Every material Form 8-K Collegium Pharmaceutical has filed with the SEC since November 07, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Collegium Pharmaceutical reported third-quarter 2026 product revenues of $216.3 million, up 3% from a year earlier, but GAAP diluted earnings per share fell to $0.60 from $0.84 and adjusted EBITDA fell 9% to $121.6 million. The company reaffirmed its full-year 2026 guidance and said it expects to complete a $50 million accelerated share repurchase before the end of the year.
Product revenues, net were $216.3 million versus $209.4 million a year earlier; JORNAY PM net revenue rose 24% to $51.9 million.
GAAP net income was $21.8 million, or $0.60 diluted EPS, compared with $31.5 million, or $0.84, in the third quarter of 2025.
Adjusted EBITDA was $121.6 million, down from $133.0 million; full-year 2026 adjusted EBITDA guidance of $445 million to $470 million was reaffirmed.
Pain portfolio net revenues fell 18% to $138.0 million, while AZSTARYS contributed $26.5 million in its first full quarter under Collegium ownership.
Collegium Pharmaceutical agreed on October 15, 2026 to settle all disputes with Grünenthal GmbH, including a patent infringement lawsuit over the Nucynta ER authorized generic. As part of the settlement, the company's license agreement with Grünenthal was terminated in its entirety, and the company made a $17 million payment, after which no further royalties are due under that license.
Settlement agreement dated October 15, 2026 resolves all disputes, including the Nucynta Litigation filed in February 2026 in the District of New Jersey
Collegium paid Grünenthal $17 million; the Grünenthal License terminated effective October 15, 2026
No further royalties will be due under the Grünenthal License; Grünenthal assigned certain Nucynta-related patents to Collegium and moved to dismiss the lawsuit
Collegium reported second-quarter 2026 product revenues of $199.9 million, up 6% from a year earlier, and a GAAP net loss of $15.1 million, compared with net income of $12.0 million a year earlier. The company completed its AZSTARYS acquisition in May, but lowered its full-year 2026 guidance for product revenues and adjusted EBITDA, citing lower-than-expected revenue from authorized generic versions of Nucynta and Nucynta ER.
Q2 2026 product revenues, net of $199.9 million, up 6% year over year; JORNAY PM net revenue of $46.1 million, up 41%
GAAP net loss of $15.1 million, or $(0.46) per share, versus GAAP net income of $12.0 million, or $0.38 per share, in Q2 2025
Full-year 2026 product revenues, net guidance lowered to $825 million to $855 million from $865 million to $895 million; adjusted EBITDA guidance lowered to $445 million to $470 million from $475 million to $500 million
AZSTARYS acquisition completed in May 2026 and generated $12.9 million in net revenue from May 12 to June 30, 2026; AZSTARYS 2026 revenue guidance raised to $65 million to $75 million
Collegium Pharmaceutical completed its acquisition of AZSTARYS, an ADHD medicine, on May 12, 2026, for approximately $650 million in cash, subject to customary adjustments. The company raised its 2026 product revenue and adjusted EBITDA guidance to include the acquisition, but its Chief Commercial Officer and Chief Medical Officer are both departing.
Purchase price of approximately $650 million in cash, funded by about $350 million of existing cash and a $300 million delayed draw term loan, with up to $135 million more tied to future milestones
2026 Product Revenues, Net guidance raised to $865 million to $895 million from $805 million to $825 million
2026 Adjusted EBITDA guidance raised to $475 million to $500 million from $455 million to $475 million
Chief Commercial Officer Scott Dreyer departs effective August 30, 2026; Chief Medical Officer Thomas Smith departs after a transition period
Collegium reported first-quarter 2026 product revenues, net of $193.5 million, up 9% from a year earlier, with GAAP net income of $14.5 million compared with $2.4 million in the prior-year quarter. The company reaffirmed its full-year 2026 guidance for its current business, which excludes the pending $650 million cash acquisition of AZSTARYS, expected to close in the second quarter of 2026.
Product revenues, net were $193.5 million, up 9% from $177.8 million in the first quarter of 2025.
GAAP net income was $14.5 million, or $0.40 per diluted share, versus $2.4 million, or $0.07 per diluted share, a year earlier.
JORNAY PM net revenue was $38.9 million, up 36% year-over-year.
Full-year 2026 product revenues, net guidance of $805 million to $825 million was reaffirmed; the company expects to update guidance after the AZSTARYS acquisition closes.
Collegium Pharmaceutical's board approved Michael Donovan, a former Ernst & Young audit partner, as a director nominee for the 2026 annual meeting. Director John Fallon, M.D., who has served since 2016, said he will not stand for re-election and will retire from the board at that meeting, which the company says reflects board refreshment and succession planning rather than any disagreement.
Board approved Michael Donovan's nomination on April 6, 2026, for election at the 2026 Annual Meeting of Shareholders
Donovan, 60, was an EY audit partner from 2002 and Office Managing Partner of EY's Kendall Square biotechnology office from 2014 to 2024
Dr. John Fallon advised the board on April 2, 2026, that he will retire at the annual meeting after serving as a director since 2016
The company says Fallon's departure is not the result of any disagreement with the company
Collegium Pharmaceutical agreed to acquire the AZSTARYS ADHD medicine business from Corium Therapeutics for $650 million in cash, with up to $135 million more in milestone payments. The deal is expected to close in the second quarter of 2026 and will be funded with cash on hand and a $300 million delayed draw term loan. The company expects the deal to be immediately accretive to adjusted EBITDA and net leverage of about two times at closing, so shareholders will face a large cash outlay and new debt tied to the company's projections.
Purchase price of $650 million in cash at closing, plus up to $135 million in milestone payments tied to commercial and regulatory goals
Funded by existing cash on hand and a $300 million delayed draw term loan at SOFR plus 3.25% at closing
AZSTARYS expected to generate over $50 million in second half 2026 pro forma net revenue, per the press release
Closing expected in the second quarter of 2026; Collegium would pay a $24 million termination fee in specified circumstances
Collegium reported fourth-quarter and full-year 2025 results on February 26, 2026. Product revenues grew 13% in the quarter and 24% for the year, led by Jornay PM, but full-year GAAP net income fell to $62.9 million from $69.2 million. The company reaffirmed its 2026 guidance for product revenues, Jornay PM revenues and adjusted EBITDA.
Q4 2025 product revenues, net were $205.4 million, up 13% year-over-year; Jornay PM revenue was $45.9 million, up 57%.
FY 2025 GAAP net income was $62.9 million, or $1.73 per diluted share, versus $69.2 million, or $1.86 per diluted share, in FY 2024.
2026 guidance reaffirmed: product revenues, net of $805 to $825 million and adjusted EBITDA of $455 to $475 million.
The company repurchased $25 million of shares in 2025 and ended the year with $386.7 million in cash, cash equivalents and marketable securities.
Collegium entered a $980 million credit agreement on December 23, 2025, with Truist Bank as administrative agent. The facility includes a $580 million term loan, a $300 million delayed draw term loan, and a $100 million revolving credit facility, and the company used the initial term loan to repay its existing credit agreement in full. The new loans carry interest at SOFR plus 2.75% to 3.75%, based on the company's leverage ratio, and the company says the lower rate is expected to produce meaningful annualized interest savings.
The $980 million facility includes a $580 million term loan, $300 million delayed draw term loan and $100 million revolver, with the last two undrawn at closing.
The initial term loan repaid the remaining balance of the existing loan, which the press release cites as approximately $581 million of principal, with the prepayment premium and make-whole amount also paid.
Interest is term SOFR plus a spread of 2.75% to 3.75%, based on the First Lien Net Leverage Ratio; the rate at closing was SOFR plus 2.75%.
Scheduled quarterly repayments begin March 31, 2026, and the company may repay the loans at any time without premium or penalty; the facility matures in 2030.
Collegium Pharmaceutical reported third-quarter 2025 results on November 6, 2025, with product revenues, net of $209.4 million, up 31% from a year earlier, and GAAP diluted earnings of $0.84 per share versus $0.27. The company raised its full-year 2025 product revenue guidance to $775 million to $785 million and its adjusted EBITDA guidance to $460 million to $470 million, which supports the outlook for shareholders.
Q3 2025 product revenues, net were $209.4 million versus $159.3 million in Q3 2024; Jornay PM net revenue was $41.8 million.
GAAP net income was $31.5 million, or $0.84 diluted EPS, versus $9.3 million, or $0.27, a year earlier; adjusted EPS was $2.25 versus $1.61.
Full-year 2025 product revenue guidance was raised to $775 million to $785 million from $745 million to $760 million; adjusted EBITDA guidance was raised to $460 million to $470 million from $440 million to $455 million.
Board authorized a share repurchase program of up to $150 million through December 31, 2026; cash, cash equivalents and marketable securities were $285.9 million at quarter end.
Collegium reported second-quarter 2025 product revenue of $188.0 million, up 29% from a year earlier, and raised its full-year 2025 product revenue guidance to $745 million to $760 million. GAAP net income fell to $12.0 million, or $0.34 per diluted share, from $19.6 million, or $0.52, a year earlier, as operating expenses rose. The company also authorized a $150 million share repurchase program running through December 31, 2026.
Q2 2025 product revenue of $188.0 million, up 29% year over year; Jornay PM net revenue of $32.6 million, with prescriptions up 23%
Full-year 2025 product revenue guidance raised to $745 million to $760 million, from $735 million to $750 million; adjusted EBITDA guidance raised to $440 million to $455 million
GAAP net income of $12.0 million ($0.34 diluted EPS) for Q2 2025, versus $19.6 million ($0.52) for Q2 2024
Board authorized a $150 million share repurchase program through December 31, 2026; cash and marketable securities were $222.2 million at June 30, 2025
At its May 15, 2025 annual meeting, Collegium Pharmaceutical shareholders elected all eight director nominees and approved the 2025 Equity Incentive Plan, which allows stock-based awards to officers, directors and employees. Shareholders also approved executive pay on an advisory basis and chose annual advisory votes on pay, and ratified Deloitte & Touche LLP as auditor for 2025.
Plan approval: 20,255,783 for, 7,143,482 against, 245,956 abstentions, 1,449,301 broker non-votes
Eight directors elected to serve until the 2026 Annual Meeting; Nancy Lurker received 25,089,514 for votes
Shareholders preferred an advisory pay vote every one year (26,389,740 votes)
29,094,522 of 32,131,798 eligible shares were present in person or by proxy
Collegium reported first-quarter 2025 product revenues, net of $177.8 million, up 23% from a year earlier, and reaffirmed its full-year 2025 guidance. GAAP net income fell to $2.4 million from $27.7 million, while adjusted earnings per share rose to $1.49 from $1.45, so shareholders face higher revenue alongside a sharp drop in reported profit. The board also authorized a $25.0 million accelerated share repurchase program.
Product revenues, net rose 23% to $177.8 million from $144.9 million in the first quarter of 2024.
GAAP net income was $2.4 million, or $0.07 diluted EPS, versus $27.7 million, or $0.71, a year earlier; intangible asset amortization and impairment was $55.5 million.
Adjusted EPS was $1.49 versus $1.45, and adjusted EBITDA was $95.2 million versus $92.4 million.
The company reaffirmed 2025 product revenues, net guidance of $735.0 million to $750.0 million and authorized a $25.0 million accelerated share repurchase.
Collegium Pharmaceutical said founder and Chairman Michael Heffernan and director Gwen Melincoff will not stand for re-election at the 2025 Annual Meeting. The board named lead independent director Gino Santini as Chairman effective after that meeting, and the company said the departures are part of board refreshment and succession planning, not a disagreement. The filing also announced David Dieter as Executive Vice President and General Counsel, effective March 17, 2025.
Michael Heffernan, founder and Chairman, advised the board on March 11, 2025 that he will retire at the Annual Meeting; he has served on the board since October 2003
Gwen Melincoff, a director since 2017, will also retire at the Annual Meeting
Gino Santini, lead independent director since 2018, becomes Chairman effective immediately after the Annual Meeting
Dr. Carlos Paya was nominated on March 14, 2025 to stand for election at the Annual Meeting; David Dieter became General Counsel on March 17, 2025
Collegium reported record fourth-quarter and full-year 2024 product revenues and reaffirmed its 2025 guidance. Q4 GAAP net income fell to $12.5 million from $31.9 million a year earlier, though full-year GAAP net income rose to $69.2 million from $48.2 million. Shirley Kuhlmann, executive vice president, chief administrative officer, general counsel and secretary, will leave the company effective March 7, 2025.
Q4 product revenues, net were $181.9 million, up 22% from $149.7 million; Q4 GAAP diluted EPS was $0.36 versus $0.82 a year earlier
Full-year 2024 product revenues, net were $631.4 million, up 11%; full-year GAAP net income was $69.2 million versus $48.2 million
2025 guidance reaffirmed: product revenues, net of $735.0 to $750.0 million and adjusted EBITDA of $435.0 to $450.0 million
Shirley Kuhlmann steps down effective March 7, 2025; her departure is treated as a termination without cause under her existing employment agreement
Collegium Pharmaceutical's board expanded from eight to nine directors and appointed Nancy Lurker as a director effective February 4, 2025. Ms. Lurker is a former CEO of EyePoint Pharmaceuticals and previously held senior roles at Novartis and other pharmaceutical companies, and the filing states she is independent under Nasdaq rules.
Board expanded from eight to nine directors; Nancy Lurker appointed effective February 4, 2025
Lurker receives a $50,000 annual cash retainer, prorated, plus restricted stock units with a $412,500 grant date value
Her restricted stock units vest on the first anniversary of the grant, subject to continued service; her term runs to the 2025 Annual Meeting
Collegium reported third-quarter 2024 product revenue of $159.3 million, up 17% year over year, while GAAP net income fell to $9.3 million from $20.6 million a year earlier. The company reaffirmed its full-year 2024 product revenue guidance of $620.0 million to $635.0 million and said Vikram Karnani will become President and Chief Executive Officer effective November 12, 2024, succeeding Michael Heffernan, who remains Chairman.
Q3 2024 product revenue was $159.3 million versus $136.7 million a year earlier; GAAP diluted EPS was $0.27 versus $0.53
Q3 2024 adjusted EBITDA was $105.1 million, up 18% from $89.4 million; GAAP operating expenses rose to $62.0 million from $35.3 million
Full-year 2024 guidance reaffirmed: product revenue $620.0 million to $635.0 million, adjusted EBITDA $395.0 million to $405.0 million
Karnani's agreement includes a $875,000 base salary, a 75% target bonus, a $500,000 signing bonus and $10 million in equity awards
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