At a glance
Collegium Pharmaceutical Inc is worth $756.3M, about 13 times its fiscal 2025 earnings. Revenue grew 23.6% to $780.6M in fiscal 2025, with 8.1% kept as profit; over 5 years it has grown 20.3% a year. It pays no dividend; it spent $222.1M buying back its shares over FY2021–FY2025. The stock returned −34.4% over the past year with dividends reinvested and +2.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.0% in the 2020 crash (S&P 500: 33.7%) and 36.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 7 months after the lows.
The business in plain English
Collegium Pharmaceutical sells branded prescription medicines in the United States for two conditions: moderate to severe pain and attention deficit hyperactivity disorder (ADHD). Its approach is to develop, license or acquire medicines that stand out from rivals, then market them with its own sales team. Wholesale drug distributors carry the products to pharmacies.
Revenue reached $780.6 million in fiscal 2025, which ended December 31, 2025, up 23.6% from the prior year. Pain medicines make up most of the business. Belbuca, a film that dissolves against the inside of the cheek and releases the opioid buprenorphine, was the largest product at 28.4% of sales. Xtampza ER, an extended-release oxycodone capsule, brought in 25.5%. It is built on Collegium's DETERx technology, which is designed to resist crushing and other tampering. Nucynta IR and Nucynta ER, short- and long-acting versions of the opioid tapentadol, added 14.8% and 10.4%. Symproic, which treats constipation caused by opioids, and other products made up 1.9%.
The newest product is Jornay PM, which came with the purchase of Ironshore on September 3, 2024. It is a methylphenidate stimulant for ADHD in patients six and older. Collegium's 10-K describes it as the only FDA-approved stimulant dosed in the evening. It produced 19.1% of fiscal 2025 sales and took Collegium beyond pain medicine into neuropsychiatry, which covers conditions such as ADHD.
Price history
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COLL -34.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Belbuca | $221.7M | 28.4% |
| Xtampza ER | $199.3M | 25.5% |
| Jornay PM | $148.9M | 19.1% |
| Nucynta IR | $115.3M | 14.8% |
| Nucynta ER | $81.0M | 10.4% |
| Symproic and other | $14.5M | 1.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $199.9M, up 6.3% from a year earlier, and net income was $-15.1M (-225.6%).
- For fiscal 2025, revenue was $780.6M (+23.6% year over year; +20.3% a year from FY2020 to FY2025) with a 8.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +20.3% good |
|---|---|
| Operating margin | 23% good |
| Free cash flow margin | 42% good |
| Return on equity (FY2025) | 20.8% good |
| Return on assets (FY2025) | 3.8% watch |
| Net cash (cash minus debt) | $-109.3M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $310.0M | $26.8M | $88.4M |
| FY2021 | $276.9M | $71.5M | $101.6M |
| FY2022 | $463.9M | $-25.0M | $122.6M |
| FY2023 | $566.8M | $48.2M | $274.3M |
| FY2024 | $631.4M | $69.2M | $203.3M |
| FY2025 | $780.6M | $62.9M | $327.6M |
Valuation snapshot
| Market value | $756.3M |
|---|---|
| P/E ratio | 13.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Collegium Pharmaceutical’s market value went from $445.5M at the end of 2016 to $756.3M on Oct 28, 2026, up 70%; since the end of 2025 it is down 48%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $756.3M | -48.3% |
| 2025 | $1.46B | +58.4% |
| 2024 | $924.0M | -7.9% |
| 2023 | $1.00B | +28.9% |
| 2022 | $778.9M | +20.6% |
| 2021 | $645.7M | -6.8% |
| 2020 | $692.7M | +0.4% |
| 2019 | $690.0M | +20.9% |
| 2018 | $570.9M | -5.0% |
| 2017 | $601.1M | +34.9% |
| 2016 | $445.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| COLL price data to Oct 28, 2026 | -49.8% | -34.4% | +3.2% | +2.9% | +4.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -49.8% |
| 2025 | +61.6% |
| 2024 | -6.9% |
| 2023 | +32.7% |
| 2022 | +24.2% |
| 2021 | -6.7% |
| 2020 | -2.7% |
| 2019 | +19.9% |
| 2018 | -7.0% |
| 2017 | +18.6% |
| 2016 | -43.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.8% over that stretch · deepest drop along the way 42%, back to its old high 10 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.2% over that stretch · deepest drop along the way 36.8%, back to its old high 6.8 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 14 sales ($7.2M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 3, 2026 | Scott Dreyer EVP & Chief Commercial Officer | sell (plan) | $1.9M |
| Nov 12, 2025 | John A. Fallon Director | sell | $1.6M |
| Nov 6, 2025 | Colleen Tupper EVP & Chief Financial Officer | sell (plan) | $1.0M |
| Dec 8, 2025 | Scott Dreyer EVP & Chief Commercial Officer | sell (plan) | $533K |
| Mar 18, 2026 | David Dieter EVP & General Counsel | sell (plan) | $488K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.6% | Mar 31, 2025 |
| Integrated Core Strategies (US) LLC | 7.4% | Sep 30, 2026 |
| JANUS HENDERSON GROUP PLC | 5.8% | Mar 31, 2026 |
| Fuller & Thaler Asset Management, Inc. | 5.03% | Jun 30, 2026 |
| Invesco Ltd. | 5% | Mar 31, 2026 |
| Vanguard Capital Management | 4.97% | Sep 30, 2026 |
| Rubric Capital Management LP | 4.73% | Dec 31, 2025 |
| PRINCIPAL GLOBAL INVESTORS | 4.7% | Sep 30, 2026 |
| Renaissance Technologies LLC | 4.53% | Jan 8, 2026 |
| Eventide Asset Management, LLC | 4.5% | Mar 31, 2026 |
| Pacer US Small Cap Cash Cows ETF | 1.06% | Mar 31, 2025 |
ETFs with the most weight in COLL
| PBE Invesco Biotechnology & Genome ETF | 2.85% |
| PJP Invesco Pharmaceuticals ETF | 2.78% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.09% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 1.01% |
| ROSC Hartford Multifactor Small Cap ETF | 0.51% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.5% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.49% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.41% |
What could go wrong
- Generic Nucynta threatens about a quarter of sales. Nucynta IR and ER produced 14.8% and 10.4% of fiscal 2025 revenue. Generic Nucynta IR launched February 25, 2026, and generic Nucynta ER was expected in early 2026. Generics typically shrink brand sales.
- Xtampza ER's abuse-deterrent label could change. Xtampza ER, 25.5% of fiscal 2025 sales, carries FDA-approved abuse-deterrent claims. Ways to defeat its tamper resistance have been reported, and new data could lead the FDA to change that labeling.
- Most sales come from opioid painkillers. Belbuca, Xtampza ER and Nucynta produced about four-fifths of fiscal 2025 sales. Opioid prescriptions have fallen since 2015, and abuse concerns, law enforcement scrutiny and opioid lawsuits could shrink demand further.
- Tight rules on controlled substances. Its opioids and Jornay PM are controlled substances regulated by law enforcement agencies. Belbuca, Xtampza ER and Nucynta also require REMS, mandatory FDA safety programs that add cost, burden and legal liability.
- Profits depend on a few products. Staying profitable depends on continued sales of its current drugs and any it acquires. In the quarter ended June 30, 2026, Collegium posted a net loss of $15.1 million despite 6.3% revenue growth.
- Debt exceeds cash on hand. As of June 30, 2026, Collegium had $238.7 million of debt and $129.5 million in cash and investments. The company calls its debt substantial and warns it could hurt its business and results.
Recent events
- Major agreement ended
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Acquisition or sale of assets completed; Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Major agreement signed; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Collegium does not pay a dividend, so shareholders receive no regular income and returns depend entirely on the share price. The company has returned cash through buybacks instead, spending $222.1 million on its own stock from fiscal 2021 through fiscal 2025. Shares outstanding fell 5.8% between October 31, 2021 and July 31, 2026, to about 32.6 million. Free cash flow, the cash left after running the business and paying for equipment, was $327.6 million in fiscal 2025. Buybacks shrank to $25.1 million that year, and the company says more are not assured.
The shares have fallen sharply in past downturns. In the 2020 COVID crash they fell 42% and took 10 months to recover. In the 2022 bear market they dropped 36.8% from February to May 2022, then recovered by December 2022. As of October 28, 2026, the stock was down 49.8% for 2026 to date. Like any single stock, it carries more risk than a diversified fund.
Questions investors ask
How does Collegium Pharmaceutical make money?
Collegium makes money by selling branded prescription drugs for pain and ADHD in the United States. Fiscal 2025 revenue was $780.6 million. Belbuca supplied 28.4%, Xtampza ER 25.5%, Jornay PM 19.1%, Nucynta IR 14.8%, Nucynta ER 10.4%, and Symproic and other products 1.9%. Wholesale distributors deliver the drugs to pharmacies. That year the company earned $62.9 million in net income, an 8.1% net margin, and produced $327.6 million in free cash flow.
Does Collegium Pharmaceutical pay a dividend?
No. Collegium does not pay a dividend and paid none from fiscal 2021 through fiscal 2025. It bought back its own shares instead, spending $222.1 million over those five years, from a high of $75.0 million in fiscal 2023 to $25.1 million in fiscal 2025. Shares outstanding fell 5.8% between October 2021 and July 2026. The company cautions that further buybacks are not guaranteed. Investors who need income would get no cash payouts from the stock.
Is Nucynta going generic?
Yes. Generic versions of Nucynta began arriving in early 2026. A third-party generic of Nucynta IR won FDA approval in January 2026. Hikma launched an authorized generic of Nucynta IR, a copy sold under a deal with Collegium, on February 25, 2026. Collegium's 10-K said Hikma was expected to launch a generic Nucynta ER in the first quarter of 2026. Nucynta IR and ER made up 14.8% and 10.4% of fiscal 2025 revenue, and generic rivals can sharply reduce brand sales.
What is Jornay PM?
Jornay PM is Collegium's ADHD medicine. It contains methylphenidate, a Schedule II stimulant. Schedule II is the tightest federal category for drugs with accepted medical uses. The FDA approved it in August 2018 for people aged six and older. Collegium's 10-K describes it as the only FDA-approved stimulant dosed in the evening. The company gained it by buying Ironshore on September 3, 2024, which took it beyond pain care. Jornay PM brought in $148.9 million, or 19.1% of revenue, in fiscal 2025.
How volatile is Collegium stock?
Very volatile. As of October 28, 2026, the shares were down 49.8% for 2026 to date and 34.4% over one year, after rising 61.6% in 2025. One-year volatility, a measure of how widely the price swings, was 44.5%. The deepest fall from a peak in the stock's trading history was 73.6%. Over the 10 years to that date, the share price rose an average of 4.3% a year.