Collegium Reaffirms 2026 Outlook After Record Quarter

The Tip Desk · November 11, 2026 · 2 min read

Third-quarter product revenues reached a record $216.3 million as JORNAY PM hit $51.9 million and the ADHD franchise crossed 36% of the mix.

Collegium Pharmaceutical (COLL) generated a record $216.3 million in net product revenue for the quarter ended September 30, 2026, a 3% increase from a year earlier, and reaffirmed its full-year 2026 guidance.

Year-over-year growth had been 6% in the second quarter. The biopharmaceutical company said the third-quarter total still set a quarterly high even as the pace of top-line expansion cooled.

The ADHD franchise was the offset to that slower overall growth. JORNAY PM net revenue reached a record $51.9 million, up 24% year-over-year, after 41% growth in the prior quarter. Prescriptions rose 16% and prescribers reached nearly 33,000, up 19%. Chief Executive Officer Vikram Karnani said demand was supported by expanded commercial efforts heading into the back-to-school season.

AZSTARYS contributed $26.5 million in the first full quarter of sales under Collegium ownership, with prescriptions up nearly 2% versus the year-ago quarter. Karnani said that prescription result was a meaningful improvement from AZSTARYS’s annual prescription decline in 2025, before the May acquisition from Corium Therapeutics. Chief Financial Officer Colleen Tupper said the ADHD franchise now contributed more than 36% of total revenue.

The pain portfolio remained the larger business. Pain net revenues were $138.0 million, down 18% year-over-year, a wider decline than the 9% drop in the second quarter. Belbuca net revenue was $57.7 million, down 1%. Xtampza ER net revenue was $45.8 million, down 9%. Nucynta franchise net revenue was $30.8 million, down 44%, including $4.2 million from Hikma Pharmaceuticals USA Inc. for authorized generic versions of Nucynta and Nucynta ER.

Adjusted EBITDA was $121.6 million, down 9% from $133.0 million a year earlier. GAAP net income was $21.8 million, or $0.60 a share on a diluted basis, compared with $31.5 million, or $0.84 a share, in the year-ago quarter. GAAP operating expenses were $96.7 million, up 44%; adjusted operating expenses, which exclude stock-based compensation and acquisition-related expenses, were $69.4 million, up 25%.

The company generated $86.5 million in cash from operations and ended the quarter with cash, cash equivalents and marketable securities of $144.8 million. It announced a $50 million accelerated share repurchase in the third quarter and said it expects to complete the program before year-end.

Collegium reaffirmed full-year 2026 guidance of $825 million to $855 million in product revenues, net; $190 million to $200 million in JORNAY PM revenue, net; $65 million to $75 million in AZSTARYS revenue, net; and $445 million to $470 million in adjusted EBITDA. Tupper said the company remains committed to deploying capital in a disciplined manner, including business development, paying down debt, and opportunistically returning capital to shareholders.