Collegium Reports 24% Full-Year Revenue Growth to $780.6M and 57% Jornay PM Surge
Collegium generated Q4 net revenues of $205.4 million, up 13% year-over-year, and full-year 2025 net revenues of $780.6 million, a 24% increase. Jornay PM net revenues hit $45.9 million in the quarter, up 57%, and $148.9 million annually, up 48%, while pain portfolio revenues rose 6% to $631.7 million.
1. Q4 and Full-Year 2025 Financial Results
Collegium generated Q4 net revenues of $205.4 million (up 13% y/y) and full-year net revenues of $780.6 million (up 24% y/y). Adjusted EBITDA rose 15% to record highs, and cash, cash equivalents and marketable securities totaled $386.7 million at December 31, 2025.
2. ADHD Business Highlights
Jornay PM net revenues reached $45.9 million in Q4, up 57% year-over-year, and $148.9 million for the full year, up 48%. Quarterly prescriptions exceeded 200,000 (up 16%), with over 760,000 written in 2025 (up 20%), and prescribers climbed to 29,000 (up 21%).
3. Pain Portfolio Highlights
Pain portfolio net revenues totaled $159.6 million in Q4 (up 5%) and a record $631.7 million for the year (up 6%). Belbuca revenues rose 7% to $59.1 million in the quarter, Nucynta franchise net revenues climbed 15% to $47.9 million, while Xtampza ER delivered $48.6 million (down 6%).
4. Corporate and Guidance Updates
In December, Collegium closed a $980 million syndicated credit facility and used proceeds to repay $581 million of prior term loan debt, reducing interest costs. The company repurchased $25 million of shares and reaffirmed its 2026 guidance for continued growth.