Collegium Pharmaceutical, Inc (COLL) · Nov 5, 2026 · Earnings

Collegium earnings meet estimates as full-year guidance falls

In line — Adjusted EPS $1.96 vs ~$1.86 consensus; revenue $216M vs ~$216M consensus

Collegium earnings were broadly on target, but higher costs and weaker EBITDA prompted a lower full-year outlook despite ADHD growth.

Collegium is in the middle of a diversification push: it is using its pain portfolio’s cash generation to build a larger ADHD franchise around JORNAY PM and newly acquired AZSTARYS, while managing the debt and commercial costs that came with that expansion. The quarter shows the portfolio growing, but not yet at the profitability level implied by the earlier outlook.

The quarter was operationally in line, not a clean beat. Product revenue of $216 million was essentially equal to the published consensus of about $216 million, while adjusted EPS of $1.96 exceeded the roughly $1.86 consensus. Revenue grew only 3% year over year, and adjusted EBITDA declined 9% to about $122 million as adjusted operating expenses rose 25% to $69 million.

	Q3 2026	Q3 2025	Consensus / prior guidance
Product revenue, net (Financial Highlights)	$216M (+3%)	$209M	$216.03M
Adjusted EPS (Adjusted Net Income reconciliation)	$1.96	$2.25	~$1.86
Adjusted EBITDA (Financial Highlights)	$122M (-9%)	$133M
Adjusted operating expenses (Financial Highlights)	$69M (+25%)	$56M
2026 product revenue guidance (2026 Financial Guidance)	$825M-$855M	$781M actual	$865M-$895M prior
2026 adjusted EBITDA guidance (2026 Financial Guidance)	$445M-$470M	$460M actual	$475M-$500M prior

The more important news is the guidance reset. Collegium lowered full-year product-revenue guidance from $865 million-$895 million to $825 million-$855 million and adjusted EBITDA guidance from $475 million-$500 million to $445 million-$470 million. The revised revenue range is close to the current published annual consensus of about $832 million, but the reduction from the company’s own prior outlook signals that the commercial ramp and portfolio economics are taking longer or costing more than previously expected.

ADHD momentum is real, but the earnings burden is arriving before the payoff. JORNAY PM’s outlook calls for $190 million-$200 million of 2026 revenue, while AZSTARYS is expected to contribute $65 million-$75 million after its May acquisition. Prescriptions and market share for the ADHD portfolio improved, but AZSTARYS prescriptions rose only 2% year over year, leaving the acquired product more in stabilization mode than acceleration mode. The filing also says the company ended the quarter with $145 million of cash and securities and a 2.1x net-debt-to-adjusted-EBITDA ratio, so the issue is execution and margin delivery rather than an immediate liquidity problem.

The business is still advancing, but the trajectory is less efficient than expected. Revenue is growing and the ADHD franchise is gaining share, yet higher operating costs, acquisition-related expenses and litigation-related charges are weighing on reported profitability. That makes the guidance cut more consequential than the modest quarterly EPS beat: the market got roughly the quarter it expected, but a weaker earnings base for the remainder of 2026.

Bottom line: Collegium’s commercial story is progressing, especially in ADHD, but the lower outlook says the expansion is costing more and producing less EBITDA than previously planned. This is a mixed quarter that leans negative because the guidance cut outweighs the small EPS beat.

What to watch next

Q4 earnings and 2026 year-end results, early 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Collegium earnings meet estimates as full-year guidance falls

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