Collegium Pharmaceutical Inc. reported fourth‑quarter 2025 results that showed record net revenue of $205.45 million, a 13% year‑over‑year increase driven largely by strong performance from its two core growth engines. Jornay PM generated $45.9 million in net revenue, up 57% from the same quarter a year earlier, while the pain portfolio contributed $159.6 million, a 5% rise, although Xtampza ER, a component of the pain line, declined 6% YoY.
Full‑year 2025 net revenue reached $780.6 million, up 24% from $631.4 million in 2024. Adjusted EBITDA for the year was $460.5 million, a 15% increase over the $401.2 million reported in 2024. The company’s earnings per share came in at $2.04, missing the consensus estimate of $2.19 (and $2.14 in other estimates) by $0.15, a miss of roughly 6.9%. The EPS shortfall was attributed to margin pressures that offset the revenue gains, while the revenue miss was a slight shortfall against analyst expectations of $207.07 million.
Management reaffirmed its 2026 guidance, maintaining product revenue expectations of $805–$825 million and adjusted EBITDA guidance of $455–$475 million. "We delivered another strong quarter of results driven by our portfolio of differentiated medicines and unwavering commitment to patients," said President and CEO Vikram Karnani. Chief Financial Officer Colleen Tupper added, "Net revenue and adjusted EBITDA reached record highs this quarter, driven by strong performance from Jornay PM and our pain portfolio. Net revenue grew 31% year‑over‑year, while adjusted EBITDA increased 27% over the same period."
The company highlighted its capital deployment strategy, which includes share repurchases and debt reduction. A new $980 million syndicated credit facility has been secured, improving interest terms and providing flexibility for future acquisitions. The pain portfolio’s growth is supported by an authorized generic agreement with Hikma Pharmaceuticals for Nucynta, while the decline in Xtampza ER reflects ongoing generic competition. Despite these headwinds, Jornay PM’s robust demand, especially during the back‑to‑school season, continues to drive the company’s high‑margin cash flow.
Overall, Collegium’s Q4 results demonstrate accelerated growth in its flagship products, but the EPS miss and slight revenue shortfall highlight margin pressures and competitive challenges in the pain franchise. The reaffirmed 2026 guidance signals management’s confidence in sustaining growth while navigating these headwinds.
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