Executive Summary

Q2 2025 delivered record net product revenue of $188.0M (+29% YoY), driven by Jornay PM and broad pain portfolio growth; adjusted EPS was $1.68 and adjusted EBITDA was $105.1M (+9% YoY) . Versus S&P Global consensus, revenue beat ($188.0M vs $180.9M*), but adjusted EPS missed ($1.68 vs $1.85*) and EBITDA tracked slightly below consensus ($105.1M vs $103.7M* actual/consensus definitions vary) .
Management raised FY25 guidance: Net revenue to $745–$760M (from $735–$750M), adjusted EBITDA to $440–$455M (from $435–$450M), adjusted OpEx to $225–$235M (from $220–$230M), and Jornay PM to $140–$145M (from ≥$135M) .
Cash generation and capital deployment remained strong: $72.4M cash from operations; cash and marketable securities of $222.2M; net leverage ~1.4x; completed $25M ASR and authorized a new $150M buyback through 2026 .
Key narrative for stock reaction: revenue beat and raised guide offset by elevated adjusted OpEx and adjusted EPS miss vs consensus; management emphasized back-to-school season tailwinds for Jornay and durability of pain portfolio as demand catalysts .

What Went Well and What Went Wrong

What Went Well

Record quarterly revenue with balanced growth: Total net product revenue reached $188.0M (+29% YoY); pain portfolio net revenue hit $155.4M (+7% YoY) with all three core brands growing; Jornay PM revenue was a record $32.6M as prescriptions grew 23% YoY .
Guidance raised across revenue and profitability: FY25 net revenue lifted to $745–$760M, adjusted EBITDA to $440–$455M, and Jornay PM to $140–$145M on stronger H2 outlook (back-to-school seasonality) .
Management confidence and focus on growth: “We delivered another impressive quarter characterized by record quarterly revenue, robust adjusted EBITDA, and significant cash flow generation, leading us to increase our 2025 financial guidance” – CFO Colleen Tupper .

What Went Wrong

Adjusted EPS miss vs S&P Global consensus despite revenue beat: Adjusted EPS was $1.68 vs $1.85*; revenue $188.0M vs $180.9M*; suggests mix/OpEx pressured bottom line despite top-line strength .
GAAP profitability contracted YoY: GAAP net income fell to $12.0M from $19.6M in Q2’24 as GAAP OpEx rose to $73.3M (+69% YoY); adjusted OpEx doubled to $61.9M (+104% YoY) reflecting Jornay commercialization and marketing investments .
One-time timing benefit noted in pain segment: Xtampza ER revenue benefited from timing of rebate settlements in the quarter, implying some non-recurring uplift in Q2 .

Financial Results

Headline Metrics vs Prior Quarters (oldest → newest)

Metric	Q4 2024	Q1 2025	Q2 2025
Net Product Revenues ($M)	$181.9	$177.8	$188.0
GAAP Diluted EPS ($)	$0.36	$0.07	$0.34
Adjusted EPS ($)	$1.77	$1.49	$1.68
Adjusted EBITDA ($M)	$107.7	$95.2	$105.1

Notes: All adjusted metrics per company non-GAAP definitions; see reconciliations in filings .

Year-over-Year Benchmarks (Q2 2025 vs Q2 2024)

Metric	Q2 2024	Q2 2025	YoY
Net Product Revenues ($M)	$145.3	$188.0	+29%
Adjusted EPS ($)	$1.62	$1.68	+3.7%
Adjusted EBITDA ($M)	$96.0	$105.1	+9%

Segment/Product Net Revenue

Product	Q1 2025 ($M)	Q2 2025 ($M)	YoY Commentary
Jornay PM	$28.5	$32.6	Prescriptions +23% YoY in Q2; FY25 guide $140–$145M
Belbuca	$51.7	$52.6	+1% YoY in Q2
Xtampza ER	$47.6	$52.6	+18% YoY in Q2; benefited from rebate timing
Nucynta Franchise	$47.1	$46.4	+4% YoY in Q2
Pain Portfolio Total	$149.2	$155.4	+7% YoY in Q2

KPIs

KPI	Q1 2025	Q2 2025	Trend
Jornay PM prescription growth YoY	+24%	+23%	Sustained high growth
Jornay PM prescribers (approx.)	>25k	>26k (+23% YoY)	Expanding base
Jornay share of long-acting branded methylphenidate	20.3% (+6.4pp YoY)	23% (+7.6pp YoY)	Share gains accelerating
Cash from Operations ($M)	$55.4	$72.4	Stronger CF
Cash & Marketable Securities ($M)	$197.8	$222.2	Higher liquidity

Results vs S&P Global Consensus (Q2 2025)

Metric	Consensus	Actual	Surprise
Revenue ($M)	180.9*	188.0	+3.9%*
Adjusted EPS ($)	1.85*	1.68	-9.2%*
EBITDA ($M)	103.7*	105.1	+1.3%*

Values marked with * retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Product Revenues	FY 2025	$735–$750M	$745–$760M	Raised
Adjusted EBITDA	FY 2025	$435–$450M	$440–$455M	Raised
Adjusted Operating Expenses	FY 2025	$220–$230M	$225–$235M	Raised
Jornay PM Net Revenue	FY 2025	≥$135M	$140–$145M	Raised
Dividends	FY 2025	N/A	N/A	—

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4’24 and Q1’25)	Current Period (Q2’25)	Trend
Jornay PM growth & commercialization	Field force expanded to ~180 reps; strong Q1 scripts (+24% YoY), prescribers >25k; back-to-school campaigns planned	Q2 scripts +23% YoY; prescribers >26k; HCP intent to increase prescribing >60%; marketing focused on HCPs and caregivers; seeing early impact from expansion	Positive momentum; heavier 2H push
Pain portfolio durability & generics	Portfolio expected to remain durable; Xtampza exclusivity to 2033; Nucynta ER/IR to 2027	CFO details: no party has full clearance/manufacturing to launch generics; Teva earliest Nucynta IR Jan’27 (no tentative approval); suppliers constraints on tapentadol; expectation of longer/more robust tail	Durability narrative strengthening
Capital deployment	Share repurchases in 2024; reaffirmed capital priorities; Q1 ASR $25M; target net leverage <1x by YE’25	Completed $25M ASR; new $150M repurchase authorization through 2026; net leverage ~1.4x; repay ~$32.3M more in 2H25	Continued deleveraging + buybacks
BD strategy	Preference for commercial/commercial-ready assets; leverage willing up to ~3x for the right deal	Open to pain and psychiatry adjacencies; disciplined on margins; still focused on commercial assets; evaluating opportunities	Consistent, disciplined
Macros/tariffs & supply chain	Tariffs seen as non-material; US centric sourcing/manufacturing	No new macro risks raised; continued focus on cash generation and OpEx control in 2H	Neutral

Management Commentary

CEO: “We generated both top and bottom line growth in the quarter, including record revenue from Jornay and returned value to our shareholders through our share repurchases… we are raising our 2025 financial guidance” .
CFO: “We delivered strong financial results… generated robust operating cash flows of $72.4M… we are raising our 2025 financial guidance” .
CCO: “Year to date Jornay is now the fastest growing stimulant for ADHD… prescribers reached an all-time high of over 26,000 in the second quarter” .

Q&A Highlights

Jornay PM expansion and adult opportunity: Management targets breadth of prescribers (26k in Q2, +23% YoY) with unaided awareness >50%; adult mix at ~20% and growing (Q2 adult scripts +33% YoY vs +21% pedi/adolescent) .
Pain generics timing and barriers: Earliest Nucynta IR entrant Jan 2027 (Teva) lacks tentative approval and relinquished first-filer exclusivity; commercial-scale tapentadol supply is constrained; BELBUCA filers face setbacks (e.g., multiple CRLs); overall longer tail expected .
BD focus and scope: Preference to leverage existing pain and psychiatry infrastructure; open to adjacencies but remain disciplined on margin trade-offs; focus on commercial or commercial-ready assets .
Rebates/timing: Xtampza ER benefited from timing of rebate settlements in Q2, aiding revenue .

Estimates Context

Revenue beat; adjusted EPS miss: S&P Global consensus for Q2 2025 was $180.9M revenue and $1.85 EPS vs actual $188.0M and $1.68; EBITDA near consensus at $103.7M vs $105.1M actual (definitions may differ vs company “Adjusted EBITDA”) .
Implications: Expect upward revisions to FY25 revenue and EBITDA reflecting raised guidance; EPS estimates may require fine-tuning for higher adjusted OpEx trajectory and mix effects, despite top-line strength .

Consensus figures marked with * are values retrieved from S&P Global.

Key Takeaways for Investors

Top-line strength with raised FY25 guidance should support sentiment; revenue beat and guide raise are positives even with the adjusted EPS miss vs consensus .
Jornay PM remains the growth engine into back-to-school and 2H, with clear marketing and field force investments already showing traction; FY25 Jornay guide lifted to $140–$145M .
Pain franchise durability narrative is firming; detailed constraints on potential generic competition suggest a longer revenue tail than previously appreciated .
Elevated adjusted OpEx is intentional and targeted to drive growth (Jornay awareness and sales force); management expects quarterly OpEx to trend down in 2H, which could aid EPS trajectory .
Strong cash generation and balance sheet flexibility (net leverage ~1.4x) enable continued buybacks ($150M authorization) and optionality for disciplined BD .
Near-term trading lens: Focus on script trends through the back-to-school season and OpEx cadence; sustaining share gains in branded methylphenidate and stable pain revenues are key stock drivers .

Supporting Citations

Q2 2025 8-K and press release: results, segments, guidance, cash and non-GAAP reconciliations .
Q2 2025 earnings call transcript: prepared remarks, OpEx trends, rebate timing, generic risk, BD approach .
Q1 2025 press release and call: prior quarter baselines and themes .
Q4 2024 press release: previous-quarter baselines and themes .

COLLEGIUM PHARMACEUTICAL, INC (COLL)·Q2 2025 Earnings Summary