Collegium Pharmaceutical (NASDAQ:COLL) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Collegium Pharmaceutical (NASDAQ:COLL) released its quarterly earnings data on Thursday. The specialty pharmaceutical company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.20, FiscalAI reports. The business had revenue of $199.88 million during the quarter, compared to analyst estimates of $199.62 million. Collegium Pharmaceutical had a return on equity of 91.43% and a net margin of 5.93%.The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.68 EPS.

Here are the key takeaways from Collegium Pharmaceutical’s conference call:

• ADHD momentum accelerated: JORNAY PM revenue rose 41% year over year to $46.1 million, prescriptions increased 13.1%, and prescribers reached more than 30,000. The company maintained its 2026 JORNAY revenue guidance of $190 million to $200 million.
• AZSTARYS integration is complete following the May acquisition, with the expanded 190-representative sales force trained ahead of the back-to-school season. Collegium raised its partial-year AZSTARYS revenue outlook to $65 million-$75 million and cited expected cost synergies and immediate adjusted EBITDA accretion.
• The pain portfolio remained a significant cash-flow base, with BELBUCA revenue up 10% to $57.7 million and formulary access secured for an additional 9 million lives beginning in the fourth quarter. However, XTAMPZA revenue declined 14% and NUCYNTA revenue fell 24% because of lower authorized-generic pricing, which management believes has now stabilized.
• 2026 adjusted EBITDA guidance is essentially flat year over year at $445 million-$470 million, despite total product revenue guidance of $825 million-$855 million. The company also reported a $15.1 million GAAP net loss, partly reflecting $24.1 million in AZSTARYS acquisition-related expenses and increased investment in the ADHD franchise.

Collegium Pharmaceutical Price Performance

NASDAQ:COLL traded up $0.36 during midday trading on Friday, hitting $29.47. 978,489 shares of the stock were exchanged, compared to its average volume of 434,937. The company has a market capitalization of $955.71 million, a price-to-earnings ratio of 23.77 and a beta of 0.73. The company has a current ratio of 1.14, a quick ratio of 1.62 and a debt-to-equity ratio of 3.50. Collegium Pharmaceutical has a one year low of $28.01 and a one year high of $50.79. The business has a 50-day moving average price of $34.78 and a two-hundred day moving average price of $37.07.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of COLL. Rubric Capital Management LP raised its position in Collegium Pharmaceutical by 5.3% in the second quarter. Rubric Capital Management LP now owns 3,157,743 shares of the specialty pharmaceutical company’s stock worth $93,374,000 after acquiring an additional 157,743 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Collegium Pharmaceutical by 1.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,617,349 shares of the specialty pharmaceutical company’s stock valued at $74,883,000 after purchasing an additional 18,160 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Collegium Pharmaceutical by 59.1% in the 4th quarter. Janus Henderson Group PLC now owns 1,448,578 shares of the specialty pharmaceutical company’s stock worth $67,026,000 after purchasing an additional 538,337 shares in the last quarter. State Street Corp raised its holdings in shares of Collegium Pharmaceutical by 1.3% in the 4th quarter. State Street Corp now owns 1,310,641 shares of the specialty pharmaceutical company’s stock worth $60,683,000 after purchasing an additional 16,730 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in Collegium Pharmaceutical by 248.5% during the first quarter. Millennium Management LLC now owns 647,832 shares of the specialty pharmaceutical company’s stock valued at $19,338,000 after purchasing an additional 461,914 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on COLL. Wall Street Zen downgraded shares of Collegium Pharmaceutical from a “buy” rating to a “hold” rating in a report on Saturday. Zacks Research lowered shares of Collegium Pharmaceutical from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 28th. Truist Financial upgraded shares of Collegium Pharmaceutical to a “strong-buy” rating in a research note on Monday, June 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Collegium Pharmaceutical in a research report on Monday, July 6th. Finally, Needham & Company LLC lowered their target price on Collegium Pharmaceutical from $56.00 to $46.00 and set a “buy” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $52.60.

Collegium Pharmaceutical News Roundup

Here are the key news stories impacting Collegium Pharmaceutical this week:

• Positive Sentiment: Second-quarter adjusted EPS was $1.92, above analyst expectations of approximately $1.72, while revenue increased 6.3% year over year to $199.9 million. Adjusted EBITDA rose 8% to $113.8 million and operating cash flow was $71.3 million. Collegium Pharmaceutical Q2 Earnings Beat
• Positive Sentiment: The ADHD portfolio showed momentum: JORNAY PM revenue climbed 41% to $46.1 million, and the completed AZSTARYS acquisition contributed $12.9 million in partial-quarter revenue. Collegium raised its full-year AZSTARYS revenue outlook to $65 million-$75 million from $60 million-$70 million, potentially supporting longer-term growth. Collegium Q2 2026 Results
• Neutral Sentiment: Piper Sandler reaffirmed its “neutral” rating but lowered its price target to $43 from $45. Needham retained a “buy” rating while cutting its target to $46 from $56, reflecting continued upside but greater near-term caution. Analyst Price Target Updates
• Negative Sentiment: Collegium reduced full-year product-revenue guidance to $825 million-$855 million from $865 million-$895 million and lowered adjusted EBITDA guidance to $445 million-$470 million from $475 million-$500 million. The company cited lower pricing and weaker-than-expected authorized-generic Nucynta revenue.
• Negative Sentiment: The pain portfolio declined 9% year over year to $140.9 million; Nucynta revenue fell 24% and Xtampza ER revenue dropped 14%. GAAP results also shifted to a $15.1 million net loss from $12.0 million of net income, while operating expenses increased 45%, adding pressure to profitability. Collegium Sales and Guidance Report

Collegium Pharmaceutical Company Profile

Collegium Pharmaceutical, Inc is a specialty pharmaceutical company focused on the development, manufacture and commercialization of products for pain management and opioid dependence. The company’s core expertise lies in its DETERx microsphere technology, a platform designed to provide extended-release delivery of active pharmaceutical ingredients while deterring manipulation for unintended routes of abuse.

The company’s principal marketed products include Xtampza® ER (extended-release oxycodone), which received approval from the U.S.