Collegium Pharmaceutical, Inc.

In Q2 2026, total net product revenues were $199.9 million, up 6% year over year. Jornay PM net revenue was $46.1 million, up 41% year over year, with prescriptions up 13.1% and prescribers up 17.6% to over 30,000. Azstarys contributed $12.9 million of revenue for about a month and a half of commercial sales. Belbuca net revenue was $57.7 million, up 10% year over year; Xtampza ER was $45 million, down 14%; and total NUCYNTA franchise revenue was $35.2 million, down 24%. GAAP operating expenses were $106.6 million, up 45%, including $24.1 million of acquisition-related expenses; adjusted operating expenses were $66.6 million, up 8%. GAAP net loss was $15.1 million versus net income of $12 million in Q2 2025. Adjusted EBITDA was $113.8 million, up 8%, and adjusted EPS was $1.92 versus $1.68 last year. The company generated $71.3 million of operating cash flow and ended with $129.5 million in cash, cash equivalents, and marketable securities; net debt to adjusted EBITDA was approximately 2.1x. For 2026, Collegium now expects total product revenues of $825 million to $855 million and adjusted EBITDA of $445 million to $470 million. Jornay PM guidance remains $190 million to $200 million, Azstarys guidance is now $65 million to $75 million, and Jornay PM gross-to-net is expected to remain in the mid-60% range.

Vikram Karnani framed the quarter as evidence that Collegium is successfully building a more diversified biopharma business beyond responsible pain management. He emphasized the ADHD platform, saying Jornay PM and Azstarys are complementary and that the integration of Azstarys is complete, with the sales force fully trained ahead of the back-to-school season. His tone was confident and strategic, repeatedly pointing to disciplined capital deployment, long-term value creation, and the company’s ability to acquire and integrate differentiated assets.

Colleen Tupper focused on the quarter’s financial bridge: 6% product revenue growth, 8% adjusted EBITDA growth, and the impact of acquisition-related expenses from Azstarys. She said the Azstarys deal used about $356 million in cash on hand, leaving $129.5 million in cash, cash equivalents, and marketable securities at quarter-end, and that the company generated $71.3 million of operating cash flow. She also explained that updated guidance reflects lower-than-expected NUCYNTA full-year revenue from lower net pricing on authorized generics, while Jornay PM guidance is unchanged and Azstarys guidance was raised due to early performance and integration.

Analysts focused heavily on NUCYNTA pricing, Belbuca patent / generic risk, and whether Azstarys’ early revenue reflected channel stocking or accounting noise. Management said NUCYNTA net pricing appears stabilized now, though quarterly revenue can be lumpy because revenue is booked when supplying the authorized generic distributor and includes estimated profit share. On Azstarys, management said the guidance increase was driven by commercial performance, not channel dynamics, and that gross-to-net in the first quarter of ownership was about 74% for roughly half the quarter, with improvement expected over time. On Belbuca, management said Teva could launch in January 2027 under a settlement, that an authorized generic agreement is already in place, and that Alvogen remains barred until December 2032.