Collegium Pharmaceutical Reports 9% Revenue Growth, Eyes AZSTARYS Acquisition
Event summary
- Collegium Pharmaceutical reported Q1 2026 net revenues of $193.5 million, up 9% year-over-year.
- JORNAY PM net revenue surged 36% year-over-year to $38.9 million, with prescriptions reaching an all-time high of 206,000.
- Collegium announced the acquisition of AZSTARYS from Corium Therapeutics for $650 million in cash, with potential milestone payments up to $135 million.
- Pain portfolio net revenues increased 4% year-over-year to $154.6 million.
- Collegium ended Q1 2026 with $421.8 million in cash, cash equivalents, and marketable securities.
The big picture
Collegium Pharmaceutical is strengthening its ADHD portfolio with the acquisition of AZSTARYS, aiming to extend revenues into the late 2030s. The company's focus on diversifying its biopharmaceutical portfolio aligns with broader industry trends toward specialized neuropsychiatry and pain management solutions. With a strong cash position and robust growth in JORNAY PM, Collegium is positioning itself for long-term shareholder value.
What we're watching
- Integration Challenges
- How Collegium will integrate AZSTARYS into its ADHD portfolio and achieve immediate accretion to adjusted EBITDA.
- Market Share Expansion
- Whether JORNAY PM can sustain its 36% revenue growth and 14% prescription increase through expanded salesforce and marketing initiatives.
- Pain Portfolio Durability
- The pace at which Collegium can enhance profitability in its pain portfolio while maintaining durable revenues.
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