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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 Q2 Performance and Raised Guidance

Collegium Pharmaceuticals reported a strong second quarter with record revenue growth of 29% year-over-year, reaching $188 million in net product revenue. Adjusted EBITDA growth was 9% year-over-year, driven by the company's pain portfolio, which delivered 7% year-over-year revenue growth. Jornay PM revenue reached $32.6 million, up 23% year-over-year, with the company expecting it to reach $140 million to $145 million in 2025, representing 42% growth from 2024 pro forma revenue.

Publication Date: Aug -18

📋 Highlights
  • Record Revenue Growth:: Q2 2025 net product revenue hit $188 million, up 29% YoY.
  • Jornay PM Surge:: Revenue reached $32.6 million, a 23% YoY increase, with peak sales target raised to $300–$400 million.
  • Revised 2025 Guidance:: Total revenue projected at $745–$760 million (19% YoY growth), adjusted EBITDA at $440–$455 million (12% YoY growth).
  • ADHD Sales Expansion:: Sales force grew to 180 reps (+55), driving 23% YoY prescriber growth to 26,000.
  • Shareholder Returns:: $25 million accelerated share repurchase completed, with $150 million new buyback program authorized.

Commercial Performance and Guidance

The company's commercial performance was driven by the expansion of its ADHD sales force, which added 55 new representatives, bringing the total to 180 representatives. The company also launched new marketing campaigns to raise awareness of Jornay PM's differentiated profile. As a result, Collegium raised its 2025 financial guidance, expecting total revenue to grow 19% year-over-year to $745 million to $760 million. Adjusted EBITDA is expected to grow 12% year-over-year to $440 million to $455 million. According to Scott Dreyer, "We're focused on continued breadth of prescribing, with 26,000 prescribers added this quarter, a 23% year-over-year increase."

Pain Portfolio and Competitive Landscape

Collegium's pain portfolio remains a strong foundation for the business, with each of the core pain medicines generating year-over-year revenue growth. The company believes the life cycle of these medicines may be longer and more robust than currently appreciated in the market. Colleen Tupper stated that no party has the necessary combination of regulatory clearance, legal clearance, and manufacturing capability to launch competitive generics.

Valuation and Share Repurchase

The company's strong performance is reflected in its valuation metrics, with a P/E Ratio of 27.66, P/B Ratio of 5.18, and EV/EBITDA of 5.86. Collegium returned value to shareholders through a $25 million accelerated share repurchase program and repaid $16.1 million of debt. The company's Board authorized a new $150 million share repurchase program, providing flexibility to repurchase shares through December 31, 2026. With a Free Cash Flow Yield of 16.34% and ROE of 19.21%, the company appears to be undervalued, given its strong financial performance and growth prospects.

3. NewsRoom

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Collegium Pharmaceutical: Another Solid Quarter

Nov -10

Source: seekingalpha.com

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Collegium Pharmaceutical, Inc. (COLL) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Here's What Key Metrics Tell Us About Collegium Pharmaceutical (COLL) Q3 Earnings

Nov -06

Source: zacks.com

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Collegium Pharmaceutical (COLL) Q3 Earnings and Revenues Beat Estimates

Nov -06

Source: zacks.com

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Collegium Reports Third Quarter 2025 Financial Results; Raises 2025 Guidance

Nov -06

Source: globenewswire.com

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Knight Therapeutics Announces Launch of JORNAY PM™ in Canada

Oct -30

Source: globenewswire.com

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Collegium to Report Third Quarter 2025 Financial Results on November 6, 2025

Oct -23

Source: globenewswire.com

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Collegium Announces Poster Presentations at the American Academy of Child & Adolescent Psychiatry and Neuroscience Education Institute Conferences

Oct -22

Source: globenewswire.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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Quality: 9.5

Yield: 10.0

Momentum: 9.0

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Esperion Therapeutics

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ANI Pharmaceuticals

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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

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Growth: 3.7

Quality: 5.8

Yield: 0.0

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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

44.84$

Current Price

44.84$

Potential

-0.00%

Expected Cash-Flows