COLL earnings analysis
What we found in COLL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Collegium Pharmaceutical reported Q1 2026 results with revenues of $193.5 million, surpassing estimates and posting a sharp rise in net income to $14.5 million. The quarter reflected strong performance across several key products, particularly Jornay PM, while management highlighted ongoing investments in sales and marketing as they navigate upcoming acquisitions and regulatory challenges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Expectations
- Q1 2026 revenues reached $193.5 million, exceeding expectations of $183.7 million by 5.7%.
- Strong EPS Growth
- Diluted EPS for Q1 2026 was reported at $0.40, up from $0.07 in Q1 2025.
- Jornay PM Sales Surge
- Jornay PM revenue increased by $10.4 million due to higher volume and pricing.
- Increased Cash Position
- The company held $421.8 million in cash, cash equivalents, and marketable securities as of March 31, 2026.
- Positive Cash Flow Trends
- Operating cash flow stood at $57.1 million, slightly up from $55.4 million in 2025.
- Reaffirmed Full-Year Guidance
- Collegium maintained its full-year revenue guidance of $805M-$825M.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Acquisition Integration Risks
- The pending acquisition of AZSTARYS may encounter delays or issues during integration, potentially impacting business operations.
- Drug Pricing Pressure
- Ongoing regulatory scrutiny and new legislation on drug pricing may affect profitability.
- Liabilities from Opioid Litigation
- Continued opioid-related lawsuits could lead to significant legal expenses and adverse financial impacts.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.4
- Gross margin
- 60.6%
- Operating margin
- 15.9%
- Segment
- Jornay PM
- Segment
- Belbuca
- Segment
- Xtampza ER
- Segment
- Nucynta Products
- Segment
- Symproic
What they said about what is next.
Full-year revenue guidance reaffirmed, with expected product revenues between $805M and $825M.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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