Collegium Pharmaceutical, Inc.

Greetings and welcome to the Collegium Pharmaceutical Second Quarter 2026 Earnings Conference Call. At this time, all participants are in a 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 that this conference call is being recorded. I will now like to turn the call over to Ian Karp, Head of Investor Relations. Thank you. You may begin.

Great, thanks so much, and welcome to Collegium Pharmaceutical's second quarter 2026 earnings conference call. I'm joined today by Vikram Karnani, our president and chief executive officer, and Colleen Tupper, our chief financial 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 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 second quarter 2026 earnings call. Collegium is a dynamic biopharmaceutical company delivering medicines with formulation and delivery innovation for people living with complex CNS and pain conditions. Today, we have a diversified portfolio of six differentiated medicines, a growing ADHD franchise, and an established pain business that together provide a strong foundation for long-term value creation. We have a demonstrated ability to acquire, integrate, and grow differentiated assets while deploying capital in a disciplined manner. This quarter, we delivered strong results, highlighted by significant progress in our rapidly growing ADHD business. Key achievements included Dornay prescriptions grew by 13.1%, generating $46.1 million in net revenue, up 41% year-over-year. Journey prescribers reached an all-time high with over 30,000 healthcare providers writing Journey prescriptions in the quarter, up 17.6% over Q2 of last year. And importantly, we completed the acquisition of Astaris in May, which now provides us with a differentiated and highly complementary medicine to Journey PM. This latest acquisition further reinforces the strategy we initiated in 2024 to diversify our portfolio beyond responsible pain management and establish a strong presence in the growing ADHD market. The integration of Astaris and product training of our expanded sales force is now complete, and the team is well positioned to further accelerate growth for both medicines ahead of the back-to-school season, which begins later this month. Switching to our pain portfolio, we generated $140.9 million in revenue in this quarter. Bell Buca performed particularly well, with revenues up 10% year-over-year. In addition, we recently secured formulary access to an additional 9 million lives, which goes into effect in the fourth quarter. Offsetting Bell Buca's performance, revenue from the Nuscenta franchise was lower than expected due to pricing for the authorized generic products. Colleen will discuss this financial impact in greater detail. Overall, we achieved both top and bottom line growth with total net product revenues up 6% and adjusted EBITDA up 8% year over year. Turning now to other recent corporate updates, during the quarter, we remain focused on our commitment to leading with science and generated additional clinical evidence supporting our portfolio through multiple medical presentations and publications. Once again, Collegium was recognized by the Boston Business Journal as one of the 2026 best places to work in Massachusetts and named a USA Today Top Workplace for 2026. I'm very proud of the entire team at Collegium for their continued hard work and dedication in support of the patient communities we serve. And finally, we recently announced plans to relocate our corporate headquarters to downtown Boston in the first quarter of 2027 further integrating Collegium into one of the world's leading healthcare and life sciences ecosystems. In the second half of 2026, we are focused on three key strategic priorities, growing our ADHD business, maximizing the value of our pain portfolio, and strategically deploying capital to create long-term shareholder value. Based on the ongoing progress across our ADHD business, and the strategic investments we have made ahead of this year's back-to-school season, we remain confident in our full-year expectations for $190 to $200 million in joint APM revenues and have increased our expectations to $65 to $75 million in partial year of status revenues. For our pain portfolio, we continue to implement strategies to maximize the durability of these revenues which provides a solid base to our business and allows us to invest in our key growth drivers and capital deployment strategy. And finally, executing our disciplined capital deployment strategy remains a core priority as was evidenced by our recent acquisition of Astaris designed to accelerate our growth opportunities. We are encouraged by our momentum heading into the second half of the year and remain confident in our ability to execute against these strategic priorities. Turning now to our commercial highlights. Starting off with our lead growth driver, Jornet PM, a highly differentiated medicine and the only ADHD stimulant that provides all-day symptom control that starts immediately upon awakening. Driven by our targeted investments and enhanced commercial efforts, HCP perceptions of Jornet are very positive, and we have seen that enthusiasm increase. Based on market research conducted in the first quarter of 2026, HCPs had a high favorability rating and again ranked Journet as the number one branded ADHD medicine in terms of product differentiation, with a score significantly higher than all other medicines in the same category. In addition, 70% of HCPs surveyed indicated a strong intent to increase prescribing, which was the highest among all other branded ADHD medicines. HCP awareness of Journet has significantly improved in the last year, Unaided recall among target HCPs increased to 67%, up from 52%, approaching the awareness levels of established brands like Vyvanse and Concerta. Polygium is ranked number one in reputation among pharmaceutical companies specializing in ADHD, and market research indicates that we are focused on the right messages and that our sales force is viewed as highly effective in their deliveries. Jornet continues to be the fastest growing stimulant for the treatment of ADHD. In the second quarter, we saw strong Jornet growth trends in prescriptions, prescribers, and market share. Specifically, we saw Jornet PM prescriptions up 13.1% year over year. We also hit an all-time high for Jornet prescribers in the quarter with over 30,000 healthcare providers writing Jornet prescriptions up 17.6% year over year. We grew our share of the branded long-acting methylphenidates market to 29.2%, up 5.8 percentage points year over year. We saw solid growth across both the pediatric and adult segments. In the pediatric and adolescent segment, which represents about 80% of our business, total prescriptions grew 10.7% year over year. The adult segment, representing about 20% of our total prescriptions, grew 23% year over year. We expect Journée's strong growth trajectory to continue in the second half of the year, further bolstered as we enter the back-to-school season. In addition to growing Journée, we completed the acquisition of Astaris in May, bringing a second highly differentiated ADHD medicine into our portfolio. The acquisition strengthens our ADHD platform in several ways. Market research suggests that Astaris is the second most differentiated stimulant brand Following Journey PM and despite not benefiting from broader commercial investment under its prior owner. It has IP protection through 2037, extending the life cycle of our commercial portfolio. It enables significant cost synergies, allowing us to leverage our existing commercial infrastructure. It is immediately accretive to adjusted EBITDA with a greater impact anticipated in 2027 and beyond. and most importantly, it provides significant potential benefits to patients. Astaris is the first and only ADHD treatment with both fast and long acting medicines in one capsule. Jordan APM and Astaris are highly complementary as they serve different patient types. Jordan APM is for the patient who needs their all day symptom control to start immediately upon awakening. while Astaris is for the patient who needs the flexibility of rapid onset symptom control to last later into the evening. HCP perceptions of Astaris are also very positive. In market research, healthcare professionals rated Astaris highly in terms of product differentiation and brand favorability. We also continue to receive highly positive feedback from both KOLs and community-based physicians regarding the addition of Astaris into the collegium portfolio particularly regarding the opportunity to bring together two best-in-class methylphenidate treatments addressing distinct patient needs. KOLs also view this as an important signal of Collegium's long-term commitment to advancing care in ADHD. Since the close of the Astaris acquisition, we have been focused on rapidly integrating the product into our portfolio. This includes increasing our ADHD sales force to about 190 reps, up from 180 prior to the acquisition and growing our target HCPs to about 27,000, up from 21,000 pre-expansion in 2025. All of our sales representatives are now fully trained and selling both products to all targets ahead of the back-to-school season, which begins later this month. In addition, over the past year, targeted patient and caregiver outreach, particularly through social media platforms, has successfully increased awareness and trial for Journey PM. These commercial tactics will now be deployed for Astaris and represent an additional opportunity to support future growth. We have also been making incremental strategic investments to our medical affairs, market access and regulatory teams to further support and maximize these two growing brands. Ultimately, our goal is to increase awareness and adoption for both products while optimally leveraging our infrastructure and commercial expertise. We are excited by the outlook of our ADHD portfolio and look forward to providing future updates later this year. Turning now to our pain portfolio, our responsible pain management business continues to provide a durable foundation for collegium, generating strong cash flow that supports investment in our growth priorities. Bell Buca continued to perform well during the quarter, with revenues increasing 10% year-over-year, driven by stable prescription demand and improved profitability. Looking ahead, Bell Buca also recently secured formulary access for an additional 9 million lives starting in Q4 of this year. Revenue from Xtamsa declined year over year, reflecting both pressure across the branded long-acting opioid market and an unfavorable comparison to the second quarter of 2025, which benefited from the timing of rebate settlements. Revenue for the Nucinta franchise was lower than expected due to net pricing for the authorized genetic versions of Nucinta and Nucinta ER. As a result, we have updated our full year guidance, which Colleen will discuss in greater detail. Our paying business continues to serve as a strong cash-generating strategic asset, providing financial flexibility to invest in the growth of our ADHD business, execute disciplined business development opportunities, and return capital to our shareholders. I will now hand the call over to Colleen to discuss our financial highlights.