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Collegium Pharmaceutical
(NASDAQ:COLL)
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Rating:62Neutral
Price Target:
$30.00
▼(-14.77% Downside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong operating and free cash flow and solid recent business momentum reflected in updated guidance, partially offset by meaningful balance-sheet leverage and weaker earnings quality. The biggest drag is technical weakness, with the stock trading well below key moving averages and negative MACD signaling a bearish setup. Valuation appears reasonable but not compelling, and there is no dividend support.
Positive Factors
ADHD Franchise Growth
Jornay PM revenue rose 41% year over year, prescriptions grew 13.1%, and branded long-acting methylphenidate share reached 29.2%. This sustained adoption supports durable ADHD franchise expansion and reduces reliance on mature pain products.
Negative Factors
Elevated Balance-Sheet Leverage
TTM debt of about $1.10 billion compares with $312 million of equity, or roughly 2.6x debt-to-equity; net debt to adjusted EBITDA was about 2.1x after acquisition. This leverage can constrain flexibility and amplify earnings or refinancing risk.
Read all positive and negative factors
Positive Factors
Negative Factors
ADHD Franchise Growth
Jornay PM revenue rose 41% year over year, prescriptions grew 13.1%, and branded long-acting methylphenidate share reached 29.2%. This sustained adoption supports durable ADHD franchise expansion and reduces reliance on mature pain products.
Read all positive factors
Collegium Pharmaceutical (COLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$882.58M
Dividend YieldN/A
Average Volume (3M)420.68K
Price to Earnings (P/E)17.7
Beta (1Y)0.38
Revenue Growth14.31%
EPS Growth34.35%
CountryUS
Employees423
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)1.53
Shares Outstanding32,555,614
10 Day Avg. Volume364,031
30 Day Avg. Volume420,684
Financial Highlights & Ratios
PEG Ratio-3.13
Price to Book (P/B)4.87
Price to Sales (P/S)1.88
P/FCF Ratio4.48
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$49.25Price Target Upside39.91% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)7.47
Revenue Forecast (FY)$869.86M
Collegium Pharmaceutical Business Overview & Revenue Model
Company Description
Collegium Pharmaceutical, Inc. (COLL) is a specialized pharmaceutical firm dedicated to the development and marketing of medications for pain management. Its diverse product lineup features significant therapies aimed at addressing various pain co...
How the Company Makes Money
Collegium makes money primarily by selling its prescription pain medicines in the United States. Revenue is generated mainly from net product sales to pharmaceutical wholesalers and distributors, with end demand driven by prescribing to patients t...
Collegium Pharmaceutical Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call highlighted strong, accelerating growth in the ADHD franchise—Jornay PM momentum, the strategic Azstarys acquisition with early revenue and raised guidance, Belbuca growth and incremental formulary wins, and an 8% increase in adjusted EBITDA. Offsetting these positives were meaningful declines in the NUCYNTA franchise driven by authorized generic pricing, a decline in Xtampza ER, a GAAP net loss driven by acquisition-related costs, substantial cash deployed to acquire Azstarys and a modest leverage increase, and potential LOE risk for Belbuca. Overall, management presented a constructive outlook focused on ADHD-led growth and disciplined capital deployment while acknowledging near-term pain portfolio pressures and one-time acquisition impacts.Positive Updates
Jornay PM Prescription and Revenue Growth
Jornay PM prescriptions grew 13.1% year-over-year; net revenue for Jornay PM was $46.1 million in Q2, up 41% year-over-year. Prescribers exceeded 30,000 (up 17.6% YoY).
Negative Updates
NUCYNTA Franchise Revenue Decline and Authorized Generic Pricing Impact
Total NUCYNTA franchise net revenue declined 24% YoY to $35.2 million in Q2. Revenue was lower-than-expected due to net pricing pressure from authorized generic (AG) agreements; CFO noted AG net realizations ~10%–15% of branded net price for IR and ~20%–25% for ER on AG volume.
Read all updates
Q2-2026 Updates
Positive
Negative
Jornay PM Prescription and Revenue Growth
Jornay PM prescriptions grew 13.1% year-over-year; net revenue for Jornay PM was $46.1 million in Q2, up 41% year-over-year. Prescribers exceeded 30,000 (up 17.6% YoY).
Read all positive updates
Company Guidance
Collegium reaffirmed full‑year guidance for Jornay PM of $190–200 million and raised its Azstarys outlook to $65–75 million, driving updated total product revenue guidance of $825–855 million (about +8% year‑over‑year at the midpoint); adjusted EBITDA was guided to $445–470 million (essentially flat vs. 2025) and Jornay PM gross‑to‑net is expected to remain in the mid‑60% range. Management said the guidance update primarily reflects lower‑than‑expected NUCYNTA revenue due to authorized generic pricing, noted Azstarys generated $12.9 million of initial sales in Q2, and reported Q2 operating cash flow of $71.3 million, ending cash and marketable securities of $129.5 million after using approximately $356 million to fund the Azstarys acquisition, with net debt to adjusted EBITDA of ~2.1x.Collegium Pharmaceutical Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
54
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 808.21M | 780.57M | 631.45M | 566.77M | 463.93M | 276.87M |
| Gross Profit | 485.09M | 463.26M | 377.34M | 326.17M | 209.49M | 150.62M |
| EBITDA | 586.57M | 401.00M | 341.70M | 308.33M | 173.31M | 86.56M |
| Net Income | 47.91M | 62.87M | 69.19M | 48.16M | -25.00M | 71.52M |
Balance Sheet | ||||||
| Total Assets | 2.14B | 1.66B | 1.66B | 1.14B | 1.17B | 692.08M |
| Cash, Cash Equivalents and Short-Term Investments | 129.47M | 406.53M | 162.76M | 310.55M | 173.69M | 186.43M |
| Total Debt | 857.79M | 940.56M | 859.30M | 674.28M | 709.17M | 258.75M |
| Total Liabilities | 1.82B | 1.36B | 1.43B | 947.88M | 979.29M | 489.15M |
| Stockholders Equity | 311.91M | 301.68M | 228.84M | 195.43M | 194.84M | 202.93M |
Cash Flow | ||||||
| Free Cash Flow | 328.28M | 327.58M | 203.33M | 274.29M | 122.61M | 101.61M |
| Operating Cash Flow | 329.92M | 329.32M | 204.98M | 274.75M | 124.23M | 103.56M |
| Investing Cash Flow | -551.90M | -63.53M | -287.76M | -70.81M | -573.69M | -1.94M |
| Financing Cash Flow | 234.11M | -110.25M | -60.60M | -140.18M | 436.72M | -89.30M |
Collegium Pharmaceutical Technical Analysis
Negative
35.20
Price Trends
33.63
Negative
33.81
Negative
38.92
Negative
Market Momentum
-2.03
Positive
32.13
Neutral
54.70
Neutral
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 35.2 is above the 20-day moving average (MA) of 31.00, above the 50-day MA of 33.63, and below the 200-day MA of 38.92, indicating a bearish trend. The MACD of -2.03 indicates Positive momentum. The RSI at 32.13 is Neutral, neither overbought nor oversold. The STOCH value of 54.70 is Neutral, 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 43 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $1.73B | 15.60 | 19.19% | ― | 30.90% | ― | |
69 Neutral | $983.39M | 70.07 | 2.13% | ― | 5.71% | ― | |
62 Neutral | $882.58M | 17.72 | 15.96% | ― | 14.31% | 34.35% | |
60 Neutral | $5.72B | 36.00 | -326.75% | ― | 9.28% | 4917.17% | |
55 Neutral | $4.35B | 12.98 | -216.13% | ― | 13.55% | 305.85% | |
53 Neutral | $584.88M | -7.17 | 243.68% | ― | 22.56% | 5.86% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
COLL
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Collegium Pharmaceutical Corporate Events
Business Operations and StrategyStock Buyback
Collegium Pharmaceutical Launches $50 Million Accelerated Share Buyback
Positive
Aug 13, 2026
On August 12, 2026, Collegium Pharmaceutical, Inc. announced it had entered into an accelerated share repurchase agreement with Jefferies LLC to buy back $50 million of its common stock under a previously authorized $150 million repurchase program...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Collegium Pharmaceutical Updates Guidance After AZSTARYS Acquisition
Neutral
Aug 6, 2026
In the quarter ended June 30, 2026, Collegium reported net product revenues of $199.9 million, up 6% year-over-year, supported by strong growth in its ADHD portfolio and a solid, though pressured, pain franchise. JORNAY PM net revenue surged 41% t...
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.