Collegium 10-Q: Q3 Net Income $21.8M, EPS $0.60, $1.1B Debt Load Detailed
COLL is trading near its 52-week low of $21.43 (12% above the low).
Summary
Collegium's Q3 10-Q shows $216.3M revenue and $0.60 GAAP EPS, but adjusted EBITDA slipped to $121.6M from $133.0M as ADHD growth offset a shrinking pain portfolio and $1.1B of debt drove $21.9M of quarterly interest.
Key Events · Earnings and Guidance · COLL
-
Q3 Revenue $216.3M, EPS $0.60
Product revenues rose 3% to $216.3M from $209.4M; GAAP diluted EPS fell to $0.60 from $0.84 and net income to $21.8M from $31.5M.
-
Adjusted EBITDA Declines to $121.6M
Adjusted EBITDA fell $11.4M year-over-year from $133.0M; adjusted EPS was $1.96 versus $2.25, with adjusted operating expenses up $13.7M.
-
ADHD Franchise Offsets Pain Erosion
Jornay PM grew 24% to $51.9M and Azstarys added $26.5M in its first full quarter, while Nucynta branded revenue fell $28.2M on generic competition.
-
$1.1B Debt Load, $144.8M Cash
Term loans total $854.5M principal plus $241.5M of 2.875% converts due 2029; Q3 interest expense was $21.9M against $28.7M of operating income.
Analysis · COLL · Life Sciences
The 8-K this morning gave the headline (record $216.3M revenue, $0.60 EPS, guidance reaffirmed); this 10-Q is where the balance sheet and cash story actually live. Collegium carries roughly $1.1B of debt — $854.5M of term loans plus $241.5M of 2.875% converts due 2029 — against $144.8M of cash, so interest expense of $21.9M in the quarter eats most of $28.7M of operating income. The Azstarys deal ($655.6M cash, funded partly with a $300M delayed draw) is now fully in the numbers: $26.5M of Q3 revenue and $13.6M of quarterly amortization, while the legacy Nucynta franchise keeps shrinking as generics take hold. Two one-offs flatter the quarter: an $11.0M Grünenthal litigation charge (the $17.0M settlement was paid October 15) and a $21.0M non-cash Swiss tax benefit that turned a small pre-tax profit into $21.8M of net income. Strip those out and adjusted EBITDA fell to $121.6M from $133.0M a year ago — the real takeaway for anyone holding the stock.
How filings like this one have moved
In the 30 days to Nov 5, 2026, 33.4% of the 2397 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, COLL was trading at $23.97 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $770.6M. The 52-week trading range was $21.43 to $50.79. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.