Collegium Pharmaceutical, Inc. Earnings Recaps
Q2 2026
Aug 11, 2026
Collegium Pharmaceutical's shares dropped 17.5% following the earnings release, driven primarily by weakness in the NUCYNTA pain franchise due to pricing pressure from authorized generics and cautious outlook on sustaining pain portfolio revenue. Despite growth in the ADHD franchise, overall expectations for pain segment durability appear to have weighed heavily on investor sentiment.
Key takeaways
- Jornay PM prescriptions grew 13.1% year-over-year, generating $46.1 million in net revenue, up 41% year-over-year, with prescribers reaching a record 30,000, up 17.6%.
- The acquisition of Azstarys in May has expanded the ADHD portfolio, with revenue expectations raised to $65-$75 million for the partial year.
- Pain portfolio revenue totaled $140.9 million, with Belbuca up 10% year-over-year but offset by NUCYNTA revenue declines due to authorized generic pricing impacts.
- Formulary access was expanded by 9 million lives for Belbuca, effective in Q4, but concerns remain about the pain franchise's sustainability.
- Company reiterated confidence in full-year ADHD revenue targets but signaled ongoing challenges in maximizing and maintaining pain portfolio returns amid pricing pressures.
Q1 2026
May 9, 2026
Collegium Pharmaceutical’s stock rose 3.5% after the quarter, driven by stronger-than-expected growth in JORNAY prescriptions and accelerated revenue from the ADHD portfolio, supported by the imminent AZSTARYS acquisition.
Key takeaways
- JORNAY prescriptions grew 14% year-over-year, generating $38.9 million in net revenue, up 36% year-over-year.
- Pain portfolio net revenues increased 4% year-over-year to $154.6 million, underpinning steady cash flow.
- Total net product revenues rose 9%, with adjusted EBITDA also up 9% year-over-year.
- Generated $57.1 million in cash from operations, ending the quarter with a strong cash position of $421.8 million, up $35 million sequentially.
- Proposed acquisition of AZSTARYS is progressing, expected to close in Q2, and anticipated to enhance growth, margin expansion, and portfolio longevity through 2037.