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Dec 31, 2025
Collegium Q4 2025 Earnings Report
Collegium reported strong fourth quarter 2025 results with double-digit revenue growth driven by Jornay PM and solid pain portfolio performance.
Key Takeaways
Product revenues increased 13% year-over-year to 205449000, driven by 57% growth in Jornay PM to 45900000, while net income rose to 16963000 and adjusted EBITDA reached 127286000.
Total product revenues grew 13% to 205449000 year-over-year.
Jornay PM revenue increased 57% to 45900000 with prescriptions up 16%.
Pain portfolio revenue rose 5% to 159600000.
Adjusted EBITDA increased 18% to 127286000.
Revenue by Segment
Forward Guidance
For full-year 2026, the company reaffirmed guidance for product revenues between 805000000 and 825000000, Jornay PM revenue between 190000000 and 200000000, and adjusted EBITDA between 455000000 and 475000000.
Positive Outlook
- Jornay PM revenue expected to grow to 190000000 to 200000000 in 2026.
- Product revenues expected between 805000000 and 825000000.
- Adjusted EBITDA projected between 455000000 and 475000000.
- Continued capital deployment including business development and share repurchases.
- Durable performance expected from pain portfolio.
Challenges Ahead
- Xtampza ER revenue declined 6% year-over-year in Q4.
- Higher GAAP operating expenses increased 12% year-over-year.
- Ongoing interest expense of 19292000 in the quarter.
- Exposure to generic competition in pain portfolio.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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