Collegium Pharmaceutical (NASDAQ:COLL) Issues Earnings Results

Key Points

• Collegium Pharmaceutical beat Q1 expectations, reporting adjusted EPS of $1.76 versus the $1.52 consensus and revenue of $193.5 million, which was above forecasts and up 8.9% year over year.
• Growth in Jornay PM and the pain portfolio helped drive results, with Jornay revenue up 36% and pain net revenue up 4%; management also reaffirmed full-year 2026 guidance and projected product revenue of $805 million to $825 million.
• The planned $650 million AZSTARYS acquisition remains on track to close in Q2 and is expected to be immediately accretive, but it will add leverage in the near term as Collegium also faces competitive pressure from Hikma’s authorized generics of Nucynta/Nucynta ER.

Collegium Pharmaceutical (NASDAQ:COLL - Get Free Report) announced its quarterly earnings data on Thursday. The specialty pharmaceutical company reported $1.76 EPS for the quarter, beating analysts' consensus estimates of $1.52 by $0.24, FiscalAI reports. Collegium Pharmaceutical had a return on equity of 95.18% and a net margin of 9.41%.The firm had revenue of $193.52 million during the quarter, compared to analysts' expectations of $184.47 million. During the same quarter last year, the firm posted $1.49 earnings per share. The company's revenue for the quarter was up 8.9% compared to the same quarter last year.

Here are the key takeaways from Collegium Pharmaceutical's conference call:

• AZSTARYS acquisition: Proposed cash purchase of $650M (plus up to $135M milestones) expected to close in Q2, which management says will be immediately accretive to adjusted EBITDA, deliver >$50M pro forma H2‑2026 revenue, >$50M cost synergies within 12 months, and extend portfolio patent protection through December 2037.
• Jornay PM momentum: Prescriptions rose 14% YoY to >206k, net revenue was $38.9M (+36% YoY), prescribers hit ~30,000, and company projects Jornay revenue of $190M–$200M in 2026 (≈31% growth).
• Pain portfolio and cash generation: Pain net revenue was $154.6M (+4% YoY) with BELBUCA and XTAMPZA ER growing, the company generated $57.1M cash from operations and ended Q1 with $421.8M cash to support business development, debt paydown, and share repurchases; 2026 guidance was reaffirmed.
• Near-term risks: Hikma launched authorized generics of Nucynta/Nucynta ER (creating competitive pressure despite a profit‑share), and the AZSTARYS deal will be financed partly with a $300M term loan leaving pro forma net debt/adjusted EBITDA around ~2x, which introduces short‑term leverage and integration risk despite management's expectation of rapid deleveraging.

Collegium Pharmaceutical Stock Performance

Collegium Pharmaceutical stock traded down $1.53 during mid-day trading on Friday, reaching $37.80. 697,981 shares of the company's stock were exchanged, compared to its average volume of 507,405. The business's fifty day simple moving average is $35.34 and its 200 day simple moving average is $41.62. The firm has a market capitalization of $1.23 billion, a PE ratio of 18.53 and a beta of 0.76. Collegium Pharmaceutical has a one year low of $27.84 and a one year high of $50.79. The company has a quick ratio of 1.48, a current ratio of 1.81 and a debt-to-equity ratio of 2.57.

Insiders Place Their Bets

In related news, EVP David Dieter sold 13,976 shares of Collegium Pharmaceutical stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $34.92, for a total transaction of $488,041.92. Following the sale, the executive vice president directly owned 77,071 shares in the company, valued at approximately $2,691,319.32. This trade represents a 15.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott Dreyer sold 49,976 shares of Collegium Pharmaceutical stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $40.41, for a total value of $2,019,530.16. Following the sale, the executive vice president owned 71,770 shares in the company, valued at $2,900,225.70. This trade represents a 41.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.85% of the company's stock.

Institutional Trading of Collegium Pharmaceutical

Several hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC grew its stake in shares of Collegium Pharmaceutical by 59.1% during the 4th quarter. Janus Henderson Group PLC now owns 1,448,578 shares of the specialty pharmaceutical company's stock worth $67,026,000 after acquiring an additional 538,337 shares during the period. Millennium Management LLC grew its stake in shares of Collegium Pharmaceutical by 248.5% during the 1st quarter. Millennium Management LLC now owns 647,832 shares of the specialty pharmaceutical company's stock worth $19,338,000 after acquiring an additional 461,914 shares during the period. Two Sigma Investments LP grew its stake in shares of Collegium Pharmaceutical by 897.2% during the 3rd quarter. Two Sigma Investments LP now owns 269,318 shares of the specialty pharmaceutical company's stock worth $9,423,000 after acquiring an additional 242,310 shares during the period. Qube Research & Technologies Ltd grew its stake in shares of Collegium Pharmaceutical by 237.9% during the 3rd quarter. Qube Research & Technologies Ltd now owns 320,559 shares of the specialty pharmaceutical company's stock worth $11,216,000 after acquiring an additional 225,679 shares during the period. Finally, Voloridge Investment Management LLC grew its stake in shares of Collegium Pharmaceutical by 854.2% during the 3rd quarter. Voloridge Investment Management LLC now owns 249,473 shares of the specialty pharmaceutical company's stock worth $8,729,000 after acquiring an additional 223,329 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Needham & Company LLC reissued a "buy" rating and issued a $56.00 price objective (up from $54.00) on shares of Collegium Pharmaceutical in a research note on Thursday, March 19th. Wall Street Zen cut Collegium Pharmaceutical from a "strong-buy" rating to a "buy" rating in a research note on Saturday, February 28th. HC Wainwright restated a "buy" rating and issued a $60.00 target price on shares of Collegium Pharmaceutical in a report on Friday, March 20th. Truist Financial set a $58.00 target price on Collegium Pharmaceutical in a research report on Tuesday, February 10th. Finally, Barclays cut their target price on Collegium Pharmaceutical from $58.00 to $56.00 and set an "overweight" rating on the stock in a research report on Friday, January 9th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $53.40.

Collegium Pharmaceutical News Roundup

Here are the key news stories impacting Collegium Pharmaceutical this week:

• Positive Sentiment: Collegium beat Q1 expectations with earnings of $1.76 per share versus estimates around $1.42-$1.52, while revenue rose 8.9% year over year to $193.5 million, topping Wall Street forecasts. Collegium Reports First Quarter 2026 Financial Results and Highlights Recent Company Progress
• Positive Sentiment: The company highlighted strong segment performance, including JORNAY PM revenue up 36% year over year and pain portfolio revenue up 4%, suggesting healthy momentum across both ADHD and pain franchises. COLL Q1 deep dive: ADHD portfolio expansion and pain segment stability drive results
• Positive Sentiment: Management said it remains on track to close the $650 million AZSTARYS acquisition in the second quarter, a deal that could expand Collegium’s ADHD portfolio and support longer-term growth. Collegium outlines $805M-$825M 2026 product revenue outlook while planning to close $650M AZSTARYS deal in Q2
• Neutral Sentiment: Collegium reaffirmed full-year 2026 guidance and projected product revenue of $805 million to $825 million, which is slightly below the consensus revenue estimate but still signals continued growth. Collegium Reports First Quarter 2026 Financial Results and Highlights Recent Company Progress

About Collegium Pharmaceutical

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.

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