Collegium Pharmaceutical Reports $15.1 Million Net Loss in Q2 2026, Despite 6.3% Revenue Growth

Collegium Pharmaceutical, Inc. reported a net loss of $15.1 million for the second quarter of 2026, compared to a net income of $12.0 million for the same period in 2025. The company's product revenues for the quarter reached $199.9 million, reflecting an increase of 6.3% from $188.0 million in the prior year. For the first half of 2026, total revenues were $393.4 million, up from $365.8 million in the first half of 2025. The increase in revenue was primarily driven by higher sales of Jornay PM, Azstarys, and Belbuca, which were partially offset by declines in revenue from Nucynta Products and Xtampza ER.

The company's operating expenses rose significantly, totaling $106.6 million for the second quarter of 2026, compared to $73.3 million in the same quarter of 2025. This increase was largely attributed to acquisition-related expenses associated with the recent acquisition of Azstarys, which amounted to $23.2 million. Additionally, salaries and benefits increased due to executive transitions and the expansion of the sales force. The cost of product revenues, including intangible asset amortization, was $89.6 million for the quarter, up from $79.6 million in the previous year, reflecting the impact of the Azstarys acquisition.

Collegium's balance sheet as of June 30, 2026, showed total assets of $2.14 billion, a significant increase from $1.66 billion at the end of 2025. This growth was primarily driven by the acquisition of Azstarys, which added substantial intangible assets valued at approximately $635 million. The company’s cash and cash equivalents decreased to $129.5 million from $231.3 million at the end of 2025, largely due to cash used in the acquisition and increased inventory levels.

In terms of operational metrics, Collegium's product adoption rates have been positively influenced by the recent launch of Azstarys, which generated $12.9 million in revenue since its acquisition in May 2026. The company has also seen increased engagement with Jornay PM, which reported a revenue increase of $13.4 million due to higher sales volume and improved pricing strategies. However, the Nucynta Products experienced a decline in branded revenue, attributed to lower sales volume and increased gross-to-net adjustments.

Looking ahead, Collegium anticipates continued growth driven by its expanded product portfolio and strategic acquisitions. The company expects to leverage its recent acquisitions to enhance its market presence in neuropsychiatry and pain management. However, management cautioned that future results may be impacted by market conditions, competition, and the successful integration of acquired products. The company remains focused on optimizing its operations and managing its financial resources effectively to support ongoing growth initiatives.