Collegium Pharmaceutical, Inc. Q3 2026 Earnings Recap

Collegium shares rose 6.3% after earnings as ADHD growth—particularly record Jornay PM revenue—and reaffirmed 2026 guidance appear to have outweighed modest 3% year-over-year growth in total revenue. The quarter’s upside was concentrated in ADHD, while the pain portfolio remained a large but steady contributor.

Key Takeaways

• Net revenue reached a record $216.3 million, up 3% year over year, driven by ADHD growth during the back-to-school season.
• Jornay PM revenue increased 24% to a record $59.5 million; prescriptions rose 16%, and nearly 33,000 healthcare providers prescribed it, up 19%.
• Azstarys generated $26.5 million in its first full quarter under Collegium’s ownership; prescriptions grew nearly 2% year over year after declining in 2025.
• The pain portfolio generated $138 million, which management said was in line with expectations and consistent with full-year 2026 guidance.
• Management reaffirmed 2026 guidance, including $190 million–$200 million for Jornay PM and $65 million–$75 million in partial-year Azstarys revenue, and announced a $50 million accelerated share repurchase.