Q2 2026 Collegium Pharmaceutical Inc Earnings Call Transcript
Key Points
- JORNAY PM prescriptions grew 13.1% year-over-year, with net revenue up 41% to $46.1 million, and prescribers reached an all-time high of over 30,000.
- AZSTARYS acquisition completed in May, adding a differentiated ADHD medicine with IP protection through 2037, and revenue guidance increased to $65-$75 million for the partial year.
- BELBUCA revenue increased 10% year-over-year, and the company secured formulary access for an additional 9 million lives starting in Q4.
- Total net product revenues grew 6% year-over-year, and adjusted EBITDA increased 8%, with non-GAAP EPS rising to $1.92 from $1.68.
- The company generated strong operating cash flow of $71.3 million in Q2, maintaining a solid balance sheet with net debt to adjusted EBITDA of approximately 2.1 times.
- HCP perceptions of JORNAY are highly positive, with 70% indicating strong intent to increase prescribing, and the brand is ranked number one in differentiation.
- The ADHD sales force was expanded to about 190 reps, and target HCPs increased to 27,000, positioning the company for back-to-school season growth.
- NUCYNTA franchise revenue declined 24% year-over-year due to lower net pricing for authorized generics, leading to a reduction in full-year guidance.
- XTAMPZA ER revenue fell 14% year-over-year, partly due to an unfavorable comparison from rebate settlements in Q2 2025.
- GAAP net loss was $15.1 million in Q2, compared to net income of $12 million in the prior year, driven by acquisition-related expenses.
- Adjusted EBITDA guidance for 2026 is essentially flat compared to 2025, reflecting pressure from the pain portfolio.
- The company faces potential generic competition for BELBUCA in January 2027, with an authorized generic agreement in place but no certainty of launch timing.
- AZSTARYS gross-to-net is currently around 74%, which is expected to improve but not to the same extent as JORNAY's improvement.
- SG&A expenses are expected to be mid-to-upper single digits higher in the second half of 2026, driven by investments to support AZSTARYS.
Greetings, and welcome to the Collegium Pharmaceutical second quarter 2026 earnings conference call. (Operator Instructions)
I will now like to turn the call over to Ian Karp, Head of Investor Relations. Thank you. You may begin.
Great, thanks so much, and welcome to Collegium Pharmaceutical second quarter 2026 earnings conference call. I'm joined today by Vikram Karnani, our President and Chief Executive Officer, and Colleen Tupper, our Chief Financial 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. You are cautioned that such forward-looking statements involve risks and uncertainties, as detailed in the company's periodic reports filed with the Securities and Exchange Commission. Our future results may differ materially from our
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