Collegium Pharmaceutical — Q3 2026 Earnings Summary

Financial Performance:

• Generated record quarterly net revenues of $216.3 million, a 3% increase year-over-year compared to $209.4 million in Q3 2025.
• Reported GAAP net income of $21.8 million ($0.69 basic, $0.60 diluted EPS) for the quarter, down from $31.5 million ($1.00 basic, $0.84 diluted EPS) in the prior year period.
• Reported non-GAAP adjusted net income of $75.2 million ($1.96 adjusted EPS), down from $87.3 million ($2.25 adjusted EPS) in the prior year period.
• Generated adjusted EBITDA of $121.6 million, a 9% decrease year-over-year from $133.0 million in Q3 2025.
• GAAP operating expenses were $96.7 million (up 44% year-over-year), while adjusted operating expenses were $69.4 million (up 25% year-over-year).
• Generated $86.5 million in cash from operations and ended the quarter with $144.8 million in cash, cash equivalents, and marketable securities.
• Total assets increased to $2.10 billion from $1.66 billion at year-end 2025; total liabilities and shareholders' equity matched at $2.10 billion.
• Term notes payable increased to $842.5 million from $571.1 million at year-end 2025.

Guidance and Future Outlook:

• Reaffirmed full-year 2026 guidance for Product Revenues, Net ($825 to $855 million), JORNAY PM Revenue, Net ($190 to $200 million), AZSTARYS Revenue, Net ($65 to $75 million), and Adjusted EBITDA ($445 to $470 million).
• Expects to complete the previously announced $50 million accelerated share repurchase program before the end of 2026.
• Management remains committed to deploying capital in a disciplined manner, including business development, debt paydown, and opportunistic capital returns.

Business Segments and Product Lines:

• ADHD Portfolio: Contributed more than 36% of total revenue; JORNAY PM net revenue reached a record $51.9 million (up 24% year-over-year) with 16% prescription growth and nearly 33,000 prescribers (up 19% year-over-year).
• AZSTARYS: Generated $26.5 million in net revenue in its first full quarter under Collegium ownership, with prescriptions growing nearly 2% year-over-year, reversing the annual prescription decline seen in 2025.
• Pain Portfolio: Generated net revenues of $138.0 million, down 18% year-over-year.
  • Belbuca® net revenue was $57.7 million (down 1% year-over-year).
  • Xtampza® ER net revenue was $45.8 million (down 9% year-over-year).
  • Nucynta Franchise net revenue was $30.8 million (down 44% year-over-year), which included $4.2 million from Hikma Pharmaceuticals USA Inc. for the sale of authorized generic versions.

Market and Competitive Landscape:

• JORNAY PM prescriber adoption reached an all-time high with nearly 33,000 healthcare providers writing prescriptions.
• Presented seven abstracts at the AACAP 2026 Annual Meeting and NEI Fall Congress regarding JORNAY PM and AZSTARYS clinical studies and real-life functioning data.
• Launched "Start Talking ADHD," an online resource hub, and established a multi-year partnership with Boston Legacy FC to support neurodivergent children and families.

Risks and Challenges:

• Forward-looking statements note risks including the ability to realize anticipated benefits from the AZSTARYS acquisition, uncertainty of expected financial performance, and success of competing products.
• Risks include maintaining regulatory approval, securing reimbursement contracts, managing patent infringement litigation, and securing adequate supplies of active pharmaceutical ingredients.
• The company cannot provide a reconciliation of full-year 2026 adjusted EBITDA guidance to GAAP measures due to the inability to predict timing and amounts of stock-based compensation, acquisition-related expenses, and other uncertain items.

Management Commentary and Tone:

• CEO Vikram Karnani highlighted strong demand across the ADHD portfolio, record JORNAY PM revenues, and the meaningful improvement in AZSTARYS performance following acquisition.
• CFO Colleen Tupper emphasized the company's strong cash-generation profile, disciplined capital allocation, and confidence in long-term growth prospects.
• Management expressed confidence in rapidly integrating differentiated medicines and executing targeted commercial investments.

Other Key Points:

• Announced a $50 million accelerated share repurchase program in Q3 2026, with final settlement expected in Q4 2026.
• The Nucynta franchise revenue included a specific $4.2 million payment from Hikma Pharmaceuticals for authorized generic sales.
• Upcoming investor conferences include the Stifel 2026 Healthcare Conference (Nov 11), Truist Securities Biopharma Symposium (Nov 12), Jefferies London Global Healthcare Conference (Nov 17), and Piper Sandler Annual Healthcare Conference (Dec 1).
• The company holds $193.9 million in goodwill and $1.13 billion in net intangible assets as of September 30, 2026.