COLLEGIUM PHARMACEUTICAL, INC
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 2026
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 2025-09-30; filed 2025-11-06.
0001104659-25-107391
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001628280-26-031697
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 105 current paragraphs.
36 unchanged; 20 reworded; 49 added; 29 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 50 previous and 5 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 (49)
Current report
We have entered into an authorized generic agreement with Hikma Pharmaceuticals USA Inc. (“Hikma”), pursuant to which we granted Hikma rights relating to an authorized generic version of the Nucynta Products in the United States. Hikma launched a generic version of Nucynta IR on February 25, 2026 and a generic version of Nucynta ER on March 11, 2026.
Current report
On March 19, 2026, the Company entered into an Equity Purchase Agreement (the “Azstarys Purchase Agreement”) with Corium Therapeutics Holdings, LLC and Corium, LLC. Pursuant to the terms of the Azstarys Purchase Agreement, the Company will acquire AZSTARYS®, a central nervous system stimulant prescription medicine used for the treatment of ADHD, further expanding the Company's commercial presence in neuropsychiatry, for $650 million in cash (the “Azstarys Acquisition”), subject to customary purchase price adjustments. The Azstarys Purchase Agreement also provides for potential regulatory and commercial milestone payments of up to $135 million in the aggregate in cash to be made to Corium, LLC upon the achievement of such milestones. The all-cash upfront consideration is expected to be funded by a combination of the Company’s existing cash and borrowings under the Delayed Draw Term Loan provided for in the Company's 2025 Credit Facility (as defined below). The transaction is expected to close in the second quarter of 2026, subject to satisfaction of closing conditions.
Current report
The increase in revenue for Jornay PM of $10.4 million is primarily due to higher sales volume, lower gross-to-net adjustments related to provisions for co-pay program incentives, and higher gross price, partially offset by higher gross-to-net adjustments related to provisions for rebates and product returns.
Current report
The increase in revenue for Symproic of $1.4 million is primarily due to lower gross-to-net adjustments related to provisions for product returns, higher gross price, and higher sales volume, partially offset by higher gross-to-net adjustments related to provisions for rebates.
Current report
The decrease in revenue for the Nucynta Products of $0.1 million is primarily due to the decrease in branded product revenue of $2.8 million, partially offset by the increase in authorized generic product revenue of $2.7 million. The decrease in Nucynta branded product revenue was primarily due to lower sales volume and higher gross-to-net adjustments related to provisions for returns, chargebacks, and co-pay program incentives, partially offset by higher gross price and lower gross-to-net adjustments related to provisions for rebates. The increase in Nucynta AG product revenue was due to the launch of the authorized generic products in the 2026 Quarter.
Current report
Cost of product revenues (excluding intangible asset amortization) was $20.8 million for the 2026 Quarter, compared to $25.0 million for the 2025 Quarter. The $4.2 million decrease was primarily due to the 2025 Quarter including $3.5 million related to the step-up basis in inventory.
Current report
Intangible asset amortization was $55.5 million for both the 2026 Quarter and the 2025 Quarter and includes amortization of the intangible asset related to Jornay PM acquired from the Ironshore Acquisition in September 2024, as well as amortization of intangible assets related to Belbuca, the Nucynta Products, and Symproic. Intangible asset amortization related to Belbuca and the Nucynta Products is expected to be fully amortized during 2026.
Current report
•an increase in acquisition-related expenses of $4.9 million primarily due to expenses incurred related to the Azstarys Acquisition;
Current report
•an increase in salaries, wages and benefits of $4.3 million, primarily due to additional headcount, including the expansion of the sales force that promotes Jornay PM that occurred late in the first quarter of 2025;
Current report
•an increase in sales and marketing expenses of $3.4 million, primarily due to expenses incurred to support Jornay PM, including supporting the expansion of the sales force that promotes Jornay PM that occurred late in the first quarter of 2025; partially offset by
Current report
•a decrease in product taxes and fees of $0.9 million, primarily due to lower expenses associated with state-regulated opioid fees and lower federal branded prescription drug fees;
Current report
•a decrease in post-marketing requirement expense of $0.8 million, primarily due to the timing of post-marketing requirement trial activities related to Jornay PM; and
Current report
•a decrease in audit and legal fees of $0.6 million, primarily due to lower accounting and tax expenses.
Current report
Interest expense was $15.9 million for the 2026 Quarter, compared to $20.8 million for the 2025 Quarter. The $4.9 million decrease was primarily due to a lower interest rate in 2026 following the refinancing of its 2024 Term Loan in December 2025 and a lower overall principal balance of debt.
Current report
In December 2025, we entered into the 2025 Credit Agreement, which consists of the $580.0 million 2025 Term Loan, a $300.0 million of delayed draw term loan commitments, and a $100.0 million revolving credit facility, which was fully available as of March 31, 2026. The 2025 Term Loan was used to repay in full the remaining outstanding obligations under the 2024 Term Loan and to pay fees and expenses relating to the entry into the 2025 Credit Agreement and the remainder for general corporate purposes.
Current report
As of March 31, 2026, the outstanding principal balance of the 2025 Term Loan was $572.8 million, of which $32.6 million in principal payments are due within the next 12 months.
Current report
Investing activities. Cash provided by investing activities was $1.6 million for the 2026 Period, compared to cash used in investing activities of $9.7 million for the 2025 Period. The $11.3 million increase was primarily due to an increase in cash flows due to lower purchases of marketable securities of $7.8 million and higher maturities of marketable securities of $3.0 million.
Current report
•expected operating expenses to manufacture and commercialize our products and to operate our organization;
Current report
•repayment of outstanding principal amounts and interest in connection with our 2025 Term Loan and 2029 Convertible Notes;
Current report
•royalties we pay on sales of certain products within our portfolio;
Current report
•operating lease obligations;
Current report
•minimum purchase obligations in connection with our contract manufacturer;
Current report
•cash paid for income taxes;
Current report
•deferred royalty obligation in connection with Jornay PM; and
Current report
•contingent payment upon the achievement of a financial milestone based on net revenues of Jornay PM.
Current report
•the upfront cash consideration for the Azstarys Acquisition, which is expected to close in the second quarter of 2026 and be funded using a combination of our existing cash and borrowings under the delayed draw term loan provided for in our Credit Agreement entered into in December 2025;
Current report
•we may enter into business development transactions, including the acquisitions, collaborations, licensing arrangements and equity investments, that require additional capital;
Current report
•any judgments rendered against us in connection with any of the litigation matters set forth in Note 16, Commitments and Contingencies, to our financial statements; and
Current report
•in July 2025, our Board of Directors authorized a new share repurchase program for the repurchase of up to $150.0 million of shares of our common stock through December 31, 2026. Future share repurchases will depend upon, among other factors, our cash balances and potential future capital requirements, our results of operations and financial conditions, the price of our common stock on the NASDAQ Global Select Market, and other factors that we may deem relevant.
Current report
•adjusted EBITDA excludes depreciation and amortization, and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA;
Current report
•adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs;
Current report
•adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes;
Current report
•adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;
Current report
•we exclude stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; and (ii) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position;
Current report
•we exclude impairment expenses from adjusted EBITDA and, although these are non-cash expenses, the asset(s) being impaired may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA;
Current report
•we exclude restructuring expenses from adjusted EBITDA. Restructuring expenses primarily include employee severance and contract termination costs that are not related to acquisitions. The amount and/or frequency of these restructuring expenses are not part of our underlying business;
Current report
•we exclude litigation settlements and contingencies that are subject to recovery from adjusted EBITDA, as well as any applicable income items, credit adjustments, or recoveries due to subsequent changes in estimates. This does not include our legal fees to defend claims, which are expensed as incurred;
Current report
•we exclude acquisition related expenses as the amount and/or frequency of these expenses are not part of our underlying business. Acquisition related expenses include transaction costs, which primarily consisted of financial advisory, banking, legal, and regulatory fees, and other consulting fees, incurred to complete the acquisition, employee-related expenses (severance cost and benefits) for terminated employees after the acquisition, legal defense expenses for specific acquired claims that relate to acts that occurred prior to our acquisition, and miscellaneous other acquisition related expenses incurred;
Current report
•we exclude recognition of the step-up basis in inventory from acquisitions (i.e., the adjustment to record inventory from historic cost to fair value at acquisition) as the adjustment does not reflect the ongoing expense associated with sale of our products as part of our underlying business;
Current report
•we exclude losses on extinguishments of debt as these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis;
Showing the first 40 of 49 passages. Open the source sections for the rest.
Removed paragraphs (29)
Previous report
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 report
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 report
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 report
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 report
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 report
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 report
Loss on extinguishment of debt
Previous report
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 report
Comparison of the nine months ended September 30, 2025 and September 30, 2024
Previous report
Product revenues, net
Previous report
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 report
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 report
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 report
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 report
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 report
Cost of product revenues
Previous report
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 report
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 report
Operating Expenses
Previous report
Interest expense and Interest income
Previous report
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 report
Loss on extinguishment of debt
Previous report
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 report
Taxes
Previous report
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 report
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 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.
Previous report
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 report
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:
Reworded paragraphs (20)
Previous wording
We are building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. We have developed, licensed, and acquired a portfolio of meaningfully differentiated products for use in the treatment of moderate to severe pain and attention deficit hyperactivity disorder (“ADHD”), consisting of Jornay PM, Belbuca, Xtampza ER, Nucynta ER and Nucynta IR (collectively the “Nucynta Products”), and Symproic, in the United States.
Current wording
Our mission is to build a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. We have developed, licensed, and acquired a portfolio of meaningfully differentiated products for use in the treatment of attention deficit hyperactivity disorder (“ADHD”) and moderate to severe pain. We commercialize our products, consisting of Jornay PM, Belbuca, Xtampza ER, Nucynta ER, Nucynta IR, Nucynta ER Authorized Generic(“AG”), and Nucynta IR AG (collectively the “Nucynta Products”), and Symproic, in the United States.
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 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, a Schedule II methylphenidate, 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
Xtampza ER, an abuse-deterrent, oral formulation of oxycodone, was approved by the FDA in April 2016 for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic and for which alternative treatment options are inadequate. We commercially launched Xtampza ER in June 2016.
Current wording
Xtampza ER, an abuse-deterrent, extended-release, oral formulation of oxycodone, is a Schedule II opioid and was approved by the FDA in April 2016 for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic and for which alternative treatment options are inadequate. We commercially launched Xtampza ER in June 2016.
Previous wording
The Nucynta Products are extended-release (“ER”) and immediate-release (“IR”) formulations of tapentadol. Nucynta ER is indicated for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic, including neuropathic pain associated with diabetic peripheral neuropathy in adults, and for which alternate treatment options are inadequate. Nucynta IR is indicated for the management of acute pain severe enough to require an opioid analgesic and for which alternative treatments are inadequate in adults and pediatric patients aged 6 years and older with a body weight of at least 40 kg. We began shipping and recognizing product revenue on the Nucynta Products in January 2018 and began marketing the Nucynta Products in February 2018. In August 2023, the FDA granted New Patient Population exclusivity in pediatrics for Nucynta IR. This grant extended the period of U.S. exclusivity for Nucynta IR from June 27, 2025 to July 3, 2026. In June 2024, the FDA granted pediatric exclusivity to the Nucynta Products for an additional six months, to January 3, 2027 for Nucynta IR and December 27, 2025 for Nucynta ER.
Current wording
The Nucynta Products are extended-release (“ER”) and immediate-release (“IR”) oral formulations of tapentadol, a Schedule II opioid. In November 2008, the FDA approved Nucynta ER and Nucynta IR. Nucynta ER is indicated for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic, including neuropathic pain associated with diabetic peripheral neuropathy in adults, and for which alternate treatment options are inadequate. Nucynta IR is indicated for the management of acute pain severe enough to require an opioid analgesic and for which alternative treatments are inadequate in adults and pediatric patients aged 6 years and older with a body weight of at least 40 kg. We began shipping and recognizing product revenue on the Nucynta Products in January 2018 and began marketing the Nucynta Products in February 2018. In August 2023, the FDA granted New Patient Population exclusivity for Nucynta IR in pediatric patients. This grant extended the period of U.S. exclusivity for Nucynta IR from June 27, 2025 to July 3, 2026. In June 2024, the FDA granted pediatric exclusivity to the Nucynta Products for an additional six months, to January 3, 2027 for Nucynta IR and December 27, 2025 for Nucynta ER. In January 2026, a generic version of Nucynta IR 50mg, 75mg, and 100mg tablets was approved under an abbreviated New Drug Application (“ANDA”) filed by a third-party with the FDA which carves out pediatric use from its label.
Previous wording
Symproic was approved by the FDA in March 2017 for the treatment of opioid-induced constipation (“OIC”) in adult patients with chronic non-cancer pain, including patients with chronic pain related to prior cancer or its treatment who do not require frequent (e.g., weekly) opioid dosage escalation. We began shipping and recognizing product revenue related to Symproic in March 2022 following our acquisition of BDSI.
Current wording
Symproic, an oral formulation of naldemedine, was approved by the FDA in March 2017 for the treatment of opioid-induced constipation (“OIC”) in adult patients with chronic non-cancer pain, including patients with chronic pain related to prior cancer or its treatment who do not require frequent (e.g., weekly) opioid dosage escalation. We began shipping and recognizing product revenue related to Symproic in March 2022 following our acquisition of BDSI.
Previous 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.
Current wording
Product revenues, net were $193.5 million for the three months ended March 31, 2026 (the “2026 Quarter”), compared to $177.8 million for the three months ended March 31, 2025 (the “2025 Quarter”). The $15.7 million increase is primarily due to increased revenue for Jornay PM of $10.4 million, Xtampza ER of $3.1 million, Symproic of $1.4 million, and Belbuca of $1.0 million, partially offset by the decreased revenue for Nucynta Products of $0.1 million.
Previous 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.
Current wording
The increase in revenue for Xtampza ER of $3.1 million is primarily due to higher gross price and lower gross-to-net adjustments related to provisions for rebates, partially offset by lower sales volume.
Previous 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.
Current wording
The increase in revenue for Belbuca of $1.0 million is primarily due to higher gross price and higher sales volume, partially offset by higher gross-to-net adjustments related to provisions for chargebacks and co-pay program incentives.
Previous 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:
Current wording
Selling, general and administrative expenses were $86.4 million for the 2026 Quarter, compared to $76.4 million for the 2025 Quarter. The $10.0 million increase was primarily related to:
Previous 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.
Current wording
Gain on fair value remeasurement of contingent consideration was zero in the 2026 Quarter, compared to $0.8 in the 2025 Quarter. The decrease was due to the revaluation of the contingent consideration associated with the Ironshore Acquisition and reflects the liability being reduced to zero in 2025 after the related milestone was not achieved.
Previous 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.
Current wording
Interest income was $3.7 million for the 2026 Quarter, compared to $2.2 million for the 2025 Quarter. The $1.5 million increase was primarily due to a higher overall balance invested in the 2026 Quarter compared to the 2025 Quarter.
Previous 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.
Current wording
The provision for income taxes was $4.2 million for the 2026 Quarter, compared to $0.7 million for the 2025 Quarter. The $3.5 million increase is primarily due to higher earnings before taxes in the 2026 Quarter compared to the 2025 Quarter, as well as the impact of discrete excess tax benefits related to stock compensation. The effective tax rate was 22.6% and 22.6% in the 2026 Quarter and 2025 Quarter, respectively.
Previous 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.
Current wording
As of March 31, 2026, we had $421.8 million in cash, cash equivalents, and marketable securities. We believe that ourcash, cash equivalents, and marketable securities as of March 31, 2026, 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 $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.
Current wording
Operating activities. Cash provided by operating activities was $57.1 million for the 2026 Period, compared to $55.4 million for the 2025 Period. The $1.7 million increase was primarily due to an increase in cash flow from operating results, which reflects operating earnings after adjustment for non-cash items that are included in net income, partially offset by a decrease in cash flows from changes in working capital.
Previous 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:
Current wording
Financing activities. Cash used in financing activities was $21.3 million for the 2026 Period, compared to $25.2 million in the 2025 Period. The $3.9 million decrease was primarily due to a decrease in repayments of term notes of $8.8 million, partially offset by an increase in taxes paid for employee stock withholdings of $4.8 million.
Previous wording
Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 was as follows:
Current wording
Adjusted EBITDA for the three and three months ended March 31, 2026 and 2025 was as follows:
Previous 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.
Current wording
Adjusted EBITDA was $103.9 million for the 2026 Quarter compared to $95.2 million for the 2025 Quarter. The $8.7 million increase was primarily due to higher revenues of $15.7 million, partially offset by higher adjusted operating expenses of $7.1 million.
Previous wording
Adjusted operating expenses for the three and nine months ended September 30, 2025 and 2024 were as follows:
Current wording
Adjusted operating expenses for three months ended March 31, 2026 and 2025 were as follows:
Previous 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:
Current wording
Adjusted operating expenses were $69.3 million in the 2026 Quarter compared to $62.2 million in the 2025 Quarter. The $7.1 million increase was primarily driven by:
Previous wording
Adjusted net income and adjusted earnings per share for the three and nine months ended September 30, 2025 and 2024 were as follows:
Current wording
Adjusted net income and adjusted earnings per share for the three months ended March 31, 2026 and 2025 were as follows:
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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.