olivLaw · US equity research
Collegium Pharmaceutical, Inc. COLL
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Collegium Pharmaceutical is a US biopharmaceutical company that markets medicines for ADHD and for moderate to severe pain, with Jornay PM as its main growth driver. In the second quarter of 2026, product revenues reached 199.9 million USD, and the AZSTARYS acquisition extends its long-term ADHD portfolio. Exposure to its opioid portfolio and pricing pressure remain important factors to watch.
At the close of 04 Nov 2026, Collegium Pharmaceutical, Inc. (COLL) stock was 23.67 USD (−0.25% on the day), with market capitalisation 770.6 m USD, P/E 19.1 on diluted EPS of 1.24 USD over the last 12 months, beta 0.48, 52-week range 21.53–49.84 USD. Latest reported quarter (Q2 2026): revenue of 199.9 m USD (+6.3% YoY), net income of -15.1 m USD (−225.6% YoY), diluted EPS -0.46 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.1
- strong (55–70)
- Bollinger (20, 2)
- 21.73 – 24.34
- in the upper half of the band · %B 0.74 · band width 11.3%
- SMA 50 / 200
- 23.08 / 32.90
- mixed trend
- MACD (12, 26, 9)
- 0.14 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.2% | −1.1% | +9.3 pp | — |
| 3 months | −33.8% | −0.5% | −33.3 pp | — |
| 6 months | −35.2% | +4.4% | −39.6 pp | — |
| Year to date | −48.9% | +12.3% | −61.2 pp | — |
| 1 year | −33.8% | +13.5% | −47.4 pp | +19.3% |
| 3 years | +6.6% | +76.4% | −69.8 pp | +13.0% |
| 5 years | +24.2% | +63.7% | −39.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 159.3 m | 181.9 m | 177.8 m | 188.0 m | 209.4 m | 205.4 m | 193.5 m | 199.9 m |
| Cost of revenue | 62.5 m | 83.7 m | 80.4 m | 79.6 m | 80.2 m | 77.1 m | 76.3 m | 89.6 m |
| Gross profit | 96.8 m | 98.3 m | 97.3 m | 108.4 m | 129.2 m | 128.4 m | 117.2 m | 110.3 m |
| SG&A | 62.0 m | 63.1 m | 76.4 m | 73.6 m | 67.1 m | 67.6 m | 86.4 m | 106.6 m |
| Operating income | 34.8 m | 38.1 m | 21.7 m | 35.1 m | 62.1 m | 60.8 m | 30.9 m | 3.7 m |
| Interest expense | 18.4 m | 22.7 m | 20.8 m | 20.5 m | 21.8 m | 19.3 m | 15.9 m | 19.5 m |
| Pre-tax income | 15.6 m | 17.3 m | 3.1 m | 17.0 m | 43.4 m | 29.0 m | 18.7 m | -13.5 m |
| Income tax | 6.2 m | 4.7 m | 705.0 k | 5.0 m | 11.9 m | 12.1 m | 4.2 m | 1.5 m |
| Net income | 9.3 m | 12.5 m | 2.4 m | 12.0 m | 31.5 m | 17.0 m | 14.5 m | -15.1 m |
| Diluted EPS | 0.27 | 0.36 | 0.07 | 0.34 | 0.84 | 0.46 | 0.40 | -0.46 |
| Operating cash flow | -9.0 m ≈ | 84.6 m | 55.4 m | 72.4 m ≈ | 78.4 m ≈ | 123.0 m | 57.1 m | 71.3 m ≈ |
| Capex | 244.0 k ≈ | 570.0 k | 798.0 k | 65.0 k ≈ | 188.0 k ≈ | 689.0 k | 270.0 k | 496.0 k ≈ |
| Share repurchases | 0 ≈ | 25.0 m | — | 25.1 m | 0 ≈ | 0 | — | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 42 percentile of its own 19-quarter history (min 7.5, median 21.7, max 149.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 280.4 m | 296.7 m | 310.0 m | 276.9 m | 463.9 m | 566.8 m | 631.4 m | 780.6 m |
| Revenue YoY | +884.7% | +5.8% | +4.5% | −10.7% | +67.6% | +22.2% | +11.4% | +23.6% |
| Net income | -39.1 m | -22.7 m | 26.8 m | 71.5 m | -25.0 m | 48.2 m | 69.2 m | 62.9 m |
| Net income YoY | unavailable | unavailable | unavailable | +167.3% | −135.0% | unavailable | +43.7% | −9.1% |
| Diluted EPS | -1.19 | -0.68 | 0.76 | 1.86 | -0.74 | 1.29 | 1.86 | 1.73 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +144.7% | −139.8% | unavailable | +44.2% | −7.0% |
| net % | -14.0% | -7.7% | 8.6% | 25.8% | -5.4% | 8.5% | 11.0% | 8.1% |
| Free cash flow | 163.9 m | 21.3 m | 88.4 m | 101.6 m | 122.6 m | 274.3 m | 203.3 m | 327.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 231.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 301.7 m USD
- Total assets
- 1.7 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.57x
- ROE
- 23.7%
- ROA
- 3.8%
- FCF margin
- 42.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 310.0 m | 276.9 m | 463.9 m | 566.8 m | 631.4 m | 780.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 130.2 m | 126.3 m | 254.4 m | 240.6 m | 254.1 m | 317.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 179.8 m | 150.6 m | 209.5 m | 326.2 m | 377.3 m | 463.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 9.8 m | 9.5 m | 4.0 m | 0 | 0 | — | SEC (XBRL)· 27 Feb 2025verified |
| SG&A | 113.8 m | 119.0 m | 172.2 m | 159.2 m | 210.4 m | 284.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 56.2 m | 17.6 m | 33.3 m | 167.0 m | 169.9 m | 179.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 28.9 m | 21.0 m | 63.2 m | 83.3 m | 74.0 m | 82.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 27.6 m | -3.4 m | -28.8 m | 75.7 m | 98.6 m | 92.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 830.0 k | -74.9 m | -3.8 m | 27.6 m | 29.4 m | 29.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 26.8 m | 71.5 m | -25.0 m | 48.2 m | 69.2 m | 62.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.76 | 1.86 | -0.74 | 1.29 | 1.86 | 1.73 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 35.2 m | 41.0 m | 33.8 m | 41.8 m | 40.4 m | 39.7 m | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 174.1 m | 186.4 m | 173.7 m | 238.9 m | 70.6 m | 231.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 83.3 m | 105.8 m | 183.1 m | 179.5 m | 228.5 m | 211.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 15.6 m | 17.4 m | 46.5 m | 32.3 m | 35.6 m | 40.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 277.9 m | 315.5 m | 420.0 m | 537.6 m | 482.3 m | 691.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 19.0 m | 19.5 m | 19.5 m | 16.0 m | 14.3 m | 12.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | — | — | 133.7 m | 133.9 m | 162.3 m | 145.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 335.9 m | 268.7 m | 567.5 m | 421.7 m | 891.4 m | 669.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 643.8 m | 692.1 m | 1.2 bn | 1.1 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 10.0 m | 4.2 m | 3.5 m | 8.7 m | 3.9 m | 10.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 239.5 m | 279.6 m | 433.7 m | 457.9 m | 509.5 m | 440.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 457.8 m | 489.1 m | 979.3 m | 947.9 m | 1.4 bn | 1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 186.0 m | 202.9 m † | 194.8 m † | 195.4 m † | 228.8 m † | 301.7 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 93.9 m | 103.6 m | 124.2 m | 274.7 m | 205.0 m | 329.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 5.5 m | 1.9 m | 1.6 m | 461.0 k | 1.7 m | 1.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 88.4 m ≈ | 101.6 m ≈ | 122.6 m ≈ | 274.3 m ≈ | 203.3 m ≈ | 327.6 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -373.8 m | -1.9 m | -573.7 m | -70.8 m | -287.8 m | -63.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 286.5 m | -89.3 m | 436.7 m | -140.2 m | -60.6 m | -110.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | 47.9 m | 14.1 m | 75.0 m | 60.0 m | 25.1 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 770.6 m USD
Key indicators
Coverage and freshness
Score by group
56% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.92 – 53.84 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E17.92 – 53.84 (Mid 28.47)15 companies used · median multiple 23.0x · quartiles 14.5x – 43.4xABBV, ABT, ALNY, ANAB, BMY, JNJ, LLY, PFE, QTTB, REGN, RPRX, TGTX, UTHR, VRTX, ZTS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.9% | 53 (vs peers) | 11% |
| FCF conversion · Quality | 685.1% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 18.9% | 100 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.1x | 9 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.0x | 19 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 19.1x | 72 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 42.6% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 3.3% | 47 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet13/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality76/100 · 2/3 factors with a value
- Returns· partial47/100 · 1/2 factors with a value
- Valuation85/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Collegium Pharmaceutical, Inc. (COLL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 780.6 m USD in 2025; YoY growth 23.6%; net margin 5.9%; ROE 17.6%.
The estimated value range is 17.92–53.84 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 28.47 USD, the price of 23.67 USD leaves a potential of 20.3% (value / price − 1) and a margin of safety of 16.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 685.1%
- Revenue CAGR 3Y: 18.9%
- P/E (TTM): 19.1x
- FCF yield: 42.6%
What contradicts it
- Interest coverage: 2.1x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +85% / +381% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| BHCBausch Health Companies Inc. | 3.1 bn | — | — | -7.6% | +6.7% | +31% / +17% |
| ANABAnaptysbio, Inc. | 1.4 bn | 11.5 | — | 82.4% | +157.0% | +71% / +404% |
| COLLCollegium Pharmaceutical, Inc. | 770.6 m | 19.1 | 17.6% | 5.9% | +23.6% | −34% / +7% |
| KURAKura Oncology, Inc. | 677.0 m | — | -167.7% | -384.3% | +25.2% | −37% / −21% |
| DMACDiaMedica Therapeutics Inc. | 580.8 m | — | -114.6% | — | unavailable | +25% / +341% |
| PHATPhathom Pharmaceuticals, Inc. | 461.7 m | — | — | -30.2% | +216.9% | −64% / −19% |
1- and 3-year price returns: for COLL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 18.36 Total return -22% · Per year -22% | 32.31 Total return 36% · Per year 36% | 48.46 Total return 105% · Per year 105% |
| 3 years | 21.78 Total return -8% · Per year -3% | 42.73 Total return 81% · Per year 22% | 69.79 Total return 195% · Per year 43% |
| 5 years | 25.83 Total return 9% · Per year 2% | 56.51 Total return 139% · Per year 19% | 100.49 Total return 325% · Per year 34% |
- Exit P/E± 10.68
- Net margin± 7.48
- Annual revenue growth± 5.58
- Annual dilution± 0.63
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Collegium Pharmaceutical is a US biopharmaceutical company that markets medicines for ADHD and for moderate to severe pain, with Jornay PM as its main growth driver. In the second quarter of 2026, product revenues reached 199.9 million USD, and the AZSTARYS acquisition extends its long-term ADHD portfolio. Exposure to its opioid portfolio and pricing pressure remain important factors to watch.
SWOT
Strengths
- The ADHD portfolio is differentiated, and Jornay PM is the only FDA-approved stimulant dosed in the evening. The company has dedicated sales forces for pain and ADHD and generated solid operating cash flow in the second quarter of 2026.
- The AZSTARYS acquisition adds a complementary medicine with long-term patent protection. Integration was reported as progressing well, with the expanded sales force trained before the back-to-school season.
- Belbuca grew year-over-year in the second quarter of 2026, showing that some products in the pain portfolio can still grow despite a difficult environment.
Weaknesses
- The company carries substantial debt, including a credit facility with interest tied to SOFR, which exposes results to higher interest rates. Repurchase and conversion obligations on convertible notes could strain liquidity.
- Nucynta franchise revenues fell sharply, and lower net prices on the authorized generic versions led to a reduced 2026 guidance for product revenues.
- GAAP net loss in the second quarter of 2026 was negative, and GAAP operating expenses rose sharply, partly due to acquisition and integration costs.
Opportunities
- Growth in Jornay PM prescribers and the AZSTARYS expansion could extend ADHD revenues if the second-quarter trend continues. The company also highlighted capital deployment as a way to create long-term value.
- Publishing studies and presenting real-world data for Jornay PM and AZSTARYS at medical conferences could support physician adoption.
- A planned relocation of the headquarters to downtown Boston in early 2027 could support recruiting and commercial team organization, though its financial effect was not detailed in the sources reviewed.
Threats
- Generic versions of Nucynta are already on the market, and pricing pressure could keep reducing pain portfolio revenues.
- Opioid regulation, including REMS requirements and abuse monitoring, could raise compliance costs or limit commercialization.
- Drug pricing and reimbursement policies could hurt revenues, especially if new rules on rebates and discounts across the distribution chain are introduced.
Risks
- Dependence on the opioid portfoliohigh
A large share of revenue comes from opioid-containing medicines, and regulatory changes or shifts in social perception could shrink the potential market.
- Significant indebtednesshigh
Existing and future debt could limit financial flexibility, and rising interest rates could increase interest costs.
- Generic competitionmedium
Generic entry for Nucynta has already affected revenues, and other products could follow the same path if exclusivity ends.
- Integration of the AZSTARYS acquisitionmedium
Not all expected acquisition benefits may be realized, and operational integration could prove more costly than estimated.
- Product liability and litigationmedium
Selling controlled substances could expose the company to lawsuits, damage claims or sanctions related to marketing and regulatory compliance.
Investment thesis
What would need to be true (bull case)
- Growth in Jornay PM and a record number of prescribers could suggest room to expand demand for an evening-dosed stimulant.
- The AZSTARYS acquisition could add long-term revenue if integration and prescription growth continue.
- The pain portfolio could continue to provide stable revenue, particularly through Belbuca, if pressure on the Nucynta franchise stabilizes.
What would break the thesis
- Pain revenues have declined, and generic competition for Nucynta could keep reducing sales and prices.
- Debt and interest costs could limit the company's ability to fund growth or absorb shocks.
- The 2026 guidance was lowered, which could signal greater pressure on product revenues than initially expected.
What to watch
- AZSTARYS revenue trajectory and sales force integrationQ3 2026
- Net price pressure on the Nucynta franchise after generic launchesQ3 2026
- Debt levels and interest expense under variable ratesnext 10-K
- Delivery against revised 2026 guidance for product revenues and adjusted EBITDA2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Collegium aims to build a diversified biopharmaceutical company focused on people living with serious medical conditions. It commercializes Jornay PM, Belbuca, Xtampza ER, the Nucynta products and Symproic in the United States. According to the 2025 10-K, Jornay PM is the only FDA-approved stimulant for ADHD that is dosed in the evening, and the Ironshore acquisition expanded the business beyond pain management.
Segments
ADHD portfolio
It includes Jornay PM, which generated 46.1 million USD in net revenue in the quarter ended June 30, 2026, up 41% year-over-year, and AZSTARYS, acquired in May 2026. According to the press release, AZSTARYS contributed 12.9 million USD from May 12 to June 30, 2026, and expected patent protection extends through 2037.
Pain portfolio
It includes Belbuca, Xtampza ER, the Nucynta products and Symproic. Pain portfolio revenues were 140.9 million USD in the second quarter of 2026, down 9% year-over-year, reflecting pressure on the Nucynta franchise after generic entry.
Market context
According to the 10-K, about 133.2 million opioid prescriptions were written in the United States in 2025, a 2.4% decline from 2023 levels. In the ADHD market, about 11.4% of US children aged 3 to 17 had a current diagnosis in 2022 to 2023. The estimated annual economic cost of chronic pain in the United States was 722.8 billion USD in 2021.
Competitive position
The 10-K indicates Collegium faces competition from other biotechnology and pharmaceutical companies, and stimulants and nonstimulants are both approved for ADHD. In pain, generic versions of tapentadol have already entered the market. Competitive pressure is therefore present in both ADHD and the opioid segment.
- Hikma Pharmaceuticals
Partner for the authorized generic version of the Nucynta products and launcher of generic versions in the US market in 2026.
- Generic tapentadol makers
A third party obtained ANDA approval for a generic Nucynta IR that carves out pediatric use from its label.
- ADHD stimulant providers
Stimulants are considered first-line therapy, so other medicines with the same indication compete directly with Jornay PM and AZSTARYS.
- Extended-release opioid makers
Companies offering extended-release opioids compete for the same pain specialist prescribers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report19 Oct 2026Termination of a material agreement
- Current report13 Aug 2026Other events
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure
- Current report (amendment)30 Jun 2026Financial statements and exhibits
- Current report15 May 2026Shareholder vote
- Current report12 May 2026Acquisition or disposition of assets · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement07 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Collegium Pharmaceutical, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Collegium Pharmaceutical, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Collegium Pharmaceutical, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.