Filing Flows › Collegium Pharmaceutical (COLL) › Q1 2026
Collegium Pharmaceutical (COLL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Collegium Pharmaceutical (COLL) reported revenue of $194M for the first quarter 2026 (Q1 2026), +9% from a year earlier and -6% from the quarter before. Operating margin was 16.0%, net earnings $14.5M (7.5% of revenue).
Collegium Pharmaceutical, Q1 2026: revenue $194M (+9% year over year), operating margin 16.0%, net earnings $14.5M, operating cash flow $57.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $194M | -6% | +9% |
| Gross profit | $117M | -9% | +20% |
| Operating profit | $30.9M | -49% | +42% |
| Net earnings | $14.5M | -15% | +500% |
| Operating cash flow | $57.1M | -54% | +3% |
| Free cash flow | $56.8M | -54% | +4% |
What changed
Revenue was $193.5M in Q1 2026, up 9% year over year and down 6% from the previous quarter. Belbuca was the largest line at 27% of revenue. Jornay PM added $10.4M year over year (up 36%), 66% of the total change. Nucynta ER declined 7%.
Gross margin was 60.6%, up 5.8 points from Q1 2025. Operating profit was $30.9M, a 16.0% margin (up 3.8 points year over year). Of the extra revenue versus Q1 2025, 58% reached operating profit, above the 12% margin then. Operating expenses grew 14% against revenue growth of 9%. Net earnings were $14.5M, up 500% year over year. The effective tax rate was 22.6%.
Operating cash flow was $57.1M (up 3% year over year), 394% of net earnings. Non-cash charges added back $55.9M of depreciation and amortization and $10.9M of share-based compensation. Working capital and other items used $24.2M. Capital expenditures of $270K left free cash flow of $56.8M.
Questions
What was Collegium Pharmaceutical's revenue in the first quarter 2026?
Collegium Pharmaceutical (COLL) reported revenue of $194M for the first quarter 2026 (Q1 2026), +9% from a year earlier and -6% from the quarter before.
Was Collegium Pharmaceutical profitable in the first quarter 2026?
Operating profit was $30.9M (16.0% of revenue) and net earnings $14.5M.