Collegium Pharmaceutical Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is betting that Belbuca survives the Alvogen trial, that the Nucynta erosion is more than offset by Jornay PM and Azstarys, and that management actually uses the buyback program alongside the debt service. Whoever waits checks three spots in every quarterly report (10-Q): the Nucynta revenue lines including the new AG positions (how fast is the quarter melting?), Jornay PM and Azstarys growth (is the ADHD build-out carrying the gap?) and the debt lines including the 2029 convertible (is the November 2028 springing maturity moving closer?). The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
COLL is not an overlooked bargain but an openly priced race: a highly profitable marketing machine with roughly a 30 percent cash flow yield — and a portfolio whose revenue sources expire one after another and must be replaced on credit. Real are $329.3 million of operating cash flow and a working ADHD build-out; real too are three wholesalers with 97 percent of revenue, Nucynta generics since early 2026, a Belbuca trial in April 2027 and a good $1.1 billion of debt. Whoever buys the stock buys the calendar along with it. Not investment advice.
Cash machine & growth
Revenue up 68 percent in four years to $780.6 million (2025), operating cash flow of $329.3 million on minimal capital expenditures, adjusted EBITDA of $460.5 million, a Piotroski F-score of 8 of 9 — the marketing machine runs, and Jornay PM grew 36 percent in the first quarter of 2026 (10-K 2025, 10-Q Q1 2026).
Scanner metric & valuation
Roughly a 30 percent FCF yield and 3.4 times operating cash flow (data as of July 8, 2026) are a real discount — but GAAP net income is only $62.9 million because $221.9 million of amortization reflects the purchased revenues, and with debt included the whole company costs roughly twice the market cap.
Product, customer & patent concentration
Five product families deliver essentially all revenue and three wholesalers 97 percent (2025); Nucynta (a quarter of sales) has been in the generic transition since February/March 2026, Belbuca hangs on the Alvogen trial (April 12, 2027; patents 2027/2032) — only Xtampza ER (2030/2036) and the ADHD products (through 2032) carry further (10-K 2025, 10-Q Q1 2026).
Debt & the acquisition treadmill
The fourth debt-financed acquisition in six years: after the Azstarys closing ($650 million, $300 million of it from a delayed-draw loan), a good $1.1 billion of borrowings plus a $121.6 million royalty obligation (11.8 percent effective rate) is outstanding; interest expense of $82.3 million (2025), a springing maturity clause as of November 2028; the 2025 Ironshore revenue milestone was missed (10-K 2025, 8-K 05/12/2026).
Opioid & regulatory environment
Roughly 81 percent of 2025 revenue hangs on opioids (Schedule II/III, REMS, DEA quotas); the litigation wave was settled cheaply so far at $2.75 million (2022), four state attorneys general still have open inquiries — the ADHD build-out (Jornay PM, Azstarys) reduces the stigma risk but swaps it for FDA labeling and stimulant regulation risks (10-K 2025).
Worth Noting
COLL reached our research list via rank 17 in the in-house FCF/market-cap scanner (as of July 18, 2026; scanner data as of July 8, 2026) — the analysis deliberately shows that a high FCF yield at pharma marketers is the compensation for patent and generic risks, not their absence.
Pharma caveat: GAAP net income understates current earning power because amortization on acquired drug rights ($221.9 million in 2025) is non-cash; adjusted EBITDA overstates it because it ignores the required replacement of expiring products. What matters are cash flow, expiration dates and the debt structure.
Price and valuation figures dated July 8, 2026 (about $34.80 per share, about $1.1 billion market cap); analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at COLL since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 21.80 $ to 49.80 $ · Last price: 22.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Drug Manufacturers - Specialty & Generic
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Collegium Pharmaceutical Inc COLL | 0.7 | – | 4.3 | 89.5 | – | 23.6 | -37.0 |
| Takeda Pharmaceutical Co Ltd TAK | 60.9 | – | 23.2 | 64.5 | 16.5 | 4.3 | 28.2 |
| Teva Pharma Industries Ltd TEVA | 45.7 | 65.3 | 17.8 | 52.5 | 4.0 | 4.3 | 106.3 |
| Zoetis Inc ZTS | 30.8 | 12.2 | 9.5 | 71.7 | 36.6 | 2.3 | -49.5 |
| United Therapeutics Corporation UTHR | 21.1 | 18.0 | 11.0 | 86.1 | 41.7 | 10.6 | 23.2 |
| Viatris Inc VTRS | 19.4 | – | 11.9 | 40.3 | 6.8 | -3.0 | 84.4 |
| Neurocrine Biosciences Inc NBIX | 15.3 | 24.1 | 17.4 | 64.5 | 22.8 | 21.5 | 6.4 |
| Elanco Animal Health ELAN | 11.3 | – | 19.3 | 55.4 | 12.3 | 6.2 | 23.4 |
| Dr. Reddy’s Laboratories Ltd RDY | 10.1 | 28.9 | 14.2 | 50.2 | 4.3 | 8.6 | -19.9 |
| Median of companies shown | 19.4 | 24.1 | 14.2 | 64.5 | 14.4 | 6.2 | 23.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 2 | -94 | -94 | -3.88 | -75 | 135 | 162 |
| 2017 | 28 | -75 | -75 | -2.47 | -67 | 104 | 136 |
| 2018 | 280 | -21 | -39 | -1.19 | 169 | 92 | 291 |
| 2019 | 297 | -24 | -23 | -0.68 | 28 | 87 | 306 |
| 2020 | 310 | 56 | 27 | 0.76 | 94 | 186 | 644 |
| 2021 | 277 | 18 | 72 | 1.74 | 104 | 203 | 692 |
| 2022 | 464 | 33 | -25 | -0.74 | 124 | 195 | 1,174 |
| 2023 | 567 | 167 | 48 | 1.15 | 275 | 195 | 1,143 |
| 2024 | 631 | 170 | 69 | 1.71 | 205 | 229 | 1,664 |
| 2025 | 781 | 187 | 63 | 1.58 | 329 | 302 | 1,657 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.36 | -56.10 | 182 | 21.50 | 6.90 | 85 | 84 |
| 2025: Q1 | 0.07 | -89.00 | 178 | 22.70 | 1.40 | 55 | 55 |
| 2025: Q2 | 0.34 | -34.60 | 188 | 29.40 | 6.40 | 72 | 72 |
| 2025: Q3 | 0.84 | 211.10 | 209 | 31.40 | 15.00 | 78 | 78 |
| 2025: Q4 | 0.46 | 27.80 | 205 | 12.90 | 8.30 | 123 | 122 |
| 2026: Q1 | 0.40 | 471.40 | 194 | 8.90 | 7.50 | 57 | 57 |
| 2026: Q2 | -0.46 | -235.30 | 200 | 6.30 | -7.60 | 71 | 71 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 7.37 | 6.65 – 7.72 | 836 | -0.7% | 6 |
| 12/31/2027 | 6.62 | 4.52 – 8.11 | 843 | -10.2% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $328.3M |
|---|---|
| Market cap | $720.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Collegium Pharmaceutical setzt KI laut Geschäftsbericht (10-K GJ 2025) und Quartalsbericht (10-Q Q1 2026) intern zur Produktivitätsunterstützung ein (u. a. Dokumentenentwürfe, nicht-klinische und nicht-operative Materialien) — ausdrücklich ohne autonome Entscheidungen in klinischer Entwicklung, Patientenversorgung, Preisbildung oder Personal und mit menschlicher Freigabepflicht. KI ist keine Umsatzquelle; die Risk-Factor-Passagen behandeln nur Datenschutz-, Urheberrechts- und Regulierungsrisiken (u. a. EU AI Act) des eigenen KI-Einsatzes, keine konkrete Bedrohung des Geschäftsmodells durch KI.
View the full file — quotes, sources, reviewed filings
„We use and integrate AI primarily to support internal productivity activities, including drafting documents, and other non-clinical, non-operational materials. We do not use our AI systems to make autonomous decisions related to clinical development, patient care, pricing, credit, employment decisions, or other regulated or sensitive activities, and outputs generated using AI are subject to human review and approval prior to any external use or publication."
Wir nutzen und integrieren KI in erster Linie zur Unterstützung interner Produktivitätsaktivitäten, einschließlich des Entwerfens von Dokumenten und anderer nicht-klinischer, nicht-operativer Materialien. Wir setzen unsere KI-Systeme nicht für autonome Entscheidungen in der klinischen Entwicklung, der Patientenversorgung, der Preisgestaltung, bei Krediten, Personalentscheidungen oder anderen regulierten oder sensiblen Tätigkeiten ein, und mit KI erzeugte Ergebnisse unterliegen vor jeder externen Verwendung oder Veröffentlichung einer menschlichen Prüfung und Freigabe.
10-K · 2026-02-26 · View SEC filing
„The integration of artificial intelligence (“AI”) technologies, including generative AI, machine learning, and similar tools, into our operations or by our third-party partners may introduce or heighten various data privacy and security risks."
Die Integration von Künstliche-Intelligenz-Technologien („KI“), einschließlich generativer KI, maschinellen Lernens und ähnlicher Werkzeuge, in unsere Abläufe oder durch unsere Drittpartner kann verschiedene Datenschutz- und Sicherheitsrisiken mit sich bringen oder verschärfen.
10-Q · 2026-05-07 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-02-26 · 10-K 2025-02-27
Rated on July 18, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 18.9%
- More than 10% revenue growth is expected for the coming year 1.3%
- Share count grows by less than 3% a year 5.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 65.6%
- Gross margin at 40% or higher and without meaningful erosion 59.4%
- Goodwill from acquisitions does not grow faster than revenue 8.8%
- Net debt below twice EBITDA 1.3 x EBITDA
- Operating cash flow covers the profits of the last three years 629 m
- Return on capital at 15% or higher, or up versus two years ago 15.4%
- Insiders hold at least 10% or are net buyers 1.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 97.5%
- Exp. sales growth 3Y > 5% 3.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 104.4%
- Net debt < 4x EBIT 2.9x
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 68.6%
- Return on equity > 15% –
- ROCE > 15% 15.4%
- Expected return > 10% 197.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Collegium Pharmaceutical, Inc., ein Spezialpharmaunternehmen, beschäftigt sich mit der Entwicklung und Vermarktung von Medikamenten zur Schmerzbehandlung.
- Employees
- 423
- Headquarters
- Stoughton, MA
- Address
- 100 Technology Center Drive, 02072 Stoughton, United States
- Phone
- 781 713 3699
- Website
- collegiumpharma.com
- IPO Date
- 05/07/2015
- ISIN
- US19459J1043
Management
| Name | Title | Birth Year |
|---|---|---|
| Vikram Karnani | CEO, President & Director | 1975 |
| Colleen Tupper | Executive VP & CFO | 1976 |
| David Dieter | Executive VP, General Counsel & Corporate Secretary | 1964 |
| Thomas B. Smith FAAFP, M.D. | Executive VP & Chief Medical Officer | 1961 |
| Ian Karp M.B.A. | Head of Investor Relations | – |
| Jessica Cotrone | Senior Vice President of Corporate Communications & Corporate Affairs | – |
| Jane Gonnerman | Executive Vice President of Strategy & Corporate Development | – |
| Dean J. Patras | Chief People Officer | – |
| Scott Sudduth | EVP & Head of Technical Operations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.