COLL Q3 Deep Dive: Jornay PM Momentum and Pain Portfolio Drive Upgraded Outlook

Core Insights - Collegium Pharmaceutical reported Q3 CY2025 revenue of $209.4 million, exceeding Wall Street expectations by 31.4% year-on-year and beating analyst estimates by 10.7% [1][5] - The company raised its full-year revenue guidance to $780 million, which is 3.8% above analysts' estimates [1][5] - Non-GAAP profit per share was $2.25, surpassing analysts' consensus by 21% [1][5] Revenue and Financial Performance - Revenue for Q3 was $209.4 million compared to analyst estimates of $189.1 million, reflecting a 31.4% year-on-year growth [5] - Adjusted EPS was $2.25, beating analyst estimates of $1.86 by 21% [5] - Adjusted EBITDA reached $133 million, with a margin of 63.5%, exceeding analyst estimates of $118.2 million [5] - The company increased its full-year EBITDA guidance to $465 million, above analyst estimates of $442.6 million [5] - Operating margin improved to 29.7%, up from 21.9% in the same quarter last year [5] - Market capitalization stands at $1.28 billion [5] Product Performance and Strategic Outlook - Strong demand for ADHD medication Jornay PM and resilience in the pain management portfolio were key drivers of growth [3][4] - Jornay PM prescriptions grew by 20% year-over-year, aided by expanded sales efforts and targeted marketing [3] - Management expects continued momentum from Jornay PM and a stable outlook for pain products, with plans for incremental investments in sales and marketing [3][4] - Improvements in payer coverage and contract terms are anticipated to support profitability [3]