Collegium Pharmaceutical Inc

Collegium Pharmaceutical reported second quarter 2026 results with total net product revenues of $199.9 million, up 6% year-over-year, and non-GAAP adjusted EBITDA of $113.8 million, up 8%. Jornay PM net revenue grew 41% to $46.1 million, while Azstarys contributed $12.9 million following its May acquisition. The company updated full-year guidance to $825 million to $855 million in total product revenues and $445 million to $470 million in adjusted EBITDA, reflecting lower-than-expected NUCYNTA franchise revenue due to authorized generic pricing. Collegium also increased its Azstarys revenue outlook to $65 million to $75 million and maintained Jornay PM guidance of $190 million to $200 million.

Collegium Pharmaceutical reported second-quarter 2026 net revenues of $199.9 million, a 6% increase year-over-year, and updated its full-year financial guidance following the completion of its acquisition of AZSTARYS. JORNAY PM net revenue rose 41% to $46.1 million, while AZSTARYS contributed $12.9 million in net revenue from May 12 through June 30, representing a partial quarter of sales. The pain portfolio generated $140.9 million in net revenue, down 9% from the prior year, with Belbuca up 10% to $57.7 million, Xtampza ER down 14% to $45.0 million, and the Nucynta franchise down 24% to $35.2 million. The company lowered its full-year product revenue guidance to a range of $825 million to $855 million and adjusted EBITDA to $445 million to $470 million, citing lower-than-expected authorized generic pricing for Nucynta, while raising its AZSTARYS revenue outlook to $65 million to $75 million. GAAP net loss for the quarter was $15.1 million, or $0.46 per share, compared to net income of $12.0 million a year earlier, while non-GAAP adjusted net income rose to $75.4 million, or $1.92 per share, and adjusted EBITDA increased 8% to $113.8 million.

Collegium Pharmaceutical shares have risen around 12% over the past three months, driven by strong performance of its ADHD franchise and the recent acquisition of Azstarys. Jornay PM, the company's evening-dosed ADHD therapy, recorded more than 206,000 prescriptions in the first quarter of 2026, up 14% year over year, with sales increasing 36%. The acquisition of Azstarys from Corium Therapeutics, completed last month, adds the first and only ADHD treatment combining immediate-release and long-acting medicines in a single capsule, and is expected to be immediately accretive to earnings. Collegium raised its 2026 product revenue guidance to a range of $865 million to $895 million, up from prior guidance of $805 million to $825 million. The company also benefits from a stable pain management portfolio including Xtampza ER, Belbuca, Nucynta ER, Nucynta IR, and Symproic.