Collegium Pharmaceutical (COLL)
NASDAQ:COLL
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Collegium Pharmaceutical
(NASDAQ:COLL)
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Rating:57Neutral
Price Target:
$36.00
▲(10.46% Upside)
Action:ReiteratedDate:03/20/26
The score is held back primarily by weak technicals (clear downtrend and negative momentum) and balance-sheet risk from leverage, despite strong cash generation and a constructive earnings call with reaffirmed guidance and strong Jornay PM momentum. Valuation appears middling at ~21.6x earnings with no dividend yield provided.
Positive Factors
Strong cash generation & deleveraging
Sustained high operating cash flow and materially improved net-leverage (<1x) provide durable financial flexibility to fund commercial investments, service debt, and pursue M&A or buybacks without immediate equity dilution. This cash base supports multi-quarter execution and risk absorption if revenue lags.
Negative Factors
Meaningful balance-sheet leverage
Historically high leverage reduces financial flexibility and raises solvency risk if earnings soften. The company expects leverage to step up post-AZSTARYS (~2x projected), increasing interest and covenant sensitivity and constraining discretionary capital allocation over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & deleveraging
Sustained high operating cash flow and materially improved net-leverage (<1x) provide durable financial flexibility to fund commercial investments, service debt, and pursue M&A or buybacks without immediate equity dilution. This cash base supports multi-quarter execution and risk absorption if revenue lags.
Read all positive factors
Collegium Pharmaceutical (COLL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.03B
Dividend YieldN/A
Average Volume (3M)600.41K
Price to Earnings (P/E)21.6
Beta (1Y)0.43
Revenue Growth26.34%
EPS Growth-32.79%
CountryUS
Employees357
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)2.04
Shares Outstanding31,753,210
10 Day Avg. Volume689,692
30 Day Avg. Volume600,413
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 Cap1.67
Enterprise Value/Revenue2.21
Enterprise Value/Gross Profit3.72
Enterprise Value/Ebitda2.87
Forecast
1Y Price Target
$54.17Price Target Upside66.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)8.05
Revenue Forecast (FY)$809.89M
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:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call emphasizes strong, broad-based commercial performance (notably Jornay PM) and robust financial outcomes for 2025 — record revenue, record adjusted EBITDA, strong cash generation, and materially improved leverage. Management reiterated disciplined capital deployment, added liquidity via a $980M syndicated facility, and expects Jornay to be a key growth driver in 2026 (guiding Jarday revenue +~31% YoY). However, near-term headwinds and risks include substantial increases in operating expenses due to commercialization investments, elevated gross-to-net rates (≈64%), expected seasonal Q1 pressure, a Q4 decline in Xtampza, and the impact of an authorized generic for Nucynta (partially mitigated by profit share). Overall, the positives (revenue growth, cash flow, leverage improvement, Jornay momentum, strategic financing) materially outweigh the lowlights, which are largely investment- and seasonality-driven.Positive Updates
Record Full-Year Revenue and Adjusted EBITDA
Full-year 2025 net revenues of $780.6M, up 24% year-over-year, and record adjusted EBITDA of $460.5M, up 15% year-over-year.
Negative Updates
Significant Increase in Operating Expenses
GAAP operating expenses rose to $283.6M in 2025, up 37% YoY; non-GAAP adjusted operating expenses were $237.3M, up 58% YoY, reflecting commercialization and marketing investments for Jornay.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Revenue and Adjusted EBITDA
Full-year 2025 net revenues of $780.6M, up 24% year-over-year, and record adjusted EBITDA of $460.5M, up 15% year-over-year.
Read all positive updates
Company Guidance
Collegium reaffirmed its 2026 guidance, targeting total product revenues of $805–$825 million (≈+4% YoY versus $780.6M in 2025), Jornay PM revenue of $190–$200 million (≈+31% YoY from $148.9M in 2025), and adjusted EBITDA of $455–$475 million (≈+1% YoY vs. $460.5M in 2025), while noting Jornay full‑year gross‑to‑nets ended 2025 at ~64% and are expected to remain in the mid‑60% range in 2026 (with higher gross‑to‑nets in Q1 and the first half due to seasonal deductible resets); the guidance reflects expected durable pain revenues, an estimated impact from the Nucynta authorized‑generic agreement with Hikma, and assumes a modest Q1 revenue decline from typical deductible/out‑of‑pocket dynamics—all against a strong balance sheet (end‑2025 cash $386.7M, operating cash flow $329.3M, net leverage <1x) and with $150M remaining on the share‑repurchase authorization and access to a $980M syndicated credit facility.Collegium Pharmaceutical Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
46
Neutral
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 780.57M | 631.45M | 566.77M | 463.93M | 276.87M |
| Gross Profit | 463.26M | 377.34M | 326.17M | 209.49M | 150.62M |
| EBITDA | 401.00M | 341.70M | 308.33M | 173.31M | 86.56M |
| Net Income | 62.87M | 69.19M | 48.16M | -25.00M | 71.52M |
Balance Sheet | |||||
| Total Assets | 1.66B | 1.66B | 1.14B | 1.17B | 692.08M |
| Cash, Cash Equivalents and Short-Term Investments | 406.53M | 162.76M | 310.55M | 173.69M | 186.43M |
| Total Debt | 940.56M | 859.30M | 674.28M | 709.17M | 258.75M |
| Total Liabilities | 1.36B | 1.43B | 947.88M | 979.29M | 489.15M |
| Stockholders Equity | 301.68M | 228.84M | 195.43M | 194.84M | 202.93M |
Cash Flow | |||||
| Free Cash Flow | 327.58M | 203.33M | 274.29M | 122.61M | 101.61M |
| Operating Cash Flow | 329.32M | 204.98M | 274.75M | 124.23M | 103.56M |
| Investing Cash Flow | -63.53M | -287.76M | -70.81M | -573.69M | -1.94M |
| Financing Cash Flow | -110.25M | -60.60M | -140.18M | 436.72M | -89.30M |
Collegium Pharmaceutical Technical Analysis
Negative
32.59
Price Trends
40.51
Negative
43.80
Negative
39.11
Negative
Market Momentum
-2.30
Negative
31.35
Neutral
23.30
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 32.59 is below the 20-day moving average (MA) of 34.36, below the 50-day MA of 40.51, and below the 200-day MA of 39.11, indicating a bearish trend. The MACD of -2.30 indicates Negative momentum. The RSI at 31.35 is Neutral, neither overbought nor oversold. The STOCH value of 23.30 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 42 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $901.71M | 163.97 | 0.95% | ― | 3.14% | ― | |
67 Neutral | $1.73B | 14.40 | 15.55% | ― | 48.87% | ― | |
61 Neutral | $933.72M | 12.76 | 12.76% | ― | -0.03% | -27.66% | |
60 Neutral | $2.91B | -72.78 | -3.67% | ― | 4.54% | -130.59% | |
57 Neutral | $1.03B | 21.64 | 24.11% | ― | 26.34% | -32.79% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
COLL
Collegium Pharmaceutical
32.59
7.18
28.26%
PCRX
Pacira Pharmaceuticals
22.27
-4.00
-15.23%
SUPN
Supernus Pharmaceuticals
50.54
19.90
64.95%
ANIP
ANI Pharmaceuticals
77.20
14.15
22.44%
AMPH
Amphastar Pharmaceuticals
20.58
-3.17
-13.35%
Collegium Pharmaceutical Corporate Events
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...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Collegium Issues 2026 Guidance Emphasizing Jornay PM Growth
Positive
Jan 8, 2026
On January 8, 2026, Collegium Pharmaceutical issued 2026 financial guidance, projecting net product revenue between $805 million and $825 million, including $190 million to $200 million from ADHD drug Jornay PM, and adjusted EBITDA in the range of...
Business Operations and StrategyPrivate Placements and Financing
Collegium Pharmaceutical Closes New $980 Million Credit Facility
Positive
Dec 30, 2025
On December 30, 2025, Collegium Pharmaceutical announced the closing of its inaugural $980 million syndicated credit facility, a five-year financing maturing in 2030 that includes a $580 million initial term loan, a $300 million delayed draw term ...
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.