COLL

Collegium Pharmaceutical’s second quarter saw sales growth, but results missed Wall Street’s revenue expectations, leading to a negative market reaction. Management attributed top-line growth to the expansion of its ADHD business, notably Jornay PM’s 41% year-over-year revenue increase and broader prescriber reach. CEO Vikram Karnani stressed that the integration of recently acquired Azstarys was completed ahead of the crucial back-to-school season, reinforcing the company’s strategy to diversify beyond pain management. However, Karnani acknowledged that lower-than-anticipated revenues from the NUCYNTA pain franchise, due to pricing pressure on authorized generics, weighed on performance this quarter. Is now the time to buy COLL? Find out in our full research report (it’s free). Revenue: $199.9 million vs analyst estimates of $201.2 million (6.3% year-on-year growth, 0.7% miss) Adjusted EPS: $1.92 vs analyst estimates of $1.77 (8.8% beat) Adjusted EBITDA: $113.8 million vs analyst estimates of $108.4 million (57% margin, 5% beat) The company lifted its revenue guidance for the full year to $840 million at the midpoint from $815 million, a 3.1% increase EBITDA guidance for the full year is $457.5 million at the midpoint, below analyst estimates of $482.8 million Operating Margin: 1.9%, down from 18.7% in the same quarter last year Market Capitalization: $836.7 million While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Serge Belanger (Needham & Co.): Asked about NUCYNTA’s generic net price stabilization and Belbuca’s future IP risks. CFO Colleen Tupper indicated generic pricing has stabilized and discussed authorized generic strategies for Belbuca, noting potential generic entry in 2027. Anthea Li (Jefferies): Inquired about the extent to which Azstarys’ guidance update was driven by distribution channels versus underlying demand, and sought clarification on NUCYNTA’s discounting. CEO Vikram Karnani stated performance was not due to inventory stocking; Tupper confirmed discount ranges and volume thresholds. Brandon Folkes (H.C. Wainwright): Asked about prescriber feedback on dual ADHD portfolio promotion and SG&A expense trajectory. Karnani said physicians are comfortable differentiating the two products; Tupper projected a mid- to upper-single-digit increase in second-half SG&A spend. David Amsellem (Piper Sandler): Queried capital deployment strategy post-Azstarys and expansion focus. Karnani explained business development would target additional CNS and adjacent rare disease assets, leveraging existing infrastructure. No additional analyst questions were mentioned during the call. In upcoming quarters, the StockStory team will closely watch (1) prescription growth trends for both Jornay PM and Azstarys during the back-to-school season, (2) stabilization and potential recovery in pain portfolio revenues as pricing normalizes, and (3) execution on formulary access wins for Belbuca. Progress on further M&A or new product additions will also be important markers of management’s ability to deliver on diversification and growth objectives. Collegium Pharmaceutical currently trades at $26.19, down from $35.74 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 8:00 a.m. ET Head of Investor Relations - Ian Karp President and Chief Executive Officer - Vikram Karnani Chief Financial Officer - Colleen Tupper Operator: Greetings, and welcome to the Collegium Pharmaceutical Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note that this conference call is being recorded. I would now like to turn the call over to Ian Karp, Head of Investor Relations. Ian Karp: Great. Thanks so much, and welcome to Collegium Pharmaceutical's second quarter 2026 earnings conference call. I'm joined today by Vikram Karnani, our President and Chief Executive Officer, and Colleen Tupper, our Chief Financial Officer. Before we begin today's call, we want to remind participants that none of the information presented today is intended to be promotional. Any forward-looking statements made today are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. You are cautioned that such forward-looking statements involve risks and uncertainties as detailed in the company's periodic reports filed with the Securities and Exchange Commission. Our future results may differ materially from our current expectations discussed today. Our earnings press release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations, on our corporate website. And with that, I'll now turn the call over to our President and CEO, Vikram Karnani. Vikram Karnani: Thank you, Ian. Good morning, everyone, and thank you for joining our second quarter 2026 earnings call. Collegium is a dynamic biopharmaceutical company delivering medicines with formulation and delivery innovation for people living with complex CNS and pain conditions. Today, we have a diversified portfolio of 6 differentiated medicines, a growing ADHD franchise, and an established pain business that together provide a strong foundation for long-term value creation. We have a demonstrated ability to acquire, integrate, and grow differentiated assets while deploying capital in a disciplined manner. This quarter, we delivered strong results, highlighted by significant progress in our rapidly growing ADHD business. Key achievements included: Jornay PM prescriptions grew by 13.1%, generating $46.1 million in net revenue, up 41% year-over-year. Jornay PM prescribers reached an all-time high with over 30,000 healthcare providers writing Jornay PM prescriptions in the quarter, up 17.6% over Q2 of last year. And importantly, we completed the acquisition of Azstarys in May, which now provides us with a differentiated and highly complementary medicine to Jornay PM. This latest acquisition further reinforces the strategy we initiated in 2024 to diversify our portfolio beyond responsible pain management and establish a strong presence in the growing ADHD market. The integration of Azstarys and product training of our expanded sales force is now complete, and the team is well positioned to further accelerate growth for both medicines ahead of the back-to-school season, which begins later this month. Switching to our pain portfolio, we generated $140.9 million in revenue in this quarter. Belbuca performed particularly well, with revenues up 10% year-over-year. In addition, we recently secured formulary access to an additional 9 million lives, which goes into effect in the fourth quarter. Offsetting Belbuca's performance, revenue from the NUCYNTA franchise was lower than expected due to pricing for the authorized generic products. Colleen will discuss this financial impact in greater detail. Overall, we achieved both top and bottom-line growth with total net product revenues up 6% and adjusted EBITDA up 8% year-over-year. Turning now to other recent corporate updates, during the quarter, we remain focused on our commitment to leading with science and generated additional clinical evidence supporting our portfolio through multiple medical presentations and publications. Once again, Collegium was recognized by the Boston Business Journal as one of the 2026 Best Places to Work in Massachusetts and named a USA Today Top Workplaces for 2026. I'm very proud of the entire team at Collegium for their continued hard work and dedication in support of the patient communities we serve. And finally, we recently announced plans to relocate our corporate headquarters to downtown Boston in the first quarter of 2027, further integrating Collegium into one of the world's leading healthcare and life sciences ecosystems. In the second half of 2026, we are focused on 3 key strategic priorities. Growing our ADHD business, maximizing the value of our pain portfolio, and strategically deploying capital to create long-term shareholder value. Based on the ongoing progress across our ADHD business and the strategic investments we have made ahead of this year's back-to-school season, we remain confident in our full-year expectations for $190 million to $200 million in Jornay PM revenues, and have increased our expectations to $65 million to $75 million in partial-year Azstarys revenues. For our pain portfolio, we continue to implement strategies to maximize the durability of these revenues, which provides a solid base to our business and allows us to invest in our key growth drivers and capital deployment strategy. And finally, executing our disciplined capital deployment strategy remains a core priority, as was evidenced by our recent acquisition of Azstarys designed to accelerate our growth opportunities. We are encouraged by our momentum heading into the second half of the year and remain confident in our ability to execute against these strategic priorities. Turning now to our commercial highlights. Starting off with our lead growth driver, Jornay PM, a highly differentiated medicine and the only ADHD stimulant that provides all-day symptom control that starts immediately upon awakening. Driven by our targeted investments and enhanced commercial efforts, HCP perceptions of Jornay PM are very positive, and we have seen that enthusiasm increase. Based on market research conducted in the first quarter of 2026, HCPs had a high favorability rating and again ranked Jornay PM as the #1 branded ADHD medicine in terms of product differentiation, with a score significantly higher than all other medicines in the same category. In addition, 70% of HCPs surveyed indicated a strong intent to increase prescribing, which was the highest among all other branded ADHD medicines. HCP awareness of Jornay PM has significantly improved in the last year. Unaided recall among target HCPs increased to 67%, up from 52%, approaching the awareness levels of established brands like Vyvanse and Concerta. Collegium is ranked #1 in reputation among pharmaceutical companies specializing in ADHD, and market research indicates that we are focused on the right messages and our sales force is viewed as highly effective in their delivery. Jornay PM continues to be the fastest-growing stimulant for the treatment of ADHD. In the second quarter, we saw strong Jornay PM growth trends in prescriptions, prescribers, and market share. Specifically, we saw Jornay PM prescriptions up 13.1% year-over-year. We also hit an all-time high for Jornay PM prescribers in the quarter with over 30,000 healthcare providers writing Jornay PM prescriptions, up 17.6% year-over-year. We grew our share of the branded long-acting methylphenidate market to 29.2%, up 5.8 percentage points year-over-year. We saw solid growth across both the pediatric and adult segments. In the pediatric and adolescent segment, which represents about 80% of our business, total prescriptions grew 10.7% year-over-year. The adult segment, representing about 20% of our total prescriptions, grew 23% year-over-year. Overall, we expect Jornay PM's strong growth trajectory to continue in the second half of the year, further bolstered as we enter the back-to-school season. In addition to growing Jornay PM, we completed the acquisition of Azstarys in May, bringing a second highly differentiated ADHD medicine into our portfolio. The acquisition strengthens our ADHD platform in several ways. Market research suggests that Azstarys is the second most differentiated stimulant brand ever, following Jornay PM, and despite not benefiting from broader commercial investment under its prior owner. It has IP protection through 2037, extending the lifecycle of our commercial portfolio. It enables significant cost synergies, allowing us to leverage our existing commercial infrastructure. It is immediately accretive to adjusted EBITDA with a greater impact anticipated in 2027 and beyond. And most importantly, it provides significant potential benefits to patients. Azstarys is the first and only ADHD treatment with both fast and long-acting medicines in 1 capsule. Jornay PM and Azstarys are highly complementary as they serve different patient types. Jornay PM is for the patient who needs their all-day symptom control to start immediately upon awakening, while Azstarys is for the patient who needs the flexibility of rapid-onset symptom control to last later into the evening. HCP perceptions of Azstarys are also very positive. In market research, healthcare professionals rated Azstarys highly in terms of product differentiation and brand favorability. We also continue to receive highly positive feedback from both KOLs and community-based physicians regarding the addition of Azstarys into the Collegium portfolio, regarding the opportunity to bring together two best-in-class methylphenidate treatments addressing distinct patient needs. KOLs also view this as an important signal of Collegium's long-term commitment to advancing care in ADHD. Since the close of the Azstarys acquisition, we have been focused on rapidly integrating the product into our portfolio. This includes increasing our ADHD sales force to about 190 reps, up from 180 prior to the acquisition, and growing our target HCPs to about 27,000, up from 21,000 pre-expansion in 2020. All of our sales representatives are now fully trained and selling both products to all targets ahead of the back-to-school season which begins later this month. In addition, over the past year, targeted patient and caregiver outreach, particularly through social media platforms, has successfully increased awareness and trial for Jornay PM. These commercial tactics will now be deployed for Azstarys and represent an additional opportunity to support future growth. We have also been making incremental strategic investments to our medical affairs, market access and regulatory teams to further support and maximize these two growing brands. Ultimately, our goal is to increase awareness and adoption for both products while optimally leveraging our infrastructure and commercial expertise. We are excited by the outlook of our ADHD portfolio and look forward to providing future updates later this year. Turning now to our pain portfolio, our responsible pain management business continues to provide a durable foundation for Collegium, generating strong cash flow that supports investment in our growth priorities. Belbuca continued to perform well during the quarter, with revenues increasing 10% year-over-year, driven by stable prescription demand and improved profitability. Looking ahead, Belbuca also recently secured formulary access for an additional 9 million lives starting in Q4 of this year. Revenue from Xtampza ER declined year-over-year, reflecting both pressure across the branded, long-acting opioid market and an unfavorable comparison to the second quarter of 2025, which benefited from the timing of rebate settlements. Revenue for the NUCYNTA franchise was lower than expected due to net pricing for the authorized generic versions of NUCYNTA and NUCYNTA ER. As a result, we have updated our full-year guidance, which Colleen will discuss in greater detail. Our pain business continues to serve as a strong, cash-generating strategic asset, providing financial flexibility to invest in the growth of our ADHD business, execute disciplined business development opportunities, and return capital to our shareholders. I will now hand the call over to Colleen to discuss our financial highlights. Colleen Tupper: Thanks, Vikram. Good morning, everyone. In the second quarter, we again saw significant growth in Jornay PM, along with initial revenue from Azstarys and meaningful revenues from our pain portfolio. Financial highlights for the second quarter include total net product revenues were $199.9 million in the quarter, up 6% year-over-year. Net revenue was $46.1 million in the quarter, up 41% year-over-year. Azstarys revenues were $12.9 million, which reflect about a month and a half of commercial sales. Belbuca net revenue was $57.7 million in the quarter, up 10% year-over-year. Xtampza ER net revenue was $45 million in the quarter, down 14% year-over-year. This quarter provided a challenging comparison to Q2 2025 when Xtampza ER benefited from the timing of rebate settlements totaling approximately $2.4 million. Total NUCYNTA franchise net revenue was $35.2 million in the quarter, down 24% year-over-year. This includes $5.1 million in revenue from the profit share on the authorized generic versions of NUCYNTA and NUCYNTA ER. GAAP operating expenses were $106.6 million in the quarter, up 45% year-over-year. This quarter included $24.1 million in acquisition-related expenses associated with the Azstarys acquisition. Adjusted operating expenses, which exclude stock-based compensation and acquisition-related expenses, were $66.6 million, up 8% year-over-year. GAAP net loss was $15.1 million in the quarter compared to net income of $12 million in Q2 2025. Non-GAAP adjusted EBITDA was $113.8 million in the quarter, up 8% year-over-year. GAAP loss per share was 46 cents basic and diluted in the quarter compared to earnings of 38 cents basic and 34 cents diluted in the prior-year quarter. Non-GAAP adjusted earnings per share was $1.92 in the quarter compared to $1.68 in the prior-year quarter. Please see our press release issued earlier today for a reconciliation of GAAP to non-GAAP results. We generated operating cash flows of $71.3 million in the second quarter, and as of June 30, we had $129.5 million in cash, cash equivalents, and marketable securities. As a reminder, we used approximately $356 million in cash on hand to fund the acquisition of Azstarys that closed during the second quarter. We are updating our 2026 financial guidance primarily to reflect lower-than-expected full-year revenue for the NUCYNTA franchise due to lower net pricing for the authorized generics. Importantly, our revenue expectations for Jornay PM remain unchanged with guidance of $190 million to $200 million. We are also increasing our revenue outlook for Azstarys, now expecting $65 million to $75 million following successful integration and encouraging early performance. We now expect total product revenues in the range of $825 million to $855 million. This represents an 8% increase year-over-year at the midpoint, driven by Jornay PM growth and contributions from Azstarys, partially offset by lower pain portfolio net revenue. We expect adjusted EBITDA in the range of $445 million to $470 million, essentially flat compared to 2025. Finally, we expect Jornay PM gross-to-net to remain stable in 2026 in the mid-60% range. Our capital deployment strategy remains focused on creating long-term value for our shareholders by executing on business development, paying down debt, and opportunistically returning capital to shareholders. We successfully completed the Azstarys acquisition this past quarter and are efficiently integrating it into our portfolio. We ended the quarter with net debt to adjusted EBITDA of approximately 2.1x. I'll now turn the call back to Vikram for some final remarks. Vikram Karnani: Thank you, Colleen. Following the close of the Azstarys acquisition, our ADHD portfolio is on an exciting trajectory. With the integration complete and our commercial organization fully trained, we are well positioned heading into the important back-to-school season. Our strategy to diversify our business beyond responsible pain management began in 2024 and has now been meaningfully strengthened by this recent acquisition. We are particularly encouraged by the long-term growth potential of the combined portfolio as well as the cost synergies we are already beginning to realize. In the second half of the year, we remain committed to our 3 key strategic priorities, driving continued growth for our ADHD portfolio, maximizing the durability of our pain portfolio, and strategically deploying capital. The underlying fundamentals of our business remain strong. We continue to generate significant cash flows and strong profitability, giving us the financial flexibility to invest behind our growth drivers, strengthen our portfolio, and return capital to shareholders. I remain confident in our journey to building a leading diversified biopharmaceutical company. We have a clear strategy, a strong portfolio, and the financial discipline to continue creating long-term value. And I look forward to updating you on our continued progress. Operator: [Operator Instructions] One moment please while we poll for questions. Our first question comes from Serge Belanger with Needham & Co. Please proceed with your question. Serge Belanger: I guess to start off with on NUCYNTA, has the net price from the authorized generic now stabilized or do you expect any additional erosion on the pricing level? And then secondly, since I think we're probably going to get questions on the IP duration of pain portfolio, can you just remind us your expectations for [indiscernible] potential generic competition on Belbuca since I believe some of the IP expires in 2027, and whether you have an authorized generic strategy for that product also. Colleen Tupper: Good morning, Serge. Thanks for the questions. On NUCYNTA, I would expect the net pricing to have stabilized at this point, and that is reflected in our full-year guidance. I would point you to Q1 and Q2 had timing dynamics with the initial supply to the AGs. So I would look at first half of 2026 in totality. And then the second comment I would make about sort of the revenue recognition is keep in mind for this arrangement as is typical, we book revenue at the time of supplying the authorized generic distributor. That revenue that is booked is a combination of the sale of the material of the product as well as an estimated profit share. So there is some lumpiness that could be, you know, in each quarter given that accounting, but we do believe the net price has stabilized at this point. On the second question for the pain LOEs, I'll just start with Xtampza ER, 1 ANDA filer, fully settled for September of 2033. Belbuca, thus far the event we are watching for, we've spoken to in the past is that in January of 2027, Teva via a settlement agreement does have the ability to launch a generic. We've spoken at length in the past. We do not believe that aligns with their strategy based on comments they have made, but we do have an authorized generic agreement in place and it has been in place for years. That agreement is your typical agreement where the launch of the authorized generic is triggered upon an external generic launching. So whether that be, Teva, in your case, in early 2027 or one of the other parties that is filing and held off a bit further. Alvogen in particular has been litigated and currently is barred from the market until December of 2032. Operator: Our next question comes from Dennis Ding with Jefferies. Please proceed with your question. Anthea Li: I have 2 questions if I may. Number 1, just on ADHD, I'm glad to see beats across both Jornay PM and Azstarys as you guys diversify away from pain, but can you comment how much of the Azstarys beat came from a change in channel dynamics as the drug switch hands? And presumably you're a patient with a chronic disease, but can you comment on how much of the larger distribution network could have led to a little bit more stocking than anticipated. And also, if you can comment on gross-to-net in the accounting, since that could also change depending on who owns it. So that's question number 1. Question number 2 is around NUCYNTA. Net price was much lower than you expected. We're getting to around a 75% discount on the IR and 50% discount on the ER. Is that in the ballpark or are we really off? And I believe it's also a volume-limited agreement with Hikma, correct? So maybe comment on the different thresholds in terms of the volume step-up. Vikram Karnani: Yes, thanks, Dennis. I think just to start out on Azstarys, the update on the guidance is a reflection of the expectations from performance, commercial performance, and has nothing to do with channel dynamics or any initial performance, ordering of inventory or anything like that. And then, Colleen, you want to take the next one? Colleen Tupper: Yes, let me just add on the Azstarys comment, though. Dennis, I think you also mentioned a beat to consensus. I think that was predominantly that consensus, you know, it was a first quarter, it was a partial quarter, and I don't think there was full recognition on how much revenue there would be. I might point you to our pro formas that were filed with which reflect in Q1, 2026 proforma revenue for Azstarys was about $25 million. And gross-to-net under our first quarter of ownership, again, it was partial quarter, about 50% of the quarter was running at about 74%. And we do expect that will improve over time but not to the same degree of that step change that we achieved with Jornay PM. So I hope that covered your comment about the beat to consensus. On net price for NUCYNTA, Dennis, I think the easiest way to think about it, and again, with this stabilized now, is if you look at branded net price for NUCYNTA IR, the AG we're netting about 10% to 15% of that. And if you look at branded net price for ER, we are netting between 20% and 25% for the AG volume. And so I think that math works for what you just referenced, but I wanted to give you those two anchor points. Operator: Our next question comes from Brandon Folkes with H.C. Wainwright. Please proceed with your question. Brandon Folkes: Granted it's early, but can you provide any feedback that you're hearing from field reps and prescribers about the distinctions in selling both Azstarys and Jornay PM? Are prescribers comfortable with the differentiation at this time? Or does it take a bit of discussion and sort of education in terms of where you are with your targets? And then any feedback from field reps that they are getting adequate time in front of those prescribers to detail both? And then the second one maybe just for Colleen. Can you just talk about SG&A spend for the rest of the year? You do have updated guidance there, so maybe just any changes in your prior guidance, you know, obviously looks disciplined in 2Q post-Azstarys acquisition. Vikram Karnani: Thanks, Brandon. Yes, so let me start out by providing some color on Azstarys and Jornay PM now being part of the same portfolio. And, you know, I think we discussed this during the acquisition and certainly at the announcement of the deal. Our initial research during diligence had already suggested that physicians were pretty comfortable saying, having had access to these two medicines over the past several years, physicians had already become comfortable knowing how to position these two medicines for appropriate patient types. And so, as I've said before, Jornay PM is appropriate for the patient that needs symptom control upon awakening, and an effect that lasts throughout the day. And then of course, as we've discussed, Azstarys provides more flexibility to the patient, especially those that are seeking rapid onset of action, and then having, you know, extended control throughout the day. And in our discussions with physicians after the acquisition, with now the same rep positioning both medicines, that has continued to be validated. So I don't think that we have to, you know, provide any additional or different types of education. I think we continue to reinforce the same message and the same value proposition for individual medicines. And as far as your second question related to time, I mean, absolutely. We heard this right in the beginning, right after the deal closed when our field force, the combined field force was out there, we started to get more physician time already, be it in the form of more lunch appointments or other opportunities for discussing the value propositions of these two medicines. Certainly, we are now in a more advantaged position, especially as it relates to getting time both with the physicians as well as with the physician offices. So that is certainly something that we heard right off the bat after the deal closed and has continued. And I expect will continue throughout this important back-to-school season. So before I turn the next question to Colleen, I think I just want to go back and reinforce the fact that having these two important medicines, which are complementary to each other in the portfolio, is going to certainly have an important impact through this back-to-school season when we expect rapid growth for both medicines. So Colleen, take the second question. Colleen Tupper: Great, Brandon. Good morning. On SG&A facing, I would say we will have the expenses associated with Azstarys in the back half of the year. We modestly increased our territory phasing footprint from 180 to 190 to support the addition of Azstarys. As you think about SG&A level in totality, the second half of the year will be, I would say, mid to upper single digit higher than the first half of the year, accommodating the additional investment to support Azstarys. And if I'm thinking about Q3 versus Q4, Q3 is a bit higher than Q4 given the back-to-school push and really the activities that support that. I hope that is helpful. Operator: Our next question comes from David Amsellem with Piper Sandler. Please proceed with your question. David Amsellem: This is [ Alex von Reisman ] on for David. Regarding capital deployment post-Azstarys, you've talked about rare disease in the past. You certainly have sizable infrastructure and ADHD. How are you thinking about the business and strategy now that you have a strong beachhead and ADHD? Is the goal to continue to leverage that infrastructure in psych, cast a wider net in psych, pivot to other therapeutic areas, or is it a pivot to rare disease? Maybe both are taking an opportunistic approach. Vikram Karnani: Yep, thank you for the question. Look, as we have discussed before, we remain committed to executing on a disciplined capital deployment strategy, which is a combination of continuing to look for differentiated assets to bring into our portfolio, and as well as paying down our debt and strengthening our balance sheet, as well as returning capital to our shareholders in the form of opportunistic share repurchases. And that remains our strategy going forward. Specifically as it relates to business development, we have previously stated that, you know, diversifying beyond responsible pain management and having a beachhead in CNS through the build out of our ADHD portfolio was an important strategy that was initiated back in 2024. We're well on our way executing on that strategy right now. And as we look ahead, we continue to look for other differentiated assets to bring into our portfolio. What we have previously stated as our criteria still remain the case. Now that we have a strong presence in ADHD, we look for other assets either within ADHD or in adjacent areas within psychiatry or broader CNS. And then we have previously also that outside of these areas, we are open to considering opportunities within rare disease, primarily because of the dynamics of that category. These are medicines that are mostly commercial or just about to be commercial. We look for assets that are in the $300 million to $500 million peak net sales range, which is a sweet spot for us. long IP, so long durability of revenues, and primarily in the U.S., given the existence of our commercial infrastructure and expertise. The other thing about rare disease is there's a significant amount of expertise within the management team here. And so that is an area where we will look opportunistically. So broadly speaking, our overall approach to business development remains the same. And, you know, we look forward to continuing to keep you updated as we go. Operator: We've reached the end of our question and answer session. I would now like to turn the floor back over to Vikram for closing comments. Vikram Karnani: Thank you everyone for joining the call this morning and for your continued interest in Collegium. We appreciate your time, and we look forward to updating you on our progress. Enjoy the rest of your day. Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation. Before you buy stock in Collegium Pharmaceutical, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Collegium Pharmaceutical wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* Now, it’s worth noting Stock Advisor’s total average return is 958% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Collegium Pharmaceutical (COLL) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was characterized by a strategic shift toward the ADHD market, with Jornay PM revenue growing 41% year-over-year due to record prescriber levels and increased market share. The acquisition of Azstarys in the second quarter of 2026 serves as a critical lifecycle extension tool, providing IP protection through 2037 and immediate accretion to adjusted EBITDA. Management views Jornay PM and Azstarys as highly complementary rather than competitive, targeting distinct patient needs for immediate morning control versus rapid-onset flexibility. Pain portfolio performance was mixed; Belbuca revenue grew 10% on stable demand, but total pain revenue was weighed down by significant pricing pressure on NUCYNTA authorized generics. Operational efficiency improved through the integration of Azstarys, leveraging existing commercial infrastructure with only a modest increase in sales force headcount from 180 to 190 reps. Strategic positioning is evolving toward a broader CNS and psychiatry focus, utilizing the ADHD 'beachhead' to diversify away from the legacy responsible pain management business. Full-year 2026 revenue guidance for Azstarys was increased to $65 million to $75 million based on encouraging early performance and successful sales force training. Total product revenue guidance was adjusted downward to $825 million to $855 million to account for lower net pricing realizations in the NUCYNTA franchise. Management expects a significant growth catalyst in the second half of 2026 driven by the back-to-school season, which historically accelerates ADHD prescription volume. Belbuca is expected to see a volume boost in the fourth quarter following the securing of new formulary access for an additional 9 million lives. Capital deployment will remain focused on a balanced approach of debt reduction, opportunistic share repurchases, and M&A targeting assets with $300 million to $500 million peak sales potential. NUCYNTA franchise revenue declined 24% year-over-year, primarily driven by lower-than-anticipated net pricing for authorized generic versions. The company incurred $24.1 million in one-time acquisition-related expenses during the quarter associated with the Azstarys transaction. Management flagged a potential generic entry for Belbuca by Teva in January 2027, though they maintain an authorized generic agreement as a defensive contingency. A corporate headquarters relocation to downtown Boston is planned for Q1 2027 to better integrate with the regional life sciences ecosystem. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management believes net pricing for NUCYNTA authorized generics has now stabilized and is fully reflected in the updated guidance. Confirmed that while Teva has the right to launch a generic Belbuca in 2027, Collegium has a pre-existing authorized generic agreement ready to trigger if an external generic enters the market. The guidance increase for Azstarys was attributed to commercial performance rather than channel inventory stocking or distribution shifts. Initial gross-to-net for Azstarys under Collegium ownership was approximately 74%, with management expecting gradual improvement but not the same 'step change' seen previously with Jornay PM. Field reports indicate that carrying two ADHD brands has increased physician access, leading to more 'quality time' and lunch appointments for sales reps. Physicians are reportedly comfortable distinguishing between the two products, viewing Jornay PM for morning symptom control and Azstarys for rapid-onset flexibility. Beyond ADHD and CNS, the company is open to rare disease assets that offer long IP durability and fit within their U.S.-centric commercial infrastructure. Management emphasized a 'disciplined' approach, seeking assets that are already commercial or near-commercial to ensure immediate value creation.

Pharmaceutical company Collegium Pharmaceutical (NASDAQ:COLL) fell short of the market’s revenue expectations in Q2 CY2026, but sales rose 6.3% year on year to $199.9 million. The company’s full-year revenue guidance of $840 million at the midpoint came in 3.4% below analysts’ estimates. Its non-GAAP profit of $1.92 per share was 8.8% above analysts’ consensus estimates. Is now the time to buy Collegium Pharmaceutical? Find out in our full research report. Revenue: $199.9 million vs analyst estimates of $201.2 million (6.3% year-on-year growth, 0.7% miss) Adjusted EPS: $1.92 vs analyst estimates of $1.77 (8.8% beat) Adjusted EBITDA: $113.8 million vs analyst estimates of $108.4 million (57% margin, 5% beat) The company lifted its revenue guidance for the full year to $840 million at the midpoint from $815 million, a 3.1% increase EBITDA guidance for the full year is $457.5 million at the midpoint, below analyst estimates of $482.8 million Operating Margin: 1.9%, down from 18.7% in the same quarter last year Market Capitalization: $1.16 billion “In the second quarter, we saw strong demand across our ADHD portfolio, highlighted by record-high JORNAY PM prescriptions and prescriber adoption, alongside 41% revenue growth. Importantly, we have completed the acquisition of AZSTARYS and our integration is progressing well, with our expanded salesforce fully trained and deployed ahead of the important back-to-school season,” said Vikram Karnani, President and Chief Executive Officer. Pioneering abuse-deterrent technology in a field plagued by addiction concerns, Collegium Pharmaceutical (NASDAQ:COLL) develops and markets specialty medications for treating moderate to severe pain, including abuse-deterrent opioid formulations. A company’s long-term sales performance can indicate its overall quality. Any business can have short-term success, but a top-tier one grows for years. Over the last five years, Collegium Pharmaceutical grew its sales at an impressive 19.9% compounded annual growth rate. Its growth beat the average healthcare company and shows its offerings resonate with customers. We at StockStory place the most emphasis on long-term growth, but within healthcare, a half-decade historical view may miss recent innovations or disruptive industry trends. Collegium Pharmaceutical’s annualized revenue growth of 18.4% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. This quarter, Collegium Pharmaceutical’s revenue grew by 6.3% year on year to $199.9 million, missing Wall Street’s estimates. Looking ahead, sell-side analysts expect revenue to grow 12.2% over the next 12 months, a deceleration versus the last two years. Despite the slowdown, this projection is noteworthy and indicates the market is baking in success for its products and services. ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who’s building AI, one company is already using it to print money. And nobody’s paying attention. AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won’t last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice. Collegium Pharmaceutical has been a well-oiled machine over the last five years. It demonstrated elite profitability for a healthcare business, boasting an average adjusted operating margin of 53.7%. Analyzing the trend in its profitability, Collegium Pharmaceutical’s adjusted operating margin rose by 5.5 percentage points over the last five years, as its sales growth gave it operating leverage. Zooming into its more recent performance, however, we can see the company’s margin has decreased by 18.9 percentage points on a two-year basis. If Collegium Pharmaceutical wants to pass our bar, it must prove it can expand its profitability consistently. In Q2, Collegium Pharmaceutical generated an adjusted operating margin profit margin of 9.1%, down 45.9 percentage points year on year. This contraction shows it was less efficient because its expenses grew faster than its revenue. Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth — for example, a company could inflate its sales through excessive spending on advertising and promotions. Collegium Pharmaceutical’s EPS grew at an astounding 16.4% compounded annual growth rate over the last five years. Despite its adjusted operating margin improvement and share repurchases during that time, this performance was lower than its 19.9% annualized revenue growth, telling us the delta came from reduced interest expenses or taxes. In Q2, Collegium Pharmaceutical reported adjusted EPS of $1.92, up from $1.68 in the same quarter last year. This print beat analysts’ estimates by 8.8%. Over the next 12 months, Wall Street expects Collegium Pharmaceutical’s full-year EPS to stay about the same, moving from $7.97 to $7.89. It was good to see Collegium Pharmaceutical beat analysts’ EPS expectations this quarter. On the other hand, its full-year revenue guidance missed and its full-year EBITDA guidance fell short of Wall Street’s estimates. Overall, this quarter could have been better. The stock traded down 6.6% to $33.37 immediately after reporting. Collegium Pharmaceutical’s earnings report left more to be desired. Let’s look forward to see if this quarter has created an opportunity to buy the stock. The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here, it’s free.

Interested in Collegium Pharmaceutical, Inc.? Here are five stocks we like better. Second-quarter revenue rose 6% to $199.9 million, driven by strong growth in JORNAY PM and the newly acquired AZSTARYS, which helped offset declines in the NUCYNTA pain franchise. The ADHD portfolio gained momentum: JORNAY PM revenue increased 41% to $46.1 million, while AZSTARYS generated $12.9 million in roughly six weeks of sales. Collegium raised its partial-year AZSTARYS revenue outlook to $65 million–$75 million. Collegium maintained 2026 revenue guidance of $825 million–$855 million and adjusted EBITDA guidance of $445 million–$470 million, while reporting $113.8 million in adjusted EBITDA and ending the quarter with $129.5 million in cash and marketable securities after funding the AZSTARYS acquisition. 5 Hot Stocks With Summer Buybacks You Can Cash In On Collegium Pharmaceutical (NASDAQ:COLL) reported second-quarter 2026 net product revenue of $199.9 million, up 6% from a year earlier, as growth in its ADHD franchise and BELBUCA helped offset lower revenue from the NUCYNTA pain franchise. President and Chief Executive Officer Vikram Karnani said the company’s ADHD business made significant progress during the quarter, including continued growth for JORNAY PM and the May acquisition of AZSTARYS. Collegium has completed AZSTARYS integration and sales-force training ahead of the back-to-school season, he said. → 3 Drone Stocks That Should Soar After the Summer Slump “We have a diversified portfolio of six differentiated medicines, a growing ADHD franchise, and an established pain business that together provide a strong foundation for long-term value creation,” Karnani said. JORNAY PM generated $46.1 million in second-quarter net revenue, a 41% increase from the prior-year period. Prescriptions rose 13.1% year over year, while the number of healthcare providers writing prescriptions exceeded 30,000, up 17.6%. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Collegium said its share of the branded long-acting methylphenidate market reached 29.2%, an increase of 5.8 percentage points from a year earlier. Pediatric and adolescent prescriptions, representing roughly 80% of JORNAY prescriptions, increased 10.7%, while adult prescriptions increased 23%. AZSTARYS contributed $12.9 million in revenue during the quarter, reflecting roughly one and a half months of commercial sales following the acquisition. The company increased its ADHD sales force to about 190 representatives from 180 and expanded its target healthcare-provider universe to about 27,000 from 21,000 before the expansion. → Jersey Mike's Serves Fresh Gains After IPO Stumble Karnani said JORNAY PM and AZSTARYS serve distinct patient needs. JORNAY PM is intended for patients requiring symptom control upon awakening and throughout the day, while AZSTARYS offers rapid onset and symptom control extending later into the evening. During the question-and-answer session, Karnani said physicians had already become familiar with positioning the products before they were brought under the same commercial organization. He added that the combined portfolio had helped representatives secure more time with physicians and physician offices. Collegium raised its partial-year 2026 AZSTARYS revenue outlook to $65 million to $75 million, citing successful integration and early performance. The company maintained its full-year JORNAY PM revenue guidance of $190 million to $200 million. The company’s pain portfolio generated $140.9 million in second-quarter revenue. BELBUCA revenue increased 10% year over year to $57.7 million, supported by stable prescription demand and improved profitability. Collegium also secured formulary access for an additional 9 million lives beginning in the fourth quarter. XTAMPZA ER revenue declined 14% to $45 million. Chief Financial Officer Colleen Tupper said the comparison was affected by approximately $2.4 million in rebate settlements recognized during the second quarter of 2025. NUCYNTA franchise revenue fell 24% to $35.2 million, including $5.1 million from the profit-sharing arrangement for authorized generic versions of NUCYNTA and NUCYNTA ER. The decline reflected lower-than-expected net pricing for the authorized generics. Tupper told analysts that NUCYNTA authorized-generic net pricing has stabilized and is reflected in the company’s revised full-year outlook. She said the company expects to receive roughly 10% to 15% of branded net price for the immediate-release authorized generic and between 20% and 25% for the extended-release version. Regarding potential generic competition, Tupper said Teva has the ability under a settlement agreement to launch a BELBUCA generic in January 2027, though Collegium does not believe such a launch aligns with Teva’s stated strategy. Collegium has an authorized-generic agreement that would be triggered by an external generic launch, she said. Tupper also said Alvogen is barred from the BELBUCA market until December 2032, while an XTAMPZA NDA filer settled for a potential entry date in September 2033. Collegium reported a GAAP net loss of $15.1 million, or $0.46 per basic and diluted share, compared with net income of $12 million in the prior-year quarter. The company recorded $24.1 million of acquisition-related expenses associated with the AZSTARYS transaction. Adjusted EBITDA increased 8% year over year to $113.8 million, while non-GAAP adjusted earnings per share rose to $1.92 from $1.68. Operating cash flow was $71.3 million during the quarter. As of June 30, Collegium had $129.5 million in cash equivalents and marketable securities. The company used approximately $356 million of cash on hand to fund the AZSTARYS acquisition and ended the quarter with net debt to adjusted EBITDA of about 2.1 times. Total 2026 product revenue guidance: $825 million to $855 million. Adjusted EBITDA guidance: $445 million to $470 million. JORNAY PM revenue guidance: $190 million to $200 million. Partial-year AZSTARYS revenue guidance: $65 million to $75 million. At the midpoint, the total revenue outlook represents 8% year-over-year growth, driven by JORNAY PM and AZSTARYS contributions and partly offset by lower pain-portfolio revenue. The adjusted EBITDA outlook is essentially flat compared with 2025. Looking ahead, Karnani said the company will focus on growing its ADHD portfolio, preserving the durability of its pain business and deploying capital through business development, debt reduction and opportunistic share repurchases. Collegium also plans to relocate its corporate headquarters to downtown Boston in the first quarter of 2027. Collegium Pharmaceutical, Inc is a specialty pharmaceutical company focused on the development, manufacture and commercialization of products for pain management and opioid dependence. The company's core expertise lies in its DETERx microsphere technology, a platform designed to provide extended-release delivery of active pharmaceutical ingredients while deterring manipulation for unintended routes of abuse. The company's principal marketed products include Xtampza® ER (extended-release oxycodone), which received approval from the U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Collegium Pharmaceutical Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Total Net Product Revenues: $199.9 million in Q2 2026, up 6% year-over-year. JORNAY PM Net Revenue: $46.1 million, up 41% year-over-year. AZSTARYS Revenue: $12.9 million, reflecting about a month and a half of commercial sales. BELBUCA Net Revenue: $57.7 million, up 10% year-over-year. XTAMPZA ER Net Revenue: $45 million, down 14% year-over-year. NUCYNTA Franchise Net Revenue: $35.2 million, down 24% year-over-year, including $5.1 million from profit share on authorized generics. GAAP Operating Expenses: $106.6 million, up 45% year-over-year, including $24.1 million in acquisition-related expenses. Adjusted Operating Expenses: $66.6 million, up 8% year-over-year. GAAP Net Loss: $15.1 million, compared to net income of $12 million in Q2 2025. Non-GAAP Adjusted EBITDA: $113.8 million, up 8% year-over-year. GAAP Loss Per Share: $0.46 basic and diluted, compared to earnings of $0.38 basic and $0.34 diluted in the prior year. Non-GAAP Adjusted EPS: $1.92, compared to $1.68 in the prior year quarter. Operating Cash Flow: $71.3 million in Q2 2026. Cash and Marketable Securities: $129.5 million as of June 30, 2026. Net Debt to Adjusted EBITDA: Approximately 2.1 times at quarter end. Warning! GuruFocus has detected 3 Warning Signs with COLL. Is COLL fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. JORNAY PM prescriptions grew 13.1% year-over-year, with net revenue up 41% to $46.1 million, and prescribers reached an all-time high of over 30,000. AZSTARYS acquisition completed in May, adding a differentiated ADHD medicine with IP protection through 2037, and revenue guidance increased to $65-$75 million for the partial year. BELBUCA revenue increased 10% year-over-year, and the company secured formulary access for an additional 9 million lives starting in Q4. Total net product revenues grew 6% year-over-year, and adjusted EBITDA increased 8%, with non-GAAP EPS rising to $1.92 from $1.68. The company generated strong operating cash flow of $71.3 million in Q2, maintaining a solid balance sheet with net debt to adjusted EBITDA of approximately 2.1 times. HCP perceptions of JORNAY are highly positive, with 70% indicating strong intent to increase prescribing, and the brand is ranked number one in differentiation. The ADHD sales force was expanded to about 190 reps, and target HCPs increased to 27,000, positioning the company for back-to-school season growth. NUCYNTA franchise revenue declined 24% year-over-year due to lower net pricing for authorized generics, leading to a reduction in full-year guidance. XTAMPZA ER revenue fell 14% year-over-year, partly due to an unfavorable comparison from rebate settlements in Q2 2025. GAAP net loss was $15.1 million in Q2, compared to net income of $12 million in the prior year, driven by acquisition-related expenses. Adjusted EBITDA guidance for 2026 is essentially flat compared to 2025, reflecting pressure from the pain portfolio. The company faces potential generic competition for BELBUCA in January 2027, with an authorized generic agreement in place but no certainty of launch timing. AZSTARYS gross-to-net is currently around 74%, which is expected to improve but not to the same extent as JORNAY's improvement. SG&A expenses are expected to be mid-to-upper single digits higher in the second half of 2026, driven by investments to support AZSTARYS. Q: Has the net price from the authorized generic for NUCYNTA stabilized, and what are the expectations for potential generic competition on BELBUCA given IP expires in 2027?A: CFO Colleen Tupper stated that the net pricing for NUCYNTA has stabilized and is reflected in the full-year guidance, noting that Q1 and Q2 had timing dynamics related to initial supply to the authorized generic distributor. Regarding BELBUCA, she reminded that Teva has the ability to launch a generic in January 2027 via a settlement agreement, though the company does not believe this aligns with Teva's strategy. Collegium has an authorized generic agreement in place that is triggered upon an external generic launch, and Alvogen is barred from the market until December 2032. Q: How much of the AZSTARYS beat came from channel dynamics or stocking, and what is the gross-to-net accounting? Additionally, what are the net price discounts for NUCYNTA IR and ER authorized generics?A: CEO Vikram Karnani clarified that the AZSTARYS guidance update reflects commercial performance expectations, not channel dynamics or initial inventory ordering. CFO Colleen Tupper added that the beat was predominantly due to consensus not fully recognizing the partial quarter revenue, pointing to pro forma Q1 2026 revenue of about $25 million. Gross-to-net for AZSTARYS was about 74% in the partial quarter, expected to improve over time. For NUCYNTA, the AG nets about 10% to 15% of branded net price for IR and 20% to 25% for ER. Q: What feedback are you hearing from field reps and prescribers about selling both AZSTARYS and JORNAY, and are prescribers comfortable with the differentiation?A: CEO Vikram Karnani noted that physicians are already comfortable positioning the two medicines for appropriate patient types, as they have had access to both over the past several years. JORNAY PM is for patients needing symptom control upon awakening, while AZSTARYS offers flexibility with rapid onset and extended control. The combined field force is gaining more physician time, including more lunch appointments, which is advantageous heading into the back-to-school season. Q: How are you thinking about capital deployment post-AZSTARYS, and is the goal to leverage infrastructure in psych, pivot to rare disease, or take an opportunistic approach?A: CEO Vikram Karnani reiterated the disciplined capital deployment strategy combining business development, debt paydown, and opportunistic share repurchases. The company looks for differentiated assets in ADHD, adjacent psychiatry areas, or broader CNS, and remains open to rare disease opportunities. Criteria include assets in the $300 million to $500 million peak net sales range, long IP durability, and primarily U.S.-focused, leveraging existing commercial infrastructure and management expertise. Q: Can you provide color on SG&A spend for the rest of the year, particularly post-AZSTARYS acquisition?A: CFO Colleen Tupper stated that the second half of the year will see SG&A levels mid to upper single digits higher than the first half, accommodating additional investment to support AZSTARYS. Q3 is expected to be higher than Q4 due to the back-to-school push and related activities. The company modestly increased its territory footprint from 180 to 190 reps to support the addition of AZSTARYS. Q: What drove the strong JORNAY PM growth in the quarter, and what are the expectations for the back-to-school season?A: CEO Vikram Karnani highlighted that JORNAY prescriptions grew 13.1% year-over-year, with prescribers reaching an all-time high of over 30,000, up 17.6%. Market share in the branded long-acting methylphenidate market grew to 29.2%, up 5.8 percentage points. Growth was solid across both pediatric (10.7% growth) and adult segments (23% growth). The company expects the strong trajectory to continue, bolstered by the back-to-school season and the combined sales force now selling both JORNAY and AZSTARYS. Q: What is the rationale behind the AZSTARYS acquisition, and how does it complement the existing ADHD portfolio?A: CEO Vikram Karnani explained that AZSTARYS is the second most differentiated stimulant brand following JORNAY PM, with IP protection through 2037. The acquisition enables significant cost synergies by leveraging existing commercial infrastructure and is immediately accretive to adjusted EBITDA. AZSTARYS is the first and only ADHD treatment with both fast and long-acting medicines in one capsule, serving patients needing rapid onset symptom control lasting later into the evening, complementing JORNAY PM's all-day symptom control starting upon awakening. Q: What are the key drivers behind the updated full-year 2026 financial guidance?A: CFO Colleen Tupper stated that the guidance update primarily reflects lower than expected full-year revenue for the NUCYNTA franchise due to lower net pricing for authorized generics. JORNAY revenue expectations remain unchanged at $190 million to $200 million, while AZSTARYS expectations increased to $65 million to $75 million following successful integration and encouraging early performance. Total product revenues are now expected in the range of $825 million to $855 million, with adjusted EBITDA of $445 million to $470 million. Q: How is the pain portfolio performing, and what strategies are being implemented to maximize its durability?A: CEO Vikram Karnani noted that BELBUCA performed well with revenues up 10% year-over-year, driven by stable prescription demand and improved profitability, and recently secured formulary access for an additional 9 million lives starting in Q4. XTAMPZA declined year-over-year due to pressure across the branded long-acting opioid market and unfavorable comparisons from rebate settlement timing. The NUCYNTA franchise was lower than expected due to net pricing for authorized generics. The pain business continues to serve as a strong cash-generating asset supporting investment in ADHD growth and capital deployment. Q: What are the key strategic priorities for the second half of 2026?A: CEO Vikram Karnani outlined three key strategic priorities: growing the ADHD business, maximizing the value of the pain portfolio, and strategically deploying capital to create long-term shareholder value. The company is focused on driving continued growth for JORNAY and AZSTARYS ahead of the back-to-school season, implementing strategies For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Collegium Pharmaceutical (COLL) came out with quarterly earnings of $1.92 per share, beating the Zacks Consensus Estimate of $1.68 per share. This compares to earnings of $1.68 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +14.29%. A quarter ago, it was expected that this specialty pharmaceutical company would post earnings of $1.42 per share when it actually produced earnings of $1.76, delivering a surprise of +23.94%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Collegium Pharmaceutical, which belongs to the Zacks Medical - Drugs industry, posted revenues of $199.88 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.20%. This compares to year-ago revenues of $188 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Collegium Pharmaceutical shares have lost about 22.8% since the beginning of the year versus the S&P 500's gain of 12.8%. While Collegium Pharmaceutical has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Collegium Pharmaceutical was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.03 on $228.5 million in revenues for the coming quarter and $7.56 on $863.9 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Drugs is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. 4D Molecular Therapeutics, Inc. (FDMT), another stock in the same industry, has yet to report results for the quarter ended June 2026. This company is expected to post quarterly loss of $1.04 per share in its upcoming report, which represents a year-over-year change of -6.1%. The consensus EPS estimate for the quarter has been revised 1.5% lower over the last 30 days to the current level. 4D Molecular Therapeutics, Inc.'s revenues are expected to be $1.56 million, up 15500% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Collegium Pharmaceutical, Inc. (COLL) : Free Stock Analysis Report 4D Molecular Therapeutics, Inc. (FDMT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

– Completed Acquisition of AZSTARYS®, Strengthening ADHD Portfolio and Extending Long-Term Revenue Outlook – – Generated Quarterly Net Revenues of $199.9 Million, Up 6% Year-over-Year – – Generated JORNAY PM® Quarterly Net Revenue of $46.1 Million, Up 41% Year-over-Year – – Generated AZSTARYS Quarterly Net Revenue of $12.9 Million, Representing a Partial Quarter of Sales – – Generated Quarterly Pain Portfolio Net Revenues of $140.9 Million – – Updates Full-Year 2026 Financial Guidance – – Conference Call Scheduled for Today at 8:00 a.m. ET – STOUGHTON, Mass., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a leading biopharmaceutical company focused on improving the lives of people living with serious and often misunderstood conditions, today reported its financial results for the quarter ended June 30, 2026, and provided a business update. “In the second quarter, we saw strong demand across our ADHD portfolio, highlighted by record-high JORNAY PM prescriptions and prescriber adoption, alongside 41% revenue growth. Importantly, we have completed the acquisition of AZSTARYS and our integration is progressing well, with our expanded salesforce fully trained and deployed ahead of the important back-to-school season,” said Vikram Karnani, President and Chief Executive Officer. “In addition, our pain portfolio continues to provide a solid base for our business despite increased pressure on Nucynta franchise revenues. Together, our differentiated ADHD portfolio and established pain business provide a strong foundation for growth and long-term value creation. As we move into the second half of the year, we are focused on three key strategic priorities: driving growth in our ADHD business, maximizing the value of our pain portfolio, and strategically deploying capital to create long-term shareholder value." "During the quarter, we delivered solid performance across our business, successfully integrated AZSTARYS and generated robust operating cash flows," said Colleen Tupper, Chief Financial Officer. "As we enter the back-to-school season, our organization is well positioned with two differentiated and complementary ADHD medicines and supported by a single commercial platform that enhances our ability to serve healthcare providers and patients, alike.” ADHD Business Highlights Generated JORNAY PM net revenue of $46.1 million, up 41% year-over-year in the in the quarter ended June 30, 2026 (the 2026 Quarter). JORNAY PM prescribers reached an all-time high in the 2026 Quarter with over 30,000 healthcare providers writing JORNAY PM prescriptions, up 17.6% year-over-year. Grew JORNAY PM prescriptions 13.1% year over year in the 2026 Quarter. In May, completed the acquisition of AZSTARYS from Corium Therapeutics. The acquisition adds a highly complementary and differentiated ADHD medicine with significant growth potential and expected patent protection through 2037. Generated $12.9 million in AZSTARYS net revenue from May 12, 2026, to June 30, 2026, following the acquisition close. AZSTARYS prescriptions grew 1.9% in the 2026 Quarter compared to the quarter ended June 30, 2025 (the 2025) Quarter. In May, reinforced commitment to scientific research through published studies and poster presentations at leading medical conferences highlighting real-world data for JORNAY PM and AZSTARYS. Pain Portfolio Highlights Generated pain portfolio net revenues of $140.9 million in the 2026 Quarter, down 9% year-over-year. Generated Belbuca® net revenue of $57.7 million in the 2026 Quarter, up 10% year-over-year. Generated Xtampza® ER net revenue of $45.0 million in the 2026 Quarter, down 14% year-over-year. Generated Nucynta Franchise net revenue of $35.2 million in the 2026 Quarter, down 24% year-over-year. This included $5.1 million from the sale of the authorized generic (AG) versions of Nucynta and Nucynta ER. Corporate Updates In July, announced plans to relocate its corporate headquarters to downtown Boston in the first quarter of 2027. In June, recognized by the Boston Business Journal as one of the 2026 Best Places to Work in Massachusetts and named a USA Today Top Workplace for 2026. In May, strengthened its Board of Directors with the appointment of Michael Donovan, former senior audit partner at Ernst and Young (EY). Upcoming Events The Company will participate in the following upcoming investor conferences in the third quarter of 2026: Citi 2026 Biopharma Back to School Conference – New York, NY; September 9, 2026 Morgan Stanley 24th Annual Global Healthcare Conference – New York, NY; September 15, 2026 H.C. Wainwright 28th Annual Global Investment Conference – New York, NY; September 16, 2026 Financial Guidance for 2026 Collegium reaffirms its full-year 2026 guidance for JORNAY PM and raises AZSTARYS Revenue, Net and updates its full-year 2026 guidance for Product Revenues, Net, and Adjusted EBITDA. The decreases in Product Revenues, Net and Adjusted EBITDA are largely driven by lower-than-expected revenue from the AG versions of Nucynta and Nucynta ER due to lower net pricing. Financial Results for Quarter Ended June 30, 2026 Product revenues, net were $199.9 million for the 2026 Quarter, compared to $188.0 million for the quarter ended June 30, 2025 (the 2025 Quarter), representing a 6% increase year-over-year. GAAP operating expenses were $106.6 million for the 2026 Quarter, compared to $73.3 million for the 2025 Quarter, representing a 45% increase year-over-year. Adjusted operating expenses, which exclude stock-based compensation expense and acquisition related expenses were $66.6 million for the 2026 Quarter, compared to $61.9 million for the 2025 Quarter, representing an 8% increase year-over-year. GAAP net loss for the 2026 Quarter was ($15.1) million, with ($0.46) GAAP loss per share (basic) and ($0.46) GAAP loss per share (diluted), compared to GAAP net income for the 2025 Quarter of $12.0 million, with $0.38 GAAP earnings per share (basic) and $0.34 GAAP earnings per share (diluted). Non-GAAP adjusted net income for the 2026 Quarter was $75.4 million, with $1.92 adjusted earnings per share, compared to non-GAAP adjusted net income for the 2025 Quarter of $64.3 million, with $1.68 adjusted earnings per share. Adjusted EBITDA for the 2026 Quarter was $113.8 million, compared to $105.1 million for the 2025 Quarter, representing an 8% increase year-over-year. The Company generated $71.3 million in cash from operations, and exited the 2026 Quarter with cash, cash equivalents and marketable securities of $129.5 million. Conference Call Information The Company will host a conference call and live audio webcast on Thursday, August 6, 2026, at 8:00 a.m. ET. To access the conference call, please dial (877) 407-8037 (U.S.) or (201) 689-8037 (International) and reference the “Collegium Pharmaceutical Second Quarter 2026 Earnings Call.” An audio webcast will be accessible from the Investors section of the Company’s website: www.collegiumpharma.com. The webcast will be available for replay on the Company’s website approximately two hours after the event. About Collegium Pharmaceutical, Inc. Collegium Pharmaceutical is a dynamic, biopharmaceutical company delivering medicines with formulation and delivery innovation for people living with complex central nervous system and pain conditions. Collegium has spent more than a decade proving that responsible stewardship and bold, science-backed approaches can redefine what treatment looks like in categories too often shaped by complexity and misconceptions. With a portfolio of differentiated ADHD medications, anchored by JORNAY PM® (methylphenidate HCl) and AZSTARYS® (serdexmethylphenidate and dexmethylphenidate), and an established leadership position in responsible pain management, Collegium leads with the scientific rigor and commercial expertise to deliver treatment options around how people live their lives. For more information, please visit collegiumpharma.com or find us on LinkedIn. Non-GAAP Financial Measures To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliations, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In addition, certain non-GAAP financial measures, primarily adjusted EBITDA, are used to measure performance when determining components of annual compensation for substantially all non-sales force employees, including senior management. In this press release we discuss the following financial measures that are not calculated in accordance with GAAP. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as: adjusted EBITDA excludes depreciation and amortization, and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes; adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; we exclude stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; and (ii) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position; we exclude impairment expenses from adjusted EBITDA and, although these are non-cash expenses, the asset(s) being impaired may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; we exclude restructuring expenses from adjusted EBITDA. Restructuring expenses primarily include employee severance and contract termination costs that are not related to acquisitions. The amount and/or frequency of these restructuring expenses are not part of our underlying business; we exclude litigation settlements and contingencies that are subject to recovery from adjusted EBITDA, as well as any applicable income items, credit adjustments, or recoveries due to subsequent changes in estimates. This does not include our legal fees to defend claims, which are expensed as incurred; we exclude acquisition-related expenses as these expenses would not have otherwise been incurred in the periods presented as part of our continuing operations and their exclusion is useful to investors because it enhances comparability of operating performance across periods. Acquisition-related expenses include transaction costs, which primarily consisted of financial advisory, banking, legal, and regulatory fees, and other consulting fees, incurred to complete the acquisition, employee-related expenses (severance cost and benefits) for terminated employees after the acquisition, legal defense expenses for specific acquired claims that relate to acts that occurred prior to our acquisition, and miscellaneous other acquisition-related expenses incurred; we exclude recognition of the step-up basis in inventory from acquisitions (i.e., the adjustment to record inventory from historic cost to fair value at acquisition) as the adjustment does not reflect the ongoing expense associated with sale of our products as part of our underlying business; we exclude changes in the fair value of contingent consideration, which are non-cash, acquisition-related items that are not part of our underlying business; we exclude losses on extinguishments of debt as these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; we exclude executive transition expenses from adjusted EBITDA as the amount and/or frequency of these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; and we exclude other expenses, from time to time, that are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis. The Company has not provided a reconciliation of its full-year 2026 guidance for adjusted EBITDA to the most directly comparable forward-looking GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, because the Company is unable to predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition related expenses, amortization of acquired intangible assets, and changes in fair value of contingent consideration. These items are uncertain and depend on various factors that are outside of the Company’s control or cannot be reasonably predicted. While the Company is unable to address the probable significance of these items, they could have a material impact on GAAP net income and operating expenses for the guidance period. A reconciliation of adjusted EBITDA would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, projected financial performance, including expected revenue and adjusted EBITDA; statements related to the anticipated benefits of the acquisition of AZSTARYS, including its impact on Collegium’s ADHD portfolio and commercial strategy; statements related to current and future market opportunities for our products and our assumptions related thereto and other statements that are not historic facts. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the company's current expectations, including risks relating to, among others: our ability to realize the anticipated benefits of the AZSTARYS acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; the risk that the businesses will not be integrated successfully; significant transaction costs or the acquisition of unknown liabilities; future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, and our ability to service those markets; our ability to obtain reimbursement and third-party payor contracts for our products; the rate and degree of market acceptance of our products; the costs of commercialization activities, including marketing, sales and distribution; changing market conditions for our products; the outcome of any patent infringement or other litigation that may be brought by or against us; the outcome of any governmental investigation related to our business; our ability to secure adequate supplies of active pharmaceutical ingredient for each of our products and manufacture adequate supplies of commercially saleable inventory; our ability to obtain funding for our operations and business development; regulatory developments in the U.S.; our expectations regarding our ability to obtain and maintain sufficient intellectual property protection for our products; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Agency compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenues, capital requirements and need for additional financing. These and other risks are described under the heading "Risk Factors" in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release. Investor Contact:Ian KarpHead of Investor [email protected] Media Contact:Jessica CotroneSenior Vice President, Corporate Communications & Corporate [email protected]

For the quarter ended June 2026, Collegium Pharmaceutical (COLL) reported revenue of $199.88 million, up 6.3% over the same period last year. EPS came in at $1.92, compared to $1.68 in the year-ago quarter. The reported revenue represents a surprise of +1.2% over the Zacks Consensus Estimate of $197.5 million. With the consensus EPS estimate being $1.68, the EPS surprise was +14.29%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Collegium Pharmaceutical performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Total product revenues- Belbuca: $57.67 million versus $56.31 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +9.6% change. Total product revenues- Xtampza ER: $45.01 million versus $49.41 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -14.5% change. Total product revenues- Jornay PM: $46.06 million versus $45.57 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +41.2% change. Total product revenues- Nucynta (Nucynta IR+Nucynta ER): $30.08 million compared to the $42.31 million average estimate based on two analysts. The reported number represents a change of -35.2% year over year. Total product revenues- Symproic: $3.02 million versus the two-analyst average estimate of $3.92 million. The reported number represents a year-over-year change of -18.9%. View all Key Company Metrics for Collegium Pharmaceutical here>>> Shares of Collegium Pharmaceutical have returned -0.3% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Collegium Pharmaceutical, Inc. (COLL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research