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1. Company Snapshot

1.a. 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 Nucynta IR, which are extended-release and immediate-release formulations of tapentadol; and Xtampza ER for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment.The company was formerly known as Collegium Pharmaceuticals, Inc.


and changed its name to Collegium Pharmaceutical, Inc.in October 2003.Collegium Pharmaceutical, Inc.


was incorporated in 2002 and is headquartered in Stoughton, Massachusetts.

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1.b. Last Insights on COLL

The recent 3 months performance of Collegium Pharmaceutical, Inc. was negatively impacted by the impending loss of exclusivity for its Nucynta product, which is expected to erode revenue in the coming quarters. Additionally, the company's reliance on a single product, Jornay PM, for growth raises concerns about its long-term sustainability. Furthermore, the company's high research and development expenses, which increased by 25% year-over-year, may continue to weigh on its profitability.

1.c. Company Highlights

2. Collegium Pharmaceuticals' Strong Q3 2025 Results Driven by Jornay PM and Pain Portfolio

Collegium Pharmaceuticals reported a robust third quarter 2025, with net revenue reaching a record $209.4 million, representing a 31% year-over-year growth. Adjusted EBITDA also demonstrated significant growth, increasing by 27% year-over-year. The company's earnings per share (EPS) came in at $2.25, beating analyst estimates of $1.88. The strong financial performance was driven by Jornay PM, which generated a record $41.8 million in net revenue, with prescriptions growing 20% year-over-year. The pain portfolio also continued to deliver solid year-over-year revenue growth, with revenues from all three core pain medicines growing for the third quarter in a row.

Publication Date: Nov -20

📋 Highlights
  • Strong Q3 Financial Performance:: Net revenue reached $209.4M (+31% YoY), with adjusted EBITDA up 27% YoY.
  • Jornay PM Record Growth:: Generated $41.8M in net revenue, with prescriptions rising 20% YoY.
  • Pain Portfolio Stability:: All 3 core pain medicines grew for the 3rd consecutive quarter, ensuring durable revenue.
  • 2025 Guidance Raised:: Total product revenue projected at $775–785M (+24% YoY), adjusted EBITDA at $460–470M (+16% YoY).
  • Capital Deployment Strategy:: Returned $25M to shareholders via share buybacks, with $150M remaining in the repurchase program and net leverage below 1x post-Q4 repayments.

Strategic Priorities and Growth Drivers

Collegium continues to make progress on its three strategic priorities: driving significant growth for Jornay, maximizing the durability of the pain portfolio, and strategically deploying capital to enhance shareholder value. The company has made strategic investments to drive future growth, including expanding its sales force and launching new marketing campaigns. As noted by Vikram Karnani, "We're determined to carry this momentum through the remainder of the year and into 2026, focused on our capital deployment strategy to expand and diversify our business while creating value for shareholders."

Financial Guidance and Outlook

The company raised its 2025 financial guidance, expecting total product revenues in the range of $775 million to $785 million, a 24% increase year-over-year. Adjusted EBITDA is expected to be in the range of $460 million to $470 million, a 16% increase year-over-year. Looking ahead to 2026, analysts estimate revenue growth at 3.7%. With a current P/E Ratio of 24.02 and EV/EBITDA of 6.21, the market appears to be pricing in a significant amount of growth.

Capital Deployment and Shareholder Value

Collegium remains committed to creating value for its shareholders through disciplined capital deployment, balancing expansion through business development, share repurchases, and debt repayment. The company has returned $25 million of value to shareholders through an accelerated share repurchase program and has $150 million remaining in its current Board-authorized share repurchase program. With a net debt to adjusted EBITDA leverage of approximately 1.2x, the company is well-positioned to continue investing in its business while returning value to shareholders.

3. NewsRoom

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Collegium Pharmaceutical, Inc. (COLL) Hits Fresh High: Is There Still Room to Run?

Dec -04

Source: zacks.com

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Ensign Peak Advisors Inc Cuts Stock Position in Collegium Pharmaceutical, Inc. $COLL

Dec -01

Source: defenseworld.net

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Ballast Asset Management LP Makes New Investment in Collegium Pharmaceutical, Inc. $COLL

Dec -01

Source: defenseworld.net

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Collegium Pharmaceutical, Inc. $COLL Shares Sold by Advantage Alpha Capital Partners LP

Nov -28

Source: defenseworld.net

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Why 2025 is a Dynamic and Transformative Year for Collegium

Nov -21

Source: zacks.com

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Bank of New York Mellon Corp Grows Stake in Collegium Pharmaceutical, Inc. $COLL

Nov -21

Source: defenseworld.net

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Collegium to Participate in Upcoming Investor Conferences

Nov -12

Source: globenewswire.com

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Collegium Pharmaceutical: Another Solid Quarter

Nov -10

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Pharmaceutical

Expected Growth: 9.27%

Collegium Pharmaceutical's 9.27% growth is driven by increasing adoption of its flagship product, Xtampza ER, a tamper-resistant oxycodone, amidst the opioid crisis. Strong sales and marketing efforts, expanded payer coverage, and growing demand for abuse-deterrent opioids also contribute to the growth. Additionally, the company's focus on pain management and opioid addiction treatment aligns with the growing need for responsible pain management solutions.

7. Detailed Products

XTAMPZA ER

An extended-release oral formulation of oxycodone for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate.

Nucynta ER

An extended-release oral formulation of tapentadol for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate.

Nucynta IR

An immediate-release oral formulation of tapentadol for the management of acute pain.

8. Collegium Pharmaceutical, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Collegium Pharmaceutical, Inc. is medium due to the presence of alternative pain management options, but the company's proprietary Xtampza ER technology provides some differentiation.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Collegium Pharmaceutical's products and the lack of direct competition.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the company's reliance on a limited number of suppliers for certain raw materials, but the company's scale and negotiating power mitigate this risk.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the pharmaceutical industry, including significant regulatory hurdles and the need for substantial investment in research and development.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the pain management market, with multiple established players and a high level of marketing and advertising expenditure.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 77.53%
Debt Cost 9.21%
Equity Weight 22.47%
Equity Cost 9.21%
WACC 9.21%
Leverage 345.02%

11. Quality Control: Collegium Pharmaceutical, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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SIGA Technologies

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Value: 6.4

Growth: 8.0

Quality: 9.5

Yield: 10.0

Momentum: 9.0

Volatility: 3.3

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Esperion Therapeutics

A-Score: 5.2/10

Value: 9.0

Growth: 5.9

Quality: 6.1

Yield: 0.0

Momentum: 9.0

Volatility: 1.0

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ANI Pharmaceuticals

A-Score: 5.0/10

Value: 4.3

Growth: 6.0

Quality: 4.4

Yield: 0.0

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Collegium Pharmaceutical

A-Score: 4.9/10

Value: 5.3

Growth: 8.7

Quality: 6.1

Yield: 0.0

Momentum: 3.5

Volatility: 5.7

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Aquestive Therapeutics

A-Score: 4.4/10

Value: 8.0

Growth: 3.7

Quality: 5.8

Yield: 0.0

Momentum: 7.5

Volatility: 1.7

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Evolus

A-Score: 4.1/10

Value: 9.2

Growth: 7.2

Quality: 6.2

Yield: 0.0

Momentum: 0.0

Volatility: 2.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

47.91$

Current Price

47.91$

Potential

-0.00%

Expected Cash-Flows