The strong non-GAAP EPS beat suggests improving profitability, but the guidance cut signals near-term pressure from the pain portfolio and AG Nucynta pricing. Traders should watch the back-to-school ADHD season for JORNAY PM and AZSTARYS ramp, and monitor pain portfolio trends in Q3 earnings for confirmation of stabilization or further erosion.
Price Chart
Executive Summary
Collegium reported Q2 2026 adjusted EPS of $1.92, beating the Street consensus of $1.48 by 29.7%, and revenue of $199.9M (+6% YoY). However, the company lowered full-year 2026 product revenue guidance to $825-855M (from $865-895M) and adjusted EBITDA to $445-470M (from $475-500M), citing weaker-than-expected authorized generic Nucynta pricing. The GAAP net loss of ($15.1M) reflects acquisition-related costs from the recently closed AZSTARYS deal. The ADHD portfolio (JORNAY PM +41% YoY, AZSTARYS $12.9M partial quarter) is strong, but the pain portfolio declined 9% YoY, creating a mixed outlook.
Key Financial Metrics
Key Facts
- Q2 2026 adjusted EPS $1.92 vs consensus $1.48, beat 29.7%
- Q2 2026 revenue $199.9M, +6% YoY
- GAAP net loss ($15.1M) due to acquisition-related expenses and amortization
- Completed AZSTARYS acquisition in May; added $12.9M in partial quarter revenue
- Lowered FY2026 product revenue guidance to $825-855M (from $865-895M) and adjusted EBITDA to $445-470M (from $475-500M)
- JORNAY PM net revenue grew 41% YoY to $46.1M; pain portfolio fell 9% to $140.9M
- Cash from operations $71.3M; cash and marketable securities $129.5M at quarter end
Financial Impact
Adjusted EPS beat by $0.44 vs consensus; full-year guidance cut by ~$40M on both product revenue and adjusted EBITDA
Risk Factors
- Continued decline in pain portfolio (Belbuca, Xtampza ER, Nucynta franchise)
- Lower-than-expected AG Nucynta pricing impacting full-year EBITDA
- Integration risk and debt load from the AZSTARYS acquisition (term notes payable $852.8M)
- Potential share dilution from convertible notes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-053849 |
| Document: collq22026earningspresen.htm | 0001628280-26-053849 |
| Document: coll-20260806.htm | 0001628280-26-053849 |
| Document: 0001628280-26-053849-index-headers.html | 0001628280-26-053849 |
| Document: 0001628280-26-053849-index.html | 0001628280-26-053849 |
| Document: 0001628280-26-053849.txt | 0001628280-26-053849 |
| 8-K Data (Synthetic) | 0001628280-26-053849 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 19, 2026 6w ago | Court Ruling | $28.74 $22.38 | ▼ −22.13% | ▼ −20.18% | $22.08 (−23.19%) |
Aug 13, 2026 7w ago | 8-K | $28.15 $22.75 | ▼ −19.18% | ▼ −17.44% | $22.08 (−21.58%) |
Aug 6, 2026 8w ago | 8-K | $29.11 $23.70 | ▼ −18.58% | ▼ −19.18% | $22.08 (−24.17%) |
May 15, 2026 19w ago | Insider Cluster | $33.65 $34.65 | ▲ +2.97% | ▲ +1.39% | $22.08 (−34.40%) |
May 12, 2026 20w ago | Press Release | $35.69 $34.80 | ▼ −2.49% | ▼ −0.77% | $22.08 (−38.15%) |
May 11, 2026 20w ago | 144 | $35.81 $34.40 | ▼ −3.94% | ▼ −3.63% | $22.08 (−38.36%) |
Apr 23, 2026 23w ago | Press Release | $32.28 $34.22 | ▲ +6.01% | ▲ +1.38% | $22.08 (−31.61%) |
Apr 7, 2026 25w ago | 8-K | $33.43 $35.32 | ▲ +5.65% | ▼ −2.89% | $22.08 (−33.97%) |
Mar 19, 2026 28w ago | Press Release | $36.30 $34.41 | ▼ −5.21% | ▼ −12.83% | $22.08 (−39.19%) |
Mar 3, 2026 30w ago | Press Release | $39.99 $33.07 | ▼ −17.30% | ▼ −12.90% | $22.08 (−44.80%) |
US Market Status
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