Pharmaceutical company Collegium Pharmaceutical (NASDAQ: COLL) announced better-than-expected revenue in Q1 CY2026, with sales up 8.9% year on year to $193.5 million. On the other hand, the company’s full-year revenue guidance of $815 million at the midpoint came in 2.9% below analysts’ estimates. Its non-GAAP profit of $1.76 per share was 15.5% above analysts’ consensus estimates.
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Collegium Pharmaceutical (COLL) Q1 CY2026 Highlights:
- Revenue: $193.5 million vs analyst estimates of $184.5 million (8.9% year-on-year growth, 4.9% beat)
- Adjusted EPS: $1.76 vs analyst estimates of $1.52 (15.5% beat)
- Adjusted EBITDA: $103.9 million vs analyst estimates of $101.7 million (53.7% margin, 2.1% beat)
- The company reconfirmed its revenue guidance for the full year of $815 million at the midpoint
- EBITDA guidance for the full year is $465 million at the midpoint, in line with analyst expectations
- Operating Margin: 16%, up from 12.2% in the same quarter last year
- Market Capitalization: $1.27 billion
StockStory’s Take
Collegium Pharmaceutical’s first quarter was marked by solid execution and positive market reaction, supported by robust growth in its ADHD and pain management portfolios. Management attributed the quarter’s performance to significant prescription growth for JORNAY PM, improved prescriber adoption, and steady cash flow from its pain medicines, Belbuca and Xtampza ER. CEO Vikram Karnani highlighted, “JORNAY prescriptions grew by 14% year-over-year and generated $38.9 million in net revenue, up 36% year-over-year.” Investments in sales force expansion and targeted marketing campaigns further strengthened JORNAY’s market position.
Looking ahead, management’s guidance is shaped by three priorities: accelerating JORNAY’s growth, integrating the AZSTARYS acquisition, and maintaining durability in the pain portfolio. The proposed addition of AZSTARYS—a differentiated ADHD therapy—aims to expand Collegium’s reach within the stimulant segment and extend revenue visibility into the late 2030s. CFO Colleen Tupper noted that the acquisition is expected to be immediately accretive to adjusted EBITDA, stating, “We expect to generate more than $50 million of cost synergies within 12 months following deal close.”
Key Insights from Management’s Remarks
Management attributed Q1’s results to expanded commercial execution in ADHD, durable pain portfolio performance, and strategic capital deployment, with the proposed AZSTARYS acquisition expected to further diversify the business.
- JORNAY PM momentum: The ADHD therapy JORNAY PM saw sustained prescription growth, with prescriber adoption and market share both reaching all-time highs. Enhanced commercial efforts—including sales force expansion and new marketing campaigns—were cited as key contributors to its strong performance.
- AZSTARYS acquisition announced: The proposed $650 million acquisition of AZSTARYS, an ADHD treatment for patients aged six and older, is expected to close in the second quarter. Management emphasized AZSTARYS’s differentiated profile and its complementary fit with JORNAY, with the goal of leveraging existing commercial infrastructure for rapid integration and growth.
- Pain portfolio resilience: Net revenues from the pain franchise, including Belbuca and Xtampza ER, grew year-over-year, providing a stable financial foundation. The company’s authorized generic agreements, like the one with Hikma for Nucynta, support lifecycle management and patient access while contributing to profit.
- Cash generation and capital strategy: Collegium generated over $57 million in operating cash flow during the quarter, maintaining a strong liquidity position to support M&A and share repurchases. The company’s capital deployment remains focused on business development, debt repayment, and opportunistic share repurchases.
- Market access and awareness: JORNAY gained new formulary access, increasing coverage for an estimated 4.5 million lives starting May 1. Ongoing campaigns, such as the partnership with Paris Hilton, aim to raise ADHD awareness and drive patient engagement.
Drivers of Future Performance
Collegium’s full-year outlook is driven by anticipated growth in ADHD therapies, the integration of AZSTARYS, and ongoing margin discipline across its core franchises.
- ADHD portfolio expansion: The planned integration of AZSTARYS is expected to broaden Collegium’s reach in ADHD by addressing diverse patient needs, with management targeting both increased prescriber breadth and depth. The company aims to leverage its commercial infrastructure to accelerate growth for both JORNAY and AZSTARYS, with synergies projected to support margin expansion and extend revenue visibility to 2037.
- Pain segment durability: Collegium expects continued stability in its pain portfolio, supported by differentiated products and lifecycle management strategies such as authorized generics. Management noted that typical first quarter volume pressures were offset by price increases and improved payer strategies, and future growth will rely on maintaining broad access and profitability improvements.
- Capital allocation and operational efficiency: The company’s capital deployment priorities remain unchanged, balancing business development, debt paydown, and share repurchases. Management projects that the AZSTARYS acquisition will be immediately accretive to adjusted EBITDA, with over $50 million in expected cost synergies within a year of deal close, while maintaining a net debt to adjusted EBITDA ratio of approximately 2x.
Catalysts in Upcoming Quarters
Our analysts will closely watch (1) the successful closing and integration of the AZSTARYS acquisition, (2) sustained prescription growth and market share gains for JORNAY and AZSTARYS in both pediatric and adult ADHD segments, and (3) continued profitability improvements and stable revenue trends in the pain management portfolio. Updates on access expansion and operational synergies will be important additional signposts.
Collegium Pharmaceutical currently trades at $39.40, up from $36.57 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free).
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