Collegium Pharmaceutical's Q2 2025: Key Contradictions on Jornay PM Sales Estimates and Pain Portfolio Competition

Peak sales estimate for Jornay PM, sales force expansion and market concentration, generic competition timeline for pain portfolio, sales force size and strategy, generic competition for pain portfolio are the key contradictions discussed in Collegium Pharmaceutical's latest 2025Q2 earnings call.



Strong Financial Performance and Growth:
- Collegium Pharmaceutical reported record revenue of $188 million in Q2 2025, up 29% year-over-year.
- Growth was driven by record revenues from Jornay and significant contributions from the pain portfolio.

Jornay PM Performance and Expansion:
- Jornay PM revenues reached $32.6 million, marking a 23% year-over-year increase in prescriptions.
- The expansion of the ADHD sales force and targeted marketing investments aimed to raise awareness of Jornay's differentiated profile.

Pain Portfolio Durability and Diversification:
- The combined revenue for the pain portfolio was $155.4 million, up 7% year-over-year.
- Durability was attributed to strong brand fundamentals and the differentiation of the portfolio, with exclusivity extending into 2027.

Capital Deployment and Shareholder Value:
- Collegium completed a $25 million accelerated share repurchase program and initiated a new $150 million program.
- The company generated $72.4 million in cash from operations and repaid $16.1 million of debt, focusing on strengthening its financial position.

Board Strengthening and Strategic Guidance:
- Gino Santini was appointed as Chairman of the Board, and Dr. Carlos Paya joined the Board, reflecting Collegium's commitment to strategic growth and board refreshment.
- The company raised its 2025 financial guidance, expecting total revenue growth of 19% year-over-year and adjusted EBITDA growth of 12%.