Collegium Q3 Revenue Rises 3% as ADHD Portfolio Expands

Collegium Pharmaceutical reported higher third-quarter product revenue as its expanding ADHD portfolio, including the recently acquired AZSTARYS, offset pressure elsewhere in the business. Profitability declined, however, as adjusted operating expenses increased following the acquisition and other commercial investments.

For the three months ended September 30, 2026, net product revenue rose 3% year over year to $216 million from $209 million. The ADHD portfolio generated $138.0 million, up 24%, with AZSTARYS contributing $26.5 million in its first full quarter under Collegium’s ownership.

Adjusted EBITDA fell 9% to $121.6 million from $133.0 million. Adjusted operating expenses increased 25% to $69.4 million from $55.7 million, reflecting a broader cost base following the expansion of the company’s ADHD business. GAAP operating expenses were $96.7 million, compared with $67.1 million a year earlier.

GAAP net income declined to $21.8 million from $31.5 million. Non-GAAP adjusted net income was $75.2 million, down from $87.3 million, while adjusted diluted earnings per share decreased to $1.96 from $2.25.

For the first nine months of 2026, adjusted EBITDA increased to $339.3 million from $333.2 million. GAAP net income was $21.2 million, compared with $45.9 million in the prior-year period, while adjusted net income rose to $219.8 million from $209.0 million.

ADHD portfolio expands

Collegium’s ADHD business remained the principal growth area during the quarter. JORNAY PM prescriptions increased 16% year over year to 223,000, while its prescriber base grew 19% to approximately 33,000. Its share of the branded, long-acting methylphenidate market reached 30%, up 6.5 percentage points from the third quarter of 2025.

AZSTARYS prescriptions increased 2% to 190,000 from 187,000. Collegium acquired the product in May 2026 and expects it to generate $65 million to $75 million of revenue between May 12 and December 31. The presentation indicated that AZSTARYS has intellectual-property protection through 2037.

Management’s priorities for the ADHD portfolio include expanding awareness among prescribers, caregivers and patients; increasing prescribing among targeted physicians; maintaining broad patient access; and integrating AZSTARYS into the company’s existing commercial infrastructure. Collegium also plans to evaluate opportunities for operating efficiencies.

The company said JORNAY PM and AZSTARYS together account for 55% of the branded, long-acting methylphenidate market, based on IQVIA data through September 2026.

Pain portfolio and full-year outlook

Collegium continues to focus on maintaining the durability of its pain portfolio. Two of its pain products generated third-quarter revenue of $45.8 million and $57.7 million, respectively. The presentation did not provide a year-over-year comparison for those individual products.

For full-year 2026, Collegium expects net product revenue of $825 million to $855 million, representing about 8% growth at the midpoint from $781 million in 2025. JORNAY PM revenue is projected at $190 million to $200 million, or approximately 31% growth at the midpoint from $149 million last year.

Adjusted EBITDA is expected to range from $445 million to $470 million, broadly flat at the midpoint compared with $460 million in 2025. Collegium did not provide a reconciliation of the forward-looking adjusted EBITDA range to the nearest GAAP measure because it said certain items, including stock-based compensation, acquisition expenses and litigation settlements, could not be predicted without unreasonable effort.

Capital allocation and risks

Collegium ended the quarter with $145 million of cash, cash equivalents and marketable securities. Net debt stood at 2.1 times adjusted EBITDA as of September 30.

The company announced a $50 million accelerated share-repurchase program in August and received an initial delivery of about 1.56 million shares. The final number will depend on Collegium’s volume-weighted average share price over the program’s term and other contractual adjustments. Collegium said $100 million remained under its board-authorized repurchase program through December 2026.

Management identified business development, debt repayment and share repurchases as its main capital-allocation priorities. The company’s broader strategy remains centered on growing its ADHD portfolio, extending the durability of its pain products and using cash flow to strengthen the balance sheet and diversify the business.

Collegium cautioned that its outlook depends on its ability to realize the expected benefits of the AZSTARYS acquisition, grow product sales, maintain regulatory approvals and reimbursement, secure adequate supplies and manage relationships with licensors. Competition, patent and other litigation, government investigations, customer concentration and changing market conditions could also cause actual results to differ from the company’s expectations.