Collegium Pharma

Q2 FY2026 EarningsQ2 FY26 results missed consensus on the bottom line despite a slight revenue beat: revenue of $199.9M vs. $201.0M expected (a marginal miss of -0.53%), while Normalized EPS of $1.92 significantly outperformed the $1.77 mean estimate. The quarter was characterized by the strategic acquisition of Azstarys, which contributed $12.9M in its first partial quarter, helping offset declines in the Nucynta franchise (-11.1M YoY) and Xtampza ER (-$7.6M YoY). Although GAAP net income was impacted by $24.1M in one-time acquisition costs, adjusted EBITDA rose 8.3% YoY to $113.8M, reflecting solid underlying profitability despite structural shifts in the pain portfolio.