Core Insights - Collegium Pharmaceutical, Inc. reported record quarterly net revenue of $209.4 million, representing a 31% increase year-over-year [1][11] - The company raised its full-year 2025 net revenue guidance to a range of $775 to $785 million and adjusted EBITDA guidance to a range of $460 to $470 million [1][8] - The company ended Q3 2025 with cash, cash equivalents, and marketable securities totaling $285.9 million [1] ADHD Business Highlights - Jornay PM net revenue reached a record $41.8 million, with prescriptions growing by 20% year-over-year [1][7] - The number of healthcare providers prescribing Jornay PM increased by 22% year-over-year, reaching an all-time high of 27,700 [7] Pain Portfolio Highlights - The pain portfolio generated record net revenue of $167.6 million, up 11% year-over-year, with all three core products showing growth [1][7] - Belbuca net revenue was $58.3 million, up 10% year-over-year, while Xtampza ER net revenue was $50.5 million, up 2% year-over-year [7] - Nucynta Franchise net revenue increased by 21% year-over-year, totaling $54.8 million [7] Financial Results - GAAP net income for Q3 2025 was $31.5 million, with GAAP earnings per share of $1.00 (basic) and $0.84 (diluted) [11][29] - Adjusted EBITDA for the quarter was $133.0 million, a 27% increase from the previous year [11][32] - The company generated $78.4 million in cash from operations during the quarter [11] Corporate Updates - The company has authorized a new share repurchase program to buy back up to $150 million of common stock through December 31, 2026 [10] - Collegium celebrated its 10-year anniversary as a publicly traded company on the Nasdaq Stock Market [10]

Financial Performance and Guidance - Collegium reported 2024 sales of $631 million and expects 2025 sales to reach $743 million, representing an +18% increase[16] - The company anticipates 2025 net product revenues in the range of $735 million to $750 million, reflecting an +18% year-over-year growth[22] - Adjusted EBITDA for 2025 is projected to be between $435 million and $450 million, a +10% increase[22] - Adjusted operating expenses for 2025 are expected to be in the range of $220 million to $230 million, a +49% increase[22] Product Portfolio and Market Position - Jornay PM net revenue is expected to exceed $135 million in 2025, representing a +>34% increase from $100.7 million in 2024[40] - The pain portfolio experienced a +5% revenue growth in 2024, while total revenue grew +11%[20] - Q1 2025 pain portfolio product revenues reached $177.8 million, a +23% increase compared to $144.9 million in Q1 2024[32] - Jornay PM prescriptions grew +24% year-over-year in Q1 2025[32] Capital Allocation and Shareholder Value - Collegium initiated a $25 million Accelerated Share Repurchase (ASR) program in May 2025[33] - The company repurchased $222 million worth of shares between 2021 and 2025[47] Debt and Cash Flow - The company had approximately $200 million in cash and marketable securities at the end of Q1 2025[27] - Net debt to adjusted EBITDA stood at approximately 1.5x at the end of Q1 2025[33]