Collegium Pharma Misses Revenue; Lifts Outlook

Collegium Pharmaceutical's second quarter of 2026 concluded with revenues of $199.9 million, falling short of the $201.2 million anticipated by Wall Street analysts, representing a 0.7% miss. However, the company announced an increase in its full-year revenue guidance, now projected at $840 million at the midpoint, a 3.1% rise from previous estimates.

Positive momentum was driven by the company's ADHD business, specifically Jornay PM, which saw a 41% year-over-year revenue surge and expanded prescriber reach. CEO Vikram Karnani confirmed that the integration of the recently acquired Azstarys was successfully completed in anticipation of the critical back-to-school season, aligning with the company's strategic goal of diversifying its portfolio beyond pain management.

Despite the growth in ADHD, performance was partially dampened by lower-than-expected revenues from the NUCYNTA pain franchise. This was attributed to pricing pressures impacting authorized generics. Collegium Pharmaceutical reported adjusted earnings per share of $1.92, surpassing analyst expectations of $1.77, and adjusted EBITDA of $113.8 million against an estimate of $108.4 million.