Collegium Reports Second Quarter 2025 Financial Results
Record Quarterly Net Revenue of $188.0 Million, Up 29% Year-over-Year
Record Quarterly Jornay PM Net Revenue of $32.6 Million, Prescriptions Grew by 23% Year-over-Year
$155.4 Million Generated Net Revenue from Pain Portfolio, Up 7% Year-over-Year with Growth from all Core Products
Full-Year 2025 Net Revenue Guidance Raised to $745 to $760 Million, Adjusted EBITDA Guidance Updated to $440 to $455 Million
$222.2 Million in Cash, Cash Equivalents, and Marketable Securities at End of Q2’25
$150 Million Share Repurchase Program Authorized by Board of Directors
Conference Call Set for Today at 8:00 a.m. ET
In a recent financial announcement, Collegium Pharmaceutical, Inc. (NASDAQ: COLL) shared impressive results for the quarter ending June 30, 2025. The report showcases a strong performance, highlighting the steady execution of their strategic priorities. Collegium has realized record revenue figures thanks to its focus on data-driven decision-making and capital deployment strategies.
According to Vikram Karnani, President and CEO, the results from the second quarter reflect the effectiveness of Collegium's strategic priorities, including maximized growth potential from their innovative products, particularly Jornay PM. These achievements follow an already successful first half of the year, allowing the company to project a strong second half, especially within the back-to-school season. The company anticipates significant revenue growth, particularly from its chronic pain medication portfolio, which continues to demonstrate durability in the market.
In his statement, Carnani noted that Collegium's pain management products contributed a solid $155.4 million in revenue during this quarter, marking a 7% enhancement over the previous year. This revenue growth from core products reinforces the company's position in chronic pain treatment.
Colleen Tupper, the company’s CFO, also expressed confidence, highlighting a 19% expected increase in year-over-year revenue, with net revenue from Jornay PM expected between $140 to $145 million. She commented on their proactive approach to portfolio expansion and value generation for shareholders, citing the completion of a $25 million accelerated share repurchase program and a new $150 million repurchase program authorized through the end of 2026.
Highlights from the ADHD Business
In the ADHD sector, Collegium had noteworthy achievements in the second quarter:
- Jornay PM prescriptions increased by 23% year-over-year.
- The product generated $32.6 million in net revenue this quarter. Projections for 2025 now estimate Jornay PM net revenue will reach between $140 to $145 million, up from prior guidance.
- Jornay PM prescribers hit an all-time high of over 26,000 healthcare providers writing prescriptions, marking a 23% growth year-over-year.
Pain Portfolio Developments
Additionally, the pain portfolio saw significant progress:
- Net revenues reached a record $155.4 million during the quarter, a 7% year-over-year growth.
- Belbuca® recorded net revenues of $52.6 million, while Xtampza® ER net revenue increased by 18% to $52.6 million.
- Nucynta® achieved net revenue of $46.4 million, a 4% rise compared to the prior year.
Corporate Updates and Future Events
Collegium’s Board also authorized a share repurchase program of up to $150 million through December 31, 2026. The company just completed a $25 million accelerated share repurchase program, reflecting their commitment to enhancing shareholder value.
The following notable investor events are coming up on the calendar:
- Piper Sandler CNS Symposium – Virtual on August 14, 2025
- Wells Fargo Healthcare Conference – Boston, MA on September 4, 2025
- Morgan Stanley Global Healthcare Conference – New York, NY on September 8, 2025
- H.C. Wainwright Investment Conference – New York, NY on September 9, 2025
Financial Guidance for 2025
The company has revised its full-year financial expectations, raising the product revenue net forecasts to between $745 and $760 million. Furthermore, adjusted operating expenses (excluding stock-based compensation) are projected to adjust from $220–$230 million to $225–$235 million. The updated Adjusted EBITDA forecast will range from $440 million to $455 million for the year, reflecting strong operational efficiency.
Frequently Asked Questions
1. What were Collegium Pharmaceutical’s net revenues for Q2 2025?
Collegium's net revenues for Q2 2025 totaled $188.0 million, marking a 29% year-over-year increase.
2. What drove the revenue growth in the ADHD sector?
The growth was largely driven by a significant increase in prescriptions for Jornay PM, which rose by 23% year-over-year.
3. How much cash and cash equivalents did Collegium report?
Collegium reported $222.2 million in cash, cash equivalents, and marketable securities at the end of Q2 2025.
4. What future investor events are planned?
Upcoming events include the Piper Sandler CNS Symposium and the Wells Fargo Healthcare Conference, among others.
5. What is the company’s financial guidance for full-year 2025?
Collegium has raised its net revenue guidance to the range of $745–$760 million and adjusted EBITDA guidance to $440–$455 million.
