Collegium Pharmaceutical (COLL) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 performance with 9% year-over-year growth in total net product revenues to $193.5M, driven by robust ADHD and pain portfolios, with JORNAY PM net revenue up 36% and prescriptions and prescribers at all-time highs.

• Announced the proposed $650M acquisition of AZSTARYS, expected to close in Q2 2026, to expand the ADHD portfolio, extend revenue streams into the late 2030s, and be immediately accretive to adjusted EBITDA.

• Continued strategic investments in sales and marketing, including high-profile campaigns and expanded partnerships, to drive awareness and adoption of ADHD treatments.

• Net income increased to $14.5M from $2.4M in Q1 2025, reflecting higher revenues and lower cost of product revenues.

• Ended Q1 2026 with $421.8M in cash, cash equivalents, and marketable securities.

Financial highlights

• Total net product revenues reached $193.5M, up 9% year-over-year; adjusted EBITDA was $103.9M, up 9% year-over-year.

• JORNAY PM net revenue was $38.9M, up 36% year-over-year, with 14% prescription growth and 17% increase in prescriber base.

• Pain portfolio net revenue was $154.6M, up 4% year-over-year, with BELBUCA at $52.6M (+2%), XTAMPZA ER at $50.8M (+7%), and Nucynta franchise at $47.0M (flat), including $2.7M from authorized generics.

• Adjusted EPS was $1.76, up from $1.49 year-over-year; GAAP net income was $14.5M.

• Operating cash flow was $57.1M; gross profit margin was approximately 61%.

Outlook and guidance

• Reaffirmed 2026 guidance: total product revenues of $805–$825M (+4% YoY), JORNAY PM revenue $190–$200M (+31% YoY), adjusted EBITDA $455–$475M (+1% YoY); guidance excludes AZSTARYS impact.

• AZSTARYS acquisition expected to be immediately accretive to adjusted EBITDA and generate over $50M in pro forma net revenues in H2 2026.

• Management expects current liquidity and cash flows to fund operations, debt service, and capital expenditures for the foreseeable future.