Collegium Reports Fourth Quarter and Full-Year 2025 Financial Results

– Generated Quarterly Net Revenues of $205.4 Million, Up 13% Year-over-Year, and Record Full-Year Net Revenues of $780.6 Million, Up 24% Year-over-Year –

– Generated Record Quarterly and Full-Year Jornay PM®Net Revenue of $45.9 Million and $148.9 Million, Up 57% and 48%, Respectively, Year-over-Year –

– Generated Quarterly Pain Portfolio Net Revenues of $159.6 Million, Up 5% Year-over-Year, and Record Full-Year Pain Portfolio Net Revenues $631.7 Million, Up 6% Year-over-Year–

– Ended 2025 with Cash, Cash Equivalents, and Marketable Securities of $386.7 Million –

– Reaffirmed Full-Year 2026 Guidance–

– Conference Call Scheduled for Today at 8:00 a.m. ET –

STOUGHTON, Mass., Feb. 26, 2026 (GLOBE NEWSWIRE) --Collegium Pharmaceutical, Inc.(Nasdaq: COLL) today reported its financial results for the quarter and full year ended December 31, 2025, and provided a business update.

“In 2025, we delivered on our strategic priorities by driving significant growth for Jornay PM, maximizing the durability of our pain portfolio, and strategically deploying capital,” said Vikram Karnani, President and Chief Executive Officer. “In our first full year of owning Jornay PM, we grew full-year net revenue by 48% and reached a record number of prescribers in support of our differentiated medicine for the treatment of ADHD. Our investments to expand the sales force and sharpen our marketing approach are already fueling additional momentum. Importantly, these results, including solid performance across our pain portfolio, reflect more than a strong year of execution. They underscore the foundation we are building to drive sustained growth and deliver value for patients and shareholders. With a strengthened financial profile and a strong start to 2026, we are well positioned to build on this momentum and continue creating long-term value.”

“Net revenues and adjusted EBITDA reached record highs in 2025, growing 24% and 15%, respectively, driven by strong performance from both Jornay PM and our pain portfolio. We generated significant operating cash flows, improved our debt terms, and repurchased $25 million of shares,” said Colleen Tupper, Chief Financial Officer. “In 2026, we expect another year of significant growth for Jornay PM and durable performance from our pain portfolio. We remain committed to our capital deployment strategy, prioritizing business development opportunities, opportunistic share repurchases, and paying down debt, all of which are intended to create long-term value.”

The Company will participate in the following upcoming investor conferences in the first half of 2026:

The Company reaffirms its full-year 2026 guidance for Product Revenues, Net, Jornay PM Revenue, Net and Adjusted EBITDA:

The Company will host a conference call and live audio webcast on Thursday, February 26, 2026, at 8:00 a.m. ET. To access the conference call, please dial (877) 407-8037 (U.S.) or (201) 689-8037 (International) and reference the “Collegium Pharmaceutical Fourth Quarter and Full-Year 2025 Earnings Call.” An audio webcast will be accessible from the Investors section of the Company’s website:www.collegiumpharma.com. The webcast will be available for replay on the Company’s website approximately two hours after the event.

Collegium is building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. The Company has a leading portfolio of responsible pain management medications and a rapidly growing neuropsychiatry business driven by Jornay PM®, a differentiated treatment for ADHD. Collegium’s strategy includes growing its commercial portfolio, with Jornay PM as the lead growth driver, and deploying capital in a disciplined manner. Collegium’s headquarters are located in Stoughton, Massachusetts. For more information, please visit the Company’s website atwww.collegiumpharma.com.

To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliations, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In addition, certain non-GAAP financial measures, primarily adjusted EBITDA, are used to measure performance when determining components of annual compensation for substantially all non-sales force employees, including senior management.

We may discuss the following financial measures that are not calculated in accordance with GAAP in our quarterly and annual reports, earnings press releases, and conference calls.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as:

Adjusted Operating Expenses

Adjusted operating expenses is a non-GAAP financial measure that represents GAAP operating expenses adjusted to exclude stock-based compensation expense, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations.

Adjusted Net Income and Adjusted Earnings Per Share

Adjusted net income is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude significant income and expense items that are non-cash or not indicative of ongoing operations, including consideration of the tax effect of the adjustments. Adjusted earnings per share is a non-GAAP financial measure that represents adjusted net income per share. Adjusted weighted-average shares - diluted is calculated in accordance with the treasury stock, if-converted, or contingently issuable accounting methods, depending on the nature of the security.

Reconciliations of adjusted EBITDA, adjusted operating expenses, adjusted net income, and adjusted earnings per share to the most directly comparable GAAP financial measures are included in this press release.

The Company has not provided a reconciliation of its full-year 2025 guidance for adjusted EBITDA or adjusted operating expenses to the most directly comparable forward-looking GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, because the Company is unable to predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition related expense and litigation settlements. These items are uncertain and depend on various factors that are outside of the Company’s control or cannot be reasonably predicted. While the Company is unable to address the probable significance of these items, they could have a material impact on GAAP net income and operating expenses for the guidance period. A reconciliation of adjusted EBITDA or adjusted operating expenses would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors.

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements related to our 2026 financial guidance, including projected product revenues, adjusted operating expenses and adjusted EBITDA, statements related to the projected launch of the authorized generic versions of Nucynta and Nucynta ER and anticipated shared net profits following the launch of such authorized generic versions, statements related to current and future market opportunities for our products and our assumptions related thereto, expectations (financial or otherwise) and intentions, and other statements that are not historical facts. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the company's current expectations, including risks relating to, among others: unknown liabilities; risks related to future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, and our ability to service those markets; our ability to obtain reimbursement and third-party payor contracts for our products; the rate and degree of market acceptance of our products; the costs of commercialization activities, including marketing, sales and distribution; changing market conditions for our products; the outcome of any patent infringement or other litigation that may be brought by or against us; the outcome of any governmental investigation related to our business; our ability to secure adequate supplies of active pharmaceutical ingredient for each of our products and manufacture adequate supplies of commercially saleable inventory; our ability to obtain funding for our operations and business development; regulatory developments in the U.S.; our expectations regarding our ability to obtain and maintain sufficient intellectual property protection for our products; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Agency compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenues, capital requirements and need for additional financing. These and other risks are described under the heading "Risk Factors" in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

Danielle JesseDirector, Investor Relationsir@collegiumpharma.com