COLLEGIUM PHARMACEUTICAL, INC
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
COLL$24.21-3.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001558370-25-010649
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001104659-25-107391
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 87 previous paragraphs and 87 current paragraphs.
47 unchanged; 38 reworded; 2 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 51 previous and 50 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
Comparison of the nine months ended September 30, 2025 and September 30, 2024
Current report
*Investing activities.*Cash used in investing activities was $43.5 million for the 2025 Period, compared to $276.0 million for the 2024 Period. The $232.5 million decrease was primarily due to the 2024 Period including $267.5 million of cash used for the Ironshore Acquisition in September 2024, partially offset by a $35.0 million increase in cash used in investing in marketable securities.
Removed paragraphs (2)
Previous report
Comparison of the six months ended June 30, 2025 and June 30, 2024
Previous report
*Investing activities.*Cash used in investing activities was $12.6 million for the 2025 Period, compared to $27.0 million for the 2024 Period. The $14.4 million decrease was primarily due to decreases in purchases of marketable securities of $30.9 million, partially offset by decreases in cash provided from maturities of marketable securities of $16.4 million.
Reworded paragraphs (38)
Previous wording
Jornay PM is a central nervous system (“CNS”) stimulant prescription medicine that contains methylphenidate HCl, which was approved by the U.S. Food and Drug Administration (“FDA”) in August 2018 for the treatment of attention deficit hyperactivity disorder (“ADHD”) in people six years of age and older and currently the only FDA-approved stimulant medication that is dosed in the evening. We began recognizing product revenue related to Jornay PM in September 2024 following our acquisition of Ironshore Therapeutics Inc. (“Ironshore”) (the “Ironshore Acquisition”).
Current wording
Jornay PM is a central nervous system (“CNS”) stimulant prescription medicine that contains methylphenidate HCl, which was approved by the U.S. Food and Drug Administration (“FDA”) in August 2018 for the treatment of ADHD in people six years of age and older and currently the only FDA-approved stimulant medication that is dosed in the evening. We began recognizing product revenue related to Jornay PM in September 2024 following our acquisition of Ironshore Therapeutics Inc. (“Ironshore”) (the “Ironshore Acquisition”).
Previous wording
Product revenues, net were $188.0 million for the three months ended June 30, 2025 (the “2025 Quarter”), compared to $145.3 million for the three months ended June 30, 2024 (the “2024 Quarter”). The $42.7 million increase is primarily due to increased revenue for Jornay PM of $32.6 million, Xtampza ER of $8.0 million, the Nucynta Products of $2.0 million, and Belbuca of $0.4 million, partially offset by decreased revenue for Symproic of $0.3 million.
Current wording
Product revenues, net were $209.4 million for the three months ended September 30, 2025 (the “2025 Quarter”), compared to $159.3 million for the three months ended September 30, 2024 (the “2024 Quarter”). The $50.1 million increase is primarily due to increased revenue for Jornay PM of $33.8 million, the Nucynta Products of $9.7 million, Belbuca of $5.1 million, Xtampza ER of $1.0 million, and Symproic of $0.5 million.
Previous wording
The increase in revenue for Jornay PM of $32.6 million is due to the acquisition of the product from Ironshore in September 2024.
Current wording
The increase in revenue for Jornay PM of $33.8 million is due to the acquisition of the product from the Ironshore Acquisition in September 2024.
Previous wording
The increase in revenue for the Nucynta Products of $2.0 million is primarily due to lower gross-to-net adjustments related to provisions for rebates, including the recognition of $2.6 million related to certain rebate settlements during the quarter. In addition, revenue increased due to lower gross-to-net adjustments related to returns as well as higher gross price. These increases were partially offset by lower sales volume.
Current wording
The increase in revenue for the Nucynta Products of $9.7 million is primarily due to lower gross-to-net adjustments related to provisions for rebates, including the recognition of $2.8 million related to certain rebate settlements during the 2025 Quarter. In addition, revenue increased due to lower gross-to-net adjustments related to returns as well as higher gross price. These increases were partially offset by lower sales volume.
Previous wording
The increase in revenue for Belbuca of $1.4 million is primarily due to higher sales volume and gross price, partially offset by higher gross-to-net adjustments related to provisions for chargebacks.
Current wording
The increase in revenue for Belbuca of $5.1 million is primarily due to lower gross-to-net adjustments related to provisions for rebates, higher sales volume, and higher gross price, partially offset by higher gross-to-net adjustments related to provisions for chargebacks.
Previous wording
The increase in revenue for Xtampza ER of $8.0 million is primarily due to lower gross-to-net adjustments related to provisions for rebates, including the recognition of $2.4 million related to certain rebate settlements during the quarter. In addition, revenue increased due to higher gross price, partially offset by lower sales volume.
Current wording
The increase in revenue for Xtampza ER of $1.0 million is primarily due to lower gross-to-net adjustments related to provisions for rebates and higher gross price, partially offset by lower sales volume.
Previous wording
Cost of product revenues (excluding intangible asset amortization) was $24.1 million for the 2025 Quarter, compared to $20.0 million for the 2024 Quarter. The $4.1 million increase was primarily due to the 2025 Quarter including cost of product revenues from Jornay PM, which was acquired in September 2024 and included the recognition of $2.0 million related to the step-up basis in inventory.
Current wording
Cost of product revenues (excluding intangible asset amortization) was $24.7 million for the 2025 Quarter, compared to $21.7 million for the 2024 Quarter. The $3.0 million increase was primarily due to the 2025 Quarter including $3.1 million of royalty expense related to the Company’s license agreement with Grünenthal that is subject to future recovery, partially offset by lower current period royalty expense. In addition, cost of product revenues increased due to the 2025 Quarter including cost of product revenues from Jornay PM for a full quarter, which was acquired in September 2024.
Previous wording
Intangible asset amortization was $55.5 million for the 2025 Quarter, compared to $34.5 million for the 2024 Quarter. The $21.0 million increase was due to the 2025 Quarter including amortization from the intangible asset acquired in the Ironshore Acquisition in September 2024.
Current wording
Intangible asset amortization was $55.5 million for the 2025 Quarter, compared to $40.8 million for the 2024 Quarter. The $14.7 million increase was due to the 2025 Quarter including a full quarter of amortization from the intangible asset acquired in the Ironshore Acquisition in September 2024.
Previous wording
Selling, general and administrative expenses were $73.6 million for the 2025 Quarter, compared to $43.3 million for the 2024 Quarter. The $30.3 million increase was primarily related to:
Current wording
Selling, general and administrative expenses were $67.1 million for the 2025 Quarter, compared to $62.0 million for the 2024 Quarter. The $5.1 million increase was primarily related to:
Previous wording
Gain on fair value remeasurement of contingent consideration was $0.4 million in the 2025 Quarter, compared to none in the 2024 Quarter. The $0.4 million increase was due to the revaluation of the contingent consideration associated with the Ironshore Acquisition.
Current wording
Gain on fair value remeasurement of contingent consideration was less than $0.1 million in the 2025 Quarter, compared to none in the 2024 Quarter. The increase was due to the revaluation of the contingent consideration associated with the Ironshore Acquisition in September 2024.
Previous wording
Interest expense was $20.5 million for the 2025 Quarter, compared to $15.6 million for the 2024 Quarter. The $4.9 million increase was primarily due to the 2025 Quarter including $3.5 million of interest expense related to the deferred royalty obligation that was assumed as part of the Ironshore Acquisition in September 2024. Interest expense from term loans was materially consistent in the 2025 Quarter compared to the 2024 Quarter due to the refinancing of our term loan in the third quarter of 2024, which resulted in a lower interest rate offset by a higher principal balance.
Current wording
Interest expense was $21.8 million for the 2025 Quarter, compared to $18.4 million for the 2024 Quarter. The $3.4 million increase was primarily due to a $2.2 million increase in interest expense related to the deferred royalty obligation that was assumed as part of the Ironshore Acquisition in September 2024. Interest expense from term loans was materially consistent in the 2025 Quarter compared to the 2024 Quarter due to the refinancing of our term loan in the third quarter of 2024, which resulted in a lower interest rate offset by a higher principal balance.
Previous wording
Interest income was $2.4 million for the 2025 Quarter, compared to $4.4 million for the 2024 Quarter. The $2.0 million decrease was primarily due to a lower overall balance invested in the 2025 Quarter compared to the 2024 Quarter as well as lower interest rates earned on cash equivalents and marketable securities.
Current wording
Interest income was $3.1 million for the 2025 Quarter, compared to $3.3 million for the 2024 Quarter. The $0.2 million decrease was primarily due to lower interest rates earned on cash equivalents and marketable securities in the 2025 Quarter compared to the 2024 Quarter.
Previous wording
There was no loss on extinguishment of debt in the 2025 Quarter, compared to $7.2 million in the 2024 Quarter. The $7.2 million decrease was due to the 2024 Quarter including a $7.2 million loss on extinguishment resulting from the remaining $26.4 million of convertible notes due in 2026 (“2026 Convertible Notes”) that were redeemed.
Current wording
There was no loss on extinguishment of debt in the 2025 Quarter, compared to $4.1 million in the 2024 Quarter. The $4.1 million decrease was due to the 2024 Quarter including a $4.1 million loss on extinguishmentdue to the extinguishment of assumed debt from the Ironshore Acquisition during the 2024 Quarter.
Previous wording
The provision for income taxes was $5.0 million for the 2025 Quarter, compared to $9.5 million for the 2024 Quarter. The $4.5 million decrease is primarily due to lower earnings before taxes in the 2025 Quarter compared to the 2024 Quarter, as well as the impact of discrete nondeductible costs associated with debt extinguishment in the 2024 Quarter. The effective tax rate was 29.6% and 32.6% in the 2025 Quarter and 2024 Quarter, respectively.
Current wording
The provision for income taxes was $11.9 million for the 2025 Quarter, compared to $6.2 million for the 2024 Quarter. The $5.7 million increase is primarily due to higher earnings before taxes in the 2025 Quarter compared to the 2024 Quarter, partially offset by the impact of discrete nondeductible costs associated with debt extinguishment in the 2024 Quarter. The effective tax rate was 27.5% and 40.1% in the 2025 Quarter and 2024 Quarter, respectively.
Previous wording
Product revenues, net were $365.8 million for the six months ended June 30, 2025 (the “2025 Period”), compared to $290.2 million for the six months ended June 30, 2024 (the “2024 Period”). The $75.6 million increase is primarily due to increased revenue for Jornay PM of $61.2 million, Xtampza ER of $9.9 million, Nucynta Products of $3.9 million, Belbuca of $1.4 million, partially offset by decreased revenue for Symproic of $0.8 million.
Current wording
Product revenues, net were $575.1 million for the nine months ended September 30, 2025 (the “2025 Period”), compared to $449.5 million for the nine months ended September 30, 2024 (the “2024 Period”). The $125.6 million increase is primarily due to increased revenue for Jornay PM of $95.0 million, Nucynta Products of $13.6 million, Xtampza ER of $10.8 million, Belbuca of $6.5 million, partially offset by decreased revenue for Symproic of $0.3 million.
Previous wording
The increase in revenue for Jornay PM of $61.2 million is due to the acquisition of the product from Ironshore in September 2024.
Current wording
The increase in revenue for Jornay PM of $95.0 million is due to the acquisition of the product from the Ironshore Acquisition in September 2024.
Previous wording
The increase in revenue for the Nucynta Products of $3.9 million is primarily due to lower gross-to-net adjustments related to provisions for rebates, including the recognition of $3.3 million related to certain rebate settlements during the period, as well as lower returns and higher gross price. These increases were partially offset by lower sales volume and higher gross-to-net adjustments related to provisions for rebates.
Current wording
The increase in revenue for the Nucynta Products of $13.6 million is primarily due to lower gross-to-net adjustments related to provisions for rebates. In addition, revenue increased due to lower gross-to-net adjustments related to returns as well as higher gross price. These increases were partially offset by lower sales volume.
Previous wording
The increase in revenue for Xtampza ER of $9.9 million is primarily due to lower gross-to-net adjustments related to provisions for rebates, including the recognition of $3.2 million related to certain rebate settlements during the period. In addition, revenue increased due to higher gross price partially offset by lower sales volume.
Current wording
The increase in revenue for Xtampza ER of $10.8 million is primarily due to lower gross-to-net adjustments related to provisions for rebates, including the recognition of $3.2 million related to certain rebate settlements during the period. In addition, revenue increased due to higher gross price partially offset by lower sales volume.
Previous wording
The decrease in revenue for Symproic of $0.8 million is primarily due to lower sales volume and higher gross-to-net adjustments related to provisions for chargebacks, partially offset by higher gross price.
Current wording
The increase in revenue for Belbuca of $6.5 million is primarily due to lower gross-to-net adjustments related to provisions for rebates and higher gross price, partially offset by higher gross-to-net adjustments related to provisions for chargebacks and lower sales volume.
Previous wording
Cost of product revenues (excluding intangible asset amortization) was $49.1 million for the 2025 Period, compared to $38.9 million for the 2024 Period. The $10.2 million increase was primarily due to the 2025 Period including cost of product revenues from Jornay PM, which was acquired in September 2024 and included the recognition of $5.4 million related to the step-up basis in inventory.
Current wording
Cost of product revenues (excluding intangible asset amortization) was $73.8 million for the 2025 Period, compared to $60.6 million for the 2024 Period. The $13.2 million increase was primarily due to the 2025 Period including cost of product revenues from Jornay PM, which was acquired in September 2024 and included an additional $4.1 million related to the step-up basis in inventory. In addition, cost of product revenues increased due to the 2025 Period including $3.1 million of royalty expense related to the Company’s license agreement with Grünenthal that is subject to future recovery, partially offset by lower current period royalty expense.
Previous wording
Intangible asset amortization was $110.9 million for the 2025 Period, compared to $69.0 million for the 2024 Period. The $41.9 million increase was due to the 2025 Period including amortization from the intangible asset acquired in the Ironshore Acquisition in September 2024.
Current wording
Intangible asset amortization was $166.4 million for the 2025 Period, compared to $109.8 million for the 2024 Period. The $56.6 million increase was due to the 2025 Period including a full quarter of amortization from the intangible asset acquired in the Ironshore Acquisition in September 2024.
Previous wording
Selling, general and administrative expenses were $150.1 million for the 2025 Period, compared to $85.3 million for the 2024 Period. The $64.8 million increase was primarily related to:
Current wording
Selling, general and administrative expenses were $217.2 million for the 2025 Period, compared to $147.3 million for the 2024 Period. The $69.9 million increase was primarily related to:
Previous wording
Gain on fair value remeasurement of contingent consideration was $1.1 million in the 2025 Period, compared to none in the 2024 Period. The $1.1 million increase was due to the revaluation of the contingent consideration associated with the Ironshore Acquisition.
Current wording
Gain on fair value remeasurement of contingent consideration was $1.2 million in the 2025 Period, compared to none in the 2024 Period. The $1.2 million increase was due to the revaluation of the contingent consideration associated with the Ironshore Acquisition.
Previous wording
Interest expense was $41.3 million for the 2025 Period, compared to $32.9 million for the 2024 Period. The $8.4 million increase was primarily due to higher interest expense of $7.1 million related to the deferred royalty obligation that was assumed as part of the Ironshore Acquisition in September 2024, and partially offset bylower interest expense associated with the 2022 Term Loan as a result of a lower overall principal balance.
Current wording
Interest expense was $63.0 million for the 2025 Period, compared to $51.3 million for the 2024 Period. The $11.7 million increase was primarily due to higher interest expense of $9.3 million related to the deferred royalty obligation that was assumed as part of the Ironshore Acquisition in September 2024. In addition, interest expense from term loans increased due to an overall higher principal balance in the 2025 Period compared to the 2024 Period, partially offset bylower interest rates following the refinancing of our term loan in the third quarter of 2024.
Previous wording
Interest income was $4.6 million for the 2025 Period, compared to $8.9 million for the 2024 Period. The $4.3 million decrease was primarily due to a lower overall balance invested in the 2025 Period compared to the 2024 Period as well as lower interest rates earned on cash equivalents and marketable securities.
Current wording
Interest income was $7.7 million for the 2025 Period, compared to $12.2 million for the 2024 Period. The $4.5 million decrease was primarily due to lower interest rates earned on cash equivalents and marketable securities as well as a lower overall balance invested in the 2025 Period compared to the 2024 Period.
Previous wording
There was no loss on extinguishment of debt in the 2025 Period, compared to $7.2 million in the 2024 Period. The $7.2 million decrease was due to the 2024 Period including a $7.2 million loss on extinguishment resulting from the remaining $26.4 million of 2026 Convertible Notes that were redeemed.
Current wording
There was no loss on extinguishment of debt in the 2025 Period, compared to $11.3 million in the 2024 Period. The $11.3 million decrease was due to the 2024 Period including, the remaining $26.4 million of convertible notes due in 2026 were redeemed, resulting in a $7.2 million loss on extinguishment as well as assumed debt from the Ironshore Acquisition was extinguished, resulting in a loss on extinguishment of $4.1 million in the 2024 Period.
Previous wording
The provision for income taxes was $5.7 million for the 2025 Period, compared to $18.4 million for the 2024 Period. The $12.7 million decrease is primarily due to lower earnings before taxes in the 2025 Period compared to the 2024 Period. The effective tax rate was 28.5% and 28.0% in the 2025 Period and 2024 Period, respectively.
Current wording
The provision for income taxes was $17.7 million for the 2025 Period, compared to $24.6 million for the 2024 Period. The $6.9 million decrease is primarily due to lower earnings before taxes in the 2025 Period compared to the 2024 Period, as well as the impact of discrete nondeductible costs associated with debt extinguishment in the 2024 Period. The effective tax rate was 27.8% and 30.3% in the 2025 Period and 2024 Period, respectively.
Previous wording
In July 2024, we amended and replaced our existing term loan with a $645.8 million secured term loan (the “2024 Term Loan”), consisting of a $320.8 million initial term loan and a $325.0 million delayed draw term loan. We used the proceeds of the initial term loan to refinance in full all outstanding indebtedness under our prior term loan. We used the proceeds of the delayed draw term loan to fund a portion of the consideration to complete the Ironshore Acquisition and, pay fees and expenses in connection with the Ironshore Acquisition and the 2024 Term Loan. We will use the remainder for general corporate purposes. As of June 30, 2025, the outstanding principal balance of the 2024 Term Loan was $613.5 million. The 2024 Term Loan is scheduled to mature on July 28, 2029 (provided, however, that if the aggregate principal amount outstanding under the 2029 Convertibles Notes is more than $50.0 million as of November 18, 2028, then the 2024 Term Loan will mature on November 18, 2028). We are required to pay the principal balance under the 2024 Term Loan in equal quarterly installments of $16.1 million with a $387.5 million final payment due at maturity.
Current wording
In July 2024, we amended and replaced our existing term loan with a $645.8 million secured term loan (the “2024 Term Loan”), consisting of a $320.8 million initial term loan and a $325.0 million delayed draw term loan. We used the proceeds of the initial term loan to refinance in full all outstanding indebtedness under our prior term loan. We used the proceeds of the delayed draw term loan to fund a portion of the consideration to complete the Ironshore Acquisition and, pay fees and expenses in connection with the Ironshore Acquisition and the 2024 Term Loan. We will use the remainder for general corporate purposes. As of September 30, 2025, the outstanding principal balance of the 2024 Term Loan was $581.3 million. The 2024 Term Loan is scheduled to mature on July 28, 2029 (provided, however, that if the aggregate principal amount outstanding under the 2029 Convertibles Notes is more than $50.0 million as of November 18, 2028, then the 2024 Term Loan will mature on November 18, 2028). We are required to pay the principal balance under the 2024 Term Loan in equal quarterly installments of $16.1 million with a $387.5 million final payment due at maturity.
Previous wording
As of June 30, 2025, we had $222.2 million in cash, cash equivalents, and marketable securities. We believe that ourcash, cash equivalents, and marketable securities as of June 30, 2025, together with expected cash inflows from operations, will enable us to fund our operating expenses, debt service, and capital expenditure requirements under our current business planfor the foreseeable future.
Current wording
As of September 30, 2025, we had $285.9 million in cash, cash equivalents, and marketable securities. We believe that ourcash, cash equivalents, and marketable securities as of September 30, 2025, together with expected cash inflows from operations, will enable us to fund our operating expenses, debt service, and capital expenditure requirements under our current business planfor the foreseeable future.
Previous wording
Operating activities. Cash provided by operating activities was $127.8 million for the 2025 Period, compared to $129.3 million for the 2024 Period. The $1.5 million decrease was primarily due to changes in working capital, partially offset by the increase in cash flow from operating results after adjustment for non-cash items that are included in net income. The changes in working capital were primarily driven by the change in prepaid expenses, which was impacted by the timing and payment of prepaid co-pay program expenses associated with our products.
Current wording
Operating activities. Cash provided by operating activities was $206.3 million for the 2025 Period, compared to $120.3 million for the 2024 Period. The $86.0 million increase was primarily due to the increase in cash flow from operating results after adjustment for non-cash items that are included in net income as well as due to changes in working capital, which were significantly impacted by the payment of assumed liabilities from Ironshore in the 2024 Period.
Previous wording
Financing activities. Cash used in financing activities was $73.6 million for the 2025 Period, compared to $168.4 million in the 2024 Period. The $94.8 million decrease was primarily due to:
Current wording
Financing activities. Cash used in financing activities was $88.4 million for the 2025 Period, compared to $19.3 million in the 2024 Period. The $69.1 million increase was primarily due to:
Previous wording
Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024 was as follows:
Current wording
Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 was as follows:
Previous wording
Adjusted EBITDA was $105.1 million for the 2025 Quarter compared to $96.0 million for the 2024 Quarter. The $9.1 million increase was primarily due to higher product revenues of $42.7 million, partially offset by higher adjusted operating expenses of $31.6 million and higher cost of product revenues (excluding intangible asset amortization and recognition of step-up basis inventory) of $2.2 million.
Current wording
Adjusted EBITDA was $133.0 million for the 2025 Quarter compared to $105.1 million for the 2024 Quarter. The $27.9 million increase was primarily due to higher product revenues of $50.1 million, partially offset by higher adjusted operating expenses of $20.9 million and higher cost of product revenues (excluding intangible asset amortization, recognition of step-up basis inventory, and contingencies) of $1.2 million.
Previous wording
Adjusted EBITDA was $200.2 million for the 2025 Period compared to $188.4 million for the 2024 Period. The $11.8 million increase was primarily due to higher product revenues of $75.6 million, partially offset by higher adjusted operating expenses of $59.3 million and higher cost of product revenues (excluding intangible asset amortization and recognition of step-up basis inventory) of $4.8 million.
Current wording
Adjusted EBITDA was $333.2 million for the 2025 Period compared to $293.5 million for the 2024 Period. The $39.7 million increase was primarily due to higher product revenues of $125.6 million, partially offset by higher adjusted operating expenses of $80.3 million and higher cost of product revenues (excluding intangible asset amortization, recognition of step-up basis inventory, and contingencies) of $6.0 million.
Previous wording
Adjusted operating expenses for the three and six months ended June 30, 2025 and 2024 were as follows:
Current wording
Adjusted operating expenses for the three and nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
Adjusted operating expenses were $61.9 million in the 2025 Quarter compared to $30.3 million in the 2024 Quarter. The $31.6 million increase was primarily driven by:
Current wording
Adjusted operating expenses were $55.7 million in the 2025 Quarter compared to $34.8 million in the 2024 Quarter. The $20.9 million increase was primarily driven by:
Previous wording
Adjusted operating expenses were $124.1 million in the 2025 Period compared to $64.8 million in the 2024 Period. The $59.3 million increase was primarily driven by:
Current wording
Adjusted operating expenses were $179.8 million in the 2025 Period compared to $99.5 million in the 2024 Period. The $80.3 million increase was primarily driven by:
Previous wording
Adjusted net income and adjusted earnings per share for the three and six months ended June 30, 2025 and 2024 were as follows:
Current wording
Adjusted net income and adjusted earnings per share for the three and nine months ended September 30, 2025 and 2024 were as follows: