Collegium Pharmaceutical’s third quarter was marked by robust demand for its ADHD medication Jornay PM and continued resilience in its pain management portfolio. Management pointed to a successful back-to-school season, with Jornay PM prescriptions growing 20% year-over-year, supported by expanded sales efforts and targeted marketing. The company also saw broad-based growth across its pain products, which leadership described as more durable than previously expected. CEO Vikram Karnani emphasized, “We continue to make considerable progress on our strategic priorities, including driving significant growth for Jornay and maximizing the durability of our pain portfolio.”

Is now the time to buy COLL? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Collegium Pharmaceutical’s Q3 Earnings Call

• Anthea (Jefferies) asked about the impact of return reserves and inventory movements on Jornay’s Q3 results and whether the expanded sales force affected the quarter. CFO Colleen Tupper clarified that seasonality and contracting improvements drove gross to net gains, while Chief Commercial Officer Scott Dreyer noted most sales force impact will be seen in 2026.
• Brandon Folkes (H.C. Wainwright) inquired about Jornay’s net price tailwinds and inventory dynamics. Tupper explained inventory levels are stable, with improved return rates and contracting supporting gross to net improvements, trends management expects to persist into 2026.
• Jeevan Larson (Truist Securities) questioned adherence rates for Jornay and the business development (BD) funnel. Dreyer stated adherence is in line with other ADHD medications, averaging 9–10 months, while CEO Vikram Karnani reiterated the company remains active in BD but focuses on commercial-stage assets.
• John Gionco (Needham & Company) requested detail on Nucynta’s gross to net rates and the impact of rebate settlements. Tupper specified the Q3 rebate benefit for Nucynta was $2.8 million, largely a timing-related gain, and shared current gross to net rates for both Nucynta IR and ER.
• Alexandra von Riesemann (Piper Sandler) asked about the size and scope of potential M&A. Karnani said the company would consider leveraging up to 3x net debt to EBITDA for suitable commercial assets, prioritizing operational synergies in pain or related therapeutic areas.

Catalysts in Upcoming Quarters

Looking forward, our team will monitor (1) continued prescription and market share growth for Jornay PM, especially as the expanded sales force and new marketing initiatives reach full impact, (2) the resilience of pain portfolio revenues in the face of payer dynamics and formulary shifts, and (3) any progress or announcements related to business development efforts. Execution on commercial expansion and integration of new assets will be key markers of Collegium’s strategic progress.

Collegium Pharmaceutical currently trades at $47.47, up from $35.84 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free for active Edge members).

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