Collegium Pharmaceutical (COLL) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with net revenues of $780.6M–$781M (up 24% YoY) and adjusted EBITDA of $460.5M–$461M (up 15%), driven by commercial execution and strategic capital deployment.

• Jornay PM prescriptions and prescribers reached all-time highs, with net revenue up 48% YoY and significant momentum across pediatric, adolescent, and adult segments.

• Pain portfolio delivered $631.7M in 2025 (up 6% YoY), reinforcing expectations for revenue durability.

• Advanced strategic priorities: growth for Jornay PM, maximizing the pain portfolio, and disciplined capital deployment.

• Published 2025 ESG report, highlighting ongoing commitment to corporate responsibility.

Financial highlights

• Full year 2025 net/product revenues were $780.6M–$781M, up 24% YoY; Q4 revenues were $205.4M–$205M, up 13% YoY.

• Adjusted EBITDA for 2025 was $460.5M–$461M, up 15% YoY; Q4 adjusted EBITDA was $127M–$127.3M, up 15–18% YoY.

• Jornay PM net revenue was $148.9M in 2025 (up 48% YoY); Q4 revenue was $45.9M (up 57% YoY).

• Pain portfolio: Belbuca $221.7M (up 5%), Xtampza ER $199.3M (up 4%), Nucynta franchise $196.3M (up 11%).

• Operating cash flows were $329.3M; year-end cash and equivalents were $386.7M–$387M, up $223.9M–$224M from 2024.

Outlook and guidance

• 2026 total product revenues expected in the range of $805M–$825M, a 4% YoY increase.

• Jornay PM revenue guidance for 2026 is $190M–$200M, representing over 30% annual growth.

• Adjusted EBITDA guidance for 2026 is $455M–$475M, up 1% YoY.

• Gross to nets for Jornay expected to remain stable in the mid-60% range in 2026.

• Q1 2026 expected to see modest sequential revenue decline due to typical seasonal deductible resets.