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Collegium Q3 2026 net income falls to $21.8M

JORNAY PM revenue rose 24% year over year, while pain portfolio revenue declined 18%.

Available on EDGAR Accepted by SEC EDGAR
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Rhea-AI Filing Summary

Collegium Pharmaceutical, Inc. reported third-quarter 2026 net revenue of $216.3 million, up 3% year over year. JORNAY PM revenue rose 24% to $51.9 million, while AZSTARYS generated $26.5 million in its first full quarter under Collegium ownership. The pain portfolio produced $138.0 million, down 18% year over year, including Nucynta Franchise revenue of $30.8 million, down 44%.

GAAP net income was $21.8 million versus $31.5 million a year earlier; adjusted net income was $75.2 million versus $87.3 million. Adjusted EBITDA was $121.6 million, down 9%. Collegium reaffirmed 2026 guidance of $825 to $855 million in product revenue, $190 to $200 million in JORNAY PM revenue, $65 to $75 million in AZSTARYS revenue, and $445 to $470 million in adjusted EBITDA. Cash from operations was $86.5 million; cash, cash equivalents and marketable securities totaled $144.8 million at quarter-end. The company expects to complete its $50 million accelerated share repurchase before year-end.

1 point · 0 major

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0 major · 4 points

How the balance works

Positive

  • Moderate pointJORNAY PM revenue rose 24% year over year to $51.9 million.

Negative

  • Moderate pointPain portfolio revenue fell 18% year over year to $138.0 million.
  • Moderate pointAdjusted EBITDA fell 9% year over year to $121.6 million.
  • Moderate pointGAAP net income declined to $21.8 million from $31.5 million.
  • Minor pointNucynta Franchise revenue fell 44% year over year to $30.8 million.

Filing Explained

Collegium has received an initial delivery of 1,556,420 shares under its $50 million accelerated share repurchase, about 80% of the shares it expects to repurchase; the final share amount remains unsettled and depends on the stock’s volume-weighted average price during the agreement, subject to its terms.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Product revenues, net $216.3 million Quarter ended September 30, 2026; up 3% year over year
JORNAY PM revenue, net $51.9 million Quarter ended September 30, 2026; up 24% year over year
AZSTARYS revenue, net $26.5 million First full quarter of sales under Collegium ownership
Pain portfolio net revenues $138.0 million Quarter ended September 30, 2026; down 18% year over year
GAAP net income $21.8 million Quarter ended September 30, 2026; compared with $31.5 million in 2025
Adjusted EBITDA $121.6 million Quarter ended September 30, 2026; down 9% year over year
Cash from operations $86.5 million Quarter ended September 30, 2026
2026 product revenue guidance $825 to $855 million Full-year 2026 guidance reaffirmed
Adjusted EBITDA financial
"Adjusted EBITDA is a non-GAAP financial measure"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
accelerated share repurchase financial
"$50 million accelerated share repurchase program"
An accelerated share repurchase is a deal where a company hires a bank to buy back a large block of its own stock immediately on the open market, with the bank later settling the exact number of shares over time. For investors it matters because the immediate reduction in shares outstanding can raise per‑share earnings and often supports the stock price, but it also uses company cash or borrowing and can change liquidity and future growth funding.
authorized generic (AG) technical
"sale of the authorized generic (AG) versions"
net debt to adjusted EBITDA financial
"2.1x net debt to adjusted EBITDA as of September 30, 2026"
Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.
Product revenues, net $216.3 million +3% year over year
GAAP net income $21.8 million Compared with $31.5 million in the 2025 quarter
Adjusted EBITDA $121.6 million -9% year over year
JORNAY PM revenue, net $51.9 million +24% year over year
Pain portfolio net revenues $138.0 million -18% year over year
Guidance

Reaffirmed 2026 guidance: product revenues, net of $825 to $855 million; JORNAY PM revenue, net of $190 to $200 million; AZSTARYS revenue, net of $65 to $75 million; adjusted EBITDA of $445 to $470 million.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were COLL's Q3 2026 financial results?
Collegium reported $216.3 million in net revenue, up 3% year over year, and GAAP net income of $21.8 million, compared with $31.5 million a year earlier. Adjusted EBITDA was $121.6 million, down 9% year over year.

What is COLL's 2026 financial guidance?
Collegium reaffirmed full-year 2026 guidance of $825 to $855 million in product revenue, $190 to $200 million in JORNAY PM revenue, $65 to $75 million in AZSTARYS revenue, and $445 to $470 million in adjusted EBITDA.

How did COLL's individual pain brands perform in Q3 2026?
Belbuca generated $57.7 million in revenue, down 1% year over year, and Xtampza ER generated $45.8 million, down 9%. Nucynta Franchise revenue was $30.8 million, down 44%; this included $4.2 million from Hikma Pharmaceuticals USA Inc. for sales of authorized generic versions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FALSE000126756500012675652026-08-062026-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2026
COLLEGIUM PHARMACEUTICAL, INC.
(Exact name of registrant as specified in its charter)
Virginia001-3737203-0416362
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
100 Technology Center Drive
Suite 300
Stoughton, MA 02072
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (781) 713-3699
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.001 per shareCOLLThe NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.
On November 5, 2026, Collegium Pharmaceutical, Inc. (the “Company”) issued a press release announcing its financial results for the quarterly period ended September 30, 2026. The full text of the press release issued in connection with the announcement is attached hereto as Exhibit 99.1 and is being furnished, not filed, under Item 2.02 of this Current Report on Form 8-K.
Item 7.01 Regulation FD Disclosure.
On November 5, 2026, Collegium Pharmaceutical, Inc. released an earnings presentation. The presentation is attached hereto as Exhibit 99.2 and is being furnished, not filed, under Item 7.01 of this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
EXHIBIT TABLE

Exhibit
No.		Description
99.1
Press Release, dated November 5, 2026
99.2
Earnings Presentation, dated November 5 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Collegium Pharmaceutical, Inc.
By:/s/ Colleen Tupper
Colleen Tupper
Executive Vice President and Chief Financial Officer
Dated: November 5, 2026


Exhibit 99.1
coll-20251106xex99d1001a.jpg
Collegium Reports Third Quarter 2026 Financial Results; Reaffirms 2026 Guidance

– Generated Record Quarterly Net Revenues of $216.3 Million, Up 3% Year-over-Year –

– Generated Record JORNAY PM® Quarterly Net Revenue of $51.9 Million, Up 24% Year-over-Year –

– Generated AZSTARYS® Quarterly Net Revenue of $26.5 Million in First Full Quarter of Sales Under Collegium Ownership –

– Generated Quarterly Pain Portfolio Net Revenues of $138.0 Million –

– Announced $50 Million Accelerated Share Repurchase in Q3’26 –

– Conference Call Scheduled for Today at 8:00 a.m. ET –


STOUGHTON, Mass., November 5, 2026 -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a leading biopharmaceutical company focused on improving the lives of people living with serious and often misunderstood conditions, today reported its financial results for the quarter ended September 30, 2026, and provided a business update.

“We continued to see strong demand across our ADHD portfolio, supported by expanded commercial efforts heading into the back-to-school season. JORNAY PM reached record revenues, prescriptions and prescriber adoption, with quarterly net revenue growing 24% year-over-year,” said Vikram Karnani, President and Chief Executive Officer. “Additionally, in the first full quarter of Collegium’s ownership of AZSTARYS, revenues exceeded $26.5 million supported by nearly 2% prescription growth year-over-year. This represents a meaningful improvement from AZSTARYS’ annual prescription decline in 2025, prior to its acquisition by Collegium. These results demonstrate our ability to rapidly integrate differentiated medicines and execute targeted commercial investments to drive growth. Our pain portfolio also continues to provide a strong financial foundation as we expand our ADHD business and pursue additional opportunities to further grow and diversify Collegium.”

“We generated a record $216.3 million in quarterly net revenue and $121.6 million in adjusted EBITDA, with our ADHD franchise now contributing more than 36% of total revenue,” said Colleen Tupper, Chief Financial Officer. “We are reaffirming our full-year 2026 financial guidance and remain committed to deploying capital in a disciplined manner, including executing on business development, paying down debt, and opportunistically returning capital to shareholders to create long-term value. Consistent with our strong cash-generation profile and capital allocation strategy, we expect to complete the previously announced $50 million accelerated share repurchase program before the end of the year, underscoring our confidence in the company’s long-term growth prospects.”


ADHD Business Highlights

•Generated JORNAY PM net revenue of $51.9 million, up 24% year over year in the quarter ended September 30, 2026 (the 2026 Quarter).
•JORNAY PM prescribers reached an all-time high in the 2026 Quarter with nearly 33,000 healthcare providers writing JORNAY PM prescriptions, up 19% year-over-year.
•Grew JORNAY PM prescriptions 16% year-over-year in the 2026 Quarter.
•Generated $26.5 million in AZSTARYS net revenue in the 2026 Quarter, representing the first full quarter of sales under Collegium’s ownership.
•AZSTARYS prescriptions grew nearly 2% in the 2026 Quarter compared to the quarter ended September 30, 2025 (the 2025 Quarter).
•In October, expanded Collegium’s commitment to supporting the ADHD community with two new corporate initiatives. Launched Start Talking ADHD, an online resource hub with practical, downloadable guides to help people with ADHD and their families prepare for conversations with healthcare providers, schools and their support networks. Additionally, established a new multi-year partnership with Boston Legacy FC, Boston’s professional women’s soccer club, focused on promoting inclusion and accessibility through youth coach training,


an annual Sports for All Summit and sensory inclusion programs designed to support neurodivergent children and their families.
•In October and November, presented seven abstracts highlighting JORNAY PM and AZSTARYS at two scientific congresses: the American Academy of Child and Adolescent Psychiatry (AACAP) 2026 Annual Meeting and the Neuroscience Education Institute (NEI) Fall Congress. The presentations spanned pediatric clinical studies and research examining daily functioning among adults and caregivers, reflecting Collegium’s commitment to building a broader understanding of ADHD across ages and real-life settings.

Pain Portfolio Highlights

•Generated pain portfolio net revenues of $138.0 million in the 2026 Quarter, down 18% year-over-year.
•Generated Belbuca® net revenue of $57.7 million in the 2026 Quarter, down 1% year-over-year.
•Generated Xtampza® ER net revenue of $45.8 million in the 2026 Quarter, down 9% year-over-year.
•Generated Nucynta Franchise net revenue of $30.8 million in the 2026 Quarter, down 44% year-over-year. This included $4.2 million from Hikma Pharmaceuticals USA Inc. (Hikma) for the sale of the authorized generic (AG) versions of Nucynta and Nucynta ER.

Corporate Updates

•In Q3 2026, announced a $50 million accelerated share repurchase program (ASR) as part of Collegium’s broader capital allocation strategy. The final settlement of the ASR is expected to be completed in the fourth quarter of 2026.

Upcoming Events

The Company will participate in the following upcoming investor conferences in the fourth quarter of 2026:

•Stifel 2026 Healthcare Conference – New York, NY; November 11
•Truist Securities Biopharma Symposium – New York, NY; November 12
•Jefferies London Global Healthcare Conference – London, UK; November 17
•Piper Sandler Annual Healthcare Conference – New York, NY; December 1

Financial Guidance for 2026

The Company reaffirms its full-year 2026 guidance for Product Revenues, Net, JORNAY PM Revenue, Net, AZSTARYS Revenue, Net and Adjusted EBITDA:

Product Revenues, Net$825 to $855 million
JORNAY PM Revenue, Net$190 to $200 million
AZSTARYS Revenue, Net$65 to $75 million
Adjusted EBITDA$445 to $470 million

Financial Results for Quarter Ended September 30, 2026

•Product revenues, net were $216.3 million for the 2026 Quarter, compared to $209.4 million for the 2025 Quarter, representing a 3% increase year-over-year.
•GAAP operating expenses were $96.7 million for the 2026 Quarter, compared to $67.1 million for the 2025 Quarter, representing a 44% increase year-over-year. Adjusted operating expenses, which exclude stock-based


compensation expense and acquisition-related expenses, were $69.4 million for the 2026 Quarter, compared to $55.7 million for the 2025 Quarter, representing a 25% increase year-over-year.
•GAAP net income for the 2026 Quarter was $21.8 million, with $0.69 GAAP earnings per share (basic) and $0.60 GAAP earnings per share (diluted), compared to GAAP net income for the 2025 Quarter of $31.5 million, with $1.00 GAAP earnings per share (basic) and $0.84 GAAP earnings per share (diluted). Non-GAAP adjusted net income for the 2026 Quarter was $75.2 million, with $1.96 adjusted earnings per share, compared to non-GAAP adjusted net income for the 2025 Quarter of $87.3 million, with $2.25 adjusted earnings per share.
•Adjusted EBITDA for the 2026 Quarter was $121.6 million, compared to $133.0 million for the 2025 Quarter, representing a 9% decrease year-over-year.
•The Company generated $86.5 million in cash from operations, and exited the 2026 Quarter with cash, cash equivalents and marketable securities of $144.8 million.

Conference Call Information

The Company will host a conference call and live audio webcast on Thursday, November 5, 2026, at 8:00 a.m. ET. To access the conference call, please dial (877) 407-8037 (U.S.) or (201) 689-8037 (International) and reference the “Collegium Pharmaceutical Third Quarter 2026 Earnings Call.” An audio webcast will be accessible from the Investors section of the Company’s website: www.collegiumpharma.com. The webcast will be available for replay on the Company’s website approximately two hours after the event.

About Collegium Pharmaceutical, Inc.

Collegium Pharmaceutical is a dynamic, biopharmaceutical company delivering medicines with formulation and delivery innovation for people living with complex central nervous system and pain conditions. Collegium has spent more than a decade proving that responsible stewardship and bold, science-backed approaches can redefine what treatment looks like in categories too often shaped by complexity and misconceptions.

With a portfolio of differentiated ADHD medications, anchored by JORNAY PM® (methylphenidate HCl) CII and AZSTARYS® (serdexmethylphenidate and dexmethylphenidate) CII, and an established leadership position in responsible pain management, Collegium leads with the scientific rigor and commercial expertise to deliver treatment options around how people live their lives. For more information, please visit collegiumpharma.com or find us on LinkedIn.

Non-GAAP Financial Measures

To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliations, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In addition, certain non-GAAP financial measures, primarily adjusted EBITDA, are used to measure performance when determining components of annual compensation for substantially all non-sales force employees, including senior management.

In this press release we discuss the following financial measures that are not calculated in accordance with GAAP.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as:

•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;
•adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs;
•adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes;


•adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;
•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;
•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;
•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;
•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;
•we exclude acquisition-related expenses as these expenses would not have otherwise been incurred in the periods presented as part of our continuing operations and their exclusion is useful to investors because it enhances comparability of operating performance across periods. 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;
•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 the sale of our products as part of our underlying business;
•we exclude changes in the fair value of contingent consideration, which are non-cash, acquisition-related items that are not part of our underlying business;
•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;
•we exclude executive transition expenses from adjusted EBITDA as the amount and/or frequency of these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; and
•we exclude other expenses, from time to time, that are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis.

The Company has not provided a reconciliation of its full-year 2026 guidance for adjusted EBITDA to the most directly comparable forward-looking GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, because the Company is unable to predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition-related expenses, amortization of acquired intangible assets, and changes in fair value of contingent consideration. These items are uncertain and depend on various factors that are outside of the Company’s control or cannot be reasonably predicted. While the Company is unable to address the probable significance of these items, they could have a material impact on GAAP net income and operating expenses for the guidance period. A reconciliation of adjusted EBITDA would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, projected financial performance, including expected revenue and adjusted EBITDA; statements related to current and future market opportunities for our products and our assumptions related thereto; statements related to the accelerated share repurchase program and other statements that are not historic facts. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the company's current expectations, including risks relating to, among others: our ability to realize the anticipated benefits of the AZSTARYS acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to manage our relationships with


licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, and our ability to service those markets; our ability to obtain reimbursement and third-party payor contracts for our products; the rate and degree of market acceptance of our products; the costs of commercialization activities, including marketing, sales and distribution; changing market conditions for our products; the outcome of any patent infringement or other litigation that may be brought by or against us; the outcome of any governmental investigation related to our business; our ability to secure adequate supplies of active pharmaceutical ingredient for each of our products and manufacture adequate supplies of commercially saleable inventory; our ability to obtain funding for our operations and business development; regulatory developments in the U.S.; our expectations regarding our ability to obtain and maintain sufficient intellectual property protection for our products; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Administration compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenues, capital requirements and need for additional financing. These and other risks are described under the heading "Risk Factors" in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

Investor Contact:
Ian Karp
Head of Investor Relations
ir@collegiumpharma.com

Media Contact:
Jessica Cotrone
Senior Vice President, Corporate Communications & Corporate Affairs
communications@collegiumpharma.com


Collegium Pharmaceutical, Inc.
Unaudited Selected Consolidated Balance Sheet Information
(in thousands)
September 30,December 31,
20262025
Cash and cash equivalents$144,797 $231,252 
Marketable securities— 155,427 
Accounts receivable, net310,785 211,328 
Inventory88,202 40,912 
Prepaid expenses and other current assets48,117 32,642 
Property and equipment, net10,876 12,013 
Operating lease assets4,419 4,187 
Intangible assets, net1,134,549 669,510 
Restricted cash20,912 20,906 
Deferred tax assets126,246 112,539 
Other noncurrent assets13,148 20,193 
Goodwill193,885 145,925 
Total assets$2,095,936 $1,656,834 
Accounts payable and accrued liabilities$81,167 $73,123 
Accrued rebates, returns and discounts427,164 318,266 
Business combination consideration payable17,565 17,565 
Term notes payable842,507 571,112 
Convertible senior notes238,996 238,213 
Operating lease liabilities5,503 5,539 
Deferred royalty obligation120,612 121,563 
Deferred revenue10,393 9,778 
Contingent consideration35,630 — 
Deferred tax liabilities19,962 — 
Shareholders’ equity296,437 301,675 
Total liabilities and shareholders’ equity$2,095,936 $1,656,834 


Collegium Pharmaceutical, Inc.
Unaudited Condensed Statements of Operations
(in thousands, except share and per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Product revenues, net$216,339 $209,361 $609,737 $575,118 
Cost of product revenues
Cost of product revenues (excluding intangible asset amortization)35,575 24,717 83,009 73,820 
Intangible asset amortization55,346 55,473 173,772 166,419 
Total cost of product revenues90,921 80,190 256,781 240,239 
Gross profit125,418 129,171 352,956 334,879 
Operating expenses
Selling, general and administrative99,591 67,103 292,535 217,163 
Gain on fair value remeasurement of contingent consideration(2,895)(19)(2,895)(1,163)
Total operating expenses96,696 67,084 289,640 216,000 
Income from operations28,722 62,087 63,316 118,879 
Interest expense(21,943)(21,767)(57,324)(63,020)
Interest income1,127 3,116 7,122 7,724 
Income before income taxes7,906 43,436 13,114 63,583 
(Benefit from) provision for income taxes(13,853)11,929 (8,090)17,676 
Net income$21,759 $31,507 $21,204 $45,907 
Earnings per share — basic$0.69 $1.00 $0.66 $1.45 
Weighted-average shares — basic31,731,198 31,571,410 32,091,846 31,724,439 
Earnings per share — diluted$0.60 $0.84 $0.64 $1.28 
Weighted-average shares — diluted39,110,855 39,439,890 33,134,880 39,386,071 


Collegium Pharmaceutical, Inc.
Reconciliation of GAAP Net Income to Adjusted EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
GAAP net (loss) income$21,759 $31,507 $21,204 $45,907 
Adjustments:
Interest expense21,943 21,767 57,324 63,020 
Interest income(1,127)(3,116)(7,122)(7,724)
(Benefit from) provision for income taxes(13,853)11,929 (8,090)17,676 
Depreciation491 1,033 2,766 3,259 
Amortization55,346 55,473 173,772 166,419 
Stock-based compensation12,445 9,811 37,809 32,153 
Litigation settlements and contingencies11,034 3,058 11,034 3,058 
Recognition of step-up basis in inventory9,724 — 15,141 5,431 
Executive transition expense— — 1,393 1,397 
Acquisition-related expenses6,722 1,552 36,983 3,776 
Gain on fair value remeasurement of contingent consideration(2,895)(19)(2,895)(1,163)
Total adjustments$99,830 $101,488 $318,115 $287,302 
Adjusted EBITDA$121,589 $132,995 $339,319 $333,209 


Collegium Pharmaceutical, Inc.
Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses
(in thousands)
(unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
GAAP operating expenses$96,696 $67,084 $289,640 $216,000 
Adjustments:
Stock-based compensation12,445 9,811 37,809 32,153 
Executive transition expense— — 1,393 1,397 
Acquisition-related expenses6,722 1,552 36,983 3,776 
Litigation settlements and contingencies11,034 — 11,034 — 
Gain on fair value remeasurement of contingent consideration(2,895)(19)(2,895)(1,163)
Total adjustments$27,306 $11,344 $84,324 $36,163 
Adjusted operating expenses$69,390 $55,740 $205,316 $179,837 



Collegium Pharmaceutical, Inc.
Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
GAAP net (loss) income$21,759 $31,507 $21,204 $45,907 
Adjustments:
Non-cash interest expense1,188 1,343 3,089 4,065 
Amortization55,346 55,473 173,772 166,419 
Stock-based compensation12,445 9,811 37,809 32,153 
Litigation settlements and contingencies11,034 3,058 11,034 3,058 
Recognition of step-up basis in inventory9,724 — 15,141 5,431 
Executive transition expense— — 1,393 1,397 
Acquisition-related expenses6,722 1,552 36,983 3,776 
Gain on fair value remeasurement of contingent consideration(2,895)(19)(2,895)(1,163)
Discrete deferred tax benefit from change in tax law(21,003)— (21,003)— 
Income tax effect of above adjustments (1)(19,126)(15,453)(56,714)(52,061)
Total adjustments$53,435 $55,765 $198,609 $163,075 
Non-GAAP adjusted net income$75,194 $87,272 $219,813 $208,982 
Adjusted weighted-average shares — diluted (2)39,110,855 39,439,890 39,741,185 39,386,071 
Adjusted earnings per share (2)$1.96 $2.25 $5.63 $5.41 
(1)The income tax effect of the adjustments was calculated by applying our blended federal and state statutory rate to the items that have a tax effect. The blended federal and state statutory rate for the three months ended September 30, 2026 and 2025 were 24.1% and 21.8%, respectively; and the blended federal and state statutory rate for the nine months ended September 30, 2026 and 2025 were 23.5% and 24.5%, respectively. As such, the non-GAAP effective tax rates for the three months ended September 30, 2026 and 2025 were 20.4% and 21.7%, respectively; and the non-GAAP effective tax rates for the nine months ended September 30, 2026 and 2025 were 20.5% and 24.2%, respectively.
(2)Adjusted weighted-average shares - diluted were calculated using the “if-converted” method for our convertible notes in accordance with ASC 260, Earnings per Share. As such, adjusted weighted-average shares – diluted includes shares related to the assumed conversion of our convertible notes and the associated cash interest expense is added-back to non-GAAP adjusted net income. For the three and nine months ended September 30, 2026 and 2025, adjusted weighted-average shares – diluted includes 6,606,305 shares attributable to our convertible notes. In addition, adjusted earnings per share includes other potentially dilutive securities to the extent that they are not antidilutive.

Actor portrayals Novemb er 5, 2026 | NA SDAQ: CO LL A commercial-stage biopharmaceutical company focused on improving the lives of people living with serious neurological and pain conditions Q3 2026 Earnings Presentation

 

Forward-Looking Statements This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, projected financial performance, including expected revenue and adjusted EBITDA; statements related to current and future market opportunities for our products and our assumptions related thereto; statements related to the accelerated share repurchase program and other statements that are not historic facts. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the company's current expectations, including risks relating to, among others: our ability to realize the anticipated benefits of the AZSTARYS acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, and our ability to service those markets; our ability to obtain reimbursement and third-party payor contracts for our products; the rate and degree of market acceptance of our products; the costs of commercialization activities, including marketing, sales and distribution; changing market conditions for our products; the outcome of any patent infringement or other litigation that may be brought by or against us; the outcome of any governmental investigation related to our business; our ability to secure adequate supplies of active pharmaceutical ingredient for each of our products and manufacture adequate supplies of commercially saleable inventory; our ability to obtain funding for our operations and business development; regulatory developments in the U.S.; our expectations regarding our ability to obtain and maintain sufficient intellectual property protection for our products; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Agency compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenues, capital requirements and need for additional financing. These and other risks are described under the heading "Risk Factors" in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward- looking statements whether as a result of new information, future events or otherwise, after the date of this publication. Non-GAAP Financial Measures To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliations, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In addition, certain non-GAAP financial measures, primarily Adjusted EBITDA, are used to measure performance when determining components of annual compensation for substantially all non-sales force employees, including senior management. In this presentation, we discuss the following financial measures that are not calculated in accordance with GAAP, to supplement our consolidated financial statements presented on a GAAP basis. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as: • 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; • adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; • adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes; • adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; • 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; • 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; • 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; • 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; • we exclude acquisition-related expenses as these expenses would not have otherwise been incurred in the periods presented as part of our continuing operations and their exclusion is useful to investors because it enhances comparability of operating performance across periods. 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; • 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; • we exclude changes in the fair value of contingent consideration, which are non-cash, acquisition-related items that are not part of our underlying business; • 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; • we exclude executive transition expenses from adjusted EBITDA as the amount and/or frequency of these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; and • we exclude other expenses, from time to time, that are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis. Adjusted Operating Expenses Adjusted operating expenses is a non-GAAP financial measure that represents GAAP operating expenses adjusted to exclude stock-based compensation expense, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted Net Income and Adjusted Earnings Per Share Adjusted net income is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude significant income and expense items that are non-cash or not indicative of ongoing operations, including consideration of the tax effect of the adjustments. Adjusted earnings per share is a non- GAAP financial measure that represents adjusted net income per share. Adjusted weighted-average shares - diluted is calculated in accordance with the treasury stock, if-converted, or contingently issuable accounting methods, depending on the nature of the security. Reconciliations of adjusted EBITDA to the most directly comparable GAAP financial measures are included in this presentation. The Company has not provided a reconciliation of its full-year 2026 guidance for adjusted EBITDA to the most directly comparable forward-looking GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, because the Company is unable to predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition related expenses, and litigation settlements. These items are uncertain and depend on various factors that are outside of the Company’s control or cannot be reasonably predicted. While the Company is unable to address the probable significance of these items, they could have a material impact on GAAP net income and operating expenses for the guidance period. A reconciliation of adjusted EBITDA would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. 2

 

Business Overview and Commercial Update Vikram Karnani President & Chief Executive Officer

 

Building a Leading, Diversified Biopharmaceutical Company 1. This financial data represents the midpoint of 2026 financial guidance ranges provided by Collegium in its press release on Form 8-K filed with the SEC on November 5, 2026. 2. Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2. Healthier people. Stronger communities. 4 $458M 2026 Adjusted EBITDA1,2 $840M 2026 Product Sales1 2 Current focus areas: ADHD & Pain BY THE NUMBERS DIFFERENTIATED MEDICINES 4

 

Recent Business Highlights1 1. Unless otherwise noted, this financial data was provided by Collegium in its press release on Form 8-K and Quarterly Report on Form 10-Q filed with the SEC on November 5, 2026. 2. Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2. Accelerated Commercial Momentum Pain Portfolio Strategically Deployed Capital $50M accelerated share repurchase program announced in Q3’26 Product Revenues, Net 2.1x net debt to adjusted EBITDA as of September 30, 20262 $209M $216M Q3'25 Q3'26 +24% YoY growth in Q3’26 net revenue $138.0M in Q3’26 net revenue Strong Financial Position +3% 5 ADHD Portfolio $26.5M in Q3’26 net revenue; first full quarter of ownership Ended Q3’26 with $145M of cash, cash equivalents, and marketable securities 5 Generated $122M of adjusted EBITDA in Q3’26

 

Drive further growth for ADHD Portfolio Strategic Priorities to Drive Value Creation  Grows revenue  Extends longevity  Increases profitability  Generates robust cash flows  Diversifies portfolio  Strengthens balance sheet VALUE CREATION 2026 Strategic Priorities Maximize the durability of the Pain Portfolio Strategically deploy capital • Business development • Debt repayment • Share repurchases 6 6

 

ADHD Leadership and Strong Brand Fundamentals 1. ATU (Awareness, Trial, & Usage) Market Research Study, completed Q1 2026. 2. IQVIA NPA through September 2026. #1 highest rated1 branded ADHD medicine in terms of product differentiation ~30% share of branded, long-acting methylphenidate market2 #1 highest rated company in terms of reputation in ADHD1 7 7 Only ADHD stimulant that provides all-day symptom control that starts immediately upon awakening First and only ADHD stimulant treatment with both fast and long-acting medicines in one capsule, delivering rapid, all-day symptom control #2 highest rated1 branded stimulant ADHD medicine in terms of product differentiation ~25% share of branded, long-acting methylphenidate market2 55% share of branded, long-acting methylphenidate market

 

Fastest Growing Stimulant for Treatment of ADHD Q3'25 Q3'26 GROWTH IN QUARTERLY PRESCRIPTIONS1 +16% 192K 223K Q3'25 Q3'26 STRONG AND GROWING PRESCRIBER BASE2 +19% 28K 33K MARKET SHARE IN BRANDED LONG-ACTING METHYLPHENIDATE MARKET1 Q3'25 Q3'26 23% 30% +6.5 Percentage Points 1. IQVIA NPA through September 2026. 2. IQVIA Xponent through September 2026. Graph represents approximate quarterly prescriber counts rounded to thousands whereas growth rate is calculated based on the unrounded approximate quarterly prescriber counts. 8 8

 

1 AZSTARYS is Well Positioned for Future Growth GROWTH IN QUARTERLY PRESCRIPTIONS1 Note: AZSTARYS prescriptions declined by ~2% in 2025 prior to Collegium ownership1 2026 REVENUE OUTLOOK $65-75M in revenue expected between May 12 and December 31, 2026 IP Protection through 2037 1. IQVIA NPA through September 2026 9 Q3'25 Q3'26 187K 190K +2%

 

2026 Priorities: Driving Further Growth for ADHD Portfolio • Increase awareness and adoption with expanded set of prescribers • Raise caregiver and patient awareness to drive HCP request • Increase depth of prescribing with targeted physicians • Successfully integrate AZSTARYS into portfolio • Accelerate growth trajectory by leveraging established commercial infrastructure and expertise • Evaluate opportunities to drive operational efficiencies Maintain broad patient access 10 10

 

Maximizing the Value and Durability of the Pain Portfolio 1. This financial data was provided by Collegium in its press release on Form 8-K and Quarterly Report on Form 10-Q filed with the SEC on November 5, 2026. 2. ATU (Awareness, Trial, & Usage) Market Research Study, fielded Q4 2022. #1 highest rated branded ER opioid in terms of product differentiation and favorability 74% of surveyed target HCPs plan to increase prescribing STRONG BRAND FUNDAMENTALS2 #1 highest rated ER oxycodone in terms of product differentiation and favorability 48% of surveyed target HCPs plan to increase prescribing SUCCESSFUL COMMERCIAL EXECUTION1 $45.8M Q3’26 revenue $57.7M Q3’26 revenue 11 11

 

Financial Highlights Colleen Tupper Executive Vice President & Chief Financial Officer

 

Q3’26 Financial Highlights1 1. This financial data was provided by Collegium in its press release on Form 8-K and Quarterly Report on Form 10-Q filed with the SEC on November 5, 2026. 2. Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2. Product Revenues, Net $209M $216M Q3'25 Q3'26 +3% Adjusted Operating Expenses2 $56M $69M Q3'25 Q3'26 Adjusted EBITDA2 $133M $122M Q3'25 Q3'26 +25% -9% 13 13

 

2025 Actuals 2026 Guidance Range2 YoY Change3 Product Revenues, Net $781M $825 – 855M +8% JORNAY PM Revenue, Net $149M $190 - 200M +31% AZSTARYS Revenue, Net N/A4 $65 – 75M N/A Adjusted EBITDA1 $460M $445 – 470M Flat 2026 Financial Guidance 1. Represents a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2. 2. This financial data was provided by Collegium in its press release on Form 8-K filed with the SEC on November 5, 2026. 3. This financial data is calculated based on data provided by Collegium in its press release on Form 8-K filed with the SEC on November 5, 2026, and Annual Report on Form 10-K filed with the SEC on February 26, 2026. The estimated year- over-year change represents the mid-point of 2026 financial guidance ranges compared to 2025 financial results. 4. Acquired by Collegium in May 2026. 14 14

 

Disciplined Capital Deployment 1. Adjusted EBITDA is a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” on slide 2 2. Net debt/adjusted EBITDA is calculated based on financial data provided by Collegium in its press release on Form 8-K and Quarterly Report on Form 10-Q filed with the SEC on November 5, 2026. 3. This financial data was provided by Collegium in its Annual Reports on Form 10-K filed with the SEC on February 22, 2024, February 27, 2025, and February 26, 2026. 4. Announced $50M ASR on August 13, 2026; Collegium received an initial delivery of 1,556,420 shares, based on the $25.70 closing stock price of Collegium’s common stock on August 12, 2026, representing approximately 80% of the total shares the Company expects to repurchase under the ASR agreement. The final number of shares repurchased will be based on the volume-weighted average prices of Collegium’s common stock during the term of the ASR and subject to adjustments related to the terms and conditions of the ASR agreement. EXPAND PORTFOLIO THROUGH BUSINESS DEVELOPMENT • 2024 acquisition of Ironshore added lead growth driver, JORNAY PM, new sales force in neuropsychiatry & pediatrics, and new platform for growth in ADHD • 2026 acquisition of AZSTARYS added complementary ADHD medicine leveraging established commercial infrastructure, and further expanding & diversifying portfolio OPPORTUNISTICALLY LEVERAGE SHARE REPURCHASE PROGRAM3 • Returned $272M of value to shareholders since 2021 including $50M ASR announced in August 20264 • $100M remaining on share repurchase program authorized by Board through December 2026 DISCIPLINED DEBT MANAGEMENT • Successfully closed $980M syndicated credit facility in December 2025, improving interest rate & debt terms, providing flexibility for potential business development opportunities • 2.1x net debt to adjusted EBITDA as of September 30, 20261,2 15

 

Closing Remarks Vikram Karnani President & Chief Executive Officer

 

Serving Patients and Creating Value for Shareholders 17 17 2026 STRATEGIC PRIORITIES 1. Drive further growth for the ADHD Portfolio 2. Maximize the durability of the Pain Portfolio 3. Strategically deploy capital • Business Development • Debt repayment • Share repurchases VALUE CREATION Grow Revenues Extend longevity Increase profitability Generate robust cash flows Diversify portfolio Strengthen balance sheet

 

A commercial-stage biopharmaceutical company focused on improving the lives of people living with serious neurological and pain conditions

 

Non-GAAP Reconciliations

 

Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands, unaudited) 20 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 GAAP net (loss) income $ 21,759 $ 31,507 $ 21,204 $ 45,907 Adjustments: Interest expense 21,943 21,767 57,324 63,020 Interest income (1,127) (3,116) (7,122) (7,724) (Benefit from) provision for income taxes (13,853) 11,929 (8,090) 17,676 Depreciation 491 1,033 2,766 3,259 Amortization 55,346 55,473 173,772 166,419 Stock-based compensation 12,445 9,811 37,809 32,153 Litigation settlements and contingencies 11,034 3,058 11,034 3,058 Recognition of step-up basis in inventory 9,724 — 15,141 5,431 Executive transition expense — — 1,393 1,397 Acquisition-related expenses 6,722 1,552 36,983 3,776 Gain on fair value remeasurement of contingent consideration (2,895) (19) (2,895) (1,163) Total adjustments $ 99,830 $ 101,488 $ 318,115 $ 287,302 Adjusted EBITDA $ 121,589 $ 132,995 $ 339,319 $ 333,209

 

Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses (in thousands, unaudited) 21 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 GAAP operating expenses $ 96,696 $ 67,084 $ 289,640 $ 216,000 Adjustments: Stock-based compensation 12,445 9,811 37,809 32,153 Executive transition expense — — 1,393 1,397 Acquisition-related expenses 6,722 1,552 36,983 3,776 Litigation settlements and contingencies 11,034 — 11,034 — Gain on fair value remeasurement of contingent consideration (2,895) (19) (2,895) (1,163) Total adjustments $ 27,306 $ 11,344 $ 84,324 $ 36,163 Adjusted operating expenses $ 69,390 $ 55,740 $ 205,316 $ 179,837

 

Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share (in thousands, except share and per share amounts, unaudited) (1) The income tax effect of the adjustments was calculated by applying our blended federal and state statutory rate to the items that have a tax effect. The blended federal and state statutory rate for the three months ended September 30, 2026 and 2025 were 24.1% and 21.8%, respectively; and the blended federal and state statutory rate for the nine months ended September 30, 2026 and 2025 were 23.5% and 24.5%, respectively. As such, the non-GAAP effective tax rates for the three months ended September 30, 2026 and 2025 were 20.4% and 21.7%, respectively; and the non-GAAP effective tax rates for the nine months ended September 30, 2026 and 2025 were 20.5% and 24.2%, respectively. (2) Adjusted weighted-average shares - diluted were calculated using the “if-converted” method for our convertible notes in accordance with ASC 260, Earnings per Share. As such, adjusted weighted-average shares – diluted includes shares related to the assumed conversion of our convertible notes and the associated cash interest expense is added-back to non-GAAP adjusted net income. For the three and nine months ended September 30, 2026 and 2025, adjusted weighted-average shares – diluted includes 6,606,305 shares attributable to our convertible notes. In addition, adjusted earnings per share includes other potentially dilutive securities to the extent that they are not antidilutive. 22 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 GAAP net (loss) income $ 21,759 $ 31,507 $ 21,204 $ 45,907 Adjustments: Non-cash interest expense 1,188 1,343 3,089 4,065 Amortization 55,346 55,473 173,772 166,419 Stock-based compensation 12,445 9,811 37,809 32,153 Litigation settlements and contingencies 11,034 3,058 11,034 3,058 Recognition of step-up basis in inventory 9,724 — 15,141 5,431 Executive transition expense — — 1,393 1,397 Acquisition-related expenses 6,722 1,552 36,983 3,776 Gain on fair value remeasurement of contingent consideration (2,895) (19) (2,895) (1,163) Discrete deferred tax benefit from change in tax law (21,003) — (21,003) — Income tax effect of above adjustments (1) (19,126) (15,453) (56,714) (52,061) Total adjustments $ 53,435 $ 55,765 $ 198,609 $ 163,075 Non-GAAP adjusted net income $ 75,194 $ 87,272 $ 219,813 $ 208,982 Adjusted weighted-average shares — diluted (2) 39,110,855 39,439,890 39,741,185 39,386,071 Adjusted earnings per share (2) $ 1.96 $ 2.25 $ 5.63 $ 5.41

 

Source: View Original Filing on SEC EDGAR

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