Collegium Pharmaceutical Reports Q2 2026 Results: Full Earnings Call Transcript

Collegium Pharmaceutical (NASDAQ: COLL ) released second-quarter financial results and hosted an earnings call on Thursday. Read the complete transcript below. This content is powered APIs. For comprehensive financial data and transcripts, visit The full earnings call is available at Summary Collegium Pharmaceutical reported strong Q2 2026 results, driven by growth in its ADHD business, particularly with Jornay PM, which saw a 41% year-over-year revenue increase.

The company completed the acquisition of Azstarys, enhancing its ADHD portfolio, and anticipates significant growth from both Jornay PM and Azstarys heading into the back-to-school season. Revenue from the pain portfolio was mixed, with Belbuca performing well but lower-than-expected results from the Nucynta franchise affecting overall pain segment revenues. The company updated its 2026 guidance due to lower net pricing for Nucynta generics but increased expectations for Azstarys and maintained confidence in its long-term strategic priorities.

Collegium Pharmaceutical plans to relocate its headquarters to Boston in 2027 and continues to focus on strategic capital deployment, including potential acquisitions in CNS and rare diseases. Full Transcript OPERATOR Greetings, and welcome to Collegium Pharmaceutical's second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

If anyone should require operator assistance during this conference call, please press star zero on your telephone keypad. Please note that this conference call is being recorded. I would now like to turn the call over to Ian Karp, Head of Investor Relations. Thank you.

You may begin. Ian Karp, Head of Investor Relations Great. Thanks so much, and welcome to Collegium Pharmaceutical's second quarter 2026 earnings conference call. I'm joined today by Vikram Karnani, our President and Chief Executive Officer, and Colleen Tupper, our Chief Financial Officer.

Before we begin today's call, we want to remind participants that none of the information presented today is intended to be promotional and that any forward-looking statements made today are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution that such forward-looking statements involve risks and uncertainties as detailed in the company's periodic reports filed with the Securities and Exchange Commission. Our future results may differ materially from our current expectations discussed today. Our earnings press release and this call will include discussion of certain non-GAAP information.

You can find our earnings press release, including relevant non-GAAP reconciliations, on our corporate website, and with that, I'll now turn the call over to our President and CEO, Vikram Karnani. Vikram Karnani, President and Chief Executive Officer Thank you, Ian. Good morning, everyone, and thank you for joining our second quarter 2026 earnings call. Collegium Pharmaceutical is a dynamic biopharmaceutical company delivering medicines with formulation and delivery innovation for people living with complex CNS and pain conditions.

Today we have a diversified portfolio of six differentiated medicines, a growing ADHD franchise, and an established pain business that together provide a strong foundation for long-term value creation. We have a demonstrated ability to acquire, integrate, and grow differentiated assets while deploying capital in a disciplined manner. This quarter we delivered strong results highlighted by significant progress in our rapidly growing ADHD business. 1 million in net revenue, up 41% year over year.

6% over Q2 of last year. And importantly, we completed the acquisition of Azstarys in May, which now provides us with a differentiated and highly complementary medicine to Jornay PM. This latest acquisition further reinforces the strategy we initiated in 2024 to diversify our portfolio beyond responsible pain management and establish a strong presence in the growing ADHD market. The integration of Azstarys and product training of our expanded sales force is now complete, and the team is well positioned to further accelerate growth for both medicines ahead of the back-to-school season which begins later this month.

9 million in revenue in this quarter. Belbuca performed particularly well with revenues up 10% year over year. In addition, we recently secured formulary access to an additional 9 million lives which goes into effect in the fourth quarter. Offsetting Belbuca's performance, revenue from the Nucynta franchise was lower than expected due to pricing for the authorized generic products.

Colleen will discuss this financial impact in greater detail. Overall, we achieved both top- and bottom-line growth with total net product revenues up 6% and adjusted EBITDA up 8% year over year. Turning now to other recent corporate updates, during the quarter we remained focused on our commitment to leading with science and generated additional clinical evidence supporting our portfolio through multiple medical presentations and publications. Once again, Collegium Pharmaceutical was recognized by the Boston Business Journal as one of the 2026 Best Places to Work in Massachusetts and named a USA TODAY Top Workplace for 2026.

I am very proud of the entire team at Collegium Pharmaceutical for their continued hard work and dedication in support of the patient communities we serve. And finally, we recently announced plans to relocate our corporate headquarters to downtown Boston in the first quarter of 2027, further integrating Collegium Pharmaceutical into one of the world's leading healthcare and life sciences ecosystems. In the second half of 2026, we are focused on three key strategic priorities: growing our ADHD business, maximizing the value of our pain portfolio, and strategically deploying capital to create long-term shareholder value.

Based on the ongoing progress across our ADHD business and the strategic investments we have made ahead of this year's back-to-school season, we remain confident in our full-year expectations for $190 to $200 million in Jornay PM revenues and have increased our expectations to $65 to $75 million in Azstarys revenues for our pain portfolio. We continue to implement strategies to maximize the durability of these revenues, which provides a solid base to our business and allows us to invest in our key growth drivers and capital deployment strategy.

And finally, executing our disciplined capital deployment strategy remains a core priority, as was evidenced by our recent acquisition of Azstarys designed to accelerate our growth opportunities. We are encouraged by our momentum heading into the second half of the year and remain confident in our ability to execute against these strategic priorities. Turning now to our commercial highlights, starting off with our lead growth driver, Jornay PM, a highly differentiated medicine and the only ADHD stimulant that provides all-day symptom control that starts immediately upon awakening.

Driven by our targeted investments and enhanced commercial efforts, HCP perceptions of Jornay PM are very positive, and we have seen that enthusiasm increase. Based on market research conducted in the first quarter of 2026, HCPs had a high favorability rating and again ranked Jornay PM as the number one branded ADHD medicine in terms of product differentiation, with a score significantly higher than all other medicines in the same category. In addition, 70% of HCPs surveyed indicated a strong intent to increase prescribing, which was the highest among all other branded ADHD medicines. HCP awareness of Jornay PM has significantly improved in the last year.

Unaided recall among target HCPs increased to 67%, up from 52%, approaching the awareness levels of established brands like Vyvanse and Concerta. Collegium Pharmaceutical is ranked number one in reputation among pharmaceutical companies specializing in ADHD, and market research indicates that we are focused on the right messages and that our sales force is viewed as highly effective in their delivery. Jornay PM continues to be the fastest growing stimulant for the treatment of ADHD. In the second quarter we saw strong Jornay PM growth trends in prescriptions, prescribers, and market share.

1% year over year. 6% year over year. 8 percentage points year over year. We saw solid growth across both the pediatric and adult segments.

7% year over year. The adult segment, representing about 20% of our total prescriptions, grew 23% year over year. Overall, we expect Jornay PM's strong growth trajectory to continue in the second half of the year, further bolstered as we enter the back-to-school season. In addition to growing Jornay PM, we completed the acquisition of Azstarys in May, bringing a second highly differentiated ADHD medicine into our portfolio.

The acquisition strengthens our ADHD platform in several ways. Market research suggests that Azstarys is the second most differentiated stimulant brand following Jornay PM, and despite not benefiting from broader commercial investment under its prior owner, it has IP protection through 2037, extending the life cycle of our commercial portfolio. It enables significant cost synergies, allowing us to leverage our existing commercial infrastructure. It is immediately accretive to adjusted EBITDA, with a greater impact anticipated in 2027 and beyond, and most importantly it provides significant potential benefits to patients.

Azstarys is the first and only ADHD treatment with both fast- and long-acting medicines in one capsule. Jornay PM and Azstarys are highly complementary, as they serve different patient types. Jornay PM is for the patient who needs their all-day symptom control to start immediately upon awakening, while Azstarys is for the patient who needs the flexibility of rapid-onset symptom control to last later into the evening. HCP perceptions of Azstarys are also very positive.

In market research, healthcare professionals rated Azstarys highly in terms of product differentiation and brand favorability. We also continue to receive highly positive feedback from both KOLs and community-based physicians regarding the addition of Azstarys into the Collegium Pharmaceutical portfolio, particularly regarding the opportunity to bring together two best-in-class methylphenidate treatments addressing distinct patient needs. KOLs also view this as an important signal of Collegium Pharmaceutical's long-term commitment to advancing care in ADHD.

Since the close of the Azstarys acquisition we have been focused on rapidly integrating the product into our portfolio. This includes increasing our ADHD sales force to about 190 reps, up from 180 prior to the acquisition, and growing our target HCPs to about 27,000, up from 21,000 pre-expansion in 2025. All of our sales representatives are now fully trained and selling both products to all targets ahead of the back-to-school season which begins later this month. In addition, over the past year, targeted patient and caregiver outreach, particularly through social media platforms, has successfully increased awareness and trial for Jornay PM.

These commercial tactics will now be deployed for Azstarys and represent an additional opportunity to support future growth. We have also been making incremental strategic investments to our medical affairs, market access, and regulatory teams to further support and maximize these two growing brands. Ultimately, our goal is to increase awareness and adoption for both products while optimally leveraging our infrastructure and commercial expertise. We are excited by the outlook of our ADHD portfolio and look forward to providing future updates later this year.

Turning now to our pain portfolio, our responsible pain management business continues to provide a durable foundation for Collegium Pharmaceutical, generating strong cash flow that supports investment in our growth priorities. Belbuca continued to perform well during the quarter, with revenues increasing 10% year over year, driven by stable prescription demand and improved profitability. Looking ahead, Belbuca also recently secured formulary access for an additional 9 million lives starting in Q4 of this year.

Revenue from Xtampza ER declined year over year, reflecting both pressure across the branded long-acting opioid market and an unfavorable comparison to the second quarter of 2025, which benefited from the timing of rebate settlements. Revenue for the Nucynta franchise was lower than expected due to net pricing for the authorized generic versions of Nucynta and Nucynta ER. As a result, we have updated our full-year guidance, which Colleen will discuss in greater detail.

Our pain business continues to serve as a strong cash-generating strategic asset, providing financial flexibility to invest in the growth of our ADHD business, execute disciplined business development opportunities, and return capital to our shareholders. I will now hand the call over to Colleen to discuss our financial highlights. Colleen Tupper, Chief Financial Officer Thanks, Vikram. Good morning, everyone.

In the second quarter we again saw significant growth in Jornay along with initial revenue from Astaris and meaningful revenues from our pain portfolio. 9 million in the quarter, up 6% year over year. 1 million in the quarter, up 41% year over year. 9 million, which reflect about a month and a half of commercial sales.

7 million in the quarter, up 10% year over year. Xtampza ER net revenue was $45 million in the quarter, down 14% year over year. 4 million. 2 million in the quarter, down 24% year over year.

1 million in revenue from the profit share on the authorized generic versions of Nucynta and Nucynta ER. 6 million in the quarter, up 45% year over year. 1 million in acquisition-related expenses associated with the Astaris acquisition. 6 million, up 8% year over year.

1 million in the quarter compared to net income of $12 million in Q2 2025. 8 million in the quarter, up 8% year over year. 34 diluted in the prior year quarter. 68 in the prior year quarter.

Please see our press release issued earlier today for a reconciliation of GAAP to non-GAAP results. 5 million in cash, cash equivalents and marketable securities. As a reminder, we used approximately $356 million in cash on hand to fund the acquisition of Astaris that closed during the second quarter. We are updating our 2026 financial guidance primarily to reflect lower than expected full-year revenue for the Nucynta franchise due to lower net pricing for the authorized generics.

Importantly, our revenue expectations for Jornay remain unchanged with guidance of $190 to $200 million. We are also increasing our revenue outlook for Astaris, now expecting $65 to $75 million. Following successful integration and encouraging early performance, we now expect total product revenues in the range of $825 to $855 million. This represents an 8% increase year over year at the midpoint, driven by Jornay PM growth and contributions from Astaris, partially offset by lower pain portfolio net revenue.

We expect adjusted EBITDA in the range of $445 to $470 million, essentially flat compared to 2025. Finally, we expect Jornay gross-to-net to remain stable in 2026 in the mid-60% range. Our capital deployment strategy remains focused on creating long-term value for our shareholders by executing on business development, paying down debt and opportunistically returning capital to shareholders. We successfully completed the Astaris acquisition this past quarter and are efficiently integrating it into our portfolio.

1 times. I will now turn the call back to Vikram for some final remarks. Vikram Karnani, President and Chief Executive Officer Thank you, Colleen. Following the close of the Astaris acquisition, our ADHD portfolio is on an exciting trajectory.

With the integration complete and our commercial organization fully trained, we are well positioned heading into the important back-to-school season. Our strategy to diversify our business beyond responsible pain management began in 2024 and has now been meaningfully strengthened by this recent acquisition.