COLLEGIUM PHARMACEUTICAL Business Summary

Collegium Pharmaceutical, Inc. (COLL) is a specialty biopharmaceutical company that generates revenue through the commercialization of branded, high-barrier medications for chronic pain and central nervous system (CNS) disorders. Its business model leverages proprietary formulation technologies, such as the DETERx platform, to create abuse-deterrent products that command premium pricing and favorable formulary placement. The company’s operations are divided into two primary segments: Pain Management, featuring flagship products Xtampza ER, the Nucynta franchise, and Belbuca; and Neuropsychiatry, which is anchored by the ADHD treatment Jornay PM and the March 2026 acquisition of AZSTARYS. Collegium competes directly with specialty and generic pharmaceutical firms such as Indivior, Jazz Pharmaceuticals, and Teva Pharmaceutical Industries, positioning itself as the market leader in branded abuse-deterrent opioids while aggressively diversifying toward a target of 40% non-opioid revenue by 2027. Founded in 2002 by Michael Heffernan, the company is currently led by President and CEO Vikram Karnani, who joined in late 2024 following a successful tenure as Executive Vice President at Amgen and Horizon Therapeutics. The executive leadership team includes EVP and CFO Colleen Tupper, formerly of Takeda and Shire, and EVP of Strategy and Corporate Development Jane Gonnerman, who also transitioned from Horizon/Amgen. Governance is overseen by Chairman Gino Santini, with a board that includes industry veterans such as Dr. Carlos Paya and Nancy S. Lurker. Collegium’s growth is supported by a robust institutional investor base, with major holdings by BlackRock, The Vanguard Group, and State Street Corporation, reflecting the company’s transition into a high-cash-flow entity focused on strategic capital deployment and portfolio expansion.