COLLEGIUM PHARMACEUTICAL, INC — Form 8-K
Filed August 6, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 52/100
What the filing says
Collegium completed its acquisition of AZSTARYS (serdexmethylphenidate/dexmethylphenidate) from Corium Therapeutics in May 2026. AZSTARYS generated $12.9 million in partial-quarter net revenue (May 12–June 30, 2026). Q2 2026 total product revenues were $199.9 million (+6% YoY); JORNAY PM revenues grew 41% YoY to $46.1 million; pain portfolio revenues declined 9% YoY to $140.9 million. The company lowered full-year 2026 product revenue guidance to $825–$855 million (from $865–$895 million) and adjusted EBITDA guidance to $445–$470 million (from $475–$500 million), primarily due to lower-than-expected authorized generic Nucynta pricing, while raising AZSTARYS revenue guidance to $65–$75 million (from $60–$70 million).
Why this rating
AZSTARYS acquisition (~$500M+ implied enterprise value for a ~$926M market-cap company) is material in size, but integration proceeds smoothly and accretion is modest near-term. Pain portfolio weakness (–9% YoY, Nucynta down 24%) offsets ADHD gains. Guidance lowered despite JORNAY PM strength; stock response likely muted.
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