Collegium Sees 9% Revenue Gain to $193.5M, 36% JORNAY PM Surge and Q2 AZSTARYS Deal
COLL•Collegium Pharmaceutical generated Q1 net revenues of $193.5 million, a 9% increase driven by a 36% rise in JORNAY PM sales to $38.9 million and 4% growth in its $154.6 million pain portfolio. The company holds $421.8 million in cash and equivalents and expects its $650 million AZSTARYS acquisition to close in Q2.
1. First Quarter Financial Results
Collegium reported Q1 net revenue of $193.5 million, up 9% year-over-year, driven by JORNAY PM net sales of $38.9 million (up 36%) and pain portfolio revenues of $154.6 million (up 4%). The company reaffirmed full-year 2026 guidance for product revenues and adjusted EBITDA.
2. Cash and Guidance
The balance sheet ended the quarter with $421.8 million in cash, cash equivalents and marketable securities, supporting ongoing capital deployment and operational investments. Management highlighted strong operating cash flows and the financial flexibility to pursue strategic opportunities.
3. AZSTARYS Acquisition Details
In March, Collegium agreed to acquire AZSTARYS for $650 million in cash plus up to $135 million in milestone payments. The transaction is expected to close in Q2 2026, be immediately accretive to adjusted EBITDA and extend ADHD revenues into the late 2030s.
4. Business Operations and Outreach
JORNAY PM prescriptions rose 14% to over 206,000 scripts, while prescribers increased 17% to approximately 30,000 providers. The company expanded marketing with a Paris Hilton campaign and sponsorships, and announced board updates ahead of its May 14 annual meeting.
