Core Insights - Collegium Pharmaceutical reported record financial results for the fourth quarter and full year 2025, driven by growth in its ADHD product Jornay PM and steady performance across its pain portfolio [5][3][4]. Financial Performance - Full-year 2025 net revenues reached a record $780.6 million, with adjusted EBITDA at a record $460.5 million [3]. - Fourth-quarter net product revenues were $205.4 million, up 13% year-over-year, and adjusted EBITDA was $127.3 million, up 18% year-over-year [3]. - The company generated over $329 million in cash from operations and ended 2025 with over $386 million in cash, an increase of approximately $224 million from the end of 2024 [4]. Product Performance - Jornay PM, an evening-dosed ADHD stimulant, was a key growth driver, with over 200,000 prescriptions written in Q4 2025, a 16% increase year-over-year, and more than 760,000 prescriptions for the full year, up 20% [1][2]. - The total prescriber base for Jornay PM reached over 29,000 in Q4, a 21% increase year-over-year, with market share in the long-acting branded methylphenidate market growing to nearly 26%, up 6.5 percentage points year-over-year [6]. Strategic Initiatives - Management emphasized three strategic priorities: expanding Jornay PM, maximizing the durability of the pain franchise, and deploying capital to enhance shareholder value [5]. - Collegium secured new formulary coverage under a major commercial healthcare plan effective May 1, which is expected to increase Jornay's coverage by approximately 4.5 million covered lives [8]. Pain Portfolio - The pain portfolio generated $631.7 million in revenue for 2025, up 6% year-over-year, with all three core pain medicines delivering full-year growth [9]. - Specific product revenues included Belbuca at $59.1 million in Q4 (+7% YoY) and $221.7 million for 2025 (+5% YoY), Xtampza ER at $48.6 million in Q4 (-6% YoY) and $199.3 million for 2025 (+4% YoY), and Nucynta franchise at $47.9 million in Q4 (+15% YoY) and $196.3 million for 2025 (+11% YoY) [10][11]. 2026 Outlook - For 2026, the company expects total product revenues of $805 million to $825 million, representing a 4% year-over-year increase, and adjusted EBITDA of $455 million to $475 million [14]. - Jornay's revenue is projected to be between $190 million and $200 million, indicating a 31% growth year-over-year [15]. Capital Deployment - Collegium closed a $980 million syndicated credit facility in December 2025, which is expected to drive meaningful annualized interest savings and provide flexibility for potential acquisitions [17]. - The company repurchased $25 million of shares in 2025 and has $150 million remaining under its board-authorized repurchase program through December 31, 2026 [18].