Collegium Pharmaceutical’s second quarter saw sales growth, but results missed Wall Street’s revenue expectations, leading to a negative market reaction. Management attributed top-line growth to the expansion of its ADHD business, notably Jornay PM’s 41% year-over-year revenue increase and broader prescriber reach. CEO Vikram Karnani stressed that the integration of recently acquired Azstarys was completed ahead of the crucial back-to-school season, reinforcing the company’s strategy to diversify beyond pain management. However, Karnani acknowledged that lower-than-anticipated revenues from the NUCYNTA pain franchise, due to pricing pressure on authorized generics, weighed on performance this quarter.
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Collegium Pharmaceutical (COLL) Q2 CY2026 Highlights:
- Revenue: $199.9 million vs analyst estimates of $201.2 million (6.3% year-on-year growth, 0.7% miss)
- Adjusted EPS: $1.92 vs analyst estimates of $1.77 (8.8% beat)
- Adjusted EBITDA: $113.8 million vs analyst estimates of $108.4 million (57% margin, 5% beat)
- The company lifted its revenue guidance for the full year to $840 million at the midpoint from $815 million, a 3.1% increase
- EBITDA guidance for the full year is $457.5 million at the midpoint, below analyst estimates of $482.8 million
- Operating Margin: 1.9%, down from 18.7% in the same quarter last year
- Market Capitalization: $836.7 million
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Collegium Pharmaceutical’s Q2 Earnings Call
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Serge Belanger (Needham & Co.): Asked about NUCYNTA’s generic net price stabilization and Belbuca’s future IP risks. CFO Colleen Tupper indicated generic pricing has stabilized and discussed authorized generic strategies for Belbuca, noting potential generic entry in 2027.
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Anthea Li (Jefferies): Inquired about the extent to which Azstarys’ guidance update was driven by distribution channels versus underlying demand, and sought clarification on NUCYNTA’s discounting. CEO Vikram Karnani stated performance was not due to inventory stocking; Tupper confirmed discount ranges and volume thresholds.
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Brandon Folkes (H.C. Wainwright): Asked about prescriber feedback on dual ADHD portfolio promotion and SG&A expense trajectory. Karnani said physicians are comfortable differentiating the two products; Tupper projected a mid- to upper-single-digit increase in second-half SG&A spend.
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David Amsellem (Piper Sandler): Queried capital deployment strategy post-Azstarys and expansion focus. Karnani explained business development would target additional CNS and adjacent rare disease assets, leveraging existing infrastructure.
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No additional analyst questions were mentioned during the call.
Catalysts in Upcoming Quarters
In upcoming quarters, the StockStory team will closely watch (1) prescription growth trends for both Jornay PM and Azstarys during the back-to-school season, (2) stabilization and potential recovery in pain portfolio revenues as pricing normalizes, and (3) execution on formulary access wins for Belbuca. Progress on further M&A or new product additions will also be important markers of management’s ability to deliver on diversification and growth objectives.
Collegium Pharmaceutical currently trades at $26.19, down from $35.74 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).
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