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Jun 30, 2025
Collegium Q2 2025 Earnings Report
Collegium reported record quarterly net revenue and strong performance across its product portfolio, leading to raised full-year 2025 outlook.
Key Takeaways
Collegium Pharmaceutical, Inc. delivered a strong second quarter in 2025, achieving record quarterly net revenue of $188.0 million, a 29% increase year-over-year. This growth was primarily driven by record Jornay PM net revenue and solid performance from its pain portfolio. The company also reported robust adjusted EBITDA and significant cash flow generation, leading to an upward revision of its full-year 2025 financial guidance.
Record quarterly net revenue of $188.0 million, marking a 29% increase year-over-year.
Jornay PM net revenue reached a record $32.6 million, with prescriptions growing 23% year-over-year.
Pain portfolio generated $155.4 million in net revenue, up 7% year-over-year, with all three core products showing growth.
Full-year 2025 net revenue guidance was raised to $745 million to $760 million, and adjusted EBITDA guidance to $440 million to $455 million.
Revenue by Segment
Forward Guidance
Collegium Pharmaceutical has raised its full-year 2025 guidance for net product revenues and adjusted EBITDA, reflecting strong performance in the first half of the year and anticipated continued growth, particularly for Jornay PM.
Positive Outlook
- Raised full-year 2025 net revenue guidance to $745 million to $760 million, up from $735 million to $750 million.
- Raised full-year 2025 adjusted EBITDA guidance to $440 million to $455 million, up from $435 million to $450 million.
- Jornay PM net revenue expected to be in the range of $140 million to $145 million for full-year 2025, an increase from previous guidance of at least $135 million.
- Anticipates a strong back-to-school season and second half of the year for Jornay PM.
- Company plans to continue evaluating external opportunities for portfolio expansion through business development.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the provided text.
- The company did not provide a reconciliation of its full-year 2025 guidance for adjusted EBITDA or adjusted operating expenses to GAAP measures, citing unreasonable efforts.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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