Collegium Pharmaceutical Inc

NASDAQ:COLL

ADHD momentum: Collegium said Jornay PM continued to grow strongly, with prescriptions up 13.1% and revenue up 41% year over year, while Azstarys added $12.9 million in its first partial quarter under Collegium.

Guidance raised: The company lifted full-year Azstarys revenue guidance to $65 million to $75 million, while keeping Jornay PM guidance at $190 million to $200 million.

Pain mix softer: Pain revenue was solid overall, but NUCYNTA came in below expectations because of authorized-generic pricing, which led management to lower full-year pain expectations.

Margins and cash: Adjusted EBITDA rose 8% year over year to $113.8 million, and operating cash flow was $71.3 million, showing the business remained highly cash generative despite acquisition costs.

Strategic shift: Management emphasized that the Azstarys deal strengthens its move beyond pain and into ADHD, with the company now focused on growing ADHD, defending pain revenues, and using capital for deals, debt paydown, and buybacks.