Collegium Pharmaceutical, Inc.
- Open
- 24.42
- Day high
- 24.45
- Day low
- 23.64
- Prev close
- 24.30
- Volume
- 843K
- Mkt cap
- $735M
- P/E (TTM)
- 15.5
- EPS (TTM)
- $1.53
- P/B
- 2.4
- P/S
- 0.9
- Yield
- —
- Per share
- —
Collegium Pharmaceutical, Inc. (COLL) is a Healthcare company listed on NASDAQ. The stock is down 39% over the past year.
Collegium Pharmaceutical, Inc. (COLL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
COLL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $1.72 | $1.92 | +11.6% | $200M | +0.1% |
| May 7, 2026 | $1.52 | $1.76 | +15.8% | $194M | +4.9% |
| Feb 26, 2026 | $2.19 | $0.43 | -80.5% | $205M | -0.4% |
| Nov 6, 2025 | $1.88 | $2.25 | +19.7% | $209M | +1.6% |
| May 8, 2025 | $1.43 | $1.49 | +4.2% | $178M | +2.7% |
| Feb 27, 2025 | $1.54 | $1.77 | +14.9% | $182M | +1.3% |
| Nov 7, 2024 | $1.66 | $1.61 | -3.0% | $159M | -11.2% |
| Aug 8, 2024 | $1.56 | $1.62 | +3.8% | $145M | +0.9% |
| May 9, 2024 | $1.49 | $1.45 | -2.7% | $145M | -1.4% |
| Feb 22, 2024 | $1.33 | $1.58 | +18.8% | $150M | +1.2% |
| Aug 3, 2023 | $1.22 | $1.26 | +3.3% | $136M | -2.1% |
| May 4, 2023 | $1.32 | $1.32 | +0.0% | $145M | +4.5% |
COLL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 10, 2026 | SANTINI GINOdirector | Option | 8,700 | $16.49 |
| May 20, 2026 | Freund John Gordondirector | Sell | 20 | $34.05 |
| May 18, 2026 | Balice-Gordon Rita J.director | Grant | 8,741 | — |
| May 18, 2026 | Freund John Gordondirector | Grant | 8,741 | — |
| May 18, 2026 | BOHLIN GAREN Gdirector | Grant | 8,741 | — |
| May 18, 2026 | Lurker Nancydirector | Grant | 8,741 | — |
| May 18, 2026 | Glancy Donovan Michaeldirector | Grant | 17,482 | — |
| May 18, 2026 | Freund John Gordondirector | Option | 8,700 | $16.49 |
| May 18, 2026 | Paya Carlos Vdirector | Grant | 8,741 | — |
| May 18, 2026 | Freund John Gordondirector | Sell | 4,127 | $34.54 |
| May 18, 2026 | SANTINI GINOdirector | Grant | 8,741 | — |
| May 15, 2026 | Lurker Nancydirector | Sell | 4,500 | $35.97 |
| May 13, 2026 | BOHLIN GAREN Gdirector | Sell | 8,700 | $37.18 |
| May 13, 2026 | BOHLIN GAREN Gdirector | Option | 8,700 | $16.49 |
| Apr 3, 2026 | Dieter Davidofficer: EVP & General Counsel | Tax | 8,840 | $35.72 |
Source: COLL SEC Form 4 filings, latest Jun 10, 2026. For informational purposes only — not investment advice.
See the full COLL insider & 13F page →Collegium Pharmaceutical, Inc. company profile
Overview
Collegium Pharmaceutical, Inc. (NASDAQ:COLL) is a specialty pharmaceutical company founded in 2002 and headquartered in Stoughton, Massachusetts. The company went public in May 2015 and has evolved from a development-stage company into a commercial-stage pharmaceutical business focused on pain management and neuropsychiatric disorders. Through strategic acquisitions, including the 2018 purchase of BioDelivery Sciences International and the 2024 acquisition of Ironshore Therapeutics, Collegium has built a diversified portfolio of branded prescription medications that address significant unmet medical needs in pain management and ADHD treatment.
Business
Collegium operates in the specialty pharmaceutical industry, which focuses on developing and commercializing medicines for specific therapeutic areas that often have limited treatment options or require specialized expertise. The company's business is built around two primary therapeutic areas: pain management and attention deficit hyperactivity disorder (ADHD) treatment. The pain management portfolio represents the company's core business and includes three main products. Xtampza ER is an abuse-deterrent, extended-release formulation of oxycodone designed to provide around-the-clock pain relief while incorporating physical and chemical barriers to prevent misuse through crushing, dissolving, or injecting. Belbuca is a buccal film formulation of buprenorphine that dissolves in the mouth, offering an alternative delivery method for chronic pain patients who may have difficulty swallowing pills or require different pharmacokinetic profiles. The Nucynta franchise consists of both immediate-release (IR) and extended-release (ER) formulations of tapentadol, a dual-mechanism opioid that works through both opioid and noradrenergic pathways. The company's newer therapeutic area focuses on ADHD treatment through Jornay PM, a delayed-release methylphenidate capsule taken at bedtime that releases medication in the early morning hours. This unique timing allows children to wake up with symptom control already in effect, addressing a significant unmet need for families managing ADHD. Based on recent financial performance, the pain portfolio generates approximately 80-85% of total revenues, with Belbuca, Xtampza ER, and Nucynta each contributing roughly 25-30% of total company revenues. Jornay PM, acquired in 2024, represents the fastest-growing segment and is expected to contribute approximately 15-20% of revenues going forward.
Revenue model
Collegium generates revenue primarily through direct product sales of branded prescription pharmaceuticals to wholesalers, distributors, and specialty pharmacies, who then distribute to retail pharmacies and healthcare institutions. The company employs a traditional pharmaceutical commercial model where revenues depend on prescription volume, pricing, and payer coverage decisions. The business model faces several key margin drivers. Positive factors include the company's focus on differentiated products with patent protection and regulatory exclusivity periods, which provide pricing power and limit generic competition. Xtampza ER has exclusivity until September 2033, while Nucynta franchise exclusivity extends to July 2027. The company's specialized sales force targeting pain specialists and psychiatrists allows for focused commercial execution and relationship building with key prescribers. However, several factors can pressure margins. Payer negotiations and formulary decisions significantly impact gross-to-net pricing, as insurance companies and pharmacy benefit managers demand rebates and discounts in exchange for preferred formulary placement. The company has experienced gross-to-net ratios in the 60-65% range, meaning substantial portions of list prices are rebated back to payers. Additionally, the controlled substance nature of most products requires specialized manufacturing, distribution, and regulatory compliance, increasing operational costs. Market dynamics in pain management create both opportunities and challenges. The ongoing opioid crisis has increased regulatory scrutiny and liability concerns, but also created demand for abuse-deterrent formulations like Xtampza ER. Competition from generic alternatives and other branded products requires continuous investment in clinical data generation and commercial support. The ADHD market for Jornay PM benefits from growing diagnosis rates and limited competition in the delayed-release segment, but faces typical branded pharmaceutical pricing pressures from payers seeking cost containment.
Competitive moat
Collegium's competitive moat is moderate and primarily built on regulatory exclusivity, specialized formulation technologies, and established commercial relationships. The company's strongest defensive position comes from its patent-protected, abuse-deterrent formulation of Xtampza ER, which provides exclusivity until 2033 and addresses regulatory and clinical demands for safer opioid products. This formulation technology creates barriers for generic competitors who must demonstrate bioequivalence while maintaining abuse-deterrent properties. The company's commercial expertise in pain management and growing presence in ADHD treatment provides some competitive advantages through established relationships with prescribing specialists and understanding of complex payer dynamics in these therapeutic areas. Collegium's sales force has developed deep expertise in navigating controlled substance regulations and addressing prescriber concerns about abuse potential. However, the moat faces several vulnerabilities. The pharmaceutical industry's reliance on patent protection means that competitive advantages are time-limited, with most products eventually facing generic competition. The company's pain portfolio operates in a highly scrutinized therapeutic area where regulatory changes, litigation risks, and shifting prescribing practices can rapidly impact demand. Additionally, payer consolidation and increasing focus on cost containment create ongoing pressure on pricing and market access. The Jornay PM acquisition provides some diversification benefits and access to a differentiated ADHD product, but the ADHD market has numerous competitors and faces typical branded pharmaceutical challenges. While the delayed-release formulation offers clinical differentiation, other companies could potentially develop competing technologies or delivery mechanisms. Overall, Collegium's moat is sufficient to generate attractive returns during exclusivity periods but requires continuous innovation and strategic portfolio expansion to maintain long-term competitive positioning.
Risks & safety
Collegium demonstrates a moderate margin of safety with manageable financial risks but some leverage concerns. • **Debt and Liquidity**: Net leverage ratio of 1.5x as of Q1 2025, expected to decline below 1x by year-end. Cash position of $96.2 million with strong operating cash flow generation of $55.4 million in Q1 2025. Current ratio of 1.08 indicates tight but adequate short-term liquidity. • **Valuation Metrics**: Trading at EV/EBITDA of 5.3x and P/E ratio of 98x (distorted by low Q1 net income). More normalized full-year 2024 P/E of 13.4x appears reasonable for a specialty pharmaceutical company with growth prospects. • **Other Considerations**: Strong free cash flow generation of $203 million in 2024 provides financial flexibility. Debt-to-equity ratio of 3.6x is elevated but manageable given cash generation capabilities. Patent cliff risks exist but are well-defined with Xtampza exclusivity extending to 2033.
Recent development
Over the past few years, Collegium has executed a strategic transformation from a pure-play pain management company to a diversified specialty pharmaceutical business. The most significant development was the 2024 acquisition of Ironshore Therapeutics, which brought Jornay PM into the portfolio and established the company's presence in the ADHD market. This $500+ million acquisition represented a major strategic pivot toward neuropsychiatric disorders and has already shown strong results with Jornay PM generating over $100 million in pro forma 2024 revenue. The company has also focused heavily on maximizing value from its existing pain portfolio through commercial optimization and lifecycle management. Key initiatives include expanding payer coverage for Belbuca, improving gross-to-net ratios for Xtampza ER through contract renegotiations, and securing pediatric exclusivity extensions for the Nucynta franchise. These efforts have resulted in sustained growth across the pain portfolio despite a challenging regulatory environment. Leadership changes have accompanied the strategic evolution, with Vikram Karnani joining as CEO in late 2024, bringing experience in scaling pharmaceutical businesses. The company has also significantly expanded its commercial capabilities, growing the Jornay PM sales force from 125 to 180 representatives to capture market opportunities in ADHD treatment. Financial discipline has been another key focus, with the company reducing net leverage through debt paydown while returning capital to shareholders through share repurchases. The company authorized a $25 million accelerated share repurchase program in 2025 and has consistently generated strong free cash flows exceeding $200 million annually.
COLL company profile · for informational purposes only — not investment advice.
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