Collegium Pharmaceutical (NASDAQ:COLL) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Collegium Pharmaceutical (NASDAQ:COLL) released its quarterly earnings data on Thursday. The specialty pharmaceutical company reported $1.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.86 by $0.10, FiscalAI reports. The business had revenue of $216.34 million during the quarter, compared to analysts’ expectations of $216.03 million. Collegium Pharmaceutical had a net margin of 4.68% and a return on equity of 85.14%. The firm’s quarterly revenue was up 67.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.25 EPS.

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 Trading Down 3.8%

NASDAQ COLL traded down $0.95 during trading hours on Friday, reaching $24.21. The company’s stock had a trading volume of 775,375 shares, compared to its average volume of 669,943. The firm has a fifty day simple moving average of $22.99 and a 200-day simple moving average of $32.79. The company has a debt-to-equity ratio of 3.65, a current ratio of 1.13 and a quick ratio of 0.84. Collegium Pharmaceutical has a 52 week low of $21.43 and a 52 week high of $50.79. The stock has a market cap of $788.28 million, a P/E ratio of 3.65, a P/E/G ratio of 0.75 and a beta of 0.75.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on COLL shares. Wall Street Zen raised shares of Collegium Pharmaceutical from a “hold” rating to a “buy” rating in a research note on Saturday. Barclays dropped their price target on Collegium Pharmaceutical from $56.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, August 19th. Oppenheimer assumed coverage on Collegium Pharmaceutical in a research note on Wednesday, September 23rd. They issued an “outperform” rating and a $50.00 price target for the company. Truist Financial started coverage on Collegium Pharmaceutical in a report on Wednesday, September 9th. They set a “buy” rating and a $49.00 price objective on the stock. Finally, Piper Sandler reduced their price objective on Collegium Pharmaceutical from $43.00 to $28.00 and set a “neutral” rating on the stock in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $44.88.

Collegium Pharmaceutical News Roundup

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

Collegium Pharmaceutical Company Profile

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.