Collegium Pharmaceutical Inc.: NDR Takes: ADHD Portfolio Positioned for Strong Growth; Valuation Remains Cheap – Reit OW

Research evidence excerpt

Collegium Pharmaceutical Inc.: NDR Takes: ADHD Portfolio Positioned for Strong Growth; Valuation Remains Cheap – Reit OW

Equity Research

U.S. Specialty Pharmaceuticals

30 June 2026

Collegium Pharmaceutical Inc.

NDR Takes: ADHD Portfolio

Positioned for Strong Growth;

COLL OVERWEIGHTValuation Remains Cheap – Reit

U.S. Specialty NEUTRAL PharmaceuticalsOW Price Target USD 56.00

Price (29-Jun-26) USD 35.98

We hosted COLL (CEO, CFO, IR) for a virtual NDR and were Potential Upside/Downside +55.6%

encouraged by positive discussion around the ADHD portfolio Source: Bloomberg, Barclays Research

& the co's ability to drive a meaningful re-acceleration in

Azstarys volumes following a period of under investment by Jenna Davidner

the prior owner. Reit OW. +1 212 526 4525

jenna.davidner@barclays.com

BCI, US

Virtual meetings reinforce our conviction that COLL remains undervalued at <5x our C27

Glen Santangelo

adj EBITDA: execution around high-growth ADHD portfolio key catalyst to drive a multiple- +1 212 526 7364

rating. Last week, we hosted the company's CEO, CFO and IR for a virtual NDR and came away glen.santangelo@barclays.com

with increased confidence around the ADHD growth outlook, which was the primary focus of the BCI, US

discussions following the recent Azstarys deal. Broad based takeaways from the meetings are: 1)

Peter Warendorf

ADHD diversification and growth outlook is underappreciated in the valuation, 2) the core pain +1 212 526 3891

business is durable with potential for upside related to the Belbuca LOE in FY27 and 3) the peter.warendorf@barclays.com

balance sheet is only 2x levered post Azstarys, and sizable cash generation allows management BCI, US

to remain flexible around its capital allocation priorities (rapid debt paydown, returning cash to

Sneha Muthe