Collegium Pharmaceutical, Inc.

Greetings, and welcome to the Collegium Pharmaceutical first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during this conference, please press star zero on your telephone keypad. Please note that 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 so much, and welcome to Collegium Pharmaceutical's first quarter 2026 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 Harbors Provision of the Private Securities 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 first quarter 2026 earnings call. At Collegium, we are building a leading diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. In the first quarter, we made meaningful progress on our 2026 strategic priorities and took an important step forward with the proposed acquisition of Astaris, a differentiated commercial ADHD treatment for people six years and older. The addition of Astaris accelerates our growth trajectory by strengthening our position in ADHD, complementing Journey PM, and extending revenues into the late 2030s. This strategic acquisition reinforces our longstanding commitment to improving patient care while delivering long-term shareholder value. In the first quarter, we also made meaningful progress on our other 2026 strategic priorities, driving additional growth for Journey, and continuing to enhance the durability of our pain portfolio. For our journey, we delivered continued strong growth across prescriptions, prescribers, and market share. Prescriber adoption reached another all-time high this quarter, reflecting the positive impact of our sales and marketing investments. We also delivered another solid quarter for our pain portfolio, with total pain portfolio net revenues growing 4% year-over-year, driven by growth from both Belbuca and Xtensa ER. Steady cash flow generation from our Payne portfolio continues to provide a strong financial foundation that supports our disciplined approach to capital deployment and business development. We are off to a strong start in 2026 and remain well positioned to continue executing against our strategy and deliver long-term value for our shareholders. In the first quarter, we demonstrated strong execution across our entire portfolio. Journée prescriptions grew by 14% year-over-year and generated $38.9 million in net revenue, up 36% year-over-year. Our pain portfolio generated $154.6 million in net revenue, up 4% year-over-year, reinforcing our confidence in its continued durability. We achieved both top and bottom-line growth, with total net product revenues up 9% and adjusted EBITDA up 9% year-over-year. In addition, we generated more than $57.1 million in cash from operations and ended the quarter with over $421.8 million in cash, up $35 million from the end of 2025. With a clear focus towards the future, we also successfully executed a key element of our capital deployment strategy, announcing the proposed acquisition of Astaris in March. As mentioned, This acquisition will add a differentiated and highly complementary medicine to our existing portfolio, strengthening our position in ADHD. We believe Astaris has significant future growth potential, and we plan to leverage our established commercial infrastructure and expertise to maximize its performance. The acquisition is expected to strengthen our ADHD portfolio, broaden our revenue base, support margin expansion, and extend the longevity of our portfolio with with patent protection through December 2037. The required waiting period under the Hart-Scott-Rodino Act has now expired, and we remain on track to close in the second quarter of this year. Turning now to other recent corporate updates. In the first quarter, our partner, Hikma Pharmaceuticals, launched authorized genetic versions of both Nucinta and Nucinta ER. Our authorized genetic agreement with Hikma supports our strategy to maximize the life cycle of our pain portfolio while maintaining patient access. This agreement provides us with a significant profit share, positioning us to compete effectively with potential third-party generics. In March, we launched our Embrace Your Sparkle campaign with Paris Hilton, who was treated with Jornet to help manage her ADHD symptoms. This campaign aims to encourage broader understanding and open dialogues about ADHD. Together, we are reframing common stereotypes and highlighting experiences that are often part of living with ADHD, including the importance of talking to a doctor and finding an individualized treatment plan. In February, we announced a new partnership with Boston Legacy Football Club, a member of the National Women's Soccer League. Aligned with our commitment to healthier people, stronger communities, we are sponsoring a sensory room, that will be available at every home game this season to help create an inclusive experience for all fans. In partnership with the organization known as Children and Adults with Attention Deficit Hyperactivity Disorder, also known as CHAD, we are designing this room to support comfort and regulation for fans who may need a break from the visual and auditory stimulation of a match day experience, helping ensure a positive and inclusive guest experience. More recently in April, we announced updates to our board of directors. Dr. John Fallon will retire from our board at our annual meeting of shareholders on May 14th. We thank Dr. Fallon for his years of service to our company, board, and shareholders. In addition, Michael Donovan has been nominated to join our board and his nomination will be presented for shareholder approval at the 2026 annual meeting. Mr. Donovan most recently served as an audit partner at Ernst & Young, where he has held several leadership roles. He brings financial expertise gained from over 36 years of extensive business, accounting, and financial experience serving public and private companies in the life sciences industry. Finally, we remain dedicated to our commitment to leading with science. In the first quarter, we presented real-world data highlighting our ADHD and responsible pain medicines at the American Professional Society of ADHD and Related Disorders, and PainConnect. These are important meetings for scientific exchange, and it was encouraging to see our medicines highlighted. As we look ahead to the rest of the year, we remain focused on three key priorities. First, we will continue to drive growth for Journée. In 2026, we expect to deliver 190 to 200 million in revenue, an increase of 31% at the midpoint of our guidance range. As Scott will touch on later, we are seeing the positive impact of the sales and marketing investments we made in 2025 to raise awareness of journey and drive growth. Second, we will continue to maximize the durability of our pain portfolio. Our pain medicines generate significant revenues and cash flows that will continue to support our future aspirations. And third, we remain committed to executing our capital deployment strategy, which balances business development, debt repayment, and opportunistic share repurchases. In the near term, we are focused on closing and then seamlessly integrating Astaris into our product portfolio, further accelerating our growth trajectory and increasing our impact within the broader ADHD community. We are confident that we can achieve our strategic priorities and remain well positioned for growth as we work to help improve the lives of patients and create long-term value for our shareholders. With that, I will turn it over to Scott to discuss commercial highlights.