Jeevan Larson

Jeevan Larson inquired about the underlying assumptions for Collegium Pharmaceutical's 2026 Jornay guidance, potential factors for upside, and any competitive developments in the ADHD market that could impact Jornay demand.

Answer

Vikram Karnani, President and CEO, Collegium Pharmaceutical, stated that 2026 Jornay growth is expected to be driven by demand, with stable gross to nets. He also noted no material competitive changes or future launches expected to impact Jornay, emphasizing its differentiated delivery technology.

Jeevan Larson (Truist Securities) inquired about the underlying assumptions for Collegium Pharmaceutical's 2026 Jornay guidance, including potential upside factors, and asked about any competitive developments in the ADHD market that could affect Jornay demand.

Answer

Vikram Karnani, President and CEO, explained that 2026 Jornay growth is expected to be driven by demand, with stable gross to nets. He also noted no material competitive changes or future launches are anticipated to impact Jornay demand, emphasizing its differentiated profile.

On behalf of Les Sulewski, Jeevan Larson of Truist Securities asked about potential disruptions to the Cortrophin market, specifically inquiring about the threat from synthetic versions or other competitors.

Answer

Executive Nikhil Lalwani responded that the ACTH market is in a strong growth phase, with patient numbers still well below historical peaks, indicating a large opportunity. He highlighted that 40% of ANI's prescribers are new to the ACTH category, demonstrating market expansion. He also noted that bringing a generic or biosimilar to market is historically difficult and that the competitive landscape is expected to remain a two-player market focused on building awareness.