Collegium Pharmaceutical Inc. (COLL)
NASDAQ:COLL
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Collegium Pharmaceutical
(NASDAQ:COLL)
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Rating:69Neutral
Price Target:
$38.00
▲(10.43% Upside)
Action:Downgraded
Date:05/16/26
The score is driven primarily by strong cash-flow generation and solid margins, tempered by meaningful leverage. Recent earnings-call commentary is constructive with reaffirmed guidance and an accretive acquisition plan, while technicals remain neutral-to-weak due to the stock trading well below longer-term moving averages.
Positive Factors
Free cash flow generation
Very strong trailing free cash flow (~$330M) and significant FCF growth provide durable internal funding for debt paydown, M&A financing, reinvestment in commercial programs, and shareholder returns without reliance on dilutive equity, bolstering long-term financial resilience.
Negative Factors
Elevated leverage
Material absolute debt and a debt-to-equity ratio near 2.6 constrain strategic flexibility and increase refinancing and interest-rate exposure. While cash generation is strong, leverage magnifies downside risk and leaves less cushion for adverse commercial or regulatory shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Very strong trailing free cash flow (~$330M) and significant FCF growth provide durable internal funding for debt paydown, M&A financing, reinvestment in commercial programs, and shareholder returns without reliance on dilutive equity, bolstering long-term financial resilience.
Read all positive factors
Collegium Pharmaceutical (COLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.09B
Dividend YieldN/A
Average Volume (3M)508.14K
Price to Earnings (P/E)18.3
Beta (1Y)0.49
Revenue Growth19.88%
EPS Growth73.61%
CountryUS
Employees357
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)2.37
Shares Outstanding32,433,780
10 Day Avg. Volume557,456
30 Day Avg. Volume508,140
Financial Highlights & Ratios
PEG Ratio-3.12
Price to Book (P/B)4.87
Price to Sales (P/S)1.88
P/FCF Ratio4.48
Enterprise Value/Market Cap1.51
Enterprise Value/Revenue2.07
Enterprise Value/Gross Profit3.41
Enterprise Value/Ebitda2.72
Forecast
1Y Price Target
$53.40Price Target Upside55.19% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)7.66
Revenue Forecast (FY)$872.42M
Collegium Pharmaceutical Business Overview & Revenue Model
Company Description
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 N...
How the Company Makes Money
Collegium makes money primarily by selling its prescription pain-management products in the United States. Its core revenue stream is net product sales from branded medicines dispensed through pharmacies and other channels, where revenue is record...
Collegium Pharmaceutical Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed multiple clear commercial and financial positives: robust JORNAY prescription and revenue momentum, a durable pain portfolio, strong cash generation, and a strategic, accretive acquisition (AZSTARYS) that extends portfolio longevity and is expected to add revenue and synergies. Noted headwinds include higher operating expenses from deliberate commercial investments, generic/authorized generic dynamics for Nucynta, seasonal script pressure, and a temporary increase in leverage to fund the acquisition. Overall the company presented growth initiatives with supporting data and a plan to manage risks, and management reaffirmed guidance while outlining accretion and synergies from AZSTARYS.Positive Updates
Strong Top-Line Growth
Total net product revenues of $193.5M in Q1 2026, up 9% year-over-year; total pain portfolio net revenues $154.6M, up 4% year-over-year.
Negative Updates
Higher Operating Expenses from Commercial Investments
GAAP operating expenses $86.4M in Q1, up 14% year-over-year; non-GAAP adjusted operating expenses $69.3M, up 11% year-over-year, driven by expanded ADHD sales force and new marketing campaigns (expected to be a full-year headwind in 2026).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total net product revenues of $193.5M in Q1 2026, up 9% year-over-year; total pain portfolio net revenues $154.6M, up 4% year-over-year.
Read all positive updates
Company Guidance
Collegium reaffirmed 2026 guidance (exclusive of AZSTARYS), expecting total product revenues of $805–$825 million (≈4% YoY) and JORNAY revenue of $190–$200 million (≈31% YoY at the midpoint) with JORNAY gross‑to‑net stable in the mid‑60% range (seasonally highest in Q1 and higher in H1 vs H2); adjusted EBITDA is guided to $455–$475 million (≈1% YoY). For context, Q1 results included total net product revenues of $193.5 million (+9% YoY), JORNAY net revenue $38.9 million (+36% YoY), adjusted EBITDA $103.9 million (+9% YoY), cash from operations $57.1 million and cash/cash equivalents of $421.8 million (up $35.1 million since year‑end 2025). The company remains on track to close the AZSTARYS deal in Q2 (purchase price $650 million cash plus up to $135 million in contingent payments), expects AZSTARYS to contribute >$50 million of pro forma net revenue in H2 2026 and to deliver >$50 million of cost synergies within 12 months, will fund the deal with $350 million cash on hand and a $300 million delayed‑draw term loan, expects net debt/adjusted EBITDA of ~2x post‑close and immediate adjusted EBITDA accretion, and will provide combined‑company guidance after closing.Collegium Pharmaceutical Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
54
Neutral
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 796.33M | 780.57M | 631.45M | 566.77M | 463.93M | 276.87M |
| Gross Profit | 483.18M | 463.26M | 377.34M | 326.17M | 209.49M | 150.62M |
| EBITDA | 607.27M | 401.00M | 341.70M | 308.33M | 173.31M | 86.56M |
| Net Income | 74.95M | 62.87M | 69.19M | 48.16M | -25.00M | 71.52M |
Balance Sheet | ||||||
| Total Assets | 1.65B | 1.66B | 1.66B | 1.14B | 1.17B | 692.08M |
| Cash, Cash Equivalents and Short-Term Investments | 421.75M | 406.53M | 162.76M | 310.55M | 173.69M | 186.43M |
| Total Debt | 808.06M | 940.56M | 859.30M | 674.28M | 709.17M | 258.75M |
| Total Liabilities | 1.34B | 1.36B | 1.43B | 947.88M | 979.29M | 489.15M |
| Stockholders Equity | 312.42M | 301.68M | 228.84M | 195.43M | 194.84M | 202.93M |
Cash Flow | ||||||
| Free Cash Flow | 329.83M | 327.58M | 203.33M | 274.29M | 122.61M | 101.61M |
| Operating Cash Flow | 331.04M | 329.32M | 204.98M | 274.75M | 124.23M | 103.56M |
| Investing Cash Flow | -52.23M | -63.53M | -287.76M | -70.81M | -573.69M | -1.94M |
| Financing Cash Flow | -106.35M | -110.25M | -60.60M | -140.18M | 436.72M | -89.30M |
Collegium Pharmaceutical Technical Analysis
Negative
34.41
Price Trends
34.38
Negative
39.92
Negative
39.64
Negative
Market Momentum
-0.10
Positive
43.46
Neutral
4.61
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COLL, the sentiment is Negative. The current price of 34.41 is below the 20-day moving average (MA) of 34.55, above the 50-day MA of 34.38, and below the 200-day MA of 39.64, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 43.46 is Neutral, neither overbought nor oversold. The STOCH value of 4.61 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for COLL.
Collegium Pharmaceutical Risk Analysis
Collegium Pharmaceutical disclosed 44 risk factors in its most recent earnings report. Collegium Pharmaceutical reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Collegium Pharmaceutical Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.80B | 13.63 | 17.32% | ― | 37.03% | ― | |
69 Neutral | $1.09B | 18.30 | 26.74% | ― | 19.88% | 73.61% | |
69 Neutral | $882.68M | 78.40 | 0.73% | ― | 4.57% | ― | |
64 Neutral | $758.40M | 34.57 | 10.23% | ― | -1.39% | -41.70% | |
63 Neutral | $2.81B | -324.88 | -2.73% | ― | 16.29% | -145.12% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
COLL
Collegium Pharmaceutical
34.22
4.75
16.12%
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Collegium Pharmaceutical Corporate Events
Executive/Board ChangesShareholder Meetings
Collegium Shareholders Back Board, Pay and Auditor Choices
Positive
May 15, 2026
On May 14, 2026, Collegium Pharmaceutical, Inc. held its 2026 Annual Meeting of Shareholders, with 29,210,926 of 32,406,969 eligible shares represented in person or by proxy. Shareholders elected eight directors, including Rita Balice-Gordon and G...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Collegium Pharmaceutical Completes AZSTARYS ADHD Business Acquisition
Positive
May 12, 2026
On May 12, 2026, Collegium Pharmaceutical completed its previously announced $650 million cash acquisition of the AZSTARYS ADHD business from Corium Therapeutics, adding a central nervous system stimulant with patent protection expected through 20...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A TransactionsShareholder Meetings
Collegium Reports Strong Q1 Results, Reaffirms 2026 Outlook
Positive
May 7, 2026
On May 7, 2026, Collegium reported first-quarter 2026 net product revenue of $193.5 million, up 9% year over year, driven by 36% growth in JORNAY PM revenue to $38.9 million and 4% growth in its pain portfolio to $154.6 million. The company posted...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Collegium Pharmaceutical to Acquire AZSTARYS ADHD Franchise
Positive
Mar 19, 2026
On March 19, 2026, Collegium Pharmaceutical announced a definitive agreement to acquire AZSTARYS, an ADHD treatment marketed by Corium Therapeutics, for $650 million in cash plus up to $135 million in potential milestone payments. The deal, unanim...
Business Operations and StrategyStock BuybackFinancial DisclosuresPrivate Placements and Financing
Collegium Reports Record 2025 Results and Reaffirms Outlook
Positive
Feb 26, 2026
On February 26, 2026, Collegium reported fourth-quarter 2025 net product revenues of $205.4 million, up 13% year over year, and record full-year 2025 revenues of $780.6 million, up 24%, driven by strong growth in ADHD drug Jornay PM and its pain p...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.