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COLL

Collegium Pharmaceutical, Inc.

COLL

Collegium Pharmaceutical, Inc. • NASDAQ
$46.68 ▲ 0.97% (+0.45)
Market Cap $1.48 B
52w High $48.18
52w Low $23.23
Dividend Yield 0%
P/E 28.64
Volume 212.86K
Outstanding Shares 31.61M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $209.361M ▲ $65.551M ▼ $31.507M ▲ 15.049% ▲ $1 ▲ $121.709M ▲
Q2-2025 $188M ▲ $73.279M ▼ $11.983M ▲ 6.374% ▲ $0.38 ▲ $94.096M ▲
Q1-2025 $177.757M ▼ $75.637M ▲ $2.417M ▼ 1.36% ▼ $0.076 ▼ $80.476M ▼
Q4-2024 $181.949M ▲ $60.177M ▼ $12.536M ▲ 6.89% ▲ $0.39 ▲ $96.435M ▲
Q3-2024 $159.301M $61.955M $9.335M 5.86% $0.33 $75.721M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $305.713M ▲ $1.607B ▲ $1.333B ▼ $274.808M ▲
Q2-2025 $222.153M ▲ $1.593B ▼ $1.36B ▼ $232.206M ▼
Q1-2025 $197.774M ▲ $1.631B ▼ $1.397B ▼ $234.434M ▲
Q4-2024 $162.763M ▲ $1.664B ▲ $1.435B ▲ $228.842M ▼
Q3-2024 $119.957M $1.635B $1.401B $234.279M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $31.507M ▲ $78.438M ▲ $-30.868M ▼ $-14.818M ▲ $32.748M ▲ $78.25M ▲
Q2-2025 $11.983M ▲ $72.439M ▲ $-2.915M ▲ $-48.37M ▼ $21.154M ▲ $72.374M ▲
Q1-2025 $2.417M ▼ $55.398M ▼ $-9.68M ▲ $-25.236M ▲ $20.482M ▼ $54.6M ▼
Q4-2024 $12.536M ▲ $84.644M ▲ $-11.762M ▲ $-41.277M ▼ $31.605M ▲ $84.074M ▲
Q3-2024 $9.335M $-8.999M $-248.963M $149.028M $-108.934M $-9.243M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Belbuca
Belbuca
 $110.00M ▲$50.00M ▼$50.00M ▲$60.00M ▲
Nucynta ER
Nucynta ER
 $40.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Nucynta IR
Nucynta IR
 $50.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Symproic
Symproic
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Xtampza ER
Xtampza ER
 $100.00M ▲$50.00M ▼$50.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, and the business has clearly scaled from a niche player into a more substantial specialty pharma company. Profitability has improved meaningfully: gross margins are healthy, operating profit has turned from losses into consistent gains, and cash-style earnings (EBITDA) have expanded along with revenue. Net income has been a bit bumpier, with a loss in the middle of the period but solid profitability before and after, which is typical for a company doing deals and absorbing integration and one‑time costs. Overall, the income statement shows a business that has moved from a fragile, early-stage profile to a more mature, consistently profitable one, albeit with some earnings volatility that investors should expect to continue around product cycles and acquisitions.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown its asset base substantially, likely through acquisitions and product rights. Equity has crept up but remains relatively modest compared with total assets, while debt has increased and now represents a major part of the capital structure. Cash on hand has actually come down from a prior peak, even as the business has grown, which means Collegium is leaning more on debt funding and internally generated cash than on a large cash cushion. This mix can amplify returns when things go well but also raises sensitivity to any setback in earnings or reimbursement. In simple terms, the company now looks more like a leveraged specialty pharma platform than a lightly funded early-stage biotech.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been positive for several years and has generally grown alongside revenue and profits. Capital spending needs appear modest, so most operating cash effectively drops through to free cash flow, aside from any deal-related spending that does not show up in capex. Earlier in the period, cash was used more heavily for investment, but in recent years free cash flow has been solidly positive, giving management flexibility to service debt, fund business development, or return capital. The main trade‑off is that the cash balance is not very large relative to the size of the business and its debt load, so continued strong cash flow will be important to maintain financial comfort.

Competitive Edge

Competitive Edge Collegium has carved out a defensible niche in pain management with a particular focus on abuse‑deterrent opioid formulations, anchored by its DETERx platform and supported by FDA labeling that highlights these properties. This provides a meaningful point of differentiation for prescribers and payers who are highly sensitive to opioid misuse risks. The company has also broadened its base with the Nucynta pain franchise and Jornay PM for ADHD, reducing dependence on a single product and building a more diversified portfolio across pain and neuropsychiatry. Its commercial infrastructure in pain is a valuable asset that can be leveraged for additional products. That said, the company operates in highly scrutinized therapeutic areas, faces competition from generics and non‑opioid alternatives, and is exposed to changing guidelines, regulation, and reimbursement pressures. The moat is real but must be actively defended through continued clinical, regulatory, and market access work.

Innovation and R&D

Innovation and R&D The core innovation is the DETERx technology, which allows extended‑release, abuse‑deterrent formulations that are difficult to manipulate, setting the company apart in opioid pain treatment. This platform underpins Xtampza ER and could, in principle, be extended to other drugs prone to abuse, offering a structured path for future product development if pursued aggressively. Beyond DETERx, Collegium has shown a preference for acquiring or in‑licensing differentiated assets—such as Nucynta and Jornay PM—rather than relying solely on a large internal early‑stage pipeline. This deal‑driven approach can be efficient but makes future growth more dependent on finding and integrating attractive external opportunities. The visible R&D story is thus focused more on life‑cycle management and selective pipeline expansion than on a broad discovery engine, which may limit organic growth options if external deal flow slows.

Summary

Collegium has evolved into a profitable, cash‑generative specialty pharma company with a clear focus on differentiated pain and ADHD products. The income statement shows healthy growth and improved margins, while cash flow provides real financial strength. At the same time, the balance sheet carries meaningful leverage and only a modest cash buffer, which heightens the importance of maintaining steady earnings and access to capital. Competitively, the company benefits from patented, abuse‑deterrent technology, supportive FDA labeling, and a diversified but still pain‑centric portfolio, all in therapeutic areas that are both large and heavily regulated. Its innovation model blends platform science (DETERx) with targeted acquisitions, trading some pipeline depth for flexibility and speed. Overall, Collegium looks like a scaled specialty pharma platform with solid fundamentals, clear competitive angles, and the usual risks tied to regulation, reimbursement, product concentration, and execution on future deals and pipeline expansion.

NEWS

November 12, 2025 · 8:00 AM UTC

Collegium to Participate in Upcoming Investor Conferences

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November 6, 2025 · 7:30 AM UTC

Collegium Reports Third Quarter 2025 Financial Results; Raises 2025 Guidance

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October 30, 2025 · 5:15 PM UTC

Knight Therapeutics Announces Launch of JORNAY PM™ in Canada

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October 23, 2025 · 8:00 AM UTC

Collegium to Report Third Quarter 2025 Financial Results on November 6, 2025

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October 22, 2025 · 8:00 AM UTC

Collegium Announces Poster Presentations at the American Academy of Child & Adolescent Psychiatry and Neuroscience Education Institute Conferences

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