Collegium Pharmaceutical (NASDAQ:COLL) Reports Sales Below Analyst Estimates In Q2 CY2026 Earnings, Stock Drops
Collegium Pharmaceutical (NASDAQ:COLL) reported Q2 CY2026 revenue of $199.9 million, up 6.3% year on year but below analyst estimates. Full-year revenue guidance of $840 million midpoint was 3.4% under consensus. Non-GAAP EPS was $1.92, up from $1.68 and 8.8% above estimates. The stock fell 6.6% to $33.37.
How this was made
The 30-second read
Why it matters
Traders will likely focus on the gap between an EPS beat and a revenue miss, plus the full-year revenue guidance coming in below consensus and the reported margin contraction.
Market read
Q2 revenue missed estimates and FY revenue guidance underperformed consensus, while EPS beat, producing a mixed earnings signal that drove a notable single-day decline.
What to watch
The article highlights a sharp adjusted operating margin decline and FY EBITDA guidance shortfall, but does not quantify whether the margin drop is mix, one-time costs, or integration-related, which could change the forward outlook.
Background
Collegium Pharmaceutical is a specialty pharma company focused on abuse-deterrent opioid formulations and ADHD products, including JORNAY PM and AZSTARYS.
Ticker impact
Collegium Pharmaceutical reported Q2 CY2026 revenue of $199.9M, up 6.3% YoY, but below Wall Street estimates and guided FY revenue below consensus.
Bearish bias for the next few sessions as traders reprice FY revenue shortfall versus EPS beat, with attention on integration progress from the AZSTARYS acquisition.
The article cites a revenue miss, FY revenue midpoint 3.4% below estimates, and a large adjusted operating margin contraction, even though adjusted EPS beat by 8.8% and the stock fell 6.6% post-report.
Market effects
Signals pressure on specialty pharma revenue expectations and margin durability, even when EPS can beat via cost/tax/interest effects.
Primarily US small/mid-cap healthcare sentiment, with limited direct spillover implied by the article.
Low, as the disclosure is company-specific and not tied to global macro or regulatory actions.
Counterpoint
EPS beat and strong ADHD demand (record-high JORNAY PM prescriptions) could mean revenue weakness is temporary, with guidance potentially improving as AZSTARYS integration ramps.
Key entities
- companyCollegium Pharmaceutical
NASDAQ-listed specialty pharma reporting Q2 CY2026 results and full-year guidance.
- productJORNAY PM
ADHD product cited for record-high prescriptions and prescriber adoption.
- productAZSTARYS
Acquired asset whose integration is described as progressing well.