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Collegium Pharmaceutical (COLL) Q3 2026 Earnings Report
COLL Q3 2026 EPS Results
- Actual EPS
- $1.96
- Consensus EPS
- $1.86
- Beat/Miss
- Beat by +$0.10
- One Year Ago EPS
- $2.25
COLL Q3 2026 Revenue Results
- Actual Revenue
- $216.34M
- Expected Revenue
- $216.03M
- Beat/Miss
- Beat by +$305.00K
- YoY Revenue Growth
- +3.33%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
Collegium Pharmaceutical's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was predominantly positive. Collegium reported record quarterly revenue, strong Jornay PM growth, an early return to growth for Azstarys, expanded ADHD commercial capabilities, reaffirmed revenue guidance, robust operating cash flow, and shareholder returns. These strengths were partly offset by lower net income, EBITDA, and earnings per share, declines in Xtampza and Nucynta revenue, payer pressure, generic competition, elevated Azstarys gross-to-net, and uncertainty surrounding a potential BELBUCA generic launch.
The company reaffirmed its 2026 financial guidance, expecting Jornay PM net revenues in the range of $190 million to $200 million, a 31% increase year over year at the midpoint, partial year Azstarys revenues in the range of $65 million to $75 million, total product revenues in the range of $825 million to $855 million, an 8% increase year over year at the midpoint, and adjusted EBITDA in the range of $445 million to $470 million, essentially flat compared to 2025; the company also expects similar prescription levels for Xtampza for the remainder of 2026, expects Jornay PM gross-to-nets in the mid-60s for the full year of 2026, and expects to complete the full $50 million accelerated share repurchase program before the end of the year.
- Record Quarterly RevenueThird-quarter net product revenue reached a record $216.3 million, up 3% year over year, driven by ADHD growth during the back-to-school season.
- ADHD Business Becomes Primary Growth DriverADHD accounted for more than 36% of total revenue, up from 19% last year, supported by Jornay PM and Azstarys.
- Strong Jornay PM PerformanceJornay PM prescriptions grew 16% year over year. The CEO reported record net revenue of $59.5 million, up 24% year over year, while the CFO reported Jornay PM net revenue of $51.9 million, also up 24%. Nearly 33,000 healthcare providers prescribed Jornay PM, up 19% year over year.
- Jornay PM Market Share and Prescription MomentumJornay PM reached approximately 30% share of the branded long-acting methylphenidate market, up 6.5 percentage points year over year. Pediatric and adolescent prescriptions grew 13%, adult prescriptions grew 27%, and new-to-brand prescriptions increased 22% year over year in September, with momentum continuing into October.
- Azstarys Returned to Prescription GrowthAzstarys generated $26.5 million in net revenue during its first full quarter under Collegium ownership. Prescriptions grew nearly 2% year over year after declining by nearly 2% in 2025.
- Expanded ADHD Commercial PlatformCollegium increased its ADHD sales force to approximately 190 representatives from 180 and expanded its target healthcare provider universe to approximately 27,000 from 21,000 before the 2025 expansion. Representatives were fully trained to promote both products by July ahead of the back-to-school season.
- Positive Physician Perceptions and Product DifferentiationMarket research ranked Jornay PM as the number-one branded ADHD medicine for product differentiation, with a favorability score significantly higher than other medicines in the category. Azstarys was viewed as the second most differentiated stimulant brand, and more than half of surveyed physicians indicated an intent to increase prescribing. Collegium ranked number one in reputation among pharmaceutical companies specializing in ADHD.
- Combined ADHD Brand PositionJornay PM and Azstarys together held approximately 55% of the total branded long-acting methylphenidate market. Management stated that both products address different patient types and provide complementary treatment options.
- Azstarys Commercial and Intellectual Property OpportunityManagement stated that Azstarys had limited and inconsistent commercial investment before the acquisition and that new sales, digital marketing, patient and caregiver outreach, and peer-to-peer initiatives are being implemented. Azstarys has intellectual property protection through 2037.
- Pain Portfolio Continued to Generate CashThe pain portfolio generated $138 million in quarterly revenue and continued to provide cash flow that supports ADHD investment, business development, debt repayment, and shareholder returns.
- Stable BELBUCA RevenueBELBUCA generated $57.7 million in third-quarter revenue, broadly flat both year over year and sequentially. Management stated that BELBUCA had limited near-term generic entrant risk and that no specific signs of a Teva generic launch had been observed to date.
- Potential Xtampza Formulary ImprovementA large payer representing approximately 15 million covered lives is expected to move Xtampza into an exclusive formulary position on January 1, 2027.
- 2026 Guidance ReaffirmedThe company reaffirmed 2026 guidance for Jornay PM revenue of $190 million to $200 million, Azstarys revenue of $65 million to $75 million, and total product revenue of $825 million to $855 million. Total product revenue guidance represents an 8% year-over-year increase at the midpoint, driven by ADHD growth and partially offset by lower pain revenue.
- Cash Generation and Capital ReturnsOperating cash flow was $86.5 million in the third quarter. Collegium ended the quarter with $144.8 million in cash, cash equivalents, and marketable securities, completed a $50 million accelerated share repurchase program initiated in the third quarter, and had $100 million remaining under its board-authorized repurchase program.
- Debt and Capital Allocation FlexibilityNet debt to adjusted EBITDA was approximately 2x at the end of the quarter. Management reiterated that capital allocation priorities include business development, paying down debt, and returning capital to shareholders.
- ADHD Patient and Community InitiativesDuring ADHD Awareness Month, Collegium launched Start Talking ADHD, an online resource hub for people living with ADHD and caregivers, and established a multiyear partnership with Boston Legacy FC focused on inclusion, accessibility, youth coach training, an annual Sports for All Summit, and sensory inclusion programs.
COLL Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 1.93- | 2.04 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 1.861.96 | 2.25 | -12.89% (-0.29) | |
| Aug 06, 2026 | 2026 (Q2) | 1.721.92 | 1.68 | 14.29% (+0.24) | |
| May 07, 2026 | 2026 (Q1) | 1.521.76 | 1.49 | 18.12% (+0.27) | |
| Feb 26, 2026 | 2025 (Q4) | 2.142.04 | 1.77 | 15.25% (+0.27) | |
| Nov 06, 2025 | 2025 (Q3) | 1.862.25 | 1.61 | 39.75% (+0.64) | |
| Aug 07, 2025 | 2025 (Q2) | 1.621.68 | 1.62 | 3.70% (+0.06) | |
| May 08, 2025 | 2025 (Q1) | 1.431.49 | 1.45 | 2.76% (+0.04) | |
| Feb 27, 2025 | 2024 (Q4) | 1.541.77 | 1.58 | 12.03% (+0.19) | |
| Nov 07, 2024 | 2024 (Q3) | 1.591.61 | 1.34 | 20.15% (+0.27) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
