Collegium Announces Fourth Quarter and Full Year 2022 Preliminary Financial Results -Results at or above high-end of 2022 earnings guidance- -Final fourth quarter and full year 2022 financial results to be announced afte

Collegium Announces Fourth Quarter and Full

Year 2022 Preliminary Financial Results

-Results at or above high-end of 2022 earnings

-Final fourth quarter and full year 2022 financial

results to be announced after market closes on Thursday, February 23-

STOUGHTON, Mass., February 6, 2023 -- Collegium

Pharmaceutical, Inc. (Nasdaq: COLL), a leading, diversified specialty pharmaceutical company, today announced preliminary, unaudited financial

results for the fourth quarter and full year ended December 31, 2022.

"2022 was a pivotal year for Collegium Pharmaceutical.

We estimate fourth quarter and full year 2022 GAAP operating expenses in the range of $38.4 million to $43.4 million and in the range

of $176.5 million to $181.5 million, respectively, and we estimate fourth quarter and full year 2022 product revenues, adjusted operating

expenses and adjusted EBITDA at or above the high-end of 2022 earnings guidance," said Joe Ciaffoni, President and Chief Executive

Officer of Collegium. "We look forward to providing full year 2022 results on our fourth quarter earnings call."

Fourth Quarter and Full Year 2022 Preliminary

Preliminary 2022 Financial Results

The preliminary, unaudited financial results included in this press

release are based on information available as of February 6, 2023 and management's initial review of operations for the fourth quarter

and year ended December 31, 2022. They remain subject to change based on management's ongoing review of the fourth-quarter and full year

results and are forward-looking statements. We assume no obligation to update these statements. The actual results remain subject to the

completion of management's and our audit committee's reviews and our other financial closing procedures, as well as the completion

of the preparation of our audited consolidated financial results for the year ended December 31, 2022. During that process, we may

identify items that would require us to make adjustments, which may be material, to the information presented in this press release. While

we do not expect that our actual results for the year ended December 31, 2022 will vary materially from the preliminary, unaudited financial

results presented in this press release, there can be no assurance that these estimates will be realized. Actual results may be materially

different and are affected by the risk factors and uncertainties identified in this press release and in our annual and quarterly filings

with the Securities and Exchange Commission ("SEC").

These preliminary, unaudited results should be read in

conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our

consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year

ended December 31, 2021 and our Quarterly Report on Form 10-Q for the period ended September 30, 2022, which

have been filed with the SEC. The preliminary, unaudited financial information presented herein should not be considered a

substitute for the financial information to be filed with the SEC in our Annual Report on Form 10-K for the year ended

December 31, 2022 once it becomes available.

Non-GAAP Financial Measures

We have included information about certain non-GAAP financial measures

in this press release. We use these non-GAAP financial measures to understand, manage and evaluate our business as we believe they provide

additional information on the performance of our business. We believe that the presentation of these non-GAAP financial measures, taken

in conjunction with our results under GAAP, provide analysts, investors, lenders and other third parties insight into our view and assessment

of our ongoing operating performance. In addition, we believe that the presentation of these non-GAAP financial measures, when viewed

with our results under GAAP and the accompanying reconciliations, where applicable, provide supplementary information that may be useful

to analysts, investors, lenders, and other third parties in assessing our performance and results from period to period. We report these

non-GAAP financial measures to portray the results of our operations prior to considering certain income statement elements. These non-GAAP

financial measures should be considered in addition to, and not as a substitute for, or superior to, net income or other financial measures

calculated in accordance with GAAP.

In this press release we discuss the following financial measures that

are not calculated in accordance with GAAP.

Adjusted EBITDA is a non-GAAP financial measure that represents GAAP

net income (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 (loss), which is the nearest GAAP equivalent, such as:

Because we have not yet completed our year-end closing

process and because of the forward-looking nature of the estimated adjusted EBITDA ranges presented above for the fourth quarter and year

ended December 31, 2022, we do not have specific quantifications of the amounts that would be required to provide a reconciliation of

net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP to adjusted EBITDA

for the fourth quarter and year ended December 31, 2022. We believe that there is a degree of variability with respect to certain

of the GAAP measures and certain adjustments made to arrive at the relevant non-GAAP measure that precludes us from providing

an accurate preliminary estimate of a GAAP to non-GAAP reconciliation without unreasonable effort or expense. As a result, we

believe that providing estimates of the amounts that would be required to reconcile the ranges of our adjusted EBITDA would imply a degree

of precision that would be confusing or misleading to investors for the reasons identified above.

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.

Set forth below is a reconciliation of operating

expenses, the most directly comparable financial measure calculated and reported in accordance with GAAP, to adjusted operating expenses

for high and low end of the preliminary ranges set forth herein for the three months and year ended December 31, 2022. Our calculation

of adjusted operating expenses may not be comparable to the calculation of similarly titled measures presented by other companies.

Fourth Quarter and Full Year 2022 Financial Results Conference Call

Fourth quarter and full year 2022 financial results

to be announced after market closes on Thursday, February 23, 2023. Following the release of the financials, the Company will host a live

conference call and webcast at 4:30 p.m. ET.

To access the conference call, please dial

(877) 407-8037 (U.S.) or (201) 689-8037 (International) and reference the "Collegium Pharmaceutical Q4 2022 Earnings

Call." An audio webcast will be accessible from the Investors section of the Company's

website: www.collegiumpharma.com. The webcast will be available for replay on the Company's website approximately two

hours after the event.

About Collegium Pharmaceutical, Inc.

Collegium is a diversified, specialty pharmaceutical

company committed to improving the lives of people living with serious medical conditions. Collegium's headquarters are located

in Stoughton, Massachusetts. For more information, please visit the Company's website at www.collegiumpharma.com.

Forward-Looking Statements

This press release 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 press release include, among others, statements related to our fourth quarter and full

year 2022 preliminary financial results, including preliminary 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: risks related to the ability to realize the anticipated benefits of our acquisitions at all or within

the expected time period; unknown liabilities; risks related to future opportunities and plans for our products, including uncertainty

of the expected financial performance of such products; the impact of the COVID-19 pandemic on our ability to conduct our business, reach

our customers, and supply the market with our 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 obtain and maintain regulatory