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Collegium Pharmaceutical (COLL) investor relations material
Collegium Pharmaceutical Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record quarterly net revenue of $209.4 million, up 31% year-over-year, and record adjusted EBITDA of $133 million, up 27% year-over-year, driven by strong performance from Jornay PM and the pain portfolio.
Net income for Q3 2025 was $31.5 million, up from $9.3 million in Q3 2024, reflecting the Ironshore acquisition and product revenue growth.
Raised 2025 financial guidance based on continued strong performance and confidence in portfolio durability.
Ended Q3 2025 with $285.9 million in cash, cash equivalents, and marketable securities.
Strategic priorities include driving growth for Jornay, maximizing the pain portfolio's durability, and deploying capital for shareholder value.
Financial highlights
Q3 2025 net revenue: $209.4 million (+31% YoY); adjusted EBITDA: $133 million (+27% YoY); gross profit: $129.2 million; gross margin: 61.7%.
GAAP net income: $31.5 million ($1.00 basic EPS, $0.84 diluted EPS); adjusted net income: $87.3 million ($2.25 adjusted EPS).
Operating income for Q3 2025 was $62.1 million, up from $34.8 million in Q3 2024.
Cash, cash equivalents, and marketable securities totaled $285.9 million as of September 30, 2025.
Generated $78.4 million in cash from operations during Q3 2025.
Outlook and guidance
2025 total product revenue expected at $775–$785 million (+24% YoY), with Jornay revenue projected at $145–$150 million (+46% from 2024 pro forma).
Adjusted EBITDA guidance raised to $460–$470 million (+16% YoY); adjusted operating expenses expected at $235–$240 million.
Gross-to-net for Jornay expected in the mid-60% range for full year.
Management expects current cash and expected operating cash flows to fund operations, debt service, and capital expenditures for the foreseeable future.
Pain portfolio expected to remain a durable financial base; no major payer changes anticipated for 2026.
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