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Collegium Pharmaceutical

COLL Nasdaq Pharmaceuticals Financials FY2016–FY2025

Collegium Pharmaceutical's revenue rose 23.6% to $781 million in fiscal 2025. Its operating margin was 23.0%, down from 26.9% a year earlier. Free cash flow was $328 million, up 61.1%. It paid out $25 million in dividends and buybacks, 8% of free cash flow. The diluted share count fell 1.8%.

Last close · Oct 23, 2026

$22.96

2.3%
Value it Compare
Revenue Total sales reported in the income statement.
$781M
23.6% vs prior year
Operating margin Operating income as a share of revenue.
23.0%
3.9 pts
Net income Profit after all expenses, interest and tax.
$62.9M
9.1%
Free cash flow Cash from operations minus capital spending.
$328M
61.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
53.4%
0.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$746M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
18.5x
On $1.24 EPS (TTM)

What Collegium Pharmaceutical does

No business description yet.

Legal name
Collegium Pharmaceutical, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001628280-26-011992
0001267565

Revenue and margins

Collegium Pharmaceutical had $781M of revenue in fiscal 2025, up 23.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $328M in fiscal 2025, 42.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Collegium Pharmaceutical returned $25.1M to shareholders in fiscal 2025, 8% of free cash flow. The diluted share count fell 1.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Collegium Pharmaceutical yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $149M and divides by 39.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 18.5x · peers 14.9x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Collegium Pharmaceutical can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $186M$174M$311M$163M$387M
Debt incl. finance leases $140M$141M$262M$237M$238M
Net debt / EBITDA −0.5x−0.9x−0.2x0.2x−0.4x
Debt / equity 0.7x0.7x1.3x1.0x0.8x
Interest coverage 0.8x0.5x2.0x2.3x2.2x
Current ratio 1.1x1.0x1.2x1.0x1.6x
Quick ratio 1.1x0.9x1.1x0.9x1.5x
Total assets $692M$1.2B$1.1B$1.7B$1.7B
Total liabilities $489M$979M$948M$1.4B$1.4B
Shareholders' equity $203M$195M$195M$229M$302M
Net debt (− = net cash) −$46.4M−$32.8M−$48.4M$74.4M−$149M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$7.2M

8 insiders

Of sales under plans

66%

$4.8M

DateInsiderTradeSharesPriceValueFiling
May 18, 2026 John Gordon FreundDirector Sold 20 $34.05 $0.0M Form 4
May 15, 2026 John Gordon FreundDirector Sold 4,127 $34.54 $0.1M Form 4
May 13, 2026 Nancy LurkerDirector Sold 4,500 $35.97 $0.2M Form 4
May 11, 2026 Garen G BohlinDirector Sold 8,700 $37.18 $0.3M Form 4
Mar 18, 2026 David DieterEVP & General Counsel Sold plan 13,976 $34.92 $0.5M Form 4
Mar 9, 2026 David DieterEVP & General Counsel Sold plan 6,224 $36.65 $0.2M Form 4
Mar 3, 2026 Scott DreyerEVP & Chief Commercial Officer Sold plan 49,976 $40.40 $2.0M Form 4
Dec 8, 2025 Scott DreyerEVP & Chief Commercial Officer Sold plan 17,600 $48.17 $0.8M Form 4
Dec 5, 2025 Rita J. Balice-GordonDirector Sold 3,650 $47.03 $0.2M Form 4
Nov 12, 2025 John A. FallonDirector Sold 34,853 $47.21 $1.6M Form 4
Nov 6, 2025 Colleen TupperEVP & Chief Financial Officer Sold plan 30,000 $40.53 $1.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 6 / 98 / 96 / 9
Accruals ratio −19.6%−9.7%−16.1%
Altman Z'' 0.990.421.76

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Collegium Pharmaceutical COLL $746M 23.6% 23.0% 42.0% 53.4% 18.5x 6
Corcept Therapeutics CORT $10.2B 12.8% 5.9% 18.6% 15.7% — 3 Compare →
Amphstar Pharmaceuticals AMPH $1.1B −1.7% 19.5% 16.8% 9.9% 14.9x 6 Compare →
ANI Pharmaceuticals ANIP $1.6B 43.8% 12.6% 19.4% 15.9% 15.7x 6 Compare →
Acadia Pharmaceuticals ACAD $3.4B 11.9% 9.8% 9.8% — 8.9x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.7M $28.5M $280M $297M $310M $277M $464M $567M $631M $781M
Gross profit $1.5M $25.9M $115M $103M $180M $151M $210M $326M $377M $463M
Research and development $14.9M $8.6M $8.7M $10.3M $9.8M $9.5M $4.0M $0.0M $0.0M —
Operating income −$94.1M −$75.4M −$20.7M −$23.7M $56.2M $17.6M $33.3M $167M $170M $180M
Interest expense $0.1M $0.1M $20.1M $0.9M $28.9M $21.0M $63.2M $83.3M $74.0M $82.3M
Pretax income — — −$39.1M −$22.7M $27.6M −$3.4M −$28.8M $75.7M $98.6M $92.6M
Income tax — — — $0.0M $0.8M −$74.9M −$3.8M $27.6M $29.4M $29.7M
Net income −$94.2M −$74.9M −$39.1M −$22.7M $26.8M $71.5M −$25.0M $48.2M $69.2M $62.9M
Diluted EPS −$3.88 −$2.47 −$1.19 −$0.68 $0.76 $1.86 −$0.74 $1.29 $1.86 $1.73
Diluted shares 0.02B 0.03B 0.03B 0.03B 0.04B 0.04B 0.03B 0.04B 0.04B 0.04B
Cash flow
Cash from operations −$75.1M −$67.0M $169M $27.8M $93.9M $104M $124M $275M $205M $329M
Capital expenditure $0.5M $1.0M $5.5M $6.4M $5.5M $1.9M $1.6M $0.5M $1.7M $1.7M
Free cash flow −$75.5M −$68.0M $164M $21.3M $88.4M $102M $123M $274M $203M $328M
Depreciation and amortization $0.7M $0.6M $1.1M $0.7M $61.5M $68.9M $2.7M $149M $169M $226M
Stock-based compensation $5.8M $7.9M $13.8M $16.5M $21.9M $24.3M $22.9M $27.1M $32.4M $41.9M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $572M $0.0M $268M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $47.9M $14.1M $75.0M $60.0M $25.1M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $47.9M $14.1M $75.0M $60.0M $25.1M
Balance sheet
Cash and short-term investments $153M $119M $147M $170M $174M $186M $174M $311M $163M $387M
Total debt $4.1M — $11.5M $11.5M $99.6M $140M $141M $262M $237M $238M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $159M $134M $238M $256M $278M $316M $420M $538M $482M $691M
Current liabilities $25.6M $31.5M $189M $202M $240M $280M $434M $458M $510M $440M
Inventory $1.3M $1.8M $7.8M $9.6M $15.6M $17.4M $46.5M $32.3M $35.6M $40.9M
Property and equipment, net $1.0M $1.8M $9.3M $11.9M $19.0M $19.5M $19.5M $16.0M $14.3M $12.0M
Total assets $162M $136M $291M $306M $644M $692M $1.2B $1.1B $1.7B $1.7B
Total liabilities $27.1M $31.5M $200M $219M $458M $489M $979M $948M $1.4B $1.4B
Shareholders' equity $135M $104M $91.6M $87.4M $186M $203M $195M $195M $229M $302M
Margins
Gross margin 87.6% 90.9% 40.9% 34.7% 58.0% 54.4% 45.2% 57.6% 59.8% 59.4%
Operating margin −5,498.7% −265.0% −7.4% −8.0% 18.1% 6.4% 7.2% 29.5% 26.9% 23.0%
EBITDA margin −5,460.4% −262.9% −7.0% −7.8% 38.0% 31.3% 7.8% 55.8% 53.7% 52.0%
Net margin −5,504.2% −262.9% −14.0% −7.7% 8.6% 25.8% −5.4% 8.5% 11.0% 8.1%
FCF margin −4,414.4% −238.8% 58.5% 7.2% 28.5% 36.7% 26.4% 48.4% 32.2% 42.0%
Returns
Return on capital — — — — — 10.4% 16.5% 68.7% 53.0% 53.4%
Return on capital employed −83.4% −62.7% −20.1% −23.0% 22.1% 4.3% 5.8% 23.4% 18.5% 15.2%
Return on equity −85.6% −62.7% −40.0% −25.4% 19.6% 36.8% −12.6% 24.7% 32.6% 23.7%
Return on assets −72.5% −50.3% −18.3% −7.6% 5.6% 10.7% −2.7% 4.2% 4.9% 3.8%
Growth
Revenue growth — 1,564.3% 884.7% 5.8% 4.5% −10.7% 67.6% 22.2% 11.4% 23.6%
Net income growth — — — — — 167.3% −135.0% — 43.7% −9.1%
EPS growth — — — — — 144.7% −139.8% — 44.2% −7.0%
FCF growth — — — −87.0% 314.1% 15.0% 20.7% 123.7% −25.9% 61.1%
Share count change 79.2% 24.7% 8.9% 1.5% 5.1% 16.8% −17.6% 23.5% −3.3% −1.8%
Financial health
Net debt / EBITDA — — — — −0.6x −0.5x −0.9x −0.2x 0.2x −0.4x
Debt / equity 0.0x — 0.1x 0.1x 0.5x 0.7x 0.7x 1.3x 1.0x 0.8x
Interest coverage −1,000.9x −542.8x −1.0x −26.1x 2.0x 0.8x 0.5x 2.0x 2.3x 2.2x
Current ratio 6.2x 4.2x 1.3x 1.3x 1.2x 1.1x 1.0x 1.2x 1.0x 1.6x
Quick ratio 6.1x 4.2x 1.2x 1.2x 1.1x 1.1x 0.9x 1.1x 0.9x 1.5x
Capital allocation
Capex / revenue 27.9% 3.5% 2.0% 2.2% 1.8% 0.7% 0.4% 0.1% 0.3% 0.2%
Stock comp / revenue 338.2% 27.9% 4.9% 5.6% 7.1% 8.8% 4.9% 4.8% 5.1% 5.4%
Payouts / FCF — — 0.0% 0.0% 0.0% 47.1% 11.5% 27.3% 29.5% 7.7%
Quality scores
Piotroski F-score — — — 5.0 5.0 5.0 5.0 6.0 8.0 6.0
Altman Z'' 2.2 −2.5 −2.7 −2.8 −0.3 −0.3 −0.5 1.0 0.4 1.8
Accruals ratio −14.7% −5.3% −97.7% −16.9% −14.1% −4.8% −16.0% −19.6% −9.7% −16.1%

Source: SEC EDGAR XBRL filings (CIK 0001267565). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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