Collegium Pharmaceutical: Under 3x Cash Earnings After A Narrow Guidance Cut
Collegium Pharmaceutical is rated a high-risk Buy after a sharp guidance cut and stock drop, with the market pricing in an overly pessimistic scenario. ADHD drugs Jornay PM and AZSTARYS now account for over 30% of 2026 sales, are growing robustly, and enjoy patent protection into the 2030s. Pain franchise decline is staged, with Nucynta facing immediate generic pressure, Belbuca's patent risk centered on an April 2027 trial, and Xtampza protected until 2033.