Tearsheet

Collegium Pharmaceutical (COLL)

Market Price (12/25/2025): $49.56 | Market Cap: $1.6 Bil
Sector: Health Care | Industry: Pharmaceuticals

Collegium Pharmaceutical (COLL)

Market Price (12/25/2025): $49.56
Market Cap: $1.6 Bil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20%	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 27x
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38%	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.18, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17%	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 55%
2	Attractive yield FCF Yield is 18%		Key risks COLL key risks include [1] patent infringement litigation threatening its core products Xtampza ER and Belbuca, Show more.
3	Low stock price volatility Vol 12M is 39%
4	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease. Themes include Chronic Pain Management, and Abuse-Deterrent Formulations.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38%
2	Attractive yield FCF Yield is 18%
3	Low stock price volatility Vol 12M is 39%
4	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease. Themes include Chronic Pain Management, and Abuse-Deterrent Formulations.
5	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%
6	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.18, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17%
7	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 27x
8	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 55%
9	Key risks COLL key risks include [1] patent infringement litigation threatening its core products Xtampza ER and Belbuca, Show more.

Valuation, Metrics & Events

	12/25/25	2024	2023	2022	2021
Share Price CYE	$49.56	$28.65	$30.78	$23.20	$18.68
Market Cap CYE ($ Bil)	1.6	0.9	1.0	0.8	0.6
Total Debt ($ Bil)	0.8	0.9	0.7	0.7	0.3
Total Cash ($ Bil)	0.3	0.2	0.3	0.2	0.2
Enterprise Value ($ Bil)	2.1	1.8	1.7	1.5	0.9
Valuation Ratios
P/S TTM	2.1	1.5	1.8	1.7	2.4
P/EBIT TTM	9.4	5.4	6.5	22.8	37.0
P/E TTM	26.8	13.4	21.6	-31.4	9.1
P/FCF TTM	5.4	4.5	3.8	6.4	6.4
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.4	-1.3	-1.4	-1.3	-2.7
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5	-3.2

	12/25/25	2024	2023
Share Price CYE	$49.56	$28.65	$30.78
Market Cap CYE ($ Bil)	1.6	0.9	1.0
Total Debt ($ Bil)	0.8	0.9	0.7
Total Cash ($ Bil)	0.3	0.2	0.3
Enterprise Value ($ Bil)	2.1	1.8	1.7
Valuation Ratios
P/S TTM	2.1	1.5	1.8
P/EBIT TTM	9.4	5.4	6.5
P/E TTM	26.8	13.4	21.6
P/FCF TTM	5.4	4.5	3.8
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9
P/EBIT TTM (Sector)	-1.4	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	COLL	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.8
Rev Chg Q	31.4%	7.3%
Rev Chg LTM	26.3%	6.1%
Rev Chg 3Y Avg	29.0%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	20.2%	18.8%
CFO/Rev LTM	38.4%	20.4%
Net Inc Mgn	7.7%	13.1%
VALUATION	MODERATE
P/S	2.1	3.2
P/CFO	5.4	15.7
P/FCF	5.4	20.6
P/E	26.8	23.5
STABILITY	GOOD
Debt/Equity	0.52	0.21
Cash/Assets	0.18	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Jornay PM Prescriptions Year-over-Year Growth	20%	9302025	Link
Number of Jornay PM Prescribers	27700	9302025	Link
Total U.S. Patents	15	9292020	Link
Jornay PM Sales Force Headcount	approximately 180	5082025	Link

Upcoming
2/26/2026	Earnings Release	Rev: - EPS: -

COLL Stock

Return (1M):

null

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

1. Strong Q3 2025 Financial Results and Raised Guidance. Collegium Pharmaceutical reported robust third-quarter 2025 financial results on November 6, 2025, significantly exceeding analyst expectations for both earnings per share (EPS) and revenue. The company posted a non-GAAP adjusted EPS of $2.25 against a forecasted $1.88, representing a 19.68% surprise. Revenue reached $209.4 million, surpassing the expected $190.12 million by 10.12%. This strong performance, which included a 31% year-over-year increase in revenue and a 27% increase in adjusted EBITDA, led the company to raise its full-year 2025 revenue guidance to a range of $775 million to $785 million. Following this announcement, the company's stock surged over 11% in pre-market trading.

2. Continued Growth in Key Product Portfolios. The company's key growth drivers, particularly Jornay PM for ADHD and its pain management portfolio, demonstrated strong performance. In Q3 2025, Jornay PM prescriptions grew 20% year-over-year, generating $41.8 million in net revenue. The pain portfolio also saw record net revenues of $167.6 million, an 11% increase year-over-year. This sustained growth across its core products was highlighted as a significant factor in the positive financial outlook and stock performance.

Show more 1. Strong Q3 2025 Financial Results and Raised Guidance. Collegium Pharmaceutical reported robust third-quarter 2025 financial results on November 6, 2025, significantly exceeding analyst expectations for both earnings per share (EPS) and revenue. The company posted a non-GAAP adjusted EPS of $2.25 against a forecasted $1.88, representing a 19.68% surprise. Revenue reached $209.4 million, surpassing the expected $190.12 million by 10.12%. This strong performance, which included a 31% year-over-year increase in revenue and a 27% increase in adjusted EBITDA, led the company to raise its full-year 2025 revenue guidance to a range of $775 million to $785 million. Following this announcement, the company's stock surged over 11% in pre-market trading.

2. Continued Growth in Key Product Portfolios. The company's key growth drivers, particularly Jornay PM for ADHD and its pain management portfolio, demonstrated strong performance. In Q3 2025, Jornay PM prescriptions grew 20% year-over-year, generating $41.8 million in net revenue. The pain portfolio also saw record net revenues of $167.6 million, an 11% increase year-over-year. This sustained growth across its core products was highlighted as a significant factor in the positive financial outlook and stock performance.

3. Positive Analyst Ratings and Increased Price Targets. Throughout the period from August to December 2025, Collegium Pharmaceutical consistently received favorable ratings from financial analysts. Multiple firms maintained or initiated "Buy" or "Strong Buy" recommendations. Notably, after the Q3 earnings, analysts raised their price targets, reflecting increased confidence in the company's future performance. For instance, in December, Barclays initiated coverage with an "Overweight" rating and a $58 price target.

4. Share Repurchase Program Reinforcing Shareholder Value. On July 7, 2025, Collegium announced a new share repurchase program, authorizing the company to repurchase up to $150 million in common stock through December 31, 2026. This program replaced a previous one and demonstrated Collegium's commitment to returning value to shareholders, reflecting a strong financial position and confidence in its future growth trajectory. An accelerated share repurchase program initiated in May 2025 was also expected to be completed in the third quarter of 2025.

5. Presentations of Positive Real-World Data. Collegium presented real-world data for its differentiated neuropsychiatry product, Jornay PM, and its pain portfolio at significant medical conferences, including PAINWeek 2025 in September and the American Academy of Child & Adolescent Psychiatry and Neuroscience Education Institute conferences in October 2025. These presentations, highlighting the real-world benefits and efficacy of their products, contribute to increased awareness and potential adoption among healthcare providers, positively influencing market perception. Show less

Stock Movement Drivers

Fundamental Drivers

The 41.0% change in COLL stock from 9/24/2025 to 12/24/2025 was primarily driven by a 50.5% change in the company's Net Income Margin (%).

	9242025	12242025	Change
Stock Price ($)	35.16	49.58	41.01%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	707.01	757.07	7.08%
Net Income Margin (%)	5.13%	7.72%	50.47%
P/E Multiple	30.84	26.78	-13.14%
Shares Outstanding (Mil)	31.81	31.57	0.75%
Cumulative Contribution			41.00%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
COLL	41.0%
Market (SPY)	4.4%	11.2%
Sector (XLV)	14.2%	33.9%

Fundamental Drivers

The 66.4% change in COLL stock from 6/25/2025 to 12/24/2025 was primarily driven by a 24.1% change in the company's P/E Multiple.

	6252025	12242025	Change
Stock Price ($)	29.79	49.58	66.43%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	664.28	757.07	13.97%
Net Income Margin (%)	6.61%	7.72%	16.83%
P/E Multiple	21.58	26.78	24.13%
Shares Outstanding (Mil)	31.79	31.57	0.70%
Cumulative Contribution			66.42%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
COLL	66.4%
Market (SPY)	14.0%	10.3%
Sector (XLV)	16.9%	35.3%

Fundamental Drivers

The 70.6% change in COLL stock from 12/24/2024 to 12/24/2025 was primarily driven by a 153.1% change in the company's P/E Multiple.

	12242024	12242025	Change
Stock Price ($)	29.06	49.58	70.61%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	599.25	757.07	26.34%
Net Income Margin (%)	14.78%	7.72%	-47.78%
P/E Multiple	10.58	26.78	153.12%
Shares Outstanding (Mil)	32.26	31.57	2.13%
Cumulative Contribution			70.53%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
COLL	70.6%
Market (SPY)	15.8%	25.0%
Sector (XLV)	13.3%	38.8%

Fundamental Drivers

The 115.9% change in COLL stock from 12/25/2022 to 12/24/2025 was primarily driven by a 109.3% change in the company's Total Revenues ($ Mil).

	12252022	12242025	Change
Stock Price ($)	22.96	49.58	115.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	361.68	757.07	109.32%
P/S Multiple	2.16	2.07	-4.37%
Shares Outstanding (Mil)	34.06	31.57	7.30%
Cumulative Contribution			114.79%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
COLL	65.0%
Market (SPY)	48.9%	22.4%
Sector (XLV)	18.8%	30.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
COLL Return	-3%	-7%	24%	33%	-7%	71%	137%
Peers Return	�	�	�	�	�	�	�
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
COLL Win Rate	58%	42%	58%	42%	42%	75%
Peers Win Rate	�	�	�	�	�	�
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
COLL Max Drawdown	-33%	-13%	-24%	-9%	-7%	-14%
Peers Max Drawdown	�	�	�	�	�	�
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: LHI, LLY, JNJ, MRK, PFE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	COLL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-45.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	83.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	240 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-45.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	83.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	328 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-65.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	187.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1,290 days	120 days

Compare to LHI, LLY, JNJ, MRK, PFE

In The Past

Collegium Pharmaceutical's stock fell -45.5% during the 2022 Inflation Shock from a high on 2/24/2021. A -45.5% loss requires a 83.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Collegium Pharmaceutical (COLL)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Collegium Pharmaceutical, Inc., a specialty pharmaceutical company, develops and commercializes medicines for pain management. Its portfolio includes Xtampza ER, an abuse-deterrent, extended-release, oral formulation of oxycodone; Nucynta ER and Nucynta IR, which are extended-release and immediate-release formulations of tapentadol; and Xtampza ER for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment. The company was formerly known as Collegium Pharmaceuticals, Inc. and changed its name to Collegium Pharmaceutical, Inc. in October 2003. Collegium Pharmaceutical, Inc. was incorporated in 2002 and is headquartered in Stoughton, Massachusetts.

AI Analysis | Feedback

Collegium Pharmaceutical is like a focused **Jazz Pharmaceuticals** for pain and central nervous system (CNS) medications, primarily growing by acquiring and commercializing established drugs in this therapeutic area.

AI Analysis | Feedback

Xtampza ER: An abuse-deterrent, extended-release oxycodone formulation used for the management of severe and chronic pain.
Nucynta ER and Nucynta: Tapentadol, an opioid analgesic available in both extended-release (ER) and immediate-release (IR) formulations for managing severe chronic pain.
Symproic: A peripherally-acting mu-opioid receptor antagonist (PAMORA) indicated for the treatment of opioid-induced constipation (OIC) in adults with chronic non-cancer pain.
Buprenorphine and Naloxone Sublingual Film: A generic medication used for the treatment of opioid dependence.

AI Analysis | Feedback

Collegium Pharmaceutical (COLL) - Major Customers

Collegium Pharmaceutical primarily sells its pharmaceutical products to a limited number of major wholesale drug distributors. These distributors then supply the products to retail pharmacies, hospitals, clinics, and other healthcare providers. According to Collegium Pharmaceutical's financial filings (e.g., 2023 10-K), a substantial majority of their gross product sales are attributable to the following three wholesale distributors:

Cardinal Health (Symbol: CAH)
McKesson Corporation (Symbol: MCK)
Cencora (formerly AmerisourceBergen Corporation) (Symbol: COR)

These three companies collectively accounted for approximately 97% of Collegium's gross product sales in 2023.

AI Analysis | Feedback

```html

Jazz Pharmaceuticals, Inc. (JAZZ)

```

AI Analysis | Feedback

Vikram Karnani President and Chief Executive Officer

Mr. Karnani became President and Chief Executive Officer of Collegium Pharmaceutical in November 2024. Prior to joining Collegium, he served as Executive Vice President and President, Global Commercial Operations and Medical Affairs (Rare Disease) at Amgen. He joined Amgen through its 2023 acquisition of Horizon Therapeutics Plc, where he previously served as Executive Vice President and President.

Colleen Tupper Executive Vice President, Chief Financial Officer

Ms. Tupper has been the Executive Vice President and Chief Financial Officer of Collegium Pharmaceutical since 2021. Her previous roles include Chief Financial Officer for the U.S. business unit at Takeda and various leadership positions at Shire Pharmaceuticals. She began her career in financing and accounting roles at Antigenics.

Scott Dreyer Executive Vice President, Chief Commercial Officer

Mr. Dreyer was appointed Executive Vice President and Chief Commercial Officer in July 2018, having joined Collegium in January 2018. He has over 25 years of commercial experience within the biopharma industry, including sales, marketing, commercial operations, and strategic planning. Before Collegium, he served as Senior Vice President, Marketing and Commercial Operations for The Medicines Company, and Vice President and Chief Marketing Officer-U.S. at Biogen. He also held various commercial leadership positions at Merck & Co.

Shirley Kuhlmann Executive Vice President, Chief Administrative Officer & General Counsel

Ms. Kuhlmann joined Collegium Pharmaceutical in March 2018 as Executive Vice President, General Counsel and Secretary, and currently serves as EVP, Chief Administrative Officer & General Counsel. Previously, she was an attorney in the Health Sciences Group of Pepper Hamilton LLP, where she advised both private and public companies on transactional matters, including securities offerings, mergers & acquisitions, and other financing transactions.

Thomas B. Smith, M.D. Executive Vice President, Chief Medical Officer

Dr. Smith has served as Chief Medical Officer and Executive Vice President of Collegium Pharmaceutical since 2022. Prior to joining Collegium, he was Chief Medical Officer for BioDelivery Sciences International. His previous experience also includes serving as Chief Medical Officer at Charleston Laboratories, Ameritox, and Mallinckrodt Pharmaceuticals.

AI Analysis | Feedback

The key risks to Collegium Pharmaceutical's business include:

Patent Expirations and Generic Competition: Collegium Pharmaceutical faces the risk of patent cliffs, which could accelerate generic pressure on its core pain brands. The company's success is partly dependent on its ability to identify and acquire patents, and it is subject to patent infringement litigation concerning key products like Xtampza ER and Belbuca. The invalidation of patents or the entry of generic competitors can significantly impact revenue and market share.
Regulatory Shifts and Declining Opioid Prescribing Volumes: Regulatory changes that further dampen opioid prescribing volumes pose a significant risk to Collegium Pharmaceutical, given its portfolio of pain management medications, including abuse-deterrent opioid formulations. The company has previously faced regulatory scrutiny and settled litigation related to its marketing practices for an opioid product.
Product-Related Litigation: Beyond patent infringement, Collegium Pharmaceutical is exposed to broader product-related litigation. The company has a history of resolving opioid-related lawsuits, indicating an ongoing risk of legal challenges related to its products. Such litigation can be expensive to defend and could potentially delay the commercialization of products or result in financial penalties.

AI Analysis | Feedback

The accelerating shift away from opioid prescribing, including for abuse-deterrent formulations, driven by intensifying pressure from regulatory bodies, payors, and the medical community favoring non-opioid pain management strategies and alternatives.

AI Analysis | Feedback

Collegium Pharmaceutical Inc. (COLL) focuses on developing and commercializing innovative drugs for pain management and neuropsychiatry, with key products including Xtampza ER, Nucynta (ER and IR), and Jornay PM. The addressable markets for these products primarily pertain to the U.S. region, with some global market data available for broader categories.

Xtampza ER (oxycodone extended-release): This product is designed for chronic pain management with abuse-deterrent properties. In 2021, approximately 681,000 prescriptions for Xtampza ER were written in the U.S.. While a specific addressable market size in U.S. dollars for Xtampza ER alone is not readily available, it operates within the broader opioid extended-release market. In 2022, the global opioid analgesics market was valued at approximately $12 billion, with North America being the leading consumer. Collegium believes Xtampza ER is "well-positioned to capture a significant share of extended-release oxycodone market."
Nucynta (tapentadol extended-release and immediate-release): Nucynta ER is indicated for chronic pain and neuropathic pain associated with diabetic peripheral neuropathy, while Nucynta IR is for acute pain. The global tapentadol market was estimated at USD 4.10 billion in 2024 and is projected to grow to USD 6.83 billion by 2032, with a compound annual growth rate (CAGR) of 6.57%. North America is identified as the leading market for tapentadol, with particularly high demand in the U.S. In 2018, Nucynta generated approximately $320 million in U.S. sales, representing about 2% of the total U.S. opioid analgesic market, which was valued at around $16 billion nationally. Global revenue for Nucynta ER alone is projected to reach approximately $250-$300 million in the U.S. by 2028.
Jornay PM (methylphenidate HCl): This central nervous system stimulant is approved for the treatment of Attention Deficit Hyperactivity Disorder (ADHD) in individuals aged six years and older. The U.S. attention deficit hyperactivity disorder market was estimated at USD 10.31 billion in 2024 and is projected to reach USD 13.88 billion by 2033, growing at a CAGR of 3.3% from 2025 to 2033. Globally, the ADHD therapeutics market is calculated at US$ 25.05 billion in 2024 and is forecasted to reach US$ 45.51 billion by 2034. The U.S. dominated the global ADHD market, holding a 69.1% revenue share in 2023. The stimulant segment, to which Jornay PM belongs, held the largest market share in the U.S. ADHD market, accounting for 69.3% in 2024.

AI Analysis | Feedback

Collegium Pharmaceutical (COLL) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

Continued Growth of Jornay PM: Jornay PM, an ADHD medication, is consistently highlighted as Collegium's lead growth driver. The company expects increased demand for the product, supported by an expanded sales force, new marketing initiatives, and anticipated improvements in gross-to-net. For 2025, Jornay PM revenue is projected to be in the range of $145 million to $150 million, representing a 46% growth from 2024 pro forma revenue. Prescription growth for Jornay PM was 20% year-over-year in Q3 2025, with significant gains in market share within the branded long-acting methylphenidate market.
Durability and Growth of the Pain Portfolio: Collegium Pharmaceutical's pain management portfolio is expected to continue its robust performance. The company has observed significant growth, with net revenue from its pain portfolio reaching a record $167.6 million in Q3 2025, an 11% increase year-over-year. Management emphasizes the durability and continued demand for these products in the market.
Strategic Expansion of Sales Force and Marketing Initiatives: Collegium is making strategic investments in its commercial infrastructure, including the expansion of its sales force, particularly for Jornay PM. This expansion and enhanced marketing efforts are designed to drive further growth and increase awareness among healthcare providers and caregivers for its key products in both the ADHD and pain management segments. The ADHD sales team was expanded to 180 representatives, targeting an increased number of prescribers.
Improvements in Payer Coverage and Gross-to-Net: The company anticipates that improved payer coverage for Jornay PM in 2026 will contribute to both volume growth and enhanced profitability. Collegium aims to balance broad coverage with profitability by actively managing gross-to-net adjustments across its product portfolio.

AI Analysis | Feedback

Share Repurchases

A new $150 million share repurchase program was authorized in July 2025, effective through December 31, 2026, which replaced a previous $150 million program.
Collegium has returned $222 million to shareholders through repurchase programs since 2021.
This includes a $25 million accelerated share repurchase initiated in May 2025, which was completed in the third quarter of 2025 and involved the repurchase of 0.8 million shares.

Share Issuance

As of March 31, 2025, Collegium Pharmaceutical had approximately 32.1 million shares outstanding.
In 2022, the company completed a $241.5 million convertible senior note offering due in 2029.

Outbound Investments

On September 3, 2024, Collegium acquired Ironshore for an initial merger consideration of approximately $525 million in cash, with a potential $25 million commercial milestone payment. This acquisition expanded Collegium's product portfolio to include Jornay PM, an ADHD treatment.
In 2022, Collegium acquired and integrated BDSI (BioDelivery Sciences International), achieving approximately $85 million in annual run-rate synergies.

Better Bets than Collegium Pharmaceutical (COLL)

INDUSTRY: Pharmaceuticals

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 29.0% | 2.1x)

ANIP (43.7% | 2.0x)

ANI Pharmaceuticals

OGI (30.0% | 0.9x)

Organigram Global

SBFM (1373.8% | 0.2x)

Sunshine Biopharma

FLGC (47.5% | 0.1x)

Flora Growth

INM (78.8% | 1.0x)

InMed Pharmaceuticals

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 29.0% | 10.2x)

SIGA (104.9% | 5.0x)

SIGA Technologies

Higher Rev Chg LTM (Value for COLL: 26.3%)

AVDL (79.9%)

Avadel Pharmaceuticals

KNSA (56.2%)

Kiniksa Pharmaceuticals International

ANIP (48.9%)

ANI Pharmaceuticals

HROW (47.8%)

Harrow

LLY (36.8%)

Eli Lilly

Higher Rev Chg 3Y Avg (Value for COLL: 29.0%)

KNSA (96.3%)

Kiniksa Pharmaceuticals International

ESPR (77.6%)

Esperion Therapeutics

ANIP (43.7%)

ANI Pharmaceuticals

HROW (41.7%)

Harrow

BCRX (36.2%)

BioCryst Pharmaceuticals

Higher Op Mgn LTM (Value for COLL: 20.2%)

LLY (43.0%)

Eli Lilly

MRK (34.9%)

Merck

JNJ (26.2%)

Johnson & Johnson

PFE (24.6%)

Pfizer

BMY (23.8%)

Bristol-Myers Squibb

Higher CFO/Rev LTM (Value for COLL: 38.4%)

TXMD (75.0%)

TherapeuticsMD

SIGA (67.7%)

SIGA Technologies

SCLX (59.0%)

Scilex

INVA (51.9%)

Innoviva

Higher FCF/Rev LTM (Value for COLL: 38.2%)

TXMD (75.0%)

TherapeuticsMD

SIGA (67.5%)

SIGA Technologies

SCLX (57.0%)

Scilex

INVA (50.9%)

Innoviva

Higher Total Yield (Value for COLL: 3.7%)

PFE (13.7%)

Pfizer

MRK (10.2%)

Merck

BMY (9.9%)

Bristol-Myers Squibb

JNJ (7.5%)

Johnson & Johnson

ZTS (6.3%)

Zoetis

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 29.0% | 2.1x)

OSCR (46.4% | 0.3x)

Oscar Health

ALHC (38.8% | 1.0x)

Alignment Healthcare

SRPT (40.6% | 0.9x)

Sarepta Therapeutics

ANIP (43.7% | 2.0x)

ANI Pharmaceuticals

CLOV (88.8% | 0.7x)

Clover Health Investments

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 29.0% | 10.2x)

PTCT (41.7% | 6.7x)

PTC Therapeutics

NUTX (87.7% | 3.1x)

Nutex Health

CRMD (14254.7% | 8.9x)

Cormedix

RIGL (48.7% | 6.8x)

Rigel Pharmaceuticals

SIGA (104.9% | 5.0x)

SIGA Technologies

Higher Rev Chg LTM (Value for COLL: 26.3%)

ALNY (53.2%)

Alnylam Pharmaceuticals

NTRA (38.2%)

Natera

LLY (36.8%)

Eli Lilly

INSM (30.3%)

Insmed

PODD (27.1%)

Insulet

Higher Rev Chg 3Y Avg (Value for COLL: 29.0%)

BBIO (727.6%)

BridgeBio Pharma

TEM (59.8%)

Tempus AI

ALNY (51.4%)

Alnylam Pharmaceuticals

GMED (45.6%)

Globus Medical

NTRA (40.2%)

Natera

Higher Op Mgn LTM (Value for COLL: 20.2%)

LLY (43.0%)

Eli Lilly

MRK (34.9%)

Merck

ISRG (29.3%)

Intuitive Surgical

JNJ (26.2%)

Johnson & Johnson

ABBV (24.1%)

AbbVie

Higher CFO/Rev LTM (Value for COLL: 38.4%)

RPRX (102.4%)

Royalty Pharma

DOCS (51.5%)

Doximity

UTHR (49.7%)

United Therapeutics

HALO (49.2%)

Halozyme Therapeutics

VEEV (44.7%)

Veeva Systems

Higher FCF/Rev LTM (Value for COLL: 38.2%)

RPRX (102.4%)

Royalty Pharma

DOCS (50.2%)

Doximity

HALO (48.5%)

Halozyme Therapeutics

VEEV (44.7%)

Veeva Systems

KRYS (44.4%)

Krystal Biotech

Higher Total Yield (Value for COLL: 3.7%)

MRK (10.2%)

Merck

UNH (8.6%)

UnitedHealth

ABT (8.3%)

Abbott Laboratories

JNJ (7.5%)

Johnson & Johnson

AMGN (6.7%)

Amgen

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 29.0% | 2.1x)

CCL (45.9% | 1.6x)

Carnival

SLF (88.9% | 1.0x)

Sun Life Financial

SW (55.9% | 0.6x)

Smurfit WestRock

SMCI (63.1% | 0.9x)

Super Micro Computer

XPO (38.4% | 2.1x)

XPO

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 29.0% | 10.2x)

CCL (45.9% | 9.5x)

Carnival

IBKR (48.1% | 3.5x)

Interactive Brokers

SW (55.9% | 9.2x)

Smurfit WestRock

NCLH (43.8% | 6.6x)

Norwegian Cruise Line

PR (48.7% | 4.9x)

Permian Resources

Higher Rev Chg LTM (Value for COLL: 26.3%)

APP (86.4%)

AppLovin

NVDA (65.2%)

NVIDIA

PLTR (47.2%)

Palantir Technologies

MU (45.4%)

Micron Technology

AMD (31.8%)

Advanced Micro Devices

Higher Rev Chg 3Y Avg (Value for COLL: 29.0%)

NVDA (91.6%)

NVIDIA

APP (36.0%)

AppLovin

CRWD (31.1%)

CrowdStrike

ANET (29.4%)

Arista Networks

PLTR (29.3%)

Palantir Technologies

Higher Op Mgn LTM (Value for COLL: 20.2%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for COLL: 38.4%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (39.3%)

Alphabet

Higher FCF/Rev LTM (Value for COLL: 38.2%)

V (53.9%)

Visa

MA (52.5%)

Mastercard

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

Higher Total Yield (Value for COLL: 3.7%)

XOM (9.2%)

Exxon Mobil

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

V (5.1%)

Visa

META (3.8%)

Meta Platforms

		Best Bets In Health Care Sector
	COLL	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	26.8	22.2	13.5	32.5	13.8	11.9	79.4	74.9	28.1	11.4	58.7
P/EBIT	9.4	10.7	10.5	33.3	11.6	9.0	57.8	73.1	27.4	7.6	68.2
What You Get
Rev Chg Q	31.4%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	26.3%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	29.0%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	39.7%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Collegium Pharmaceutical Earnings Notes
2	Can Collegium Pharmaceutical Stock Hold Up When Markets Turn?	Return
3	Why Collegium Pharmaceutical Stock Moved: COLL Stock Has Gained 162% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues
4	COLL Dip Buy Analysis
5	Time To Buy Collegium Pharmaceutical Stock?	Buy or Fear
6	Collegium Pharmaceutical (COLL) Valuation Ratios Comparison	Financials
7	Collegium Pharmaceutical Total Shareholder Return (TSR): -6.9% in 2024 and 15.3% 3-yr compounded annual returns (above peer average)
8	Collegium Pharmaceutical (COLL) Operating Cash Flow Comparison	Financials
9	Collegium Pharmaceutical (COLL) Net Income Comparison	Financials
10	Collegium Pharmaceutical (COLL) Operating Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to COLL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	20.9%	20.9%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.4%	-7.4%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	13.5%	13.5%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	1.6%	1.6%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	11.8%	11.8%	-5.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Collegium Pharmaceutical

Peers to compare with:

Financials

	COLL	LHI	LLY	JNJ	MRK	PFE	Median
Name	Collegiu.	Living H.	Eli Lilly	Johnson .	Merck	Pfizer
Mkt Price	49.58	-	1,076.98	207.78	106.45	25.03	106.45
Mkt Cap	1.6	-	967.0	500.4	265.6	142.3	265.6
Rev LTM	757	-	53,258	92,149	64,235	62,786	62,786
Op Inc LTM	153	-	22,882	24,146	22,391	15,417	22,391
FCF LTM	289	-	-50	18,679	13,049	10,376	10,376
FCF 3Y Avg	249	-	-156	17,814	13,685	8,927	8,927
CFO LTM	291	-	10,938	24,204	17,065	13,077	13,077
CFO 3Y Avg	251	-	7,230	23,209	17,506	12,127	12,127

Growth & Margins

	COLL	LHI	LLY	JNJ	MRK	PFE	Median
Name	Collegiu.	Living H.	Eli Lilly	Johnson .	Merck	Pfizer
Rev Chg LTM	26.3%	-	36.8%	5.1%	1.7%	3.9%	5.1%
Rev Chg 3Y Avg	29.0%	-	23.4%	6.1%	2.9%	-13.2%	6.1%
Rev Chg Q	31.4%	-	37.6%	6.8%	3.7%	-5.9%	6.8%
QoQ Delta Rev Chg LTM	7.1%	-	8.7%	1.7%	1.0%	-1.6%	1.7%
Op Mgn LTM	20.2%	-	43.0%	26.2%	34.9%	24.6%	26.2%
Op Mgn 3Y Avg	24.6%	-	35.6%	26.4%	23.7%	19.4%	24.6%
QoQ Delta Op Mgn LTM	2.4%	-	1.8%	1.7%	3.7%	-1.4%	1.8%
CFO/Rev LTM	38.4%	-	20.5%	26.3%	26.6%	20.8%	26.3%
CFO/Rev 3Y Avg	39.9%	-	17.8%	26.4%	28.2%	18.9%	26.4%
FCF/Rev LTM	38.2%	-	-0.1%	20.3%	20.3%	16.5%	20.3%
FCF/Rev 3Y Avg	39.7%	-	0.5%	20.3%	22.0%	13.9%	20.3%

Valuation

	COLL	LHI	LLY	JNJ	MRK	PFE	Median
Name	Collegiu.	Living H.	Eli Lilly	Johnson .	Merck	Pfizer
Mkt Cap	1.6	-	967.0	500.4	265.6	142.3	265.6
P/S	2.1	-	18.2	5.4	4.1	2.3	4.1
P/EBIT	9.4	-	54.4	15.4	11.5	12.0	12.0
P/E	26.8	-	70.1	19.9	14.0	14.5	19.9
P/CFO	5.4	-	88.4	20.7	15.6	10.9	15.6
Total Yield	3.7%	-	1.9%	7.5%	10.2%	13.7%	7.5%
Dividend Yield	0.0%	-	0.5%	2.4%	3.1%	6.8%	2.4%
FCF Yield 3Y Avg	25.7%	-	0.1%	4.4%	5.5%	5.5%	5.5%
D/E	0.5	-	0.0	0.1	0.2	0.4	0.2
Net D/E	0.3	-	0.0	0.1	0.1	0.3	0.1

Returns

	COLL	LHI	LLY	JNJ	MRK	PFE	Median
Name	Collegiu.	Living H.	Eli Lilly	Johnson .	Merck	Pfizer
1M Rtn	8.8%	-	0.6%	0.8%	6.9%	-0.8%	0.8%
3M Rtn	41.0%	-	45.4%	18.3%	34.8%	5.7%	34.8%
6M Rtn	66.4%	-	36.4%	38.3%	36.1%	6.8%	36.4%
12M Rtn	70.6%	-	36.4%	46.8%	11.1%	0.4%	36.4%
3Y Rtn	115.9%	-	199.8%	28.3%	4.3%	-42.6%	28.3%
1M Excs Rtn	5.4%	-	-2.7%	-2.5%	3.5%	-4.1%	-2.5%
3M Excs Rtn	38.1%	-	46.0%	12.7%	33.4%	3.0%	33.4%
6M Excs Rtn	52.9%	-	23.1%	25.7%	24.7%	-6.0%	24.7%
12M Excs Rtn	50.1%	-	24.4%	31.3%	-4.2%	-15.1%	24.4%
3Y Excs Rtn	36.1%	-	126.7%	-51.9%	-75.0%	-123.6%	-51.9%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for More

					Post-Approval Fwd Returns
FDA App #	Brand Name	Generic Name	Dosage Form	FDA Approval	3M Rtn	6M Rtn	1Y Rtn	2Y Rtn	Total Rtn
NDA208090	XTAMPZA ER	oxycodone	capsule, extended release	4262016	-35.3%	-8.5%	-45.5%	26.5%	169.0%
NDA203794	NUCYNTA	tapentadol hydrochloride	solution	10152012
NDA200533	NUCYNTA ER	tapentadol hydrochloride	tablet, extended release	8252011
NDA022304	NUCYNTA	tapentadol hydrochloride	tablet	11202008

	Post-Approval Fwd Returns
NDA208090	XTAMPZA ER	oxycodone	capsule, extended release	4262016	-35.3%	-8.5%	-45.5%	26.5%	169.0%
NDA203794	NUCYNTA	tapentadol hydrochloride	solution	10152012
NDA200533	NUCYNTA ER	tapentadol hydrochloride	tablet, extended release	8252011
NDA022304	NUCYNTA	tapentadol hydrochloride	tablet	11202008

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	2/27/2025	2/22/2024	2/23/2023	2/24/2022	2/25/2021	2/27/2020
Key Financials
Total Revenue	757	631	567	464	277	310	297
EBITDA	393	342	308	173	87	118	-6
Operating Income	153	167	167	33	22	56	-24
Net Income	58	69	48	-25	72	27	-23
EPS	1.85	2.14	1.43	-0.74	2.05	0.78	-0.68
Growth Rates
Total Revenue Growth	26.3%	11.4%	22.2%	67.6%	-10.7%	4.5%	5.8%
EBITDA Growth	13.3%	10.8%	77.9%	100.2%	-26.7%	1964.4%	-106.9%
Operating Income Growth	-21.0%	0.0%	401.1%	50.0%	-60.5%	336.8%	-14.8%
Net Income Growth	-34.0%	43.7%	292.6%	-135.0%	167.3%	217.7%	41.9%
Margins
EBITDA Margin	51.9%	54.1%	54.4%	37.4%	31.3%	38.1%	-2.1%
Operating Income Margin	20.2%	26.4%	29.5%	7.2%	8.0%	18.1%	-8.0%
Net Income Margin	7.7%	11.0%	8.5%	-5.4%	25.8%	8.6%	-7.7%
Cash & Debt
Total Cash	286	163	311	174	186	174	170
Total Debt	814	859	674	709	259	267	22
Net Debt / (Cash)	528	697	364	535	72	92	-148
Cash Flows
Net Cash from Operations	291	205	275	124	104	94	28
Free Cash from Operations	289	203	274	123	102	-280	21
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	25	60	75	14	48	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/7/2025	5/8/2025	2/27/2025	11/7/2024	8/8/2024	5/9/2024	2/22/2024	11/7/2023	8/3/2023	5/4/2023	2/23/2023
Key Financials Quarterly
Total Revenue	209	188	178	182	159	145	145	150	137	136	145	130
Ebitda	122	94	80	96	76	80	89	101	87	78	42	56
Operating Income	62	35	21	35	35	47	49	62	45	36	25	12
Net Income	32	12	2	13	9	20	28	32	21	13	-17	-7
EPS	1.00	0.38	0.08	0.39	0.29	0.60	0.86	0.96	0.61	0.38	-0.51	-0.21
Key Financials TTM
Total Revenue TTM	757	707	664	631	599	577	567	567	547	537	525	464
Ebitda TTM	393	347	333	342	347	358	356	308	263	235	206	173
Operating Income TTM	153	126	138	167	193	204	192	167	117	92	68	33
Net Income TTM	58	36	44	69	89	100	93	48	9	-11	-29	-25
Growth Rates Quarterly
Total Revenue Growth	31.4%	29.4%	22.7%	21.5%	16.5%	7.2%	0.1%	15.5%	7.6%	9.7%	72.9%	373.7%
EBITDA Growth	60.7%	17.4%	-10.0%	-4.9%	-12.7%	2.7%	112.1%	81.5%	48.2%	58.3%	337.9%	430.7%
Operating Income Growth	78.2%	-26.8%	-57.8%	-42.9%	-22.6%	33.2%	100.9%	424.7%	119.9%	220.7%	345.9%	139.8%
Net Income Growth	237.5%	-38.9%	-91.3%	-60.8%	-54.8%	50.7%	259.0%	543.7%	4415.1%	350.6%	-33.3%	71.2%
Margins Quarterly
EBITDA Margin	58.1%	50.1%	45.3%	53.0%	47.5%	55.2%	61.7%	67.8%	63.4%	57.6%	29.1%	43.1%
Operating Income Margin	29.6%	18.5%	11.8%	19.3%	21.9%	32.7%	34.1%	41.2%	32.9%	26.3%	17.0%	9.1%
Net Income Margin	15.0%	6.4%	1.4%	6.9%	5.9%	13.5%	19.1%	21.3%	15.1%	9.6%	-12.0%	-5.6%
Cash & Debt
Total Cash	286	222	198	163	120	272	318	311	305	325	269	174
Total Debt	814	829	844	859	874	559	630	674	718	762	806	709
Net Debt / (Cash)	528	607	646	697	754	288	312	364	414	437	537	535
Cash Flows Quarterly
FCF from Operations	78	72	55	85	-9	67	62	73	74	100	28	66
Cash Flows TTM
FCF from Operations TTM	291	203	198	205	194	277	309	275	268	236	177	124
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	25	-0	-0	-0	25	50	-0	-0	8
Return on Invested Capital (ROIC) Quarterly
ROIC	25.8%	12.7%	7.7%	11.5%	8.4%	24.4%	24.9%	25.8%	17.1%	12.1%	10.3%	4.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	15.8%	11.2%	11.1%	13.1%	13.5%	27.4%	22.9%	16.2%	6.6%	10.7%	6.8%	3.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Belbuca	182	126
Xtampza Extended-release (ER)	177	139	104	128	105
Nucynta Immediate-release (IR)	108	112	102	116	118
Nucynta Extended-release (ER)	83	72	71	66	74
Symproic	16	12
Jornay PM	0
Other	0	2
Total	567	464	277	310	297

Price Behavior

Price Behavior

Market Price	$49.58
Market Cap ($ Bil)	1.6
First Trading Date	05/07/2015
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$43.02	$34.47
DMA Trend	up	up
Distance from DMA	15.2%	43.8%
	3M	1YR
Volatility	37.2%	39.4%
Downside Capture	-40.35	24.37
Upside Capture	128.94	73.90
Correlation (SPY)	11.3%	24.9%

COLL Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.23	0.30	0.29	0.43	0.51	0.60
Up Beta	-0.51	0.06	0.43	0.99	0.44	0.60
Down Beta	0.26	0.88	0.26	0.57	0.67	0.78
Up Capture	292%	130%	74%	80%	54%	29%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	24	33	68	130	394
Down Capture	-90%	-74%	-11%	-57%	37%	70%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	6	15	27	54	114	349

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of COLL With Other Asset Classes (Last 1Y)
	COLL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	62.9%	16.4%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	39.3%	17.3%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	1.32	0.72	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		37.7%	24.2%	1.6%	12.5%	33.6%	8.4%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of COLL With Other Asset Classes (Last 5Y)
	COLL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	20.4%	8.6%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	41.1%	14.5%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.58	0.41	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		26.7%	24.7%	3.1%	5.6%	21.4%	12.6%

Based On 10-Year Data

		Comparison of COLL With Other Asset Classes (Last 10Y)
	COLL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.3%	9.8%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	56.0%	16.6%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.34	0.48	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		32.3%	30.9%	-0.8%	12.2%	23.5%	9.4%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	5,353,853
Short Interest: % Change Since 11302025	-8.9%
Average Daily Volume	525,982
Days-to-Cover Short Interest	10.18
Basic Shares Quantity	31,571,410
Short % of Basic Shares	17.0%

Returns Analyses

	Title
0	Can Collegium Pharmaceutical Stock Hold Up When Markets Turn?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/6/2025	13.4%	32.1%	33.6%
8/7/2025	10.7%	27.3%	28.8%
5/8/2025	5.9%	7.6%	11.6%
2/27/2025	2.2%	4.9%	4.5%
11/7/2024	-7.3%	-12.8%	-11.8%
7/29/2024	-3.3%	0.8%	4.1%
5/9/2024	-16.8%	-11.1%	-12.0%
2/22/2024	10.8%	11.9%	21.1%
...
SUMMARY STATS
# Positive	15	16	12
# Negative	9	8	12
Median Positive	5.9%	6.1%	15.2%
Median Negative	-7.3%	-11.9%	-7.8%
Max Positive	13.4%	32.1%	33.6%
Max Negative	-17.3%	-26.7%	-24.4%

	Forward Returns
11/6/2025	13.4%	32.1%	33.6%
8/7/2025	10.7%	27.3%	28.8%
5/8/2025	5.9%	7.6%	11.6%
2/27/2025	2.2%	4.9%	4.5%
11/7/2024	-7.3%	-12.8%	-11.8%
7/29/2024	-3.3%	0.8%	4.1%
5/9/2024	-16.8%	-11.1%	-12.0%
2/22/2024	10.8%	11.9%	21.1%
11/7/2023	6.6%	15.8%	25.4%
8/3/2023	6.7%	9.6%	7.8%
5/4/2023	3.2%	4.2%	-5.1%
2/6/2023	1.3%	-2.9%	-7.1%
11/3/2022	4.5%	6.8%	26.1%
8/4/2022	8.6%	3.7%	-3.5%
5/10/2022	-0.1%	8.5%	13.8%
2/24/2022	-9.5%	-15.0%	-9.7%
11/4/2021	-1.5%	4.0%	-6.1%
8/5/2021	-17.3%	-26.7%	-18.9%
5/6/2021	4.8%	-0.9%	1.2%
2/25/2021	-9.4%	-16.4%	-8.5%
11/5/2020	-1.9%	-4.4%	-2.5%
8/5/2020	2.6%	5.4%	16.6%
5/7/2020	5.6%	3.4%	-6.4%
2/27/2020	9.5%	1.3%	-24.4%
SUMMARY STATS
# Positive	15	16	12
# Negative	9	8	12
Median Positive	5.9%	6.1%	15.2%
Median Negative	-7.3%	-11.9%	-7.8%
Max Positive	13.4%	32.1%	33.6%
Max Negative	-17.3%	-26.7%	-24.4%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	2222024	10-K 12/31/2023
9302023	11072023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	2242022	10-K 12/31/2021

Insider Activity

Expand for Morenull

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Collegium Pharmaceutical (COLL)

Market Price (12/25/2025): $49.56 | Market Cap: $1.6 BilSector: Health Care | Industry: Pharmaceuticals

Collegium Pharmaceutical (COLL)

Market Price (12/25/2025): $49.56Market Cap: $1.6 BilSector: Health CareIndustry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

COLL Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Collegium Pharmaceutical (COLL)

Collegium Pharmaceutical (COLL) - Major Customers

Interactive Breakdown

Better Bets than Collegium Pharmaceutical (COLL)

INDUSTRY: Pharmaceuticals

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 29.0% | 2.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 29.0% | 10.2x)

Higher Rev Chg LTM (Value for COLL: 26.3%)

Higher Rev Chg 3Y Avg (Value for COLL: 29.0%)

Higher Op Mgn LTM (Value for COLL: 20.2%)

Higher CFO/Rev LTM (Value for COLL: 38.4%)

Higher FCF/Rev LTM (Value for COLL: 38.2%)

Higher Total Yield (Value for COLL: 3.7%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 29.0% | 2.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 29.0% | 10.2x)

Higher Rev Chg LTM (Value for COLL: 26.3%)

Higher Rev Chg 3Y Avg (Value for COLL: 29.0%)

Higher Op Mgn LTM (Value for COLL: 20.2%)

Higher CFO/Rev LTM (Value for COLL: 38.4%)

Higher FCF/Rev LTM (Value for COLL: 38.2%)

Higher Total Yield (Value for COLL: 3.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 29.0% | 2.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 29.0% | 10.2x)

Higher Rev Chg LTM (Value for COLL: 26.3%)

Higher Rev Chg 3Y Avg (Value for COLL: 29.0%)

Higher Op Mgn LTM (Value for COLL: 20.2%)

Higher CFO/Rev LTM (Value for COLL: 38.4%)

Higher FCF/Rev LTM (Value for COLL: 38.2%)

Higher Total Yield (Value for COLL: 3.7%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Collegium Pharmaceutical

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Market Price (12/25/2025): $49.56 | Market Cap: $1.6 Bil
Sector: Health Care | Industry: Pharmaceuticals

Market Price (12/25/2025): $49.56
Market Cap: $1.6 Bil
Sector: Health Care
Industry: Pharmaceuticals