Collegium Pharmaceutical, Inc.

Greetings. Welcome to the Collegium Pharmaceutical fourth quarter and full year 2025 earnings conference call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during this conference call, please press star zero on your telephone keypad. Please note this conference call is being recorded. I'll now turn the call over to Ian Karp, Head of Investor Relations at Collegium. Thank you. You may now begin. Great. Thanks.

Welcome to Collegium Pharmaceuticals' fourth quarter and full year 2025 earnings conference call. I'm joined today by Vikram Karnani, our President and Chief Executive Officer, Colleen Tupper, our Chief Financial Officer, and Scott Dreyer, our Chief Commercial Officer. Before we begin today's call, we want to remind participants that none of the information presented today is intended to be promotional and that any forward-looking statements made today are made pursuant to the safe harbor provision of the Private Security Litigation Reform Act of 1995. We are cautioned that such forward-looking statements involve risks and uncertainties as detailed in the company's periodic reports filed with the Securities and Exchange Commission. Our future results may differ materially from our current expectations discussed today. Our earnings press release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations, on our corporate website. And with that, I'll now turn the call over to our President and CEO, Vikram Karnani.

Thank you, Ian. Good morning, everyone, and thank you for joining our fourth quarter and full year 2025 earnings call. 2025 was a year of transformative growth for Collegium. We delivered robust financial results due to strong commercial execution and deployed capital strategically to support long-term value creation. Importantly, we made meaningful progress on our three strategic priorities, which include driving significant growth for Journée PM, maximizing the durability of our pain portfolio, and strategically deploying capital to further enhance shareholder value. In the fourth quarter, we saw continued momentum for Journée among prescribers and across our key patient populations, including pediatrics, adolescents, and adults. We were encouraged to see that once again, total Journée prescribers reached an all-time high in the quarter which is particularly impressive given that Journey first launched more than six years ago. This growth was supported by a strong back-to-school season, which began in Q3, as well as the positive impact from recent sales and marketing investments made throughout the year. In parallel, our pain portfolio continued to drive significant revenues with meaningful year-over-year growth in the fourth quarter. The continued performance of our pain portfolio enabled us to achieve record levels of both full year total revenues and adjusted EBITDA while generating significant cash flows to fuel our capital deployment strategy. Our dedication to patients and the communities we serve drives us every day, and it is the foundation of our success. And with our achievements comes a significant opportunity and responsibility to further support patients and give back to our communities. Yesterday, we published our 2025 ESG report which highlights the various ways we demonstrate our ongoing commitment to doing good as we do well. I encourage you to view this report now available on our corporate website. I want to thank the entire collegium team for their enduring commitment to operating with integrity and empathy as we deliver on our strategic priorities and serve patients who are at the forefront of everything we do. In 2025, we achieved record top and bottom line results, growing full year net revenues by 24% and adjusted EBITDA by 15%. Strong execution across the enterprise enabled us to achieve our annual financial guidance. In our first full year of Journey ownership, we drove significant growth in both prescriptions and revenue. Journey prescriptions grew by 20% year over year and generated 148.9 million in net revenue, up 48% compared to pro forma 2024 revenue. Our pain portfolio generated 631.7 million in 2025, up 6% year over year with all three of our core pain medicines delivering folio growth. The continued solid performance of our pain portfolio further reinforces our belief that these revenues will prove to be durable in the years ahead. In addition, we generated more than $329 million in cash from operations in 2025 and ended the year with over $386 million in cash, up approximately $224 million from the end of 2024. Our net leverage ratio is now less than one time, which was an ambitious target we set for ourselves earlier in 2025. Finally, we made great progress executing our capital deployment strategies, In December, we announced the closing of a $980 million syndicated credit facility, which significantly improves our interest rate and debt terms and provides additional flexibility as we continue to seek opportunities to expand and diversify our portfolio through BD. The successful closing of our first syndicated credit facility reflects the strength of our financial outlook and demonstrates our commitment to maintaining a strong balance sheet. Earlier in the year, we repurchased 25 million in shares through our share repurchase program, reinforcing the importance of repurchases as an important component of our capital deployment strategy. Turning out now to recent corporate updates, in keeping with our strategy of maximizing the life cycle of our pain portfolio and ensuring our medicines remain accessible to patients, in January, we announced supply and quality agreements with Hikma Pharmaceuticals in connection with our authorized generic agreement for Nusinta and Nusinta ER that was previously announced in 2024. This allows HICMA to launch authorized generics of the Nusinta products. HICMA recently launched an authorized generic of Nusinta and is expected to launch Nusinta ER in Q1, 2026. Our AG agreement provides us with significant profit share positioning us to maximize the value of the Nucinta franchise and compete effectively with third-party generics. We also continued to strengthen the clinical evidence supporting our portfolio, completing four real-world evidence studies for Jordan APM and three across our pain portfolio, generating meaningful new insights for healthcare professionals. We also supported investigator-initiated studies evaluating Jordan APM in adults, and in patients with comorbid psychiatric conditions, helping to expand understanding in patient populations of growing clinical interest. As we enter 2026, we remain focused on our top three priorities mentioned before, with the ultimate goal of improving the lives of patients and driving near and long-term value creation for our shareholders. First, we will build upon the progress we made in driving growth for Journée, In 2025, we accelerated Jornet's growth trajectory, delivering 20% growth in prescriptions and 48% growth in net revenue compared to pro forma 2024. As expected, we are starting to see the tangible benefits from the sales and marketing investments we made in 2025 to raise awareness of Jornet. These efforts included expanding our ADHD sales force and launching new commercial initiatives, which we expect will continue to drive momentum throughout 2026. As reflected in our 2026 guidance, we expect journey revenue of 190 to 200 million, representing more than 30% annual growth. Second, we will continue to maximize the durability of our pain portfolio. In 2025, our pain medicines delivered 6% growth in revenues and generated robust cash flows that enable us to further invest in our business and support our capital deployment strategy. And third, we remain committed to disciplined capital deployment. Our approach balances portfolio expansion and diversification through business development, debt repayment, and opportunistic share repurchases. Our new syndicated credit facility provides additional flexibility to further drive long-term value creation as we work to expand and diversify our portfolio of differentiated medicines. With our proven history of delivering results, we are well positioned for near and long-term growth in 2026 and beyond. Our pain portfolio provides a strong financial foundation from which we continue to invest in our business. That foundation is bolstered by Journey, a differentiated medicine with headroom for further meaningful growth, and that provides an anchor in neuropsychiatry and pediatrics from which we can continue to expand our portfolio. Our track record of successful business development, including our proven ability to rapidly integrate and invest behind newly acquired assets, provides a pathway for long-term value creation. And with that, I will now turn it over to Scott to discuss commercial highlights.