Collegium Reports Record Third Quarter 2024 Financial Results - Generated Record Q3'24 Net Revenue of $159.3 Million, Up 17% Year-over-Year, Driven by Record Belbuca Revenue of $53.2 Million and Record Xtampza ER Revenue

Collegium Reports Record Third Quarter 2024

- Generated Record Q3'24 Net Revenue

of $159.3 Million, Up 17% Year-over-Year, Driven by Record Belbuca Revenue of $53.2 Million and Record Xtampza

ER Revenue of $49.5 Million -

- Achieved Q3'24 GAAP

Net Income of $9.3 Million -

- Delivered Record Q3'24 Adjusted

EBITDA of $105.1 Million, Up 18% Year-over-Year -

- Closed Acquisition of Ironshore

Therapeutics, Establishing Presence in Neurology (ADHD) -

- Appointed Vikram Karnani

as Chief Executive Officer of Collegium -

- Conference Call Scheduled for Today

STOUGHTON, Mass., November 7, 2024 -- Collegium Pharmaceutical,

Inc. (Nasdaq: COLL), a leading, diversified specialty pharmaceutical company committed to improving the lives of people living with serious

medical conditions, today reported its financial results for the quarter ended September 30, 2024, and provided a corporate update.

"Collegium's strong operational execution led to record

quarterly pain portfolio revenue, with 11% year-over-year growth, and enabled our recent acquisition of Ironshore, which expands our presence

into neurology with the addition of Jornay PM ," said Michael Heffernan, Chairman and Interim President and Chief

Executive Officer of Collegium. "We are committed to the seamless integration of Ironshore and maximizing the value of Jornay PM,

which is poised to be our lead growth driver and our first step toward building another therapeutic area of focus. With the appointment

of Vikram Karnani as our new CEO, Collegium is well positioned for its next phase of growth."

"Collegium continues to deliver on our commitment to top- and

bottom- line growth, and we are on track to achieve our financial guidance for the year. The performance of our pain portfolio this quarter,

including record Belbuca and Xtampza ER revenue, coupled with the immediate accretion from Jornay PM, which is expected to deliver pro

forma net revenue in excess of $100 million in 2024, underscores the financial strength of the company," said Colleen Tupper, Chief

Financial Officer of Collegium. "Looking to 2025, we expect to generate record revenue driven by growth in our pain portfolio and

the addition of Jornay PM."

Financial Guidance for 2024

The Company reaffirms its full-year 2024 guidance as updated in September

2024 following the close of the Ironshore acquisition for Product Revenues, Net, Adjusted Operating Expenses and Adjusted EBITDA for its

Financial Results for Quarter Ended September 30, 2024

Conference Call Information

The Company will host a conference call and live audio webcast on Thursday,

November 7, 2024, 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 Q3 2024 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 leading, 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.

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

We may discuss the following financial measures that are not calculated

in accordance with GAAP in our quarterly and annual reports, earnings press releases, and conference calls.

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 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, adjusted operating expenses, adjusted

net income, and adjusted earnings per share to the most directly comparable GAAP financial measures are included in this press release.

The Company has not provided a reconciliation of its full-year 2024

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.

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 full-year 2024 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 successfully integrate the operations of Ironshore

into our organization, and realize the anticipated benefits associated with the acquisition; 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