GET DAILY SIGNALSCollegium Pharmaceutical (COLL) Reports Record Q3 Revenue as ADHD Franchise Gains Ground
Key Takeaways
- Collegium Pharmaceutical posted record third-quarter net product revenue of $216.3 million, up 3% year over year.
- Non-GAAP (adjusted) earnings per share of $1.96 beat the analyst consensus estimate of $1.86, while GAAP diluted EPS was $0.60.
- JORNAY PM delivered record quarterly revenue of $51.9 million, up 24% year over year, helping the ADHD (attention-deficit/hyperactivity disorder) franchise surpass 36% of total revenue.
- The pain portfolio generated $138.0 million, down 18% year over year, with the Nucynta franchise declining 44%.
- Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $121.6 million, above the roughly $114.1 million consensus estimate.
- Management reaffirmed full-year 2026 revenue guidance of $825 million to $855 million and announced a $50 million accelerated share repurchase.
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Why These Results Matter Now
Collegium Pharmaceutical is a specialty biopharmaceutical company focused on differentiated treatments for ADHD and responsible pain management. Its third-quarter 2026 results, reported on November 5, 2026, stand out because they highlight a key phase in the company's shift: bringing AZSTARYS, acquired in May 2026, into an expanding ADHD portfolio while the older pain business deals with generic and payer pressures. From what I see, the question for investors is whether ADHD growth can offset ongoing declines in pain products and whether recent commercial efforts will support lasting revenue and margin improvement. With the stock trading below its 52-week high ahead of the report, this update also tested the credibility of full-year guidance.
The Quarter in Detail
Collegium reported record third-quarter 2026 net product revenue of $216.3 million, up 3% year over year and right in line with consensus expectations of roughly $216 million. Non-GAAP adjusted earnings per share of $1.96 beat the analyst consensus estimate of $1.86, while GAAP diluted EPS was $0.60. GAAP net income was $21.8 million, down from $31.5 million in the prior-year quarter, mainly due to higher operating expenses and acquisition-related costs. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
The ADHD franchise drove the results. JORNAY PM posted record net revenue of $51.9 million, up 24% year over year, with prescriptions up 16% and prescribers reaching nearly 33,000. AZSTARYS added $26.5 million in its first full quarter under Collegium ownership. The pain portfolio generated $138.0 million, down 18% year over year, with Belbuca at $57.7 million, Xtampza ER at $45.8 million, and the Nucynta franchise at $30.8 million. Adjusted EBITDA of $121.6 million topped consensus, and management reaffirmed 2026 guidance while announcing a $50 million accelerated share repurchase.
Initial Market Response
Sentiment heading into the report was cautious after the stock fell roughly 20% over the prior three months on concerns about pain-portfolio erosion and an earlier guidance cut in 2026. The Q3 numbers gave a mixed but mostly constructive signal. Adjusted EPS and adjusted EBITDA both exceeded expectations, and the reaffirmed full-year guidance supported a modestly positive early reaction. That said, GAAP profitability declined year over year as acquisition and operating costs weighed on results, and the 18% drop in pain revenue highlighted the ongoing challenge the company faces. Investor focus centered on whether the ADHD franchise can sustain the business as pain revenue continues to ease.
What to Watch Going Forward
Collegium’s near-term story will depend on keeping ADHD momentum alive. JORNAY PM’s record revenue, prescriber growth, and prescription gains ahead of the back-to-school season give management a base to build on, while AZSTARYS—with intellectual property protection through 2037—offers a longer growth path now that the expanded sales force is in place across both products.
At the same time, it will be important to track the pace of decline in the pain portfolio. Xtampza ER is set to benefit from an exclusive formulary position with a large payer starting January 1, 2027, which could help stabilize that part of the business. The Nucynta franchise remains most exposed to generic competition and will be a key variable for overall revenue. Other items to monitor include the $50 million accelerated share repurchase execution, integration costs from the AZSTARYS acquisition, and whether adjusted EBITDA margins hold as commercial spending increases. Management’s reaffirmed 2026 revenue guidance of $825 million to $855 million serves as the benchmark for these trends.
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Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
COLL in -1.46% downward trend, declining for three consecutive days on November 02, 2026
Moving lower for three straight days is viewed as a bearish sign. Keep an eye on this stock for future declines. Considering data from situations where COLL declined for three days, in 194 of 281 cases, the price declined further within the following month. The odds of a continued downward trend are 69%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In 39 of 59 cases where COLL's Stochastic Oscillator exited the overbought zone, the price fell further within the following month. The odds of a continued downward trend are 66%.
COLL broke above its upper Bollinger Band on October 15, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Bullish Trend Analysis
The RSI Indicator points to a transition from a downward trend to an upward trend -- in cases where COLL's RSI Indicator exited the oversold zone, 17 of 24 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 71%.
The Momentum Indicator moved above the 0 level on October 14, 2026. You may want to consider a long position or call options on COLL as a result. In 64 of 95 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 67%.
COLL moved above its 50-day moving average on October 29, 2026 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for COLL crossed bullishly above the 50-day moving average on November 02, 2026. This indicates that the trend has shifted higher and could be considered a buy signal. In 9 of 12 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 75%.
Following a +4.48% 3-day Advance, the price is estimated to grow further. Considering data from situations where COLL advanced for three days, in 220 of 315 cases, the price rose further within the following month. The odds of a continued upward trend are 70%.
The Aroon Indicator entered an Uptrend today. In 174 of 230 cases where COLL Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 76%.
Fundamental Analysis (Ratings)
The Tickeron SMR rating for this company is 50 (best 1 - 100 worst), indicating strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Valuation Rating of 58 (best 1 - 100 worst) indicates that the company is fair valued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (2.471) is normal, around the industry mean (7.659). P/E Ratio (15.675) is within average values for comparable stocks, (0.330). Projected Growth (PEG Ratio) (0.664) is also within normal values, averaging (2.202). Dividend Yield (0.000) settles around the average of (0.062) among similar stocks. P/S Ratio (0.995) is also within normal values, averaging (181.047).
The Tickeron Price Growth Rating for this company is 64 (best 1 - 100 worst), indicating fairly steady price growth. COLL’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Seasonality Score of 85 (best 1 - 100 worst) indicates that the company is significantly overvalued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron Profit vs. Risk Rating rating for this company is 90 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. COLL’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 84, placing this stock worse than average.
The Tickeron PE Growth Rating for this company is 91 (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
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General Information
a developer of pharmaceutical products
Industry PharmaceuticalsGeneric
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