COLL · Collegium Pharmaceutical, Inc.

Collegium Pharmaceutical delivered strong Q1 2026 results with net product revenues of $193.5 million, a 9% increase year-over-year, primarily driven by robust 36% growth in JORNAY PM to $38.9 million, reflecting all-time high prescriptions (206,000, +14%) and prescribers (30,000, +17%), fueled by expanded salesforce and marketing initiatives like the 'Embrace Your Sparkle' campaign. The pain portfolio contributed $154.6 million (+4%), with steady performances from Belbuca ($52.6M, +2%), Xtampza ER ($50.8M, +7%), and Nucynta Franchise ($47.0M, flat), supported by authorized generic sales from Hikma. Gross profit rose to $117.2 million from improved cost dynamics, while operating expenses increased 14% to $86.4 million on GAAP basis but only 11% on adjusted basis to $69.3 million, reflecting disciplined cost management excluding stock-based compensation and acquisition expenses. Adjusted EBITDA grew 9% to $103.9 million, underscoring operational leverage. CEO Vikram Karnani highlighted JORNAY PM momentum and pain portfolio durability, positioning the company for ADHD expansion via the pending AZSTARYS acquisition from Corium Therapeutics for $650 million cash plus up to $135 million milestones, expected to close Q2 2026 and be immediately accretive, funded by $350 million cash and $300 million delayed draw term loan. The company ended the quarter with $421.8 million in cash and equivalents plus marketable securities and generated $57.1 million in operating cash flow. Reaffirming full-year 2026 guidance for current business (product revenues $805-825 million, JORNAY PM $190-200 million, adjusted EBITDA $455-475 million) signals confidence ahead of AZSTARYS integration, which is anticipated to extend revenues into late 2030s and diversify the portfolio.