Beyond the headline.
Inside the numbers.
Ticker Byline
Collegium sells ADHD and pain medicines, including Jornay PM, Azstarys, Belbuca, Xtampza ER and Nucynta. Acquisitions have expanded its business beyond pain management.
Collegium Pharmaceutical, Inc. sells medicines for attention deficit hyperactivity disorder, or ADHD, and pain conditions. The company is incorporated in Virginia, based in Stoughton, Massachusetts, and trades on Nasdaq as COLL.
Its ADHD medicines are Jornay PM and Azstarys. The pain portfolio includes Belbuca, Xtampza ER and Nucynta, with authorized generic Nucynta products sold through Hikma. Symproic treats opioid-induced constipation. Collegium reports one operating segment.
| Measure | 2025 | 2026 |
|---|---|---|
| Revenue | $209.4 | $216.3 |
| Operating income | $62.1 | $28.7 |
| Net income | $31.5 | $21.8 |
| Diluted EPS | $0.84 | $0.60 |
| Adjusted EPS | $2.25 | $1.96 |
| Adjusted EBITDA | $133.0 | $121.6 |
| Operating cash flow | $78.4 | $86.5 |
| Measure | 2025 | 2026 |
|---|---|---|
| Revenue | $188.0 | $199.9 |
| Operating income | $35.1 | $3.7 |
| Net income (loss) | $12.0 | ($15.1) |
| Diluted EPS | $0.34 | ($0.46) |
| Adjusted EPS | $1.68 | $1.92 |
| Adjusted EBITDA | $105.1 | $113.8 |
Operating income, net income and diluted EPS follow U.S. accounting rules. Adjusted EBITDA excludes interest, taxes, depreciation, amortization and selected costs such as stock compensation, acquisition expenses and litigation settlements. Adjusted EPS excludes specified costs and tax effects and assumes conversion of convertible debt, including the corresponding interest adjustment.
Collegium entered ADHD through its September 2024 purchase of Ironshore Therapeutics, which brought Jornay PM. Third-quarter 2026 Jornay sales rose 24% to $51.9 million. Azstarys added $26.5 million in its first full quarter under Collegium ownership.
The pain portfolio's revenue fell 18% to $138 million. Nucynta revenue fell 44% to $30.8 million, including $4.2 million from authorized generics. Belbuca revenue fell 1% to $57.7 million, while Xtampza ER fell 9% to $45.8 million.
Adjusted operating expenses rose roughly a quarter to $69.4 million, reflecting additional commercial staff and marketing. Net income included a $21 million deferred tax benefit, which the company excluded from adjusted earnings. Our analysis of rising sales and falling profit examines the transition.
The Azstarys acquisition closed on May 12, 2026. Updated closing cash consideration was about $655.6 million, funded with $355.6 million of existing cash and a $300 million delayed-draw term loan. Up to $135 million of additional commercial and manufacturing milestone payments may become due. A separate $10 million deferred purchase payment was made in September.
At September 30, term-loan principal was $854.5 million and convertible-note principal was $241.5 million. Their combined balance-sheet carrying value was $1.08 billion. A separate $120.6 million deferred royalty obligation relates to Jornay PM, with royalty payments at 9.7% of Jornay PM net sales through March 2032.
The term facility is scheduled to mature in December 2030, but can mature in November 2028 if specified convertible-debt and liquidity conditions apply. The convertible notes mature in February 2029. A $100 million revolving credit line was undrawn and available.
Unrestricted cash reached $144.8 million in September, compared with $129.5 million in June. Restricted cash was a separate $20.9 million. Operating cash flow for the first nine months was $215 million, against $206.3 million a year earlier.
Collegium paid Grünenthal $17 million on October 15 to settle disputes, end royalties under the Nucynta license and acquire related patents. An $11 million litigation expense was recognized in the third quarter and excluded from adjusted EBITDA. The payment was made after September's cash balance was measured.
An August accelerated repurchase used $50 million of cash. The initial delivery was 1.56 million shares, with final settlement expected in the fourth quarter. Another $100 million remained available under the existing repurchase authority.
In November, Collegium reaffirmed 2026 sales of $825 million to $855 million and adjusted EBITDA of $445 million to $470 million. These are the lower ranges set in August after authorized generic Nucynta prices fell short of expectations.
Jornay PM sales are expected at $190 million to $200 million. The Azstarys target is $65 million to $75 million for the May 12 through December 31 ownership period. The next results will show whether ADHD growth and the larger commercial operation can improve profit as pain revenue declines.
Azstarys added $26.5 million in its first full quarter under Collegium. But third-quarter adjusted earnings fell from a year earlier as pain medicines lost ground and commercial spending rose.