Collegium Q2 2026 Earnings: Acquisition Costs Push GAAP Results Into a Loss

Collegium Pharmaceutical (Nasdaq: COLL) reported Q2 2026 net product revenue of $199.9 million, up 6% from $188.0 million a year earlier, while GAAP diluted EPS swung to a loss of $0.46 from earnings of $0.34. JORNAY PM growth and a partial-quarter contribution from AZSTARYS supported revenue, but higher acquisition-related expenses and amortization contributed to a GAAP net loss. Collegium also reduced its full-year revenue and adjusted EBITDA guidance because of lower net pricing for authorized-generic versions of Nucynta.

Core financial results

Revenue increased by $11.9 million, but gross profit rose by only $1.9 million as total product costs grew faster than sales. GAAP operating expenses climbed 45% to $106.6 million, compared with an 8% increase in adjusted operating expenses to $66.6 million, reflecting the effect of acquisition-related and other excluded costs.

The resulting gap between GAAP and adjusted performance was substantial: Collegium reported a $15.1 million GAAP net loss but generated $75.4 million in adjusted net income and $113.8 million in adjusted EBITDA.

ADHD growth offset weakness in the pain portfolio

JORNAY PM remained the primary organic growth driver. Revenue increased 41% to $46.1 million, while prescriptions rose 13.1% and the number of prescribers increased 17.6% to more than 30,000 healthcare providers.

AZSTARYS contributed $12.9 million from May 12 through June 30 following the acquisition. Its prescriptions increased 1.9% year over year. The product’s partial-quarter contribution was larger than Collegium’s overall $11.9 million revenue increase, illustrating the offsetting pressure from the pain portfolio.

Nucynta revenue included $5.1 million from authorized-generic versions of Nucynta and Nucynta ER. Belbuca’s growth provided a partial offset, but it was not enough to counter declines in Xtampza ER and the Nucynta franchise.

Acquisition costs drove a GAAP loss while adjusted EBITDA rose

The $90.5 million difference between GAAP net loss and adjusted net income was mainly associated with non-GAAP adjustments. These included $63.0 million of amortization, $24.1 million of acquisition-related expenses, $14.5 million of stock-based compensation and $5.4 million from the recognition of inventory step-up, partly offset by a $19.0 million tax effect.

Total product costs increased approximately 12.5%, faster than the 6% revenue increase, reducing gross margin. At the operating level, GAAP expenses increased by $33.3 million, while adjusted expenses rose by $4.7 million. Investors therefore need to distinguish between improving adjusted operating performance and the continuing effect of acquisition-related and non-cash costs on GAAP results.

Cash flow and balance sheet

Collegium generated $71.3 million in operating cash flow during the quarter and ended June with $129.5 million of cash, cash equivalents and marketable securities. That compared with approximately $386.7 million in combined cash and marketable securities at December 31, 2025.

Term notes payable increased to $852.8 million from $571.1 million at year-end, while convertible senior notes were approximately $238.7 million. Combined borrowings were therefore about $1.09 billion at June 30, compared with $809.3 million at the end of 2025. Intangible assets also rose to $1.19 billion from $669.5 million, while goodwill increased to $190.2 million from $145.9 million.

Full-year 2026 guidance

Collegium lowered both ends of its net product revenue range by $40 million and reduced both ends of its adjusted EBITDA range by $30 million. Management attributed the reductions largely to lower-than-expected revenue from authorized-generic Nucynta products because of lower net pricing.

At the same time, the company raised its AZSTARYS revenue outlook by $5 million at both ends and maintained its JORNAY PM guidance.

The guidance changes show a divergence between the expanding ADHD portfolio and worsening revenue economics for authorized-generic Nucynta products.

Management’s view

CEO Vikram Karnani highlighted record JORNAY PM prescriptions and prescriber adoption, while describing the AZSTARYS integration as progressing well. Collegium’s expanded salesforce had been trained and deployed ahead of the back-to-school season, an important commercial period for ADHD medicines.

Management’s stated priorities for the second half are to grow the ADHD business, maximize the value of the pain portfolio and deploy capital strategically. CFO Colleen Tupper emphasized the use of a single commercial platform to support both JORNAY PM and AZSTARYS.

Recent insider transactions

The supplied six-month insider data reports 384,944 shares across 15 purchase transactions and 87,523 shares across seven sales, for net reported purchases of 297,421 shares. However, the detailed records include stock awards and derivative exercises, so the aggregate should not be interpreted as open-market buying alone.

All ten transactions below were reported as direct holdings.

Risks investors should monitor

• Authorized-generic pricing: Lower net pricing for authorized-generic Nucynta products was the main reason for reduced revenue and adjusted EBITDA guidance. Continued pricing pressure would weigh on both sales and profitability.
• Pain portfolio contraction: Pain portfolio revenue fell 9%, including declines of 14% for Xtampza ER and 24% for the Nucynta franchise. Belbuca’s growth did not fully offset these declines.
• AZSTARYS execution: The acquisition added $12.9 million of partial-quarter revenue, but prescription growth was 1.9%. Future performance depends on integration and the expanded commercial platform converting into stronger demand.
• GAAP margin pressure: Product costs grew faster than revenue, while acquisition-related expenses and amortization contributed to sharply lower operating income and a GAAP net loss.
• Higher leverage and reduced liquidity: Combined term and convertible debt increased to approximately $1.09 billion as cash and marketable securities declined from year-end levels, reducing balance-sheet flexibility.

Summary

Collegium’s second quarter showed a continuing shift toward ADHD medicines, with JORNAY PM growth and the addition of AZSTARYS supporting higher revenue and adjusted EBITDA. Those gains were accompanied by lower pain portfolio revenue, acquisition-related GAAP expenses and weaker authorized-generic Nucynta pricing, which led management to reduce full-year revenue and adjusted EBITDA guidance. The main next steps are the performance of both ADHD products during the back-to-school period, stabilization of the pain portfolio and the evolution of acquisition-related costs and leverage.