Collegium Pharmaceutical Reports Strong 2025 Growth, Fueled by ADHD Drug Jornay PM
Event summary
- Collegium reported $780.6 million in full-year 2025 net revenues, up 24% YoY, with Q4 revenues at $205.4 million, up 13% YoY.
- Jornay PM, its ADHD treatment, saw record Q4 revenue of $45.9 million, up 57% YoY, and full-year revenue of $148.9 million, up 48% YoY.
- Pain portfolio revenue grew 6% YoY to $631.7 million, with Belbuca and Nucynta franchise showing gains.
- Company ended 2025 with $386.7 million in cash and marketable securities.
- Reaffirmed 2026 guidance: $805–$825 million in product revenues, $190–$200 million in Jornay PM revenue, and $455–$475 million in adjusted EBITDA.
The big picture
Collegium's strong 2025 performance highlights the strategic shift toward ADHD treatments with Jornay PM driving significant growth. The company's ability to balance this with its established pain portfolio will be critical as it navigates a competitive pharmaceutical landscape. The reaffirmed 2026 guidance suggests confidence in sustained momentum, but execution risks remain, particularly around capital allocation and market dynamics.
What we're watching
- Jornay PM Momentum
- Whether Collegium can sustain the rapid growth of Jornay PM, its ADHD treatment, amid increasing competition.
- Pain Portfolio Stability
- How the company will manage the durability of its pain portfolio, particularly with the launch of authorized generics.
- Capital Deployment
- The pace at which Collegium will deploy capital for business development, share repurchases, and debt reduction.
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