Tearsheet

Collegium Pharmaceutical (COLL)

Market Price (2/16/2026): $45.75 | Market Cap: $1.4 Bil
Sector: Health Care | Industry: Pharmaceuticals

Collegium Pharmaceutical (COLL)

Market Price (2/16/2026): $45.75
Market Cap: $1.4 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%	Meaningful short interest 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 15%	Key risks COLL key risks include [1] patent infringement litigation threatening its core products Xtampza ER and Belbuca, Show more.
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 20%
3	Low stock price volatility Vol 12M is 38%
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 20%
3	Low stock price volatility Vol 12M is 38%
4	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease. Themes include Chronic Pain Management, and Abuse-Deterrent Formulations.
5	Meaningful short interest 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 15%
6	Key risks COLL key risks include [1] patent infringement litigation threatening its core products Xtampza ER and Belbuca, Show more.

Valuation, Metrics & Events

	2/16/26	2025	2024	2023	2022	2021
Share Price CYE	$45.75	$46.30	$28.65	$30.78	$23.20	$18.68
Market Cap CYE ($ Bil)	1.4	1.5	0.9	1.0	0.8	0.7
Total Debt ($ Bil)	0.8	0.8	0.9	0.7	0.7	0.3
Total Cash ($ Bil)	0.3	0.3	0.1	0.3	0.1	0.2
Enterprise Value ($ Bil)	2.0	2.3	1.8	1.7	1.5	1.0
Valuation Ratios
P/S TTM	1.9	1.9	1.5	1.9	2.2	2.0
P/EBIT TTM	8.7	8.8	4.7	9.8	-63.0	9.9
P/E TTM	24.7	25.0	10.4	115.2	-18.4	6.4
P/FCF TTM	5.0	5.1	4.8	3.9	8.5	7.6
Sector Ratios
P/S TTM (Sector)	3.9	4.2	3.8	4.1	4.5	7.9
P/EBIT TTM (Sector)	-1.4	-1.5	-1.5	-1.3	-1.1	-3.3
P/E TTM (Sector)	-1.6	-1.7	-1.7	-1.5	-1.2	-3.3
P/FCF TTM (Sector)	-1.4	-1.5	-1.5	-1.4	-1.4	-3.7

	2/16/26	2025	2024
Share Price CYE	$45.75	$46.30	$28.65
Market Cap CYE ($ Bil)	1.4	1.5	0.9
Total Debt ($ Bil)	0.8	0.8	0.9
Total Cash ($ Bil)	0.3	0.3	0.1
Enterprise Value ($ Bil)	2.0	2.3	1.8
Valuation Ratios
P/S TTM	1.9	1.9	1.5
P/EBIT TTM	8.7	8.8	4.7
P/E TTM	24.7	25.0	10.4
P/FCF TTM	5.0	5.1	4.8
Sector Ratios
P/S TTM (Sector)	3.9	4.2	3.8
P/EBIT TTM (Sector)	-1.4	-1.5	-1.5
P/E TTM (Sector)	-1.6	-1.7	-1.7
P/FCF TTM (Sector)	-1.4	-1.5	-1.5

	COLL	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.8
Rev Chg Q	31.4%	7.5%
Rev Chg LTM	26.3%	6.5%
Rev Chg 3Y Avg	29.0%	5.6%
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%	20.7%
Net Inc Mgn	7.7%	12.8%
VALUATION	LOW
P/S	1.9	3.4
P/CFO	5.0	16.4
P/FCF	5.0	21.5
P/E	24.7	25.0
STABILITY	GOOD
Debt/Equity	0.56	0.20
Cash/Assets	0.18	0.07

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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: -
5/06/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Collegium Pharmaceutical (COLL) stock has gained about 25% since 10/31/2025 because of the following key factors:

1. Collegium Pharmaceutical reported a strong beat on its third-quarter 2025 earnings. On November 6, 2025, the company announced an earnings per share (EPS) of $2.25, significantly exceeding analysts' consensus estimates of $1.89, representing a 25.70% beat. Quarterly revenue also surpassed analyst expectations.

2. The company raised its full-year 2025 financial guidance. In November 2025, driven by the strong performance of its ADHD and pain management product portfolios, Collegium Pharmaceutical increased its projected full-year 2025 net revenue to a range of $775 million to $785 million, and adjusted EBITDA to between $460 million and $470 million.

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Stock Movement Drivers

Fundamental Drivers

The 27.2% change in COLL stock from 10/31/2025 to 2/15/2026 was primarily driven by a 50.5% change in the company's Net Income Margin (%).

(LTM values as of)	10312025	2152026	Change
Stock Price ($)	36.00	45.79	27.2%
Change Contribution By:
Total Revenues ($ Mil)	707	757	7.1%
Net Income Margin (%)	5.1%	7.7%	50.5%
P/E Multiple	31.6	24.7	-21.7%
Shares Outstanding (Mil)	32	32	0.8%
Cumulative Contribution			27.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/15/2026

	Return	Correlation
COLL	27.2%
Market (SPY)	-0.0%	-0.7%
Sector (XLV)	9.3%	28.4%

Fundamental Drivers

The 53.3% change in COLL stock from 7/31/2025 to 2/15/2026 was primarily driven by a 16.8% change in the company's Net Income Margin (%).

(LTM values as of)	7312025	2152026	Change
Stock Price ($)	29.86	45.79	53.3%
Change Contribution By:
Total Revenues ($ Mil)	664	757	14.0%
Net Income Margin (%)	6.6%	7.7%	16.8%
P/E Multiple	21.6	24.7	14.4%
Shares Outstanding (Mil)	32	32	0.7%
Cumulative Contribution			53.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 2/15/2026

	Return	Correlation
COLL	53.3%
Market (SPY)	8.2%	3.9%
Sector (XLV)	21.4%	29.2%

Fundamental Drivers

The 42.6% change in COLL stock from 1/31/2025 to 2/15/2026 was primarily driven by a 111.5% change in the company's P/E Multiple.

(LTM values as of)	1312025	2152026	Change
Stock Price ($)	32.12	45.79	42.6%
Change Contribution By:
Total Revenues ($ Mil)	599	757	26.3%
Net Income Margin (%)	14.8%	7.7%	-47.8%
P/E Multiple	11.7	24.7	111.5%
Shares Outstanding (Mil)	32	32	2.2%
Cumulative Contribution			42.6%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 2/15/2026

	Return	Correlation
COLL	42.6%
Market (SPY)	14.3%	25.4%
Sector (XLV)	8.8%	37.4%

Fundamental Drivers

The 63.1% change in COLL stock from 1/31/2023 to 2/15/2026 was primarily driven by a 109.3% change in the company's Total Revenues ($ Mil).

(LTM values as of)	1312023	2152026	Change
Stock Price ($)	28.08	45.79	63.1%
Change Contribution By:
Total Revenues ($ Mil)	362	757	109.3%
P/S Multiple	2.6	1.9	-27.8%
Shares Outstanding (Mil)	34	32	7.9%
Cumulative Contribution			63.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 2/15/2026

	Return	Correlation
COLL	63.1%
Market (SPY)	74.0%	23.4%
Sector (XLV)	23.7%	28.8%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
COLL Return	-7%	24%	33%	-7%	62%	-2%	126%
Peers Return	30%	20%	-3%	7%	20%	11%	114%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	82%
Monthly Win Rates [3]
COLL Win Rate	42%	58%	42%	42%	67%	0%
Peers Win Rate	55%	63%	38%	47%	58%	90%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
COLL Max Drawdown	-13%	-24%	-9%	-7%	-14%	-3%
Peers Max Drawdown	-7%	-11%	-23%	-10%	-17%	-2%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-1%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: LLY, JNJ, MRK, PFE, BMY.
[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] 2026 data is for the year up to 2/13/2026 (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 LLY, JNJ, MRK, PFE, BMY

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

Interactive Breakdown

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Better Bets vs. Collegium Pharmaceutical (COLL)

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

TXMD (75.0%)

TherapeuticsMD

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SIGA Technologies

SCLX (59.0%)

Scilex

INVA (51.9%)

Innoviva

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

TXMD (75.0%)

TherapeuticsMD

SIGA (67.5%)

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SCLX (57.0%)

Scilex

INVA (50.9%)

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Higher Total Yield (Value for COLL: 4.0%)

PFE (12.5%)

Pfizer

BMY (9.8%)

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MRK (9.0%)

Merck

JNJ (6.7%)

Johnson & Johnson

ZTS (6.4%)

Zoetis

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 29.0% | 1.9x)

ALHC (38.8% | 1.1x)

Alignment Healthcare

OSCR (42.1% | 0.3x)

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HIMS (71.0% | 1.7x)

Hims & Hers Health

SRPT (40.6% | 0.7x)

Sarepta Therapeutics

INSP (31.8% | 1.9x)

Inspire Medical Systems

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 29.0% | 9.5x)

PTCT (41.7% | 5.9x)

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NUTX (87.7% | 1.9x)

Nutex Health

RIGL (48.7% | 5.2x)

Rigel Pharmaceuticals

CRMD (14254.7% | 5.4x)

Cormedix

SIGA (104.9% | 5.4x)

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

ALNY (65.2%)

Alnylam Pharmaceuticals

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Eli Lilly

NTRA (38.2%)

Natera

INSM (30.3%)

Insmed

PODD (27.1%)

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

BBIO (727.6%)

BridgeBio Pharma

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Alnylam Pharmaceuticals

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Globus Medical

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Natera

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Merck

JNJ (27.2%)

Johnson & Johnson

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Amgen

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United Therapeutics

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KRYS (47.2%)

Krystal Biotech

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

RPRX (104.7%)

Royalty Pharma

HALO (48.5%)

Halozyme Therapeutics

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Doximity

VEEV (44.7%)

Veeva Systems

KRYS (44.4%)

Krystal Biotech

Higher Total Yield (Value for COLL: 4.0%)

UNH (9.6%)

UnitedHealth

ABT (9.2%)

Abbott Laboratories

MRK (9.0%)

Merck

JNJ (6.7%)

Johnson & Johnson

AMGN (6.5%)

Amgen

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 29.0% | 1.9x)

MFC (33.3% | 1.2x)

Manulife Financial

CCL (33.2% | 1.6x)

Carnival

SLF (322.2% | 1.0x)

Sun Life Financial

SW (55.9% | 0.9x)

Smurfit WestRock

SMCI (66.3% | 0.7x)

Super Micro Computer

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 29.0% | 9.5x)

APO (89.3% | 9.1x)

Apollo Global Management

CCL (33.2% | 9.3x)

Carnival

IBKR (48.1% | 3.9x)

Interactive Brokers

PR (48.7% | 6.1x)

Permian Resources

NCLH (43.8% | 6.1x)

Norwegian Cruise Line

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

NVDA (65.2%)

NVIDIA

PLTR (47.2%)

Palantir Technologies

MU (45.4%)

Micron Technology

AMD (34.3%)

Advanced Micro Devices

LRCX (26.8%)

Lam Research

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 (46.7%)

Microsoft

META (41.4%)

Meta Platforms

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

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

META (57.6%)

Meta Platforms

MSFT (52.5%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (40.9%)

Alphabet

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

BAC (57.3%)

Bank of America

V (55.4%)

Visa

MA (50.1%)

Mastercard

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

Higher Total Yield (Value for COLL: 4.0%)

XOM (7.4%)

Exxon Mobil

JPM (6.9%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

MSFT (4.8%)

Microsoft

META (4.1%)

Meta Platforms

Best Bets in Health Care

What You Pay

P/EBIT (Value for COLL: 8.7x)

RPRX (11.9x)

Royalty Pharma

HALO (12.2x)

Halozyme Therapeutics

CPRX (11.5x)

Catalyst Pharmaceuticals

HRMY (8.4x)

Harmony Biosciences

MEDP (22.6x)

Medpace

LGND (53.9x)

Ligand Pharmaceuticals

NBIX (19.5x)

Neurocrine Biosciences

INCY (12.0x)

Incyte

GMED (27.3x)

Globus Medical

DVA (5.4x)

DaVita

P/E (Value for COLL: 24.7x)

RPRX (25.1x)

Royalty Pharma

HALO (15.6x)

Halozyme Therapeutics

CPRX (13.7x)

Catalyst Pharmaceuticals

HRMY (11.2x)

Harmony Biosciences

MEDP (26.8x)

Medpace

LGND (74.1x)

Ligand Pharmaceuticals

NBIX (26.0x)

Neurocrine Biosciences

INCY (15.5x)

Incyte

GMED (28.0x)

Globus Medical

DVA (13.9x)

DaVita

What You Get

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

RPRX (2.1%)

Royalty Pharma

HALO (29.0%)

Halozyme Therapeutics

CPRX (46.5%)

Catalyst Pharmaceuticals

HRMY (27.4%)

Harmony Biosciences

MEDP (20.3%)

Medpace

LGND (16.0%)

Ligand Pharmaceuticals

NBIX (24.3%)

Neurocrine Biosciences

INCY (15.0%)

Incyte

GMED (45.6%)

Globus Medical

DVA (5.5%)

DaVita

Rev Chg LTM (Value for COLL: 26.3%)

RPRX (5.1%)

Royalty Pharma

HALO (31.2%)

Halozyme Therapeutics

CPRX (25.6%)

Catalyst Pharmaceuticals

HRMY (21.1%)

Harmony Biosciences

MEDP (20.0%)

Medpace

LGND (64.8%)

Ligand Pharmaceuticals

NBIX (21.4%)

Neurocrine Biosciences

INCY (21.2%)

Incyte

GMED (11.7%)

Globus Medical

DVA (6.5%)

DaVita

Rev Chg Q (Value for COLL: 31.4%)

RPRX (4.8%)

Royalty Pharma

HALO (22.1%)

Halozyme Therapeutics

CPRX (15.3%)

Catalyst Pharmaceuticals

HRMY (28.7%)

Harmony Biosciences

MEDP (32.0%)

Medpace

LGND (122.8%)

Ligand Pharmaceuticals

NBIX (28.3%)

Neurocrine Biosciences

INCY (27.8%)

Incyte

GMED (22.9%)

Globus Medical

DVA (9.9%)

DaVita

FCF/Rev 3Y Avg (Value for COLL: 39.7%)

RPRX (118.0%)

Royalty Pharma

HALO (45.0%)

Halozyme Therapeutics

CPRX (34.2%)

Catalyst Pharmaceuticals

HRMY (33.2%)

Harmony Biosciences

MEDP (25.0%)

Medpace

LGND (23.9%)

Ligand Pharmaceuticals

NBIX (23.0%)

Neurocrine Biosciences

INCY (14.5%)

Incyte

GMED (14.3%)

Globus Medical

DVA (11.1%)

DaVita

[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	Date
0	DASHBOARDS
1	Collegium Pharmaceutical Earnings Notes	12/16/2025
2	Can Collegium Pharmaceutical Stock Hold Up When Markets Turn?	10/17/2025
3	Why Collegium Pharmaceutical Stock Moved: COLL Stock Has Gained 162% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues	08/08/2025
4	COLL Dip Buy Analysis	07/10/2025
5	Time To Buy Collegium Pharmaceutical Stock?	05/16/2025
6	Collegium Pharmaceutical (COLL) Valuation Ratios Comparison	05/15/2025
7	Collegium Pharmaceutical Total Shareholder Return (TSR): -6.9% in 2024 and 15.3% 3-yr compounded annual returns (above peer average)	03/07/2025
8	Collegium Pharmaceutical (COLL) Operating Cash Flow Comparison	02/17/2025
9	Collegium Pharmaceutical (COLL) Net Income Comparison	02/15/2025
10	Collegium Pharmaceutical (COLL) Operating Income Comparison	02/14/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to COLL.

Unique Key

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
CRSR	Corsair Gaming	0.7	48.3%	14.3%
CPS	Cooper-Standard	0.8	32.4%	37.7%
TPH	Tri Pointe Homes	4.0	26.8%	47.3%
RIVN	Rivian Automotive	21.6	26.6%	-10.0%
MGA	Magna International	19.4	18.9%	28.9%
FSLY	Fastly	2.7	13.8%	79.4%
EVMN	Evommune	0.9	13.2%	84.4%
FRMI	Fermi	6.1	11.1%	28.6%
WOLF	Wolfspeed	2.8	10.9%	1.9%
HASI	HA Sustainable Infrastructure Capital	4.9	10.8%	26.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UPB	Upstream Bio	0.5	-31.6%	-67.8%
IRON	Disc Medicine	2.0	-21.9%	-29.5%
BFAM	Bright Horizons Family Solutions	3.8	-18.2%	-34.0%
NUS	Nu Skin Enterprises	0.4	-18.1%	-13.1%
FBIN	Fortune Brands Innovations	6.2	-17.6%	2.6%
PINS	Pinterest	10.5	-16.8%	-40.4%
CALY	Callaway Golf	2.3	-15.0%	-16.8%
DKNG	DraftKings	10.8	-13.5%	-36.9%
TRUP	Trupanion	1.2	-13.0%	-25.2%
RYAN	Ryan Specialty	5.0	-12.8%	-25.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FSLY	Fastly	2.7	113.1%	79.4%
NKTR	Nektar Therapeutics	1.4	93.8%	68.7%
EVMN	Evommune	0.9	82.4%	84.4%
VAL	Valaris	6.8	53.8%	90.4%
ICHR	Ichor	1.6	45.5%	153.8%
IPGP	IPG Photonics	6.5	40.4%	115.0%
CGNX	Cognex	9.9	38.8%	63.4%
CRSR	Corsair Gaming	0.7	31.3%	14.3%
TPH	Tri Pointe Homes	4.0	30.8%	47.3%
CPS	Cooper-Standard	0.8	30.6%	37.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
UPB	Upstream Bio	0.5	-66.6%	-67.8%
KD	Kyndryl	2.8	-47.9%	-53.9%
NSP	Insperity	1.0	-34.0%	-33.7%
RPD	Rapid7	0.5	-33.6%	-52.8%
PGY	Pagaya Technologies	1.0	-33.3%	-40.5%
FTRE	Fortrea	0.9	-33.2%	-43.2%
ANGI	Angi	0.4	-31.6%	-37.4%
UPWK	Upwork	1.7	-30.1%	-33.3%
IRON	Disc Medicine	2.0	-29.8%	-29.5%
CLF	Cleveland-Cliffs	5.1	-29.5%	-21.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CRVS	Corvus Pharmaceuticals	1.5	173.6%	142.3%
IPGP	IPG Photonics	6.5	98.5%	115.0%
FSLY	Fastly	2.7	98.4%	79.4%
NKTR	Nektar Therapeutics	1.4	97.6%	68.7%
IBRX	ImmunityBio	5.6	96.9%	200.3%
VAL	Valaris	6.8	75.5%	90.4%
MOD	Modine Manufacturing	11.4	73.1%	62.2%
LITE	Lumentum	39.6	69.7%	52.7%
ICHR	Ichor	1.6	67.5%	153.8%
RAPT	RAPT Therapeutics	1.6	66.2%	70.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UPB	Upstream Bio	0.5	-72.9%	-67.8%
U	Unity Software	7.9	-55.6%	-57.7%
KD	Kyndryl	2.8	-55.5%	-53.9%
FUBO	FuboTV	0.5	-48.1%	-46.8%
HIMS	Hims & Hers Health	3.7	-48.0%	-49.8%
PGY	Pagaya Technologies	1.0	-47.6%	-40.5%
PAR	PAR Technology	0.8	-47.5%	-42.5%
NRGV	Energy Vault	0.5	-47.4%	-30.8%
RPD	Rapid7	0.5	-46.9%	-52.8%
RGNX	Regenxbio	0.4	-46.6%	-44.5%

Peer Comparisons

Peers to compare with:

Financials

	COLL	LLY	JNJ	MRK	PFE	BMY	Median
Name	Collegiu.	Eli Lilly	Johnson .	Merck	Pfizer	Bristol-.
Mkt Price	45.79	1,040.00	243.45	121.41	27.58	60.74	91.08
Mkt Cap	1.4	931.6	586.2	302.9	156.8	123.5	229.9
Rev LTM	757	65,179	94,193	64,235	62,786	48,195	63,510
Op Inc LTM	153	29,696	25,596	22,391	15,417	13,723	18,904
FCF LTM	289	5,964	19,313	13,049	10,376	12,845	11,610
FCF 3Y Avg	249	1,075	18,383	13,685	8,927	13,146	11,036
CFO LTM	291	16,813	24,530	17,065	13,077	14,156	15,484
CFO 3Y Avg	251	9,957	23,862	17,506	12,127	14,402	13,265

Growth & Margins

	COLL	LLY	JNJ	MRK	PFE	BMY	Median
Name	Collegiu.	Eli Lilly	Johnson .	Merck	Pfizer	Bristol-.
Rev Chg LTM	26.3%	44.7%	6.0%	1.7%	3.9%	-0.2%	5.0%
Rev Chg 3Y Avg	29.0%	32.1%	2.6%	2.9%	-13.2%	1.5%	2.8%
Rev Chg Q	31.4%	42.6%	9.1%	3.7%	-5.9%	1.3%	6.4%
QoQ Delta Rev Chg LTM	7.1%	9.7%	2.2%	1.0%	-1.6%	0.3%	1.6%
Op Mgn LTM	20.2%	45.6%	27.2%	34.9%	24.6%	28.5%	27.8%
Op Mgn 3Y Avg	24.6%	37.9%	25.6%	23.7%	19.4%	19.6%	24.2%
QoQ Delta Op Mgn LTM	2.4%	1.1%	1.5%	3.7%	-1.4%	4.7%	2.0%
CFO/Rev LTM	38.4%	25.8%	26.0%	26.6%	20.8%	29.4%	26.3%
CFO/Rev 3Y Avg	39.9%	19.3%	26.7%	28.2%	18.9%	30.5%	27.4%
FCF/Rev LTM	38.2%	9.2%	20.5%	20.3%	16.5%	26.7%	20.4%
FCF/Rev 3Y Avg	39.7%	0.3%	20.6%	22.0%	13.9%	27.9%	21.3%

Valuation

	COLL	LLY	JNJ	MRK	PFE	BMY	Median
Name	Collegiu.	Eli Lilly	Johnson .	Merck	Pfizer	Bristol-.
Mkt Cap	1.4	931.6	586.2	302.9	156.8	123.5	229.9
P/S	1.9	14.3	6.2	4.7	2.5	2.6	3.6
P/EBIT	8.7	31.4	17.5	13.1	13.2	11.0	13.2
P/E	24.7	45.1	21.9	15.9	16.0	17.5	19.7
P/CFO	5.0	55.4	23.9	17.8	12.0	8.7	14.9
Total Yield	4.0%	2.8%	6.7%	9.0%	12.5%	9.8%	7.8%
Dividend Yield	0.0%	0.6%	2.1%	2.7%	6.2%	4.1%	2.4%
FCF Yield 3Y Avg	22.1%	0.0%	4.6%	5.2%	5.9%	12.0%	5.6%
D/E	0.6	0.0	0.1	0.1	0.4	0.4	0.3
Net D/E	0.4	0.0	0.0	0.1	0.3	0.3	0.2

Returns

	COLL	LLY	JNJ	MRK	PFE	BMY	Median
Name	Collegiu.	Eli Lilly	Johnson .	Merck	Pfizer	Bristol-.
1M Rtn	0.4%	0.3%	11.3%	11.6%	9.3%	9.9%	9.6%
3M Rtn	-0.4%	1.6%	25.0%	31.8%	11.9%	31.7%	18.5%
6M Rtn	21.3%	48.8%	39.7%	46.8%	13.5%	28.6%	34.2%
12M Rtn	54.4%	24.1%	60.7%	51.8%	15.9%	18.4%	37.9%
3Y Rtn	72.5%	226.1%	68.5%	24.9%	-23.0%	-1.7%	46.7%
1M Excs Rtn	-0.4%	-1.6%	12.7%	10.7%	10.9%	7.8%	9.3%
3M Excs Rtn	-3.1%	2.7%	26.2%	34.1%	8.6%	25.4%	17.0%
6M Excs Rtn	17.5%	47.1%	35.6%	43.7%	8.0%	24.6%	30.1%
12M Excs Rtn	37.0%	7.3%	48.6%	34.1%	3.2%	0.7%	20.7%
3Y Excs Rtn	4.7%	147.1%	-3.0%	-41.3%	-90.9%	-71.5%	-22.1%

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%	148.5%
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%	148.5%
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	$45.79
Market Cap ($ Bil)	1.4
First Trading Date	05/07/2015
Distance from 52W High	-8.1%
	50 Days	200 Days
DMA Price	$47.27	$37.60
DMA Trend	up	up
Distance from DMA	-3.1%	21.8%
	3M	1YR
Volatility	33.5%	37.8%
Downside Capture	45.29	20.36
Upside Capture	39.06	62.58
Correlation (SPY)	3.1%	25.4%

COLL Betas & Captures as of 1/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-1.75	-0.66	-0.18	0.10	0.50	0.59
Up Beta	-1.98	-0.91	-0.14	0.70	0.52	0.61
Down Beta	-2.27	-1.92	-1.43	0.02	0.55	0.71
Up Capture	-109%	5%	121%	55%	50%	24%
Bmk +ve Days	11	22	34	71	142	430
Stock +ve Days	11	22	35	69	136	398
Down Capture	-145%	33%	-28%	-90%	40%	72%
Bmk -ve Days	9	19	27	54	109	321
Stock -ve Days	9	18	24	53	111	347

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

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with COLL
COLL	48.3%	37.9%	1.12	-
Sector ETF (XLV)	9.6%	17.4%	0.37	38.5%
Equity (SPY)	14.0%	19.4%	0.55	25.6%
Gold (GLD)	74.3%	25.3%	2.17	2.5%
Commodities (DBC)	7.0%	16.7%	0.24	13.0%
Real Estate (VNQ)	7.9%	16.6%	0.28	30.1%
Bitcoin (BTCUSD)	-29.8%	44.9%	-0.65	11.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with COLL
COLL	13.8%	40.7%	0.44	-
Sector ETF (XLV)	8.0%	14.5%	0.37	27.2%
Equity (SPY)	13.3%	17.0%	0.62	25.0%
Gold (GLD)	22.1%	17.0%	1.06	3.7%
Commodities (DBC)	10.5%	18.9%	0.44	6.0%
Real Estate (VNQ)	5.2%	18.8%	0.18	21.8%
Bitcoin (BTCUSD)	8.3%	57.2%	0.37	11.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with COLL
COLL	9.2%	55.1%	0.38	-
Sector ETF (XLV)	11.2%	16.5%	0.56	31.6%
Equity (SPY)	15.6%	17.9%	0.75	30.4%
Gold (GLD)	15.3%	15.6%	0.82	-0.2%
Commodities (DBC)	8.1%	17.6%	0.38	11.9%
Real Estate (VNQ)	6.4%	20.7%	0.27	23.4%
Bitcoin (BTCUSD)	67.9%	66.7%	1.07	7.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	1302026
Short Interest: Shares Quantity	4.8 Mil
Short Interest: % Change Since 1152026	-14.2%
Average Daily Volume	0.5 Mil
Days-to-Cover Short Interest	9.4 days
Basic Shares Quantity	31.6 Mil
Short % of Basic Shares	15.2%

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
09/30/2025	11/06/2025	10-Q
06/30/2025	08/07/2025	10-Q
03/31/2025	05/08/2025	10-Q
12/31/2024	02/27/2025	10-K
09/30/2024	11/07/2024	10-Q
06/30/2024	08/08/2024	10-Q
03/31/2024	05/09/2024	10-Q
12/31/2023	02/22/2024	10-K
09/30/2023	11/07/2023	10-Q
06/30/2023	08/03/2023	10-Q
03/31/2023	05/04/2023	10-Q
12/31/2022	02/23/2023	10-K
09/30/2022	11/03/2022	10-Q
06/30/2022	08/04/2022	10-Q
03/31/2022	05/10/2022	10-Q
12/31/2021	02/24/2022	10-K

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Dreyer, Scott	EVP & Chief Commercial Officer	Direct	Sell	12102025	48.17	17,600	847,855	4,991,410	Form
2	Balice-Gordon, Rita J		Direct	Sell	12092025	47.03	3,650	171,673	2,475,342	Form
3	Fallon, John A		Direct	Sell	11142025	47.21	34,853	1,645,536	3,051,604	Form
4	Tupper, Colleen	EVP & Chief Financial Officer	Direct	Sell	11072025	40.53	30,000	1,215,753	5,133,194	Form
5	Smith, Thomas B	EVP and Chief Medical Officer	Direct	Sell	9032025	38.42	17,478	671,576	2,699,831	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Dreyer, Scott	EVP & Chief Commercial Officer	Direct	Sell	12102025	48.17	17,600	847,855	4,991,410	Form
2	Balice-Gordon, Rita J		Direct	Sell	12092025	47.03	3,650	171,673	2,475,342	Form
3	Fallon, John A		Direct	Sell	11142025	47.21	34,853	1,645,536	3,051,604	Form
4	Tupper, Colleen	EVP & Chief Financial Officer	Direct	Sell	11072025	40.53	30,000	1,215,753	5,133,194	Form
5	Smith, Thomas B	EVP and Chief Medical Officer	Direct	Sell	9032025	38.42	17,478	671,576	2,699,831	Form
6	Dreyer, Scott	EVP & Chief Commercial Officer	Direct	Sell	8202025	38.21	16,389	626,171	3,958,721	Form
7	Santini, Gino		Direct	Sell	8192025	37.19	5,405	201,018	3,534,726	Form
8	Dreyer, Scott	EVP & Chief Commercial Officer	Direct	Sell	8152025	38.03	4,861	184,881	3,940,765	Form
9	Rubric, Capital Management Lp		See footnotes	Sell	8152025	37.85	25,000	946,250	118,574,323	Form
10	Freund, John Gordon		By: John Freund Family Partnership IV, L.P.	Sell	8122025	34.36	11,659	400,641	794,786	Form
11	Freund, John Gordon		Direct	Sell	6112025	30.62	6,601	202,149	2,163,831	Form
12	Tupper, Colleen	EVP & Chief Financial Officer	Direct	Sell	3242025	30.00	1,206	36,181	4,892,069	Form
13	Tupper, Colleen	EVP & Chief Financial Officer	Direct	Sell	3242025	30.03	6,396	192,069	4,704,632	Form
14	Dreyer, Scott	EVP & Chief Commercial Officer	Direct	Sell	3242025	30.00	1,927	57,811	3,674,881	Form
15	Dreyer, Scott	EVP & Chief Commercial Officer	Direct	Sell	3242025	30.03	18,881	566,983	3,111,426	Form
16	Tupper, Colleen	EVP & Chief Financial Officer	Direct	Sell	3182025	30.00	977	29,313	4,928,629	Form
17	Dreyer, Scott	EVP & Chief Commercial Officer	Direct	Sell	3182025	30.00	2,255	67,661	3,733,240	Form
18	Dreyer, Scott	EVP & Chief Commercial Officer	Direct	Sell	3132025	30.00	15,387	461,672	3,800,787	Form
19	Tupper, Colleen	EVP & Chief Financial Officer	Direct	Sell	3132025	30.01	10,445	313,413	4,958,371	Form
20	Tupper, Colleen	EVP & Chief Financial Officer	Direct	Sell	3102025	30.00	1,949	58,470	5,315,850	Form
21	Tupper, Colleen	EVP & Chief Financial Officer	Direct	Sell	3102025	30.00	1,504	45,121	5,270,853	Form
22	Dreyer, Scott	EVP & Chief Commercial Officer	Direct	Sell	3102025	30.00	3,295	98,854	4,332,489	Form
23	Dreyer, Scott	EVP & Chief Commercial Officer	Direct	Sell	3102025	30.00	2,348	70,446	4,262,245	Form
24	Kuhlmann, Shirley R	EVP and General Counsel	Direct	Sell	3062025	28.08	40,000	1,123,160	4,329,894	Form
25	Kuhlmann, Shirley R	EVP and General Counsel	Direct	Sell	3062025	28.03	20,000	560,528	3,761,255	Form
26	Kuhlmann, Shirley R	EVP and General Counsel	Direct	Sell	3062025	28.50	26,067	742,946	3,082,056	Form

COLL Trade Sentinel

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

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Collegium Pharmaceutical (COLL)

Market Price (2/16/2026): $45.75 | Market Cap: $1.4 BilSector: Health Care | Industry: Pharmaceuticals

Collegium Pharmaceutical (COLL)

Market Price (2/16/2026): $45.75Market Cap: $1.4 BilSector: Health CareIndustry: Pharmaceuticals

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

Valuation, Metrics & Events

Price Chart

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 vs. Collegium Pharmaceutical (COLL)

INDUSTRY: Pharmaceuticals

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 29.0% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 29.0% | 9.5x)

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: 4.0%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 29.0% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 29.0% | 9.5x)

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: 4.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 29.0% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 29.0% | 9.5x)

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: 4.0%)

Best Bets in Health Care

P/EBIT (Value for COLL: 8.7x)

P/E (Value for COLL: 24.7x)

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

Rev Chg LTM (Value for COLL: 26.3%)

Rev Chg Q (Value for COLL: 31.4%)

FCF/Rev 3Y Avg (Value for COLL: 39.7%)

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Market Price (2/16/2026): $45.75 | Market Cap: $1.4 Bil
Sector: Health Care | Industry: Pharmaceuticals

Market Price (2/16/2026): $45.75
Market Cap: $1.4 Bil
Sector: Health Care
Industry: Pharmaceuticals