Collegium Pharmaceutical, Inc. reported a significant increase in financial performance for the first quarter of 2026, with net product revenues reaching $193.5 million, up from $177.8 million in the same period last year, marking a 9% increase. The company attributed this growth primarily to higher sales of its products, including Jornay PM, Xtampza ER, and Symproic, which collectively contributed an additional $15.7 million in revenue. Notably, Jornay PM saw a revenue increase of $10.4 million, driven by higher sales volume and improved pricing dynamics.
The company's gross profit for the quarter was $117.2 million, compared to $97.3 million in the prior year, reflecting a gross margin improvement. Operating expenses rose to $86.4 million from $76.4 million, largely due to increased acquisition-related costs and higher salaries associated with expanding the sales force. Despite these rising costs, Collegium reported a net income of $14.5 million, a substantial increase from $2.4 million in the previous year, resulting in earnings per share of $0.45, compared to $0.08 in the first quarter of 2025.
Collegium has also made strategic moves to enhance its market position, including the announcement of its acquisition of AZSTARYS®, a central nervous system stimulant for ADHD, for $650 million. This acquisition is expected to close in the second quarter of 2026 and will be funded through existing cash and borrowings. The company continues to integrate its previous acquisition of Ironshore Therapeutics, which has expanded its portfolio in neuropsychiatry and pain management.
Operationally, Collegium reported a cash position of $268.6 million as of March 31, 2026, an increase from $231.3 million at the end of 2025. The company has also seen a reduction in its interest expenses, which fell to $15.9 million from $20.8 million, attributed to lower interest rates following the refinancing of its debt. The company’s total liabilities decreased slightly to $1.34 billion, down from $1.36 billion, while shareholders' equity increased to $312.4 million from $301.7 million.
Looking ahead, Collegium remains optimistic about its growth trajectory, bolstered by its expanding product portfolio and strategic acquisitions. The company anticipates that its cash reserves, combined with expected operational cash flows, will support its ongoing business needs and future growth initiatives. However, it acknowledges potential risks associated with market conditions, regulatory approvals, and competition that could impact its financial outlook.
About COLLEGIUM PHARMACEUTICAL, INC
Collegium Pharmaceutical is a biopharmaceutical company focused on developing and commercializing differentiated products for serious medical conditions, including pain management and ADHD. Its portfolio features abuse-deterrent opioids, ADHD stimulants, and treatments for opioid-induced constipation. The company emphasizes innovative formulations, regulatory compliance, and intellectual property protection, serving healthcare providers and patients in the U.S. through a direct sales force and strategic licensing agreements.
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