COLLEGIUM PHARMACEUTICAL (COLL) Company Report

Collegium raised its full-year net sales guidance for Jornay PM to $145 million-$150 million, representing approximately 46% year-over-year growth. The sales force for Jornay PM was expanded to 180 territories in April, targeting over 21,000 physicians.
The company provided updates on the exclusivity runways for its pain portfolio: Belbuca's first potential generic entrant is Teva in January 2027 , Xtampza has a settlement with Teva for entry in September 2033 , and Nucynta faces significant barriers to generic entry due to API sourcing and an authorized generic arrangement with Hikma.
Collegium's capital deployment strategy focuses on accelerating Jornay PM growth, maximizing the durability of the pain franchise, and a three-pronged approach for capital: business development, share repurchases ($222 million returned to shareholders since 2021), and debt reduction.
For business development, Collegium seeks commercial or near-commercial assets with peak net sales exceeding $300 million and longer duration, ideally fitting into existing sales force specialties (pediatrics/psychiatry) or new specialty/rare disease areas.

Dec 2, 2025, 7:30 PM

Transcript

Collegium Provides Business Update at Piper Sandler Conference

COLL

Guidance Update

Share Buyback

M&A

Jornay PM full-year net sales guidance was raised to $145 million-$150 million, reflecting approximately 46% year-over-year growth, with Q3 prescription growth at 20% year-over-year.
The sales force supporting Jornay PM was expanded by 55 new reps in April, bringing the total to 180 territories targeting over 21,000 physicians.
The first potential generic entrant for Belbuca is Teva in January 2027, and for Xtampza, Teva is set to enter in September 2033.
The company's capital deployment strategy includes seeking business development assets with peak sales over $300 million, returning $222 million to shareholders via share repurchases since 2021, and reducing debt.

Dec 2, 2025, 7:30 PM

Transcript

Collegium Discusses Jornay PM Growth, Pain Portfolio Durability, and Capital Deployment Strategy

COLL

Guidance Update

Revenue Acceleration/Inflection

M&A

Collegium raised its full-year net sales guidance for Jornay PM to a range of $145 million-$150 million, representing approximately 46% year-over-year growth, driven by a 20% increase in prescriptions and 22% in new writers in Q3.
The company expanded its sales force for Jornay PM by 55 new reps in April, bringing the total to about 180 territories targeting over 21,000 physician targets. The gross-to-net for Jornay PM is expected to be around 65% for the full year, an improvement from 71% last year.
For its pain portfolio, the first potential generic entrant for Belbuca is Teva in January 2027, while Xtampza has a settlement allowing Teva to enter in September 2033. Nucynta faces a significant barrier to generic entry due to limited access to commercial-scale Tapentadol API. Gross-to-net for Belbuca and Xtampza is in the mid-50% range.
Collegium's capital deployment strategy includes business development (M&A) for commercial or near-commercial assets with peak net sales exceeding $300 million, share repurchases (with $222 million returned to shareholders since 2021), and debt reduction.

Dec 2, 2025, 7:30 PM

Transcript

Collegium Raises 2025 Financial Guidance and Reports Strong Q3 Results

COLL

Guidance Update

Revenue Acceleration/Inflection

Share Buyback

Collegium has raised its full-year 2025 financial guidance, now expecting 24% revenue growth (up from 19%) and 16% adjusted EBITDA growth (up from 12%).
The company reported strong Q3 results, with revenues of $209.4 million, a 31% year-over-year increase, and Adjusted EBITDA of $133 million, up 27% year-over-year.
Jornay PM, an ADHD medicine acquired in 2024, is a key growth driver, projected to grow in the mid-40% this year and showing 20% prescription growth in Q3. The pain portfolio is expected to be durable, with product exclusivities extending to September 2033 for Xtampza and December 2032 for Belbuca.
Collegium generated nearly $80 million in cash from operations in Q3, reducing its net debt to adjusted EBITDA to 1.2 times and anticipating it to be less than one time by year-end. The company has also repurchased over $220 million in shares since 2021.

Nov 19, 2025, 8:00 AM

Transcript

Collegium Pharmaceutical provides 2025 financial outlook and strategic update

COLL

Guidance Update

Revenue Acceleration/Inflection

Share Buyback

Collegium Pharmaceutical expects $780 million in revenues for 2025, representing 24% year-over-year growth, and over $460 million in adjusted EBITDA. The company recently raised its full-year 2025 financial guidance to 24% revenue growth and 16% adjusted EBITDA growth from previous expectations of 19% and 12% respectively.
In Q3 2025, Collegium reported $209.4 million in revenues, up 31% year-over-year, and $133 million in adjusted EBITDA, up 27% year-over-year.
Growth is primarily driven by the ADHD medicine, Jornay PM, which is on track to grow in the mid-40% this year, and the durable pain portfolio, which is growing in the mid-single digits. Jornay PM prescriptions grew 20% year-over-year in Q3 2025.
The company has a history of share repurchases, with over $220 million repurchased since 2021, and a current authorization for up to $150 million through the end of 2026. Collegium anticipates its net debt to adjusted EBITDA will be less than one time by the end of 2025.

Nov 19, 2025, 8:00 AM

Transcript

Collegium Reports Strong Q3 2025 Results and Raises Full-Year Guidance

COLL

Earnings

Guidance Update

Share Buyback

Collegium reported Q3 2025 Product Revenues, Net of $209.4 million, a 31% year-over-year increase, and Adjusted EBITDA of $133.0 million, up 27% year-over-year.
The company raised its full-year 2025 financial guidance, now expecting Product Revenues, Net between $775 million and $785 million and Adjusted EBITDA between $460 million and $470 million.
Collegium completed a $25 million Accelerated Share Repurchase in July 2025 and has a $150 million share repurchase program authorized through December 2026.
The company ended Q3 2025 with $285.9 million in cash, cash equivalents, and marketable securities and expects to end 2025 with net leverage of less than 1.0x.

Nov 6, 2025, 1:00 PM

Presentation

Collegium Pharmaceutical Reports Record Q3 2025 Revenue and Raises Full-Year Guidance

COLL

Earnings

Guidance Update

Share Buyback

Collegium Pharmaceutical reported record quarterly net revenue of $209.4 million, a 31% year-over-year increase, and record adjusted EBITDA of $133 million, up 27% year-over-year for Q3 2025.
Jornay PM generated $41.8 million in net revenue with 20% year-over-year prescription growth, while the pain portfolio contributed $167.6 million in net revenue, an 11% year-over-year increase.
The company raised its 2025 full-year guidance, now expecting total product revenues between $775 million-$785 million and Jornay revenue in the range of $145 million-$150 million.
Collegium ended Q3 2025 with $285.9 million in cash and repaid $16.1 million of debt, achieving a net debt to adjusted EBITDA leverage of approximately 1.2 times.
The company continues its capital deployment strategy, which includes $150 million remaining in its share repurchase program through December 31, 2026, and actively evaluating business development opportunities, willing to lever up to three times net debt over EBITDA for transactions focused on commercial or near-commercial assets in pain or CNS.

Nov 6, 2025, 1:00 PM

Transcript

Collegium Pharmaceutical Reports Strong Q3 2025 Results and Raises Full-Year Guidance

COLL

Earnings

Guidance Update

Share Buyback

Collegium Pharmaceutical, Inc. reported record quarterly net revenue of $209.4 million for Q3 2025, marking a 31% increase year-over-year, and record Adjusted EBITDA of $133.0 million, a 27% increase over the same period.
The company raised its full-year 2025 guidance, with net revenue now expected to be between $775 and $785 million and Adjusted EBITDA between $460 and $470 million.
Key product performance for Q3 2025 included Jornay PM net revenue of $41.8 million (with prescriptions growing 20% year-over-year) and pain portfolio net revenue of $167.6 million (an 11% increase year-over-year).
Collegium ended Q3 2025 with $285.9 million in cash, cash equivalents, and marketable securities and completed a $25 million Accelerated Share Repurchase in July 2025.

Nov 6, 2025, 12:33 PM

8-K

Collegium Pharmaceutical Reports Strong Q3 2025 Results and Raises 2025 Guidance

COLL

Earnings

Guidance Update

Revenue Acceleration/Inflection

Collegium Pharmaceutical (COLL) reported record quarterly net revenue of $209.4 million for the quarter ended September 30, 2025, representing a 31% increase year-over-year.
The company achieved record quarterly Jornay PM net revenue of $41.8 million, with prescriptions growing by 20% year-over-year.
Collegium Pharmaceutical raised its full-year 2025 net revenue guidance to a range of $775 to $785 million and its Adjusted EBITDA guidance to a range of $460 to $470 million.
For the third quarter of 2025, GAAP net income was $31.5 million, with $1.00 GAAP earnings per share (basic) and $0.84 GAAP earnings per share (diluted).
The company concluded Q3 2025 with cash, cash equivalents, and marketable securities totaling $285.9 million.

Nov 6, 2025, 12:30 PM

Press Release

Knight Therapeutics Launches JORNAY PM™ in Canada

COLL

Product Launch

New Projects/Investments

Knight Therapeutics Inc. announced the launch of JORNAY PM™ (methylphenidate HCI extended-release capsules) in Canada on October 30, 2025, for the treatment of Attention-Deficit Hyperactivity Disorder (ADHD) in children aged 6-12.
JORNAY PM™ is the first and only evening-dosed methylphenidate product commercially available in Canada, designed to provide therapeutic benefits from waking until early evening through an innovative delayed release/extended-release technology.
Knight entered into an agreement with Ironshore Pharmaceuticals & Development, Inc. (now part of Collegium Pharmaceutical, Inc.) in May 2024 for the exclusive rights to distribute JORNAY PM™ in Canada and Latin America.
The Canadian ADHD market totaled approximately $1.25 billion in 2024, with methylphenidates representing over $500 million and growing at more than a 14% compound annual growth rate over the last four years.