COLL Collegium Pharmaceutical, Inc.
Price Chart
Executive Summary
Collegium Pharmaceutical completed the acquisition of AZSTARYS, an ADHD treatment, from Corium Therapeutics for $650 million in cash, funded by existing cash and a new term loan. The company raised its 2026 guidance to reflect the deal, now expecting product revenues of $865-$895 million and adjusted EBITDA of $475-$500 million. The acquisition is expected to be immediately accretive and extends Collegium's revenue outlook with patent protection through 2037.
Key Financial Metrics
Actionable Insight
The acquisition is immediately accretive and extends Collegium's revenue runway with long patent protection. Watch for integration execution and prescription trends for AZSTARYS in upcoming quarters. The $300 million term loan increases leverage, but guided EBITDA of $475-$500 million provides strong coverage. Leadership departures are notable but appear orderly.
Key Facts
- Acquired AZSTARYS for $650 million in cash, funded by $350 million cash on hand and $300 million from a delayed draw term loan.
- Up to $135 million in additional milestone payments possible.
- AZSTARYS generated over 760,000 prescriptions in 2025; expected to contribute $60-$70 million in net revenue in H2 2026.
- 2026 guidance raised: product revenues $865-$895 million (from $805-$825 million); adjusted EBITDA $475-$500 million (from $455-$475 million).
- Annual run-rate synergies expected to exceed $50 million within 12 months.
- AZSTARYS has six Orange Book-listed patents, most expiring December 2037.
- Two leadership departures: CCO Scott Dreyer (end of August 2026) and CMO Thomas Smith (transition period).
Financial Impact
$650 million upfront cash acquisition, plus up to $135 million in milestones; 2026 revenue guidance raised by $60-$70 million; EBITDA guidance raised by $20-$25 million.
Risk Factors
- Integration risk: realizing $50 million+ synergies within 12 months may be challenging.
- Increased leverage from $300 million term loan; debt service costs could pressure margins.
- AZSTARYS revenue guidance of $60-$70 million for H2 2026 may be optimistic if prescription growth slows.
- Leadership departures of CCO and CMO could disrupt commercial and medical strategy.
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3292727 |
Track record builds as more directional reports settle.
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May 15, 2026
25d ago
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Insider Cluster
| $33.65 $33.78 | ▲ +0.39% | ▼ −1.23% | $33.27 (−1.13%) |
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May 12, 2026
28d ago
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Press Release
| $35.69 $33.65 | ▼ −5.72% | ▼ −5.79% | $33.27 (−6.78%) |
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May 11, 2026
29d ago
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| $35.81 $33.65 | ▼ −6.03% | ▼ −5.95% | $33.27 (−7.09%) |
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Apr 23, 2026
6w ago
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Press Release
| $32.28 $33.76 | ▲ +4.58% | ▲ +3.11% | $33.27 (+3.07%) |
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Apr 7, 2026
9w ago
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8-K
| $33.43 $34.93 | ▲ +4.49% | ▲ +0.97% | $33.27 (−0.48%) |
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Mar 19, 2026
11w ago
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Press Release
| $36.30 $33.42 | ▼ −7.93% | ▼ −5.72% | $33.27 (−8.35%) |
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Mar 3, 2026
14w ago
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Press Release
| $39.99 $36.61 | ▼ −8.45% | ▼ −7.97% | $33.27 (−16.80%) |
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Mar 3, 2026
14w ago
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Insider Cluster
| $39.99 $36.61 | ▼ −8.45% | ▼ −7.97% | $33.27 (−16.80%) |
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Feb 26, 2026
14w ago
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8-K
| $44.22 $37.28 | ▼ −15.69% | ▼ −14.57% | $33.27 (−24.76%) |
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