Tearsheet

Collegium Pharmaceutical (COLL)

Market Price (4/15/2026): $35.65 | Market Cap: $1.1 Bil
Sector: Health Care | Industry: Pharmaceuticals

Collegium Pharmaceutical (COLL)

Market Price (4/15/2026): $35.65
Market Cap: $1.1 Bil
Sector: Health Care
Industry: Pharmaceuticals

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

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 29%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42%

Low stock price volatility
Vol 12M is 38%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease. Themes include Chronic Pain Management, and Abuse-Deterrent Formulations.

Weak multi-year price returns
2Y Excs Rtn is -42%, 3Y Excs Rtn is -18%

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 17%

Key risks
COLL key risks include [1] patent infringement litigation threatening its core products Xtampza ER and Belbuca, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 29%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42%
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	Weak multi-year price returns 2Y Excs Rtn is -42%, 3Y Excs Rtn is -18%
6	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 17%
7	Key risks COLL key risks include [1] patent infringement litigation threatening its core products Xtampza ER and Belbuca, Show more.

Valuation, Metrics & Events

	4/15/26	2025	2024	2023	2022
Share Price CYE	$35.65	$29.85	$38.82	$23.99	$20.36
Market Cap CYE ($ Bil)	1.1	0.9	1.3	0.8	0.7
Total Debt ($ Bil)	0.8	0.8	0.6	0.8	0.8
Total Cash ($ Bil)	0.4	0.2	0.3	0.3	0.1
Enterprise Value ($ Bil)	1.6	1.7	1.9	1.6	1.5
Valuation Ratios
P/S TTM	1.4	1.4	2.2	1.6	2.5
P/EBIT TTM	6.5	6.7	6.0	17.1	-50.5
P/E TTM	17.9	21.6	13.5	-28.0	16.0
P/FCF TTM	3.4	4.8	4.1	4.7	12.2
Sector Ratios
P/S TTM (Sector)	3.8	3.3	4.1	4.3	6.0
P/EBIT TTM (Sector)	-1.7	-1.3	-1.7	-1.3	-2.1
P/E TTM (Sector)	-1.9	-1.3	-2.0	-1.4	-2.2
P/FCF TTM (Sector)	-1.7	-1.2	-2.0	-1.5	-2.5

	4/15/26	2025	2024
Share Price CYE	$35.65	$29.85	$38.82
Market Cap CYE ($ Bil)	1.1	0.9	1.3
Total Debt ($ Bil)	0.8	0.8	0.6
Total Cash ($ Bil)	0.4	0.2	0.3
Enterprise Value ($ Bil)	1.6	1.7	1.9
Valuation Ratios
P/S TTM	1.4	1.4	2.2
P/EBIT TTM	6.5	6.7	6.0
P/E TTM	17.9	21.6	13.5
P/FCF TTM	3.4	4.8	4.1
Sector Ratios
P/S TTM (Sector)	3.8	3.3	4.1
P/EBIT TTM (Sector)	-1.7	-1.3	-1.7
P/E TTM (Sector)	-1.9	-1.3	-2.0
P/FCF TTM (Sector)	-1.7	-1.2	-2.0

	COLL	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.8
Rev Chg Q	12.9%	7.5%
Rev Chg LTM	23.6%	6.8%
Rev Chg 3Y Avg	19.1%	5.7%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	22.9%	18.6%
CFO/Rev LTM	42.2%	20.6%
Net Inc Mgn	8.1%	12.8%
VALUATION	LOW
P/S	1.4	3.3
P/CFO	3.4	15.5
P/FCF	3.4	20.1
P/E	17.9	24.3
STABILITY	GOOD
Debt/Equity	0.72	0.21
Cash/Assets	0.23	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
5/14/2026	Earnings Release	Rev: $187 Mil (E) EPS: $1.69 (E)

Price Chart

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Collegium Pharmaceutical (COLL) stock has lost about 25% since 12/31/2025 because of the following key factors:

1. Collegium Pharmaceutical reported a significant miss in its Fourth Quarter and Full-Year 2025 financial results, announced on February 26, 2026. The company posted an Adjusted EPS of $2.04, falling short of analysts' consensus estimates of $2.20 by $0.16, representing a 6.99% negative surprise. Quarterly revenue of $205.45 million also missed analyst expectations of $206.36 million. This earnings miss led to an approximately 9% decline in Collegium's shares in the two days following the announcement.

2. The company experienced a notable compression in its net profit margins. Collegium Pharmaceutical's trailing net profit margin decreased from 11% to 8.1% over the last 12 months as of February 2026, despite achieving trailing revenue of $780.6 million. This suggests tightening profitability, which can concern investors and negatively impact stock valuation.

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Stock Movement Drivers

Fundamental Drivers

The -23.0% change in COLL stock from 12/31/2025 to 4/14/2026 was primarily driven by a -28.3% change in the company's P/E Multiple.

(LTM values as of)	12312025	4142026	Change
Stock Price ($)	46.30	35.64	-23.0%
Change Contribution By:
Total Revenues ($ Mil)	757	781	3.1%
Net Income Margin (%)	7.7%	8.1%	4.3%
P/E Multiple	25.0	17.9	-28.3%
Shares Outstanding (Mil)	32	32	-0.3%
Cumulative Contribution			-23.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/14/2026

	Return	Correlation
COLL	-23.0%
Market (SPY)	-5.4%	9.8%
Sector (XLV)	-3.9%	28.9%

Fundamental Drivers

The 1.9% change in COLL stock from 9/30/2025 to 4/14/2026 was primarily driven by a 57.0% change in the company's Net Income Margin (%).

(LTM values as of)	9302025	4142026	Change
Stock Price ($)	34.99	35.64	1.9%
Change Contribution By:
Total Revenues ($ Mil)	707	781	10.4%
Net Income Margin (%)	5.1%	8.1%	57.0%
P/E Multiple	30.7	17.9	-41.5%
Shares Outstanding (Mil)	32	32	0.5%
Cumulative Contribution			1.9%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/14/2026

	Return	Correlation
COLL	1.9%
Market (SPY)	-2.9%	12.6%
Sector (XLV)	7.4%	32.9%

Fundamental Drivers

The 19.4% change in COLL stock from 3/31/2025 to 4/14/2026 was primarily driven by a 29.7% change in the company's P/E Multiple.

(LTM values as of)	3312025	4142026	Change
Stock Price ($)	29.85	35.64	19.4%
Change Contribution By:
Total Revenues ($ Mil)	631	781	23.6%
Net Income Margin (%)	11.0%	8.1%	-26.5%
P/E Multiple	13.8	17.9	29.7%
Shares Outstanding (Mil)	32	32	1.3%
Cumulative Contribution			19.4%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/14/2026

	Return	Correlation
COLL	19.4%
Market (SPY)	16.3%	28.2%
Sector (XLV)	3.3%	38.3%

Fundamental Drivers

The 48.6% change in COLL stock from 3/31/2023 to 4/14/2026 was primarily driven by a 68.2% change in the company's Total Revenues ($ Mil).

(LTM values as of)	3312023	4142026	Change
Stock Price ($)	23.99	35.64	48.6%
Change Contribution By:
Total Revenues ($ Mil)	464	781	68.2%
P/S Multiple	1.7	1.4	-16.8%
Shares Outstanding (Mil)	34	32	6.1%
Cumulative Contribution			48.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/14/2026

	Return	Correlation
COLL	48.6%
Market (SPY)	63.3%	22.0%
Sector (XLV)	20.4%	28.5%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
COLL Return	-7%	24%	33%	-7%	62%	-23%	77%
Peers Return	30%	20%	-3%	7%	20%	8%	109%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	81%
Monthly Win Rates [3]
COLL Win Rate	42%	58%	42%	42%	67%	25%
Peers Win Rate	55%	63%	38%	47%	58%	60%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
COLL Max Drawdown	-13%	-24%	-9%	-7%	-14%	-31%
Peers Max Drawdown	-7%	-11%	-23%	-10%	-17%	-4%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[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 4/14/2026 (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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Here are 1-3 brief analogies to describe Collegium Pharmaceutical (COLL):

Like Jazz Pharmaceuticals but focused exclusively on pain management.

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Xtampza ER: An abuse-deterrent, extended-release, oral formulation of oxycodone used for long-term opioid treatment of severe pain.
Nucynta ER: An extended-release formulation of tapentadol for pain management.
Nucynta IR: An immediate-release formulation of tapentadol for pain management.

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Collegium Pharmaceutical, Inc. (COLL) is a specialty pharmaceutical company that develops and commercializes medicines. As such, it operates within the pharmaceutical supply chain, selling its products to other companies rather than directly to individual patients. Patients obtain these medications through prescriptions filled at pharmacies or administered in healthcare settings.

The major customers of pharmaceutical manufacturers like Collegium Pharmaceutical are typically large pharmaceutical wholesalers and distributors, who then supply pharmacies, hospitals, and other healthcare providers. The leading pharmaceutical wholesalers in the United States, and thus the likely major customers for Collegium Pharmaceutical, include:

McKesson Corporation (NYSE: MCK)
Cencora (formerly AmerisourceBergen Corporation) (NYSE: ABC)
Cardinal Health, Inc. (NYSE: CAH)

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Vikram Karnani, President & Chief Executive Officer

Mr. Karnani joined Collegium Pharmaceutical in November 2024. He previously served as Executive Vice President and President, Global Commercial Operations and Medical Affairs (Rare Disease) at Amgen, having joined Amgen through its 2023 acquisition of Horizon Therapeutics. At Horizon, Mr. Karnani was responsible for the global commercial strategy for its rare disease medicines, leading the business from $300 million to $4 billion in sales, prior to Horizon's acquisition by Amgen for $28 billion. He began his career with an electrical engineering background and also worked in medical devices and cell therapy before transitioning to pharmaceuticals.

Colleen Tupper, Executive Vice President, Chief Financial Officer

Ms. Tupper joined Collegium Pharmaceutical in 2021. She has over 25 years of experience in the industry, including roles at Antigenics (now Agenus), Shire, and Takeda Pharmaceuticals (which acquired Shire). Prior to Collegium, she was the CFO at Takeda. Her previous positions at Shire included Director, Finance; Senior Finance Director, Global Research & Development; and Vice President, U.S. Commercial Finance. She brings expertise in biotech finance, strategic growth management, and emerging industry trends.

Scott Dreyer, Executive Vice President, Chief Commercial Officer

Mr. Dreyer was appointed Executive Vice President and Chief Commercial Officer in July 2018. He initially joined Collegium in January 2018 as Senior Vice President of Sales, Marketing, Commercial Capabilities and Training. With over 25 years of commercial experience in the biopharma industry, Mr. Dreyer's background spans sales, marketing, commercial operations, and strategic planning. Before joining Collegium, he was 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 roles of increasing responsibility at Merck & Co. He has been involved in the commercialization of over 35 products and launched more than 20 products.

David Dieter, Executive Vice President, General Counsel

Mr. Dieter joined Collegium Pharmaceutical in March 2025. Before Collegium, he served as Vice President, Legal at Horizon Therapeutics, which was acquired by Amgen in October 2023. At Horizon, he was responsible for managing legal counsel and advising executive leadership on corporate and commercial matters, as well as international expansion. He played a key role in Horizon's mergers, acquisitions, and dispositions, including its acquisition by Amgen.

Jane Gonnerman, Executive Vice President, Strategy & Corporate Development

Ms. Gonnerman was appointed Executive Vice President, Strategy & Corporate Development on March 17, 2025. She is a member of the executive team.

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The key risks to Collegium Pharmaceutical (COLL) are primarily related to generic competition for its key products, ongoing opioid-related litigation and regulatory scrutiny, and broader market competition from alternative pain management treatments.

Generic Competition and Patent Expiry: Collegium Pharmaceutical faces significant and immediate risk from generic competition, particularly for its Nucynta franchise. A generic equivalent of Nucynta IR (immediate release) was approved in January 2026, and an authorized generic version of Nucynta IR was launched by Hikma Pharmaceuticals USA Inc. on February 25, 2026. Hikma is also anticipated to launch a generic version of Nucynta ER (extended release) in the first quarter of 2026. While Nucynta IR's U.S. exclusivity was extended to July 3, 2026, and Nucynta ER to December 27, 2025, due to pediatric exclusivity grants, the original Nucynta patent expired in 2018, leading to generic entries that have historically reduced market share and price. In contrast, key patents for Xtampza ER, another of Collegium's products, extend to 2030 and 2036, offering longer protection.
Opioid-Related Litigation and Regulatory Scrutiny: Operating in the opioid market exposes Collegium Pharmaceutical to substantial regulatory and legal challenges. The company's products, including Xtampza ER and the Nucynta Products, are subject to stringent regulations and mandatory Risk Evaluation and Mitigation Strategy (REMS) programs, which add to commercialization costs and complexity. Collegium has been a defendant in numerous lawsuits alleging improper marketing practices related to its opioid medications, similar to other manufacturers. Although Collegium reached a Master Settlement Agreement in March 2022 to resolve 27 opioid-related lawsuits for $2.75 million without admitting liability, the ongoing societal challenges surrounding opioid abuse and the associated legal and regulatory scrutiny continue to pose a significant threat, including potential for stricter regulations, reduced demand, and further litigation. Furthermore, the FDA can withdraw or restrict product approvals if post-marketing studies reveal adverse safety findings.
Market Competition: Collegium Pharmaceutical faces intense competition not only from generic drug manufacturers but also from other branded pain management treatments. The company competes with other oral and transdermal opioids, as well as non-opioid alternative drugs being developed and marketed by other pharmaceutical and biotechnology companies. For example, Vertex Pharmaceuticals received approval for suzetrigine for acute pain in January 2025. This broad competitive landscape, including legacy pharma, specialty biotechs, and non-opioid candidates, can pressure pricing, market access, and overall market share for Collegium's products.

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The emergence and increasing adoption of novel, highly effective, and non-opioid pain management therapies represent a clear emerging threat. These advancements could significantly reduce the market need for opioid-based treatments, even those with abuse-deterrent properties, thus directly threatening Collegium Pharmaceutical's core product portfolio.

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Collegium Pharmaceutical (COLL) is expected to drive future revenue growth over the next 2-3 years through a combination of accelerated growth from its ADHD medication, continued durability and strategic management of its pain portfolio, and a broader diversification into non-opioid central nervous system (CNS) therapies.

Here are 3-5 expected drivers of future revenue growth:

Accelerated Growth of Jornay PM: Collegium Pharmaceutical's ADHD medication, Jornay PM, is a primary driver of future revenue growth. Following the acquisition of Ironshore Therapeutics in late 2024, Collegium has been integrating Jornay PM into its commercial portfolio to penetrate the approximately $15 billion ADHD market. Jornay PM's net revenue saw significant growth of 48% year-over-year in 2025 and is projected to increase by over 30% in 2026, with anticipated revenues ranging from $190 million to $200 million. This growth is bolstered by an expanded sales force, increasing from 125 to 180 representatives in fiscal year 2025, targeting a 20% uplift in prescriber adoption, and an expanded physician universe of 21,000. Marketing initiatives, including a partnership with Paris Hilton, aim to further raise awareness among adult ADHD patients.
Durability and Strategic Management of the Pain Portfolio: While Jornay PM leads growth, Collegium's existing pain portfolio, including Xtampza ER, Belbuca, and the Nucynta franchise, is expected to maintain durable revenues and contribute to overall growth. The pain portfolio generated $631.7 million in 2025, marking a 6% year-over-year increase.
- Xtampza ER continues to hold a strong position in the abuse-deterrent extended-release opioid market, with a 4% net revenue growth in fiscal year 2025. Strategic investments in managed care contracting are aimed at securing preferred formulary placements to sustain its market share.
- Belbuca also contributed to the pain portfolio's performance with a 5% net revenue growth in fiscal year 2025, leveraging its position as a lower-abuse-potential buccal buprenorphine.
- The Nucynta franchise recorded an 11% net revenue growth in fiscal year 2025, largely due to improved profitability from managing gross-to-nets. An authorized generic agreement with Hikma Pharmaceuticals is designed to provide Collegium with a significant share of net profits from generic versions, thereby mitigating the impact of generic competition.
Diversification into Non-Opioid CNS Products through M&A and Partnerships: Collegium Pharmaceutical is actively pursuing a multi-year strategy to diversify its revenue streams beyond pain management, with a goal for non-opioid CNS products to account for at least 40% of total revenue by 2027. This strategy involves actively seeking late-stage or commercial-ready neurology and psychiatry assets through mergers, acquisitions, and strategic partnerships. This diversification aims to expand Collegium's market reach and reduce its reliance on the opioid market.
Pipeline Expansion and Leveraging DETERx Technology: The company plans to advance its DETERx technology platform, with programs moving into Phase 1/2 for selected non-opioid CNS candidates in 2025-2026. Additionally, Collegium is evaluating planned supplemental New Drug Applications (sNDAs) across 2025-2026 to expand indications for existing products. These initiatives represent potential future product launches and label expansions that could contribute to longer-term revenue growth.

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Share Repurchases

Collegium Pharmaceutical authorized a new share repurchase program of up to $150 million in July 2025, slated to run through December 31, 2026. This program replaced a prior $150 million authorization from January 2024, which had $65 million remaining upon its expiration on June 30, 2025.
Since 2021, the company has returned $222 million to shareholders through its various share repurchase programs.
An accelerated share repurchase (ASR) agreement for $25 million was initiated in May 2025, expected to be completed in the third quarter of 2025, as part of the January 2024 authorized program.

Share Issuance

Collegium Pharmaceutical's shares outstanding have shown a general downward trend, decreasing from 34.12 million in 2021 to 31.57 million in 2025.

Outbound Investments

Collegium acquired Jornay PM®, a medication for ADHD, thereby expanding its portfolio into neuropsychiatry.

Capital Expenditures

Collegium Pharmaceutical invested $689K in capital expenditures during Q4 2025.
For the last 12 months leading up to March 2026, capital expenditures were reported as -$1.74 million.

Interactive Breakdown

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Better Bets vs. Collegium Pharmaceutical (COLL)

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Higher FCF/Rev LTM (Value for COLL: 42.0%)

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Higher Total Yield (Value for COLL: 5.6%)

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SECTOR: Health Care

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Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 19.1% | 6.3x)

BCRX (50.8% | 6.0x)

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Higher Rev Chg LTM (Value for COLL: 23.6%)

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JNJ (27.2%)

Johnson & Johnson

AMGN (24.7%)

Amgen

Higher CFO/Rev LTM (Value for COLL: 42.2%)

RPRX (104.7%)

Royalty Pharma

KRYS (51.6%)

Krystal Biotech

UTHR (49.1%)

United Therapeutics

HALO (46.7%)

Halozyme Therapeutics

VEEV (44.3%)

Veeva Systems

Higher FCF/Rev LTM (Value for COLL: 42.0%)

PTGX (121.9%)

Protagonist Therapeutics

RPRX (104.7%)

Royalty Pharma

KRYS (48.5%)

Krystal Biotech

DOCS (48.2%)

Doximity

VEEV (44.3%)

Veeva Systems

Higher Total Yield (Value for COLL: 5.6%)

MRK (8.9%)

Merck

UNH (7.0%)

UnitedHealth

AMGN (6.8%)

Amgen

JNJ (6.8%)

Johnson & Johnson

ABT (6.1%)

Abbott Laboratories

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 19.1% | 1.4x)

PGR (21.0% | 1.3x)

Progressive

MFC (33.3% | 1.2x)

Manulife Financial

SLF (322.2% | 1.0x)

Sun Life Financial

SW (55.1% | 0.7x)

Smurfit WestRock

SMCI (66.3% | 0.6x)

Super Micro Computer

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 19.1% | 6.3x)

IBKR (38.4% | 3.9x)

Interactive Brokers

NCLH (30.4% | 6.2x)

Norwegian Cruise Line

SNEX (32.4% | 3.6x)

StoneX

BTG (23.6% | 4.7x)

B2Gold

BIPC (26.4% | 2.3x)

Brookfield Infrastructure

Higher Rev Chg LTM (Value for COLL: 23.6%)

MU (85.5%)

Micron Technology

NVDA (65.5%)

NVIDIA

AMD (34.3%)

Advanced Micro Devices

LRCX (26.8%)

Lam Research

AVGO (25.2%)

Broadcom

Higher Rev Chg 3Y Avg (Value for COLL: 19.1%)

NVDA (101.8%)

NVIDIA

MU (45.3%)

Micron Technology

BRK-B (27.0%)

Berkshire Hathaway

AVGO (26.2%)

Broadcom

META (19.9%)

Meta Platforms

Higher Op Mgn LTM (Value for COLL: 22.9%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for COLL: 42.2%)

V (59.1%)

Visa

META (57.6%)

Meta Platforms

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

Higher FCF/Rev LTM (Value for COLL: 42.0%)

V (55.4%)

Visa

MA (50.1%)

Mastercard

PLTR (46.9%)

Palantir Technologies

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

Higher Total Yield (Value for COLL: 5.6%)

BAC (7.8%)

Bank of America

XOM (7.3%)

Exxon Mobil

CVX (6.7%)

Chevron

JPM (6.7%)

JPMorgan Chase

BRK-B (6.5%)

Berkshire Hathaway

Best Bets in Health Care

What You Pay

P/EBIT (Value for COLL: 6.4x)

RPRX (12.8x)

Royalty Pharma

DOCS (17.5x)

Doximity

VEEV (28.4x)

Veeva Systems

HALO (16.3x)

Halozyme Therapeutics

UTHR (14.5x)

United Therapeutics

CPRX (12.5x)

Catalyst Pharmaceuticals

BMY (10.5x)

Bristol-Myers Squibb

RMD (18.3x)

ResMed

AMGN (16.1x)

Amgen

PBH (8.8x)

Prestige Consumer Healthcare

P/E (Value for COLL: 17.9x)

RPRX (27.1x)

Royalty Pharma

DOCS (17.4x)

Doximity

VEEV (28.6x)

Veeva Systems

HALO (25.0x)

Halozyme Therapeutics

UTHR (18.8x)

United Therapeutics

CPRX (15.0x)

Catalyst Pharmaceuticals

BMY (16.7x)

Bristol-Myers Squibb

RMD (22.6x)

ResMed

AMGN (24.5x)

Amgen

PBH (14.5x)

Prestige Consumer Healthcare

What You Get

Rev Chg 3Y Avg (Value for COLL: 19.1%)

RPRX (2.1%)

Royalty Pharma

DOCS (16.7%)

Doximity

VEEV (14.1%)

Veeva Systems

HALO (28.5%)

Halozyme Therapeutics

UTHR (18.1%)

United Therapeutics

CPRX (43.1%)

Catalyst Pharmaceuticals

BMY (1.5%)

Bristol-Myers Squibb

RMD (12.9%)

ResMed

AMGN (11.9%)

Amgen

PBH (-0.1%)

Prestige Consumer Healthcare

Rev Chg LTM (Value for COLL: 23.6%)

RPRX (5.1%)

Royalty Pharma

DOCS (15.9%)

Doximity

VEEV (16.3%)

Veeva Systems

HALO (37.6%)

Halozyme Therapeutics

UTHR (10.6%)

United Therapeutics

CPRX (19.8%)

Catalyst Pharmaceuticals

BMY (-0.2%)

Bristol-Myers Squibb

RMD (9.6%)

ResMed

AMGN (10.0%)

Amgen

PBH (-1.3%)

Prestige Consumer Healthcare

Rev Chg Q (Value for COLL: 12.9%)

RPRX (4.8%)

Royalty Pharma

DOCS (9.8%)

Doximity

VEEV (16.0%)

Veeva Systems

HALO (51.6%)

Halozyme Therapeutics

UTHR (7.4%)

United Therapeutics

CPRX (7.6%)

Catalyst Pharmaceuticals

BMY (1.3%)

Bristol-Myers Squibb

RMD (11.0%)

ResMed

AMGN (8.6%)

Amgen

PBH (-2.4%)

Prestige Consumer Healthcare

FCF/Rev 3Y Avg (Value for COLL: 40.9%)

RPRX (118.0%)

Royalty Pharma

DOCS (41.6%)

Doximity

VEEV (40.8%)

Veeva Systems

HALO (38.8%)

Halozyme Therapeutics

UTHR (34.1%)

United Therapeutics

CPRX (33.2%)

Catalyst Pharmaceuticals

BMY (27.9%)

Bristol-Myers Squibb

RMD (27.3%)

ResMed

AMGN (26.4%)

Amgen

PBH (22.3%)

Prestige Consumer Healthcare

[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	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PGNY_3312026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03312026	PGNY	Progyny	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	0.0%	0.0%	0.0%
CNC_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03272026	CNC	Centene	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	2.3%	2.3%	-0.6%
OSCR_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03272026	OSCR	Oscar 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	3.0%	3.0%	-2.6%
WAT_3202026_Monopoly_xInd_xCD_Getting_Cheaper	03202026	WAT	Waters	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.4%	-0.4%	-3.3%
GILD_3202026_Quality_Momentum_RoomToRun_10%	03202026	GILD	Gilead Sciences	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	1.6%	1.6%	-2.2%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	69.5%	119.3%
TVTX	Travere Therapeutics	3.8	37.2%	10.3%
BE	Bloom Energy	57.8	24.0%	152.1%
IONQ	IonQ	12.4	20.2%	-20.3%
CRDO	Credo Technology	29.1	18.7%	10.9%
MGTX	MeiraGTx	0.9	17.2%	42.0%
JBLU	JetBlue Airways	2.1	16.9%	23.1%
QBTS	D-Wave Quantum	6.0	15.8%	-35.1%
REPL	Replimune	0.2	14.7%	-79.9%
APLD	Applied Digital	8.7	14.0%	28.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ALLO	Allogene Therapeutics	0.5	-25.5%	66.4%
KMX	CarMax	6.1	-15.1%	7.8%
FSLY	Fastly	3.2	-14.0%	105.8%
REPX	Riley Exploration Permian	0.7	-13.4%	34.0%
ASTS	AST SpaceMobile	25.2	-10.5%	21.9%
STAA	Staar Surgical	1.2	-9.0%	5.8%
POET	POET Technologies	0.6	-8.1%	6.0%
DOCN	DigitalOcean	6.7	-8.0%	52.6%
BKSY	BlackSky Technology	1.1	-7.9%	70.9%
WTI	W&T Offshore	0.4	-7.9%	72.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	79.9%	119.3%
CAR	Avis Budget	14.5	61.3%	220.7%
BE	Bloom Energy	57.8	61.2%	152.1%
RVMD	Revolution Medicines	28.6	52.7%	84.6%
CRDO	Credo Technology	29.1	49.4%	10.9%
LWLG	Lightwave Logic	1.7	48.8%	277.2%
AXTI	AXT	3.0	48.0%	311.6%
AEHR	Aehr Test Systems	2.2	48.0%	268.4%
ALAB	Astera Labs	28.9	43.4%	2.5%
OGN	Organon	2.3	42.2%	21.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.2	-75.0%	-79.9%
FSLY	Fastly	3.2	-33.7%	105.8%
BETR	Better Home & Finance	0.5	-22.5%	6.7%
AKAM	Akamai Technologies	12.8	-22.0%	1.8%
TBN	Tamboran Resources	0.7	-21.8%	30.2%
VG	Venture Global	30.6	-21.8%	83.7%
SMPL	Simply Good Foods	1.1	-21.2%	-43.3%
OKTA	Okta	11.4	-19.2%	-25.9%
KOS	Kosmos Energy	1.2	-17.5%	175.5%
NET	Cloudflare	62.7	-17.4%	-9.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
XLO	Xilio Therapeutics	0.6	1584.0%	-4.2%
CAR	Avis Budget	14.5	308.7%	220.7%
SATL	Satellogic	1.0	145.8%	290.4%
APLS	Apellis Pharmaceuticals	5.2	115.7%	62.6%
AEHR	Aehr Test Systems	2.2	108.5%	268.4%
KOD	Kodiak Sciences	2.4	94.4%	61.2%
AVNS	Avanos Medical	1.1	79.9%	119.3%
HTZ	Hertz Global	2.2	79.7%	36.0%
KODK	Eastman Kodak	1.2	77.8%	46.5%
CBIO	Crescent Biopharma	0.6	74.6%	64.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-72.7%	-79.9%
VRDN	Viridian Therapeutics	1.4	-47.0%	-51.2%
MAZE	Maze Therapeutics	1.3	-44.9%	-33.2%
WVE	WAVE Life Sciences	1.3	-43.2%	-56.5%
BUR	Burford Capital	1.0	-40.5%	-47.2%
TE	T1 Energy	0.8	-36.2%	-27.2%
FRMI	Fermi	3.1	-33.7%	-34.0%
ADMA	ADMA Biologics	2.5	-30.8%	-42.5%
FIG	Figma	9.5	-29.2%	-50.7%
SAIL	SailPoint	6.2	-28.0%	-45.0%

Peer Comparisons

Peers to compare with:

Financials

	COLL	LLY	JNJ	MRK	PFE	BMY	Median
Name	Collegiu.	Eli Lilly	Johnson .	Merck	Pfizer	Bristol-.
Mkt Price	35.64	922.50	240.10	119.96	27.11	58.08	89.02
Mkt Cap	1.1	826.4	578.1	297.6	154.1	118.1	225.9
Rev LTM	781	65,179	94,193	65,011	62,579	48,195	63,795
Op Inc LTM	178	29,696	25,596	22,108	17,406	13,723	19,757
FCF LTM	328	5,964	19,313	12,360	9,075	12,845	10,718
FCF 3Y Avg	268	1,075	18,383	13,200	7,901	13,146	10,524
CFO LTM	329	16,813	24,530	16,472	11,704	14,156	15,314
CFO 3Y Avg	270	9,957	23,862	16,982	11,049	14,402	12,726

Growth & Margins

	COLL	LLY	JNJ	MRK	PFE	BMY	Median
Name	Collegiu.	Eli Lilly	Johnson .	Merck	Pfizer	Bristol-.
Rev Chg LTM	23.6%	44.7%	6.0%	1.3%	-1.6%	-0.2%	3.7%
Rev Chg 3Y Avg	19.1%	32.1%	2.6%	3.2%	-12.0%	1.5%	2.9%
Rev Chg Q	12.9%	42.6%	9.1%	5.0%	-1.2%	1.3%	7.0%
QoQ Delta Rev Chg LTM	3.1%	9.7%	2.2%	1.2%	-0.3%	0.3%	1.7%
Op Mgn LTM	22.9%	45.6%	27.2%	34.0%	27.8%	28.5%	28.1%
Op Mgn 3Y Avg	26.3%	37.9%	25.6%	23.5%	19.6%	19.6%	24.6%
QoQ Delta Op Mgn LTM	2.7%	1.1%	1.5%	-0.9%	0.9%	4.7%	1.3%
CFO/Rev LTM	42.2%	25.8%	26.0%	25.3%	18.7%	29.4%	25.9%
CFO/Rev 3Y Avg	41.0%	19.3%	26.7%	26.8%	17.8%	30.5%	26.8%
FCF/Rev LTM	42.0%	9.2%	20.5%	19.0%	14.5%	26.7%	19.8%
FCF/Rev 3Y Avg	40.9%	0.3%	20.6%	20.8%	12.7%	27.9%	20.7%

Valuation

	COLL	LLY	JNJ	MRK	PFE	BMY	Median
Name	Collegiu.	Eli Lilly	Johnson .	Merck	Pfizer	Bristol-.
Mkt Cap	1.1	826.4	578.1	297.6	154.1	118.1	225.9
P/S	1.4	12.7	6.1	4.6	2.5	2.5	3.5
P/EBIT	6.4	27.8	17.2	13.3	15.1	10.5	14.2
P/E	17.9	40.0	21.6	16.3	19.8	16.7	18.9
P/CFO	3.4	49.2	23.6	18.1	13.2	8.3	15.6
Total Yield	5.6%	3.1%	6.8%	8.9%	11.4%	10.2%	7.8%
Dividend Yield	0.0%	0.7%	2.1%	2.7%	6.3%	4.3%	2.4%
FCF Yield 3Y Avg	24.0%	0.0%	4.6%	5.1%	5.3%	12.0%	5.2%
D/E	0.7	0.1	0.1	0.2	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	3.3%	-6.4%	-0.6%	4.5%	2.0%	-0.7%	0.7%
3M Rtn	-24.6%	-14.2%	13.0%	11.6%	9.6%	4.9%	7.3%
6M Rtn	10.8%	13.9%	27.3%	43.9%	14.4%	35.6%	20.8%
12M Rtn	33.3%	23.2%	59.9%	57.0%	31.5%	18.8%	32.4%
3Y Rtn	55.4%	151.7%	58.3%	14.0%	-21.1%	-5.3%	34.7%
1M Excs Rtn	-1.7%	-11.4%	-5.6%	-0.5%	-3.1%	-5.7%	-4.4%
3M Excs Rtn	-25.8%	-14.4%	15.2%	10.8%	9.2%	5.4%	7.3%
6M Excs Rtn	4.9%	4.7%	21.0%	35.4%	6.9%	28.7%	13.9%
12M Excs Rtn	12.2%	-3.3%	33.7%	28.0%	2.4%	-11.4%	7.3%
3Y Excs Rtn	-18.0%	86.4%	-10.8%	-52.7%	-91.4%	-75.4%	-35.3%

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%	93.4%
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%	93.4%
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	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/26/2026	2/26/2026	2/27/2025	2/22/2024	2/23/2023	2/24/2022	2/25/2021
Key Financials
Total Revenue	781	781	631	567	464	277	310
EBITDA	401	401	342	308	173	87	118
Operating Income	178	178	167	167	33	22	56
Net Income	63	63	69	48	-25	72	27
EPS	2.00	1.98	2.14	1.43	-0.74	2.05	0.78
Growth Rates
Total Revenue Growth	23.6%	23.6%	11.4%	22.2%	67.6%	-10.7%	4.5%
EBITDA Growth	17.4%	17.4%	10.8%	77.9%	100.2%	-26.7%	1964.4%
Operating Income Growth	6.9%	6.9%	0.0%	401.1%	50.0%	-60.5%	336.8%
Net Income Growth	-9.1%	-9.1%	43.7%	292.6%	-135.0%	167.3%	217.7%
Margins
EBITDA Margin	51.4%	51.4%	54.1%	54.4%	37.4%	31.3%	38.1%
Operating Income Margin	22.9%	22.9%	26.4%	29.5%	7.2%	8.0%	18.1%
Net Income Margin	8.1%	8.1%	11.0%	8.5%	-5.4%	25.8%	8.6%
Cash & Debt
Total Cash	387	387	163	311	174	186	174
Total Debt	815	815	859	674	709	259	267
Net Debt / (Cash)	428	428	697	364	535	72	92
Cash Flows
Net Cash from Operations	329	329	205	275	124	104	94
Free Cash from Operations	328	328	203	274	123	102	-280
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	25	60	75	14	48	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	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
Filing Date	2/26/2026	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
Key Financials Quarterly
Total Revenue	205	209	188	178	182	159	145	145	150	137	136	145
Ebitda	105	122	94	80	96	76	80	89	101	87	78	42
Operating Income	61	62	35	21	35	35	47	49	62	45	36	25
Net Income	17	32	12	2	13	9	20	28	32	21	13	-17
EPS	0.54	1.00	0.38	0.08	0.39	0.29	0.60	0.86	0.96	0.61	0.38	-0.51
Key Financials TTM
Total Revenue TTM	781	757	707	664	631	599	577	567	567	547	537	525
Ebitda TTM	401	393	347	333	342	347	358	356	308	263	235	206
Operating Income TTM	178	153	126	138	167	193	204	192	167	117	92	68
Net Income TTM	63	58	36	44	69	89	100	93	48	9	-11	-29
Growth Rates Quarterly
Total Revenue Growth	12.9%	31.4%	29.4%	22.7%	21.5%	16.5%	7.2%	0.1%	15.5%	7.6%	9.7%	72.9%
EBITDA Growth	8.6%	60.7%	17.4%	-10.0%	-4.9%	-12.7%	2.7%	112.1%	81.5%	48.2%	58.3%	337.9%
Operating Income Growth	72.6%	78.2%	-26.8%	-57.8%	-42.9%	-22.6%	33.2%	100.9%	424.7%	119.9%	220.7%	345.9%
Net Income Growth	35.3%	237.5%	-38.9%	-91.3%	-60.8%	-54.8%	50.7%	259.0%	543.7%	4415.1%	350.6%	-33.3%
Margins Quarterly
EBITDA Margin	51.0%	58.1%	50.1%	45.3%	53.0%	47.5%	55.2%	61.7%	67.8%	63.4%	57.6%	29.1%
Operating Income Margin	29.6%	29.6%	18.5%	11.8%	19.3%	21.9%	32.7%	34.1%	41.2%	32.9%	26.3%	17.0%
Net Income Margin	8.3%	15.0%	6.4%	1.4%	6.9%	5.9%	13.5%	19.1%	21.3%	15.1%	9.6%	-12.0%
Cash & Debt
Total Cash	387	286	222	198	163	120	272	318	311	305	325	269
Total Debt	815	814	829	844	859	874	559	630	674	718	762	806
Net Debt / (Cash)	428	528	607	646	697	754	288	312	364	414	437	537
Cash Flows Quarterly
FCF from Operations	123	78	72	55	85	-9	67	62	73	74	100	28
Cash Flows TTM
FCF from Operations TTM	329	291	203	198	205	194	277	309	275	268	236	177
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	25	-0	-0	-0	25	50	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	23.3%	25.8%	12.7%	7.7%	11.5%	8.4%	24.4%	24.9%	25.8%	17.1%	12.1%	10.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	19.9%	15.8%	11.2%	11.1%	13.1%	13.5%	27.4%	22.9%	16.2%	6.6%	10.7%	6.8%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Belbuca	211	182	126
Xtampza Extended-release (ER)	191	177	139	104	128
Nucynta Immediate-release (IR)	101	108	112	102	116
Nucynta Extended-release (ER)	76	83	72	71	66
Jornay PM	37	0
Symproic	15	16	12
Other		0	2
Total	631	567	464	277	310

Price Behavior

Price Behavior

Market Price	$35.64
Market Cap ($ Bil)	1.1
First Trading Date	05/07/2015
Distance from 52W High	-28.5%
	50 Days	200 Days
DMA Price	$39.22	$39.25
DMA Trend	up	down
Distance from DMA	-9.1%	-9.2%
	3M	1YR
Volatility	36.7%	37.6%
Downside Capture	0.67	0.16
Upside Capture	-9.51	59.10
Correlation (SPY)	14.1%	16.7%

COLL Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.78	0.77	0.32	0.40	0.58	0.56
Up Beta	0.37	0.57	0.16	0.12	0.50	0.58
Down Beta	-0.33	-0.20	-0.61	-0.11	0.69	0.61
Up Capture	8%	29%	-16%	65%	50%	23%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	7	18	28	66	133	394
Down Capture	199%	176%	155%	77%	69%	75%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	15	24	35	57	115	350

[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	42.8%	38.1%	1.02	-
Sector ETF (XLV)	11.9%	16.0%	0.52	33.7%
Equity (SPY)	24.2%	12.9%	1.49	19.3%
Gold (GLD)	53.4%	27.6%	1.55	4.2%
Commodities (DBC)	26.8%	16.2%	1.47	-1.6%
Real Estate (VNQ)	18.7%	13.8%	1.00	26.0%
Bitcoin (BTCUSD)	-6.8%	42.9%	-0.05	10.7%

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	8.6%	40.3%	0.32	-
Sector ETF (XLV)	6.6%	14.6%	0.27	27.9%
Equity (SPY)	11.1%	17.0%	0.50	25.5%
Gold (GLD)	22.5%	17.8%	1.03	3.4%
Commodities (DBC)	11.7%	18.8%	0.51	5.1%
Real Estate (VNQ)	3.9%	18.8%	0.11	22.1%
Bitcoin (BTCUSD)	5.8%	56.5%	0.32	11.9%

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	6.8%	54.3%	0.34	-
Sector ETF (XLV)	9.9%	16.5%	0.49	31.3%
Equity (SPY)	14.0%	17.9%	0.67	30.5%
Gold (GLD)	14.3%	15.9%	0.75	-0.0%
Commodities (DBC)	8.8%	17.6%	0.42	11.6%
Real Estate (VNQ)	5.4%	20.7%	0.23	23.4%
Bitcoin (BTCUSD)	67.7%	66.9%	1.07	7.4%

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

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	5.5 Mil
Short Interest: % Change Since 3152026	29.3%
Average Daily Volume	0.7 Mil
Days-to-Cover Short Interest	7.8 days
Basic Shares Quantity	31.7 Mil
Short % of Basic Shares	17.5%

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
2/26/2026	-3.3%	-13.4%	-27.0%
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%
...
SUMMARY STATS
# Positive	14	15	12
# Negative	10	9	12
Median Positive	5.8%	6.8%	15.2%
Median Negative	-5.3%	-12.8%	-7.8%
Max Positive	13.4%	32.1%	33.6%
Max Negative	-17.3%	-26.7%	-27.0%

	Forward Returns
2/26/2026	-3.3%	-13.4%	-27.0%
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%
SUMMARY STATS
# Positive	14	15	12
# Negative	10	9	12
Median Positive	5.8%	6.8%	15.2%
Median Negative	-5.3%	-12.8%	-7.8%
Max Positive	13.4%	32.1%	33.6%
Max Negative	-17.3%	-26.7%	-27.0%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/26/2026	10-K
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

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/26/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Product Revenues, Net	805.00 Mil	815.00 Mil	825.00 Mil	4.5%		Higher New	Actual: 780.00 Mil for 2025
2026 Jornay PM Revenue, Net	190.00 Mil	195.00 Mil	200.00 Mil	32.2%		Higher New	Actual: 147.50 Mil for 2025
2026 Adjusted EBITDA	455.00 Mil	465.00 Mil	475.00 Mil	0		Same New	Actual: 465.00 Mil for 2025

Prior: Q3 2025 Earnings Reported 11/6/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Product Revenues, Net	775.00 Mil	780.00 Mil	785.00 Mil	3.7%		Raised	Guidance: 752.50 Mil for 2025
2025 Jornay PM Revenues, Net	145.00 Mil	147.50 Mil	150.00 Mil	3.5%		Raised	Guidance: 142.50 Mil for 2025
2025 Adjusted Operating Expenses	235.00 Mil	237.50 Mil	240.00 Mil	3.3%		Raised	Guidance: 230.00 Mil for 2025
2025 Adjusted EBITDA	460.00 Mil	465.00 Mil	470.00 Mil	3.9%		Raised	Guidance: 447.50 Mil for 2025

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
27	Dreyer, Scott	EVP & Chief Commercial Officer	Direct	Sell	3052026	40.41	49,976	2,019,437	2,900,092	Form
28	Dieter, David	EVP & General Counsel	Direct	Sell	3112026	36.65	6,224	228,110	3,336,873	Form

COLL Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

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

How Is The Market Pricing COLL?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What COLL Makes & Who Pays

TTM figures based on

COLL Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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

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Collegium Pharmaceutical (COLL)

Market Price (4/15/2026): $35.65 | Market Cap: $1.1 BilSector: Health Care | Industry: Pharmaceuticals

Collegium Pharmaceutical (COLL)

Market Price (4/15/2026): $35.65Market Cap: $1.1 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)

Interactive Breakdown

Better Bets vs. Collegium Pharmaceutical (COLL)

INDUSTRY: Pharmaceuticals

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 19.1% | 1.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 19.1% | 6.3x)

Higher Rev Chg LTM (Value for COLL: 23.6%)

Higher Rev Chg 3Y Avg (Value for COLL: 19.1%)

Higher Op Mgn LTM (Value for COLL: 22.9%)

Higher CFO/Rev LTM (Value for COLL: 42.2%)

Higher FCF/Rev LTM (Value for COLL: 42.0%)

Higher Total Yield (Value for COLL: 5.6%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 19.1% | 1.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 19.1% | 6.3x)

Higher Rev Chg LTM (Value for COLL: 23.6%)

Higher Rev Chg 3Y Avg (Value for COLL: 19.1%)

Higher Op Mgn LTM (Value for COLL: 22.9%)

Higher CFO/Rev LTM (Value for COLL: 42.2%)

Higher FCF/Rev LTM (Value for COLL: 42.0%)

Higher Total Yield (Value for COLL: 5.6%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for COLL: 19.1% | 1.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COLL: 19.1% | 6.3x)

Higher Rev Chg LTM (Value for COLL: 23.6%)

Higher Rev Chg 3Y Avg (Value for COLL: 19.1%)

Higher Op Mgn LTM (Value for COLL: 22.9%)

Higher CFO/Rev LTM (Value for COLL: 42.2%)

Higher FCF/Rev LTM (Value for COLL: 42.0%)

Higher Total Yield (Value for COLL: 5.6%)

Best Bets in Health Care

P/EBIT (Value for COLL: 6.4x)

P/E (Value for COLL: 17.9x)

Rev Chg 3Y Avg (Value for COLL: 19.1%)

Rev Chg LTM (Value for COLL: 23.6%)

Rev Chg Q (Value for COLL: 12.9%)

FCF/Rev 3Y Avg (Value for COLL: 40.9%)

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Market Price (4/15/2026): $35.65 | Market Cap: $1.1 Bil
Sector: Health Care | Industry: Pharmaceuticals

Market Price (4/15/2026): $35.65
Market Cap: $1.1 Bil
Sector: Health Care
Industry: Pharmaceuticals