Collegium Pharmaceutical touts record 2025, sees JORNAY PM driving 2026 growth at Barclays Miami Conference

Collegium Pharmaceutical (NASDAQ:COLL) highlighted a “record-breaking” 2025 and outlined its 2026 outlook at the Barclays Miami Conference, emphasizing strong performance from newly acquired ADHD product JORNAY PM alongside what management described as a durable pain portfolio.

Management recaps a record 2025

CEO Vikram Karnani said 2025 delivered record net revenues and record adjusted EBITDA, alongside progress against three strategic priorities: accelerating JORNAY PM growth, maximizing the durability of the company’s pain franchise, and maintaining disciplined capital deployment. Karnani noted the company raised guidance twice during the year, most recently in November, and said performance repeatedly exceeded updated expectations.

JORNAY PM grew 48.9% year-over-year in 2025, which management characterized as especially notable given the brand’s time on the market. The pain franchise, which includes Nucynta, Xtampza, and Belbuca, grew 6% year-over-year, according to Karnani.

JORNAY PM growth drivers and commercial initiatives

In discussing the outperformance versus earlier expectations, management said JORNAY PM growth in 2025 reflected both higher volume and improved net price. Karnani said volume growth was “substantial,” around 20% year-over-year, supported by expanded commercial initiatives and programs timed to the back-to-school season. He also cited improvement on the “gross-to-net” side as a contributor.

Chief Commercial Officer Scott Dreyer described JORNAY PM’s differentiation in the ADHD market as its once-nightly dosing and efficacy “upon awakening,” which he said addresses an unmet need for children and adults who require symptom control in the morning. He said Collegium’s focus has been increasing awareness among physicians and among patients and caregivers through sales force expansion and digital marketing.

Dreyer said the company acquired JORNAY PM with 125 sales representatives and expanded the team to 180. That expansion increased the target prescriber universe from 17,000 to 21,000. He added that among the 4,000 additional targets, “almost all of them have written a prescription now,” with the company now focused on increasing prescribing depth.

Dreyer also discussed a partnership with Paris Hilton aimed at increasing awareness, particularly among adults. He said Hilton had been misdiagnosed earlier in life, was later diagnosed with ADHD, and ultimately started using JORNAY PM. He noted her prior advocacy for the ADHD community and her large social media following as factors supporting the initiative’s reach.

2026 guidance: demand-driven JORNAY growth; stability in pain with Nucynta pressure

CFO Colleen Tupper reiterated the company’s 2026 guidance, calling out JORNAY PM as a key growth driver. Collegium guided for JORNAY PM revenue of $190 million to $200 million, which she said is 31% growth at the midpoint and is expected to be driven primarily by prescription demand. Tupper said that while 2025 performance was a mix of demand growth and gross-to-net improvement, 2026 growth is expected to be “really on the demand side.”

Tupper said the company ended 2025 with approximately 64% gross-to-net for JORNAY PM and expects stability in the “mid-60% range” going forward.

For the pain portfolio, Tupper said all three brands delivered low- to mid-single-digit growth in 2025, driven predominantly by pricing and supported by a payer strategy aimed at improving profitability. She said Xtampza and Belbuca experienced a volume pullback early in the year tied to the loss of a formulary position, followed by stabilization and a return to slight growth toward year-end.

Looking to 2026, Tupper said Xtampza and Belbuca are expected to be “stability to a low grower,” while overall pain portfolio expectations are affected by Nucynta dynamics related to generic market events.

Nucynta and generic dynamics; settlements and IP commentary

Management provided an update on generic competition for Nucynta and the company’s authorized generic (AG) strategy. Tupper said Collegium previously announced an AG agreement with Hikma in 2024, describing the economics as a tiered profit share that starts “very high.” She said Hikma is expected to launch an authorized generic version of Nucynta ER “imminently” during the current quarter.

Tupper said the next potential entrant for Nucynta ER is Teva in July 2027, followed by potential entry in 2028, noting Teva “did not adopt the skinny label.” For Nucynta IR, she said Hikma has launched an authorized generic and that a small player has announced final approval for a generic version. She added that other potential entrants have not yet received final approval and that the company believes manufacturing constraints could limit competitors’ commercial scale.

In response to questions about Teva’s motivation across the opioid category, Tupper said she could not speak to Teva’s decisions, but referenced settlements for Collegium products and market signals. She cited a settlement for Xtampza in September 2033, Nucynta in July 2027, and Belbuca in January 2027. She also said there has been “no activity” such as tentative approvals for Nucynta or Belbuca, and stated that Teva has relinquished first-filer exclusivity for Belbuca.

On Belbuca, Tupper said there are no other settlements beyond Teva’s agreement, but added that patents have since been registered through December 2032. She said two other ANDA filers, Alvogen and Chemo, were fully litigated on invalidity and the predecessor company BDSI prevailed. She also said Chemo is pursuing non-infringement and has received five complete response letters (CRLs) to date; if Chemo were to succeed later, she said litigation would restart and the company feels strongly about its IP position.

Profitability, cash flow, and capital allocation priorities

Tupper said Collegium’s total 2026 revenue guidance is $805 million to $825 million, up 4% year-over-year, driven predominantly by JORNAY PM growth. She also guided to $455 million to $475 million for the bottom line metric discussed, and said the business generates significant cash flow due to efficiency in the pain portfolio. She reported full-year free cash flow of “over $325 million” in 2025 and said it continues to grow, while acknowledging some compression in Nucynta due to 2026 market events.

On capital allocation, Karnani said priorities include: (1) diversifying the portfolio through business development, (2) opportunistic share repurchases, and (3) paying down debt and strengthening the balance sheet. He said the company is focused on commercial or commercial-ready U.S. assets with $300 million to $500 million peak net sales potential and loss-of-exclusivity timelines into the 2030s and beyond. He added that the company prefers assets synergistic with its existing footprint in pain specialists and ADHD prescribers (psychiatrists and pediatricians), with potential exceptions where commercialization can be highly capital efficient, such as certain rare disease opportunities.

Karnani said the company is comfortable levering up to three times net debt to EBITDA, and noted it finished 2025 just under one time, which he said implies capacity for transactions up to about $1 billion given the balance sheet strength.

Tupper discussed a refinancing completed at the end of 2025, stating the company moved its term loan from private lending to a syndicated bank group and achieved a significant reduction in cost of capital. She said the current interest rate is SOFR plus 275, representing more than 200 basis points of improvement, and added that the new structure includes a delayed draw, a revolver, and prepayment flexibility.

In closing remarks, Karnani said the company’s supply chain and customer base are largely contained within the U.S., which he said makes it “largely immune” to macro events such as those in the Middle East. He reiterated confidence in JORNAY PM as a demonstrated growth driver, the durability of the pain franchise, and continued pursuit of additional diversification opportunities.

About Collegium Pharmaceutical (NASDAQ:COLL)

Collegium Pharmaceutical, Inc is a specialty pharmaceutical company focused on the development, manufacture and commercialization of products for pain management and opioid dependence. The company’s core expertise lies in its DETERx microsphere technology, a platform designed to provide extended-release delivery of active pharmaceutical ingredients while deterring manipulation for unintended routes of abuse.

The company’s principal marketed products include Xtampza® ER (extended-release oxycodone), which received approval from the U.S.