Every material Form 8-K Collegium Pharmaceutical filed with the SEC in 2026, 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.
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