Alkermes vs Collegium Pharmaceutical
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The short version
- Alkermes is the larger business, with $1.5B of revenue in fiscal 2025 against $781M for Collegium Pharmaceutical, about 1.9 times as much.
- Collegium Pharmaceutical grew revenue faster (23.6%, against −5.3%).
- Collegium Pharmaceutical kept more of each dollar of sales as operating profit (23.0% operating margin, against 17.2%).
- Collegium Pharmaceutical turned more of its sales into free cash flow (42.0% FCF margin, against 32.6%).
- Investors pay more for each dollar of Alkermes’s earnings: a P/E of 114.8x against 18.5x for Collegium Pharmaceutical.
| Latest fiscal year | ALKS · FY25 | COLL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.6B | $746M |
| Revenue | $1.5B | $781M |
| Free cash flow | $480M | $328M |
| Net income | $242M | $62.9M |
| Growth | ||
| Revenue growth | −5.3% | 23.6% |
| 5-year growth | 7.3% | 20.3% |
| Share count change | −0.3% | −1.8% |
| Profitability | ||
| Gross margin | 86.7% | 59.4% |
| Operating margin | 17.2% | 23.0% |
| Net margin | 16.4% | 8.1% |
| FCF margin | 32.6% | 42.0% |
| Return on capital | — | 53.4% |
| Return on equity | 14.7% | 23.7% |
| Balance sheet | ||
| Net debt | — | −$149M |
| Net debt / EBITDA | — | −0.4x |
| Dividends and buybacks | $0.0M | $25.1M |
| Valuation & quality | ||
| P/E | 114.8x | 18.5x |
| Piotroski F-score | — | 6 |
Revenue
FY16
ALKS $746M
COLL $1.7M
FY17
ALKS $903M
COLL $28.5M
FY18
ALKS $1.1B
COLL $280M
FY19
ALKS $1.2B
COLL $297M
FY20
ALKS $1.0B
COLL $310M
FY21
ALKS $1.2B
COLL $277M
FY22
ALKS $1.1B
COLL $464M
FY23
ALKS $1.7B
COLL $567M
FY24
ALKS $1.6B
COLL $631M
FY25
ALKS $1.5B
COLL $781M
ALKS
COLL
Operating margin
FY16
ALKS −28.0%
COLL −5,498.7%
FY17
ALKS −16.4%
COLL −265.0%
FY18
ALKS −9.1%
COLL −7.4%
FY19
ALKS −15.0%
COLL −8.0%
FY20
ALKS −10.8%
COLL 18.1%
FY21
ALKS 8.3%
COLL 6.4%
FY22
ALKS −0.6%
COLL 7.2%
FY23
ALKS 24.9%
COLL 29.5%
FY24
ALKS 27.0%
COLL 26.9%
FY25
ALKS 17.2%
COLL 23.0%
ALKS
COLL
Free cash flow
FY16
ALKS −$107M
COLL −$75.5M
FY17
ALKS −$32.1M
COLL −$68.0M
FY18
ALKS $29.9M
COLL $164M
FY19
ALKS −$18.9M
COLL $21.3M
FY20
ALKS $40.6M
COLL $88.4M
FY21
ALKS $73.7M
COLL $102M
FY22
ALKS −$17.2M
COLL $123M
FY23
ALKS $353M
COLL $274M
FY24
ALKS $406M
COLL $203M
FY25
ALKS $480M
COLL $328M
ALKS
COLL
Return on capital
FY16
ALKS −15.5%
COLL —
FY17
ALKS −11.4%
COLL —
FY18
ALKS −8.0%
COLL —
FY19
ALKS −15.9%
COLL —
FY20
ALKS −11.6%
COLL —
FY21
ALKS 10.8%
COLL 10.4%
FY22
ALKS −0.6%
COLL 16.5%
FY23
ALKS 57.2%
COLL 68.7%
FY24
ALKS —
COLL 53.0%
FY25
ALKS —
COLL 53.4%
ALKS
COLL
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.