Collegium reported “record-breaking” 2025 with strong net income and adjusted EBITDA performance, leading JORNAY PM Which grew 48.9% YoY driven by ~20% volume growth, sales force expansion (125 180 reps) and targeted business initiatives.
For 2026 the company has guided for total revenues $805-$825 million with JORNAY PM Expected to reach $190-$200 million (≈31% midpoint growth) driven primarily by prescription demand, while the pain portfolio is seen as stable but under pressure from future Nucynta generic dynamics.
Collegium created more 325 million dollars Free cash flow in 2025, reduced cost of capital through refinancing (SOFR+275), and said it has balance sheet capacity to transition $1 billion while prioritizing BD, opportunistic purchases, and debt reduction.
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Collegium Pharmaceuticals (NASDAQ: COLL ) highlighted a “record-breaking” 2025 and outlined its 2026 outlook at the Barclays Miami conference, emphasizing strong performance from newly acquired ADHD product JORNAY PM with what management described as a persistent pain portfolio.
CEO Vikram Karnani said 2025 delivered record net revenues and record Adjusted EBITDA alongside progress against three strategic priorities: accelerating the growth of JORNAY PM, maximizing the sustainability of the company’s pain franchise, and deploying disciplined capital. Karnini noted that the company raised guidance twice during the year, most recently in November, and said performance has frequently exceeded updated expectations.
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JORNAY PM grew by 48.9% year-over-year in 2025, which management recognized as particularly significant considering the brand’s time on the market. The pain franchise, which includes Nucynta, Xtampza, and Belbuca, grew 6% year over year, according to Carney.
In discussing the improved performance compared to previous expectations, management said that JORNAY PM’s growth in 2025 reflects both higher volumes and better net pricing. Karnini said volume growth was “significant”, about 20% year-on-year, supported by extensive business initiatives and programs that range from school to school. He also pointed to the development in the “gross to pure” aspect as a contributor.
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Chief Commercial Officer Scott Dreyer described JORNAY PM’s differentiation in the ADHD market as a once-at-night dose and “on-wake” efficacy, which he says addresses an unmet need for children and adults who need symptom control in the morning. He said the collegium’s focus is to increase awareness among doctors and patients and caregivers through sales force development and digital marketing.
Dreyer said the company acquired JORNAY PM with 125 sales representatives and expanded the team to 180. This expansion increased the set global target from 17,000 to 21,000. He added that among the additional 4,000 targets, “almost all have now written a prescription,” with the company now focusing on increasing the depth of the prescription.
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Dreyer also discussed a partnership with Paris Hilton aimed at increasing awareness, especially among adults. He said Hilton was misdiagnosed early in life, later diagnosed with ADHD, and eventually started using JORNAY PM. He cites her early advocacy for the ADHD community and its massive social media presence as factors that support innovative outreach.
CFO Colin Tupper reiterated the company’s 2026 guidance, calling JORNAY PM a key growth driver. Collegium guided JORNAY PM for revenue of $190 million to $200 million, which it said is 31% growth at the midpoint and is expected to be driven primarily by prescription demand. Tupper said that while the 2025 performance was a combination of demand growth and net-to-net growth, 2026 growth is expected to be more demand-side.
Tupper said the company ended 2025 with approximately 64% gross margin for JORNAY PM and expects to stabilize in the “mid 60% range” going forward.
For the pain portfolio, Tupper said all three brands delivered low-to-mid single-digit growth in 2025, driven primarily by pricing and supported by a payout strategy aimed at improving profitability. She said Xtampza and Belbuca experienced a volume rebound at the start of the year associated with a loss of formulary position, followed by stabilization and a return to modest growth at the end of the year.
Looking to 2026, Tupper said Xtampza and Belbuca are expected to be “stable to low grower,” while overall pain portfolio expectations are affected by Nucinta dynamics related to general market events.
Management provided an update on the overall competition for Nucynta and the company’s authorized generic (AG) strategy. Tupper said Collegium had already announced an AG deal with Hekma in 2024, explaining the economics as a profit share that starts “very high”. She said Hakma expects to launch an authorized generic version of Nucynta ER “in the near future” during the current quarter.
Tupper said the next possible entry for Nucynta ER is Teva in July 2027, followed by a possible entry in 2028, noting that Teva “has not chosen a label.” For Nucynta IR, she said Hikma has launched an authorized generic and that a smaller player has announced final approval for a generic version. She added that other potential entrants have yet to receive final approval and that the company believes production bottlenecks could limit the commercial scale of competitors.
In response to questions about Teva’s incentives across the opioid category, Tupper said he could not speak to Teva’s decisions, but pointed to compromises for Collegium products and market indications. She indicated settlements for Xtampza in September 2033, Nucynta in July 2027, and Belbuca in January 2027. She also said there was “no activity” such as interim approval for Nocinta or Belbuca, and said Teva had given up first-filer status for Belbuca.
Regarding Belbuca, Tupper said there was no other settlement without Teva’s agreement, but added that the patents had been filed until the end of December 2032. She said two other ANDA filers, Allogene and Chemo, were sued for invalidity altogether and the former company, BDSI, prevailed. She also said that Chemo is pursuing non-violations and has so far received five Complete Response Letters (CRLs); If Kimo later succeeds, she said the case will be reopened and the company feels strongly about its IP position.
Tupper said Collegium’s total 2026 revenue guidance is $805 million to $825 million, up 4% year-over-year, primarily driven by JORNAY PM growth. She also guided for $455 million to $475 million for the line metric under discussion, and said the business is generating significant cash flow due to efficiencies in the pain portfolio. She reported full-year free cash flow of “more than $325 million” in 2025 and said it was growing, while acknowledging some pressure on Nucenta due to market events in 2026.
Regarding capital allocation, Karnini said the priorities are: (1) diversifying the portfolio through business development, (2) buying back opportunistic shares, and (3) paying down debt and strengthening the balance sheet. He said the company is focused on commercial or commercial-ready assets in the U.S. with net realizable potential of $300 million to $500 million and an amortization schedule beyond the 2030s and beyond. He added that the company prefers to align assets with its existing footprint in pain specialists and ADHD providers (psychiatrists and pediatricians), with possible exceptions where commercialization can be more capital-efficient, such as certain rare disease opportunities.
Karnini said the company is comfortable with three times net debt to EBITDA, noting that it has just under a 2025 deadline, which he said would mean leverage of up to $1 billion given its balance sheet strength.
Topper discussed the refinancing completed by the end of 2025, saying the company shifted its debt from private loans to a syndicated bank group and achieved a significant reduction in the cost of capital. She said the current interest rate SOFR plus 275representing an improvement of more than 200 basis points, and added that the new structure includes a delayed draw, a revolver, and prepayment flexibility.
In closing remarks, Karnani said the company’s supply chain and customer base are largely in the United States, which he says makes it “largely immune” to major incidents such as those in the Middle East. He reiterated his confidence in JORNAY PM as a demonstrated growth driver, pain franchise continuity, and continued pursuit of additional diversification opportunities.
Collegium Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on developing, manufacturing and commercializing products for pain management and opioid dependence. The company’s core expertise lies in its DETERx microsphere technology, a platform designed to provide extended release delivery of active pharmaceutical ingredients while preventing manipulation for unintended routes of abuse.
The company’s principal marketed products include Xtampza® ER (extended-release oxycodone), which is approved by the U.S.
The article “Collegium Pharmaceuticals Record 2025, JORNAY PM Drives Growth 2026 at Barclays Miami Conference” was originally published by MarketBeat.
