COLL

MKT CAP:$1B

Collegium Pharmaceutical, Inc.

Market Cap

$1B

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NASDAQ

Healthcare·Drug·🇺🇸·NASDAQ

Stock Price

$33.06-$12.47 (-27.39%)

Apr 22, 2026

Company Details

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 E...

CEO

Colleen Tupper

IPO Date

May 7, 2015

Website

www.collegiumpharma.com

Key Metrics TTM

Revenue

$781M

+23.6% YoY

Net Income

$63M

EPS (Diluted)

$1.71

Free Cash Flow

$328M

Revenue / Share

$19.66

Gross Margin

59.3%

Operating Margin

23.0%

Net Margin

8.1%

FCF Margin

42.0%

P/S

1.3x

P/E

16.2x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$781M+23.6%EPS $1.73

Q4 2025

Feb 26, 2026

$205M+12.9%EPS $0.46

Q3 2025

Nov 6, 2025

$209M+31.4%EPS $0.84

Q2 2025

Aug 7, 2025

$188M+29.4%EPS $0.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$84M	$48M	-$10M
Q2 22	$124M	$52M	$11M
Q3 22	$127M	$59M	$20M
Q4 22	$130M	$50M	$12M
Q1 23	$145M	$77M	$25M
Q2 23	$136M	$74M	$36M
Q3 23	$137M	$80M	$45M
Q4 23	$150M	$95M	$62M
Q1 24	$145M	$91M	$49M
Q2 24	$145M	$91M	$47M
Q3 24	$159M	$97M	$35M
Q4 24	$182M	$98M	$38M
Q1 25	$178M	$97M	$22M
Q2 25	$188M	$108M	$35M
Q3 25	$209M	$129M	$64M
Q4 25	$205M	$128M	$59M

Valuation

Quarter	P/S	P/E
Q1 22	3.7x	23.9x
Q2 22	3.3x	—
Q3 22	2.8x	—
Q4 22	2.2x	—
Q1 23	1.9x	—
Q2 23	1.9x	—
Q3 23	1.9x	113.2x
Q4 23	1.8x	21.2x
Q1 24	1.8x	10.9x
Q2 24	1.8x	10.2x
Q3 24	1.7x	11.5x
Q4 24	1.6x	14.7x
Q1 25	1.5x	23.3x
Q2 25	1.4x	28.1x
Q3 25	1.3x	17.5x
Q4 25	1.3x	16.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$25M	-$25M
Q2 22	$40M	$40M
Q3 22	$43M	$43M
Q4 22	$66M	$65M
Q1 23	$28M	$27M
Q2 23	$100M	$100M
Q3 23	$74M	$74M
Q4 23	$73M	$73M
Q1 24	$62M	$61M
Q2 24	$67M	$67M
Q3 24	-$9M	-$9M
Q4 24	$85M	$84M
Q1 25	$55M	$55M
Q2 25	$72M	$72M
Q3 25	$78M	$78M
Q4 25	$123M	$122M

Capital Expenditures

Quarter	CapEx
Q1 22	$108.0K
Q2 22	$461.0K
Q3 22	$113.0K
Q4 22	$940.0K
Q1 23	$176.0K
Q2 23	$56.0K
Q3 23	$65.0K
Q4 23	$164.0K
Q1 24	$568.0K
Q2 24	$270.0K
Q3 24	$244.0K
Q4 24	$570.0K
Q1 25	$798.0K
Q2 25	$65.0K
Q3 25	$188.0K
Q4 25	$689.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-4.5%	+40.9%
Q2 22	+49.0%	+69.0%
Q3 22	+61.1%	+64.7%
Q4 22	+373.7%	+91.7%
Q1 23	+72.9%	+28.1%
Q2 23	+9.7%	-11.1%
Q3 23	+7.6%	-13.9%
Q4 23	+15.5%	-25.3%
Q1 24	+0.1%	-20.6%
Q2 24	+7.2%	-2.1%
Q3 24	+16.5%	+35.7%
Q4 24	+21.5%	+63.3%
Q1 25	+22.7%	+63.5%
Q2 25	+29.4%	+56.3%
Q3 25	+31.4%	+17.1%
Q4 25	+12.9%	+1.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$6M	7.3%
Q2 22	$6M	4.6%
Q3 22	$0	0.0%
Q4 22	$6M	4.4%
Q1 23	$6M	4.2%
Q2 23	$0	0.0%
Q3 23	$7M	5.1%
Q4 23	$7M	4.7%
Q1 24	$7M	5.2%
Q2 24	$10M	6.9%
Q3 24	$7M	4.6%
Q4 24	$8M	4.2%
Q1 25	$12M	6.5%
Q2 25	$11M	5.8%
Q3 25	$10M	4.7%
Q4 25	$10M	4.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$4M	—	—	$55M
Q2 22	—	—	—	$41M
Q3 22	—	—	—	$38M
Q4 22	—	—	—	$38M
Q1 23	—	—	—	$53M
Q2 23	—	—	—	$38M
Q3 23	—	—	—	$35M
Q4 23	—	$26M	$7M	—
Q1 24	—	—	—	$42M
Q2 24	—	—	—	$43M
Q3 24	—	—	—	$62M
Q4 24	—	—	—	$63M
Q1 25	—	—	—	$76M
Q2 25	—	—	—	$74M
Q3 25	—	—	—	$66M
Q4 25	—	—	—	$68M

Revenue Segments

Quarter	Belbuca	Elyxyb	Nucynta ER	Nucynta IR	Symproic	Xtampza ER	Other
Q1 22	$3M	$25.0K	$19M	$29M	$300.0K	$32M	—
Q2 22	$42M	$109.0K	$17M	$27M	$4M	$33M	$458.0K
Q3 22	$39M	$218.0K	$17M	$27M	$4M	$39M	$1M
Q4 22	$42M	—	$19M	$29M	$5M	$35M	$320.0K
Q1 23	$44M	—	$21M	$28M	$4M	$48M	—
Q2 23	$43M	—	$19M	$28M	$4M	$41M	—
Q3 23	$45M	—	$23M	$25M	$4M	$40M	—
Q1 24	$51M	—	$19M	$26M	$3M	$46M	—
Q2 24	$52M	—	$19M	$25M	$4M	$45M	—
Q3 24	$53M	—	$20M	$25M	$4M	$49M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$107M	$0	$107M
Q2 22	$123M	$0	$123M
Q3 22	$134M	$0	$134M
Q4 22	$174M	$0	$174M
Q1 23	$269M	$0	$269M
Q2 23	$284M	$42M	$325M
Q3 23	$259M	$46M	$305M
Q4 23	$239M	$72M	$311M
Q1 24	$229M	$89M	$318M
Q2 24	$173M	$99M	$272M
Q3 24	$39M	$81M	$120M
Q4 24	$71M	$92M	$163M
Q1 25	$96M	$102M	$198M
Q2 25	$117M	$105M	$222M
Q3 25	$170M	$136M	$306M
Q4 25	$251M	$155M	$407M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	34M	-1.3%	-18.2%
Q2 22	34M	+1.0%	-17.6%
Q3 22	35M	+1.7%	-4.7%
Q4 22	34M	-2.9%	-1.6%
Q1 23	34M	+2.2%	+1.9%
Q2 23	43M	+24.9%	+26.0%
Q3 23	42M	-1.8%	+21.7%
Q4 23	41M	-1.9%	+22.9%
Q1 24	41M	+0.4%	+20.7%
Q2 24	40M	-2.5%	-5.8%
Q3 24	40M	-0.5%	-4.5%
Q4 24	40M	-0.1%	-2.8%
Q1 25	33M	-18.1%	-20.7%
Q2 25	39M	+19.0%	-3.2%
Q3 25	39M	+0.9%	-1.8%
Q4 25	40M	+0.7%	-1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$551.0K	152
Q2 22	$812.8K	152
Q3 22	$835.6K	152
Q4 22	$626.2K	207
Q1 23	$699.4K	207
Q2 23	$654.8K	207
Q3 23	$660.4K	207
Q4 23	$760.1K	197
Q1 24	$735.6K	197
Q2 24	$737.4K	197
Q3 24	$808.6K	197
Q4 24	$509.7K	357
Q1 25	$497.9K	357
Q2 25	$526.6K	357
Q3 25	$586.4K	357
Q4 25	$485.7K	423

Revenue / Employee