Collegium Pharmaceutical Q1 Earnings Call Highlights

Key Points

• Collegium reported Q1 net product revenues of $193.5 million, up 9% YoY driven by JORNAY PM (revenues +36% YoY) while GAAP net income jumped to $14.5 million and adjusted EBITDA rose to $103.9 million, leaving cash and equivalents of $421.8 million.
• The company is set to acquire AZSTARYS for $650 million in cash (financed with $350M cash on hand and a $300M delayed-draw term loan); management expects the deal to be immediately accretive, produce >$50M of pro forma revenue in H2 2026, deliver >$50M of cost synergies within 12 months, and result in ~2x net debt/adjusted EBITDA.
• Collegium reaffirmed standalone 2026 guidance of product revenues $805–$825 million and adjusted EBITDA $455–$475 million, reiterated JORNAY guidance of $190–$200 million, and highlighted capital priorities including business development, debt repayment, and a remaining $150 million share repurchase authorization.

Collegium Pharmaceutical NASDAQ: COLL reported first-quarter 2026 results highlighting continued growth in its ADHD franchise led by JORNAY PM, steady performance from its pain portfolio, and progress toward its planned acquisition of AZSTARYS. Management said the company remains focused on three 2026 priorities: driving JORNAY growth, maximizing the durability of the pain portfolio, and executing a capital deployment strategy that includes business development, debt repayment, and opportunistic share repurchases.

First-quarter results driven by JORNAY growth and steady pain portfolio

Total net product revenues were $193.5 million, up 9% year-over-year, according to CFO Colleen Tupper. JORNAY PM generated $38.9 million in net revenue, up 36% year-over-year, while the pain portfolio produced $154.6 million, up 4% year-over-year, CEO Vikram Karnani said.

Within the pain portfolio, Tupper reported:

• BELBUCA net revenue of $52.6 million, up 2% year-over-year
• XTAMPZA ER net revenue of $50.8 million, up 7% year-over-year
• Total NUCYNTA franchise net revenue of $47.0 million, flat year-over-year

Tupper noted that the year-over-year comparison for JORNAY was affected by “approximately $4 million of destocking that occurred in Q1 of 2025,” which lowered the prior-year baseline. She also said first-quarter pain prescriptions were pressured by “typical first quarter dynamics, where deductibles reset and out-of-pocket costs increased for patients,” a point echoed by Chief Commercial Officer Scott Dreyer.

Profitability and cash generation improved year-over-year. Tupper said GAAP net income was $14.5 million, up 500% year-over-year, while non-GAAP adjusted EBITDA rose 9% to $103.9 million. Operating cash flow was $57.1 million, and Collegium ended the quarter with $421.8 million in cash, cash equivalents, and marketable securities, up $35.1 million from the end of 2025.

Commercial update: JORNAY prescription growth, awareness gains, and formulary access

Dreyer said JORNAY PM continued to expand across prescriptions, prescribers, and market share in the quarter. He reported more than 206,000 prescriptions in Q1, up 14% year-over-year, and an all-time high prescriber base of approximately 30,000, up 17% year-over-year.

Dreyer broke out growth by segment, stating pediatric and adolescent prescriptions (about 80% of total) grew 12% year-over-year, while the adult segment (about 20%) grew 23%. He also said JORNAY’s market share of the long-acting branded methylphenidate market increased to 26%, up 5.8 percentage points year-over-year.

Management attributed performance to investments made in 2025, including an expanded sales force and new marketing programs. Dreyer cited first-quarter market research indicating improved awareness among targeted healthcare professionals, with unaided recall rising to 67% from 52% a year earlier, “approaching the awareness levels of established brands like Vyvanse and CONCERTA.” He also said 70% of surveyed healthcare professionals expressed strong intent to increase prescribing, which he described as the highest among branded ADHD medicines in the research.

On market access, Dreyer said the company secured new formulary access under “a major commercial health plan,” effective May 1, increasing JORNAY coverage for an estimated 4.5 million covered lives. Karnani added the company remains committed to broad coverage and to helping manage patient out-of-pocket costs through copay assistance programs.

AZSTARYS acquisition: rationale, timeline, and expected financial impact

Collegium’s proposed acquisition of AZSTARYS was a central theme of the call. Karnani said the deal would “strengthen our position in ADHD,” complement JORNAY PM, and “extend revenues into the late 2030s.” He also said the required waiting period under the Hart-Scott-Rodino Act has expired and the company remains on track to close in the second quarter of 2026.

Dreyer described AZSTARYS as “the first and only ADHD treatment with both fast and long-acting medicines in one capsule,” with rapid efficacy “about 30 minutes after they take it” lasting later into the evening. He said AZSTARYS serves a different patient type than JORNAY: while JORNAY is positioned around symptom control upon awakening through the day, AZSTARYS may appeal to patients who need rapid onset and flexibility for less consistent schedules. He added that AZSTARYS prescribing is more adult-weighted than JORNAY, with about one-third of prescriptions in adults.

On the commercial approach, Dreyer said JORNAY and AZSTARYS have “high overlap” among prescribers. During Q&A, he said AZSTARYS had “almost 26,000 prescribers” in the first quarter and that the combined organization intends to grow both brands, with positioning centered on differentiated patient types.

Tupper outlined the transaction terms and financing, stating Collegium plans to acquire AZSTARYS for $650 million in cash, with Corium shareholders potentially eligible for up to $135 million in additional payments tied to future commercial and manufacturing milestones. She said the company expects to fund the upfront purchase price using $350 million in cash on hand and $300 million from a delayed draw term loan.

Tupper said the company estimates net debt to adjusted EBITDA will be approximately 2x following the close and expects the deal to be immediately accretive to adjusted EBITDA. She also estimated AZSTARYS would generate “over $50 million in pro forma net revenues in the second half of 2026” and that Collegium expects to achieve more than $50 million of cost synergies within 12 months of closing by leveraging its existing ADHD commercial infrastructure. Tupper also noted AZSTARYS is protected by six Orange Book patents, most expiring in December 2037.

Pain portfolio durability and NUCYNTA authorized generics

Collegium also discussed developments in its pain franchise, including the launch of authorized generics for NUCYNTA and NUCYNTA ER by partner Hikma Pharmaceuticals. Karnani said the authorized generic agreement supports the company’s lifecycle strategy and provides a “significant profit share” designed to help compete effectively with potential third-party generics.

Tupper said first-quarter NUCYNTA franchise net revenue included $2.7 million in profit share from Hikma’s authorized generic distribution. In response to questions about generic dynamics and market share data, she said the company’s 2026 revenue guidance “contemplates the impact of the various generic dynamics” and that “thus far, we don’t see anything that changes our expectations.”

Addressing pain portfolio performance, Tupper said year-over-year growth for XTAMPZA ER and BELBUCA was “driven by profitability improvements in line with our payer strategy,” including a combination of price increases and “a little bit of gross to net benefit.” Dreyer added that revenue trends were in line with management’s expectations and said overall performance reinforced the company’s belief that the lifecycle of these medicines “may prove to be longer and more robust than is currently appreciated in the market.”

Guidance reaffirmed for standalone business; capital allocation and other updates

Tupper reaffirmed 2026 guidance for the existing business, excluding AZSTARYS. Collegium expects total product revenues of $805 million to $825 million and adjusted EBITDA of $455 million to $475 million. For JORNAY, the company reiterated expected 2026 revenue of $190 million to $200 million, and Tupper said gross-to-net is expected to remain stable in 2026 in the “mid 60% range,” with typical seasonality leading to higher gross-to-net in the first half.

Management said updated 2026 guidance for the combined business will be provided after the AZSTARYS acquisition closes. Tupper also highlighted capital allocation priorities, noting that since 2021 the company has returned $222 million in value to shareholders and has $150 million remaining under its authorized repurchase program through Dec. 31, 2026.

Additional corporate updates included a new “Embrace Your Sparkle” JORNAY campaign featuring Paris Hilton, a partnership with Boston Legacy FC to sponsor a sensory room at home games in collaboration with CHADD, and board changes. Karnani said director Dr. John Fallon will retire at the company’s May 14 annual meeting, and Michael Donovan—most recently an audit partner at Ernst & Young—has been nominated to join the board, subject to shareholder approval.

Looking ahead, Karnani said Collegium is focused on maintaining momentum in ADHD, supporting the durability of the pain franchise, and closing and integrating AZSTARYS to “further accelerate our growth trajectory.”

About Collegium Pharmaceutical NASDAQ: COLL

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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