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

Posted by Francis Steltz on Aug 8th, 2026

Collegium Pharmaceutical (NASDAQ:COLL – Get Free Report) posted its quarterly earnings data on Thursday. The specialty pharmaceutical company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.20, FiscalAI reports. The company 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 firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the company earned $1.68 earnings per share.

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

Shares of COLL stock traded up $0.36 during trading hours on Friday, hitting $29.47. 978,489 shares of the company’s stock were exchanged, compared to its average volume of 434,937. The company has a market capitalization of $955.71 million, a PE 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 12-month low of $28.01 and a 12-month high of $50.79. The business’s 50 day simple moving average is $34.78 and its 200-day simple moving average is $37.07.

Hedge Funds Weigh In On Collegium Pharmaceutical

Several institutional investors and hedge funds have recently made changes to their positions in the business. Rubric Capital Management LP grew its stake in shares of Collegium Pharmaceutical by 5.3% during the second quarter. Rubric Capital Management LP now owns 3,157,743 shares of the specialty pharmaceutical company’s stock valued at $93,374,000 after buying an additional 157,743 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Collegium Pharmaceutical by 1.1% in 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 acquiring an additional 18,160 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Collegium Pharmaceutical by 59.1% during the 4th quarter. Janus Henderson Group PLC now owns 1,448,578 shares of the specialty pharmaceutical company’s stock valued at $67,026,000 after acquiring an additional 538,337 shares during the period. State Street Corp boosted its holdings in Collegium Pharmaceutical by 1.3% during the 4th quarter. State Street Corp now owns 1,310,641 shares of the specialty pharmaceutical company’s stock valued at $60,683,000 after acquiring an additional 16,730 shares during the period. Finally, Millennium Management LLC grew its position in Collegium Pharmaceutical by 248.5% during the 1st quarter. Millennium Management LLC now owns 647,832 shares of the specialty pharmaceutical company’s stock worth $19,338,000 after acquiring an additional 461,914 shares during the last quarter.

Key Stories Impacting Collegium Pharmaceutical

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

Analyst Ratings Changes

COLL has been the topic of a number of recent analyst reports. Needham & Company LLC lowered their target price on shares of Collegium Pharmaceutical from $56.00 to $46.00 and set a “buy” rating on the stock in a research note on Thursday. Truist Financial upgraded shares of Collegium Pharmaceutical to a “strong-buy” rating in a research report on Monday, June 15th. Wall Street Zen downgraded shares of Collegium Pharmaceutical from a “buy” rating to a “hold” rating in a report on Saturday. Piper Sandler reissued a “neutral” rating and issued a $43.00 target price (down from $45.00) on shares of Collegium Pharmaceutical in a research note on Friday. Finally, Zacks Research downgraded Collegium Pharmaceutical from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 28th. One investment 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.60.

Get Our Latest Analysis on COLL

About Collegium Pharmaceutical

(Get Free Report)

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.

Earnings History for Collegium Pharmaceutical (NASDAQ:COLL)

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