COLLEGIUM PHARMACEUTICAL (COLL) Company Report

Collegium Pharmaceutical, Inc. announced its 2026 full-year financial guidance, projecting product revenues, net in the range of $805 million to $825 million and Adjusted EBITDA between $455 million and $475 million.
Jornay PM net revenue is expected to grow significantly in 2026, projected in the range of $190 million to $200 million, representing a 32% year-over-year increase at the midpoint.
In late December 2025, Collegium closed a $980 million syndicated credit facility, which was used to repay the remaining $581 million of its previous term loan, leading to meaningful annualized interest savings.
The company entered an authorized generic agreement with Hikma Pharmaceuticals USA Inc. for Nucynta and Nucynta ER, with launches anticipated in Q1 2026 and December 2026 respectively, from which Collegium will receive a significant share of net profits.
Collegium has returned $222 million to shareholders through share repurchases since 2021 and has a $150 million share repurchase program authorized through December 2026.

1 day ago

8-K

Collegium Pharmaceutical Announces Closing of $980 Million Syndicated Credit Facility

COLL

Debt Issuance

New Projects/Investments

Collegium Pharmaceutical, Inc. closed a $980 million syndicated credit facility on December 30, 2025, which matures in 2030.
The facility includes a $580 million initial Term Loan, a $300 million Delayed Draw Term Loan, and a $100 million revolving credit facility.
The initial Term Loan was used to repay approximately $581 million of the company's previous term loan, leading to an expected significant reduction in interest rates and meaningful annualized interest savings.
The undrawn Delayed Draw Term Loan and revolving credit facility are earmarked for general corporate purposes and to partially fund future business development opportunities.

Dec 30, 2025, 1:05 PM

8-K

Collegium Pharmaceutical Closes $980 Million Syndicated Credit Facility

COLL

Debt Issuance

New Projects/Investments

Collegium Pharmaceutical, Inc. (COLL) has closed a new $980 million syndicated credit facility that matures in 2030.
This facility includes a $580 million initial Term Loan, a $300 million Delayed Draw Term Loan, and a $100 million revolving credit facility.
The $580 million initial Term Loan was used to repay approximately $581 million of the company's previous term loan, and the new facility is expected to result in meaningful annualized interest savings with an initial interest rate of SOFR plus 2.75%. The undrawn portions are intended for general corporate purposes, including funding future business development opportunities.

Dec 30, 2025, 1:00 PM

Press Release

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

COLL

Guidance Update

Revenue Acceleration/Inflection

M&A

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.