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- **Q3 Standout**: 31% revenue growth to $209.4M, Jornay PM at $41.8M (+20% scripts YoY), and pain portfolio resilience.
- **Strategic Focus**: Jornay expansion, 2025 guidance raise to $775-785M, and 24% YoY growth.
- **Financial Strength**: $31.5M net income, 1.2x leverage, $285.9M cash. Gross to net mid-60%, supporting 2026 momentum.
- **Key Drivers**: Jornay's 46% 2025 target, pain portfolio durability, and disciplined capital deployment.

**【CEO Summary Section】**
- **Record Q3 Performance**: Total revenue of $209.4 million, up 31% year-over-year, driven by Jornay PM's 20% prescription growth and pain portfolio expansion.
- **Jornay PM Momentum**: Generated $41.8 million in net revenue, with 14% weekly script increase during back-to-school season. Adult segment grew 29% YoY, targeting 21,000 prescribers.
- **Pain Portfolio Resilience**: Pain products contributed $167.6 million, up 11% YoY, with Belbuca and Xtampza maintaining #1 differentiation in ER markets.
- **Capital Deployment**: Repaid $16.1 million debt, ending Q3 with $285.9 million cash. Raised 2025 guidance to $775-785 million revenue, 24% YoY growth.

**【CFO Financial Commentary】**
- **Financial Health**: GAAP net income $31.5 million (238% YoY growth), adjusted EBITDA $133 million (27% YoY). Gross to net improved to mid-60%, offsetting sales force expansion costs.
- **Leverage Strategy**: Net debt/EBITDA at 1.2x, targeting <1x by year-end. Share buybacks ($25M returned) and debt repayment support long-term growth.

**【Q&A Highlights】**
- **Script Growth Dynamics**: Jornay's 20% YoY growth driven by 3,800 new prescribers and 62% gross to net. Q4 2025 and 2026 Outlook: Expect Q4 gross to net stabilization, 2026 focus on Jornay's 46% revenue target and pain portfolio durability.
- **M&A and Strategy**: Active in BD, prioritizing commercial assets with call point synergies. Cautious on R&D risk, focusing on near-commercial opportunities.
- **Execution Confidence**: Team execution and capital deployment poised for 2026 acceleration, balancing growth and financial discipline.

Collegium Pharmaceutical, Inc. (COLL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

COLL

COLL fundamentals

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