Pharmaceutical company Collegium Pharmaceutical (NASDAQ:COLL) fell short of the market’s revenue expectations in Q2 CY2026, but sales rose 6.3% year on year to $199.9 million. The company’s full-year revenue guidance of $840 million at the midpoint came in 3.4% below analysts’ estimates. Its non-GAAP profit of $1.92 per share was 8.8% above analysts’ consensus estimates.
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Collegium Pharmaceutical (COLL) Q2 CY2026 Highlights:
- Revenue: $199.9 million vs analyst estimates of $201.2 million (6.3% year-on-year growth, 0.7% miss)
- Adjusted EPS: $1.92 vs analyst estimates of $1.77 (8.8% beat)
- Adjusted EBITDA: $113.8 million vs analyst estimates of $108.4 million (57% margin, 5% beat)
- The company lifted its revenue guidance for the full year to $840 million at the midpoint from $815 million, a 3.1% increase
- EBITDA guidance for the full year is $457.5 million at the midpoint, below analyst estimates of $482.8 million
- Operating Margin: 1.9%, down from 18.7% in the same quarter last year
- Market Capitalization: $1.16 billion
“In the second quarter, we saw strong demand across our ADHD portfolio, highlighted by record-high JORNAY PM prescriptions and prescriber adoption, alongside 41% revenue growth. Importantly, we have completed the acquisition of AZSTARYS and our integration is progressing well, with our expanded salesforce fully trained and deployed ahead of the important back-to-school season,” said Vikram Karnani, President and Chief Executive Officer.
Company Overview
Pioneering abuse-deterrent technology in a field plagued by addiction concerns, Collegium Pharmaceutical (NASDAQ:COLL) develops and markets specialty medications for treating moderate to severe pain, including abuse-deterrent opioid formulations.
Revenue Growth
A company’s long-term sales performance can indicate its overall quality. Any business can have short-term success, but a top-tier one grows for years. Over the last five years, Collegium Pharmaceutical grew its sales at an impressive 19.9% compounded annual growth rate. Its growth beat the average healthcare company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within healthcare, a half-decade historical view may miss recent innovations or disruptive industry trends. Collegium Pharmaceutical’s annualized revenue growth of 18.4% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. 
This quarter, Collegium Pharmaceutical’s revenue grew by 6.3% year on year to $199.9 million, missing Wall Street’s estimates.
Looking ahead, sell-side analysts expect revenue to grow 12.2% over the next 12 months, a deceleration versus the last two years. Despite the slowdown, this projection is noteworthy and indicates the market is baking in success for its products and services.
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Adjusted Operating Margin
Collegium Pharmaceutical has been a well-oiled machine over the last five years. It demonstrated elite profitability for a healthcare business, boasting an average adjusted operating margin of 53.7%.
Analyzing the trend in its profitability, Collegium Pharmaceutical’s adjusted operating margin rose by 5.5 percentage points over the last five years, as its sales growth gave it operating leverage. Zooming into its more recent performance, however, we can see the company’s margin has decreased by 18.9 percentage points on a two-year basis. If Collegium Pharmaceutical wants to pass our bar, it must prove it can expand its profitability consistently.
In Q2, Collegium Pharmaceutical generated an adjusted operating margin profit margin of 9.1%, down 45.9 percentage points year on year. This contraction shows it was less efficient because its expenses grew faster than its revenue.
Earnings Per Share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth — for example, a company could inflate its sales through excessive spending on advertising and promotions.
Collegium Pharmaceutical’s EPS grew at an astounding 16.4% compounded annual growth rate over the last five years. Despite its adjusted operating margin improvement and share repurchases during that time, this performance was lower than its 19.9% annualized revenue growth, telling us the delta came from reduced interest expenses or taxes.
In Q2, Collegium Pharmaceutical reported adjusted EPS of $1.92, up from $1.68 in the same quarter last year. This print beat analysts’ estimates by 8.8%. Over the next 12 months, Wall Street expects Collegium Pharmaceutical’s full-year EPS to stay about the same, moving from $7.97 to $7.89.
Key Takeaways from Collegium Pharmaceutical’s Q2 Results
It was good to see Collegium Pharmaceutical beat analysts’ EPS expectations this quarter. On the other hand, its full-year revenue guidance missed and its full-year EBITDA guidance fell short of Wall Street’s estimates. Overall, this quarter could have been better. The stock traded down 6.6% to $33.37 immediately after reporting.
Collegium Pharmaceutical didn’t show its best hand this quarter, but does that create an opportunity to buy the stock right now? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).