Q4 2025 Collegium Pharmaceutical Inc Earnings Call Transcript
Key Points
- Collegium Pharmaceutical Inc (COLL) achieved record top and bottom line results in 2025, with net revenues growing by 24% and adjusted EBITDA by 15%.
- The company successfully closed a $980 million syndicated credit facility, improving interest rates and debt terms, providing additional flexibility for portfolio expansion.
- Jornay PM prescriptions grew by 20% year over year, generating $148.9 million in net revenue, up 48% compared to pro forma 2024 revenue.
- The pain portfolio generated $631.7 million in 2025, up 6% year over year, with all three core pain medicines delivering growth.
- Collegium ended 2025 with over $386 million in cash, up approximately $224 million from the end of 2024, and a net leverage ratio of less than 1 time.
- GAAP net income for 2025 was down 9% year over year, impacted by a one-time loss on extinguishment of debt.
- Xtampza net revenue decreased by 6% year over year in the fourth quarter.
- The company anticipates typical first-quarter dynamics in 2026, with seasonal pressure on volume and gross to nets due to annual deductible resets.
- Operating expenses increased significantly in 2025, reflecting ongoing costs to commercialize Jornay and targeted investments.
- Despite strong performance, the company faces potential competition in the ADHD market, although no significant changes are expected in the near term.
Greetings. Welcome to the Collegium Pharmaceutical fourth quarter in full year 2025 earnings conference call. (Operator Instruction) Please note this conference call is being recorded. I'll now turn the call over to Lan Karp, Head of Investor Relations at Collegium. Thank you. You may now begin.
Great, thanks. Welcome to Collegium Pharmaceuticals fourth quarter and full year 2025 earnings conference call. I'm joined today by Vikram Karnani, our President and Chief Executive Officer; Colleen Tupper, our Chief Financial Officer; and Scott Dreyer, our Chief Commercial Officer.
Before we begin today's call, we want to remind participants that none of the information presented today is intended to be promotional and that any forward-looking statements made today are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. We are cautioned that such forward-looking statements involve risks and uncertainties as detailed in the company's periodic
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