Collegium Pharmaceuticals Acquires AZSTARYS for $650 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 19 2026
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Should l Buy COLL?
Collegium Pharmaceutical and Corium Therapeutics Holdings announced a definitive agreement pursuant to which Collegium will acquire AZSTARYS for $650 million in cash with the potential for additional milestone payments up to $135 million depending on future commercial and regulatory milestones. Corium Therapeutics is a privately held company that, through its subsidiaries, markets and distributes AZSTARYS, a central nervous system stimulant prescription medicine used for the treatment of Attention Deficit Hyperactivity Disorder in people 6 years of age and older. It is the first and only ADHD treatment with both immediate release and long-acting medicines in one capsule. The acquisition of AZSTARYS is expected to significantly strengthen Collegium's position in ADHD, further diversifying and bolstering its revenue base. Under the terms of the agreement, Collegium will acquire the AZSTARYS business for $650 million in cash at closing. Collegium may also pay Corium Therapeutics up to $135 million in additional consideration if AZSTARYS achieves certain commercial and regulatory milestones. The all-cash consideration will be funded by a combination of Collegium's existing cash on hand and $300 million from a delayed draw term loan which is part of the syndicated credit facility announced by Collegium in December 2025. The term loan will bear interest at an annual rate equal to the term Secured Overnight Financing Rat) plus a spread based on the Company's First Lien Net Leverage Ratio ranging from 2.75% to 3.75%. The interest rate upon closing will be SOFR plus 3.25%. At the close of this transaction, Collegium expects its net leverage to be approximately two times based on estimated 2026 combined adjusted EBITDA. Collegium expects this transaction to be immediately accretive to adjusted EBITDA. The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2026, subject to customary closing conditions, including receipt of required regulatory and Hart-Scott-Rodino approvals.
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Analyst Views on COLL
Wall Street analysts forecast COLL stock price to rise
4 Analyst Rating
4 Buy
0 Hold
0 Sell
Strong Buy
Current: 39.330
Low
55.00
Averages
56.75
High
60.00
Current: 39.330
Low
55.00
Averages
56.75
High
60.00
About COLL
Collegium Pharmaceutical, Inc. is a diversified biopharmaceutical company. The Company has developed, licensed, and acquired a portfolio of products for use in the treatment of attention deficit hyperactivity disorder (ADHD) and moderate to severe pain. Its commercial products include Jornay PM (Jornay), Belbuca, Xtampza ER (Xtampza), Nucynta ER and Nucynta IR (Nucynta Products), and Symproic in the United States. Its Jornay is a central nervous system (CNS) stimulant prescription medicine for the treatment of ADHD. The Belbuca is a buccal film that contains buprenorphine for severe and persistent pain. Xtampza ER is an abuse-deterrent, extended-release, oral formulation of oxycodone. The Xtampza ER is a pain treatment option designed with abuse deterrent properties. The Nucynta Products are ER and IR oral formulations of tapentadol. Nucynta ER is indicated for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Collegium Pharmaceutical Q1 2026 Earnings Call Highlights
- Strategic Acquisition Progress: Collegium Pharmaceutical plans to acquire AZSTARYS for $650 million, which is expected to enhance its position in the ADHD market and extend revenue through patent protection until 2037, thereby accelerating the company's growth trajectory.
- Strong Financial Performance: In Q1, JORNAY prescriptions grew by 14% year-over-year, generating $38.9 million in net revenue, a 36% increase, while total product revenues reached $193.5 million, indicating stable performance in core products.
- Cash Flow and Liquidity: Collegium generated over $57.1 million in cash from operations in Q1, ending the quarter with over $421.8 million in cash, up $35 million from the end of 2025, enhancing the company's financial flexibility.
- Optimistic Market Outlook: Management reaffirmed its 2026 financial guidance, projecting total product revenues between $805 million and $825 million, with JORNAY revenue expected to be between $190 million and $200 million, reflecting confidence in future growth.
See More
Collegium Pharmaceutical Q1 Earnings Exceed Expectations
- Earnings Beat: Collegium Pharmaceutical reported Q1 2026 non-GAAP EPS of $1.76, surpassing expectations by $0.24, indicating strong profitability growth that boosts investor confidence.
- Revenue Growth: The company achieved total revenue of $193.5 million in Q1, an 8.8% year-over-year increase, exceeding market expectations by $9.04 million, reflecting sustained competitiveness in the market, particularly in pain management.
- Product Line Performance: The pain portfolio generated net revenues of $154.6 million, up 4% year-over-year, with Belbuca® and Xtampza®ER net revenues of $52.6 million and $50.8 million, respectively, growing 2% and 7%, demonstrating stable market demand and acceptance.
- Financial Guidance: Collegium projects 2026 product net revenues between $805 million and $825 million, with adjusted EBITDA expected to be between $455 million and $475 million, reflecting confidence in future growth, especially following the acquisition of Azstarys to expand its ADHD portfolio.
See More
Collegium Pharmaceutical Reports Strong Q1 Earnings Growth
- Significant Earnings Growth: Collegium Pharmaceutical reported a net income of $14.49 million for Q1, translating to $0.40 per share, a substantial increase from last year's $2.42 million and $0.07 per share, indicating a marked improvement in profitability.
- Strong Adjusted Earnings: Excluding special items, the company reported adjusted earnings of $69.21 million, or $1.76 per share, reflecting sustained growth and enhanced profitability in its core operations.
- Steady Revenue Increase: Q1 revenue rose by 8.9% to $193.52 million, up from $177.75 million last year, showcasing the company's success in meeting market demand and effective sales strategies.
- Optimistic Future Outlook: Collegium anticipates full-year revenue guidance of $805 million to $825 million for 2026, along with expected adjusted EBITDA of $455 million to $475 million, demonstrating confidence in future growth and strategic planning.
See More
Collegium Pharmaceutical to Announce Q1 Earnings on May 7
- Earnings Announcement: Collegium Pharmaceutical is set to release its Q1 2023 earnings on May 7 before market open, with consensus EPS estimates at $1.52, reflecting a 2.0% year-over-year increase, and revenue expectations at $184.46 million, up 3.7%, providing critical performance insights for investors.
- Performance Beat Record: Over the past two years, Collegium has exceeded EPS estimates 63% of the time and revenue estimates 75% of the time, indicating a strong track record of profitability and market performance, which may bolster investor confidence.
- Estimate Revision Trends: Despite no upward revisions in EPS estimates over the last three months, there have been four downward adjustments, and similarly, revenue estimates saw three downward revisions, reflecting a cautious market outlook on the company's future performance that investors should monitor closely.
- Acquisition Strategy: Collegium plans to acquire the ADHD medication Azstarys for up to $785 million, targeting a 31% revenue growth for Jornay by 2026, which not only expands its ADHD portfolio but also accelerates overall company growth, enhancing its competitive position in the market.
See More
Collegium Pharmaceutical Executive Sells Shares
- Insider Trading: David Dieter, Executive VP and General Counsel of Collegium Pharmaceutical, sold 6,224 shares on March 9, 2026, for $228,110, marking his first open-market transaction since joining the company.
- Stake Reduction: This sale reduced Dieter's direct holdings from 97,271 to 91,047 shares, impacting 6.4% of his equity stake, yet he retains approximately $3.39 million in shares, indicating ongoing confidence in the company.
- Planned Transaction: The sale was executed under a pre-scheduled 10b5-1 trading plan adopted on December 5, 2025, suggesting a cautious approach rather than a discretionary move, reflecting the executive's strategic market engagement.
- Business Transition: Collegium is undergoing a significant business transition with 2025 revenue of $631.7 million, a 6% increase, and projected 2026 revenue of $805-$825 million, highlighting growth potential in the ADHD treatment sector.
See More
Collegium Pharmaceutical Executive Sells Shares
- Executive Share Sale: Dieter David, Executive Vice President and General Counsel of Collegium Pharmaceutical, sold 6,224 shares of common stock on March 9, 2026, for approximately $228,000, representing 6.4% of his direct holdings prior to the transaction.
- Updated Holdings: Post-transaction, David retains 91,047 shares valued at about $3.39 million, indicating his ongoing confidence in the company’s future, although the sale was executed under a pre-scheduled plan.
- Financial Performance: Collegium reported total revenue of $631.7 million in 2025, a 6% year-over-year increase, with Jornay PM showing a remarkable 48% growth, and is projected to generate $190-$200 million in 2026, highlighting strong growth potential in the ADHD treatment sector.
- Strategic Transition Signal: The share sale occurred just ten days before Collegium announced its acquisition of AZSTARYS for $650 million, signaling an acceleration in the company's shift from a focus solely on pain management products to a more diversified portfolio in mental health treatments.
See More
Collegium Pharmaceutical Q1 2026 Earnings Call Highlights
- Strategic Acquisition Progress: Collegium Pharmaceutical plans to acquire AZSTARYS for $650 million, which is expected to enhance its position in the ADHD market and extend revenue through patent protection until 2037, thereby accelerating the company's growth trajectory.
- Strong Financial Performance: In Q1, JORNAY prescriptions grew by 14% year-over-year, generating $38.9 million in net revenue, a 36% increase, while total product revenues reached $193.5 million, indicating stable performance in core products.
- Cash Flow and Liquidity: Collegium generated over $57.1 million in cash from operations in Q1, ending the quarter with over $421.8 million in cash, up $35 million from the end of 2025, enhancing the company's financial flexibility.
- Optimistic Market Outlook: Management reaffirmed its 2026 financial guidance, projecting total product revenues between $805 million and $825 million, with JORNAY revenue expected to be between $190 million and $200 million, reflecting confidence in future growth.
See More
Collegium Pharmaceutical Q1 Earnings Exceed Expectations
- Earnings Beat: Collegium Pharmaceutical reported Q1 2026 non-GAAP EPS of $1.76, surpassing expectations by $0.24, indicating strong profitability growth that boosts investor confidence.
- Revenue Growth: The company achieved total revenue of $193.5 million in Q1, an 8.8% year-over-year increase, exceeding market expectations by $9.04 million, reflecting sustained competitiveness in the market, particularly in pain management.
- Product Line Performance: The pain portfolio generated net revenues of $154.6 million, up 4% year-over-year, with Belbuca® and Xtampza®ER net revenues of $52.6 million and $50.8 million, respectively, growing 2% and 7%, demonstrating stable market demand and acceptance.
- Financial Guidance: Collegium projects 2026 product net revenues between $805 million and $825 million, with adjusted EBITDA expected to be between $455 million and $475 million, reflecting confidence in future growth, especially following the acquisition of Azstarys to expand its ADHD portfolio.
See More
Collegium Pharmaceutical Reports Strong Q1 Earnings Growth
- Significant Earnings Growth: Collegium Pharmaceutical reported a net income of $14.49 million for Q1, translating to $0.40 per share, a substantial increase from last year's $2.42 million and $0.07 per share, indicating a marked improvement in profitability.
- Strong Adjusted Earnings: Excluding special items, the company reported adjusted earnings of $69.21 million, or $1.76 per share, reflecting sustained growth and enhanced profitability in its core operations.
- Steady Revenue Increase: Q1 revenue rose by 8.9% to $193.52 million, up from $177.75 million last year, showcasing the company's success in meeting market demand and effective sales strategies.
- Optimistic Future Outlook: Collegium anticipates full-year revenue guidance of $805 million to $825 million for 2026, along with expected adjusted EBITDA of $455 million to $475 million, demonstrating confidence in future growth and strategic planning.
See More
Collegium Pharmaceutical to Announce Q1 Earnings on May 7
- Earnings Announcement: Collegium Pharmaceutical is set to release its Q1 2023 earnings on May 7 before market open, with consensus EPS estimates at $1.52, reflecting a 2.0% year-over-year increase, and revenue expectations at $184.46 million, up 3.7%, providing critical performance insights for investors.
- Performance Beat Record: Over the past two years, Collegium has exceeded EPS estimates 63% of the time and revenue estimates 75% of the time, indicating a strong track record of profitability and market performance, which may bolster investor confidence.
- Estimate Revision Trends: Despite no upward revisions in EPS estimates over the last three months, there have been four downward adjustments, and similarly, revenue estimates saw three downward revisions, reflecting a cautious market outlook on the company's future performance that investors should monitor closely.
- Acquisition Strategy: Collegium plans to acquire the ADHD medication Azstarys for up to $785 million, targeting a 31% revenue growth for Jornay by 2026, which not only expands its ADHD portfolio but also accelerates overall company growth, enhancing its competitive position in the market.
See More
Collegium Pharmaceutical Executive Sells Shares
- Insider Trading: David Dieter, Executive VP and General Counsel of Collegium Pharmaceutical, sold 6,224 shares on March 9, 2026, for $228,110, marking his first open-market transaction since joining the company.
- Stake Reduction: This sale reduced Dieter's direct holdings from 97,271 to 91,047 shares, impacting 6.4% of his equity stake, yet he retains approximately $3.39 million in shares, indicating ongoing confidence in the company.
- Planned Transaction: The sale was executed under a pre-scheduled 10b5-1 trading plan adopted on December 5, 2025, suggesting a cautious approach rather than a discretionary move, reflecting the executive's strategic market engagement.
- Business Transition: Collegium is undergoing a significant business transition with 2025 revenue of $631.7 million, a 6% increase, and projected 2026 revenue of $805-$825 million, highlighting growth potential in the ADHD treatment sector.
See More
Collegium Pharmaceutical Executive Sells Shares
- Executive Share Sale: Dieter David, Executive Vice President and General Counsel of Collegium Pharmaceutical, sold 6,224 shares of common stock on March 9, 2026, for approximately $228,000, representing 6.4% of his direct holdings prior to the transaction.
- Updated Holdings: Post-transaction, David retains 91,047 shares valued at about $3.39 million, indicating his ongoing confidence in the company’s future, although the sale was executed under a pre-scheduled plan.
- Financial Performance: Collegium reported total revenue of $631.7 million in 2025, a 6% year-over-year increase, with Jornay PM showing a remarkable 48% growth, and is projected to generate $190-$200 million in 2026, highlighting strong growth potential in the ADHD treatment sector.
- Strategic Transition Signal: The share sale occurred just ten days before Collegium announced its acquisition of AZSTARYS for $650 million, signaling an acceleration in the company's shift from a focus solely on pain management products to a more diversified portfolio in mental health treatments.
See More
