Collegium Pharmaceutical, Inc.

What they do

Collegium develops, licenses, and acquires differentiated prescription medicines for ADHD and moderate to severe pain. Its U.S. portfolio includes Jornay PM (evening-dosed methylphenidate), Azstarys (serdexmethylphenidate/dexmethylphenidate), Belbuca (buprenorphine buccal film), Xtampza ER (abuse-deterrent oxycodone), Nucynta ER/IR (tapentadol) and authorized generics, and Symproic (naldemedine for opioid-induced constipation). It sells these products primarily through a specialty sales force to healthcare providers and pharmacies.

Revenue drivers

• ADHD products: Jornay PM and Azstarys — Jornay PM generated $46.1 million in Q2 2026, up 41% year-over-year; Azstarys, acquired in May 2026, contributed $12.9 million in a partial quarter.
• Pain portfolio (Belbuca, Xtampza ER, Nucynta franchise) — Generated $140.9 million in Q2 2026, down 9% year-over-year. Belbuca was $57.7 million (+10%), Xtampza ER $45.0 million (-14%), and Nucynta franchise $35.2 million (-24%), including $5.1 million from authorized generics.
• Authorized generic Nucynta sales via Hikma — Hikma launched authorized generic versions of Nucynta IR (Feb 2026) and ER (Mar 2026); Collegium receives revenue from these sales, included in the Nucynta franchise.

Recent performance

Q2 2026 net revenues were $199.9 million, up 6% year-over-year, driven by strong Jornay PM and the Azstarys acquisition. Jornay PM revenue grew 41% to $46.1 million, with record prescriber counts and 13.1% prescription growth. Pain portfolio revenue declined 9% to $140.9 million, with the Nucynta franchise down 24% due to generic competition. Year-over-year revenue grew from $780.6 million in 2024 to $780.6 million in 2025, though net income fell to $63.0 million from $69.0 million.

Strategy

Management is focused on three strategic priorities: driving growth in the ADHD business, maximizing the value of the pain portfolio, and strategically deploying capital. The company completed the Azstarys acquisition in May 2026 to strengthen its ADHD franchise and extend its long-term revenue outlook. It plans to relocate headquarters to downtown Boston in Q1 2027. The company is leveraging a single commercial platform to support both ADHD products and expects to continue monitoring pain portfolio dynamics, including generic competition.

Risks

• Nucynta generic erosion — A third-party ANDA for Nucynta IR 50mg, 75mg, and 100mg was approved in January 2026, and Hikma launched authorized generics in early 2026, pressuring Nucynta franchise revenue (down 24% in Q2 2026).
• Opioid-related regulatory and litigation risk — Belbuca, Xtampza ER, and the Nucynta Products are subject to mandatory Risk Evaluation and Mitigation Strategies (REMS), and the company faces potential government investigations and opioid-related litigation.
• High leverage — Total liabilities were $1.82 billion as of June 30, 2026, with substantial outstanding indebtedness that could adversely affect business and financial results.
• Dependence on key products — A significant portion of revenue comes from a few products, and if commercialization fails or competition intensifies, the company's financial condition may be materially harmed.

Outlook

Management updated full-year 2026 financial guidance: reaffirmed Jornay PM guidance and raised Azstarys revenue guidance. They expect continued ADHD growth, particularly during the back-to-school season, and are integrating Azstarys with an expanded salesforce. Pain portfolio is expected to remain a solid base despite increased pressure on Nucynta franchise revenues.