Collegium Q2 2026 earnings: ADHD growth offsets pain portfolio pressure

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 $0.46 loss from earnings of $0.34. ADHD growth and a partial-quarter contribution from AZSTARYS offset lower pain portfolio revenue, but acquisition-related expenses, higher amortization and net interest expense weighed on GAAP profitability.

Core earnings data

Revenue growth did not translate into higher GAAP profit. Gross profit increased by less than 2% as total product costs rose 13%, while GAAP operating expenses increased 45% to $106.6 million, including $24.1 million of acquisition-related expenses.

Operating income consequently fell to $3.7 million. Net interest expense of approximately $17.2 million then contributed to a $13.5 million pretax loss, although adjusted net income and adjusted EBITDA both increased.

Adjusted operating expenses were $66.6 million, up 8% from $61.9 million, illustrating the material effect of acquisition-related and other excluded items on the GAAP results.

Business and product performance

The portfolio showed a clear split between expanding ADHD products and declining pain products. JORNAY PM remained the main organic growth driver, while AZSTARYS contributed revenue only from the May 12 acquisition closing through June 30.

JORNAY PM revenue grew faster than both prescriptions and prescriber adoption. By contrast, pressure in Xtampza ER and the Nucynta franchise more than offset Belbuca’s 10% growth within the pain portfolio.

ADHD growth did not prevent a GAAP loss

Collegium’s GAAP and adjusted results moved in different directions. The company reported a $15.1 million GAAP net loss but $75.4 million of adjusted net income, a difference of $90.5 million.

The largest reconciliation items were $63.0 million of amortization, $24.1 million of acquisition-related expenses, $14.5 million of stock-based compensation and $5.4 million from recognition of inventory step-up basis. The related income-tax adjustment reduced total net adjustments by $19.0 million. These exclusions helped adjusted EBITDA rise 8% even as GAAP operating income fell sharply.

Cash flow and balance sheet

Collegium generated $71.3 million of operating cash flow and ended June with $129.5 million in cash, cash equivalents and marketable securities. At December 31, 2025, cash and marketable securities totaled approximately $386.7 million.

The balance sheet expanded during the acquisition period. Intangible assets increased to $1.19 billion from $669.5 million at year-end, inventory rose to $113.3 million from $40.9 million, and accounts receivable increased to $285.1 million from $211.3 million. Term notes payable reached $852.8 million, up from $571.1 million, while convertible senior notes were $238.7 million.

2026 guidance

Collegium lowered its full-year product revenue and adjusted EBITDA ranges, primarily because net pricing for the authorized-generic versions of Nucynta and Nucynta ER was below the company’s prior assumptions. JORNAY PM guidance was reaffirmed, while the AZSTARYS revenue range increased by $5 million at both ends.

The revision indicates that higher expectations for AZSTARYS are not sufficient to offset weaker authorized-generic Nucynta pricing and its effect on profitability.

Management commentary

CEO Vikram Karnani emphasized record JORNAY PM prescriptions and prescriber adoption, along with the completion of the AZSTARYS acquisition. Management said the expanded salesforce had been trained and deployed before the back-to-school season, with the integration progressing as planned.

Management also described the pain portfolio as an established business base but acknowledged increased pressure on Nucynta franchise revenue. Its priorities for the second half are growing the ADHD portfolio, maximizing the pain portfolio and deploying capital strategically.

Recent insider transactions

The supplied six-month summary shows 384,944 shares purchased across 15 transactions and 87,523 shares sold across seven transactions, resulting in net purchases of 297,421 shares. The detailed recent records include derivative exercises and stock awards as well as sales, so they should not be treated as open-market purchases alone.

The six May 14 grants were reported for Gino Santini, Garen G. Bohlin, John Gordon Freund, Nancy S. Lurker, Carlos V. Paya and Rita J. Balice-Gordon. All of the latest 10 supplied records were classified as direct holdings.

Risks investors should watch

• Authorized-generic pricing: Lower net pricing for Nucynta and Nucynta ER prompted reductions to both product revenue and adjusted EBITDA guidance.
• Pain portfolio contraction: Pain revenue declined 9%, including decreases of 14% for Xtampza ER and 24% for the Nucynta franchise. Continued pressure could offset ADHD growth.
• Acquisition and accounting costs: Acquisition-related expenses and amortization created a large gap between GAAP and adjusted results and significantly reduced reported operating profitability.
• Higher balance-sheet leverage: Term notes payable increased to $852.8 million while quarter-end cash and securities were $129.5 million, making cash generation and capital deployment important follow-up measures.
• ADHD execution: AZSTARYS contributed only a partial quarter, and its prescription growth was 1.9%. Progress under the expanded commercial platform will be important for meeting the raised full-year revenue range.

Summary

Collegium’s Q2 2026 revenue growth was driven by JORNAY PM and the addition of AZSTARYS, offsetting a weaker pain portfolio. Adjusted earnings and operating cash flow remained positive, but acquisition-related expenses, amortization and interest costs pushed GAAP results into a loss. The main issue for the second half is whether ADHD growth can compensate for Nucynta pricing pressure while the company manages integration costs and higher debt.