by Collegium in its press release on Form 8-K filed with the SEC on March 19, 2026 and Quarterly Report on Form 10-Q filed with the SEC on May 7, 2026. 3. This financial data was provided by Collegium in its Annual Reports on Form 10-K filed with the SEC on February 22, 2024, February 27, 2025, and February 26, 2026. EXPAND PORTFOLIO THROUGH BUSINESS DEVELOPMENT • Acquisition of Ironshore added lead growth driver, JORNAY PM, new sales force in neuropsychiatry & pediatrics, and new platform for growth in ADHD • Proposed acquisition of AZSTARYS adds complementary ADHD medicine expected to leverage established commercial infrastructure, and further expand & diversify portfolio1 OPPORTUNISTICALLY LEVERAGE SHARE REPURCHASE PROGRAM3 • Returned $222M of value to shareholders since 2021 • $150M share repurchase program authorized by Board through December 2026 DISCIPLINED DEBT MANAGEMENT • Successfully closed $980M syndicated credit facility, improving interest rate & debt terms, providing flexibility for potential business development opportunities • <1x net debt to adjusted EBITDA as of March 31, 20262 • ~2x net debt to adjusted EBITDA at deal close1,2 17

 

Closing Remarks Vikram Karnani President & Chief Executive Officer

 

Creating Value for Shareholders 19 2026 STRATEGIC PRIORITIES VALUE CREATION 1. Drive significant growth for JORNAY PM 2. Maximize the durability of the Pain Portfolio 3. Strategically deploy capital • Business Development • Debt repayment • Share repurchases Grow Revenues Extend longevity Increase profitability Generate robust cash flows Diversify portfolio Strengthen balance sheet 19

 

20 Healthier people. Stronger communities. Building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. 20

 

Non-GAAP Reconciliations

 

Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands, unaudited) 2026 2025 GAAP net income 14,496$ 2,417$ Adjustments: Interest expense 15,862 20,790 Interest income (3,706) (2,225) Provision for income taxes 4,244 705 Depreciation 463 1,091 Amortization 55,473 55,473 Stock-based compensation 10,880 11,524 Recognition of step-up basis in inventory — 3,477 Executive transition expense — 1,397 Acquisition related expenses 6,175 1,289 Gain on fair value remeasurement of contingent consideration — (786) Total adjustments 89,391$ 92,735$ Adjusted EBITDA 103,887$ 95,152$ Three Months Ended March 31,

 

Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses (in thousands, unaudited) 2026 2025 GAAP operating expenses 86,350$ 75,637$ Adjustments: Stock-based compensation 10,880 11,524 Executive transition expense — 1,397 Acquisition related expenses 6,175 1,289 Gain on fair value remeasurement of contingent consideration — (786) Total adjustments 17,055$ 13,424$ Adjusted operating expenses 69,295$ 62,213$ Three Months Ended March 31,

 

Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share (in thousands, except share and per share amounts, unaudited) 1. The income tax effect of the adjustments was calculated by applying our blended federal and state statutory rate to the items that have a tax effect. The blended federal and state statutory rate for the three months ended March 31, 2026 and 2025 were 24.9% and 25.8%, respectively. As such, the non-GAAP effective tax rates for the three months ended March 31, 2026 and 2025 were 25.4% and 25.4%, respectively. 2. Adjusted weighted-average shares - diluted were calculated using the “if-converted” method for our convertible notes in accordance with ASC 260, Earnings per Share. As such, adjusted weighted-average shares – diluted includes shares related to the assumed conversion of our convertible notes and the associated cash interest expense is added-back to non-GAAP adjusted net income. For the three months ended March 31, 2026 and 2025, adjusted weighted-average shares – diluted includes 6,606,305 shares attributable to our convertible notes. In addition, adjusted earnings per share includes other potentially dilutive securities to the extent that they are not antidilutive. 2026 2025 GAAP net income 14,496$ 2,417$ Adjustments: Non-cash interest expense 819 1,367 Amortization 55,473 55,473 Stock-based compensation 10,880 11,524 Recognition of step-up basis in inventory — 3,477 Executive transition expense — 1,397 Acquisition related expenses 6,175 1,289 Gain on fair value remeasurement of contingent consideration — (786) Income tax effect of above adjustments (1) (18,629) (18,737) Total adjustments 54,718$ 55,004$ Non-GAAP adjusted net income 69,214$ 57,421$ Adjusted weighted-average shares — diluted (2) 40,065,665 39,446,458 Adjusted earnings per share (2) 1.76$ 1.49$ Three Months Ended March 31,

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Collegium Pharmaceutical (COLL) perform financially in Q1 2026?

Collegium reported product revenues, net of $193.5 million in Q1 2026, a 9% year-over-year increase. GAAP net income was $14.5 million, while adjusted EBITDA reached $103.9 million, also up 9%, reflecting solid profitability alongside revenue growth.

How fast is Collegium’s JORNAY PM ADHD franchise growing?

JORNAY PM generated $38.9 million in net revenue in Q1 2026, up 36% year-over-year. Prescriptions exceeded 206,000, a 14% increase, and approximately 30,000 healthcare providers prescribed the product, up 17%, underscoring strong adoption and expanding prescriber and patient reach.

What were Collegium’s key non-GAAP results for Q1 2026?

Non-GAAP adjusted net income was $69.2 million with adjusted earnings per share of $1.76 in Q1 2026. Adjusted EBITDA reached $103.9 million, up 9% year-over-year, while adjusted operating expenses were $69.3 million, reflecting disciplined cost management alongside growth investments.

What 2026 financial guidance has Collegium Pharmaceutical reaffirmed?

For full-year 2026, Collegium reaffirmed guidance for product revenues, net of $805–$825 million, JORNAY PM revenue, net of $190–$200 million, and adjusted EBITDA of $455–$475 million. These targets apply to the current business and exclude any impact from the planned AZSTARYS acquisition.

What are the terms of Collegium’s planned AZSTARYS acquisition?

Collegium plans to acquire AZSTARYS from Corium Therapeutics for $650 million in cash plus up to $135 million in contingent milestone payments. The deal is expected to close in Q2 2026 and be immediately accretive to adjusted EBITDA, broadening the company’s ADHD portfolio.

How strong is Collegium’s balance sheet and cash generation?

Collegium ended Q1 2026 with $421.8 million in cash, cash equivalents and marketable securities. The company generated $57.1 million in cash from operations during the quarter, supporting continued investment, planned AZSTARYS funding, and its broader capital deployment strategy.

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