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.
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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: $1.13 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are 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 Q1 Earnings Call
- Brandon Folkes (H.C. Wainwright): Asked how Collegium will balance sales efforts between JORNAY and AZSTARYS. CEO Vikram Karnani and Chief Commercial Officer Scott Dreyer emphasized the differentiated patient profiles, stating both brands will be promoted strategically to the same prescriber base.
- Jeevan Larson (Truist): Inquired whether Collegium’s JORNAY playbook could be applied to AZSTARYS and about strategy in ADHD versus adjacent markets. Dreyer noted plans to leverage commercial expertise for AZSTARYS growth, while Karnani reiterated a disciplined approach to expanding into adjacent therapeutic areas.
- Unknown Analyst (Jefferies): Asked about the impact of new orexin agonist data in ADHD and generic competition for Nucynta. Karnani said they are monitoring new drug classes but believe their current ADHD portfolio remains well positioned. CFO Colleen Tupper confirmed that generic impacts are contemplated in guidance.
- Serge Belanger (Needham & Company): Questioned payer access for both ADHD products and drivers of pain portfolio performance. Karnani confirmed strong payer access for both JORNAY and AZSTARYS, while Tupper attributed pain portfolio growth to pricing and payer strategies.
- David Amsellem (Piper Sandler): Sought clarity on ADHD sales force coverage and mix between pediatric and adult patients. Dreyer detailed current 60% market coverage and plans to increase adult market penetration for JORNAY and AZSTARYS.
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 $34.87, down from $36.51 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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