Collegium Pharmaceutical (NASDAQ:COLL – Get Free Report) posted its earnings results on Thursday. The specialty pharmaceutical company reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.86 by $0.10, FiscalAI reports. The firm had revenue of $216.34 million during the quarter, compared to analysts’ expectations of $216.03 million. Collegium Pharmaceutical had a net margin of 5.93% and a return on equity of 91.43%. The company’s revenue was up 67.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.25 earnings per share.
Here are the key takeaways from Collegium Pharmaceutical’s conference call:
- Collegium reported record third-quarter revenue of $216.3 million, up 3% year over year, with ADHD products contributing more than 36% of revenue. JORNAY PM revenue rose 24% to $51.9 million, while AZSTARYS generated $26.5 million in its first full quarter under Collegium ownership.
- The company reaffirmed 2026 total revenue guidance of $825 million–$855 million, representing 8% growth at the midpoint, and adjusted EBITDA guidance of $445 million–$470 million, roughly flat year over year. JORNAY PM prescriptions and prescribers reached new highs, and management expects AZSTARYS growth to accelerate as its expanded commercial and marketing efforts take hold.
- Profitability declined: adjusted EBITDA fell 9% to $121.6 million, GAAP net income decreased to $21.8 million from $31.5 million, and adjusted operating expenses increased 25%. Pain-portfolio revenue was pressured by generic competition and payer changes, including a 44% year-over-year decline in NUCYNTA franchise revenue.
- Collegium began a $50 million accelerated share repurchase, expected to finish by year-end, with $100 million remaining under its existing authorization. The company reported approximately 2x net debt to adjusted EBITDA and said cash generation supports further investment, debt repayment, business development, and shareholder returns.
- AZSTARYS gross-to-net was 73.4% in Q3, and management said it sees potential for improvement but offered no specific target. Collegium also flagged uncertainty around a possible BELBUCA generic launch after the January 2027 settlement date, though it said it has not observed launch signals to date.
Collegium Pharmaceutical Stock Performance
COLL traded down $0.95 on Friday, hitting $24.21. The company had a trading volume of 775,375 shares, compared to its average volume of 622,329. The stock has a market cap of $788.28 million, a price-to-earnings ratio of 24.21, a price-to-earnings-growth ratio of 0.74 and a beta of 0.75. The company has a debt-to-equity ratio of 3.32, a current ratio of 1.03 and a quick ratio of 0.84. The company’s fifty day moving average price is $22.99 and its 200 day moving average price is $32.79. Collegium Pharmaceutical has a 1-year low of $21.43 and a 1-year high of $50.79.
Trending Headlines about Collegium Pharmaceutical
Here are the key news stories impacting Collegium Pharmaceutical this week:
- Positive Sentiment: Q3 adjusted earnings of $1.96 per share topped consensus estimates, and revenue of $216.3 million narrowly beat expectations. The company reported record quarterly revenue, including JORNAY PM revenue up 24% year over year. Collegium Q3 2026 results
- Positive Sentiment: FY 2026 revenue guidance is $825 million–$855 million, a range whose midpoint is above the $832.9 million consensus estimate. Collegium also announced a $50 million accelerated share repurchase. Collegium Q3 2026 results
- Neutral Sentiment: Needham lowered its price target from $46 to $44 but maintained a Buy rating, indicating continued optimism alongside a more cautious valuation. Needham lowers Collegium price target
- Negative Sentiment: Piper Sandler cut its target sharply, from $43 to $28, and assigned a Neutral rating. The lower valuation outlook could weigh on sentiment despite the target remaining above the referenced share price. Piper Sandler rating
- Negative Sentiment: EPS declined from $2.25 in the year-ago quarter to $1.96, tempering the earnings beat. Collegium Q3 earnings
Analyst Upgrades and Downgrades
COLL has been the topic of a number of recent research reports. Weiss Ratings downgraded shares of Collegium Pharmaceutical from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, September 4th. Piper Sandler reduced their price objective on shares of Collegium Pharmaceutical from $43.00 to $28.00 and set a “neutral” rating for the company in a research note on Friday. Needham & Company LLC decreased their price objective on shares of Collegium Pharmaceutical from $46.00 to $44.00 and set a “buy” rating for the company in a report on Thursday. Truist Financial started coverage on shares of Collegium Pharmaceutical in a report on Wednesday, September 9th. They issued a “buy” rating and a $49.00 price objective for the company. Finally, Barclays lowered their target price on shares of Collegium Pharmaceutical from $56.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.88.
View Our Latest Report on Collegium Pharmaceutical
About Collegium Pharmaceutical
Collegium Pharmaceutical, Inc is a specialty pharmaceutical company focused on developing and commercializing medicines for pain management and central nervous system disorders. The company primarily serves the U.S. market and emphasizes products designed to address significant patient and healthcare-provider needs.
Its pain portfolio includes Xtampza ER, an extended-release oxycodone formulation designed with abuse-deterrent properties, as well as Nucynta and Nucynta ER, which contain tapentadol and are used to treat acute and chronic pain.
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