Heat oven to 375°F. Unroll dough onto ungreased cookie sheet. Sprinkle granulated sugar evenly over dough.
Bake 8 to 10 minutes or until golden brown. Cool 10 to 15 minutes.
Meanwhile, beat cream cheese and butter with electric mixer on medium speed until fluffy, about 20 seconds. Slowly beat in powdered sugar and milk until creamy.
Spread cream cheese mixture evenly over dough. Arrange peach slices on top. Drizzle with honey. Cut into 4 rows by 3 rows.