Collegium Pharmaceutical Q2 Earnings Call Highlights
Key Points
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- Second-quarter revenue rose 6% to $199.9 million, driven by strong growth in JORNAY PM and the newly acquired AZSTARYS, which helped offset declines in the NUCYNTA pain franchise.
- The ADHD portfolio gained momentum: JORNAY PM revenue increased 41% to $46.1 million, while AZSTARYS generated $12.9 million in roughly six weeks of sales. Collegium raised its partial-year AZSTARYS revenue outlook to $65 million–$75 million.
- Collegium maintained 2026 revenue guidance of $825 million–$855 million and adjusted EBITDA guidance of $445 million–$470 million, while reporting $113.8 million in adjusted EBITDA and ending the quarter with $129.5 million in cash and marketable securities after funding the AZSTARYS acquisition.
Collegium Pharmaceutical (NASDAQ:COLL) reported second-quarter 2026 net product revenue of $199.9 million, up 6% from a year earlier, as growth in its ADHD franchise and BELBUCA helped offset lower revenue from the NUCYNTA pain franchise.
President and Chief Executive Officer Vikram Karnani said the company’s ADHD business made significant progress during the quarter, including continued growth for JORNAY PM and the May acquisition of AZSTARYS. Collegium has completed AZSTARYS integration and sales-force training ahead of the back-to-school season, he said.
“We have a diversified portfolio of six differentiated medicines, a growing ADHD franchise, and an established pain business that together provide a strong foundation for long-term value creation,” Karnani said.
ADHD Portfolio Expands With AZSTARYS
JORNAY PM generated $46.1 million in second-quarter net revenue, a 41% increase from the prior-year period. Prescriptions rose 13.1% year over year, while the number of healthcare providers writing prescriptions exceeded 30,000, up 17.6%.
Collegium said its share of the branded long-acting methylphenidate market reached 29.2%, an increase of 5.8 percentage points from a year earlier. Pediatric and adolescent prescriptions, representing roughly 80% of JORNAY prescriptions, increased 10.7%, while adult prescriptions increased 23%.
AZSTARYS contributed $12.9 million in revenue during the quarter, reflecting roughly one and a half months of commercial sales following the acquisition. The company increased its ADHD sales force to about 190 representatives from 180 and expanded its target healthcare-provider universe to about 27,000 from 21,000 before the expansion.
Karnani said JORNAY PM and AZSTARYS serve distinct patient needs. JORNAY PM is intended for patients requiring symptom control upon awakening and throughout the day, while AZSTARYS offers rapid onset and symptom control extending later into the evening.
During the question-and-answer session, Karnani said physicians had already become familiar with positioning the products before they were brought under the same commercial organization. He added that the combined portfolio had helped representatives secure more time with physicians and physician offices.
Collegium raised its partial-year 2026 AZSTARYS revenue outlook to $65 million to $75 million, citing successful integration and early performance. The company maintained its full-year JORNAY PM revenue guidance of $190 million to $200 million.
Pain Portfolio Generates Cash Flow Amid NUCYNTA Pressure
The company’s pain portfolio generated $140.9 million in second-quarter revenue. BELBUCA revenue increased 10% year over year to $57.7 million, supported by stable prescription demand and improved profitability. Collegium also secured formulary access for an additional 9 million lives beginning in the fourth quarter.
XTAMPZA ER revenue declined 14% to $45 million. Chief Financial Officer Colleen Tupper said the comparison was affected by approximately $2.4 million in rebate settlements recognized during the second quarter of 2025.
NUCYNTA franchise revenue fell 24% to $35.2 million, including $5.1 million from the profit-sharing arrangement for authorized generic versions of NUCYNTA and NUCYNTA ER. The decline reflected lower-than-expected net pricing for the authorized generics.
Tupper told analysts that NUCYNTA authorized-generic net pricing has stabilized and is reflected in the company’s revised full-year outlook. She said the company expects to receive roughly 10% to 15% of branded net price for the immediate-release authorized generic and between 20% and 25% for the extended-release version.
Regarding potential generic competition, Tupper said Teva has the ability under a settlement agreement to launch a BELBUCA generic in January 2027, though Collegium does not believe such a launch aligns with Teva’s stated strategy. Collegium has an authorized-generic agreement that would be triggered by an external generic launch, she said. Tupper also said Alvogen is barred from the BELBUCA market until December 2032, while an XTAMPZA NDA filer settled for a potential entry date in September 2033.
Profitability, Cash Position and Updated Outlook
Collegium reported a GAAP net loss of $15.1 million, or $0.46 per basic and diluted share, compared with net income of $12 million in the prior-year quarter. The company recorded $24.1 million of acquisition-related expenses associated with the AZSTARYS transaction.
Adjusted EBITDA increased 8% year over year to $113.8 million, while non-GAAP adjusted earnings per share rose to $1.92 from $1.68. Operating cash flow was $71.3 million during the quarter.
As of June 30, Collegium had $129.5 million in cash equivalents and marketable securities. The company used approximately $356 million of cash on hand to fund the AZSTARYS acquisition and ended the quarter with net debt to adjusted EBITDA of about 2.1 times.
- Total 2026 product revenue guidance: $825 million to $855 million.
- Adjusted EBITDA guidance: $445 million to $470 million.
- JORNAY PM revenue guidance: $190 million to $200 million.
- Partial-year AZSTARYS revenue guidance: $65 million to $75 million.
At the midpoint, the total revenue outlook represents 8% year-over-year growth, driven by JORNAY PM and AZSTARYS contributions and partly offset by lower pain-portfolio revenue. The adjusted EBITDA outlook is essentially flat compared with 2025.
Looking ahead, Karnani said the company will focus on growing its ADHD portfolio, preserving the durability of its pain business and deploying capital through business development, debt reduction and opportunistic share repurchases. Collegium also plans to relocate its corporate headquarters to downtown Boston in the first quarter of 2027.
About Collegium Pharmaceutical (NASDAQ:COLL)
Collegium Pharmaceutical, Inc is a specialty pharmaceutical company focused on the development, manufacture and commercialization of products for pain management and opioid dependence. The company's core expertise lies in its DETERx microsphere technology, a platform designed to provide extended-release delivery of active pharmaceutical ingredients while deterring manipulation for unintended routes of abuse.
The company's principal marketed products include Xtampza® ER (extended-release oxycodone), which received approval from the U.S.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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