Product Revenues, Net

$735.0 to $750.0 million

Adjusted Operating Expenses

(Excluding Stock-Based Compensation)

$220.0 to $230.0 million

Adjusted EBITDA

(Excluding Stock-Based Compensation)

$435.0 to $450.0 million

​

Three Months Ended December 31,

​

Years Ended December 31,

​

2024

​

2023

​

2024

​

2023

GAAP net income

$

12,536

​

$

31,940

​

$

69,190

​

$

48,155

Adjustments:

​

​

​

​

​

​

​

​

​

​

​

Non-cash interest expense

​

4,664

​

​

1,963

​

​

9,729

​

​

8,635

Loss on extinguishment of debt

​

—

​

​

—

​

​

11,329

​

​

23,504

Amortization

​

55,471

​

​

34,514

​

​

165,304

​

​

145,760

Stock-based compensation

​

7,596

​

​

7,002

​

​

32,400

​

​

27,136

Litigation settlements

​

—

​

​

—

​

​

—

​

​

8,500

Recognition of step-up basis in inventory

​

3,968

​

​

—

​

​

5,269

​

​

15,116

CEO transition expense

​

—

​

​

—

​

​

3,051

​

​

—

Acquisition related expenses

​

4,443

​

​

—

​

​

24,329

​

​

—

Gain on fair value remeasurement of contingent consideration

​

(2,914)

​

​

—

​

​

(2,914)

​

​

—

Income tax effect of above adjustments ⁽¹⁾

​

(17,245)

​

​

(11,252)

​

​

(62,880)

​

​

(53,526)

Total adjustments

$

55,983

​

$

32,227

​

$

185,617

​

$

175,125

Non-GAAP adjusted net income

$

68,519

​

$

64,167

​

$

254,807

​

$

223,280

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted weighted-average shares — diluted ⁽²⁾

​

40,109,649

​

​

41,279,982

​

​

40,424,180

​

​

41,788,125

Adjusted earnings per share ⁽²⁾

$

1.77

​

$

1.58

​

$

6.45

​

$

5.47

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 our full-year 2025 financial guidance, including projected product revenue, adjusted operating expenses and adjusted EBITDA, current and future market opportunities for our products and our assumptions related thereto, expectations (financial or otherwise) and intentions, and other statements that are not historical 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: unknown liabilities; 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, or DEA, compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenue, 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 from adjusted EBITDA, as well as any applicable income items or credit adjustments 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, 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; 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 and adjusted operating expenses to the most directly comparable GAAP financial measures are included in this presentation. The Company has not provided a reconciliation of its full-year 2025 guidance for adjusted EBITDA or adjusted operating expenses 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 expense 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 or adjusted operating expenses would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors.

Business Update Vikram Karnani, President & Chief Executive Officer

4 Successful Track Record in Building a Leading, Diversified Biopharmaceutical Company Strong Commercial Execution Robust Financial Results Strategic Capital Deployment Adjusted EBITDA4 $197M Share repurchases conducted since inception3 $1.6B Invested in business development to date5 $277M1 $464M2 $567M2 $631M3 2021 2022 2023 2024 Product Revenues, Net $118M1 $266M2 $367M2 $401M3 2021 2022 2023 2024 1. This financial data was provided by Collegium in its Annual Report on Form 10-K filed with the SEC on February 23, 2023. 2. This financial data was provided by Collegium in its Annual Report on Form 10-K filed with the SEC on February 22, 2024. 3. This financial data was provided by Collegium in its Annual Report on Form 10-K filed with the SEC on February 27, 2025. 4. Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2. 5. Represents the sum of the purchase price consideration paid for the Nucynta Acquisition in 2020, the BDSI Acquisition in 2022, and the upfront cash paid to complete the Ironshore acquisition in 2024 as disclosed on Annual Report on Form 10-K filed with the SEC on February 25, 2021, Annual Report on Form 10-K filed with the SEC on February 23, 2023, and Form 8-K filed with the SEC on September 4, 2024, respectively.

138K 160K 178K Q4'23 Q3'24 Q4'24 10 Jornay PM Generated Significant Growth in 2024 Marked by Acceleration Under Collegium’s Ownership STRONG AND GROWING PRESCRIBER BASE2 ACCELERATION IN QUARTERLY PRESCRIPTIONS1 16K 17K 18K 19K 21K 21K 23K 24K Q1'23Q2'23Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24 +26% +11% 1. IQVIA NPA through December 2024. 2. IQVIA Xponent through December 2024; approximate quarterly prescriber counts. SIGNIFICANT GROWTH IN ANNUAL PRESCRIPTIONS1 With Collegium resources and targeted investment, Jornay PM is poised for significant growth in the ADHD market 37K 144K 207K 309K 487K 636K 2019 2020 2021 2022 2023 2024 +49% +58% +31% +29%