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

Collegium Pharmaceutical (NASDAQ:COLL) announced its quarterly earnings data on Thursday. The specialty pharmaceutical company reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.86 by $0.10, FiscalAI reports. Collegium Pharmaceutical had a return on equity of 91.43% and a net margin of 5.93%. The business had revenue of $216.34 million during the quarter, compared to analyst estimates of $216.03 million. During the same quarter in the prior year, the firm posted $2.25 earnings per share. The company’s revenue was up 67.4% on a year-over-year basis.

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 Stock Down 3.8%

COLL traded down $0.95 during trading on Friday, reaching $24.21. 775,375 shares of the stock traded hands, compared to its average volume of 622,329. The stock has a market cap of $788.28 million, a price-to-earnings ratio of 24.21, a price-to-earnings-growth ratio of 0.74 and a beta of 0.75. Collegium Pharmaceutical has a fifty-two week low of $21.43 and a fifty-two week high of $50.79. The company has a debt-to-equity ratio of 3.32, a current ratio of 1.03 and a quick ratio of 0.84. The stock’s 50-day simple moving average is $22.99 and its two-hundred day simple moving average is $32.79.

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

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Weiss Ratings cut shares of Collegium Pharmaceutical from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, September 4th. Truist Financial assumed coverage on shares of Collegium Pharmaceutical in a report on Wednesday, September 9th. They issued a “buy” rating and a $49.00 price target for the company. Barclays reduced their price objective on shares of Collegium Pharmaceutical from $56.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, August 19th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Collegium Pharmaceutical in a research note on Friday. Finally, Oppenheimer began coverage on shares of Collegium Pharmaceutical in a research note on Wednesday, September 23rd. They issued an “outperform” rating and a $50.00 price objective on the stock. One investment 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.88.

About Collegium Pharmaceutical

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.