Collegium Eyes Record 2026 on ADHD Drug Growth, Strategic Finance Moves

STOUGHTON, MA – January 08, 2026 – Collegium Pharmaceutical is poised for another year of significant financial growth, issuing strong 2026 guidance that builds on a record-setting 2025. The company projects total product revenues to reach between $805 million and $825 million for the year, signaling confidence in its diversified portfolio, which is increasingly powered by its rapidly expanding neuropsychiatry business.

In an update that cheered investors, Collegium highlighted the stellar performance of its ADHD treatment, Jornay PM, which is expected to generate between $190 million and $200 million in net revenue. This represents a substantial leap and solidifies the drug's position as the company's primary growth engine. The company also guided for 2026 Adjusted EBITDA in the range of $455 million to $475 million.

“2025 was a year of record growth for Collegium and we are excited to begin 2026 with significant momentum for continued success,” said Vikram Karnani, President and Chief Executive Officer, in a statement. “The outstanding performance of Jornay PM, along with sustained revenue growth across our pain portfolio, has put us in a strong financial position as we enter the year ahead.”

The Jornay PM Juggernaut in a Shifting ADHD Market

The impressive projections for Jornay PM are not happening in a vacuum. They are a direct result of Collegium's successful navigation of a dynamic and expanding market for ADHD therapeutics. The global market, valued at over $35 billion in 2024, is projected to more than double by 2033, driven by increasing awareness, improved diagnostics, and a significant rise in adult diagnoses. The incidence of ADHD in the 30-49 age group, for instance, nearly doubled between 2020 and 2022.

Jornay PM, which saw prescription growth of 20% year-over-year in the third quarter of 2025, has been dubbed the "Fastest Growing Stimulant for Treatment of ADHD." Its key differentiator is its unique evening-dosing mechanism, which provides a delayed and extended release of medication. This design addresses a common challenge for patients who need symptom control upon waking, a feature that distinguishes it from a crowded field that includes established products like Takeda's Vyvanse and Novartis's Focalin.

The expansion of telehealth has also played a crucial role in the ADHD market's growth, improving access to diagnosis and treatment. While regulatory frameworks like the Haight Act govern the prescription of controlled substances remotely, the flexibility adopted during the pandemic has made continuous care more accessible, potentially benefiting treatments like Jornay PM that require ongoing management.

Fortifying the Foundation with Savvy Financial Strategy

Underpinning Collegium’s commercial momentum is a series of strategic financial maneuvers designed to enhance flexibility and fund future growth. In late December 2025, the company closed a new $980 million syndicated credit facility, a move that significantly strengthens its balance sheet.

A substantial portion of the new five-year, $580 million senior secured term loan was immediately used to repay the entire remaining $581 million balance of a previous term loan managed by Pharmakon Advisors, LP. According to the company, the new credit facility comes with a reduced interest rate, translating into "meaningful annualized interest savings" and improving profitability.

More strategically, the new facility includes a $300 million delayed draw term loan and a $100 million revolving credit facility. Both were undrawn at closing, effectively providing Collegium with nearly half a billion dollars in available capital for future business development. This aligns with the company's stated capital deployment strategy, which balances paying down debt with opportunistic share repurchases and actively seeking portfolio-expanding acquisitions.

“We look forward to executing our capital deployment strategy which balances paying down debt, opportunistically repurchasing shares, and actively evaluating opportunities to expand and diversify our portfolio through business development,” noted Chief Financial Officer Colleen Tupper. This financial firepower positions Collegium to be an active player in the M&A space, potentially acquiring new assets to complement its pain and neuropsychiatry franchises.

A Proactive Approach to Managing Mature Products

While Jornay PM captures the growth spotlight, Collegium is also demonstrating a sophisticated approach to managing its established pain management portfolio, particularly the Nucynta franchise. Rather than waiting for patent cliffs to erode revenue, the company has entered into a proactive authorized generic (AG) agreement with Hikma Pharmaceuticals.

Under the deal, Collegium will supply Hikma with authorized generic versions of Nucynta (tapentadol) and Nucynta ER. Hikma is expected to launch the Nucynta ER generic in the first quarter of 2026, with the immediate-release version to follow later in the year. This strategy allows Collegium to participate in the generic market directly, receiving a significant share of the net profits from Hikma's sales. This revenue-sharing model provides a softer landing as the products face generic competition, converting a potential revenue cliff into a more gradual decline and a stable, ongoing cash stream.

The timing is critical. While pediatric exclusivity extensions have pushed the patent protection for Nucynta products into 2026 and beyond, the AG launch for Nucynta ER in Q1 2026 appears timed to pre-empt or coincide with potential third-party generic entry, ensuring Collegium maintains a market presence and captures value that would otherwise be lost.

Balancing Pain Management with Neuropsychiatry Growth

Collegium’s strategy showcases a company successfully operating in two distinct healthcare landscapes. On one hand, it manages its legacy pain portfolio with a responsible, value-preserving approach. In a market increasingly shifting away from opioids toward non-opioid and multimodal therapies, the authorized generic strategy for Nucynta represents a pragmatic way to ensure patient access while maximizing the tail-end value of a mature asset.

On the other hand, the company is aggressively investing in the high-growth neuropsychiatry space. The focus on Jornay PM as the lead growth driver demonstrates a clear pivot toward innovation and diversification. This dual focus allows the stable, cash-generating pain portfolio to help fund the expansion of its neuropsychiatry business and potential future acquisitions.

With a fortified balance sheet, a clear growth catalyst in Jornay PM, and a shrewd strategy for its legacy products, Collegium enters 2026 from a position of strength. The company’s ability to execute on its commercial goals while actively preparing for future business development will be closely watched by investors as it aims to build a leading, diversified biopharmaceutical company.