Collegium Pharmaceutical (COLL) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 2026 results with net product revenues of $199.9M, up 6% year-over-year, driven by growth in ADHD portfolio (notably JORNAY PM and AZSTARYS) and a stable pain management business.

• JORNAY PM prescriptions rose 13.1% year-over-year, generating $46.1M in net revenue, up 41%, with record prescriber adoption.

• Completed AZSTARYS acquisition in May 2026, fully integrated and contributing $12.9M in partial-quarter revenue.

• Pain portfolio generated $140.9M in revenue, with BELBUCA up 10% year-over-year, offset by declines in XTAMPZA ER and NUCYNTA.

• Net loss for Q2 2026 was $15.1M compared to net income of $12.0M in Q2 2025, primarily due to higher operating and acquisition-related expenses.

Financial highlights

• Q2 2026 net product revenues: $199.9M (+6% YoY); adjusted EBITDA: $113.8M (+8% YoY); adjusted EPS: $1.92 (Q2 2025: $1.68).

• GAAP net loss: $15.1M (Q2 2025: $12.0M net income); non-GAAP adjusted net income: $75.4M (Q2 2025: $64.3M).

• Operating cash flow: $71.3M; cash and equivalents: $129.5M at quarter end.

• Adjusted operating expenses: $66.6M (+8% YoY); GAAP operating expenses: $106.6M (+45% YoY, includes acquisition costs).

• BELBUCA: $57.7M (+10% YoY); XTAMPZA ER: $45M (-14% YoY); NUCYNTA: $35.2M (-24% YoY).

Outlook and guidance

• 2026 guidance: total product revenues $825M–$855M (+8% YoY at midpoint); adjusted EBITDA: $445M–$470M (flat YoY).

• JORNAY PM revenue expected at $190M–$200M; AZSTARYS raised to $65M–$75M.

• Guidance updated downward for full-year revenues and EBITDA, reflecting lower-than-expected Nucynta AG revenues.