Good morning. I'd like to remind everyone that during this presentation I will be making forward-looking statements and discussing non-GAAP metrics. Please refer to the risk factors and non-GAAP reconciliations discussed in our latest SEC filings. Thank you for the opportunity to introduce you to Collegium today. I am Colleen Tupper, the Chief Financial Officer. Collegium's mission is to build a leading, diversified pharmaceutical company. We are committed to medicines that, for people with serious medical conditions, with a current focus in chronic pain management and ADHD, with five marketed products. We have significant revenue and a high growth profile, with $780 million of revenues expected this year, representing 24% year-over-year growth. We have a history of cash generation and successful business development. We have created shareholder value, including a history of share repurchases, with over $220 million repurchased since 2021.
To give a bit of background on the company, Collegium was founded in 2002 to address the opioid epidemic. We became the leader in responsible pain management by developing our flagship product, Xtampza and acquiring differentiated chronic pain medicines such as Nucynta and Belbuca. In 2024, we completed the acquisition of IronSure, which was our first step to diversification, adding Jornay PM to our portfolio. In 2025, our focus is continued growth of the pain and ADHD business, while also looking for additional commercial products to add to our portfolio. The success and growth of our products have largely been driven by their individual differentiated profiles. Jornay is the only stimulant ADHD medicine dosed in the evening, providing symptom control upon awakening, through the afternoon, and into the evening, which can limit the need for short-acting stimulant add-ons.
Belbuca is the only long-acting opioid pain medicine that uses buprenorphine buccal film technology, and Xtampza is the only extended-release oxycodone pain medicine that uses best-in-class abuse-deterrent technology, Deterrx. Nucynta is the only opioid pain medicine proven to treat both severe and persistent pain and neuropathic pain associated with diabetic peripheral neuropathy. Jornay is on track to grow in the mid-40% this year, while our pain portfolio, which is later in its life cycle, is growing in the mid-single digits and remains highly cash generative. We have recently raised our full-year 2025 financial guidance due to the strength across our businesses. We now expect 24% revenue growth and 16% adjusted EBITDA growth versus the previous expectations of 19% revenue growth and 12% adjusted EBITDA growth. Our operating expenses support Jornay's growth initiatives, while overall spend remains modest relative to the revenue opportunities.
We have a strong history of growing revenues and adjusted EBITDA and managing our adjusted operating expenses. This underscores the company's long-term commitment to growth, profitability, and measured spending. There are three core pillars of our growth strategy, lined up with delivering shareholder value. That is growing the Jornay business through strategic investments in sales and marketing, maximizing the value of our pain portfolio and generating strong cash returns, and strategically deploying capital, which includes a balance of future business development, paying down our debt, and opportunistically repurchasing shares. The durability of our pain portfolio revenue remains largely underappreciated by the investment community. There is no potential generic entrant that has achieved all three criteria: legal, regulatory, and manufacturing, necessary to launch future generics.
With Xtampza there is no currently approved ANDAs, and we have exclusivity via one settlement agreement with the first and only ANDA filer for September of 2033. For Belbuca, the first filer and party to the only settlement reached does not have tentative approval and has shifted strategies, putting into question their desire to launch another opioid. The second filer is held out of the market until December 2032. With the Nucynta franchise, despite the loss of exclusivity in 2027, to our knowledge, no competitor currently has access to Tapentadol at commercial scale. We have strategically entered into an authorized generic arrangement with Hickman that provides Collegium favorable terms. Overall, we expect the pain portfolio revenues will be more durable than currently appreciated, with either no entrants or very limited entrants for each product. Collegium is well on our way to our strategic objectives, as highlighted in our Q3 results.
We have strength across our entire business in the third quarter. Collegium drove momentum and delivered growth: $209.4 million in revenues, up 31% year-over-year, 20% growth in Jornay prescriptions, and 11% growth in pain portfolio revenues. Adjusted EBITDA is $133 million, which is up 27% year-over-year in the third quarter. We also strengthened the balance sheet and strategically deployed capital, including generating nearly $80 million in cash from operations, growing our total cash balance to $286 million, and continued to rapidly deliver. Our net debt to adjusted EBITDA is down to 1.2 times, and we anticipate being less than one time by the end of this year. To give a little bit of context in the ADHD market, the ADHD market is a large, established market with roughly 100 million prescriptions written each year. The vast majority, about 90%, are stimulant medications, which include both amphetamines and methylphenidates.
Jornay PM is in the methylphenidate category, where there are roughly 25 million prescriptions within each year. It's a fairly concentrated prescriber base, where about 20,000 healthcare professionals generate one-third of all prescriptions, and the call point is fairly equally spread between psychiatrists and pediatricians. Although the ADHD market is established with many treatment options, there remains unmet need. Jornay PM is highly differentiated from other ADHD medications. The only medicine you take in the evening, which provides symptom control upon wakening, through the afternoon and into the evening. It is the number one highest-rated branded ADHD medicine in terms of differentiation, and 60% of surveyed HCPs indicate intent to increase prescribing. More than 70% of patients and caregivers who request Jornay from their healthcare professionals will receive a prescription. Jornay is the fastest-growing stimulant for ADHD.
With significant Jornay growth under our ownership, we closed the transaction just over a year ago, September 2024. Prescriptions grew significantly in the third quarter, up 20%. We have a broad and growing prescriber base, with 28,000 prescribers in the third quarter, which was up 22% year-over-year. Branded long-acting methylphenidate market share is up 6 percentage points year-over-year to 23% overall, and growth in prescriptions during the recent back-to-school period, with prescriptions up 14% in October compared to July. Jornay is being prescribed to a broad set of patients. About 80% of prescriptions are to pediatric or adolescents and 20% to adults. New Jornay prescriptions are coming most frequently from patients switching from other branded or generic methylphenidate or amphetamines. In addition, we do see a smaller but meaningful number of patients who are receiving Jornay as their first ADHD medication.
With our targeted investments underway, Jornay is poised for additional future growth. Our investments are focused in two primary areas: the sales force expansion from about 125 territories to 180 territories, which increases the awareness to healthcare practitioners, and also digital marketing and social media strategies to increase awareness in both patients and caregivers. These investments are expected to support continued growth in this fourth quarter, as well as most of the impact in 2026 and beyond. Now I'll take a moment and switch to our pain portfolio. We have a strong history of responsibly growing our pain business through successful commercial execution. Here you can see our continued growth over the last four years. We are well-positioned to maximize and enhance the durability of our responsible pain management portfolio.
We are currently rated number one in responsible pain management by healthcare practitioners, and our pain portfolio represents approximately half of the branded extended-release market, leaving ample market opportunity for our portfolio of differentiated medicines. In the third quarter, we had 10% year-over-year revenue growth for Belbuca and 2% growth for Xtampza. We continue to believe that the revenue and cash flows generated from our differentiated pain portfolio will remain durable in both the near and midterm. We are confident in the strength and value of our business, and we are uniquely positioned relative to many of our peers. We have robust revenues growing 24% this year. We're highly profitable, with over $460 million in adjusted EBITDA expected this year alone. Strong cash flow generation expected to accelerate through the end of 2025.
We have an attractive balance sheet with 1.2 times net debt to EBITDA and on track to be below one times by the end of the year. We have a history of returning value to shareholders, with $222 million of share repurchases since 2021 and a current authorization for up to $150 million in repurchases through the end of the 2026 year. We are also fairly insulated from current market concerns facing peers in our industry. Notably, we have minimal to no regulatory or clinical risk, and we have U.S.-based sales and manufacturing. We are proud of our recent performance and look to the future from a position of financial strength.
We remain focused on creating shareholder value, an attractive balance sheet, providing flexibility in how we accomplish this as we work to maximize and grow our current portfolio, prioritize diversification through business development, and return value to shareholders through share repurchases. With Jornay as our lead growth driver, durability of our pain portfolio, and industry-leading management team to give us the confidence as we enter the next phase of growth. We appreciate your time today.