# Collegium Pharmaceutical, Inc. (COLL)

> Source: Nexqual · https://nexqual.com/COLL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Collegium Pharmaceutical, Inc. (COLL), nexqual.com/COLL" · informational, not investment advice.

**Price:** USD 23.5 (+2.55% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 22.92 · day 22.99–23.85 · 52w 21.43–50.79 · market cap $765M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $808M, net income $47.9M (5.9% margin), free cash flow $328M (SEC filings).
- Valuation: P/E 16.0x (avg 24.2x at the last 3 fiscal year-ends), EV/EBITDA 5.4x, net debt $109M.
- 1 of 80 tracked superinvestors hold COLL (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $629K; 4 not under a Rule 10b5-1 plan ($629K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.88 on a 1–5 scale) (8 analysts), mean target USD 49 (range 43–60).
- Total return with dividends: 1Y -33.9% vs S&P 500 +14.9%; 5Y +11.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.86, revenue estimate $216M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $277M | $464M | $567M | $631M | $781M | $808M |
| Gross profit | $151M | $209M | $326M | $377M | $463M | — |
| Operating income | $17.6M | $33.3M | $167M | $170M | $180M | $157M |
| Net income | $71.5M | -$25.0M | $48.2M | $69.2M | $62.9M | $47.9M |
| EPS (diluted) | $1.86 | -$0.74 | $1.29 | $1.86 | $1.73 | — |
| Free cash flow | $102M | $123M | $274M | $203M | $328M | $328M |
| Gross margin | 54.4% | 45.2% | 57.5% | 59.8% | 59.3% | — |
| Operating margin | 6.4% | 7.2% | 29.5% | 26.9% | 23.0% | 19.5% |
| Net margin | 25.8% | -5.4% | 8.5% | 11.0% | 8.1% | 5.9% |
| Revenue growth | -10.7% | +67.6% | +22.2% | +11.4% | +23.6% | — |
| Cash + short-term investments | $186M | $174M | $311M | $163M | $387M | — |
| Total debt | $140M | $141M | $262M | $237M | $238M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.0x · P/S 0.9x · EV/EBITDA 5.4x · EV/Sales 1.1x · P/FCF 2.3x · P/B 2.5x · FCF yield 42.91% · Earnings yield 6.26% · Net debt $109M · EV $874M
P/E at fiscal year-ends: Dec 2025 29.2x, Dec 2024 16.7x, Dec 2023 26.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold COLL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Third Avenue Management |  | 1.06% | $6.6M | Added +17.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-18 | Freund John Gordon | Director | 20 | $1K | 0% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-15 | Freund John Gordon | Director | 4,127 | $143K | 3.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-13 | Lurker Nancy | Director | 4,500 | $162K | 20% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Bohlin Garen G | Director | 8,700 | $323K | 12.3% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 8 analysts; mean target USD 49 (low 43, high 60).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-23 | Oppenheimer | Initiated | Outperform | $50 |
| 2026-09-09 | Truist Securities | Target lowered | Buy | $58 → $49 |
| 2026-09-09 | Leerink Partners | Initiated | Outperform | $45 |
| 2026-08-19 | Barclays | Target lowered | Overweight | $56 → $48 |
| 2026-08-07 | Piper Sandler | Target lowered | Neutral | $45 → $43 |
| 2026-08-06 | Needham | Target lowered | Buy | $56 → $46 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -33.9% | +11.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -34.0% | +2.2% |
| Volatility (annualized) | 44.7% | 39.1% |
| Max drawdown | -56.8% (Dec 2025→Oct 2026) | -55.8% (Dec 2025→Sep 2026) |

## Peers (Drug Manufacturers - Specialty & Generic)
BHC (Bausch Health Companies Inc.) USD 6.49 +0.62% · SUPN (Supernus Pharmaceuticals, Inc.) USD 42.07 +2.09% · HCM (HUTCHMED (China) Limited) USD 14.28 -0.63% · LQDA (Liquidia Corporation) USD 39.69 +2.14% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 28.57 -1.58% · INDV (Indivior Pharmaceuticals, Inc.) USD 35.33 +1.55%

## More
Full page: https://nexqual.com/COLL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in COLL's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1267565/000162828026011992/coll-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Thermo Fisher (TMO) | "To date, we have produced Xtampza ER through a contract manufacturing organization, Patheon, a subsidiary of Thermo Fisher Scientific, pursuant to a third-party supply agreement." |
| Partner | Hikma Pharmaceuticals USA | "We have entered into an authorized generic agreement with Hikma Pharmaceuticals USA Inc. ("Hikma"), pursuant to which we granted Hikma rights relating to an authorized generic version of the Nucynta Products in the Unite…" |
| Partner | BDSI and Shionogi | "We are party to a license agreement with Grünenthal Gmbh (the "Grünenthal License") pursuant to which we license the right to commercialize the Nucynta Products in the United States and its territories and a license agre…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Belbuca | $57.7M | 28.9% | +9.6% |
| Jornay PM | $46.1M | 23.0% | +41.2% |
| Xtampza ER | $45.0M | 22.5% | -14.4% |
| Nucynta ER | $15.7M | 7.9% | -21.2% |
| Nucynta IR | $14.4M | 7.2% | -45.8% |
| Azstarys | $12.9M | 6.5% | — |
| Symproic | $3.0M | 1.5% | -18.9% |
| Nucynta ER AG | $2.8M | 1.4% | — |
| Nucynta IR AG | $2.4M | 1.2% | — |
| Total revenue | $199.9M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 34%, 34%, 29% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.86 | $2.10 | -11.5% | $216.0M | 7 |
| Next quarter (ends 2026-12-31) | $1.98 | $2.24 | -11.6% | $223.6M | 7 |
| Current fiscal year (ends 2026-12-31) | $7.46 | $7.78 | -4.2% | $833.1M | 7 |
| Next fiscal year (ends 2027-12-31) | $7.26 | $7.51 | -3.4% | $844.5M | 7 |