Summary of Collegium Pharmaceutical Q2 2026 Earnings Call

1Key Financial Results and Metrics

Total Net Product Revenues: $199.9 million, up 6% year-over-year.

Jornay PM Revenues: $46.1 million, up 41% year-over-year, with prescriptions growing 13.1%.

Azstarys Revenues: $12.9 million from about a month and a half of commercial sales.

Belbuca Revenues: $57.7 million, up 10% year-over-year.

Xtampza ER Revenues: $45 million, down 14% year-over-year.

NUCYNTA Franchise Revenues: $35.2 million, down 24% year-over-year.

GAAP Operating Expenses: $106.6 million, up 45% year-over-year, including $24.1 million in acquisition-related costs.

GAAP Net Loss: $15.1 million, compared to net income of $12 million in Q2 2025.

Non-GAAP Adjusted EBITDA: $113.8 million, up 8% year-over-year.

Cash Position: $129.5 million in cash, cash equivalents, and marketable securities as of June 30.

2Strategic Updates and Business Highlights

Collegium has a diversified portfolio of six medicines, with a strong focus on ADHD and pain management.

The acquisition of Azstarys in May 2026 is expected to enhance the ADHD portfolio, providing a complementary product to Jornay PM.

The ADHD franchise is growing rapidly, with over 30,000 prescribers for Jornay PM and a significant increase in market share.

The company plans to relocate its headquarters to downtown Boston in Q1 2027 to integrate further into the healthcare ecosystem.

Strategic priorities for the second half of 2026 include growing the ADHD business, maximizing pain portfolio value, and disciplined capital deployment.

3Forward Guidance and Outlook

Jornay PM Revenue Guidance: Unchanged at $190 million to $200 million for the full year.

Azstarys Revenue Guidance: Increased to $65 million to $75 million due to strong early performance.

Total Product Revenue Guidance: Updated to $825 million to $855 million for 2026, reflecting an 8% increase year-over-year at the midpoint.

Adjusted EBITDA Guidance: Expected to be in the range of $445 million to $470 million, essentially flat compared to 2025.

4Bad News, Challenges, or Points of Concern

Decline in NUCYNTA Franchise: Revenue was lower than expected due to pricing pressures from authorized generic products, leading to an updated revenue outlook.

Xtampza ER Revenue Decline: Year-over-year revenue decreased due to market pressures and unfavorable comparisons to the previous year’s rebate settlements.

Increased Operating Expenses: Significant rise in GAAP operating expenses due to acquisition-related costs, impacting net income.

5Notable Q&A Insights

NUCYNTA Pricing: Management indicated that net pricing for NUCYNTA has stabilized but acknowledged the challenges posed by authorized generics.

Belbuca IP Concerns: There are potential generic competition risks for Belbuca starting in 2027, but management believes the current strategy aligns with their long-term goals.

Integration of Azstarys: Field reps report that prescribers are comfortable differentiating between Azstarys and Jornay PM, facilitating effective sales efforts.

Future Capital Deployment: Collegium remains open to acquiring differentiated assets in ADHD, psychiatry, and potentially rare diseases, maintaining a disciplined approach to capital allocation. This summary encapsulates the key takeaways from Collegium Pharmaceutical's Q2 2026 earnings call, highlighting both the positive growth trajectory and the challenges faced by the company.