Collegium Pharmaceutical (NASDAQ:COLL) reported record financial results for the fourth quarter and full year 2025, driven by continued growth in its ADHD product Jornay PM and steady performance across its pain portfolio. Management highlighted progress on three strategic priorities: expanding Jornay PM, maximizing durability of the pain franchise, and deploying capital to enhance shareholder value.
Record 2025 results and cash generation
Chief Executive Officer Vikram Karnani said 2025 marked “transformative growth” for the company, with strong commercial execution and strategic capital deployment. Collegium grew full-year net revenues by 24% and adjusted EBITDA by 15%, achieving its annual financial guidance. The company also generated more than $329 million in cash from operations and ended 2025 with over $386 million in cash, up roughly $224 million from the end of 2024. Karnani noted the company’s net leverage ratio ended the year at less than 1x adjusted EBITDA, a target it set earlier in 2025.
Jornay PM growth driven by prescriptions, prescriber expansion, and access
Jornay PM, an evening-dosed ADHD stimulant designed to provide symptom control upon awakening and throughout the day, was a key driver of growth. Management emphasized that the product continued to gain traction more than six years after launch. Karnani said total prescribers reached an all-time high during the quarter, supported by back-to-school demand and increased sales and marketing investment.
Chief Commercial Officer Scott Dreyer said Jornay delivered record prescription volume in both the fourth quarter and full year 2025. In the fourth quarter, more than 200,000 prescriptions were written, up 16% year-over-year, and more than 760,000 prescriptions were written in 2025, up 20%. Dreyer added that average weekly prescriptions increased to approximately 16,600 in December from about 13,800 in July, and he said momentum continued into January at approximately 16,800 weekly prescriptions despite typical first-quarter seasonality tied to deductible resets.
Dreyer also cited prescriber growth, with the total prescriber base reaching over 29,000 in the fourth quarter, up 21% year-over-year. Jornay’s market share of the long-acting branded methylphenidate market grew to nearly 26% in the fourth quarter, up 6.5 percentage points year-over-year. He noted growth in both major segments: pediatric/adolescent prescriptions (about 80% of total) rose 14% year-over-year in the quarter, while adult prescriptions (about 20% of total) increased 24%.
Commercial initiatives included expanding the ADHD sales force and increasing non-personal promotion. Dreyer said the expanded sales team now targets about 21,000 prescribers, up from 17,000 prior to the expansion, while digital marketing efforts reach roughly 70,000 healthcare providers, including 50,000 prescribers outside the direct sales force during the back-to-school season.
On access, Dreyer said Collegium secured new formulary coverage under a major commercial healthcare plan effective May 1, which he said would increase Jornay’s coverage by an estimated 4.5 million covered lives.
Pain portfolio remains a cash-flow foundation; authorized generic agreement update
Collegium’s pain portfolio—Belbuca, Xtampza ER, and the Nucynta franchise—continued to generate meaningful revenue and cash flow. Karnani said the pain business supported record company-wide revenues and adjusted EBITDA. For 2025, the pain portfolio generated $631.7 million in revenue, up 6% year-over-year, with all three core pain medicines delivering full-year growth.
Tupper detailed fourth-quarter and full-year results by product:
- Belbuca: $59.1 million in Q4 net revenue (+7% YoY); $221.7 million in 2025 (+5% YoY)
- Xtampza ER: $48.6 million in Q4 (-6% YoY); $199.3 million in 2025 (+4% YoY)
- Nucynta franchise: $47.9 million in Q4 (+15% YoY); $196.3 million in 2025 (+11% YoY)
Tupper said Nucynta revenue increased primarily due to profitability improvements from managing gross-to-net dynamics, consistent with the company’s payer strategy.
Management also discussed an update tied to Nucynta. Karnani said Collegium signed supply and quality agreements with Hikma Pharmaceuticals related to an authorized generic (AG) agreement previously announced in 2024. Hikma recently launched an authorized generic of Nucynta and is expected to launch Nucynta ER in the first quarter of 2026. Karnani and Tupper said the agreement includes a “significant profit share,” which they said positions Collegium to maximize the value of the franchise and compete with third-party generics.
In the Q&A, Dreyer addressed promotional sensitivity across the pain portfolio, saying Nucynta is later in its lifecycle and has “light promotional sensitivity,” while Belbuca and Xtampza remain “high promotional sensitivity” in a complex payer environment. Tupper added that Collegium expects to continue investing in the field force through potential loss-of-exclusivity timeframes due to uncertainty, while retaining the ability to “pivot pretty quickly” and moderate investment if market conditions change.
2026 outlook: Jornay growth, stable gross-to-nets, and capital deployment focus
Collegium reaffirmed 2026 guidance issued in January. Tupper said the company expects total product revenues of $805 million to $825 million, representing a 4% year-over-year increase, and adjusted EBITDA of $455 million to $475 million. Management expects a modest sequential decline in first-quarter 2026 revenue due to seasonal dynamics tied to deductible resets and higher out-of-pocket costs.
For Jornay, the company guided to 2026 revenue of $190 million to $200 million, which would represent 31% growth year-over-year. Tupper said Jornay’s full-year gross-to-net in 2025 was about 64% and is expected to remain stable in the “mid 60% range” in 2026, with quarterly fluctuations and the highest gross-to-net expected in the first quarter and first half of the year.
When asked about assumptions behind the Jornay outlook, management said growth is expected to be driven by demand, with relative stability in gross-to-net. On competition, management said it monitors competitive dynamics and potential launches but does not see material changes that would impact Jornay demand. Karnani also said the company has not provided a peak-sales estimate for Jornay, citing ongoing investments and the need for more visibility into the full impact of the expanded sales force.
On capital deployment, management reiterated a balanced approach across business development, debt repayment, and opportunistic share repurchases. In December, Collegium closed a $980 million syndicated credit facility maturing in 2030, consisting of a $580 million initial term loan, a $300 million delayed draw term loan, and a $100 million revolving credit facility. Tupper said the initial term loan was used to repay the prior term loan balance, while the delayed draw and revolver are currently undrawn. She said the new facility improves interest rate and debt terms and is expected to drive meaningful annualized interest savings and provide flexibility for potential acquisitions.
The company repurchased $25 million of shares in 2025 through an accelerated share repurchase program and has $150 million remaining under its board-authorized repurchase program through December 31, 2026.
In discussing business development strategy, management said it is evaluating commercial or near-commercial assets with cost-efficient sales and marketing needs and exclusivity into the 2030s and beyond. Areas of focus include neuropsychiatry, pediatrics, and pain, while remaining open to other specialty indications and rare diseases where the company can build an efficient commercialization approach.
About Collegium Pharmaceutical (NASDAQ:COLL)
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.
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