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    Earnings call· Jun 2026(Q2 FY26)

    COLLEGIUM PHARMACEUTICAL Q2 FY26 earnings call COLL

    Aug 6, 2026 Source

    Executive summary

    Collegium Q2 FY26 — Strong ADHD Growth and Astaris Integration

    Collegium Pharmaceutical delivered strong Q2 FY26 results, driven by significant growth in its ADHD business, particularly Jornet, and the successful integration of the Astaris acquisition. While the pain portfolio provided a durable cash flow base, Nucynta faced headwinds from authorized generic pricing. The company remains focused on expanding its ADHD presence, maximizing pain portfolio value, and disciplined capital deployment.

    Highlights

    5

    • Jornet prescriptions grew by 13.1% year-over-year, generating $46.1 million in net revenue, up 41% year-over-year.

    • Jornet prescribers reached an all-time high of over 30,000, up 17.6% year-over-year.

    • Completed the acquisition of Astaris in May, adding a differentiated ADHD medicine and strengthening the portfolio.

    • Total net product revenues were $199.9 million, up 6% year-over-year.

    • Non-GAAP adjusted EBITDA was $113.8 million, up 8% year-over-year.

    Concerns

    3

    • Nucynta franchise revenue was lower than expected due to pricing for authorized generic products, down 24% year-over-year to $35.2 million.

    • Xtampza ER net revenue was down 14% year-over-year to $45 million, partly due to an unfavorable comparison to Q2 2025 rebate settlements.

    • GAAP net loss was $15.1 million compared to net income of $12 million in Q2 2025, primarily due to $24.1 million in acquisition-related expenses.

    Guidance & targets

    5
    CategoryTargetConfidence
    Jornet APM Revenues
    $190M-$200M
    high materiality
    High
    Astaris Revenues
    $65M-$75M
    high materiality
    High
    Total Product Revenues
    $825M-$855M
    high materiality
    Medium
    Adjusted EBITDA
    $445M-$470M
    high materiality
    Medium
    Jornet Gross-to-Net
    mid-60% range
    medium materiality
    High

    Segment performance

    2
    SegmentRevenueYoYQoQMargin
    ADHD Portfolio
    The ADHD portfolio, comprising Jornet PM and the newly acquired Astaris, is a key growth driver. Jornet PM showed strong growth across prescriptions, prescribers, and market share. Astaris contributed initial revenue following its acquisition and integration.
    Jornet PM Net Revenue: $46.1MJornet PM Revenue Growth YoY: 41%Jornet PM Prescriptions Growth YoY: 13.1%Jornet PM Prescribers: 30,000Jornet PM Prescriber Growth YoY: 17.6%Jornet PM Branded Long-Acting Methylphenidates Market Share: 29.2%Jornet PM Market Share Growth YoY: 5.8 percentage pointsJornet PM Pediatric and Adolescent Segment Prescriptions Growth YoY: 10.7% (80% of business)Jornet PM Adult Segment Prescriptions Growth YoY: 23% (20% of business)Astaris Net Revenue: $12.9M (partial quarter)Astaris IP Protection: through 2037
    		————
    Pain Portfolio
    The pain portfolio provides a durable foundation and generates strong cash flow. Belbuca performed well with revenue growth and expanded formulary access. Xtampza ER faced market pressure and unfavorable comparisons. Nucynta franchise revenue was lower than expected due to authorized generic pricing.
    Belbuca Net Revenue: $57.7MBelbuca Revenue Growth YoY: 10%Belbuca Formulary Access: additional 9 million lives (starting Q4 FY26)Xtampza ER Net Revenue: $45MXtampza ER Revenue Growth YoY: -14%Nucynta Franchise Net Revenue: $35.2MNucynta Franchise Revenue Growth YoY: -24%Nucynta Authorized Generic Profit Share: $5.1M
    		$140.9M———

    Operational metrics

    16
    Total Net Product Revenues
    $199.9Mup 6% year over year
    Q2 FY26
    Adjusted Operating Expenses
    $66.6Mup 8% year over year
    Q2 FY26

    Excludes stock-based compensation and acquisition-related expenses.

    GAAP Operating Expenses
    $106.6Mup 45% year over year
    Q2 FY26

    Includes $24.1 million in acquisition-related expenses associated with the Astaris acquisition.

    GAAP Net Loss
    $15.1Mcompared to net income of $12M in Q2 2025
    Q2 FY26
    Non-GAAP Adjusted EBITDA
    $113.8Mup 8% year over year
    Q2 FY26
    GAAP Net Loss Per Share
    $0.46compared to earnings of $0.38 basic and $0.34 diluted in Q2 2025
    Q2 FY26
    Non-GAAP Adjusted EPS
    $1.92compared to $1.68 in Q2 2025
    Q2 FY26
    Cash, Cash Equivalents, and Marketable Securities
    $129.5M
    as of June 30
    Cash Used for Astaris Acquisition
    $356M
    Q2 FY26

    Used cash on hand to fund the acquisition.

    Net Debt to Adjusted EBITDA
    2.1x
    Q2 FY26

    Ended the quarter with this ratio.

    Astaris Gross-to-Net
    74%
    Q1 FY26

    Expected to improve over time but not to the same degree as Jornet.

    Nucynta IR Authorized Generic Net Price
    10-15%
    Q2 FY26

    Expected to have stabilized.

    Nucynta ER Authorized Generic Net Price
    20-25%
    Q2 FY26

    Expected to have stabilized.

    ADHD Sales Force
    190up from 180 prior to acquisition
    Q2 FY26

    Increased to support the addition of Astaris.

    Target HCPs (ADHD)
    27,000up from 21,000 pre-expansion in 2020
    Q2 FY26

    Expanded to support the combined ADHD portfolio.

    Belbuca Additional Formulary Access
    9M
    Q4 FY26

    Secured additional formulary access starting in Q4 of this year.

    Industry KPIs

    4
    MetricValueDetails
    Prescription volume13.1%%
    EPS revenue guidanceTotal product revenues: $825M-$855M; Adjusted EBITDA: $445M-$470MUSD
    Therapeutic drug market share29.2%%
    Business development capacity deal appetiteDisciplined capital deployment strategy

    Deals & partnerships

    1
    Prior owner of AstarisAcquisition of Astaris, a differentiated ADHD medicine.~$356M

    Completed in May, strengthening the ADHD platform and leveraging existing commercial infrastructure. Funded by cash on hand.

    Risks & headwinds

    3
    Nucynta Authorized Generic PricingQ2 FY26

    Nucynta franchise revenue down 24% year-over-year to $35.2 million

    Mitigation: Management expects net pricing to have stabilized and is reflected in full-year guidance.

    Xtampza ER Market PressureQ2 FY26

    Xtampza ER net revenue down 14% year-over-year to $45 million

    Mitigation: Attributed partly to pressure across the branded, long-acting opioid market and an unfavorable comparison to Q2 2025 rebate settlements.

    Acquisition-Related ExpensesQ2 FY26

    $24.1 million in acquisition-related expenses

    Mitigation: Contributed to a GAAP net loss of $15.1 million in the quarter.

    What to watch in Q3 FY26

    4

    ADHD Business Growth (Jornet & Astaris)

    Back-to-school season (Q3 FY26)
    CurrentJornet prescriptions up 13.1% YoY; Astaris generated $12.9M in partial quarter
    TargetContinued rapid growth for both medicines

    Why it matters

    Key growth driver for the company, leveraging recent acquisition and increased sales force.

    With the integration complete and our commercial organization fully trained, we are well positioned heading into the important back-to-school season.

    Q&A highlights

    4

    Has Nucynta AG net pricing stabilized, and what are the expectations for Belbuca generic competition (Teva in 2027, Alvagen in 2032) and authorized generic strategy?

    Nucynta AG net pricing is expected to have stabilized, reflected in full-year guidance. For Belbuca, Teva has an agreement to launch a generic in January 2027, but management doesn't believe it aligns with Teva's strategy. An authorized generic agreement is in place, triggered by an external generic launch. Alvagen is barred until December 2032.

    “On NUSINSA, I would expect the net pricing to have stabilized at this point, and that is reflected in our full-year guidance. ... Belbuca, thus far the event we are watching for, we've spoken to in the in the past is that in January of 2027, TEVA via a settlement agreement does have the ability to launch a generic.”

    asked by Serge Belander · answered by Colleen Tupper

    2 min read6 chapters

    Detailed Narrative

    01

    ADHD Portfolio Expansion and Integration

    Collegium significantly expanded its ADHD business with the acquisition and integration of Astaris in May 2026, complementing its lead product Jornet PM. The combined sales force of 190 reps is now fully trained and targeting 27,000 HCPs, up from 21,000, ahead of the back-to-school season. This strategy aims to leverage existing commercial infrastructure and achieve cost synergies, with Astaris expected to be accretive to adjusted EBITDA starting in 2027 and beyond.

    02

    Jornet PM Performance and Market Position

    Jornet PM demonstrated strong growth, with prescriptions up 13.1% year-over-year and net revenue increasing 41% to $46.1 million. The product achieved an all-time high of over 30,000 prescribers, up 17.6% year-over-year, and grew its share of the branded long-acting methylphenidates market to 29.2%, up 5.8 percentage points. HCP awareness and intent to prescribe remain high, with 70% of surveyed HCPs indicating a strong intent to increase prescribing, ranking it highest among branded ADHD medicines.

    03

    Astaris Differentiation and Complementarity

    Astaris, acquired in May, is positioned as a highly differentiated stimulant with IP protection through 2037. It is the first and only ADHD treatment offering both fast and long-acting medicines in one capsule, providing flexibility for patients needing rapid onset and extended control. Management emphasized its complementarity with Jornet PM, which offers immediate symptom control upon awakening, catering to different patient needs, and noted positive feedback from KOLs and community-based physicians.

    04

    Pain Portfolio Dynamics and Formulary Access

    The pain portfolio continues to provide a durable cash flow base. Belbuca performed well, with revenues up 10% year-over-year to $57.7 million, and secured formulary access for an additional 9 million lives starting Q4. However, Nucynta franchise revenue declined 24% to $35.2 million due to lower net pricing for authorized generics, and Xtampza ER revenue was down 14% to $45 million, partly due to prior-year rebate timing.

    05

    Financial Performance and Capital Allocation Strategy

    Total net product revenues increased 6% year-over-year to $199.9 million, and non-GAAP adjusted EBITDA grew 8% to $113.8 million. The company generated $71.3 million in operating cash flow and ended the quarter with $129.5 million in cash, cash equivalents, and marketable securities. Collegium remains committed to a disciplined capital deployment strategy, focusing on business development for differentiated assets, debt paydown (net debt to adjusted EBITDA at 2.1x), and opportunistic share repurchases.

    06

    Strategic Priorities and Outlook

    Collegium's key strategic priorities for H2 2026 include driving continued growth for its ADHD portfolio, maximizing the durability of its pain portfolio, and strategically deploying capital. The company is confident in its full-year expectations, reaffirming Jornet revenue guidance and increasing Astaris revenue outlook, despite updating total product revenue to $825M-$855M and adjusted EBITDA guidance to $445M-$470M due to Nucynta's performance.

    AI-generated summary of the company’s earnings call. Not investment advice.