Collegium Pharmaceutical
COLL · Pharmaceuticals
$22.96
2.3%Innoviva
INVA · Pharmaceuticals
$20.66
1.9%The short version
- Collegium Pharmaceutical is the larger business, with $781M of revenue in fiscal 2025 against $411M for Innoviva, about 1.9 times as much.
- Collegium Pharmaceutical grew revenue faster (23.6%, against 14.7%).
- Innoviva kept more of each dollar of sales as operating profit (39.8% operating margin, against 23.0% operating margin).
- Innoviva turned more of its sales into free cash flow (47.6% FCF margin, against 42.0% FCF margin).
- Collegium Pharmaceutical earned a higher return on the capital invested in it (53.4%, against 17.9%).
- Investors pay more for each dollar of Collegium Pharmaceutical’s earnings: a P/E of 18.5x against 5.0x for Innoviva.
| Latest fiscal year | COLL · FY25 | INVA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $746M | $1.5B |
| Revenue | $781M | $411M |
| Free cash flow | $328M | $196M |
| Net income | $62.9M | $271M |
| Growth | ||
| Revenue growth | 23.6% | 14.7% |
| 5-year growth | 20.3% | 4.1% |
| Share count change | −1.8% | 14.3% |
| Profitability | ||
| Gross margin | 59.4% | 74.8% |
| Operating margin | 23.0% | 39.8% |
| Net margin | 8.1% | 65.9% |
| FCF margin | 42.0% | 47.6% |
| Return on capital | 53.4% | 17.9% |
| Return on equity | 23.7% | 29.1% |
| Balance sheet | ||
| Net debt | −$149M | −$293M |
| Net debt / EBITDA | −0.4x | — |
| Dividends and buybacks | $25.1M | $4.5M |
| Valuation & quality | ||
| P/E | 18.5x | 5.0x |
| Piotroski F-score | 6 | 6 |
FY16
COLL $1.7M
INVA $134M
FY17
COLL $28.5M
INVA $217M
FY18
COLL $280M
INVA $261M
FY19
COLL $297M
INVA $261M
FY20
COLL $310M
INVA $337M
FY21
COLL $277M
INVA $392M
FY22
COLL $464M
INVA $331M
FY23
COLL $567M
INVA $311M
FY24
COLL $631M
INVA $359M
FY25
COLL $781M
INVA $411M
COLL
INVA
FY16
COLL −5,498.7%
INVA 81.6%
FY17
COLL −265.0%
INVA 84.5%
FY18
COLL −7.4%
INVA 91.3%
FY19
COLL −8.0%
INVA 94.4%
FY20
COLL 18.1%
INVA 95.4%
FY21
COLL 6.4%
INVA 95.7%
FY22
COLL 7.2%
INVA —
FY23
COLL 29.5%
INVA 36.7%
FY24
COLL 26.9%
INVA 46.5%
FY25
COLL 23.0%
INVA 39.8%
COLL
INVA
FY16
COLL −$75.5M
INVA $60.7M
FY17
COLL −$68.0M
INVA $142M
FY18
COLL $164M
INVA $224M
FY19
COLL $21.3M
INVA $257M
FY20
COLL $88.4M
INVA $313M
FY21
COLL $102M
INVA $364M
FY22
COLL $123M
INVA $202M
FY23
COLL $274M
INVA $141M
FY24
COLL $203M
INVA $188M
FY25
COLL $328M
INVA $196M
COLL
INVA
FY16
COLL —
INVA 50.5%
FY17
COLL —
INVA —
FY18
COLL —
INVA —
FY19
COLL —
INVA 50.8%
FY20
COLL —
INVA 47.8%
FY21
COLL 10.4%
INVA 42.4%
FY22
COLL 16.5%
INVA 30.3%
FY23
COLL 68.7%
INVA 12.1%
FY24
COLL 53.0%
INVA 13.3%
FY25
COLL 53.4%
INVA 17.9%
COLL
INVA
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.