Collegium Pharmaceutical (NASDAQ:COLL) Releases Earnings Results, Beats Estimates By $0.20 EPS

Collegium Pharmaceutical (NASDAQ:COLL) announced its quarterly earnings data on Thursday. The specialty pharmaceutical company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.20, FiscalAI reports. The business had revenue of $199.88 million during the quarter, compared to analyst estimates of $199.62 million. Collegium Pharmaceutical had a return on equity of 91.43% and a net margin of 5.93%.Collegium Pharmaceutical’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the company earned $1.68 earnings per share.

Here are the key takeaways from Collegium Pharmaceutical’s conference call:

• ADHD momentum accelerated: JORNAY PM revenue rose 41% year over year to $46.1 million, prescriptions increased 13.1%, and prescribers reached more than 30,000. The company maintained its 2026 JORNAY revenue guidance of $190 million to $200 million.
• AZSTARYS integration is complete following the May acquisition, with the expanded 190-representative sales force trained ahead of the back-to-school season. Collegium raised its partial-year AZSTARYS revenue outlook to $65 million-$75 million and cited expected cost synergies and immediate adjusted EBITDA accretion.
• The pain portfolio remained a significant cash-flow base, with BELBUCA revenue up 10% to $57.7 million and formulary access secured for an additional 9 million lives beginning in the fourth quarter. However, XTAMPZA revenue declined 14% and NUCYNTA revenue fell 24% because of lower authorized-generic pricing, which management believes has now stabilized.
• 2026 adjusted EBITDA guidance is essentially flat year over year at $445 million-$470 million, despite total product revenue guidance of $825 million-$855 million. The company also reported a $15.1 million GAAP net loss, partly reflecting $24.1 million in AZSTARYS acquisition-related expenses and increased investment in the ADHD franchise.

Collegium Pharmaceutical Stock Up 1.2%

Shares of NASDAQ COLL traded up $0.36 during mid-day trading on Friday, reaching $29.47. 978,489 shares of the company traded hands, compared to its average volume of 434,937. The company has a debt-to-equity ratio of 3.50, a quick ratio of 1.62 and a current ratio of 1.14. The stock has a market cap of $955.71 million, a PE ratio of 23.77 and a beta of 0.73. The company’s fifty day moving average is $34.78 and its two-hundred day moving average is $37.07. Collegium Pharmaceutical has a fifty-two week low of $28.01 and a fifty-two week high of $50.79.

More Collegium Pharmaceutical News

Here are the key news stories impacting Collegium Pharmaceutical this week:

• Positive Sentiment: Second-quarter adjusted EPS was $1.92, above analyst expectations of approximately $1.72, while revenue increased 6.3% year over year to $199.9 million. Adjusted EBITDA rose 8% to $113.8 million and operating cash flow was $71.3 million. Collegium Pharmaceutical Q2 Earnings Beat
• Positive Sentiment: The ADHD portfolio showed momentum: JORNAY PM revenue climbed 41% to $46.1 million, and the completed AZSTARYS acquisition contributed $12.9 million in partial-quarter revenue. Collegium raised its full-year AZSTARYS revenue outlook to $65 million-$75 million from $60 million-$70 million, potentially supporting longer-term growth. Collegium Q2 2026 Results
• Neutral Sentiment: Piper Sandler reaffirmed its “neutral” rating but lowered its price target to $43 from $45. Needham retained a “buy” rating while cutting its target to $46 from $56, reflecting continued upside but greater near-term caution. Analyst Price Target Updates
• Negative Sentiment: Collegium reduced full-year product-revenue guidance to $825 million-$855 million from $865 million-$895 million and lowered adjusted EBITDA guidance to $445 million-$470 million from $475 million-$500 million. The company cited lower pricing and weaker-than-expected authorized-generic Nucynta revenue.
• Negative Sentiment: The pain portfolio declined 9% year over year to $140.9 million; Nucynta revenue fell 24% and Xtampza ER revenue dropped 14%. GAAP results also shifted to a $15.1 million net loss from $12.0 million of net income, while operating expenses increased 45%, adding pressure to profitability. Collegium Sales and Guidance Report

Analyst Ratings Changes

Several research analysts have weighed in on COLL shares. Wall Street Zen lowered Collegium Pharmaceutical from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Zacks Research lowered Collegium Pharmaceutical from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 28th. Piper Sandler reissued a “neutral” rating and issued a $43.00 price target (down from $45.00) on shares of Collegium Pharmaceutical in a research note on Friday. Weiss Ratings restated a “hold (c)” rating on shares of Collegium Pharmaceutical in a report on Monday, July 6th. Finally, Truist Financial raised shares of Collegium Pharmaceutical to a “strong-buy” rating in a research report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Collegium Pharmaceutical has a consensus rating of “Moderate Buy” and an average price target of $52.60.

Institutional Investors Weigh In On Collegium Pharmaceutical

Several institutional investors and hedge funds have recently added to or reduced their stakes in COLL. Janus Henderson Group PLC boosted its holdings in Collegium Pharmaceutical by 59.1% during the fourth quarter. Janus Henderson Group PLC now owns 1,448,578 shares of the specialty pharmaceutical company’s stock valued at $67,026,000 after acquiring an additional 538,337 shares during the period. Millennium Management LLC grew its position in shares of Collegium Pharmaceutical by 248.5% in the first quarter. Millennium Management LLC now owns 647,832 shares of the specialty pharmaceutical company’s stock valued at $19,338,000 after purchasing an additional 461,914 shares during the last quarter. Two Sigma Investments LP increased its stake in shares of Collegium Pharmaceutical by 897.2% in the third quarter. Two Sigma Investments LP now owns 269,318 shares of the specialty pharmaceutical company’s stock worth $9,423,000 after purchasing an additional 242,310 shares during the period. Qube Research & Technologies Ltd increased its stake in shares of Collegium Pharmaceutical by 237.9% in the third quarter. Qube Research & Technologies Ltd now owns 320,559 shares of the specialty pharmaceutical company’s stock worth $11,216,000 after purchasing an additional 225,679 shares during the period. Finally, Voloridge Investment Management LLC lifted its position in shares of Collegium Pharmaceutical by 854.2% during the 3rd quarter. Voloridge Investment Management LLC now owns 249,473 shares of the specialty pharmaceutical company’s stock worth $8,729,000 after purchasing an additional 223,329 shares during the last quarter.

About Collegium Pharmaceutical

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.