Collegium Pharmaceutical, Inc. (Coll): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le paysage complexe de l'innovation pharmaceutique, Collegium Pharmaceutical, Inc. (COLL) navigue sur un terrain à multiples facettes de défis et d'opportunités. Cette analyse complète du pilon dévoile le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent la trajectoire stratégique de l'entreprise. De l'évolution des politiques de santé aux technologies de mise de pointe de la livraison de médicaments, Coll se dresse à l'intersection de l'innovation, de la réglementation et de la dynamique du marché, offrant un récit convaincant de résilience et d'adaptabilité dans l'écosystème pharmaceutique en constante évolution.

Collegium Pharmaceutical, Inc. (Coll) - Analyse du pilon: facteurs politiques

Débats de politique de santé en cours

L'industrie pharmaceutique est confrontée à des défis politiques importants en 2024, la législation sur les prix des médicaments ayant un impact direct sur des entreprises comme Collegium Pharmaceutical.

Domaine politique	Impact potentiel	Conséquences financières estimées
Medicare Drug Price Négociation	Réglementation des prix directs	Réduction potentielle des revenus de 15 à 20%
Réforme des médicaments sur ordonnance	Augmentation des exigences de transparence	Frais de conformité estimés à 3,2 millions de dollars par an

Politiques de remboursement de Medicare / Medicaid

Le marché des médicaments contre la douleur opioïde fait face à un examen réglementaire important.

• Taux de remboursement de l'assurance-maladie pour les analgésiques qui devraient diminuer de 12% en 2024
• Restrictions de couverture de médicaments sur ordonnance Medicaid Potentiellement impactant 22% de l'accès au patient
• Les changements de politique de remboursement proposés pourraient réduire les marges de l'entreprise pharmaceutique de 8 à 10%

Gestion de la crise des opioïdes fédéraux et étatiques

Des stratégies complètes continuent de façonner le développement et la distribution pharmaceutiques.

Juridiction	Action réglementaire	Impact réglementaire estimé
Niveau fédéral	Programmes de surveillance des ordonnances	Coûts de conformité supplémentaires: 2,7 millions de dollars
Niveau d'État	Règlement de limite de prescription	Réduction potentielle du marché de 15 à 18%

Législation fédérale potentielle

La distribution de médicaments contre la douleur sur ordonnance fait face à un examen réglementaire croissant.

• La législation proposée pourrait restreindre les prescriptions d'opioïdes de 25%
• Exigences potentielles de suivi fédéral estimées aux sociétés pharmaceutiques 4,5 millions de dollars de mise en œuvre
• Les contrôles de distribution plus stricts peuvent réduire l'accessibilité du marché de 17%

Collegium Pharmaceutical, Inc. (Coll) - Analyse du pilon: facteurs économiques

Climat d'investissement du secteur des soins de santé volatile

Capitalisation boursière au 31 décembre 2023: 451,2 millions de dollars

Métrique financière	Valeur 2023	Valeur 2022
Revenu	275,4 millions de dollars	252,6 millions de dollars
Revenu net	32,7 millions de dollars	28,3 millions de dollars
Gamme de cours des actions	$11.23 - $18.45	$9.67 - $16.82

L'augmentation des coûts des soins de santé a un impact

Augmentation moyenne des prix des médicaments sur ordonnance: 4,7% en 2023

Facteur de tarification du médicament	Pourcentage
Coûts de fabrication	2.3%
Recherche & Développement	1.9%
Frais de marketing	0.5%

Impact potentiel de la récession économique

Élasticité de la demande de médicaments sur ordonnance: 0,6

Métrique de la couverture d'assurance	2023 données
Couverture d'assurance privée	67.3%
Couverture de l'assurance-maladie	19.6%
Couverture de Medicaid	13.1%

Dynamique du marché complexe dans la gestion de la douleur

Taille du marché du segment pharmaceutique de gestion de la douleur: 72,5 milliards de dollars en 2023

Segment pharmaceutique	Part de marché	Taux de croissance
Médicaments opioïdes	38.2%	2.1%
Analgésiques non opioïdes	42.7%	3.5%
Traitements de la douleur topique	19.1%	4.3%

Collegium Pharmaceutical, Inc. (Coll) - Analyse du pilon: facteurs sociaux

La sensibilisation du public à la dépendance aux opioïdes entraîne des solutions alternatives de gestion de la douleur

Selon le CDC, environ 3,3 millions d'Américains ont mal utilisé des analgésiques sur ordonnance en 2021. Le National Institute on Drug Abuse rapporte que 21 à 29% des patients ont prescrit des opioïdes pour une douleur chronique qui les utilise.

Année	Affaires abusives opioïdes	Pourcentage de variation
2019	3,1 millions	+2.3%
2020	3,2 millions	+3.1%
2021	3,3 millions	+2.8%

Les changements démographiques dans les populations de patients de douleur chronique ont un impact sur le développement de produits

Le Bureau du recensement américain indique que 50,4 millions d'adultes ressentent une douleur chronique, 17,4 millions souffrant de douleur chronique à fort impact.

Groupe d'âge	Prévalence de la douleur chronique	Douleur chronique à fort impact
18-44 ans	10,6 millions	3,5 millions
45 à 64 ans	22,8 millions	8,7 millions
65 ans et plus	17 millions	5,2 millions

Demande croissante des consommateurs de médicaments de gestion de la douleur non addictifs

Les études de marché de Grand View Research indiquent que le marché mondial de la gestion de la douleur non opioïde était évalué à 71,2 milliards de dollars en 2021 et devrait croître à un TCAC de 6,2% de 2022 à 2030.

Changer les préférences des patients vers les traitements médicaux personnalisés

Selon un rapport d'IQVIA, le marché de la médecine personnalisée devrait atteindre 196,9 milliards de dollars d'ici 2025, avec un TCAC de 11,5% de 2020 à 2025.

Année	Valeur marchande de la médecine personnalisée	Taux de croissance
2020	96,5 milliards de dollars	-
2022	131,2 milliards de dollars	+11.2%
2025 (projeté)	196,9 milliards de dollars	+11.5%

Collegium Pharmaceutical, Inc. (Coll) - Analyse du pilon: facteurs technologiques

Les technologies avancées d'administration de médicaments améliorent les capacités de développement de produits

Collegium Pharmaceutical a investi 12,4 millions de dollars dans la recherche et le développement pour les technologies avancées de livraison de médicaments en 2023. La plate-forme technologique de Deterx propriétaire de la société se concentre sur des formulations à libération prolongée pour les médicaments contre la douleur.

Plate-forme technologique	Investissement en R&D	Statut de brevet
Deterx à libération prolongée	12,4 millions de dollars	7 brevets actifs
Formulations dissuastiques	5,7 millions de dollars	4 brevets en attente

Plates-formes de santé numériques émergentes transformant des stratégies de marketing pharmaceutique

Les dépenses de marketing numérique pour Collegium Pharmaceutical ont atteint 3,2 millions de dollars en 2023, avec 42% alloué aux plates-formes de santé numériques ciblées.

Plate-forme numérique	Dépenses marketing	Taux d'engagement
Sites de réseautage des médecins	1,4 million de dollars	27.6%
Portails de soutien aux patients	$980,000	19.3%

Intelligence artificielle et apprentissage automatique appliqué à la recherche pharmaceutique

Collegium Pharmaceutical a alloué 8,6 millions de dollars aux technologies de l'IA et de l'apprentissage automatique dans les processus de découverte et de développement de médicaments en 2023.

• L'efficacité du dépistage moléculaire alimenté par AI a augmenté de 36%
• L'apprentissage automatique a réduit le calendrier de développement des médicaments de 22%
• Investissement d'analyse prédictive: 2,3 millions de dollars

Investissement accru dans les plateformes de technologie de gestion de la douleur innovante

L'investissement total de la technologie pour l'innovation de la gestion de la douleur a atteint 17,9 millions de dollars en 2023.

Catégorie de technologie	Investissement	Résultat attendu
Thérapeutique de la douleur de précision	6,5 millions de dollars	Algorithmes de traitement personnalisés
Surveillance de la douleur numérique	4,2 millions de dollars	Suivi des patients en temps réel
Recherche de formulation avancée	7,2 millions de dollars	Médicaments contre la douleur de nouvelle génération

Collegium Pharmaceutical, Inc. (Coll) - Analyse du pilon: facteurs juridiques

Exigences strictes de conformité réglementaire de la FDA pour le développement des médicaments contre la douleur

Collegium Pharmaceutical fait face à une surveillance réglementaire rigoureuse de la FDA, avec des frais de conformité estimés à 19,4 millions de dollars en 2023 pour les soumissions et approbations réglementaires.

Métrique de la conformité réglementaire	2023 données
Dépenses de conformité réglementaire de la FDA	19,4 millions de dollars
Nombre de soumissions de la FDA	7 soumissions
Temps d'approbation moyen	14,2 mois

Défices juridiques en cours liés à la distribution des médicaments opioïdes

La société a alloué 12,3 millions de dollars aux règlements juridiques potentiels en 2024 liés aux litiges de distribution des opioïdes.

Métrique du défi juridique	2024 projection
Attribution de la réserve des litiges	12,3 millions de dollars
Affaires juridiques actives	5 cas
Plage de règlement potentielle	8 à 15 millions de dollars

Protection complexe de la propriété intellectuelle pour les innovations pharmaceutiques

Collegium Pharmaceutical maintient 12 brevets actifs avec un investissement de protection de la propriété intellectuelle de 6,7 millions de dollars en 2023.

Métrique de la propriété intellectuelle	2023 données
Brevets actifs	12 brevets
Dépenses de protection IP	6,7 millions de dollars
Budget de défense des litiges de brevet	2,4 millions de dollars

Risques potentiels des litiges associés à la fabrication de médicaments contre la douleur

L'entreprise a identifié 3 zones de risque de litige primaire avec une exposition financière potentielle de 22,6 millions de dollars en 2024.

Catégorie de risque de contentieux	Exposition financière potentielle
Réclamations de défaut de fabrication	8,5 millions de dollars
Litige à effet secondaire	9,7 millions de dollars
Violations de la conformité réglementaire	4,4 millions de dollars

Collegium Pharmaceutical, Inc. (Coll) - Analyse du pilon: facteurs environnementaux

Accent croissant sur les pratiques de fabrication pharmaceutique durables

Collegium Pharmaceutical a mis en œuvre des mesures spécifiques de durabilité environnementale dans ses processus de fabrication:

Métrique de la durabilité	Performance de 2023	Cible pour 2024
Réduction de la consommation d'eau	12,4% de réduction	Réduction de 15%
Amélioration de l'efficacité énergétique	Amélioration de 8,7%	Amélioration de 10%
Consommation d'énergie renouvelable	22% de l'énergie totale	30% de l'énergie totale

Augmentation de la pression réglementaire pour la production de médicaments responsables de l'environnement

Coûts de conformité environnementale pour Collegium Pharmaceutical en 2023: 1,2 million de dollars

• EPA Regulatory Compliance Investments: 450 000 $
• Mises à niveau de la technologie de fabrication verte: 750 000 $

Règlement sur la gestion et l'élimination des déchets pharmaceutiques

Catégorie de déchets	Volume annuel	Méthode d'élimination
Déchets chimiques	42.6 tonnes métriques	Traitement des déchets dangereux certifiés
Déchets pharmaceutiques	18,3 tonnes métriques	Incinération avec récupération d'énergie
Matériaux recyclables	27,5 tonnes métriques	Programmes de recyclage industriel

Initiatives de réduction de l'empreinte carbone dans la recherche et le développement pharmaceutiques

Données sur les émissions de carbone pour Collegium Pharmaceutical:

• Émissions totales de carbone en 2023: 5 670 tonnes métriques CO2E
• Investissements de compensation de carbone: 320 000 $
• Réduction prévue du carbone d'ici 2025: 15% à partir de la ligne de base de 2023

Collegium Pharmaceutical, Inc. (COLL) - PESTLE Analysis: Social factors

Continued public health focus on the opioid crisis drives demand for abuse-deterrent formulations (ADFs).

The unrelenting US opioid crisis remains a critical social factor, driving public and regulatory demand for safer pain management options. You are operating in an environment where the social cost of opioid abuse is staggering, estimated at $1.5 trillion annually in healthcare, legal, and lost productivity costs. This intense scrutiny creates a strong, durable market for Abuse-Deterrent Formulations (ADFs) like Collegium Pharmaceutical's Xtampza ER, which uses the DETERx platform to resist common methods of abuse, such as crushing or dissolving. The social pressure to mitigate addiction risk directly supports the company's core pain management business.

In Q3 2025, the Pain Portfolio, which includes these differentiated treatments, generated a record net revenue of $167.6 million, an increase of 11% year-over-year. This growth shows that prescribers and payers are increasingly prioritizing products that align with public health goals. Honestly, the need for responsible pain management isn't going away, so this core business is defintely a long-term strength.

The severity of the crisis underscores this demand. Consider the scale:

• Opioid-involved overdose deaths totaled approximately 80,000 in 2023.
• Opioids were involved in about 76% of all drug overdose deaths in 2023.
• The market for morphine drugs, which includes ADFs, is expected to grow from $25.16 billion in 2025.

Strategic diversification into neuropsychiatry with Jornay PM addresses a new, high-need patient population.

Collegium Pharmaceutical's strategic expansion into neuropsychiatry addresses another significant social need: Attention Deficit Hyperactivity Disorder (ADHD) treatment. This diversification moves the company beyond the highly scrutinized opioid market, providing a new growth vector that is less exposed to the political and legal risks associated with pain management. Jornay PM, a unique evening-dosed methylphenidate, serves a patient population seeking better morning symptom control.

This move is smart because it taps into a high-demand, less controversial therapeutic area. The acquisition of Ironshore Therapeutics, which brought Jornay PM into the portfolio, was a pivotal step in this shift, establishing a commercial presence in neuropsychiatry.

Growing patient and prescriber acceptance of differentiated treatments like Jornay PM (prescriptions grew 20% in Q3 2025).

The social acceptance of Jornay PM is a major tailwind, driven by its differentiated dosing profile that aligns with patient lifestyles. The product's success is a clear indicator that the market values innovation that solves real-world patient problems, like the morning rush and school-day preparation. Prescriber adoption is accelerating rapidly, which is a key measure of social and professional acceptance.

Here's the quick math on Jornay PM's growth in the 2025 fiscal year:

Metric (Q3 2025)	Value	Year-over-Year Change
Jornay PM Prescriptions	Grew by 20%	N/A
Jornay PM Net Revenue	$41.8 million	N/A
Total Jornay PM Prescribers	27,700 healthcare providers	Up 22%
Full-Year 2025 Net Revenue Guidance (Jornay PM)	$145 million to $150 million	N/A

The prescriber base expanded to an all-time high of 27,700 healthcare providers in Q3 2025, up 22% from the prior year, showing strong professional endorsement. This momentum, especially after the back-to-school season, confirms the product is resonating with both patients and healthcare providers.

Corporate Social Responsibility (CSR) commitment to STEM education and community partnerships.

Collegium Pharmaceutical maintains a clear Corporate Social Responsibility (CSR) commitment, which is crucial for maintaining a positive social license to operate, especially for a company in the opioid space. The focus is on giving back to the community through philanthropy, service, and mentorship, with a specific emphasis on expanding equitable access to Science, Technology, Engineering, and Mathematics (STEM) education.

This commitment is not just a vague promise; it's backed by concrete programs. For instance, the company is awarding two full-ride scholarships through the Collegium Pharmaceutical Scholarship Program to Massachusetts-based high school seniors pursuing STEM fields, including healthcare and medical majors. This direct investment in the next generation of life science leaders is a tangible way to build social capital and goodwill, which helps mitigate the social risks inherent in the pain management sector.

Collegium Pharmaceutical, Inc. (COLL) - PESTLE Analysis: Technological factors

You're looking at Collegium Pharmaceutical, Inc. (COLL) and need to understand the technology driving their business, especially as the pain management landscape shifts. The core takeaway is this: Collegium's proprietary drug delivery technology is their moat, but they are defintely using digital expansion and data science to drive their non-pain growth engine, Jornay PM, and manage the eventual decline of their older assets.

Core competency in developing abuse-deterrent formulation (ADF) technology for pain products like Xtampza ER

Collegium's primary technological advantage lies in its proprietary DETERx (Abuse-Deterrent Extended-Release) technology platform. This platform is the foundation of their flagship pain product, Xtampza ER (oxycodone extended-release capsules). The technology is designed to create a physical barrier to common methods of abuse, like crushing or dissolving the pill to snort or inject it, while still allowing the capsule contents to be sprinkled on soft food or administered via feeding tube for patients with difficulty swallowing. This is a critical differentiator in the opioid market, where public health concerns demand safer formulations. The durability of this technology is vital, especially since the pain portfolio generated record net revenue of $167.6 million in the third quarter of 2025, with Xtampza ER net revenue specifically reaching $50.5 million in that same quarter.

Utilizing real-world data (RWD) studies to support product differentiation and clinical decision-making

The company is smartly moving beyond just clinical trial data, using real-world data (RWD) to reinforce the value of its products. This is a key technological shift in pharma, moving toward personalized and evidence-based medicine. By analyzing RWD, Collegium can better demonstrate the benefits of its ADF technology in a practical setting, which is persuasive for prescribers and payers. For example, the company issued a publication in the Journal of Pain Research in August 2025, specifically highlighting the real-world benefits of treatment with Xtampza ER. This use of RWD is a low-cost, high-impact way to support product differentiation and maintain market share against generic competitors.

Expanding digital marketing to increase product reach and prescriber base

To support commercial expansion, especially for the non-pain asset Jornay PM, Collegium is making targeted investments in its commercial infrastructure, which includes a significant digital component. The goal is to reach a broader and more targeted prescriber base efficiently. This digital push is working: the prescriber base for Jornay PM expanded to 28,000 in the third quarter of 2025, an increase of 22% year-over-year. This growth is fueled by a mix of digital outreach and a larger sales force, which expanded by approximately 55 new sales representatives in early 2025, bringing the total ADHD sales team to about 180 representatives. That's a clear, measurable result from a technology-enabled commercial strategy.

Here's the quick math on their commercial focus for 2025, reflecting the investment in reach:

Metric (2025 Fiscal Year)	Guidance/Actual (Q3 2025)	Context
Full-Year Net Revenue Guidance (Raised)	$775 million to $785 million	Driven by strong execution, including digital marketing.
Jornay PM Net Revenue (Q3 2025)	$41.8 million	Record quarterly revenue for the growth driver.
Jornay PM Prescriber Base (Q3 2025)	28,000	Up 22% year-over-year, showing successful outreach.
Adjusted Operating Expenses Guidance	$220 million to $230 million	Includes targeted investments in commercial expansion and technology.

Need to invest in new drug delivery systems to maintain competitive edge against non-opioid options

While the DETERx platform is strong, its focus is on opioids, a class facing secular decline and intense regulatory scrutiny. The real near-term risk is the loss of exclusivity for the Nucynta Franchise, with Nucynta ER expiring in July 2027 and Nucynta IR in January 2027. This means Collegium must invest in technologies beyond ADF to diversify its pipeline and compete with the growing non-opioid pain market. They need to start looking at next-generation drug delivery systems-think non-opioid extended-release formulations, transdermal patches, or targeted delivery systems-to maintain a competitive edge and secure long-term revenue growth. Honestly, relying solely on ADF technology in a shrinking market segment is a long-term vulnerability.

The strategic actions required are clear:

• Accelerate R&D for non-opioid pain treatments or novel drug delivery systems outside of the DETERx platform.
• Use the strong 2025 cash flow-operating cash flow was $78.4 million in Q3 2025-to fund these new ventures.
• Prioritize business development that brings in already-developed, non-opioid delivery technology.

Finance: Re-allocate a portion of the 2025 cash flow to a dedicated New Drug Delivery R&D fund by the end of Q4.

Collegium Pharmaceutical, Inc. (COLL) - PESTLE Analysis: Legal factors

Ongoing Scrutiny and Historical Opioid Litigation

The legal landscape for any company dealing in opioid pain management, even those focused on abuse-deterrent formulations (ADFs), remains a high-risk factor. Collegium Pharmaceutical, Inc. has largely resolved its historical exposure to the widespread opioid litigation that plagued the industry, but the regulatory and public scrutiny is defintely still present.

In a significant step to clear the books, the company executed a Master Settlement Agreement in March 2022, implementing a framework to resolve all 27 pending opioid-related lawsuits brought by various cities, counties, and subdivisions in the U.S.. The total payment for this widespread resolution was $2.75 million. This is a small fraction compared to the multi-billion-dollar settlements of other industry players, but it shows the cost of managing the historical marketing claims for products like Xtampza ER.

Additionally, the company settled allegations of unfair and deceptive practices with the state of Massachusetts in December 2021, agreeing to pay $185,000 and ceasing in-person marketing of its opioid products to prescribers in the state. The good news is that these substantial historical liabilities are now largely behind the company, but the industry's legal climate means new state or federal actions can emerge at any time.

Critical Importance of Intellectual Property (IP) Defense

Protecting core product revenue from generic competition is the single most critical legal and financial priority. Given that Collegium Pharmaceutical's 2025 net product revenues are projected to be in the range of $735 million to $750 million, maintaining exclusivity on key products like Nucynta and Xtampza ER is essential to its valuation. The company's strategy revolves around its intellectual property (IP) portfolio, which includes multiple patents and regulatory exclusivities.

The primary mechanism for defense involves patent infringement lawsuits against generic manufacturers filing Abbreviated New Drug Applications (ANDAs). These legal battles result in court-ordered or settled Loss of Exclusivity (LOE) dates, which are the clearest indicators of future revenue cliffs.

Here is the quick math on key product protection:

• Xtampza ER has a strong IP position, with patents extending through 2036.
• Nucynta (IR) and Nucynta ER face earlier generic entry, necessitating strong settlement agreements to manage the transition.

Settlement Agreements with Generic Manufacturers

The company has proactively managed its IP risk by entering into settlement and license agreements with generic manufacturers, which convert the uncertainty of litigation into clear, predictable market entry dates. This is a common, but high-stakes, legal maneuver.

The most immediate and material dates relate to the Nucynta franchise, which is a major revenue driver.

Product	Generic Manufacturer	Settlement/LOE Date	Significance
Xtampza ER	Teva Pharmaceuticals, Inc.	On or after September 2, 2033	Secures long-term revenue stream for the ADF oxycodone product.
Nucynta ER	Teva Pharmaceuticals, Inc.	On or after July 1, 2027	Establishes a firm date for the first generic entry for the extended-release tapentadol product.
Nucynta (IR)	Generic Market (Estimated)	On or after January 3, 2027	The estimated generic launch date based on the last patent and exclusivity expiry.

To mitigate the impact of the Nucynta franchise loss of exclusivity, Collegium Pharmaceutical also entered into an authorized generic agreement with Hikma Pharmaceuticals USA Inc. in April 2024. This agreement allows Hikma to sell an authorized generic version of Nucynta and Nucynta ER starting 30 days prior to the anticipated LOE date, ensuring Collegium continues to receive a meaningful share of the net profits.

Continuous, Stringent Compliance with DEA Regulations

The regulatory burden imposed by the U.S. Drug Enforcement Agency (DEA) is a persistent operational and legal risk. The company's core pain products, including Xtampza ER, Nucynta ER, and Nucynta (IR), are all classified as Schedule II controlled substances. This classification subjects the entire supply chain-from manufacturing to distribution-to the most stringent federal controls under the Controlled Substances Act (CSA).

Compliance is non-negotiable. Failure to adhere to DEA requirements, especially regarding diversion or loss, can lead to severe administrative, civil, or criminal enforcement actions, including the refusal to renew necessary DEA registrations.

Key compliance requirements include:

• Adherence to the DEA's production and procurement quota system for the active ingredients (oxycodone and tapentadol).
• Use of special order forms for all distributions of Schedule II substances.
• Maintaining a compliant suspicious order monitoring system to identify and report unusual orders to the DEA.

This is a constant cost of doing business in this sector, requiring significant investment in legal, compliance, and IT infrastructure to manage the risk of non-compliance.

Collegium Pharmaceutical, Inc. (COLL) - PESTLE Analysis: Environmental factors

Commitment to reducing environmental impact through sustainability initiatives.

As a seasoned financial analyst, I see Collegium Pharmaceutical, Inc.'s commitment to its Environmental Footprint as a non-negotiable part of its long-term value proposition. The company views its environmental stewardship as intrinsically linked to its mission, 'Healthier people. Stronger communities.' This isn't just rhetoric; it's a core pillar of their ESG strategy, which drives tangible, operational changes. They are defintely evaluating their effect on the environment and seeking opportunities to reduce the impact of business operations, a necessary step in the increasingly scrutinized pharmaceutical sector.

This commitment translates into specific actions focused on resource efficiency and waste reduction across their limited manufacturing footprint and corporate operations. For instance, in their manufacturing processes, they use clean-in-place (CIP) systems, which allow wastewater to be recycled, reducing the consumption of freshwater. Plus, they have optimized manufacturing processes to cut down on processing time, which directly results in decreased energy consumption.

Specific goal to achieve a 15% reduction in carbon emissions from the 2023 baseline by 2025.

While the broader industry faces pressure for deep cuts, Collegium Pharmaceutical, Inc.'s most concrete, near-term $\text{CO}_2$ reduction effort for the 2025 fiscal year centers on its sales fleet transition. The company set a strategic priority to move away from standard internal combustion engine (ICE) vehicles. They are on track to reach their goal of a fully hybrid fleet in 2025.

Here's the quick math on the progress: As of December 2024, the fleet was 99.9% hybrid, representing 119 of 120 vehicles. This move has been effective, as the average mile per gallon (MPG) achieved by their fleet vehicles is up 6% year-over-year. More importantly for the environmental factor, their estimated $\text{CO}_2$ emissions from the fleet are down 2.8% since the prior year (2023). This single focus area shows a clear, measurable impact, even if it doesn't meet the more aggressive, unconfirmed 15% overall reduction figure.

Environmental Metric	Status / Goal for 2025	2024 Performance Data (as of Dec 2024)
Sales Fleet Composition	Fully Hybrid Fleet Goal	99.9% (119 of 120 vehicles) are hybrid
Fleet CO₂ Emissions Reduction	Continued Reduction	Down 2.8% since the prior year (2023)
Fleet Average MPG	Improvement	Up 6% since the prior year

Operational efforts focused on reducing electronic waste and using recyclable materials.

The company's operational efforts extend beyond just energy and water to address the growing issue of waste, particularly electronic waste (e-waste) and packaging. In the pharmaceutical space, packaging is a huge factor, and Collegium Pharmaceutical, Inc. is committed to packaging its products in recyclable materials. This is a simple but clear action that directly appeals to environmentally-aware investors and stakeholders.

On the e-waste front, their strategy is centered on repurposing and responsible disposal. They host environmental waste events for employees, but the most impactful effort is their donation program. They reduce the impact of electronic waste by:

• Repurposing unneeded IT equipment through donations to STEM education non-profits.
• Donating iPads to Comfort Zone Camp.

Also, to minimize the use of consumables, they have implemented in-office processes like offering reusable utensils and mugs and are gradually transitioning to compostable alternatives. Effective January 2025, they also implemented a reimbursement of up to $240 per year for employees participating in residential composting services at home, which is a great example of a small, human-focused incentive.

ESG oversight handled by the Board of Directors' Nominating and Corporate Governance Committee.

The governance structure for ESG at Collegium Pharmaceutical, Inc. is clear, which is what you want to see. Oversight starts at the very top. The Board of Directors, specifically the Nominating and Corporate Governance Committee, holds the formal responsibility for ESG oversight. This is crucial because it ensures environmental factors are treated as a strategic risk and opportunity, not just a compliance checkbox.

The Committee provides guidance on strategic priorities for ESG and receives quarterly updates on the company's progress. This regular cadence of reporting to the Board ensures accountability and integration of environmental goals with overall business strategy. The Executive Steering Committee is then responsible for the strategic oversight and implementation of these initiatives, communicating progress back to the Board. This top-down structure makes the ESG program robust.